Federal Reserve Bulletin, 1939-08

FKDERAL RESERVE BULLETIN AUGUST 1939 Treasury Financing Operations Seasonal Variations in Money in Circulation International Capital and Income Position of U. S. 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 627-631 National summary of business conditions 632—633 Summary of financial and business statistics 635 Law Department: Rulings of the Board: Change in definition of "Executive Officer" 636 Amounts received in connection with personal loans as deposits 637 Use of obligations of the United States as collateral for Federal Reserve notes 637 Extensions of powers relating to stabilization fund and weight of dollar, and new silver legislation and regulations 637-639 Earnings and expenses of Federal Reserve banks 640 Seasonal variations in money in circulation 641—644 International capital and income position of the United States, 1937 and 1938 645 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items 648 Federal Reserve bank statistics 649-653 Reserve position of member banks; deposits in larger and smaller centers 654 Money in circulation 655 Gold stock and gold movements; bank suspensions; bank debits 656 All banks in the United States 657 All member banks 658-659 Condition of reporting member banks in leading cities 660-663 Acceptances, commercial paper, and brokers' balances 664 Federal Reserve bank discount rates 665 Money rates and bond yields 666 Security markets 667 Treasury finance 668-669 Governmental corporations and credit agencies; Postal Savings System 670-671 Production, employment, and trade 672-680 Wholesale prices 681 Crop report 682 Chart book series on bank credit, money rates, and business 683 International financial statistics: Gold reserves of central banks and governments 686 Gold production 687 Gold movements 687-688 International capital transactions of the United States 689-691 Central banks 692-695 Bank for International Settlements 696 Money rates 696 Discount rates of central banks 697 Commercial banks 697-699 Foreign exchange rates 700 Price movements: Wholesale prices 701 Retail food prices and cost of living 702 Security prices 702 Federal Reserve directory: Board of Governors and staff; Open Market Committee and staff; Federal Advisory Council 704 Senior officers of Federal Reserve banks; managing directors of branches 705 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 25 AUGUST, 1939 No. 8 REVIEW OF THE MONTH period July-December 1938. In the period January-June 1939 there was no further Treasury financial requirements during the increase in the outstanding amount of oblifiscal year which ended on June 30 reflected largely an increase in ex- gations of this type. In this period the Treasury finance in nditures under the Treasury obtained funds to meet its requirepe fiscal year 1939 ^ - , , . ,. ments largely from the sales of United States recovery and relief pro- Savings bonds, from the issue of special gram inaugurated in the spring of 1938 to- obligations to Social Security and other Govgether with a decline in Treasury receipts. ernment trust funds, from the proceeds of During the fiscal year the Treasury obtained guaranteed obligations sold by Government $2,250,000,000 from public sales of new agencies, and by a reduction in the working direct Government obligations, $600,000,000 balance that had been built up in the previous from sales of fully-guaranteed obligations, half year. and about $1,000,000,000 from special obliga- Treasury revenues declined somewhat durtions issued to Government agencies and ing the fiscal year 1939 as the lower level of trust funds. The total of receipts from these business activity Was resources was larger than the excess of regu- Treasury receipts fleeted in reduced receipts lar budget expenditures over receipts, and and expenditures first of customs and certain in fiscal year the working balance on June 30, 1939 was miscellaneous internal reveabout $530,000,000 larger than a year earlier. nue taxes and subsequently of income taxes. Of the increase in the public debt during In the period January-June 1939 income the fiscal year ending June 30, as shown in taxes were collected on the lower corporate the table, about $1,600,000,000 represented and individual incomes of the calendar year direct open-market obligations sold in the 1938. Total revenues for the year were UNITED STATES GOVERNMENT INTEREST-BEARING nearly 10 per cent less than in the preceding OBLIGATIONS DIRECT AND GUARANTEED fiscal year but larger than in any other year fin millions of dollars] since 1920. Increase or decrease Treasury expenditures were larger during June the fiscal year 1939 than during any other 1 3 9 0 3 , 9 F y i e sc a a r l J J a u n n . e - J D u e ly c. - recent year. Total expenditures, excluding 1939 1939 1938 debt retirements and amounts which involve Publicly-offered direct obligations: merely transfers to trust accounts, largely for Issues traded in open market: Treasury bills 1,308 +154 +2 +152 investment in special debt issues, amounted Treasury notes __ _ 7,243 -1,905 -1,254 -651 Bonds -. _ _ 25, 297 +3, 372 +1,213 +2, 159 to $8,500,000,000 during the year; this com- U. S. Savings bonds_ 1,868 +631 +427 +204 pared with a total of about $7,000,000,000 in Total 35, 715 +2, 252 +388 +1, 864 the fiscal year 1938, and of about $7,600,000,- Securities issued to Government agencies and trust funds 3,770 +1, 094 +614 +480 000 in 1937. Other direct obligations LJ 401 -36 -15 -21 Most of the increase in expenditures in Total direct 39, 886 +3, 310 +987 +2, 323 1938-1939 resulted from outlays for recovery Guaranteed obligations 5,450 +597 +458 +139 and relief activities. Quarterly expenditures 1 Includes adjusted service bonds of 1945 issued to veterans and postal for the various forms of relief, shown in the avings bonds formerly issued to depositors in the postal savings system. 627 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

628 FEDERAL RESERVE BULLETIN AUGUST I93y table under WPA, increased from $320,000,- September 1939. These operations, as shown 000 in the period October-December 1937 to in the table on the preceding page, resulted in $620,000,000 in the same period of 1938.a decline in Treasury notes outstanding of They subsequently declined to $510,000,000 $1,250,000,000 and an increase of $1,210,000,in the June quarter of this year, but at the 000 in Treasury bonds. Consequently the same time the quarterly volume of other out- maturity distribution of the public debt was lays for recovery and relief increased by lengthened further, reflecting a continuation about $70,000,000. Disbursements under the of the trend which has been in progress since agricultural adjustment programs increased the end of 1935. sharply during the fiscal year from $120,000,- Obligations guaranteed by the United 000 in the first quarter to $280,000,000 in the States Government increased by about $460,last quarter. Payments under the various 000,000 during the period January-June social security programs and for national de- 1939, largely as a result of the sale for cash fense were also at a higher level during 1939 of $110,000,000 of United States Housing than during the previous year. Authority notes and of $310,000,000 of Reconstruction Finance Corporation notes in TREASURY EXPENDITURES BY QUARTERS, 1937-19391 February. The proceeds from the sale of the [In millions of dollars] Reconstruction Finance Corporation notes Recovery Na- were used to repay notes of the Corporation p i T t e e u o x n r t - e d a s l - W a P n A d re O lie th f er s S e o i c t c y u ia r- l AAA f t e i d o a n e l n s - e - t I e e n s r - t - o A th ll er h in e g ld o p b e y r a t t h i e o n T s r w ea e s r u e r c y a . rri I e n d a o d u d t i f ti o o r n t , h e r e H fu o n m d e - Owners' Loan Corporation. On May 15, new 1937: July-Sept.. 1,671 334 196 57 47 236 192 609 issues of one- and two-year bonds of the Cor- Oct.-Dec, 1, 605 316 173 84 32 240 240 520 poration were offered in exchange for the 1938: A Ja p n r . . - - M Ju a n r. e . _ 2 1 2 ,6 , 2 0 6 24 4 3 7 5 0 3 2 1 1 4 5 2 8 7 7 3 8 1 1 0 7 6 8 2 2 4 5 6 3 3 1 0 8 8 6 5 5 2 7 0 9 $325,000,000 of li/ 2 per cent bonds maturing July-Sept.. 1,969 559 136 82 116 267 176 633 on June 1. On May 18, the $900,000,000 of Oct.-Dec.__ 2.168 621 200 91 187 273 249 547 the Corporation's 2% per cent bonds of 193 J 9 a : n.-Mar.. 2,068 546 263 82 208 262 167 540 1939-1949 were called for redemption as of Apr.-June. 2,320 513 266 87 276 272 349 557 August 1, the first call date. The holders 1 General and special accounts, on the basis of daily Treasury state-were offered the privilege of exchanging ment, excluding debt retirements and transfers to trust accounts. 2 Excluding Treasury payment of $94,000,000 to the Commodity Credittheir bonds on June 1 for new IV2 Per cent Corporation to restore impairment of capital stock. bonds of 1945-1947, and about $690,000,000 Treasury financing operations in direct ob- were so exchanged. ligations during the period January-June Prices of United States Treasury long- 1939 were confined to the term bonds advanced substantially during Recent Treasury refunding of Treasury the first half of this year. financing operations Government Price rises occurred follownotes three months prior secunty market to maturity. In March the holders of the ing the announcement near $1,290,000,000 of Treasury notes maturing the end of February that no cash would in June 1939 were given the option of ex-be raised in the March financing, and again changing them for additional offerings of from about the middle of April to June 5. three outstanding issues : Treasury notes ma- Prices reacted moderately thereafter, but turing December 1943, Treasury bonds of most of this loss was regained during July. 1950-1952, and Treasury bonds of 1960-1965. These price changes resulted in a decline Most of the exchanges were for the longer- in the average yield on long-term Treasury term bonds. In June, a new Treasury note bonds, shown on the chart, from 2.48 per cent issue maturing in June 1944 was offered in at the end of 1938 to 2.07 per cent on June 5 exchange for Treasury notes maturing in and a subsequent slight rise. On July 26 this Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST FEDERAL RESERVE BULLETIN 629 BOND YIELDS July. At the end of July prices of lowergrade corporate bonds, except for railroad IVERTED SCALE issues, were near their highs for the year reached in March and had recovered most of the decline which occurred from the early part of 1937 to the early part of 1938. Stock prices, however, have recovered only a part of their 1937-1938 decline. Prices of public utility and industrial securities are nearer their 1937 highs than are railroads. Near the end of July, lowergrade public utility bonds, as shown by Moody's averages for Baa issues, were selling to yield about 4% per cent and were close to the record lows reached in January 1937, and prices of stocks in leading companies had 1934 1935 1936 1937 1938 1939 recovered nearly half of the price decline Sources: U. S. Government bonds, Treasury Department; corporate bonds, Moody's Investors Service. Latest figures are for from the early part of 1937 to the early part week ending July 22. of 1938. Lower-grade industrial bonds were selling on a 4^ per cent yield basis, slightly average was 2.14 per cent. Treasury notes above the 1937 record low of 4 per cent, and showed similar changes, as reflected in the stock prices had recovered about one-third of decline in the average yield on issues maturthe 1937-1938 price decline. For railroads, ing in 3 to 5 years from 0.69 per cent at the however, average yields on lower-grade obliend of December to 0.35 per cent on June 5 gations included in Moody's averages for Baa and the rise to 0.42 per cent on July 26. The market for the highest-grade securities continues to reflect the large volume of STOCK PRICES funds seeking investment in INDEX OF PRICES, 1926 = 100 Corporate securities involving a minisecurity markets mum of risk. Prices of the highest-grade corporate obligations rose to new record highs in the early part of this year, remained relatively firm during the period of disturbed money market conditions in March and April and since then have reached new highs. As shown in the chart, Moody's averages of yields on Aaa corporate 80 80 bond issues have been near 3 per cent during most of the year and were about 2% per cent near the end of July. 60 60 Prices of other corporate securities have been irregular during most of the year and 40 40 the volume of trading has been small. Sharp price declines during the period from the 20 20 middle of March to the early part of April when there were critical developments in Europe were followed by some recovery in 1934 1935 1936 1937 1938 1939 May and the early part of June and again in Source: Standard Statistics Company, 348 industrials, 40 utilities, 32 railroads. Latest figures are for July 19. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

630 FEDERAL RESERVE BULLETIN AUGUST 1039 issues were about 6 per cent, compared with agencies in the second quarter of 1939 rea 1937 low of 5 per cent, and stocks had re-flected issuance of Home Owners' Loan Corcovered only a small part of the 1937-1938 poration bonds in May in exchange for bonds decline in prices. maturing in June or called for redemption The volume of corporate security issues in- in August. creased in the second quarter of 1939, follow- During the five weeks ending July 26 ing a three months' period of holdings of Treasury bills by the Federal Security issues very few offerings, but con- Reserve banks declined tinued much smaller than in 1936 and theReduction in Federal by $76,000,000 and there early part of 1937. Corporate security issues was a corresponding deaveraged $220,000,000 a month in the second cline in total holdings of quarter of this year and continued in almost United States Government obligations. The the same volume in July, as compared with a first decrease appeared in the statement of monthly average of $90,000,000 in the first condition of the Federal Reserve banks as of quarter and of $380,000,000 during the year June 28 released on June 30. On that date 1936. Renewed refunding activities, chiefly the following statement authorized by the by public utility companies, accounted for the Federal Open Market Committee was issued larger volume of issues. Corporate issues for to the press: new capital during 1939 have been in about As a result of a reduction in holdings of Treasurythe same small volume as during the early bills, this week's statement of condition of Federal months of 1938, when they averaged $30,- Reserve banks shows a decline of $13,378,000 in the System Open Market Account. This is in accordance 000,000 a month. Manufacturing corpora- with action taken by the Federal Open Market Comtions have offered the greater part of the is-mittee on June 21, 1939. For some time past, Treasury bills have been purchased for the System's acsues for new capital. count at or near a no-yield basis and the account at times has had difficulty in replacing its maturing bills. It was decided that it would serve no useful DOMESTIC SECURITY ISSUES purpose to continue full replacement of maturing Dills, the supply of which is not always equal to the [Monthly averages; in millions of dollars] market demand. This action is in response to technical conditions in the bill market and does not repre- Corporate Other i sent a change in general credit policy. Total New Re- New Re- After increasing to a peak of $4,300,000,capital funding capital funding 000 on May 24, member bank excess reserves 1936.. 506 282 63 remained at a slightly lower 1937—1st half__. 418 160 78 Member bank level during June but subse- 2nd half.. 211 41 excess reserves quently advanced to a new 1938—1st half... 275 53 106 2nd half.. 458 161 135 record level of about $4,500,000,000 on July 1939—1st quarter.. 345 219 34 26. Additions to monetary gold stock and net 2nd quarter- 731 138 373 Treasury disbursements from its cash bali Includes issues of State and municipal governments and publicly- ances and deposits with the Federal Reserve offered issues of Federal credit agencies but excludes direct obligations of the United States Government. banks continued to be the chief factors in- Source: Commercial and Financial]'Chronicle. creasing excess reserves. The effect of in- As shown in the table, securities for newcreases from these sources was offset somecapital issued by State and municipal govern- what by a more than seasonal rise in money ments and by Federal credit agencies, which in circulation over the July 4 holiday period have been increasing since the early part of and a less than seasonal decline subsequently, 1938, continued at a higher level during the by an increase in required reserves of memfirst half of 1939, with an average volume of ber banks as the result of a growth in their about $180,000,000 a month. The large vol- deposits, and by a reduction in Federal Reume of refunding issues shown for these serve bank holdings of Treasury bills. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1939 FEDERAL RESERVE BULLETIN 631 In addition to gold added to the country's ings of United States Government bonds by monetary stock, there have continued to be $270,000,000, while their holdings of Treassubstantial gold imports that are earmarked ury bills and notes have shown moderate for foreign account and thus do not affect changes. It appears that New York banks bank reserves. These earmarkings increased have purchased a large share of these bonds by about $150,000,000 in the first four weeks from banks in the 100 other leading cities. of July, following an increase of $470,000,000 In recent weeks Chicago banks have substanin the second quarter of this year. Foreign tially increased their holdings of Treasury bank deposits at the Reserve banks, however, bills. At banks in 99 other leading cities total declined in July, following an increase in May holdings of United States Government direct and June. obligations have shown moderate declines, Demand deposits at banks in 101 leading but their holdings of fully guaranteed obcities, which had fluctuated around $16,000,- ligations have increased somewhat. 000,000 during the first quarter Bank loans have shown little change of im- Bank credit of 1939, have since increased to portance in recent months. Loans to brokers about $17,400,000,000, reflecting for the most and dealers in securities, which showed a part imports of gold and Treasury disburse- temporary increase early in March to finance ments out of its balances at the Reserve dealers' commitments in connection with banks, but also some growth in bank loans Treasury debt operations, have since deand investments. In the first five months clined to almost the lowest level of the past of the year deposits increased at New York five years. In recent weeks commercial loans City banks, but in June and July the growth have shown moderate increases both in New occurred mostly at banks in the 99 cities York City and in 100 other leading cities. other than New York and Chicago. These banks have also shown increases in reserve balances and in their balances with correspondent banks. Appointment of Mr. Currie as Assistant to Presi- Investment holdings at reporting member dent of United States banks have shown a gradual increase for the Mr. Lauchlin B. Currie, Assistant Director past year. Following the shift from Treas- of the Division of Research and Statistics ury notes to Treasury bonds during the re- since December 1934, has been appointed financing period in March, banks in New Administrative Assistant to the President of York City have further increased their hold- the United States, effective July 17, 1939. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

632 FEDERAL RESERVE BULLETIN AUGUST 1939 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled July 21 and released for publication July 24] Output of factories and mines increased in duction of anthracite declined from May to June reflecting chiefly sharp expansion at June and there was some reduction in output steel mills and bituminous coal mines. In theof petroleum. first half of July industrial activity was gen- Value of construction contracts awarded erally maintained. declined in June, according to F. W. Dodge Production.—The Board's seasonally ad- Corporation figures, reflecting chiefly a justed index of industrial production ad- greater than seasonal decrease in private vanced to 97 in June as compared with 92 inresidential building. Contracts awarded for April and May. public residential construction, principally At steel mills output increased from a rate for United States Housing Authority projof 45 per cent of capacity in the third week ects, were maintained at the advanced level of May to 54 at the end of June and to 56 inreached in May, while public construction the third week of July. Automobile produc- other than residential showed a small decline. tion, which had declined in May, showed some Employment.—Factory employment and increase in June when a decline is customary. payrolls increased somewhat from the middle In the first three weeks of July automobile of May to the middle of June according to output was at a lower rate, reflecting in part reports from a number of important induscurtailment preparatory to the change over trial States. There was a sharp expansion in to new models. Plate glass production rose considerably in June. Output of lumber, FACTORY EMPLOYMENT PER CENT PER CENT which usually shows some increase over May, 120 120 was unchanged. Among nondurable goods 110 industries woolen mills showed increased activity in June, and activity at cotton and silk y / 100 mills was maintained though declines are 90 \ 90 usual at this season. Meat packing was lower than in May. 80 INDUSTRIAL PRODUCTION 70 j 140 i 60 130 1934 1935 1936 1937 1939 1 Monthly index of number employed at factories, adjusted for seasonal variation, 1923-1925 average = 100. / r 1 / \ 100 employment at bituminous coal mines follow- V 90 A 1• v/ \ , / 90 ing the reopening of the mines in the middle of May, and the number employed on the rail- ' V 80 roads increased more than seasonally from 70 May to June. 60 Distribution.—Department store sales 1934 1935 1936 1937 1938 1939 Index of physical volume of production, adjusted for seasonal showed a less than seasonal decline from May variation, 1923-1925 average = 100. to June and the Board's adjusted index ad- Mineral production increased considerably vanced from 85 to 86, which compares with a in June reflecting a sharp rise in output at level of 88 during the first four months of the bituminous coal mines which had been closed year. Sales at variety stores and by mail during April and the first half of May. Pro- order houses showed little change. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

633 AUGUST 1939 FEDERAL RESERVE BULLETIN Freight-car loadings increased more than harvests and are generally larger than averseasonally in June reflecting a sharp rise in age. Bank credit.—Total loans and investments FREIGHT-CAR LOADINGS of member banks in 101 leading cities continued to increase during the four weeks ending July 12, reflecting largely purchases of United States Government securities. Commercial loans, which had shown little change MEMBER BANKS IN 101 LEADING CITIES BILLIONS OF DOLLARS BILLIONS OF DOLLARS 40 _. 1937 1939 Index of total loadings of revenue freight, adjusted for seasonal variation, 1923-1925 average = 100. shipments of coal and smaller increases in shipments of grain and miscellaneous freight. Commodity prices.—Prices of hides, silk, steel scrap, copper, and some other industrial '34 1935 1936 1937 1938 1939 materials advanced from the middle of June Wednesday figures for reporting member banks in 101 leading cities, September 5, 1934, to July 12, 1939. Commercial loans, to the third week of July, while some which include industrial and agricultural loans, represent prior to May 19, 1937, so-called "Other loans" as then reported. farm products, particularly grains, declined. Prices of most other commodities showed in recent months, increased slightly. Delittle change. posits and reserves at these banks rose to Agriculture.—A total wheat crop of 716,- new high levels in July, reflecting continued 655,000 bushels was indicated on the basis of gold imports and Treasury disbursements July 1 conditions, according to the Depart- from its balances at the Reserve banks. ment of Agriculture. This would be much Money rates.—Prices of United States Govsmaller than last year's large crop and some- ernment securities, which had declined somewhat below the 1928-1937 average. Cotton what during June, recovered part of the loss acreage in cultivation was estimated to be in July. The longest-term Treasury bond about the same as last year but one-third outstanding showed a yield of 2.31 per cent less than the 10-year average. A record on July 20, as compared with a record low tobacco crop is indicated. Most other major of 2.26 on June 5. Open-market money rates crops are expected to approximate last year's showed little change. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

634 FEDERAL RESERVE BULLETIN AUGUST 1939 MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILUONS OF DOLLARS 16 -^ 16 15 15 14 14 13 13 12 12 11 11 10 10 8 8 MONEY IN CIRCULATION 7 7 .TREASURY CASH_ RESERVE BANK :....•••-••*' 2 CREDIT TREASURY DEPOSITS - AT F. R. BANKS — 1 .+Jr 1934 1935 1936 1937 1934 1935 1936 1937 1938 1939 Latest figures for July 19. See table on p. 648. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

635 AUGUST 1939 FEDERAL RESERVE BULLETIN SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1939 Annual averages June May Apr June May Apr 1938 1937 1936 1935 1933 1929 MEMBER BANK RESERVES, RESERVE BANK CREDIT, Averages of daily figures; in millions of dollars AND RELATED ITEMS Reserve bank credit outstanding—total 2,591 2,582 2,593 2,592 2,594 2,606 2,600 2,554 2,481 2,475 2,429 1,459 B B i i l l l l s s b d o is u c g o h u t n ted __. . _ _. 4 1 4 1 1 g 1 g 1 1 Q 1 14 3 4 a 7/ zoo 9 2 5 4 2 1 U. S. Government securities 2,563 2,564 2,567 2,560 2,564 2,569 2,565 2,540 2,430 2,4315 2,08532 208 Gold stock -.- 16,028 15,878 15, 509 12, 946 12,891 12,829 13,250 12,162 10, 578 9,059 4,059 3,996 Treasury currency outstanding _. 2,870 2,856 2,844 2,707 2,697 2,685 2,711 2,567 2,503 2,478 2,271 2,015 Money in circulation... 6,966 6,919 6,867 6,433 6,415 6,387 6,510 6,475 6,101 5,585 5,576 4,476 Treasury cash holdings. 2,568 2,663 2,703 2,283 2,227 2,769 2,804 3,225 2,474 2,791 288 207 Treasury deposits with F. R. banks 929 926 1,001 967 1,315 900 653 158 446 128 55 22 Nonmember deposits and other F. R. accounts 940 812 751 683 637 594 658 595 551 507 497 406 Member bank reserve balances: Total 10,085 9,997 9,624 7,878 7,587 7,469 7,935 6,830 5,989 5,001 2,343 2,358 Excess 4,246 4,212 3,926 2,762 2,525 2,071 2,522 1,220 2,512 2,469 528 43 REPORTING MEMBER BANKS IN 101 LEADING CITIES Averages of Wednesday figures; in millions of dollars Total loans and investments _. 21,887 21,693 21, 727 20, 696 20, 732 20,819 21,023 22,198 22,064 19,997 17, 505 22, 599 Loans—total 8,094 8,091 8,127 8,384 8,430 8,604 8,506 9,546 8,462 8,028 9,156 16,887 Commercial, industrial and agricultural 3,830 3,839 3,848 3,953 4,085 4,229 4,059 (0 0) 0) 0) Inve A T O st o l t m l h b o e e r r t n o h t l k e s o r e — a r n l s o t s o a a f t n n o a s d r l p d u e r a c l h er a s s i i n n g s o e r c u c r a i r t r ie y s ing securities.. 13 3 , , 0 6 5 7 4 7 5 9 1 1 2 3 13 3 , , 6 0 5 6 7 3 3 0 8 9 5 2 13 3 , , 6 0 5 6 9 3 4 0 7 7 5 0 12 3, , 1 6 5 6 3 8 8 3 1 6 2 2 1 3 2 , , 1 6 5 3 5 0 8 0 4 2 9 2 12 3, , 1 6 5 6 2 2 9 1 1 2 2 5 1 3 2 , , 1 7 5 5 5 0 8 8 1 1 8 7 1 1 2 , , 0 0 2 6 2 ) ) 5 6 2 1, 0 0 1 ) ) 81 11, ( j 9 ) 69 0 0 7 ) ) 77 • 2 0 0 , ) ) 208 U. S. Government direct obligations 8,383 8,296 8,225 7,864 7,980 7,955 7,982 8,394 13, 602 7,989 8,349 5,712 Obligations fully guaranteed by U. S. Govt 2,119 2,033 2,033 1,453 1,354 1,179 1,451 1,164 9,080 928 5,228 2,865 Other securities 3,291 3,273 3,342 2,995 2,968 3,081 3,084 3,094 1,250 3,052 3,121 2,847 Reserve with Federal Reserve banks 8,460 8,361 7,973 6,407 6,070 5,885 6,400 5,307 3,272 4,024 1,822 1,725 Cash in vault 447 423 424 398 384 342 382 337 4,799 326 240 248 Balances with domestic banks 2,727 2,644 2,596 2,406 2,296 2,107 2,289 1,884 383 2,112 1,322 1,142 Demand deposits—adjusted 17,182 16, 796 16, 455 14, 932 14, 579 14,437 15,033 15,097 2,358 12, 729 (0 0) Time deposits (excluding interbank)2 5,240 5,253 5,227 5,231 5,214 5,223 5,202 5,202 14,619 4,883 6,788 Deposits of domestic banks 3 6,728 6,589 5,847 5,706 5,407 5,770 5,298 4,999 4,938 4,946 2,787 Borrowings 1 5 1 3 3 12 5,810 6 2,822 674 5 115 MONEY RATES AND BOND YIELDS Averages of daily figures; per cent per annum Commercial paper .56 .56 .56 .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 .05 .09 .07 .17 .17 U. S. Treasury bonds, long-term 4 2.13 2.17 2.30 2.52 2.51 2.62 2.56 2.68 2.65 2.79 3.31 3.60 Corporate high grade bonds (Moody's Aaa). 2.92 2.97 3.02 3.26 3.22 3.30 3.19 3.26 3.24 3.60 4.49 4.73 CAPITAL ISSUES Amounts per month; in millions of dollars All issues—total 605 1,312 356 513 220 352 372 328 518 392 89 959 New 293 117 143 349 159 196 197 178 164 121 60 841 Refunding 312 1,195 213 164 61 156 175 150 354 270 29 118 Domestic corporate issues—total.. 282 172 206 301 63 78 179 203 382 189 32 781 New 30 21 77 202 38 12 73 102 99 34 13 667 Refunding 252 151 129 99 26 67 107 101 282 155 18 115 Index numbers Common stocks (1926=100) 83 82 73 74 71 83 112 111 78 63 190 Wholesale commodity prices (1926=100): All commodities 76 76 78 78 79 79 86 81 80 66 95 Farm products _. 64 64 69 68 68 69 86 81 79 51 105 Foods 68 69 73 72 72 74 86 82 84 61 100 Other commodities 80 81 81 81 82 82 82 85 80 78 71 92 Retail food prices (1923-25=100) 77 77 80 79 79 79 85 82 81 66 105 BUSINESS INDEXES Index numbers, adjusted for seasonal variati1o9n2,3-25=100 Industrial production P9S 92 92 77 76 77 86 110 105 90 76 119 Manufactures *>97 91 92 74 73 73 84 109 105 90 75 119 Minerals P105 98 95 92 '92 100 98 115 105 91 82 115 Construction contracts awarded--total.. P63 63 67 54 51 52 64 59 55 37 25 117 ResidentiaL. _ P58 55 58 42 37 37 45 41 37 21 11 87 All other P66 68 74 64 62 65 80 74 70 50 37 142 Factory employment P92 90 91 82 84 85 87 106 98 91 73 106 Factory payrolls (unadjusted)... J-86 84 85 71 73 75 78 102 86 74 50 110 Freight-car loadings 67 62 60 58 58 57 62 78 75 64 58 107 Department store sales 86 85 88 82 78 83 85 92 88 79 67 111 MERCHANDISE EXPORTS AND IMPORTS Amounts per month; in millions of dollars Exports, including re-exports. 249 231 233 257 274 258 279 205 190 140 437 General imports 203 146 148 160 163 257 202 171 121 367 p Preliminary. r Revised. e Partly estimated. 1 Figures not available. 2 Includes time deposits of banks, domestic and foreign, 1929-1933. 3 Does not include time deposits 1929-1933. * Averages of yields of all outstanding bonds due or callable after 12 years. See BULLETIN for December 1938, pp. 1045-1046. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

636 FEDERAL RESERVE BULLETIN LAW DEPARTMENT Change in Definition of "Executive Officer" Form of Resolution of Board of Directors with Respect to Inactive Officers Effective July 1, 1939, the Board of Governors amended the definition of the term The definition of the term "executive offi- "executive officer" contained in section l(b) cer" as amended effective July 1, 1939, proof its Regulation 0, which relates to loans to vides that it will be assumed that certain executive officers of member banks, to read officers of a member bank are executive offias follows: cers "unless it is provided by resolution of the board of directors or the bank's by-laws " (b) The term 'executive officer' means every officer of a member bank who participates or has that any such officer is not authorized to parauthority to participate in the operating manageticipate in the operating management of the ment of the bank or any branch thereof otherwise than in the capacity of a director of the bank and he does not actually participate bank, regardless of whether he has an official therein." There are printed below two forms title or whether his title contains a designation of assistant and regardless of whether he is serv- of resolutions which comply with this proviing without salary or other compensation. It sion of the definition and which could be will be assumed that the chairman of the board, the president, every vice president, the cashier, adopted by the board of directors of a memsecretary, treasurer and trust officer of a member ber bank which desires to make loans to an bank are executive officers, unless it is provided by resolution of the board of directors or the officer who does not actually participate in bank's by-laws that any such officer is not authe operating management of the bank. These thorized to participate in the operating management of the bank and he does not actually par- forms are merely illustrative of the type of ticipate therein." resolution contemplated by the amended defi- Section 22 (g) of the Federal Reserve Act, nition. No particular form of resolution or which restricts loans to "executive officers" provision of the by-laws is required, however, and which is implemented by the Board's and any form which provides that the officer Regulation 0, makes a distinction between in question is not authorized to participate in "executive officers" and other officers. On the operating management of the bank is sufreviewing this subject, the Board concluded ficient for the purposes of the amended defithat the regulation should be amended to give nition. clearer recognition to this distinction and to (Form No. 1) the view that the question whether or not a person is an "executive officer" does not de- WHEREAS, for the purposes of Regulation O of the Board of Governors of the Federal Reserve pend upon the title which he has but upon the System, an officer is not regarded as an executive officer if it is provided by resolution of the board nature of his duties. In making the change, of directors that he is not authorized to particiespecial consideration also was given to the pate in the operating management of the bank and he does not actually participate therein; and fact that the law does not restrict loans to WHEREAS, the office of held by directors who are not also executive officers. Mr. in this bank is an honorary position; As amended, the regulation does not apply to Now, THEREFORE, BE IT RESOLVED, That the a person, regardless of his title, who has no incumbent of the said position shall not be authorized to participate in the operating- manageauthority to perform and actually does not ment of the bank. perform the duties of an executive. NOTE: If the officer in question is also a director of the bank, there should be added to the The Board also amended its Regulation 0 last paragraph of the above resolution the by changing the date in section 4 (a) to "June words "otherwise than in the capacity of a director of the bank". 16,1944". This amendment was made to con- NOTE: The first paragraph of the above resoluform to the change recently made in the law tion may be omitted if desired. The word "inactive" may be used in place of "honorary" if extending until June 16, 1944, the date to desired. which loans made by member banks to their (Form No. 2) executive officers prior to June 16, 1933, may RESOLVED, That no vice presidents of this bank be renewed or extended. other than Messrs and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AI GUST 1939 FEDERAL RESERVE BULLETIN 637 shall have authority to participate immediately reduce the unpaid balances of in the operating management of the bank. the loans (even though recorded in separate NOTE: If the officer affected is also a director of the bank, there should be added to the above accounts on the bank's books) should not be resolution the words "otherwise than in the reported as deposits for the purpose of comcapacity of a director of the bank". NOTE: If desired, the first paragraph of Form puting the bank's required reserves. Like- No. 1 may be used in connection with Form wise, these payments should not be reported No. 2. as deposits in condition reports but should be deducted from loans, and only the net amount Amounts Received in Connection with Personal of such personal installment loans should be Loans as Deposits reported. The Board of Governors has recently given consideration to the question whether accounts assigned or pledged to secure repay- Use of Obligations of the United States as Collateral ment of personal loans at maturity and re- for Federal Reserve Notes payments on such loans which are not im- There is set forth below the text of an Act mediately entered as payments on the notes of Congress, approved June 30. 1939, extendor on the bank's books should be considered ing until June 30, 1941, the period during as deposits against which member banks are which direct obligations of the United States required to maintain reserves with the Fedmay be used as collateral security for Federal eral Reserve banks. Some aspects of this Reserve notes. question were discussed in the Board's ruling published at page 538 of the September 1931 [PUBLIC—No. 162—76TH CONGRESS] issue of the FEDERAL RESERVE BULLETIN. NO change has been made in the views expressed [CHAPTER 256—1ST SESSION] in the prior ruling, but certain points have [S. 2618] been clarified through the recent considera- AN ACT tion of the subject. To extend the period during which direct obligations of the It is the view of the Board of Governors United States may be used as collateral security for Federal Reserve notes. that amounts which are accumulated by bor- Be it enacted by the Senate and House of Represenrowers in accounts opened in connection with tatives of the United States of America in Congress assembled, That the second paragraph of section 16 personal loans (whether or not the bank has of the Federal Reserve Act, as amended, is hereby a separate personal loan department) and amended by striking therefrom the words "until June 30, 1939" and by inserting in lieu thereof the words which, under contracts between the bank and "until June 30, 1941". the borrowers, do not immediately reduce the Approved, June 30, 1939. unpaid balances of the loans but are assigned or pledged to assure repayment of the loans Extension of Powers Relating to Stabilization Fund at maturity should be reported as deposit and Weight of Dollar, and New Silver Legislation liabilities for reserve computation purposes. and Regulations If such amounts conform to the definition of The following is the text of an Act of Contime deposits in the Board's Regulation D, gress, approved July 6, 1939, extending the they should be reported as time deposits for time within which the President may exerreserve purposes and in condition reports; cise the powers relating to the stabilization but, if they do not conform to the definition fund and the alteration of weight of the dolof time deposits, they should be reported as lar, and requiring the annual report of the demand deposits for reserve purposes and in audit of the stabilization fund to be made to condition reports. the Congress as well as to the President. On the other hand, amounts received by the This Act also deals with the coinage of silver bank which, under contracts, constitute in- mined in the United States subsequent to stallment payments on personal loans andJuly 1, 1939. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

638 FEDERAL RESERVE BULLETIN AUGUST 1939 [PUBLIC—No. 165—76TH CONGRESS] The Gold Reserve Act of 1934 approved January 30, 1934, was published in the BUL- [CHAPTER 260—1ST SESSION] [H. R. 3325] LETIN for February 1934, pp. 63-67; the Act approved May 12, 1933, was published in the AN ACT BULLETIN for May 1933, pp. 307-318; an To extend the time within which the powers relating to the stabilization fund and alteration of the weight of the dollar amendment to these Acts, approved January may be exercised. 23, 1937, was published in the BULLETIN for Be it enacted by the Senate and House of Represen- February 1937, p. 115. tatives of the United States of America in Congress assembled, That subsection (a) of section 10 of the Gold Reserve Act of 1934, approved January 30, 1934, as amended, is further amended by striking out the Newly-Mined Domestic Silver Regulations period at the end of such subsection and adding The following statement was issued by the thereto the words "and to the Congress." SEC. 2. Subsection (c) of section 10 of the Gold Treasury Department on July 6, 1939: Reserve Act of 1934, approved January 30, 1934, as The Secretary of the Treasury has today amended, is further amended to read as follows: "(c) All the powers conferred by this section shall issued, under section 4 of the Act of July 6, expire June 30, 1941, unless the President shall sooner 1939, regulations providing for the receipt declare the existing emergency ended and the operation of the stabilization fund terminated." by the coinage mints of domestic silver mined SEC. 3. The second sentence added to paragraph subsequently to July 1, 1939. Depositors (b) (2) of Section 43, title III, of the Act approved May 12, 1933, by section 12 of said Gold Reserve Act will receive 71.11+ cents per fine troy ounce of 1934, as amended, is further amended to read as for such silver. The regulations read as folfollows: "The powers of the President specified in this paragraph shall be deemed to be separate, dis- lows: tinct, and continuing powers, and may be exercised by him, from time to time, severally or together, Treasury Department, whenever and as the expressed objects of this section Office of the Secretary, in his judgment may require; except that such powers July 6, 1939. shall expire June 30, 1941, unless the President shall sooner declare the existing emergency ended." Code of Federal Regulations SEC. 4. (a) Each United States coinage mint shall Title 31—Money and Finance receive for coinage into standard silver dollars any Chapter I—Monetary Offices silver which such mint, subject to regulations pre- Part 80—The Newly-Mined Domestic Silver Regulascribed by the Secretary of the Treasury, is satisfied tions of July 6, 1939. has been mined subsequently to July 1, 1939, from natural deposits in the United States or any place SECTION 80.1. Spope.—These regulations relate to subject to the jurisdiction thereof. the receipt and coinage by the United States coinage (b) The Director of such mint with the consent of mints of silver mined in the United States or any the owner shall deduct and retain of such silver so re- place subject to the jurisdiction thereof pursuant to ceived 45 per centum as seigniorage for services per- the provisions of section 4 of the Act of July 6, 1939. formed by the Government of the United States rela- SEC. 80.2. Authority for regulations.—These regutive to the coinage and delivery of silver dollars. lations are issued under section 4 of the Act of July The balance of such silver so received, that is 55 per 6,1939. centum, shall be coined into standard silver dollars SEC. 80.3. Definitions.—As used in these regulaand the same or any equal number of other standard tions— silver dollars shall be delivered to the owner or de- The term "person" means an individual, partnerpositor of such silver, and no provisions of law tax- ship, association, or corporation. ing transfers of silver shall extend or apply to any The term "United States coinage mints" means the delivery of silver to a United States mint under this following mints: United States Mint, Philadelphia, section. The 45 per centum of such silver so de- Pa.; United States Mint, San Francisco, Calif.; ducted shall be retained as bullion by the Treasury United States Mint, Denver, Colo. And whenever or coined into standard silver dollars and held or authority is conferred in these regulations upon a disposed of in the same manner as other bullion or "mint" such authority is conferred upon the person silver dollars held in or belonging to the Treasury. locally in charge of the mint, acting in accordance (c) The Secretary of the Treasury is authorized with instructions of the Director of the Mint or the to prescribe regulations to carry out the purposes of Secretary of the Treasury. this section. Such regulations shall contain provi- SEC. 80.4. Forms.—Any form, the use of which is sions substantially similar to the provisions contained prescribed in these regulations, may be obtained at in the regulations issued pursuant to the Act of Con- any United States mint or assay office or at the gress approved April 23, 1918 (40 Stat. L., p. 535), Treasury Department, Washington, D. C. known as the Pittman Act, with such changes as he SEC. 80.5. Revocation or modification.—The proshall determine prescribing how silver tendered to visions of these regulations may be revoked or modisuch mints shall be identified as haying been produced fied at any time. from natural deposits in the United States or any SEC. 80.6. Silver which will be received.—The places subject to its jurisdiction subsequent to July United States coinage mints, under the conditions 1, 1939. hereinafter specified, and subject to the appropriate Approved, July 6, 1939. regulations governing the mints, will receive silver Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

639 AUGUST 1939 FEDERAL RESERVE BULLETIN which any such mint is satisfied has been mined sub- part of one dollar due hereunder shall be returned sequently to July 1, 1939, from natural deposits in in any legal tender coin of the United States. the United States or any place subject to the jurisdic- SEC. 80.10. Records.—Every person delivering siltion thereof. ver under these regulations, and every person owning Such mints will also receive silver which forms a or operating a smelter or refinery at which silver to part of a mixture of domestic, secondary, and/or be delivered under these regulations is mixed with foreign silver provided such mints are satisfied that secondary or foreign silver, or both, shall keep acthe aggregate amount of such mixture so received curate records of all acquisitions, by mining or otherdoes not exceed the amount of such mixture which has wise, and of all dispositions of silver mined subsebeen mined subsequently to July 1,1939, from natural quently to July 1, 1939, including, among other deposits in the United States or any place subject to things, records of the date when such silver was the jurisdiction thereof. mined, acquired, and disposed of. Such records shall SEC. 80.7. Affidavits.—Every person delivering sil- be preserved for at least 1 year after the last delivery ver under the provisions of these regulations shall file and made available for examination by a representawith each delivery a properly executed affidavit on tive of the Director of the Mint upon the request of form TSA-1 and supporting affidavit or affidavits of such representative. the miner or miners on form TSA-2 or TSA-2A, SEC. 80.11. Reports.—Every person delivering silwhichever is appropriate, containing the information ver under these regulations shall file with the Director called for in such forms and executed under oath of the Mint, on or before the 25th day of each month before an officer duly authorized to administer oaths. after the date the first delivery is made, a report on SEC. 80.8. Evidence whidi may be demanded.—Per- form TSA-3 covering the preceding calendar month, sons delivering silver under the provisions of these provided that the first report shall cover the period regulations shall furnish such further evidence as from July 1, 1939, to the end of the calendar month may from time to time be requested by any United preceding the date of the report. Such reports shall States coinage mint or the Director of the Mint, in- be executed under oath before an officer duly authorcluding affidavits, sworn reports, and sworn abstracts ized to administer oaths and shall contain all of the from books of account of any mines or any or all information called for in such form. smelters or refineries handling such silver. SEC. 80.12. Agreement relating to records.—Every SEC. 80.9. Settlement for silver delivered.—The Di- person delivering under these regulations, silver rector of the Mint, pursuant to the consent of the which has been mixed with secondary or foreign silowner as given in the agreement executed on form ver, or both, at a smelter or refinery other than that TSA-1, shall retain of the silver so delivered, 45 per of the person making the delivery, shall, upon recent as seigniorage for services performed by the quest by any United States coinage mint or the Di- Government of the United States, and the balance of rector of the Mint, also file with each delivery of such such silver so received, that is, 55 per cent thereof, silver an agreement properly executed under oath by shall be coined into standard silver dollars and the a duly authorized officer of such other smelter or resame, or an equal number of other standard silver finery, that the records will be kept as provided in dollars, (or, at the option of the owner of the silver these regulations, and that such records will be availso delivered, silver certificates or any other coin or able for examination by a representative of the Dicurrency of the United States in an amount in dollars rector of the Mint for at least 1 year after the last equal to such standard silver dollars) shall be de- delivery. livered to the owner of such silver. Any fractional Secretary of the Treasury. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING THE SIX-MONTH PERIOD ENDED JUNE 30, 1939 Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M a i p n ol n i e s - K C an it s y as Dallas San ci s F c r o an- CURRENT EARNINGS Discounted bills - $27,106 $1, 752 $6,111 $5,115 $1, 252 $1,895 $965 $632 $768 $708 $3, 810 $1,891 $2, 207 Purchased bills 1,461 108 578 146 134 62 50 182 7 6 42 42 104 U. S. Government securities, - 16, 908,044 1, 250, 909 4, 769, 666 1, 361,034 1, 685, 801 882,892 774, 231 1, 872, 334 804, 699 521, 870 871, 294 688,020 1, 425, 294 Industrial advances 323,191 41, 281 66, 596 62, 698 10,032 35,337 20,400 11,885 196 25,126 5,339 17, 514 26, 787 Commitments to make industrial advances 69,112 3,633 12,115 1,042 7,287 5,016 374 725 2,885 953 6,829 127 28,126 All other 348, 565 9,942 44, 571 17,057 38,725 11,662 6,545 90, 536 8,466 6,527 83, 997 3,654 26,883 Total current earnings 17, 677,479 1, 307, 625 4,899, 637 1, 447,092 1, 743, 231 936, 864 802,565 1, 976, 294 817,021 555,190 971,311 711, 248 1, 509, 401 CURRENT EXPENSES Operating expenses: Salaries: Officers .. 1,095,120 58, 500 243, 899 61, 061 86, 664 70, 800 68, 393 124, 359 80, 404 54,050 86,122 59, 468 101, 400 Reti E re m m p e lo n y t ee S s ystem contributions for current 8, 604, 236 532, 756 2,192, 660 635,810 771,926 475,666 478, 705 468, 248 289,402 486, 294 466, 775 707,958 service 477,198 28,081 120, 590 34, 748 41, 529 27,290 27,070 59,046 27,861 15, 922 29,679 24,990 40, 392 H Legal fees 26,194 3,108 388 5,199 2,508 396 254 4,533 2 4,373 5,433 CO Directors' fees and expenses 69, 234 3,196 6,570 4,133 4, 546 3,202 7,394 3,232 5,274 4,599 11, 568 5,503 10,017 Federal Advisory Council fees and expenses 9,399 757 652 550 763 928 716 600 866 650 691 1,928 Traveling expenses (other than of directors and members of Federal Advisory Council) 143, 906 7,306 26, 691 11, 554 13, 552 10, 937 10,030 14, 951 9,630 10, 852 9,430 6,543 12, 430 Postage and expressage 1, 606,101 173,138 263,611 137, 749 150,032 128, 275 104, 526 199,031 76, 833 61, 293 106, 602 77, 571 127, 440 Telephone and telegraph 230, 099 10, 486 45,017 14, 966 23, 319 13, 242 22, 484 15, 766 15, 785 9,078 20, 838 16, 797 22, 321 td Printing, stationery, and supplies 394, 225 40,437 70, 736 32,132 36, 339 22, 359 28,071 42, 618 22, 026 14, 768 23, 852 22, 455 38, 432 d I O n t s h u e r r a n in c s e u o ra n n c c e urrency and security shipments. 1 1 2 1 4 5 , , 4 8 5 0 1 8 17 7 , , 6 2 7 2 1 1 2 1 0 8 , , 5 4 3 2 7 3 1 1 3 0 , , 0 7 1 7 1 8 10 8 , , 8 7 1 2 1 3 8 7 , , 0 2 3 4 4 8 8 7 , , 2 2 1 1 3 5 1 1 2 0 , , 5 3 4 3 0 8 11 2 , , 2 9 1 6 8 4 3 9 , ,1 5 7 1 6 5 1 4 1 , , 5 2 3 5 8 7 1 3 0 , , 7 2 3 8 0 7 1 1 1 1 , , 4 40 0 2 9 F Taxes on bank premises 744,801 84,000 220,011 36, 784 72,116 34, 552 30,049 94, 214 25, 815 34,880 45, 765 16,159 50, 456 Depreciation on bank building 587,118 27,916 99,013 63, 266 78,181 38,094 21, 274 54, 993 26, 596 14, 423 78, 260 33, 524 51, 578 Light, heat, power, and water 185, 363 12, 263 25,475 17, 847 23, 697 13, 275 14, 755 19, 667 11,064 9,836 14,115 9,607 13, 762 Repairs and alterations to bank building 63, 457 2,175 11,458 1,031 4,779 674 5,661 4,389 3,530 2,971 6,230 4,689 15, 870 Rent 71, 271 48 133 335 37,026 8,342 139 1,560 1,144 877 21,667 Furniture and equipment 171,629 15,039 57, 985 20, 661 15, 295 6,041 10,176 13, 605 8,030 5,094 11, 227 953 7,523 Allother 307, 353 20, 216 24, 797 34,634 24, 884 16, 499 25,437 38,035 24,602 19,679 19,889 21, 737 36, 944 Total operating expenses 15,026, 963 1, 044, 314 3,448, 646 1,136, 249 1,406,690 885, 224 870, 520 1,805, 790 822,040 564,937 967,462 786, 729 1, 288, 362 Less.reimbursements for certain fiscal agency and other expenses 2, 358,116 96, 262 331, 607 105,402 127, 534 122,669 300,045 386, 248 187,019 132, 746 156,112 238, 784 173, 688 Net operating expenses 12,668,847 948,052 3,117,039 1,030, 847 1, 279,156 762, 555 570, 475 1, 419, 542 635,021 432,191 811, 350 547, 945 1,114, 674 Assessment for expenses of Board of Governors 814,800 58,605 290, 725 79, 450 75, 656 34, 795 28,395 98, 468 24,043 18, 492 23,493 23, 891 58, 787 Federal Reserve currency: Original cost 567, 715 51,173 152, 334 54, 275 42, 284 36,182 20, 358 95,485 23, 347 14,184 18, 721 16,115 43, 257 Cost of redemption 84, 544 5,749 16, 849 5,765 7,168 6,064 7,759 13,015 3,687 2,838 3,313 3,771 8,566 Total current expenses 14,135,906 1, 063, 579 3, 576, 947 1,170, 337 1, 404, 264 839, £ 626, 987 1, 626, 510 467, 705 856, 877 591, 722 1, 225, 284 Current net earnings 3, 541, 573 244,046 1, 322, 690 276, 755 338, 967 97, 268 175, 578 349, 784 130, 923 87, 485 114,434 119, 526 284,117 Dividends paid 4,048, 097 282,173 1, 528,193 362,045 410, 111 151, 944 135, 455 408, 888 119,118 87, 325 127, 207 119, 807 315,831 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

641 FEDERAL RESERVE BULLETIN AUGUST 1939 SEASONAL VARIATIONS IN MONEY IN CIRCULATION Money in circulation varies in amount from represent the typical variation of money in day to day and from season to season in re-circulation for periods and dates given from sponse to changes in the demands of the pub-the average for the year. To adjust the aclic. In analyzing movements of money in tual figures for seasonal variation, the adjustcirculation it is sometimes necessary, there- ment factors are subtracted from the actual fore, to make allowances for these customary figure for corresponding periods or dates. seasonal variations. Measures of seasonal Figures for recent years so adjusted are given variations in money in circulation have been in tables on the following pages. computed by the Board's Division of Research Table I contains the factors for monthly and Statistics and have been used to adjust averages of daily figures from 1919 through the actual figures. 1940. These figures supersede the ones pub- Money in circulation, which is defined as all lished in the BULLETIN for December 1932. money outside the Treasury and the Federal From 1919 through 1931 the factors change Reserve banks, includes all paper currency from year to year to make allowance for and coin in the hands of the public and in the shifts that occurred in seasonal variations vaults of the banks whether or not it is induring these years. For the period since 1931 active use. This money is used principally a constant set of seasonal factors is used. for certain types of consumer expenditures Because of the wide cyclical changes that have and for payrolls, while the bulk of money pay-occurred since 1931 and the limited period ments involved in business and financial that has ela,psed, this set of factors should transactions is effected by checks drawn on still be considered as tentative. bank deposits; accordingly, the amount in cir- Table II contains the seasonal adjustment culation varies with the seasonal changes in factors for money in circulation applicable to payrolls and in consumer expenditures, rising Wednesdays since January 1934. As Wednesfrom a seasonal low point in midsummer to day may fall on any date, a factor has been a peak at Christmas and then declining.1 determined for each date of the year. In The relationship between changes in theTable III, the monthly averages of money in amount of money needed in trade and produc- circulation from January 1919 through June tion and changes in the amount in circulation 1939 have been seasonally adjusted. In has generally been close, except in periods Table IV are given the Wednesday figures on when hoarding or dishoarding of currency has money in circulation, seasonally adjusted, been substantial. Business concerns and in- from January 3, 1934, through July 19, 1939. dividuals ordinarily deposit surplus cash in Seasonally adjusted Wednesday figures for banks. Formerly, banks in turn were anxious 1922-1932 were published in the December to conserve idle cash and they withdrew funds 1932 BULLETIN. NO adjusted Wednesday from the Federal Reserve banks only as they figures have been computed for the year 1933 were needed and redeposited the money as because the wide fluctuations before and after rapidly as it was returned by the public. Dur- the Banking Holiday dominated all other ing the last few years, however, with large movements. excess reserves, banks are under no pressure The new monthly seasonal adjustment facto minimize or replenish their vault cash tors show that from 1919 to 1930 the seasonal holdings directly as public demand changes. movements at the year-end became succes- There have also been changes in the habits sively more pronounced, rising more in Deof the public in the uses of currency. As a cember and falling more in January, Febconsequence, seasonal fluctuations in cur-ruary, and March each year. Between 1930 rency in circulation have changed somewhat and 1933, seasonal movements were largely and on the whole have been less marked in obscured by erratic fluctuations, but the searecent years than during the 1920's. It has sonal changes seem to have been similar to been necessary, therefore, to compute new those of recent years and so the seasonal facmeasures of seasonal variation to be used in tors computed for the period since 1933 have adjusting the current statistics of money in been used for the years 1930-1933. Since circulation. 1933, seasonal fluctuations at the year-end The new seasonal adjustment factors are appear to be somewhat smaller than in 1930, given on the following pages. These factors although they are greater than in the early 1920's. 1 For a detailed discussion, see FEDERAL RESERVE BULLETIN, The seasonal movement of money in cir- December 1932, pp. 735-740. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

642 FEDERAL RESERVE BULLETIN AUGUST 1939 culation on Wednesdays since 1933 has larger in March and equally smaller in April changed somewhat from that shown in than in those years in which Easter came earlier years. This is particularly apparent later. Seasonal adjustment factors for these over the month-end, where the seasonal move- two months in each year were accordingly ment appears to be larger. modified to allow for these differences and are so shown in Table I. COMPUTATION OF SEASONAL ADJUST- Wednesday figures—In computing seasonal MENT FACTORS factors for Wednesday figures on money in Monthly averages of daily figures—The circulation, the seasonally adjusted monthly method used in computing monthly seasonal averages of money in circulation were used as adjustment factors for money in circulation a guide in drawing a free-hand curve through is essentially the same as that employed by the actual Wednesday data. Differences bethe Board of Governors for other series. tween the actual figures and this free-hand Seasonal fluctuations in money in circulation, curve were then computed and plotted in however, appear to be largely independent order of monthly dates, regardless of the year of the level of the series and for this reason in which they fell. This daily series was the seasonal factors are absolute amounts, smoothed by means of a free-hand curve, the while for practically all other series adjusted values on which constitute the Wednesday by the Board the factors are ratios. seasonal factors. These factors have been The monthly averages of money in circulareconciled with the corresponding factors for tion were plotted and through them was monthly average money in circulation. drawn a free-hand curve which followed the As in the case of the monthly data, it was major nonseasonal movements of the series. necessary to compute a special Easter adjust- The former adjusted series and a twelvement factor. Figures on money in circulamonth moving average of the unadjusted data tion for Wednesdays near Easter, after adwere used as guides in drawing this curve. justment by preliminary seasonal factors, Differences between the original data and the were compared with the free-hand curve free-hand curve were then computed and which had previously been fitted to the unadplotted separately in chronological order for justed data. It was found that from 1934 each of the twelve months. A smooth curve through 1939 the adjusted figure for the was fitted to each of these sets of differences Wednesday before Easter exceeded the freeand a preliminary seasonal factor for each hand curve by about $20,000,000. This year was read from this curve. The twelve amount should, therefore, be added each year preliminary factors thus obtained for each to the seasonal factor given in the table for calendar year were adjusted so that their sum was zero. the Wednesday falling just before Easter Sunday. A special adjustment was necessary for March and April owing to the fact that In computing seasonal factors, money in Easter sometimes falls in one of these months circulation and the factors themselves were and sometimes in the other. A series of pre- rounded to the nearest five million dollars. liminary seasonally adjusted figures were It is believed that seasonal movements of computed for March and April, and from money in circulation can be measured no more these adjusted figures it was found that when precisely than this and in the seasonally Easter fell on or before April 1 money in cir- adjusted data changes of less than five milculation was on the average about $10,000,000 lion dollars have not been shown. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

643 AUGUST 1939 FEDERAL RESERVE BULLETIN TABLE I—SEASONAL ADJUSTMENT FACTORS FOR MONEY IN CIRCULATION—MONTHLY AVERAGES OF DAILY FIGURES—1919-1940 [In millions of dollars] Date Jan. Feb. March i April i May June July Aug. Sept. Oct. Nov. Dec. 1919 . -5 -65 -45 -50 -50 -65 -50 -40 +30 +75 +90 +175 1920 -5 -65 -45 -50 -50 -65 -50 -40 +30 +75 +90 +175 1921 -5 -65 -35 -60 -50 -65 -50 -40 +30 +75 +90 +175 1922 -5 -65 -45 -50 -55 -65 -50 -40 +30 +75 +85 +185 1923 -5 -65 -35 -60 -55 -65 -50 -40 +30 +70 +80 +195 1924 -15 -65 -45 -50 -55 -65 -50 -40 +30 +65 +80 +210 1925 -15 -65 -45 -50 -60 -65 -50 -40 +30 +65 +80 +215 1926 -15 -65 -55 -45 -60 -65 -45 -40 +30 +65 +80 +215 1927 -20 -70 -55 -45 -60 -65 -45 -40 +30 +65 +85 +220 1928 _ _.. -20 -70 -60 -45 -60 -55 -45 -35 +25 +60 +85 +220 1929 -20 -70 -50 -55 -60 -55 -45 -35 +25 +60 +85 +220 1930 -20 -70 -60 -45 -60 -55 -45 -35 +25 +60 +85 +220 1931-40 -15 -60 2 -50 2 -45 -55 -60 -45 -45 +25 +60 +90 +200 1 Includes adjustment for the changing date of Easter. 2 March adjustment factor should be -$40,000,000 and that for April -$55,000,000 in 1932, 1934, 1937, and 1940. TABLE II—SEASONAL ADJUSTMENT FACTORS FOR MONEY IN CIRCULATION—WEDNESDAY SERIES—1934-1940 [In millions of dollars] Date (Wednesday) Jan. Feb. March i April i May June July Aug. Sept. Oct. Nov. Dec. 1 +160 -70 -25 -30 -50 -5 0 -75 -5 +65 +55 +130 2 _ +155 -65 -15 -30 -40 -5 +15 -60 0 +70 +70 +135 3 +140 -65 -15 -35 -35 -30 +25 -50 +25 +70 +90 +145 4 +125 -65 -15 -35 -35 -40 +25 -60 +35 +70 +95 +160 5 +110 -65 -20 -35 -35 -45 +25 -60 +35 +70 +95 +175 6 +85 -70 -25 -35 -35 -50 +25 -60 +50 +70 +100 +175 7 +60 — 70 -25 -40 -40 -50 +20 -60 +55 +75 +100 +175 8 +45 -70 -25 -40 -45 -50 0 -55 +60 +75 +100 +170 9 +20 -65 -30 -40 -50 -50 -10 -50 +50 +75 +100 +155 10 +10 -60 -45 -45 55 -60 -30 -50 +45 +75 +100 +155 11 0 -60 -50 -50 -60 -65 -40 -55 +30 +80 +100 +155 12 -60 -55 -55 60 -75 -45 -55 +20 +80 +80 +170 13 . -35 -60 -55 -55 -60 -75 -55 -50 +20 +80 +75 +180 14 -40 -65 -55 -55 -60 -70 -50 -50 +20 +75 +75 +185 15 _ . ___ -40 -60 -55 -50 -50 -65 -50 -45 +30 +70 +75 +185 16 -35 -60 -45 -45 -50 -65 -50 -35 +30 +65 +70 +195 17 -30 -60 -40 -45 -55 -65 -50 -35 +30 +65 +70 +205 18 -50 -65 -60 -55 -65 -65 -55 -35 +20 +60 +65 +215 19 -55 -65 -60 -55 -70 -70 -60 -35 +15 +60 +65 +225 20 -70 -55 -65 -60 -75 -70 -65 -35 +15 +55 +65 +235 21 . -75 -50 -65 -60 -75 -75 -75 -35 +15 +55 +65 +260 22 -80 -45 -65 -70 -75 -85 -80 -40 +15 +50 +65 +280 23 -85 -40 -65 -75 -75 -85 -85 -40 +15 +45 +100 +315 24 -90 -50 -65 -75 -80 -80 -90 -40 +10 +30 +100 +315 25 -100 -70 -75 -75 -80 -80 -95 -40 +10 +35 +105 +290 26 -100 -75 -75 -75 -80 -75 95 -40 +10 +35 +110 +260 27 -100 -60 -85 -75 -80 -75 -95 -40 +15 +35 +135 +240 28 -100 -45 -85 -75 40 -70 -95 -40 +20 +35 +135 +210 29 -100 -30 -75 -75 -40 -60 -95 -40 +20 +40 + 120 +170 30 -95 -65 -60 -35 -45 -85 -20 +40 +45 +120 +170 31 -90 -45 20 -80 -10 +50 +165 1 $20,000,000 should be added to the seasonal factor for the Wednesday preceding Easter. TABLE III—MONEY IN CIRCULATION ADJUSTED FOR SEASONAL VARIATION—MONTHLY AVERAGES OF DAILY FIGURES [In millions of dollars] Date Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec. 1919 4,770 4,710 4,700 4,735 4,705 4,670 4,660 4,665 4,670 4,745 4,830 4,880 1920 4,950 5,065 5,155 5,135 5,175 5,225 5,240 5,260 5,285 5,310 5,285 5,195 1921 5,120 5,040 4,950 4,850 4,805 4,715 4,620 4,525 4,435 4,360 4,295 4,255 1922 4,245 4,230 4,240 4,245 4,220 4,205 4,205 4,200 4,235 4,280 4,300 4,355 1923 4,395 4,450 4,460 4,505 4,530 4,555 4,575 4,585 4,585 4,585 4,585 4,590 1924 4,575 4,610 4,630 4,650 4,635 4,610 4,575 4,555 4,535 4,540 4,605 4,590 1925 4,590 4,585 4,575 4,565 4,565 4,570 4,555 4,570 4,590 4,595 4,595 4,615 1926 4,620 4,630 4,630 4,640 4,645 4,660 4,675 4,665 4,650 4,650 4,640 4,630 1927 4,635 4,625 4,625 4,635 4,635 4,610 4,610 4,600 4,600 4,580 4,565 4,540 1928 4,520 4,490 4,485 4,490 4,495 4,505 4,505 4,490 4,490 4,490 4,490 4,500 1929 __ 4,480 4,470 4,470 4,445 4,455 4,455 4,520 4,525 4,500 4,465 4,475 4,435 1930 4,385 4,335 4,305 4,275 4,270 4,255 4,240 4,225 4,180 4,155 4,155 4,315 1931 4,425 4,370 4,355 4,405 4,445 4,525 4,595 4,705 4,820 5,130 5,140 5,125 1932 5,375 5,400 5,285 5,220 5,225 5,305 5,510 5,475 5,375 5,295 5,265 5,210 1933 5,360 5,665 6,760 5,895 5,645 5,515 5,435 5,375 5,320 5,310 5,305 5,325 1934 5,395 5,400 5,410 5,420 5,410 5,400 5,395 5,400 5,400 5,415 5,405 5,375 1935 5,425 5,500 5,525 5,545 5,560 5,580 5,595 5,620 5,620 5,645 5,680 5,695 1936 5,770 5,840 5,905 5,935 5,975 6,120 6,250 6,235 6,235 6,260 6,310 6,365 1937 6 415 6 430 6 430 6,450 6,480 6,495 6,520 6,545 6,535 6,505 6,470 6,420 1938 6,410 6,380 6,390 6,430 6,470 6,495 6,510 6,525 6,545 6,610 6,660 6,690 1939. . 6,725 6,755 6,815 6,910 6,975 7,025 Note: Figures rounded to nearest $5,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

644 FEDERAL RESERVE BULLETIN AUGUST 1939 TABLE IV—MONEY IN CIRCULATION ADJUSTED FOR SEASONAL VARIATION—WEDNESDAY SERIES [In millions of dollars] 1934 1935 1936 1937 1938 Date Date Date Date Date Date (Wednes- Amount (Wednes- Amount (Wednes- (Wednes- (Wednes- Amount (Wednesday) day) day) day) day) day) Jan. 3 5,365 Jan. 2___. 5,380 Jan. 1___ 5,720 Jan. 6.... 6,390 Jan. 5 6,400 Jan. 4 6, 715 Jan. 10 5,385 Jan. 9___. 5,400 Jan. 8 5,740 Jan. 13.... 6,405 Jan.12 6,400 Jan. 11 6.715 Jan.17 5,385 Jan. 16 5,415 Jan. 15 5,760 Jan. 20.... 6.410 Jan. 19__ 6,400 Jan.18 6,715 Jan. 24 5,385 Jan. 23___. 5,430 Jan. 22 5,785 Jan. 27..... 6,420 Jan. 26___. 6,395 Jan. 25 6,725 Jan. 31.__. 5,380 Jan. 30 5,455 Jan. 29 5,795 Feb. 3.-. 6,415 Feb. 2.... 6,390 Feb. 1... 6.735 Feb. 7___ 5,385 Feb. 6 5,475 Feb. 5___ 5,805 Feb. 10.... 6,420 Feb. 9.... 6,370 Feb. 8__. 6.745 Feb. 14___ 5,385 Feb. 13... 5,490 Feb. 12. __ 5,825 Feb. 17.... 6,410 Feb. 16._. 6, 360 Feb. 15 6,755 Feb. 21___ 5,395 Feb. 20 _. 5,495 Feb. 19. _ 5, 835 Feb. 24.... 6,420 Feb. 23..... 6,365 Feb. 22... 6, 755 Feb. 28___ 5,400 Feb. 27__. 5,500 Feb. 26. __ 5,850 March 3. 6,420 March 2. 6,360 March 1. 6,765 March 7_ 5,400 March 6. 5,505 March 4_ 5,865 March 10. 6,420 March 6,365 March 8_ 6.775 March 14_ 5,400 March 13. 5, 510 March 11. 5,890 March 17. 6,425 March 16 6,375 March 15_ 6,805 March 21 _ 5,400 March 20. 5,520 March 18 _ 5,900 March 24. 6,420 March 23 6,390 March 22. 6,825 March 28_ 5,400 March 27. 5,520 March 25. 5,910 March 31. 6,420 March 30 6,395 March 29. 6,840 April 4__. 5,405 April 3__. 5,530 April 1___ 5,915 April 7... 6,425 April 6._ 6,430 April 5—_ 6,870 April 11__. 5,395 April 10_ _. 5,530 April 8__ 5,925 April 14... 6,440 April 13.. 6,415 April 12_._ 6,890 April 18__. 5,400 April 17__. 5,535 April 15__ 5,925 April 21... 6,450 April 20.. 6,420 April 19_ ._ 6, 915 April 25__. 5,400 April 24—. 5,535 April 22__ 5,930 April 28... 6,455 April 27. _ 6,430 April 26_._ 6,935 April 29. _ 5,935 May 2__. 5,400 May 1 5,540 May 5__. 6,460 May 4— 6,440 May 3__ 6.950 May 9... 5,400 May 8... 5,540 May 6__ 5,945 May 12— 6,465 May 11... 6,455 May 10... 6,960 May 16__. 5,395 May 15... 5,545 May 13__ 5,950 May 19— 6,470 May 18... 6, 465 May 17__. 6,970 May 23... 5,390 May 22_._ 5,555 May20__ 5,970 May 26... May 25... 6,475 May 24... 6,975 May 30... 5,375 May 29_ _. 5,540 May 27-. 5,980 May 31. __ 6,990 June 2... 6,490 June 1... 6, 475 June 6... 5,390 June 5__. 5,560 June 3 5,985 June 9___ 6,485 June 8— 6,485 June 7 ,035 June 13. _. 5,390 June 12. _. 5,570 June 10 5,995 June 16.. 6,480 June 15.. _ 6,485 June 14 .005 June 20... 5,380 June 19___ 5,570 June 17 6,115 June 23... June 22... 6,485 June 21 .010 June 27. .. 5,375 June 26_ _. 5,575 June 24 6,255 June 30.... 6,490 June 29— 6,490 June 28 . 030 July 4__. 5,370 July 3__. 5,595 July 1... 6,250 July 7.... 6,505 July 6__- 6,490 July 5 ,075 July 11... 5,385 July 10__. 5,580 July 8... 6,240 July 14-._. 6,505 July 13-_. 6,500 July 12.... .085 July 18._. 5,385 July 17__. 5,580 July 15... 6,240 July 21 6,510 July 20. __ 6,500 July 19.... July 25... 5,385 July 24. _. 5,585 July 22... 6,235 July 28.... 6,520 July 27... 6,510 July 31__. 5,600 July 29... 6,220 Aug. 1 5,390 Aug. 4.... 6,530 Aug. 3... 6,515 Aug. 5,390 Aug. 7__. 5,610 Aug. 5 6,225 Aug. 11 — . 6,535 Aug. 10... 6, 515 Aug. 15.. 5,390 Aug. 14 5,610 Aug. 12.. 6,225 Aug. 18—. 6,535 Aug. 17... 6,520 Aug. 22_. 5,385 Aug.21__. 5,610 Aug. 19 6,220 Aug. 25.... 6,535 Aug. 24.. 6,510 Aug. 29_. 5,385 Aug. 28. _. 5,615 Aug. 26— 6,225 Aug. 31- 6,515 Sept. 1__. 6,535 Sept. 5. 5,385 Sept. 4___ 5,615 Sept. 2__ 6,225 Sept. 8... 6,535 Sept. 7.. 6, 525 Sept. 12_ 5,390 Sept. 11-. 5,610 Sept. 9.. 6,225 Sept. 15... 6,525 Sept. 14_. 6,530 Sept. 19_ 5,395 Sept. 18__. 5,610 Sept. 16.. 6,225 Sept. 22... 6,515 Sept. 21_. 6, 535 Sept. 26. 5,395 Sept. 25__. 5,615 Sept. 23.. 6,225 Sept. 29... 6,500 Sept. 28_. 6, 555 Sept. 30._ 6,225 Oct. 3 _ 5,400 Oct. 2 5,620 Oct. 6_._. 6,500 Oct. 5... 6,570 Oct. 10__ 5,405 Oct. 5,625 Oct. 7 6,230 Oct. 13.... 6,505 Oct. 12... 6.585 Oct. 17__ 5,405 Oct. 16_. 5,630 Oct. 14... 6,240 Oct. 20.. 6,490 Oct. 19... 6,610 Oct. 24_. 5,405 Oct. 23__ 5,640 Oct. 21 6,255 Oct. 27.... 6,485 Oct. 26.. 6,620 Oct. 31__ 5,405 Oct. 30__ 5,640 Oct. 28... 6,265 Nov. 3... 6,475 Nov. 2. 6,635 Nov. 7. 5,405 Nov. 6_. 5,655 Nov. 4... 6,285 Nov. 10... 6,465 Nov. 9_. Nov. 14. 5,405 Nov. 13 5,670 Nov. 6,2% Nov. 17... 6,465 Nov. 16.. 6,660 Nov. 21. 5,390 Nov. 20_. 5.675 Nov. 18.. 6,310 Nov. 24... 6,455 Nov. 23. 6, 665 Nov. 28. 5,380 Nov. 27_. 5,685 Nov. 25.. 6,325 Nov. 30. 6,665 Dec. 1... 6,440 Dec. 5. 5,370 Dec. 4__ 5,685 Dec. 2__ 6,330 Dec. 8... 6,420 Dec. 7 Dec. 12. 5,360 Dec. 11.. 5,685 Dec. 9_. 6,340 Dec. 15— 6,410 Dec. 14___. 6,675 Dec. 19. 5,360 Dec. 18.. 5,685 Dec. 16... 6,355 Dec. 22... 6,400 Dec. 21.-. 6,685 Dec. 26. 5,370 Dec. 25_. 5, 700 Dec. 23.. 6,365 Dec. 29... 6,400 Dec. 28-... 6,700 Dec. 30... 6.380 Note: Figures rounded to nearest $5,000,C00. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 645 AUGUST 1939 INTERNATIONAL CAPITAL AND INCOME POSITION OF THE UNITED STATES, 1937 AND 1938 The following tables have been prepared on the basis of data released by the Department of Commerce covering the international capital and income position of the United States. LONG-TERM UNITED STATES INVESTMENTS ABROAD, INTERNATIONAL CAPITAL POSITION OF THE BY TYPES UNITED STATES [In millions of dollars] [In million of dollars] End of year End of year Type of investment 1937 1938 1937 1938 Portfolio investments: United States capital abroad: i | Foreign dollar bonds (par value) 3,804 i 3, 598 Long-term (par or book value) _..j 11,074 | 11,070 Miscellaneous securities (par value) _ 400 450 Short-term banking funds (mainly par value) i | 721 Total (par value) 4,204 4, 048 Total (par or book value) ; 11, 795 11,759 Direct investments (book value) 6,870 7,022 Foreign capital in United States: i Long-term (various bases of value) i 5,270 5, 690 Grand total (par or book value).. 11,074 11,070 Short-term banking funds (par value) ! 1,920 2,193 Total (various bases of value) | 7,190 7, 883 i Market value estimated at $2,465,000,000, or 68 per cent of par value 1 Includes^blocked funds not realizable at par on a short-term basis, if at all; some of these funds have been partly written off by the reporting institutions. The reported value of so-called short-term banking funds in Germany was $91,000,000 at the end of 1938. LONG-TERM UNITED STATES INVESTMENTS ABROAD, BY GEOGRAPHIC AREAS [Par or book value in millions of dollars] INTERNATIONAL INCOME POSITION OF THE UNITED End of year STATES ON CAPITAL ACCOUNT Area [In millions of dollars] 1937 1938 193S (- anada 3,630 3,720 Latin America 4,101 4,050 Europe 2,372 2,330 Receipts by Americans: A O R s e c i s e a t a n o i f a world 6 2 1 1 1 3 8 5 8 2 6 ]3 2 0 8 4 8 F F F r r r o o o m m m s p d h o ir o r e t r f c t o - t l t i e i o n r m v i e n s v b t e a m s n t e k m n in t e s g n t f s unds.. 4 1 1 5 1 0 8 0 4 1 0 3 5 5 9 Total 11,074 11, 070 Total receipts. 578 549 Payments by Americans: On portfolio investments 177 132 On direct investments 80 60 On other long-term investments.. 20 20 On short-term banking funds 3 4 LONG-TERM FOREIGN INVESTMENTS IN UNITED Total payments 280 216 STATES, BY TYPES Net receipts by Americans.. 298 333 [In millions of dollars] End of year Type of investment 1937 1938 Common stocks (market value) . 1, 850 2,250 Preferred stocks (par value).. 430 1425 Bonds (par value) _ _ 565 i 580 Direct investments (book value) _ _ 1,675 1,685 Other investments (various bases of value) 750 750 Total (various bases of value) 5,270 5,690 - Market value estimated at $255,000,000 or 60 per cent of par value for preferred stocks; and at $375,000,000 or 65 per cent of par value for bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES 647 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

648 FEDERAL RESERVE BULLETIN AUGUST 1939 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Member bank Reserve bank credit outstanding Treas- reserve balances 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- credit* mated) ties End of month figures 1938—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 2,564 14 2,585 13,136 2,731 6,504 2,480 720 313 255 8,179 2,941 Sept. 30____ 8 2,563 29 2,600 13, 760 2,739 6,622 2,810 853 356 260 8,198 2,869 Oct. 31 7 2,564 14 2,586 14,065 2,751 6,700 2,770 535 424 260 8,713 3,227 Nov. 30____ 7 2,564 13 2,584 14,312 2,773 6,787 2,689 484 574 259 8,876 3,383 Dec. 31 4 2,564 33 2,601 14, 512 2,798 6,856 2,706 923 441 260 8,724 3,205 1939—Jan. 31 5 2,574 28 2,607 14, 682 2,816 6,653 2,776 747 458 255 9,215 3,644 Feb. 28 4 2,564 30 2,598 14,874 2,824 6,731 2,740 1,148 488 254 8,936 3,387 Mar. 31.... 4 2,564 18 2,587 15, 258 2,839 6,817 2,691 1,229 533 257 9,157 3,559 Apr. 30____ 3 2, 571 20 2,595 15, 791 2,849 6,905 2,699 931 545 255 9,900 4,098 May 31 4 2,564 4 2,573 15,957 2,862 6,967 2,636 920 586 253 10,029 4,218 June 30 5 2,551 23 2,579 16,110 2,881 7,047 2,563 944 739 258 10, 018 4,140 Wed 1 n 9 e 3 s 8 d — a A y u f g i . g u 3 res! 6 2,564 4 2,574 13,025 2,721 6,465 2,357 775 392 257 8,074 2,924 Aug. 10 7 2,564 11 2,582 13,033 2,723 6,466 2,367 839 365 256 8,046 2,920 Aug. 17.._. 7 2,564 16 2,587 13,052 2,724 6,485 2,386 802 349 256 8,085 2,927 Aug. 24 7 2,564 8 2,579 13,079 2,727 6,470 2,417 771 315 256 8,156 2,975 Aug. 31_._. 7 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 „ 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 7 1 2,564 8 2,580 14,051 2,749 6,654 2,767 584 374 261 8,740 3,275 Nov. 2 8 1 2,564 9 2,582 14, 071 2,752 6,706 2,751 576 426 260 8,686 3,217 Nov. 9 8 1 2,564 -3 2,569 14,091 2,755 6,764 2,737 578 531 259 8,546 3,132 Nov. 16 7 1 2, 564 18 2,590 14,162 2,756 6,732 2,721 544 525 259 8,727 3,262 Nov. 23.._. 7 1 2,564 16 2, 587 14, 240 2,767 6,763 2,717 474 563 258 8, 818 3,353 Nov. 30..._ 7 1 2,564 13 2,584 14,312 2,773 6,787 2,689 484 574 259 8,876 3,383 Dec. 7 6 1 2,564 20 2,591 14, 367 2,775 6,844 2,681 407 576 258 8,966 3,442 Dec. 14. _ 7 1 2,564 29 2,600 14,380 2,784 6,858 2,651 413 551 258 9,034 3,476 Dec. 21.... 8 1 2,564 84 2,656 14,454 2,788 6,943 2,677 1,025 514 267 8,472 2,979 Dec. 28 7 1 2,564 39 2,610 14, 508 2,790 6,912 2,707 941 505 265 8,577 3,072 1939—Jan. 4 4 1 2,564 35 2 604 14, 565 2,800 6,839 2,725 891 436 258 8,819 3,298 Jan. 11 5 1 2,564 23 2,592 14,577 2,805 6,716 2,712 873 459 258 8,956 3,436 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 3,16ft 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. l.._. 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 3,40? 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 3,87£ 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 16,060 2,873 6,934 2,566 941 714 263 10, 099 4,227 June 28 5 1 2,551 10 2,567 16, 093 2,879 6,962 2,559 962 677 263 10,116 f 4,243 July 5 5 1 2, 551 13 2,569 16.136 2,880 7,100 2,577 820 678 257 10,151 4, 292 July 12 5 1 2,535 28 2,569 16, 174 2, 885 7,041 2,552 791 638 257 10, 350 4,447 July 19 5 1 2,515 17 2,537 16,191 2,890 7,022 2,530 764 634 257 10, 412 4,485 i 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. 635. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1939 FEDERAL RESERVE BULLETIN 649 PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1939 1939 1938 July 19 July 12 July 5 June 28 June 21 June 14 June 7 June May June Gold certificates on hand and due from U. S. Treasury 13, 651, 21813, 604, 719 131,, 534, 719 13,505, 719 13!,, 465, 71813, 420, 719 13,391, 719 13!., 514, 71913, 317, 722 10),, 635,928 Redemption fund—F. R. notes 7,722 8,242 8,412 8,313 8,721 9,467 9,273 8,843 8,547 9,388 Other cash.. _ 356,076 353,161 317, 756 367, 357 366, 966 375, 874 349,87' 350, 484 346, 667 395,413 Total reserves.. 14, 015, 01613, 966,12213,860, 887 13,881, 38913, 841, 40513, 806,060 13, 750, 86813,874, 04613, 672, 93611,040,729 Bills discounted: Fcr member banks 2,572 3,241 2,613 3,345 r2, 768 3,137 3,467 2,689 4,058 8,214 For nonmember banks, etc.. 2,025 2,025 2,025 2,025 '2,025 2,025 Total bills discounted.. 4,597 5,266 4,638 5,370 4,793 3,137 3,467 4,714 4,058 8,214 Bills bought: Payable in foreign currencies.. 556 556 556 561 561 556 537 U In . d S u . s t G ri o a v l e a r d n v m a e n n c t e s securities: 12, 557 12, 496 12, 318 12, 440 12, 377 12,469 12, 429 12, 350 12?487 16, 521 Bonds 911, 090 911,090 911,090 911, 090 911,090 £11,090 911,090 911,090 911,090 744,105 Treasury notes 1,176,109 1,176,109 1,176,109 1,176,109 1,176,109 1,176,109 1,176,109 1,176,109 1,176,109 1,165, 105 Treasury bills 427, 938 447, 938 463, 438 463,438 476,816 476, 816 476, 816 463, 438 476, 816 654,805 Total U. S. Government securities 2, 515,137 2, 535,137 2, 550, 637 2, 550, 637 2, 564,015 2, 564,015 2, 564,015 2, 550, 637 2, 564,015 2, 564,015 Other Reserve bank credit 4,196 15, 951 554 2,718 25, 300 -4,191 10,346 -8, 291 6,239 Total Reserve bank credit outstanding 2, 537, 043 2, 569, 406 2, 568, 703 2, 567,194 2, 584, 459 2, 605, 482 2, 576, 281 2, 578,603 2, 572,830 2, 595, 526 LIABILITIES F. R. notes in actual circulation. 4, 508, 962 4, 522, 709 4, 543,177 4,449, 306 4, 429, 306 4,437, 703 4, 476, 310 4,511,116 4, 476, 764 4,148, 537 Deposits: Member bank—reserve account.._ 10, 412, 04710, 349, 946 101,,151,053 10i,, 115, 74410,099,16310,100, 929 10,052, 643 10,018,49310,029,054 8,023, 527 U. S. Treasurer—general account. _ 764, 216 790, 596 820, 208 962,094 941,004 927,989 934, 964 944,078 920, 325 859,901 Foreign bank __._ 279, 038 289, 485 297, 265 351, 095 354, 298 351,029 309, 600 359, 596 284, 806 138,151 Other deposits 355,016 348,115 380, 299 326,133 359, 797 363,444 320,441 379, 007 301,130 225,109 Total deposits. 11,810,317 11,778,14211,648,825 11,755,06611,754,262 11,743,39111,617,648 11,701,17411,535,315 9,246,688 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 85.7 85.6 85.7 85.5 85.3 85.4 85.6 85.4 82.4 r Revised. 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 d n a t 6 h y s s 6 1 m t y o o e n a th r s 2 1 y y t e o e a a r r s 2 5 y y t e e o a a r r s s 5 O y v e e a r rs Bills discounted: June 28 5,370 2,200 258 157 2,200 553 2 July 5 4,638 1,571 238 183 2,185 460 1 July 12 5 266 2,126 150 195 2,271 520 4 July 19 4 597 1,529 108 1,908 611 437 4 Bills bought in open market: June 28 556 89 370 74 23 July 5 556 233 227 31 65 July 12 556 342 121 23 70 July 19 556 384 8 141 Industrial advances: June 28 12 440 1,716 151 990 229 1,602 2,351 2,643 2,758 July 5 12 318 1,713 938 152 547 1,709 1,923 2,622 2,714 July 12 12 496 1 225 913 200 551 1,695 1 943 2,603 3,366 July 19 12, 557 1,387 767 270 572 1,766 1,861 2,571 3, 363 r. S. Government securities: June 28 2, 550, 637 54, 413 76, 055 163, 095 139, 875 132, 676 296, 068 270, 250 587, 860 830, 345 July 5 2, 550, 637 72,137 74, 218 170, 495 127, 675 121, 589 296, 068 270, 250 587, 860 830, 345 July 12 _ 2, 535,137 76, 055 79, 305 161,415 111, 163 122, 676 296, 068 270, 250 587, 860 830, Ml Julv 19 2, 515,137 74, 218 85, 355 145, 765 105, 963 119,313 296, 068 270, 250 587, 860 830, 345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

650 FEDERAL RESERVE BULLETIN AUGUST 1939 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total B to o n s- Y N o e r w k P p d h h e i i l l - a a- C 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 a it n s y - Dallas F c S i r s a a c n n o - A.SSETS Gold certificates on hand and due from U.S. Treasury: June 28 13, 505, 719 748,003 6,413, 539 6719,856 831, 365 344,322 266, 601 2,302,895 348, 599 2,5910,0326,893212, 587 779,159 J J u u l l y y 1 5 2 1 13 3 , , 6 5 0 3 4 4 , , 7 7 1 1 9 9 7 77 9 4 6 , , 4 3 2 1 8 7 6 6 , , 4 6 4 33 1 ,, 3 7 , 5 0 6 28 67 6 1 ^7 , , 18 2 6 6 2 7 8 83 4 3 0 , , 0 7 3 7 0 2 3 3 3 3 8 0 , , 5 6 2 5 4 9 2 8 2 3 8 , 3 6 , 0 1 36"5 , 1 ,2 2 2 ,7 2 6 4 , , 6 3 6 7 0 9 3 6 3 6 6 , 6 6 ",~ 8 ' 2 5 2 2 24 5 5 0 9 , , 8 3 4 3 7 13 " 4 31 0 3,6 , 8; 3 0 4 1 02 2 1 1 8 7 , , 8 3 1 1 1 4 8 7 0 7 1 8 , , 9 9 9 3 5 8 July 19 13,651,218 792,654 6, 556,816678,168 845, 427 336,190279,903 , 178,073 361, 662153,154338, 376218, 908 811, 888 Redemption fund—Federal Reserves notes: June 28 8,313 548 1,169 1,177 740 893 518 308 548 425 218 533 1,236 July 5 8,412 548 1,040 1,100 506 326 1,308 534 418 206 527 1,207 July 12 8,242 520 1,040 1,064 465 326 1,257 534 418 206 513 1,207 July 19 7,722 470 857 622 521 287 1,176 518 190 503 1,184 Other cash: June 28 367, 357 23, 886 100, 066 28, 774 25, 903 22, 769 22, 394 46, 696 19, 728 9, 61920, 755 14, 997 31, 770 July 5 317, 756 19,127 85, 796 26,105 24, 381 19, 634 18, 577 39, 304 17,178 8,335 17, 530 13, 215 28, 574 J J u u l l y y 1 1 9 2 3 35 5 6 3 , , 1 0 6 7 1 6 2 2 1 2 , , 8 6 8 4 3 1 9 9 9 9 , , 0 2 0 3 9 8 2 2 8 8 , , 2 74 8 9 2 2 2 3 5 , , 8 29 0 9 3 2 2 2 1 , , 1 9 7 1 7 6 2 20 1 , , 1 5 6 3 4 5 4 45 2 , , 8 3 8 6 6 9 1 1 7 7 , , 2 6 3 3 8 9 9 9 , , 0 3 0 3 2 41 19 7 , , 8 2 4 4 6 5 1 1 4 6 , , 7 5 0 4 7 4 3 3 2 1 , , 8 8 6 6 4 7 Total reserves: June 28 13, 881, 389 772, 437 6, 514, 774 709, 807858,008 367, 984 289, 513 349, 899 368, 875 261, 944 347, 862268,117 812,165 July 5 13,860,887 793, 992 6,499, 864 699,067858, 8453"5 0,,799 302,2682, 317, 249384, 394 259, 600 354, 532731, 553 808, 719 July 12 13, 966,122 818, 589 6, 563, 805 700, 613886644,, 552255 336611,, 905 305,091 268, 752 384,6 9679 72 6286,8 ,7 5715 1359, 791233, 534 836, 069 July 19 14,015,016 816,007 6, 656, 911 707, 903871, 348357, 888 300, 725,224,618 3r79, 417 262, 896 356, 412 235,955844, 936 Bills discounted: Secured by U. S. Government obligations, direct or fully guaranteed: June 28 1,575 190 747 145 33 269 24 67 80 July 5 940 104 342 125 33 195 24 67 30 July 12 1, 704 281 130 23 194 24 67 40 July 19 90 231 145 23 301 34 67 60 Other bills discounted: June 28 3,795 31 1,051 221 240 347 273 181 363 340 592 July 5 3,698 37 1,061 221 240 347 101 272 178 333 282 563 July 12 3,773 31 1,003 221 240 346 101 276 176 315 335 668 July 19 956 196 240 336 106 274 129 285 342 646 Total bills discounted: June 28 5,370 221 1,798 366 273 616 113 273 181 387 407 672 July 5 4,638 141 1,403 346 273 542 121 272 178 63 357 349 593 July 12 5,266 735 1,284 351 263 540 121 276 176 71 339 402 708 July 19 4,597 118 1,187 341 263 637 126 291 129 71 319 409 706 Bills bought in open market: June 28 556 42 213 57 52 24 20 71 2 2 16 16 41 July 5 556 42 216 56 52 24 20 70 2 2 16 16 40 July 12 556 42 216 52 24 20 70 2 2 16 16 40 July 19 556 42 216 52 24 20 70 2 2 16 16 40 Industrial advances: June 28 12, 440 1,694 2,835 2,508 367 1,158 776 455 4 905 211 583 944 July 5 12, 318 1,617 2,833 2,483 370 1,154 774 454 4 903 207 575 944 July 12 12, 496 1,616 2,804 2,694 361 1,153 769 474 4 902 207 569 943 July 19 12, 557 1,663 2,798 2,732 359 1,147 766 474 4 207 565 943 U. S. Government securities: Bonds: June 28 911,090 68,008 256,076 73, 481 90,029 47, 76641, 426 102,080 44, 21427, 70447, 05036, 396 76, 860 July 5 911,090 66, 826 269, 030 77, 376 91, 288 50, 40438, 373 98, 336 41, 51325, 626 44, 55734, 465 73, 296 July 12 911,090 66, 846 268, 574 77, 351 91, 282 50, 50438, 422 98, 37541, 60225, 66244, 653 34, 510 73, 309 July 19 911,090 66, 873 267, 978 77, 318 91, 275 50, 63338, 485 98,424 41, 719 25, 71144, 78034, 569 73, 325 Treasury notes: June 28 1,176,109 87, 789 330, 565 94, 855 116, 21861, 661 53, 476 131, 77557,076 35, 761 60, 73746, 981 99, 215 July 5 1,176,109 347, 285 99, 883 117,843 65,065 49, 536 126, 94253, 58833, 08257, 51744,489 94, 616 July 12 1,176,109 86, 290 346,697 99,851 117, 835 65,193 49, 598 126, 99053, 70333,129 57, 64344,548 94,632 July 19 1,176,109 86, 325 345, 926 99,809 117, 824 65, 36149,680 127,054 53,855 33,188 57, 807 94,654 Treasury bills: June 28 . 463, 438 34, 593 130, 257 37, 377 45, 794 24, 29721,072 51, 92422, 49014,092 23, 93318, 513 39,096 July 5 463, 438 33, 992 136, 84639, 358 46, 435 19, 519 50, 02021,116 13,035 22, 664 17, 531 37, 283 July 12 447, 938 32,865 132,045 38, 029 44, 879 24, 830 18, 890 48, 36620, 45412, 61721, 95416, 967 36, 042 July 19 427,938 31,410 125, 869 36, 316 42, 872 23, 78218,076 46, 230 19, 595 12,077 21,033 16, 237 34, 441 Total U. S. Government securities: June 28 2, 550, 6371 190, 390 716, 898 205, 713 252,041 133,724 115,974 285, 779 123, 78077, 557131, 720101,890 215,171 July 5 2, 550, 637 187,081 753,161216, 617 255, 566 141,108 107, 428275, 298116,217 71, 743124, 73896, 485 205,195 July 12 2, 535,137 186,001 747, 316 21"52,31 253, 996 140, 527 106, 910273, 731115, 75971,408124, 25096,025 203, 983 July 19 2, 515,137 184, 608 739, 773 213, 443 251, 971139, 776 106, 241 271, 7"0"8 115,169 70, 976123, 62095, 432 202, 420 Total bills and securities: June 28 2, 569,003 192,347 721, 744 208,644 252,733135, 522 116,883 286,578123,967 78, 527132,334102,896 216,828 July 5 2, 568,149 188,881 757,613 219, 502 256, 261142, 828 108,343 276,094 116,401 72, 711125,318 97,425 206, 772 July 12 2, 553,455 188,394 751, 620 218,332 254, 672142,244 107, 820 274, 551115, 94172,383 124,812 97,012 205, 674 July 19 2, 532,847 186,431 743,974 216, 572 252, 645141, 584107,153 272, 543115, 30471,948 124,162 96,422 204,109 Due from foreign banks: June 28 167 12 1 20 2 5 11 July 5 167 12 15 21 2 12 July 12 167 12 15 21 5 12 July 19 16: 12 15 21 12 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

651 AUGUST 1939 FEDERAL RESERVE BULLETIN STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total B to os 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 - la A n t t - a Chicago Lo S u t. is n M o e i l a n i 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—Continued Federal Reserve notes of other banks: June 28 18,886 4,677 919 1,195 1,602 1,860 2,305 1,171 1,102 1,371 487 1,943 July 5 20, 218 3, """ 1,200 1,668 1,733 1,823 3,156 1,705 1,467 1,669 634 1,886 July 12 22, 563 457 4,348 1,357 1,707 1,649 1,757 3,399 1,423 1,529 1,368 591 2,978 July 19 23, 951 394 5,176 1,206 1,199 1,770 1,736 3,125 1,924 1,660 1, 525 573 3,663 Uncollected items: June 28 583, 822 60,563 144, 245 40,097 73,115 48,169 18, 537 84, 538 24,176 15, 581 27, 564 20, 083 27,154 July 5 590, 799 54,856 156, 21341, 473 66, 496 54, 374 21, 780 77, 244 25, 947 15,915 29,199 22, 306 24, 996 July 12 707,815 70,064 184, 528 51,371 81, 633 57,060 22, 929 99, r~~ 29,185 20,512 34, 253 24, 724 31, 648 July 19 707,470 69,845 188, 600 52,405 80,143 57, 551 21, 254 96, 599 31, 246 17,887 35,120 26,893 29, 927 Bank premises: June 28 42,405 2,917 8,959 4,636 5,943 2,583 2,055 3,918 2,269 1,512 3,183 1,239 3,191 July 5 42, 356 2,917 8,942 4,636 5,943 2,583 2,055 3,908 2,268 1,510 3,170 1,233 3,191 July 12 42,356 2,917 8,942 4,636 5,943 2,583 2,055 3,908 2,268 1,510 3,170 1,233 3,191 July 19 42,345 2,917 8,942 4,625 5,943 2,583 2,055 3,908 2,268 1,510 3,170 1, 233 3,191 Other assets: June 28 46,718 2,925 13,615 4,219 5,105 2,994 2,067 4, I,1 1,439 2,136 1,749 3, 939 July 5 47,377 2,945 14, 302 4,224 5,300 3,129 1,984 4, 1,886 1,392 2,118 1,730 3,881 July 12 48, 235 2,998 14, 655 4,313 5, 33." 3,202 2,032 4,553 1,914 1,392 2,144 1, 7'" 3,949 July 19 48,639 3,042 14, 588 4,302 5,406 3,193 2,090 4,677 1,958 1,415 2,189 1,786 3, 993 Total assets: June 28 17,142, 390 , 031,455,408, 968,338 , 196,114558, 861430, 9212,731,851522, 397360,107 >14, 459354, 5761,065, 231 July 5 17,129,953 , 043, 791,440,086970,119 ,194, 528555,453 43~8i,,:259" 682,158532, 603352, 597)16,016354,8861,049, 457 July 12 17,340, 713 , 083, 431, 527, 961"" "i, 639,213, 830568, 650 441, 6902, 655,092535,430366,079 >25, 543358,8471,083, 521 July 19 17, 370, 435 ,078, 648 , 618, 254987,030 , 216,699 564, 576 435, 019 605,491532,119357, 318i22, 583 362, 8671, 089, 831 LIABILITIES Federal Reserve notes in actual circulation: June 28 4,449,306 382, 8831,105, 203314, 561 414,890191, 701146, 281 984, 576 78, 703132, 393 75, 739 353,783 July 5 4, 543,177 388, 9951,141,992318,440 418, 830194, 979149, 387 999, 789 79,939134, 510 72,079 77, 717 366,520 July 12 4, 522, 709 386,9151,130, 418317, 980 421,894197,109 152, 620 996, 352 79,194132, 561 71, 268 76, 628 359, 770 July 19 4, 508,962 385,4741,127, 718317,068 419,081195, 530151, 256 997, 570 79, 228132,050 71, 704 76, 412 355, 871 Deposits: Member bank—reserve account: J J u u n ly e 5 28 . 1 10 0 , , 1 1 5 1 1 5 , , 0 74 5 4 3 4 51 8 2 6 , , 6 7 0 3 5 45 5 , , 4 4 8 3 8 3 , , 6 2 2 4 8 9 4 5 8 0 8 1 , , 2 0 5 7 8 2 5 5 6 5 5 8 , , 7 7 7 5 9 2 2 2 3 3 1 3 , ,5 5 1 7 8 1 1 19 8 1 4 , , 1 2 0 50 1 1 1 , .3.58., 7 . 4 .3 4 6. 9 2 . 4 .2 8 5 , 6 ,- 6 5 9 6 6_1 1 03 3 6 3 , , 8 6 1 2 4 62 23 3 9 8 , , 4 3 6 0 f 61 1 7 8 9 4 , , 8 5 6 7 3 3 5 5 5 6 3 0 , , 9 91 8 9 8 July 12 10, 349, 946 531, 5495, 591, 342501, 772 571,006244, 675185, •1"2"7 1, 316, 684253, 872138,983251, 321189,184 574, 431 July 19 10,412,04' 533,3605, 651, 544 .,419 581,493248, 833183, 2621, 302,847253, 572135, ' ., 291688,487 583, 820 U. S. Treasurer—general account: June 28 962,094 45,894 252, 366 51,479 73,414 55, 396 49,100 194, 520 34, 782 51, 49, 646 52,124 51,438 July 5 820, 208 39, 202 137,139 38, 877 70, 67" 47,089 47,303 206,430 52, 200 48, 584 45, 384 46,458 40, 865 July 12 790, 596 44, 524 161, 497 36,472 69, 727 42,411 51, 760 151,057 47, 921 53, 74^ 40,966 45, 289 45, 225 July 19 764, 21 39, 828 180, 211 39,513 69, 460 35,088 50, 066 117, 971 42, 454 48, 999 45, 932 47, 323 47, 371 Foreign bank: June 28 351, 25, 287 125, 206 34,069 32, 664 15,103 12, 293 42, 499 10,186 8,078 10,186 10,186 25, 338 July 5 297, 261 21, 396 106,121 28, 828 27, 639 12, 779 10, 402 35, 961 8,619 6,836 8,619 8,619 21, 446 July 12 289, 485 20,839 103, 320 28,077 26, 920 12, 44" 10,131 35,024 8,394 6,658 8,394 8,394 20, 887 July 19 279,038 20,088 99, 584 27,065 25, 949 11,998 9,766 33, 761 8,091 6,417 8,092 20,135 Other deposits: June 28 326,133 5,219 233, 335 5,081 10,713 1,539 9,010 19,936 4,864 5,692 8,565 2,527 19, 652 July 5 380, 29c 4,952 289, 385 10, 744 11, 570 1,784 7,287 14, 510 6,354 5,239 8,80r 2,317 17, 350 July 12 348,11 5,654 255, 845 12,185 11, 561 6,568 10, 207 5,248 4,938 8,50' 1,664 23,931 July 19 355,016 5,356 263, 904 9,567 11,825 l'6O4 7,127 8,641 5,481 6,920 8,644 1,362 24, 585 Total deposits: June 28 11, 755,061 563,005 6i,, 044,156578, 887 675, 543305, 556254, 6531, 615, 324306, 792202, 331306, 703244, 700 657, 416 July 5 11, 648,82, 578," >, 021, 273579, 521 675, 665293, 223256, 0931, 556, 645315, 829 194:!,473 302, 272241, 967 633, 580 July 12 11, 778,14: 602, 566 i, 112,004578, 506 679, 21-301, 340253, 5861, 512, 972315, 435204, 326309,188244, 531 664, 474 July 19 11,810,31' 598, 632 1,195, 243584, 564 688, 727 297, 523 250, 221 1, 463, 220309, 598197,450303, 964245, 264 675, 911 Deferred availability items: June 28 585, 79! 61,157 136,847 41, 796 72, 571 46, 642 17,131 86, 669 26, 221 16,098 28, 811 22, 918 28, 937 July 5 590,41. 52, 391 156, 74' 39, 686 67, 342 52, 448 20,067 80, 916 26, 287 14, 422 31,449 24,115 24, 542 July 12 692,03: 69, 779 165, 659 51, 596 79, 977 55, 391 22, 753 100, 829 30,229 19, 988 34,837 26, 583 34, 410 July 19 703, 44 70,378 175, 404 52, 926 76,096 56, 675 20, 815 99, 782 32, 743 18, 629 36, 692 30,096 33, 205 Other liabilities including accrued dividends: June 28 528 2,677 843 54i 156 225 565 152 163 308 169 334 July 5 2,18 25C 24 164 12 94 168 37 84 194 51 24 July 12 2,14! 29: 297 180 15 98 185 41 88 192 55 38 July 19 2,17 28C 65' 271 2C 103 199 45 197 59 50 Total liabilities: June 28 16, 796, 836 1,007, 573 7, 288, 88; 936, 1,163, 55C544,055 418, 29C2, 687,134511, 868350, 985504,415343, 5261,040, 470 July 5 16, 784, 59£ 1,019, 92C 7, 320,87' 937,8881,162,00:540, 662425, 64: 2, 637, 51522,092343,489505,994 3431i,8501,024, 666 July 12 16, 995,03( 1,059, 55: 7, 408, 74' 948, 37S1,181, 265553, 85, 429,05' 2, 610, 338524,899 356', 963515,485347, 7971,058, 692 July 19 17,024, 89: 1,054, 764 7. 022 954, 834 1,184, 099549, 748422, 39, 2, 560, 77521, 614348, 22C512, 55'351, 8311,065,037 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

652 FEDERAL RESERVE BULLETIN AUGUST 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 a it n s y - Dallas F c S i r s a a c n n o - CAPITAL ACCOUNTS Capital paid in: June 28 135,037 9,402 50, 866 12, 057 13, 659 5,075 4,527 13, 699 3,! 2,913 4,262 4,026 10, 565 July 5 135,053 9,403 50,852 12, 058 13, 663 5,079 4,529 13,709 3,987 2,913 4,265 4,030 10, 565 July 12 135,137 9,406 50, 854 12,051 13, r 5,062 4,534 13, 766 3,989 2,914 4,281 4,032 10, 579 July 19 135, 282 9,407 50, 865 12, 051 13, 732 5,113 4,535 13, 771 3,992 2,914 4,282 4,035 10, 585 Surplus (section 7): June 28 149,152 10,083 52, 463 13, 696 14, 323 4,983 5,630 22, 666 3,153 3, 613 9, 965 July 5 149,152 10, 083 52, 463 13, 696 14, 323 4,983 5,630 22, 666 4,685 3,153 3,613 3,892 9,965 July 12 149,152 10, 083 52, 463 13, 696 14, 323 4,! 5,630 22, 666 4,685 3,153 3,613 3,892 9,965 July 19 149,152 10, 083 52, 463 13, 696 14, 323 4 5,630 22, f •' 4,685 3,153 3,613 3,892 9,965 Surplus (section 13b): June 28 27, 264 2,874 7,457 4,416 1,007 3,293 713 1,429 545 1,001 1,142 1,266 2,121 July 5 27, 264 2,874 7,457 4,416 1,007 3,293 713 1,429 545 1,001: 1,142 1,266 2,121 J J u u l l y y 1 1 9 2 2 2 7 7 , , 2 2 6 6 4 3 2 2 , , 8 8 7 7 4 4 7 7 , , 4 4 5 5 7 7 4 4 , , 4 4 1 1 6 6 1 1 , , 0 0 0 0 7 7 3 3 , , 2 2 9 9 3 2 7 7 1 1 3 3 1 1 , , 4 4 2 2 9 9 5 5 4 4 5 5 1 1 , , 0 0 0 0 1 1 1 1 , , 1 1 4 4 2 2 1 1 , , 2 2 6 6 6 6 2 2 , , 1 1 2 2 1 1 Other capital accounts: June 28 34,101 1,523 8,411 2,082 3, 575 1,455 1,761 6,923 1,313 2,055 1,027 1, 866 2,110 July 5 33,889 1,511 8,440 2,061 3,534 1,436 1,746 1,294 2,041 1,002 1,848 2,140 July 12 34,130 1,517 2,097 3,566 1,457 1,756 6,893 1,312 2, 048| 1,022 1,860 2,164 July 19 . 33, 846 1,520 8,447 2,033 3,538 1,440 1,746 6,854 1,283 2,030 989 1, 843 2,123 Total liabilities and capital accounts: June 28 142, 390 1,031, 455 7, 968,, 3 381,196,114 558, 861 430,921 731, 851522, 397360,107514, 459 3c54, 5761, 065, 231 July 5 129,953 1,043, 7917, 440,086 997700,11199 1,194, 528 555, 453 438, 2592, 682,158 55332,2 ,603352, 597 516, 0163 5c4, 8861,049,457 July 12 340, 713 1, 083, 4317, 527,9 6916 1998800, 663399 1, 213, 830 568, 650 441, 6920, 6,55,092 535, 430 3660,79 525, 543 3581,,18471, 083, 521 July 19 370, 435 1,078, 648 '7,, 618, 259487, 003300 11, 216, 699 564, 576 435,019! 2,, 605, 495132,119 357, 318 522, 583 362,8671,089,831 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

653 AUGUST 1939 FEDERAL RESERVE BULLETIN INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO JULY 19, 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 mo ed 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 m s a e t l r i i o a t f t n A t e e A e d b r s v m y , c i s n o o I o e u n n r t n - - y t N F u e m d b er e b a r a l n R k A s e m se o rv u e nt Numbe T r ota A l mount a s R F t d a b e e v o n a d s a u d n e e n t i r r k - n c v a e g l e s * , s c R F t o m a b e e o m n a d s e u d e n e n m t r i k r - t v n a i s t e g l - A b p p u l c p e t o t r m e o n d v o - e 2 t d d o e R r x a r a c e e p p w a p w t p i n c 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 i u a n o n t r t d u i i t a i o n i i o t n n c - n s n c i g t s - i - - * 1934—Dec. 26— 4,386 146, 972 2, 955 49, 634 13, 589 8, 225 20, 966 5,558 1,296 193,5—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 2,660 175, 651 16,811 13, 004 1,293 132,009 12, 534 Feb. 214_ 9,221 389, 554 2,671 175, 902 16, 474 12, 907 1,105 133,001 12, 415 Mar. 29.. 9,249 392, 230 2,683 177, 895 15, 798 12, 647 1,975 135,004 12, 471 Apr. 26... 9,270 394,055 495 2,697 178, 639 15, 817 11, 749 2,134 136, 696 12, 243 May 31... 9,296 394, 970 400 2,713 179, 332 15, 305 11, 530 2,496 137, 922 12,079 June 28 _. 9,308 395, 499 255 2,721 179, 778 15, 255 11,175 2,067 139, 281 12,000 July 19 »_. 9,326 399, 756 845 2,728 183, 250 15, 364 11, 292 928 142, 814 12, 852 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 $1,524,708 on July 19, 1939. * Tuesday. 5 July 26 not yet available. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total B to o n s- Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- R m i o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Federal Reserve notes: Issued to F. R. bank by F. R. agent: June 28 . 4, 742, 375403, 305 1,192, 321 332, 988 434, 858 204,021657, 6601,019,118191,130137, 240 179, 67782, 990 407, 062 July 5... 4, 805,166408, 277 1, 222, 449 336, 270 436, 224 205, 515595, 9801,031, 398191, 239 138, 687181,160 84, 521 409, 406 July 12 4, 835,140407, 692 1, 235, 935 337,120 440, 834 209, 716952,149 1, 027, 770191, 751138, 576 182,10284, 638 413, 781 July 19 4, 819, 794405,014 1, 235, 222 334,"903 442, 274 207, 713673, 549 1,027, 866191, 388137, 651181, 082 84, 205 408, 903 Held by Federal Reserve bank: June 28 293,069 20,422 87,118 18, 427 19, 968 12, 325 11, 379 34, 542 12, 427 4,847 11,084 7,251 53, 279 July 5 . 261, 989 19, 282 80, 457 17, 830 17, 394 10, 576 10, 31, 609 11, 300 4,177 9,081 6,804 42, 886 July 12 312, 431 20, 777 105, 517 19,140 18, 940 12, 683 12, 529 31,418 12, 557 6,015 10, 834 8,010 54, 011 July 19 310, 832 19, 540 107, 504 17,835 23,193 12, 207 12, 293 30, 296 12,160 5,601 9,378 7,793 53,032 In actual circulation: l June 28 4, 449, 306 1,105, 203 314, 561414, 890191, 701146, 281 984, 576178, 703132, 393168, 593 75, '39 353, 783 July 5 . 4, 543,177388, 9951,141, 992 318, 440 418, 831094, 979149, 387 999, 789179, 939134, 510172, 079 77, 717366, 520 July 12 4, 522, 709386, 9151,130, 418 317,9 8'0 421, 894 197,109 152, 620996, 352179,194132, 561171, 2f~ 76,628 359, 770 July 19 4, 508, 962385,4741,127, 718 3170,68 419, 081 195, 530 151, 256997, 570 '17 ~9\, 228132,050171, 704 76,412 355. 871 Collateral held by bank as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: June 28 4, 867, 500420, 0001, 210, 000 345, 000 437, 500 210,000169,0001,035, 000 196, 000143, 500 182,000 85, 500 434, 000 July5 4, 898, 500420,000 :1, 240, 000 345, 000 437, 500 210,001069, 0001,035, 000 196, 000143, 500182,000 86, 500 434, 000 July 12 4, 940,000420, 000 I,)2 6256,5, 000 345; 000 443, 000 210) 001069,0001,045, 000196,000143, 500 182,000 87, 500 4341,4 ,(000 July 19 4,942,000 420,000 1, 265,000 345,000 445,000 210,000169,0001,045,000 196,000143, 500182,000 87, 500 4344, ,0(00 Eligible paper: June 28 3,173 201 914 145 520 40 16 328 348 525 July 5 2,430 121 514 125 445 40 16 299 291 447 July 12 3,039 715 378 130 443 39 25 280 343 562 July 19 2,449 281 145 550 25 261 350 561 Total collateral: June 28 4, 870, 673420, 2011, 210, 914 345,145 437, 583210, 520 169,0401,035, 028196, 025143, 516 182, 32885, 848 434, 525 July 5 4, 900, 930420,1211, 240, 514 345,125 437, 583 210, 445 169, 0410,035, 027 196, 022 1413,,516182, 29986, 791 434, 447 July 12. 4, 943,039420, 7151, 265, 378 345,130 443.073 210, 443169, 0391, 045, 031196, 020143, 525182, 28087, 843 434, 562 July 19.... 4, 944,449420,0981, 265, 281345,145 445, 073 210, 550 i, 0391, 045, 046 19\6 ,020143, 525182, 261 87, 850 434, 561 i Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

654 FEDERAL RESERVE BULLETIN AUGUST 1939 RESERVE POSITION OF MEMBER BANKS, MEMBER BANK RESERVE BALANCES JUNE, 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 - it e s Feder b a a l n R ks eserve b m a b A 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 e R a i r e t v n y - e ks b C a t o r n u y k n s - J posits posits i Re- Ex- York cago quired Held cess Total reserves held: All member banks. _33, 495 27, 425 11,668 5,840 10, 085 4,246 1938—May 7,587 3,204 794 2,311 1,278 June 7,878 3,341 899 2,359 1,280 Central reserve city banks: July 8,167 3,545 925 2,396 1,302 New York 12,197 11,517 703 2,655 5,049 2,394 August 8,119 3,523 875 2,402 1,319 Chicago 2,558 2, 232 480 532 893 362 September 8,196 3,669 861 2,352 1,314 October 8,546 3,939 2,409 1,317 Reserve city banks: November 8,727 4,075 2,426 1,338 Boston district 1,102 100 178 325 147 December 8,745 4,139 2,387 1,322 New York district 195 152 147 34 47 13 1939—January 9,029 4,409 780 2,474 1,366 Philadelphia district- 1,208 997 246 187 339 152 February 8,925 4,482 673 2,405 1,364 Cleveland district 1,581 1,239 737 254 420 166 March 9,021 4,472 2,475 1,393 Richmond district 710 554 210 107 155 47 April 9,624 4,889 794 2,544 1.397 A Ch tl i a c n ag ta o d d i i s s t t r r i i c c t t 1, 7 2 0 4 4 9 4 88 9 1 4 5 1 6 7 6 4 1 9 8 5 2 2 1 7 1 1 6 8 2 9 1 J M u a n y e 1 9 0 , , 9 0 9 8 7 5 5 5 , , 0 0 9 4 4 9 878 2 2, , 6 7 3 2 0 8 1 1 , , 3 4 9 1 5 5 St. Louis district 786 605 174 115 180 65 Week ending (Friday) Minneapolis district __ 376 258 88 50 81 31 1939—June 2 10,068 5,132 897 2,628 1,411 Kansas City districts.. 969 623 158 117 171 54 June 9 10,063 5,045 2,700 1,428 Dallas district 691 428 129 81 114 32 June 16 10,125 5,053 2,758 1,425 2,070 1,641 1,956 385 510 125 June 23 10, 094 5,056 885 2,745 1,408 San Francisco district- June 30. 10,068 5,025 912 2,736 1,395 11, 641 8,858 4,685 1,784 2,728 944 July 7 10,118 5,049 874 2,751 1,445 Total July 14 10, 304 5,161 857 2,818 1,468 Excess reserves: Country banks: 821 556 101 156 55 1938—May 2,525 1,065 321 451 Boston district 1,290 952 1,391 184 319 135 June 2,762 1,153 404 747 459 New York district 619 423 875 95 154 59 July 3,026 1,352 424 767 483 Philadelphia district.. 581 401 662 81 130 48 August 2,955 1,320 379 762 495 Cleveland district 503 318 345 55 91 36 September..• 2,920 1,382 361 698 479 Richmond district 490 304 223 48 72 24 October 3,143 1,589 375 712 467 Atlanta district 859 576 709 105 184 80 November 3,276 1,712 374 710 480 Chicago district 355 229 241 40 61 22 December 3,226 1,734 376 658 457 St. Louis district 306 196 270 37 59 22 1939—January 3,484 1,996 260 734 495 Minneapolis district.. 448 278 156 41 66 25 February 3,373 2,047 164 669 494 Kansas City district __ 503 325 103 44 72 27 March 3,432 1,986 179 741 526 Dallas district 324 206 269 38 52 13 April 3,926 2,302 299 794 531 San Francisco district. May 4,212 2,465 360 858 529 Total 7,0 4,817 5,801 1,415 4,246 2,394 362 944 546 Week ending" "("Friday)" 1939—June 2 4,250 2,473 373 544 1 Gross demand deposits minus demand balances with domestic banks June 9 4,244 2,401 367 918 557 (except private banks and American branches of foreign banks) and June 16 4,276 2,397 357 967 559 cash items in process of collection. June 23 4,248 2,393 351 960 543 NOTE.—See table at foot of p. 665 for percentages of deposits required June 30 4,214 2,365 372 948 530 to be held as reserves. July 7 P4, 264 2,392 335 958 July 14 P4, 401 2,477 314 1,007 P Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. 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 June May June May June May June May June May June May Boston 1,923 1,917 656 657 1,799 1,795 528 529 124 122 128 128 New York 13, 683 13, 503 2,241 2,243 i 1, 203 i 1,166 i 1, 042 i 1, 053 282 278 496 485 Philadelphia 1,827 1,788 1,122 1,123 1,610 1,573 668 670 217 215 453 453 Cleveland 2,163 2,122 1,400 1,404 1,941 1,901 1,104 1,109 221 221 296 295 Richmond 1,213 1,207 555 557 1,033 1,025 362 364 180 182 193 193 Atlanta 1,194 1,194 396 398 1,036 1,032 310 311 157 163 87 87 Chicago 4,665 4,570 1,754 1,740 i 1, 787 i 1, 761 i 986 i 978 321 320 289 286 St. Louis 1,141 1,135 416 415 932 928 299 298 209 207 117 117 Minneapolis. 682 644 358 358 505 472 175 174 178 171 184 183 Kansas City 1,417 1,402 314 313 1,088 1,076 200 199 329 325 114 114 Dallas 1,194 1,183 233 231 916 906 187 183 278 277 46 49 San Francisco _ 2,394 2,381 2,225 2,227 2,281 2,269 2,127 2,131 113 112 97 96 Total _. 33, 495 33,047 11, 669 11, 666 116,134 115, 904 i 7, 988 1 7, 997 2,607 2,594 2,498 2,487 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. 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AUGUST 1939 FEDERAL RESERVE BULLETIN 655 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 1 r t a y 8 e 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 i o n r 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 n t a e - a k s l 1938—June 6,461 1,230 342 146 262 4,114 217 July 6,452 1,247 341 145 258 4,098 214 August 6,504 1,263 344 146 262 4,129 211 September 6,622 1,292 348 147 264 4,215 208 October 6,700 "., 297 351 148 269 4,282 206 November. 6,787 ,312 356 151 269 4,349 203 December. 6,856 ,339 357 151 257 4,405 201 1939—January... 6,653 348 149 244 4,301 198 February. 6,731 ,327 350 150 246 4,320 195 March 6,817 '., 378 352 151 251 4,350 193 April 6,905 ,385 354 152 255 4,426 191 May 6,967 1,417 358 154 259 4,449 189 June 7,047 1,454 361 155 4,484 186 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 (Doin and small denomination currency2 Large denomination currency 2 Un- End of month i t cn i u o cl n air 1 -- Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 a e s d s o a rt- 1938—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 ,622 389 727 152 308 17 29 September. 6,622 4,970 536 501 32 912 1,556 1,434 ,656 396 744 156 317 17 25 October 6,700 5,021 540 505 32 923 1,572 1,450 L, 683 400 754 157 321 18 33 November. 6,787 5,096 548 511 33 936 1,599 1,469 L, 696 404 761 158 323 17 32 December. 6,856 5,147 550 524 34 946 1,611 1,481 L, 714 409 770 160 327 17 32 1939—January 6,653 4,953 538 492 32 904 1,546 1,440 L, 705 403 768 160 329 17 28 February __ 6,731 5,011 541 498 33 919 1,574 1,446 L, 721 406 774 161 335 17 28 March 6,817 5,049 544 503 33 928 1,594 1,448 L, 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 June 7,047 5,164 558 514 33 947 1,638 1,473 1,887 428 848 176 388 17 29 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 i md in circulation. In millions of dollars] [By selected banks and financial institutions irL New York City. In millions of dollars] End of month Total d S s l b o i a i i o l l l u n v v n l d l a e e - r r i r s s S i c i s a l u o i v r d i b y e n - - r M c i o n i o n r U S n n t o a i t t t e e e s d s s b n F e R e o a e r r e n t a d v e - l k - e s 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 p s p - t e o R E e f u r c r o 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 1936 34.8 26 2 8 6 1938— J J u u l n y e 2 2 , , 7 7 1 2 3 1 1 1 , , 5 5 8 9 4 6 3 3 7 7 4 4 1 1 5 5 7 7 3 3 4 4 7 7 3 3 1 0 2 21 2 7 1 1 1 9 9 3 3 7 8 2 3 1 3 . . 5 1 4 3 7 4 . . 6 4 2 1 6 . .1 3 August 2,731 1,608 375 157 347 30 214 1938—June .4 3.5 3.1 September. 2,739 1,618 376 158 347 29 212 July . 1 3.8 3.7 N D Oc e o t c v o e e b m m er b b e e r r . . _ 2 2 2 , , , 7 7 7 9 7 5 8 3 1 1 1 1 , , , 6 6 6 3 5 8 4 7 5 3 3 3 7 7 7 6 6 6 1 1 1 5 5 5 8 9 8 3 3 3 4 4 4 7 7 7 2 2 2 9 9 8 2 2 2 0 0 0 6 8 3 A S O e u c p t g o t u e b s m e t r ber 1 1 1 0 4 . . . 6 7 1 2 1 . . . 6 3 0 1 10 3 . . 0 7 1.2 1939— F J e a b n r u u a a ry ry... 2 2 , , 8 8 1 2 6 4 1 1 , , 7 7 0 1 5 7 3 3 7 7 6 6 1 1 5 6 9 0 3 3 4 4 7 7 2 2 7 8 2 1 0 9 1 8 N De o c v e e m m b b e e r r 3 . . 7 4 2 1 . . 2 0 2.4 1.5 March 2,839 1,733 377 160 347 27 196 1939—January 6.7 2.0 4.7 April 2,849 1,746 376 160 347 27 193 February 3.0 1.0 2.0 May 2,862 1,759 377 161 347 26 191 March 27.3 .9 26.4 June 2,881 1,778 380 161 347 26 189 April „ 46.1 .3 45.8 May 3.8 .7 3.1 1 Includes silver held against silver certificates amounting to $1,703,- June 2.9 1.1 1.8 000,000 on June 30, 1939 and $1,508,000,000 on June 30, 1938. Back figures—See Annual Report for 1937 (table 38). Ditin.—See BULLETIN for January 1932, pp. 7-8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

656 FEDERAL RESERVE BULLETIN AUGUST- 1939 ANALYSIS OF CHANGES IN GOLD STOCK OF MOVEMENT OF GOLD TO AND FROM UNITED STATES UNITED STATES 1 [In millions of dollars] [In thousands of dollars] Net Gold stock at In- gain or Do- 1939 end of year crease loss (—) mesor month in Net through tic Year or month total gold ear- gold June May Jan.-June gold import marking pro- From or to— Total Inactive stock trans- ducaccount actions 2 tion Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports 1934 i 4, 202. 5 1., 133. 9 82.6 96.0 1935. 10,125 1, 887. 2 1", 739.0 .2 110.7 Belgium 41, 651 165,121 1936. 11, 258 26.5 1,132. 5 1, 116. 6 -85.9 131.6 France 2 3 3,681 1937. 12, 760 1, 227. 1, 502. 51, 585. 5 -200.4 143.9 Germany 2 9 1938. 14, 512 1, 751. 51, 973. 6 -333. 5 •148. 6 Netherlands 55,081 40, 449 230,126 Spain 379 1937—March 11, 574 342.5 137.9 154.3 -.4 10.8 Sweden __ 3,850 April 11,799 568.0 225.6 215.8 7.2 9.2 Switzerland 5,644 2,284 71,835 68 May 11,990 759.1 191.1 155.4 26.2 12.4 United Kingdom.__ 128,196 302, 667 1, 283,309 52 June 12, 318 1, 086. 8 327.8 262.0 -15.9 11.2 Canada 17, 210 19 12, 098 58, 944 108 July... 12, 446 1, 214.1 127.3 175.4 -35.5 12.7 Mexico 3,280 2,053 15,845 206 August 12, 567 1, 335. 7 121.6 104.8 -5.3 16.9 Central America. _. 502 476 2,997 September 12, 741 1, 210. 0 174.3 145.5 9.3 12.2 Argentina 4,504 October 12, 803 1, 271. 9 62.0 90.5 -8.0 14.9 Chile 781 4,482 November 12, 774 1, 242. 5 -29.3 22.1 -20.1 13.8 Colombia 2,107 2,117 12, 660 December 12, 760 1, 227. 9 -14.0 18.0 -101.6 11.9 Ecuador 174 165 1,382 Peru 380 297 2,020 1938—January 12, 756 1, 223. 2 -4.6 2.1 -1.1 '11.0 Venezuela 394 482 2,149 February 12, 776 1, 200. 6 20.7 8.0 -18.2 '10.0 Australia 5,677 5,295 30, 657 March 12, 795 1,183. 0 18.5 52.9 -.6 '10.7 British India 2,244 3,390 14,440 April 12, 869 74.3 71.1 -1.2 '10.6 China and Hong May 12, 919 49.8 52.8 -53.9 '11.5 Kong 560 1,315 8,172 June__ 12, 963 44.2 55.3 -15.5 '9.6 Japan 14, 093 10, 931 85, 227 July 13,017 54.5 63.8 -20.9 '14.2 Philippine Islands. 3,843 2,594 17, 416 August 13,136 118.3 166.0 -28.8 '14.7 All other countries2. 280 475 1,872 September 13, 760 623.8 520.9 -13.3 '•14.1 October 14, 065 305.0 562.4 -110.2 '13.5 Total 240, 450 19 429, 440 36 2, 021,077 435 November 14, 312 247.5 177.8 -7.4 '15.5 December 14, 512 199.6 240.5 -62.4 '13.3 1 Figures represent customs valuations which, with some exceptions 1939— F J e a b n r u u a a ry ry 1 1 4 4 , , 6 8 8 7 2 4 1 1 7 9 0 2 . . 0 7 2 1 2 5 3 6 . . 3 3 -4 1 8 4 . . 6 1 1 10 2 . . 4 2 are 2 I a n t c r l a u t d e e o s f a $ l 3 l 5 m a o v fi e n m e e o n u t n s c o e. f unreported origin or destination. March 15, 258 383.8 365.4 10.7 11.0 Back figures.—See table, p. 687, and Annual Report for 1937 (tables April 15, 791 532.3 605.8 -114.8 13.1 31 and 32). May 15, 957 166.2 429.4 -251. 6 12.6 June 16,110 153.3 240.4 -102.6 pll. 3 July 1-26P 16, 227 117.1 238.5 -146.0 BANK DEBITS r Revised. P Preliminary. 1 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 [Debits to individual deposit accounts, at banks in principal cities.] a fine ounce thereafter. [In millions of dollars] 2 Gold held under earmark by Federal Reserve banks for foreign account on June 30, 1939, in millions of dollars: 1,121.3. NOTE.—Figures for domestic production of gold are those published Total, 140 133 in table, p. 687, adjusted to exclude production in Philippines. Ad- all New other other ustment based on annual figures reported by Director of Mint and Year and month report- York lead- reportm se o e n A th n l n y u a im l p R o e r p ts o r o t f f o g r o l 1 d 9 3 t 7 o ( U ta . b l S e . 2 f 9 ro ). m Philippines. For back figures, ce i n n t g ers City ci i t n ie g s i ci i t n ie g s 2 1929 982, 531 603,089 331, 938 47,504 BANK SUSPENSIONS^ 1935 402, 718 184,006 190,165 28, 547 1936 461, 889 208, 936 219, 670 33, 283 M b e a m nk b s er Non b m an e k m s ber 1 1 9 9 3 3 8 7 4 4 6 0 9 5 , , 4 92 6 9 3 1 16 9 8 7 , , 8 7 3 7 6 8 2 20 3 4 5 , , 7 20 4 6 5 3 32 6 . , 4 4 0 2 6 1 Total, all 1938—May 31, 359 12,828 16,013 2,518 banks Na- In- Not June 35, 501 15, 637 17,160 2,704 Num 1 1 b 9 9 3 3 e 4 5 r of banks . suspended: 3 57 4 tiona 4 l 1 State sured 2 2 8 2 insure 4 d 8 8 J N D A S O u e o e u c l p c y t v g o t e e u e b m m s m e t b b r b . e e e _ r r r . . . 3 4 3 3 3 3 2 3 0 6 2 3 , , , , , , 1 1 1 2 2 7 3 3 9 2 0 9 0 3 2 4 9 8 1 1 1 1 1 1 2 8 2 3 5 3 , , , , , , 1 0 4 8 2 8 4 8 2 7 4 2 0 5 5 9 7 8 2 1 1 1 1 1 1 8 6 6 6 7 , , , , , , 0 0 0 4 0 6 8 3 9 4 2 7 7 9 6 0 3 7 3 2 2 2 2 2 , , , , , , 7 2 6 8 5 6 6 6 4 9 2 2 0 6 5 8 3 8 1936 44 1 40 3 1937... 59 4 47 6 1939—January.. _ 35,180 14, 533 17, 860 2.786 1 19 9 3 3 8 9—Jan.-June 5 29 5 4 1 2 1 4 1 7 7 6 6 F M e a b r r c u h ary.. 3 2 7 9 , , 3 9 2 7 2 3 1 1 6 2, , 3 2 8 7 0 4 1 1 5 8 , , 2 2 0 1 1 1 2 2 , , 8 3 3 9 7 2 April 32, 822 13,311 16, 832 2,679 Deposits of suspended banks May 34, 656 14,165 17, 763 2, 728 (in thousands of dollars):3 June 36, 883 15,312 |18, 676 2. 895 1934 36, 937 40 1,912 34. 985 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 begin- 1937 19, 723 7,379 1,708 10,156 480 ning with 1919, except that one substitution was made in 1920 and one 1938 '•13,012 36 211 11,721 '1. 044 in 1928. 1939—Jan.-June 32, 913 1,357 25, 634 3,843 2.079 2 Cities (other than the 141 centers) for which bank debits are currently reported. The number has changed very little since 1934 and has numbered 133 since 1936. ' Revised. 1 Represents licensed banks suspended; does not include nonlicensed Back figures.—See Annual Report for 1937 (Table 71), which also gives banks placed in liquidation or receivership. a definition of bank debits. Figures for individual reporting cities and 2 Federal deposit insurance became operative January 1, 1934. totals by Federal Reserve districts are available in mimeographed form. 3 Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the suspensions were reported. Back figures.—See Annual Report for 1937 (table 76). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AOQUST 1939 FEDERAL RESERVE BULLETIN 657 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 DEPOSITS! Member banks Non b m an e k m s ber In millions of dollars] Member banks Nonmeniber banks Call date Total Other Total ti N on a a - l State M s b a a u v n i t n k u g a s s l b m n a b o e n e m n k r - s - Call date ba A n l k l s Total ti N on a a - l State M s b a a v u n i t n u k g s a s l b n e o O r n t b m h a e e n r m ks - 1929—June 29 25,110 8,707 7,530 1,177 611 15,792 1929—June 29.._ 53, 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 14,619 5,606 4,897 709 576 8,337 1933—June 30. _ 37, 998 23,338 14, 772 8,566 9,713 4,946 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30___ 38, 505 23, 771 15, 386 8,385 9,708 5,026 1934—June 30 15,835 6,375 5,417 958 578 8,882 1934—June 30... 41,870 26, 615 17,097 9,518 9,780 5,475 Dec. 31 16,039 6,442 5,462 980 579 9,018 Dec. 31__. 44, 770 28, 943 18, 519 10, 424 9,828 6,000 1935—June 29 15, 994 6,410 5,425 985 571 9,013 1935—June 29 _ 45, 766 29, 496 19,031 10,465 9,920 6,350 Dec. 31 15,837 6,387 5,386 1,001 570 8,880 Dec. 31... 48,964 32,159 20,886 11, 273 9,963 6,842 1936—June 30 15, 752 6,400 5,368 1,032 566 8,786 1936—June 30... 51, 335 34,098 21,986 12,112 10, 060 7,178 Dec. 31 15, 628 6,376 5,325 1,051 565 8,687 Dec. 31... 53, 701 35, 893 23,107 12, 786 10,143 7,666 1937—June 30 15, 527 6,357 5,293 1,064 564 8,606 1937—June 30 53, 287 35, 440 22,926 12, 514 10, 213 7,635 Dec. 31. 15, 393 6,341 5,260 1,081 563 8,489 Dec. 31._. 52,440 34, 810 22,655 12,155 10, 257 7,373 1938—Mar. 7 15, 348 6,335 5,250 1,085 563 8,450 1938—Mar. 7_... 51, 703 34,118 22, 264 11, 854 10, 259 7,325 June 30 15, 287 6,338 5,242 1,096 563 8,386 June 30 52,195 34, 745 22, 553 12,193 10, 296 7,153 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, 286 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 6,201 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 * 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—SeeA nnual Report for 1937 (tables 48-49). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

658 FEDERAL RESERVE BULLETIN AUGUST 1939 CONDITION OF ALL MEMBER BANKS [In millions of dollars] Loans l Investments l 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 secur vest- trial, ket To loans banks Guar- polit- ities i ments and paper brok- an- ical agri- ers To Total Bills Notes Bonds teed subcul- and others3 divitural 2 deal- sions 5 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 e 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—June 30 30, 721 12, 938 491 701 2,614 2,613 120 6,397 17, 783 10, 215 316 3,653 6,246 2,128 2 143 3 297 Dec. 31_. 32,070 13, 208 5,448 442 973 7 775 2,716 125 72,728 18,863 10, 882 286 3,389 7,208 2,340 2,448 3,192 1939—Mar. 29_. 32,095 13, 047 5,531 427 838 733 2,749 99 2,671 19,048 10, 691 303 2,604 7,783 2,660 2,555 3,142 June 30P_ 32, 536 13,074 19, 462 2,553 3,132 NEW YORK CITY 8 1929—Dec. 31.. 8,774 6,683 195 1,257 2,145 169 322 2,595 2,091 1,112 6 58 166 889 222 758 1933—June 30 7,133 3,424 364 758 1,044 157 162 937 3,709 2,551 6 638 987 926 478 680 1934—Dec. 31._ 7,761 3,159 396 716 820 139 63 1,024 4,602 3,246 758 1,664 824 278 446 632 1935—Dec. 31.. 8,418 3,434 286 1,078 793 140 42 1,096 4,985 3,425 865 1,810 749 401 507 653 1936—Dec. 31 . 9,280 3,855 216 1,173 753 144 42 1,527 5,425 3,739 718 1,559 1,462 470 426 790 1937—Dec. 31.. 8,313 3,673 198 761 733 141 29 1,811 4,640 3,207 495 1,536 1,175 388 342 704 1938—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 June 30P. 8,625 2,926 5,700 480 736 CITY OF CHICAGO 8 1929—Dec. 31.. 1,757 1,448 19 251 533 21 88 535 309 116 19 94 96 96 1933—June 30. _ 1,287 677 70 61 251 30 30 237 610 384 6 206 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—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 June 30P 2,052 544 1,508 154 179 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—June 30. 11,150 4,853 163 96 998 1,201 26 2,369 6,298 3,940 69 1,268 2,603 718 732 908 Dec. 31_. 11, 654 4,963 2,121 149 119 242 1,230 20 1,081 6,691 4,278 57 1,224 2,997 740 808 866 1939—Mar. 29..11, 624 4,936 2,116 145 115 228 1,249 17 1,066 6,688 4,181 100 977 3,105 823 823 860 June 30P_ 11, 756 5,004 6, 751 895 866 COUNTRY BANKS 1929—Dec 31 13 375 8 936 201 291 2,231 1,462 45 4,705 4 439 1,267 697 171 999 627 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 55? 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 ,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 L, 851 1937—Dec. 31..10,124 4,446 216 25 824 1,219 13 2,149 5,677 2,490 29 786 1,675 678 879 630 1938—June 30 9, 752 4,388 173 20 790 1,269 9 2,126 5,364 2,385 13 715 1,657 579 878 , 5?? 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 L, 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 L, 397 June 30P_ 10,103 4,600 5,503 1,024 35? p Preliminary. 1 Classifications indicated were revised as of Dec. 31, 1938; for explanation see BULLETIN for January 1939, pp. 22-23, and the April BULLETIN, pp. 259-264. 2 Not reported separately prior to December 1938 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

659 AUGUST 1939 FEDERAL RESERVE BULLETIN CONDITION OF ALL MEMBER BANKS—Continued [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic with ances mand vid- States Certi- vid- States banks Cap- Call date Fed- Cash with de- uals, and fied uals, and Bor- ital b s e a R e r n r e a v k - l e s va in ult m ba d e n o s - k ti ^ c j p u o s a s t d e i - t d s 2 s p n a h a e n i r p r d t - s - , p d s i o i u c v l a b i i l t - - - ch c a o e e f n c f r d i s k - ' s, m T G e T e r o n n v Q - t - 4 s p h n a a e n i r p r d t - s - , p d s i o u i c v l a b i i l t - - - P i s n o a g s v s t - a 4 l De- b F e a i o n g r k n - s r i o n w gs - co a u c n - ts cor- sions etc.3 cor- sions mand Time pora- porations tions TOTAL—ALL MEMBER BANK3 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 3O._ 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 * 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 ,495 191 27 72 449 599 5 244 1937—Dec. 31 596 27 179 1,438 L, 354 207 23 64 445 8 528 6 255 1938—Mar. 7 566 22 135 1,372 L, 270 170 17 92 445 16 576 7 245 June 30 936 31 208 1,523 ,386 221 23 86 443 16 688 6 249 Dec. 31 884 35 235 1,688 ,597 181 29 83 452 9 658 9 257 1939—Mar. 29 705 22 178 1,250 .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 , 533 1934—Dec. 3i 1,268 207 1,543 5,136 4,919 585 169 620 3,494 206 186 1,984 117 18 L, 614 1935—Dec. 31 1,594 256 1,779 6,161 6,001 707 204 385 3,796 266 79 2,422 134 29 L, 657 1936—Dec. 31 2,108 285 1,816 7,126 7,023 843 230 407 4,026 203 35 2,826 137 34 ,697 1937—Dec. 31 2,310 200 1,470 6,870 6,743 777 192 256 4,161 266 34 2,389 107 34 735 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 57 777 1939—Mar. 29 2,459 342 2,106 7,326 6,899 889 123 420 4,276 243 22 2,813 108 64 2 1,795 COUNTRY BANKS 1929—Dec. 31 627 321 908 5,711 5,091 742 169 39 6,390 133 61 405 6 3 367 2.258 1933—June 30 452 203 702 3,054 2,576 555 72 116 3,833 86 285 228 7 1 167 1,517 1934—Dec. 31 822 275 1,296 4,292 3,589 804 106 178 4,554 84 210 342 16 2 13 650 1935—Dec. 31 927 305 1,676 5,047 4,254 901 127 137 4,879 83 136 415 16 1 6 ,687 1936—Dec. 31 1,247 319 1,929 6,039 5,177 1,011 167 178 5,275 80 69 483 16 2 3 750 1937—Dec. 31 . 1,361 307 1,645 5,968 5,143 959 149 78 5,504 158 61 412 21 1 12 ,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 L, 774 June 30. __ 1,263 316 1,806 5,738 4,863 1,008 126 68 5,499 144 52 380 22 2 11 778 Dec. 31 1,353 322 1,956 6,224 5,215 1,128 154 143 5,509 147 44 446 23 2 6 , 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 ,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

660 FEDERAL RESERVE BULLETIN AUGUST 1939 CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 Investments1 Loans for u.3. Government obligations Com- purchasing Total mer- or carrying loans cial, securities Direct Date or Month m v a e i e n n n s d - t t s - i Total1 t d a r i u i n n a s d - l - , p O m k a p p a e e t r e n - r e l R o st a e a n a t s l e b L a o t n o a k n s s O lo t a h n e s r Total G a u n a - r- r s O i e t t i c e h u s e - r i a c g u r l- i- ot T h o ers Total Bills* Notes2 Bonds2 teed tural TOTAL—101 CITIES 1938—June 20, 696 8,384 3,953 354 582 1,158 125 1,526 12, 312 7,864 1,453 2,995 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 June 21, 887 8,094 3,830 304 671 541 1,159 52 1,537 13, 793 8,383 422 2,106 5,855 2,119 3,291 1939—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 3.823 298 661 542 1,159 1,537 13,851 8,404 440 2,121 5.843 2,127 3,320 June 28 21, 951 3,833 303 648 543 1,161 1,550 13, 862 8,423 431 2,112 5,880 2,148 3,291 July 5 22,000 8,142 3,872 314 650 542 1,159 1,549 13, 858 8,485 469 2,125 5,891 2,150 3,223 July 12 22,023 8,131 3,887 313 644 530 1,163 1,536 13, 892 8,493 454 2,134 5,905 2,153 3,246 July 19 22,025 8,116 3,893 311 615 528 1,164 1,534 13, 909 8,505 458 2,132 5,915 2,159 3,245 NEW YORK CITY 1938—June 7,671 3,038 1,511 131 549 200 118 97 432 4,633 2,973 650 1,010 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 "., 224 May 7,958 2,759 1,372 120 529 198 111 44 385 5,199 3,024 170 727 2,127 1,034 ,141 June 8,103 2,758 1,375 121 523 201 113 39 386 5,345 3,139 168 808 2,163 1,060 ,146 1939—May 3 8,040 2,735 1,375 118 502 197 111 47 385 5,305 3,047 187 723 2,137 1,040 ,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 ,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 ,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 ,102 May 31 8,000 2,798 1,364 125 568 200 111 45 385 5,202 3,028 147 744 2,137 1,044 ,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 ,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 ,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 ,173 June 28 8,133 2,743 1,384 119 496 201 113 40 390 5,390 3,172 172 811 2,189 1,087 ,131 July 5 8,136 2,771 1,405 126 495 200 114 45 386 5,365 3,196 167 823 2,206 1,094 ,075 July 12 8,140 2,758 1,409 120 496 190 115 49 379 5,382 3,184 144 826 2,214 1,093 ,105 July 19 8,092 2,732 1,405 118 472 187 115 60 375 5,360 3,154 125 818 2,211 1,100 ,106 OUTSIDE NEW YORK CITY 1938—June 13,025 5,346 2,442 223 137 382 1,040 1,094 7,679 4,891 803 1,985 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 , 053 1,143 8,467 5,480 876 2,111 February. 13, 851 5,296 2,403 198 151 346 ,035 1,143 8,555 5,544 917 2,094 March 13,801 5,309 2,428 190 156 339 ,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 ,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 ,040 1,138 8,403 5,272 228 1,306 3, 738 999 2,132 June 13, 784 5,336 2,455 183 148 340 ,046 1,151 8,448 5,244 254 1,298 3,692 1,059 2,145 1939—May 3.. 13, 745 5,336 2,466 184 146 342 .,037 1,148 8,409 5,294 235 1,296 3,763 986 2,129 May 10 13, 763 5,335 2,474 180 146 341 ,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 ,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 1,305 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 1,293 3,689 1,059 2,131 June 14 13, 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 13, 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 June 28 13, 818 5,346 2,449 184 152 342 1,048 1,160 8,472 5,251 259 1,301 3,691 1,061 2,160 July 5 13, 864 5,371 2,467 188 155 342 1,045 1,163 8,493 5,289 302 1,302 3,685 1,056 2,148 July 12 13,883 5,373 2,478 193 148 340 1,048 1,157 8,510 5,309 310 1,308 3,691 1,060 2,141 July 19 13, 933 5,384 2,488 193 143 341 1,049 1,159 8,549 5,351 333 1,314 3,704 1,059 2,139 NOTE.—For description of figures see BULLETIN for November 1935 (pages 711-738) or reprint, which may be obtained from the Division of Research and Statistics, and BULLETIN for June 1937, (pages 530-531). For back figures see BULLETIN for November 1935 (pages 711-738) or reprint, BULLETIN for December 1935 (page 876), Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports. i Beginning February, 1939, amounts previously classified as loans or securities but indirectly representing bank premises or other real estate owned are classified among "other assets". These amounts on February 8, 1939, were $47,000,000 for loans, mostly real estate loans, and $53,000,000 for securities. There was also a transfer of certain loans theretofore erroneously classified as "Commercial, industrial, and agricultural" to "Other loans." 8 Not reported separately prior to Feb. 8. 1939. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

661 AUGUST 1939 FEDERAL RESERVE BULLETIN CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [Monthly data are averages of Wednesday figures. In millions of dollars.] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic Date or month b s w F e R a e e r i r n e a t d v - k h l - e s v C a i a n u s l h t m a b w n d a e i o c n s t - e h t k s i s c j m p u o a s d a e t s d n e - i - t d d s i s p p u v n h a c o a a i e o n i r d r p l r r d a t s - - - s - - , , S p s d s a i t i o u c i o a n v b l a n t d i - i l t e - s - s c C h c a o f e e e e i t f n e c c f r r d i . t d s k - i ' s - , U m G e . r e o n n v S - t - . 2 s p p u v n h a c o a a i o e n i d r l r p r r d s a t - - - s - , - , S p s d s a i t i o u c i a o n v l b a t d n i - i l e t - s - s P s o a s v tal m D a e n b - d ank T s ime b F e a i o n g r n k - s r B i o n o w g r s - - c C o i a a t u c a p n - l ts tions tions TOTAL—101 CITIES 1938—June 6,407 2,406 14, 932 15, 873 536 501 5, 214 5,736 111 314 3,649 December. 7,219 483 2,452 16,087 17,124 548 585 5,128 6,079 112 505 3,683 1939—January.... 7,437 440 2,561 16,054 17,020 463 631 5,161 6,216 111 531 3,675 February. _ 7,358 410 2,543 16, 042 16, 997 461 631 5,170 6,175 113 563 3,682 March 7,427 410 2,580 16,032 15, 638 1,327 560 625 4,976 224 6,395 116 587 3,687 April 7,973 424 2,596 16,455 16,000 1,372 428 620 4,974 235 6,473 116 638 3,695 May 8,361 423 2,644 16, 79616, 259 1,452 441 581 4,984 251 6,530 118 639 3,712 June 8,460 447 2,727 17,182 16, 633 1,470 419 545 4,996 229 6,607 121 3,721 1939—May 3... 8,190 410 2,575 16, 66015, 963 1,593 434 4,979 259 6,510 117 647 3,708 May 10.. 8,337 2,567 16, 71916,189 1,380 419 597 4,981 258 6,483 117 642 3,711 May 17.. 8,352 2,671 16, 68116,301 1,355 402 581 4,985 252 6,572 118 633 3.708 May 24_. 8,476 430 2,707 16, 95516, 379 1,434 475 567 4,989 248 6,529 118 639 3,713 May 31_. 8,449 427 2,702 16, 96516, 464 1,498 478 551 4,987 238 6,556 119 635 3,719 June 7... 8,417 456 2,670 17,057 16, 390 1,496 473 544 4,985 237 6,570 121 623 3,726 June 14.. 8,470 448 2,735 17, 21216, 770 1,479 424 544 4,991 227 6,631 122 605 3,719 June 21_. 8,475 431 2,747 17,238 16,652 1,488 386 546 5, 001 230 6,600 120 599 3,723 June 28.. 8,479 455 2,756 17, 22016, 720 1,417 391 546 5,007 223 6,625 122 600 3,715 July 5__. 8,473 441 2,759 17,109 16, 790 1,331 488 546 5,009 214 6,800 122 624 3,715 July 12- 8,649 464 2,790 17, 36817,061 1,310 385 541 5,001 217 6,797 127 615 3,715 July 19- 8,706 439 2,767 17, 38717, 050 1,275 389 541 5,000 217 6,786 128 616 3,715 NEW YORK CITY 1938—June 3,208 6,228 6,609 368 120 654 2,430 276 1,486 December.. 3,973 6,817 7,221 356 118 601 2,598 442 1,490 1939—January.-.. 4,208 6,730 7,085 285 116 613 2,661 469 1,479 February.. 4,288 6,844 7,209 299 116 621 2,639 495 1,484 March 4,309 6,966 7,075 242 395 114 587 2,743 517 1,483 April 4,651 7,287 7,348 257 268 110 583 2,785 561 1,483 May 4,895 7,467 7,495 304 274 85 578 2,814 560 1,488 June 4,866 7,636 280 580 2,845 529 1,488 1939—May 3... 4,745 7,378 7,319 372 102 578 2,800 569 1,488 May 10_. 4,888 7,460 7,488 262 578 2,786 563 1,490 May 17.. 4,881 7,350 7,442 251 241 577 2,827 556 1,486 May 24.. 4,982 7,533 7,556 292 306 580 2, 558 1,486 May 31_. 4,976 7,614 7,668 344 290 579 2,830 553 1,490 June 7... 4,842 7,590 7,574 292 316 575 2,803 545 1,492 June 14.. 4,870 7,624 7,684 260 307 579 2,836 528 1,488 June 21.. 4,886 7,640 7,644 299 231 583 2,850 521 1,490 June 28 4,864 7,578 7,643 268 222 584 2,891 521 1,483 July 5__- 4,881 7,524 7,706 203 294 587 2,940 541 1, 477 July 12 4,985 7,656 7,759 224 214 587 2,940 532 1,478 July 19__ 5,044 7,655 7,764 214 218 586 2.941 540 1,479 OUTSIDE NEW YORK CITY 1938—June 3,199 345 2,331 8,704 9,264 168 381 4,560 3,306 111 2,163 December.. 3,246 410 2,378 9,270 9,903 192 467 4,527 3,481 112 2,193 1939—January 3,229 382 2,488 9,324 9,935 178 515 4,548 3,555 111 2,196 February.. 3,070 358 2,469 9,198 9,788 162 515 4,549 3,536 113 2,198 March 3,118 358 2,486 9,066 8,563 1,085 165 511 4,389 186 3,652 116 2,204 April 3,322 368 2, 514 9,168 8,652 1,115 160 510 4,391 192 3,688 116 2,212 May 3,466 367 2,567 9, 329 8,764 , 148 167 496 4,406 209 3,716 118 2,224 June 3,594 380 2,651 9,574 ,190 150 485 4,416 188 3,762 121 2,233 May 3-.. 3,445 356 2,501 9,282 8,644 ,221 167 506 4,401 217 3, 710 117 2,220 May 10.. 3,449 374 2,493 9,259 8,701 ,118 153 501 4,403 214 3,697 117 2,221 May 17.. 3,471 364 2, 594 9, 331 8,859 ,104 161 495 4,408 208 3,745 118 2,222 May 24.. 3,494 373 2,629 9,422 8,823 ,142 169 491 4,409 204 3,705 118 2,227 May 31.. 3,473 367 2,620 9,351 8,796 1,154 188 485 4,408 200 3,726 119 2,229 June 7_-. 3,575 376 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 June 28.. 3,615 387 2,679 9,642 9,077 1,149 169 486 4,423 182 3,734 122 2,232 July 5... 3,592 372 2,683 9,585 9,084 1,128 194 484 4,422 173 3,860 122 2,238 July 12.. 3,664 397 2,713 9,712 9,302 1,086 171 4,414 174 3,857 127 2,237 July 19. _ 3,662 377 2,691 9,732 9,286 1,061 171 4,414 171 3,845 128 2,236 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. J 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

662 FEDERAL RESERVE BULLETIN AUGUST 1939 CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [In millions of dollars] Loans Investments Com- Loans for U. S. Government obligations Total mer- purchasing loans cial, or carrying Federal Reserve and in- Open securities Direct district and date in- dus- mar- Real Loans Other (1939) vest- Total trial, ket estate to Other Total Guar- securments and paper To loans banks loans an- ities agri- brok- teed cul- ers To Total Bills Notes Bonds tural and others dealers BOSTON (6 cities) June 28 1, 152 574 259 63 26 22 80 2 122 578 393 53 340 48 137 July 5 1,156 580 265 63 25 22 80 2 123 576 396 52 344 48 132 July 12 1,154 580 267 64 24 22 80 1 122 574 394 52 342 49 131 July 19 1,159 583 268 64 23 22 81 2 123 576 398 54 344 48 130 NEW YORK (8 cities)* June 28 8,961 3,097 1,487 126 502 260 201 40 481 5,864 3,416 172 862 2,382 1,161 1,287 July 5 8,959 3,125 1,509 133 501 259 201 45 477 5,834 3,432 167 873 2,392 1,168 1,234 July 12 8,965 3,112 1,513 127 502 249 202 49 470 5,853 3,422 144 876 2,402 1,170 1,261 July 19 8,914 3,086 1,511 126 478 246 202 60 463 5,828 3,391 125 868 2,398 1,175 1,262 PHILADELPHIA (4cities) June 28 1,118 411 186 24 21 32 53 1 94 707 340 40 300 102 265 July 5 1 117 411 185 25 21 32 53 1 94 706 339 39 300 102 265 July 12 1,120 411 184 25 20 32 54 1 95 709 345 40 305 99 265 July 19 1,121 412 184 25 20 32 54 1 96 709 347 39 308 98 264 CLEVELAND (10 cities) J une 28 1,889 662 237 6 20 26 170 4 199 1,227 836 15 221 600 102 289 July 5 1,885 659 234 6 21 26 169 3 200 1,226 834 14 221 599 102 290 July 12 1,885 659 235 6 20 26 169 3 200 1,226 830 14 220 596 106 290 July 19 1, 892 666 239 6 21 27 169 3 201 1,226 832 14 220 598 105 289 RICHMOND (12 cities) June 28 670 242 103 10 3 15 36 75 428 308 172 136 53 67 July 5 671 242 102 10 4 15 36 75 429 311 175 136 52 66 July 12 669 242 103 10 4 15 37 73 427 311 175 136 51 65 July 19 674 242 104 10 3 15 37 73 432 315 178 137 52 65 ATLANTA (8 cities) June 28 599 308 178 3 7 12 30 1 77 291 142 8 33 101 58 91 July 5 596 309 179 3 8 12 30 1 76 287 140 8 32 100 58 89 July 12 595 307 177 3 7 12 31 1 76 288 140 8 32 100 58 90 July 19 599 309 178 3 7 12 31 1 77 290 141 8 33 100 58 91 CHICAGO (12 cities)* June 28 3,150 863 492 30 39 83 103 116 2,287 1,524 192 421 911 270 493 July 5 3,201 873 503 31 40 83 102 114 2,328 1,570 237 422 911 267 491 July 12 3,221 876 505 33 39 82 103 114 2,345 1,590 249 428 913 266 489 July 19 3,249 876 505 33 37 82 103 116 2,373 1,617 263 430 924 267 489 ST. LOUIS (5 cities) June 28 688 309 184 3 6 12 50 3 51 379 210 9 49 152 64 105 July 5 692 312 184 3 6 13 50 3 53 380 210 8 49 153 67 103 July 12 693 313 186 4 5 13 50 3 52 380 211 8 49 154 67 102 July 19 693 315 187 4 5 13 50 4 52 378 210 7 49 154 66 102 MINNEAPOLIS (8 cities) June 28 371 160 80 3 1 7 8 61 211 144 34 110 24 43 July 5 373 162 81 4 1 7 7 62 211 144 34 110 24 43 July 12 371 160 79 4 1 7 7 62 211 144 34 110 24 43 July 19 371 159 79 4 1 7 7 61 212 144 34 110 25 43 KANSAS CITY (12 cities) June 28 648 263 157 17 4 10 25 50 385 193 3 76 114 57 135 July 5 . 650 268 160 18 4 10 25 1 50 382 193 3 77 113 55 134 July 12 650 271 164 19 3 10 25 50 379 190 76 114 56 133 July 19 660 275 166 20 4 10 25 50 385 197 6 77 114 56 132 DALLAS (9 cities) June 28 514 255 167 2 5 15 21 45 259 157 28 48 81 46 56 July 5 514 256 168 2 5 14 21 46 258 159 28 50 81 44 55 513 257 170 2 5 14 21 45 256 157 27 51 79 44 55 July 19 512 254 169 1 4 14 21 45 258 160 31 51 78 43 55 SAN FRANCISCO (7 cities) June 28 2,191 945 303 16 14 49 384 179 1,246 760 4 103 653 163 323 July 5 2,186 945 302 16 14 49 385 179 1, 241 757 4 101 652 163 321 July 12 2 187 943 304 16 14 48 384 177 1,244 759 4 101 654 163 322 July 19 _ _ 2,181 939 303 15 12 48 384 177 1,242 753 4 99 650 166 323 CITY OF CHICAGO* June 28 2 058 536 350 16 34 72 13 51 1,522 1,046 185 234 627 138 335 July 5 2,108 544 357 17 35 72 13 50 1,564 1,093 230 236 627 136 338 July 12 2 125 546 359 18 35 71 13 50 1,579 1,110 241 241 628 136 333 July 19 2 151 544 358 18 33 71 13 51 1,607 1,138 256 242 640 136 333 • 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

663 AUGUST 1939 FEDERAL RESERVE BULLETIN CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic d F is e t d ri e c r t ( a 1 l 9 a 3 R n 9 e ) d s e d rv a e te b s w F e R e a e r i r n e a t d v - h k l - e s v C a i a n u s l h t m b a w a n d e n i o c s t - e k h t s i s c m u p s o a d a t d s e e n - i - d t d s i s p u v n h a a a i e n 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 i d i e - l t - - s c C h c a o f e e e i f n e c f r r d i d t s k - i ' s - , m U G e e . r o n n S v - t - . 2 s p u v n h a a a i n e i d r l p r d s t - - s - , , S p d s a i t o 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 - * al De- banks b e F a i o n g r k n - s r B i o n o w g r s - - c C o i a t a u c a p - n l - ts cor- sions etc. cor- sions mand Time pora- porations tions BOSTON (6 cities) June 28 396 141 151 1,085 1,038 88 14 15 247 3 2 273 26 244 July 5 415 140 156 1,101 1 060 89 14 15 245 3 2 286 30 243 July 12 429 142 164 1,121 1,086 86 17 14 244 3 2 293 27 1 243 July 19 -- . 431 141 159 1,125 1,088 86 17 15 245 3 2 292 24 1 243 NEW YORK (8 cities)* June 28 4,992 85 179 8,122 8,100 387 237 79 956 47 2,955 17 523 1,605 July 5 5,022 87 180 8,089 8,169 328 321 81 957 47 3, 009 17 542 1,599 July 12 5,131 87 183 8, 215 8,218 338 237 79 955 53 3,008 17 534 5 1,601 July 19 5,190 80 181 8,199 8,223 313 236 78 954 56 3,012 17 541 11 1,602 PHILADELPHIA (4 cities) June 28 350 18 201 853 827 81 8 53 274 5 1 335 16 13 224 July 5 359 17 208 855 838 69 9 53 274 4 1 348 16 13 224 July 12 356 18 194 853 839 70 8 53 275 4 1 337 16 13 223 Julv 19 363 17 190 855 844 64 10 53 275 4 1 339 16 13 223 CLEVELAND (10 cities) June 28 446 43 288 1,215 1,175 107 18 42 713 25 2 342 40 2 371 July 5 453 40 289 1,204 1,165 107 20 42 710 24 2 361 39 2 372 July 12 _ . 455 45 288 1,221 1,183 111 19 42 709 23 2 352 40 2 372 July 19 _ 457 41 282 1,222 1,181 108 17 42 709 23 2 352 40 2 372 RICHMOND (12 cities) June 28 _ 149 21 170 446 425 51 12 28 196 4 241 6 97 July 5 146 18 172 433 428 52 10 28 197 3 250 6 1 96 July 12 _ _ 156 22 171 447 442 47 11 28 197 3 247 6 1 96 July 19 161 21 167 453 443 47 12 28 197 3 247 6 96 ATLANTA (8 cities) June 28 110 13 180 379 347 69 4 40 177 5 2 241 3 1 94 July 5 116 12 177 371 352 62 5 39 179 5 2 248 3 1 93 July 12 112 13 179 374 360 59 4 39 178 5 2 243 3 1 93 July 19 111 12 174 378 357 58 7 39 178 5 2 237 3 1 93 CHICAGO (12 cities)* June 28 1,133 63 498 2,479 2,291 325 39 105 905 19 3 968 9 14 403 July 5 1,073 61 499 2,444 2,247 320 43 105 909 19 3 991 10 14 403 July 12 1,085 66 491 2,461 2,315 303 37 105 909 19 3 1,002 9 14 401 July 19 1,073 62 483 2,475 2,305 307 37 105 908 19 3 994 10 13 400 ST. LOUIS (5 cities) June 28 195 12 150 460 459 38 8 20 187 3 2 296 1 93 July 5 184 11 150 446 450 39 7 20 188 3 2 301 1 93 July 12 189 12 150 454 464 38 5 20 187 3 2 296 6 93 July 19 189 11 148 457 461 38 5 20 187 3 2 290 6 93 MINNEAPOLIS (8 cities) June 28 86 8 121 287 239 69 7 1 118 1 128 2 1 58 July 5 85 6 125 286 243 68 7 2 118 1 131 2 1 58 July 12 89 8 128 292 250 68 6 2 118 1 132 2 1 58 July 19 87 7 127 289 247 67 6 2 118 1 132 2 1 58 KANSAS CITY (12 cities) June 28 169 15 294 498 477 68 11 22 140 4 1 372 7 101 July 5 169 13 291 485 478 67 12 22 140 4 1 384 7 100 Julv 12 180 15 304 503 503 62 10 22 140 4 1 392 7 100 July 19 171 14 310 503 502 64 10 22 140 4 1 396 7 101 DALLAS (9 cities) June 28 113 12 248 449 425 46 9 32 129 7 1 208 85 July 5 117 11 249 445 425 47 9 32 129 7 218 85 July 12 122 12 252 458 441 46 9 31 128 7 1 214 85 July 19 120 11 247 454 438 44 10 30 128 212 85 SAN FRANCISCO (7 cities) June 28 340 24 276 947 917 88 24 109 965 101 1 266 21 20 340 July 5 334 25 263 950 935 83 31 107 963 95 1 273 21 21 349 July 12 345 24 286 969 960 82 22 106 961 93 281 21 22 350 July 19 353 22 299 977 961 79 22 107 961 90 1 283 21 21 349 CITY OF CHICAGO* June 28 906 30 235 1,688 1,584 195 22 60 475 18 741 13 266 Julv 5 847 31 231 1,666 1,552 191 27 60 477 18 752 12 266 July 12 856 32 224 1 674 1 585 187 22 60 476 18 763 12 264 July 19 835 32 222 1,682 1,586 185 21 60 475 18 760 12 264 * See note on preceding page. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. J IT. 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

664 FEDERAL RESERVE BULLETIN AUGUST 1939 COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding By holders By classes Com- End of month p m c a i p e a r e l - r Total Heldb b y a n a k c s cepting H R e e ld se b rv y e F b e a d n e k ra s l Based sto B re a d se 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—June 225 264 210 135 76 2 52 79 63 1 58 63 July 211 265 217 133 84 1 47 78 63 1 60 63 August 209 258 216 129 87 (2) 42 83 58 2 55 60 September 212 261 221 129 92 (2) 40 89 57 2 56 57 October 213 270 223 130 93 (2) 46 94 57 3 59 56 November 206 273 222 124 98 (2) 51 94 59 3 59 57 December 187 270 212 121 91 (2) 58 95 60 3 57 56 1939—January 195 255 204 122 82 52 89 57 2 52 55 February. 195 248 198 122 76 50 87 57 2 48 54 March 191 245 191 117 74 54 87 58 2 42 56 April 192 238 189 118 72 49 86 56 1 38 57 May r189 247 192 124 68 55 82 51 19 36 59 June 181 245 191 122 69 53 81 45 20 39 60 r Revised. 1 As reported by dealers; includes some finance company paper sold in open market. 2 Less than $500,000. Back figures.—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Debit Debit End of month Customers' balances in balances in Cash on debit partners' firm hand balances investment investment and in (net) i and trading and trading banks accounts accounts 1936 -December 1,395 64 164 249 1937—March . _ 1,549 61 175 223 June 1 489 55 161 214 September 1,363 48 128 December 985 34 108 1938—March _ _ 831 29 95 June _ _ _. 774 27 88 July 843 28 80 August __ 864 29 84 September 823 29 76 October 905 32 85 November 939 30 78 December 991 32 106 1939—January 971 34 75 February 967 29 83 March _. _ 953 27 84 April... . . 831 26 83 May. _ _ 828 26 76 June 834 25 73 Ot Ot Ot 5N Credit balances Customers' credit balances * Other credit balances Money ro b w o e r d - 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 n v 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 1,048 342 103 30 12 424 1,172 346 115 29 18 419 1,217 266 92 25 13 397 1,088 256 96 26 12 385 688 278 85 26 10 355 576 239 81 25 9 315 495 258 89 22 11 298 209 528 284 82 22 10 303 200 571 272 77 20 9 301 213 559 257 68 20 7 300 196 617 270 73 20 8 304 189 662 252 65 20 8 303 190 754 247 60 22 5 305 192 713 235 60 22 12 298 168 709 222 62 20 5 294 174 699 225 59 20 9 294 190 579 236 60 20 7 290 183 561 230 69 21 6 284 178 570 230 70 21 6 280 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

AUGUST 1939 FEDERAL RESERVE BULLETIN 665 FEDERAL 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 Actl Reserve Act sec. 13 of the Federal Federal Reserve Bank Reserve Act) Rate Pre- Rate Rate July In effect vious July In effect July In effect 31 beginning— rate 31 beginning— 31 beginning— Boston Sept. 2, 1937 2 2 Sept. 2, 1937 2y2 April 29, 1938 New York - 1 Aug. 27, 1937 1^2 2 Oct. 10, 1935 3A Feb. 8, 1934 Philadelphia . 11A Sept. 4, 1937 2 2 Sept. 4, 1937 4 Oct. 20, 1933 Cleveland 13^ May 11, 1935 2 2 Oct. 19, 1935 33^2 May 11, 1935 Richmond W%Aug. 27, 1937 2 2 Sept. 10, 1937 4 Feb. 19, 1934 Atlanta ilA Aug. 21, 1937 2 2 Aug. 21, 1937 2H April 23, 1938 Chicago V/2 Aug. 21, 1937 2 2 Aug. 21, 1937 4 Oct. 16, 1933 St Louis m Sept. 2, 1937 2 2 Sept. 2, 1937 4 Feb. 23, 1935 Minneapolis __ - Aug. 24, 1937 2 2 Aug. 24, 1937 3 Oct. 8, 1938 Kansas City 1H Sept. 3, 1937 2 2 Sept. 3, 1937 Apr. 16, 1938 D Sa a n l la F s r ancisco -in A Se u p g t . . 31 3 , , 1 1 9 9 3 3 7 7 2 2 2 2 A Se u p g t . . 3 1 1 7 , , 1 1 9 9 3 3 7 7 4 iy2 A O p ct r . . 1 1 6 9 , , 1 1 9 9 3 3 8 3 i Rates indicated also apply to United States Government securities bought under repurchase agreement. Back figures—See Annual Report for 1937 (table 40). FEDERAL RESERVE BANK FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES RATES ON INDUSTRIAL ADVANCES [Per cent per annum] Rates in effect, July 31, 1939, on advances and commitments under Sec. 13b, of the Federal Reserve Act as amended June 19, 1934. [Per cent per annum except as otherwise specified] Rate in Maturity effect on In effect be- Previous Advances to financ- July 31 ginning— rate ing institutions— Advances direct to Commit- 1-15 days i.. Oct. 20, 1933 Federal Reserve Bank industrial On por- ments 16-30 days... ...do or com- tion for |to make 31-45 days... ...do mercial or- which On re- advances 46-60 days... _._do ganizations institu- maining 61-90 days... ...do tion is portion 91-120 days.. _._do obligated 121-180 days ...do Boston 33^-6 3 y i 1 This rate also applies to acceptances bought under repurchase agree- New York 4-6 3 4-5 1 2 ments, which agreements are always for a period of 15 days or less. Philadelphia 4-6 lA-2 Cleveland 4^-6 4 NOTE.—Minimum buying rates at the Federal Reserve Bank of r r N 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 s b n y c o e o f s t h b p e il a r l y s F . a e b d l T e e h ra e in l s R a d m e o s l e e la r r v m s e ; in b h i a i m g n h k u e s m r . A R C i h t c l i a h c n a m t g a o o n ._ d __ .__ 5 5 - - 6 6 6 4-6 5 4 5 - - 6 6 5 1 1 - - 2 2 Back fig ares.—See Annual Report for 1937 (table 41). St. Louis 4-53^ 33^ 4 Minneapolis . 6 4^-5 4^-5 1 Kansas City 4-6 Dallas 5-6 4 5-6 1 MAXIMUM RATES ON TIME DEPOSITS San Francisco 5-6 3-4 4-5 34-2 Maximum rates that may be paid by member banks as established by 1 Authorized rate 1 per cent above prevailing discount rate. the Board of Governors under provisions of Regulation Q. 2 Same as to borrower but not less than 4 per cent. 3 Flat charge. [Per cent per annum] Back figures.—See Annual Report for 1937 (table 40). MEMBER BANK RESERVE REQUIREMENTS Nov. 1, 1933 Feb. 1, 1935 In effect to to beginning [Per cent of deposits] Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 June 21, Aug. 16, Mar. 1, May 1, Apr. 16, Savings deposits 3 23^ Classes of deposits 1917- 1936- 1937- 1937- 1938- Postal Savings deposits 3 23^ and banks Aug. 15, Feb. 28, Apr. 30, Apr. 15, and Other time deposits pay- 1936 1937 1937 1938 after able in: 9 6 0 m d o a n y t s h t s o o 6 r m m o o n re ths 3 3 2Y2 On d e n p e o t s i d t e s: m i and Less than 90 days 3 1 Central reserve city. 3^ 22% Reserve city 15 3l 17* NOTE.—Maximum rates that may be paid by insured nonmember Country ioy2 12 banks as established by the Federal Deposit Insurance Corporation, On time deposits: effective February 1, 1936, are the same as those in effect for member All member banks._ banks. In some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are superseded by 1 See footnote to table on p. 654 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

666 FEDERAL RESERVE BULLETIN AUGUST 1939 MONEY RATES AND BOND YIELDS OPEN-MARKET RATES IN NEW YORK CITY RATES CHARGED CUSTOMERS BY BANKS IN [Per cent per annum] PRINCIPAL CITIES [Weighted averages of prevailing rates; per cent per annum] Prevailing rate on— Average rate on— 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 mo w n e t e h k , or P c r o i m m - e b e a r n s' k- ch e a x n - ge ch e a x n - ge T U re .S a . s- F M e a b r r c u h ary 5 5 . . 8 7 1 3 4 4. . 7 7 2 1 4 4. . 8 1 8 1 3 3. . 3 4 1 3 2 2 . . 9 6 0 4 2 2 . . 5 6 6 1 2 2. . 5 4 0 1 2 2. . 4 3 0 4 2 0 . ) 24 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 p w e i r t i h o i d n 1 ta q t u i o o - n A Se u p g t u em st. b er _ . • _ _6 6. . 0 0 6 5 4 4 . . 3 4 0 5 3 3. . 7 9 9 7 3 3 . . 2 3 6 3 2 2 . . 6 7 7 2 2 2 . . 4 4 0 2 2 2. . 3 4 9 1 2 2 . .1 2 6 5 October. _ 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. . 7 8 4 6 4 4 . . 1 2 2 2 3 3 . . 5 4 2 8 3 3. . 1 2 8 2 2 2 . . 7 6 7 1 2 2 . . 4 4 3 3 2 2. . 4 4 0 5 2 2 . . 3 3 3 3 1937 average_-_ .95 .43 1.25 1.00 .447 .28 1.40 1938 average___ .81 .44 1.25 1.00 .053 .07 .83 Other northern and eastern cities: 1938—June 7/16 IK 1.00 .023 .05 .67 January __ __ 5.87 5.07 4.89 4.65 4.08 3.62 3.36 3.37 3.41 J A S N D O u e u c o e l p g y v t c . t % *A ~ % -% %: 7 7 7 7 7 7 / / / / / / 1 1 1 1 1 1 6 6 6 6 6 6 I I I I K K K K 1 1 1 1 1 1 . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 . . . . . . 0 0 0 0 0 0 4 5 2 9 0 2 7 3 4 6 7 3 . . . . . . 0 0 0 0 0 0 7 4 8 6 5 3 . . . . . . 7 6 8 7 6 7 0 7 2 1 8 1 J J A F M M u u e p a n l a b y r y e r i r l _ c u _ h a r .. y __ 6 5 5 6 6 6 . . . . . 8 0 0 9 0 0 6 8 2 1 9 0 5 5 5 5 5 5 . . . . . 1 1 1 1 0 1 4 4 3 3 5 0 4 4 4 4 5 5 . . . . . 8 3 9 9 8 0 4 9 9 7 2 9 4 4 4 4 4 4 . . . . . 4 3 3 1 5 5 9 0 9 5 2 2 4 4 3 3 3 3 . . . . . 0 8 8 7 0 9 2 7 8 8 5 9 3 3 3 3 3 3 . . . . . 6 6 5 6 4 4 0 3 1 1 5 7 3 3 3 3 3 3 . . . . . 4 3 3 3 4 3 3 4 2 2 5 6 3 3 3 3 3 3 . . . . . 2 2 2 3 2 2 9 7 5 8 8 6 3 0 . ) 33 1939— F Ja e n b V Y 2 z~ -% % 7 7 / / 1 1 6 6 I I K K 1 1 . . 0 0 0 0 . .0 0 0 0 4 2 . . 0 0 3 3 . . 6 6 3 5 A S O e u c p t g o t u e b s m e t r ber 6 6 6 . . 2 1 2 4 1 5 4 5 5 . . . 9 1 0 6 2 3 4 4 4. . . 5 6 6 1 8 5 4 4 4 . . . 1 1 1 1 2 3 3 3 3 . . . 7 7 7 9 5 5 3 3 3. . . 5 4 4 0 7 5 3 3 3 . . . 3 2 3 7 9 3 3 3 3 . . . 3 2 3 0 6 7 A M M p a a r r y il Y K z~ - " X 7 7 7 / / / 1 1 1 6 6 6 l I ¥ K 1 1 1 . . . 0 0 0 0 0 0 . . . 0 0 0 0 1 0 5 9 6 . . . 0 0 0 3 3 3 . . . 5 4 5 1 2 0 N D o ec v e e m m b b e e r r 6 5 . . 1 9 2 4 4 4 . . 8 8 8 8 4 4 . . 5 5 4 9 4 3 . . 0 9 8 8 3 3 . . 6 6 3 7 3 3 . . 4 4 7 6 3 3 . . 4 3 2 6 3 3 . . 2 4 8 7 June 7/16 1.00 .006 .03 .39 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 J J u u l n y e 1 24 V XA * - /-% 7 7/ / 1 1 6 6 IK 1 1 . . 0 0 0 0 . . 0 0 0 1 5 4 . . 0 0 3 3 . . 3 4 9 3 F M e a b r r c u h ary.. _ 5 6 . . 9 0 6 4 5 5 . . 6 6 4 1 5 5 . . 5 6 6 6 5 5. . 4 3 0 9 4 4 . . 8 8 4 5 4 4. . 4 5 4 1 4 4 . . 1 1 5 5 4 4 . . 0 1 9 5 4 0 . ) 09 July 8 YT- 7/16 1.4 1.00 .012 .03 .47 April __ __ 6.07 5.63 5.68 5.34 4.80 4.40 4.21 4.13 July 15____ YI- 7/16 IK 1.00 .015 .04 .45 May 6. 10 5.64 5.66 5.28 4.79 4.43 4.17 4.13 July 22-___ 7/16 1.00 .019 .04 .44 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 abou*t 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. i 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—June 2.52 2.91 4.40 3.26 3.68 4.41 6.25 3.55 5.75 3.90 July 2.52 2.87 4.17 3.22 3.62 4.21 5.63 3.48 5.25 3.79 August _ 2.51 2.82 4.09 3.18 3.57 4.13 5.49 3.43 5.09 3.76 September.. 2.58 3.02 4.17 3.21 3.60 4.20 5.65 3.50 5.18 3.82 October 2.48 2.82 4.03 3.15 3.53 4.08 5.36 3.43 4.94 3.73 November . 2.50 2.74 3.95 3.10 3.46 4.02 5.23 3.39 4.83 3.65 December 2.49 2.75 3.95 3.08 3.42 4.02 5.27 3.40 4.82 3.63 1939—January 2.47 2.70 3.86 3.01 3.32 3.97 5.12 3.31 4.70 3.57 February _ _ _ _. __ 2.44 2.70 3.81 3.00 3.26 3.94 5.05 3.29 4.63 3.52 March 2.34 2.67 3.74 2.99 3.22 3.87 4.89 3.29 4.46 3.48 April _ _ 2.30 2.75 3.84 3.02 3.22 3.97 5.15 3.35 4.66 3.51 May -. 2.17 2.66 3.78 2.97 3.16 3.92 5.07 3.30 4.60 3.45 June 2.13 2.63 3.71 2.92 3.13 3.86 4.91 3.23 4.47 3.42 Week ending: July 1 ______ 2.19 2.63 3.70 2.91 3.11 3.88 4.92 3.21 4.48 3.43 July 8 2.18 2.66 3.71 2.90 3.10 3.89 4.92 3.20 4.50 3.42 July 15 __ 2.16 2.63 3.67 2.89 3.09 3.85 4.87 3. 19 4.45 3.39 July 22 2.16 2.65 3.65 2.89 3.06 3.82 4.82 3.17 4.40 3.38 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 193S. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

667 AUGUST 1939 FEDERAL RESERVE BULLETIN BOND PRICES* STOCK MARKET Corporate 3 Stock prices i U. S. Munic- Year, month, or date Treas- ipal a Volury 2 Indus- Rail- Year, month, or Common (index, 1926=100) ume of Total trial road Utility date Pre- tradferred 2 ing s Indus- Rail- Number of issues 15 60 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—June 103.9 113.6 75.3 80.0 52.0 94.0 1937 average 136.2 112 131 95 1,519 July 103.8 114.2 80.8 85.0 60.2 97.3 1938 average 135.6 83 99 73 1,100 August 104.0 115.2 81.3 85.7 60.0 98.1 September.. 103.0 111.7 78.7 84.2 55.7 96.3 1938—June 132.3 86 69 1,033 October 104.3 115.2 81.8 86.8 59.9 98.6 July 135.6 105 77 1,762 November.. 104.0 116.6 82.1 86.9 60.2 99.3 August 138.1 108 75 843 December.. 104.1 116.5 81.1 86.0 58.6 98.7 September... 137.9 104 72 1,054 1939—January— 104.4 117.3 81.9 86.2 59.7 99.7 October 140.4 110 77 1,889 February. .. 104.8 117.3 82.1 86.4 59.0 100.7 November.. _ 142.3 114 81 1,355 March: 106.0 117.9 83.1 87.1 60.9 101.3 December... 141.7 111 78 1,195 April 106.6 116.4 79.4 83.8 54.5 99 7 1939—January 141.7 109 81 1,114 May 108.3 118.1 80.2 84.8 54.8 101.0 February 141.8 106 708 June 109.1 118.6 81.4 86.2 56.2 101.6 March 142.3 108 999 April 140.4 96 964 June 28 _ 108.8 118.6 86.0 55.1 101.5 May 141.8 97 548 July 5— 108.8 118.0 80.7 85.8 54.7 101.5 June 143.9 101 507 July 12.. 109.0 118.6 81.4 86.3 55.9 102. 1 July 19- 108.8 118.2 81.9 86.4 57.1 102.2 June 28 143.8 97 579 July 5 143.3 97 328 July 12 144.2 100 614 1 Monthly data are averages of daily figures except for municipal bonds, July 19 143.9 89 104 1,397 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 eign* 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 2,102 2,075 129 665 1,280 1,249 31 28 1938—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 2 323 274 274 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 (3) 213 161 11 21 129 106 23 53 May 1,312 117 117 94 2 21 18 3 0 1,195 1,180 7 1,021 151 131 20 16 June 605 293 283 253 0 30 22 9 10 312 312 39 21 252 249 2 0 1 Includes issues of noncontiguous U. S. Territories and Possessions. 2 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. » Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Annual Report for 1937 (table 78). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

668 FEDERAL RESERVE BULLETIN AUGUST 1939 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF DIRECT OBLIGATIONS [On basis of daily statements of United States Treasury. In millions of dollars] Noninterest- Interest-bearing b earing Total :Publicly-offered i End of month gross debt Ad- Social Bonds justed se- All Ma- Total service curity others tured Other interest Total Notes Bills issues3 issues4 debt bearing Pre- Treas- U. S. war ury2 savings 1932 June 19, 487 19,161 "18,816 753 13, 460 1,261 616 105 240 60 266 1Q33 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 54 618 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—June 37,165 36, 576 33, 463 79 21, 846 1,238 9,147 1,154 868 1,601 644 141 447 1938—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 June .. 40, 440 39, 886 35, 715 79 25, 218 1,868 7,243 1,308 839 2,511 820 142 411 i Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System, a Includes Liberty bonds. a 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. *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, JUNE 30, 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 o a rt 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- 1Q3Q Before Oct 1 1,319 11 1,308 tion tion 2 tion tion ity Oct 1—Dec 31 526 526 1940 A J T a i p i n r lv 1 1 1 — — M S Ju e a n n r e t 3 3 3 1 0 0 1,3 7 7 3 8 8 1,3 7 7 3 8 8 1934— D J e u c n . e.. 3,0 6 6 8 3 1 9 3 8 1 0 2 1,8 1 3 3 4 4 2 2 4 3 9 5 1941 Oct 1—Dec 31 2,2 7 1 3 9 7 834 1,3 7 8 3 5 7 1935— D Ju ec n . e _ . . . 4 4 , , 4 1 9 2 4 3 1 1 , , 3 2 8 2 7 6 2 2 , , 8 64 5 7 5 2 2 5 5 0 2 1 1 9 9 4 4 2 3 1 1, , 9 0 4 0 8 1 898 1 1, , 0 0 5 0 0 1 1936— D J e u c n . e . . . . 4 4 , , 7 6 1 6 8 2 1 1 , , 4 4 2 2 2 2 3 2 , , 0 9 4 8 4 8 2 2 5 5 2 2 1 1 9 9 4 4 4 5 . _ 2,1 4 1 1 9 6 2,119 416 1937— D J e un c, e.. 4 4 , , 6 6 4 6 5 5 1 1 , , 4 4 1 2 0 2 2 2 , , 9 9 3 8 7 7 2 2 9 5 7 5 1946 1,844 1,844 1938—June.. 4,853 1,410 2,937 299 206 1 1 1 1 1 1 9 9 9 9 9 9 5 4 4 5 4 5 3 8 7 2 9 1 .__ 2 2 2 2 1 1 1 , , , , , 8 , 7 4 0 2 8 2 3 0 2 2 4 6 6 4 2 3 2 2 2 2 2 1 1 1 , , , , , 7 8 0 2 , 4 8 2 2 0 2 3 4 6 2 3 4 6 2 1938— N S A O J e o u c u p v g t l t y . . . . . . . . . . . . 4 5 5 5 5 , , , , , 9 0 0 0 0 9 6 0 0 1 3 4 1 9 5 1 1 1 1 1 , , , , , 3 4 4 4 3 1 8 1 0 9 0 8 0 4 5 2 2 2 2 2 , , . , , 9 8 8 8 8 3 8 8 8 8 7 8 8 8 8 5 5 5 5 5 1 1 1 1 1 0 1 1 1 1 2 2 2 2 2 0 0 0 0 0 6 6 6 6 6 1954 2,663 2,663 Dec... 4,992 1,388 2,888 509 206 1 1 1 9 9 9 5 5 5 6 5 9 4 9 7 8 8 5 2 9 5 7 4 98 8 5 2 9 5 1939— M F Ja e a n b r . . . . . . . . . 4 5 5 , , , 9 4 4 8 1 1 7 0 0 1 1 1 , , , 3 3 3 8 8 8 3 1 1 2 2 2 , , , 8 8 8 8 8 8 8 8 8 8 5 8 1 0 1 9 9 9 2 2 2 0 0 06 6 6 1 1 1 1 4 4 1 1 9 9 6 6 0 1 2,61 5 1 0 2,61 5 1 0 M Ap a r y .. . . . 5 5 , , 4 4 0 1 9 0 1 1 , , 3 3 7 8 9 0 2 2, , 8 8 8 8 8 8 8 8 2 1 0 9 2 20 0 6 6 1 1 1 1 4 4 1963 919 919 June.. 5,450 1,379 2,928 820 206 114 1965 1,485 1,485 Total 35, 715 27,165 7,243 1,308 1 Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the 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 $2,634,000 on June 30, 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

669 AUGUST 1939 FEDERAL RESERVE BULLETIN SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. In millions of dollars] General and special accounts Receipts Expenditures J T a ru c- st I c n r c e r a e s a e s e ( ) lu o r r i n d g ecounts, penod General Excess etc. 7 of re- excess of re- Period Social Other Na- Re- Re- Trans- ( c + ei ) p o ts r c (+ ei p o ts r Total c ta I o x n m e - e s ta i x ty es2 i n r n e n u t v a e e e l r 3 - - o A th l e l r Total I e d n s e t t e b o r t n - t f i V a e o d n n e e n s d t - a e - l o A th ll er r c a e e o n l r i v y d e - f ( f v n u i o e n n t l g d ) v s - 5 f a t e e c r r t u c s c t s . t s 6 t o . p t e u ( e - n r x ) e d - s i- p t e u ( n - r ) e d s i- G ba f e u l n a n n e d c ra e l 7 G d r e o b s t s erans' Adm.* 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 June 1939 5,668 2,182 740 2,238 507 9,210 941 1,627 2,761 3,105 92 685 -3, 542 +890 +622 +3, 275 1938—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 June..- _ __ 613 355 25 193 39 951 272 140 223 252 8 56 -339 +95 -86 +158 Details of trust accounts, etc. Details of general fund balance (end of period) Old ra -a il g r e o a r d e s r e e r t v i e re a - nd Un t e r m us p t l o fu y n m d ent c N h e e t c k e i x n p g e n ac d c it o u u r n es ts i o n f ot A h l e l r, ment accounts Government agencies excess Period ce R i e p - ts m v I e e n s n - t t - s m B p e e f a n i n y t t e - s - ce R i e p - ts m v I e e n s n - t t - s d W S ra t b a w i y t t h e a s - ls s C F t R r o i t u n e r i c p c a o o t n o n i n r c o a - e n - C m C o C o t r r o i p e d o m d o i n t i r - y t a- o A th l e l r d e ( c ( o i x - + e t ) f p i u i ) o p r e r o e n t e s - r s - Total a g c I o t n i l - v d e m g c I o o r e n n e l n - d - t i S o e r i a g g n e - W a b i n n o a c g l r - e k- Fiscal year ending: June 1936 19 19 »241 33 100 +204 2,682 140 316 2,225 June 1937 267 267 (8) 294 293 1 » 329 » 112 127 +60 2,553 1,087 141 356 970 June 1938. _ _ 550 461 85 763 560 191 •9 » 184 9 11 +87 2,216 142 446 1,628 June 1939 _ _ _ _ 639 516 120 838 395 442 9 658 136 9 246 +116 2,838 142 536 2,160 1938—June 17 17 9 82 46 39 9 10 9 83 22 +2 2,216 142 446 1,628 July - - 60 40 9 35 36 9 260 10 9 55 +10 2,116 142 451 1,523 August. _ __ 48 35 9 131 82 53 10 31 26 +3 2,260 142 455 1,663 September 45 35 9 35 •4 40 24 27 9 7 +3 2,978 142 460 2,376 October. __ 44 34 10 38 • 14 40 19 23 96 +19 2,569 142 467 1,960 November 49 34 10 125 96 26 21 18 Ml +13 2,447 142 478 1,828 December 49 34 10 37 32 19 18 16 94 +8 3,084 142 492 2,449 1939— J F A M M u J e p a n a b a n r e r i r u c y l u a h - a ry ry 3 8 5 6 5 5 9 5 0 8 0 5 3 4 5 8 5 5 4 0 0 3 0 0 1 1 1 1 1 1 1 0 0 1 0 1 1 13 5 3 3 4 3 7 1 4 4 8 2 » 9 1 1 1 0 1 1 1 1 8 0 3 3 3 3 4 4 3 4 6 3 4 1 2 1 9 9 9 9 3 • 6 2 6 8 1 3 6 0 6 5 (9) ( ( 8 8 ) ) 9 1 4 2 5 0 9 9 9 9 9 1 1 3 2 1 2 2 7 2 0 2 7 + + + + + - 1 2 1 1 1 2 4 3 1 1 2 3 3 3 2 2 , , , , , , 3 9 3 0 9 8 8 4 4 2 3 3 9 4 3 4 3 8 1 1 1 1 1 1 4 4 4 4 4 4 2 2 2 2 2 2 5 5 5 5 5 5 0 0 1 2 3 2 8 3 5 8 6 2 2 2 2 2 2 2 , , , , , , 1 2 2 3 7 6 6 5 8 8 3 9 0 4 0 8 2 3 1 Excludes debt retirements. 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 or 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. i° 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

670 FEDERAL RESERVE BULLETIN AUGUST 1939 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, MAY 31, 1939 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] st R ru ec c o ti n o - n Ho h m ou e si m ng o r a tg g a e g n e c ie a s nd Farm credit agencies Ten- Total Finance nesi A C W P s r t a d u a o r t o m n a b r i r p o t d l i k i i o n n o c s - - n O C H r L a w o o o t r i n m a p o e n o n e r - s' m O a g c g t a o i e h e g r n e s e t- - r U t S H h A n t i o o a n i u r u t t g i e e - s t d s y - m F a g c g a a o i e e r g r m n s e t - - a C n b A O F d a r a d t e n h r m c 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 s i e t e o a u y y e l r - - - a a s c I g n u i n e e c r - s n - e - Other M 1 3 9 1 a 3 , y 9 A 1 3 9 p 0 3 , r 9 . M 1 3 9 1 a 3 , y 8 ] porations ASSETS Loans and preferred stock: Loans to financial institutions._ 224 158 (i) 52 434 430 487 Preferred stock, etc 529 214" 44 76 0) 863 862 871 Loans to railroads 471 30 501 509 468 Home and housing mortgage loans - . ._ . 2,091 176 58 2,325 2,323 2,368 Farm mortgage loans 2,671 2,671 2,683 2,842 Other agricultural loans 26 286 370 94 (0 776 776 642 All other loans .. 2 458 0) s 252 4 231 941 913 847 Total loans and preferred stock . 1,707 2,306 378 58 2,671 362 370 346 52 262 8,511 8,497 8,524 Cash 3 178 84 71 90 32 1 21 5 39 15 538 559 336 U.S. Govt. direct obligations 48 40 1 75 166 374 4 708 705 649 Obligations of Government credit agencies: Fully guaranteed by U. S 12 24 106 142 144 165 Other * 3 5 5 37 45 46 40 Accounts and other receivables 26 11 6 1 196 5 21 0) 4 59 48 377 377 275 Business property .- 0) 6 0) 130 6 0) 0) 234 1 98 476 472 413 Property held for sale 34 554 0) 122 0) 2 1 713 712 698 Other assets. _ _ _ __ _ _ 0) 5 0) 8 0) 0) 5 5 167 191 175 66 Total assets other than interagency 6 1,822 3,059 521 261 3,173 627 391 372 244 638 595 11, 70311, 68811,167 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States... 820 2,888 114 1,379 206 2 5,410 5,410 4,852 Other * 0) 175 1,002 193 3 0) 7 1,382 1,379 1,346 Other liabilities (including reserves) . 89 122 37 3 94 11 74 4 6 183 167 790 803 575 Total liabilities other than interagency 6 909 3,010 212 117 2,475 204 281 4 9 186 175 7,581 7,592 6,773 Excess of assets over liabilities, excluding interagency transactions. - 913 49 309 144 698 423 111 368 235 452 420 4,122 4,096 4,394 Privately owned interests 49 198 3 139 389 387 379 U. S. Government interests 913 49 261 144 500 420 111 368 235 313 420 3,732 3,709 4,014 i Less than $500,000. a Includes $49,000,000 loans of Public Works Administration. »Includes $250,000,000 loans of Farm Security Administration. • Includes $117,000,000 loans of Rural Electrification Administration. • Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation. • 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 dollarsl June 30, Dec. 31, Jan. 31, Feb. 28, Mar. 31, Apr. 30, May 31, June 30, 1938 1938 1939 1939 1939 1939 1939 1939 Loans to financial institutions 234, 897 209, 625 205, 539 199,183 196, 679 193, 96' 190, 447 i 183, 943 Loans on preferred stock of banks and insurance companies.. 37, 525 34, 616 34,116 33, 779 33, 626 33, 583 33, 494 33, 444 Preferred stock, capital notes, and debentures 533, 761 536, 590 532, 352 526,153 524, 343 528, 024 528, 573 529, 270 Loans to railroads (including receivers) 393, 699 436, 094 437, 789 436,139 439, 560 443, 840 436, 612 439,199 Loans for self-liquidating projects 245,080 186, 384 187, 588 187, 301 186, 978 111,391 113, 450 44, 683 Loans to industrial and commercial businesses 76, 369 107, 747 109, 419 110, 664 112, 048 112, 531 114, 498 117,079 Loans to drainage, levee, and irrigation districts 79, 406 81, 037 82, 396 82, 494 82, 757 82, 966 83, 084 83,109 Other loans 4,324 24, 040 28, 952 26, 988 27, 067 27,129 28, 640 27, 393 Securities purchased from Public Works Administration 145,148 140,194 140,801 136,725 131,090 130,313 128, 865 116, 577 Total loans and investments, other than interagency.. 1, 750, 2101, 756, 3271, 758, 9511, 739, 4271, 734,1481, 663, 7441, 657, 6631, 574, 697 Loans to Federal land banks 5,017 Preferred stock of Export-Import bank 20, 000 45,000 45,000 45, 000 45,000 45, 000 45, 000 45, 000 Loans to Rural Electrification Administration 46, 498 46, 498 47, f"" 49, 848 53,948 61,148 146, 498 Capital stock of, and loans to R. F. C. Mortgage Co 40, 011 54,159 56, 548 51, 691 53, 258 55, 066 55, 625 57, 094 Capital stock of, and loans to Fed. Natl. Mtge. Assn 11, 000 49, 710 11, 000 17, 234 24, 215 29, 398 33, 796 37, 996 Loans to Tennessee Valley Authority 3, 000 3,000 3,000 3,000 3,000 3,000 8,300 Total loans and investments. 1, 872, 735 1, 954, e 1, 922,197 1, 906, 200 1, 913, 569 1, 852, 906 1, 856, 232 1, 869, 585 i includes $52,000,000 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

671 FEDERAL RESERVE BULLETIN FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Federal intermediate Farm mortgage loans credit bank loans to Loans to cooperatives 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—December _ 2,064,158 836, 779 129, 872 41,017 105, 212 25, 288 164, 887 1,641 69, 647 53, 754 1937—December 2,035, 307 812,749 165,194 40,464 138,169 15, 592 172,130 1,813 87, 633 30, 982 r- 2,017, 696 786,068 207,988 42,894 184, 327 14, 788 184, 532 19 81,190 24, 604 1938—JJuulnye 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, 808 13,374 179,398 256 82, 544 27, 370 October __ _ L, 997, 561 766, 502 174,626 36,121 154, 560 12, 354 174, 574 744 86,931 27, 917 November ,990, 475 760, 326 166, 549 34, 537 148, 430 11, 592 172, 043 851 86, 221 25, 313 December.__ _ ,982, 224 752, 851 168, 392 33, 545 148,037 11,081 170, 891 920 87, 496 23, 723 1939—January L, 973,179 745, 631 163,815 33,077 148, 416 10, 863 169, 707 834 80, 266 23, 948 February , 968, 790 740, 870 166, 996 34,115 155, 409 10, 689 170, 400 1,152 73,692 23, 631 March L, 960, 357 733, 647 175, 362 35,318 167, 867 10, 399 175, 509 1,528 65, 783 23, 305 April . _ ._. L 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 June _ _ 1,940, 586 717, 622 190, 359 39, 794 187, 712 10, 235 179, 565 359 59, 577 22, 592 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.* poration of asso- Loans 1 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 1,236 385 111 630 147 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—June 2, 265,153 1,346 947, 500 196, 222 1938—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 1.264 1,306 76 1,154 988 166 76 June -. ... „ _- 2, 080, 512 1,386 1,136, 289 168, 962 May *>1, 261 June PI, 262 1 Federal Home Loan Bank Board estimates for all Federal savings and loan associations. J» 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. * 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

672 FEDERAL RESERVE BULLETIN AUGUST 1939 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production l * Construction contracts awarded (\alue) 2 Fac- Factory em- tory Freight-car Department Year Total Manufac- Minerals Total Residential All other ployment 3 pay- loadings * * store sales * and rolls 3 (value) month Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjustedjusted justed justed justedjusted justedjusted justed justed justedjustedjusted justed justedjustedjustedjustedjusted 1919 83 84 77 63 44 79 107 98 84 78 1920 87 87 89 63 30 90 107 117 91 04 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 08 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 60 91 74 64 79 1936 105 105 105 55 37 70 98 86 75 88 1937 110 109 115 59 41 74 106 102 78 92 1938 86 84 98 64 45 80 87 78 62 85 1936 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 63 45 38 83 65 105 104 99 83 77 92 161 1937 Jan 114 112 115 113 111 107 63 51 45 37 77 63 105 103 94 80 73 93 72 Feb 116 117 116 118 116 112 62 54 47 42 75 64 106 105 100 82 76 95 76 Mar 118 122 117 122 128 119 56 56 45 47 64 63 107 108 106 83 80 93 90 April 118 122 118 125 115 105 53 61 44 51 61 68 108 109 109 84 79 93 89 May 118 122 118 123 117 118 56 68 44 52 66 81 109 109 110 80 80 93 95 June 114 115 114 114 115 118 61 72 42 47 77 92 108 108 107 78 79 93 90 July.... 114 111 114 110 112 115 67 75 44 45 86 99 109 108 105 80 82 92 65 Aug 117 115 117 114 113 121 62 66 40 40 81 87 109 109 108 79 81 93 72 Sept 111 109 110 106 116 125 56 56 37 37 71 72 107 109 104 78 87 94 100 Oct 102 102 100 99 113 123 52 49 36 35 65 61 105 107 105 76 84 93 103 Nov 88 00 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 ••99 61 44 32 28 66 56 89 88 77 62 57 88 70 Mar 79 80 75 77 ••104 ••96 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 ••92 90 51 61 37 44 62 76 84 83 73 58 57 78 80 June... 77 77 74 75 92 ••92 54 63 42 46 64 76 82 82 71 68 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 66 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 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 60 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 94 91 94 98 97 63 75 55 65 68 84 90 90 84 62 62 85 87 June ,98 P98 P97 P97 P105 P105 P63 t>72 P58 P63 P66 J>80 P92 .91 P86 67 67 86 83 p Preliminary. r Revised. * Average per working day. i For indexes of groups and separate industries see pp. 673-674; for description see BULLETIN for February and March 1927. s 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. 675-678. Underlying figures are for payroll period ending nearest middle of month.' * For indexes of groups see p. 680. 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

673. AUGUST 1939 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average=100] 1938 1939 Industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Manufactures—Total _ 82 87 95 103 104 100 97 92 91 Durable 58 64 83 94 92 89 83 76 71 Nondurable 102 108 107 106 110 114 110 109 110 '106 108 P110 IRON AND STEEL.. 62 70 75 90 108 101 94 87 83 79 73 89 Pig iron 42 51 59 67 76 74 72 73 75 66 55 73 Steel ingots... 64 72 77 92 112 104 97 84 81 74 90 TRANSPORTATION EQUIPMENT: Automobiles 105 73 Locomotives 13 NONFERROUS METALS: Tin deliveries i 73 102 Zinc 89 90 Lead 82 70 CEMENT AND GLASI Cement 67 84 82 69 80 90 75 Glass, plate 44 107 155 155 153 147 133 131 124 COKE: Byproduct.. 73 71 81 105 106 106 105 106 94 77 103 Beehive 5 5 5 6 6 6 5 5 2 2 5 TEXTILES 77 97 110 103 100 112 117 109 109 110 97 104 Cotton consumption 81 101 115 108 104 112 120 110 111 114 106 110 f-115 Wool 60 87 106 93 91 107 116 107 111 105 85 105 Consumption 73 110 133 107 101 123 134 114 117 119 91 120 Machinery activity * 63 74 91 87 101 112 113 113 91 80 98 Silk C d a el r i p v e e t r i a e n s d rug loom activity 8 3 7 6 101 1 4 0 2 5 1 6 0 5 2 111 1 6 0 7 4 1 6 2 9 3 1 7 1 2 6 1 7 0 7 7 8 9 7 7 1 8 0 4 8 78 7 7 3 6 84 LEATHER AND PRODUCTS 105 91 103 109 103 101 107 123 124 124 121 '115 113 Tanning 75 75 78 82 78 81 90 103 105 95 '97 94 Cattle hide leathers 77 74 77 86 86 94 100 104 93 91 91 Calf and kip leathers... 68 76 80 77 72 89 109 119 118 103 101 89 Goat and kid leathers.. 74 74 76 75 65 70 77 85 97 97 95 106 104 Boots and shoes 125 101 119 126 119 114 118 138 137 137 138 '127 126 FOOD PRODUCTS: Slaughtering and meat packing. 84 81 83 95 87 83 90 94 87 Hogs 66 58 62 74 92 79 74 67 73 81 84 73 Cattle 103 108 107 103 106 94 89 97 100 106 99 104 103 Calves 110 110 112 115 118 108 112 106 111 108 110 105 108 104 Sheep 164 151 152 153 152 149 152 137 150 157 156 135 142 143 Wheat flour 86 98 98 87 88 91 86 92 92 94 97 100 95 100 Sugar meltings 81 78 85 106 103 100 108 106 70 78 94 72 TOBACCO PRODUCTS 163 154 154 161 160 150 164 179 165 162 164 164 170 170 Cigars 70 73 71 73 75 74 76 76 79 77 78 77 75 Cigarettes 237 219 219 232 229 211 233 258 237 231 236 236 246 247 Manufactured tobacco.. 84 84 84 81 84 78 95 97 78 78 80 81 85 84 PAPER AND PRINTING: Newsprint production... 51 54 53 57 58 63 61 61 61 62 63 65 Newsprint consumption. 126 123 125 123 130 132 128 128 125 127 126 130 127 132 PETROLEUM REFINING.. 193 200 203 206 208 208 201 205 201 202 211 Gasoline1 253 248 258 264 265 269 269 259 262 256 256 ^265 269 K L Fu u e e b r l o r s i o c e i a n l t e 1 ing oil1 1 1 1 3 1 0 3 8 8 1 1 1 2 0 1 6 3 7 1 1 1 0 1 3 6 0 2 1 1 1 0 3 0 4 4 8 1 1 1 4 0 1 1 9 3 1 1 1 1 0 4 0 2 3 1 1 10 4 0 9 0 4 1 1 1 4 0 0 2 0 7 1 1 1 0 4 1 6 5 2 1 1 1 1 1 3 7 3 8 1 1 1 4 1 2 0 1 2 1 1 1 4 1 2 3 5 2 1 1 1 2 1 4 4 9 3 RUBBER TIRES AND TUBES I 64 70 81 90 95 100 112 110 109 114 104 102 112 Tires, pneumatic 1 67 73 84 93 103 104 116 115 114 119 108 106 116 Inner tubes * 43 50 56 72 75 79 76 71 76 73 68 76 Minerals—Total 2. '92 92 93 95 97 102 109 110 110 95 P105 A B n i t t h u r m a i c n i o t u e s 3 coal.. ' 5 6 7 6 ' 5 7 7 4 6 4 0 7 6 3 4 8 7 5 1 0 4 7 9 2 •• 7 5 6 8 ' 7 6 8 7 7 6 5 9 7 6 9 1 7 6 7 1 8 3 0 1 4 7 6 3 P72 Petroleum, crude _ 156 153 161 167 158 161 165 169 171 169 173 174 175 Iron ore 19 34 38 37 41 50 42 55 67 Zinc 79 70 69 74 75 80 88 87 91 89 90 Lead 60 64 54 46 50 50 66 70 73 71 82 70 Silver 92 91 105 102 102 51 100 101 71 1 Without seasonal adjustment. Preliminary. r Revised. c Corrected. 2 Revised figure Mar. 1938, 104. » Revised figures, 1938: Jan. 69, Feb. 54, Mar. 72, Apr. 46. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, November 1936, p. 911, March 1937, p. 255, October 1938, p. 911, and January 1939, pp. 20-21. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, boxboard, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

674 FEDERAL RESERVE BULLETIN AUGUST 1939 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average=100] 1938 1939 Industry May- June July Aug. Sept Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Manufactures—Total 85 95 103 100 96 94 Durable 63 79 92 85 84 83 86 84 78 Nondurable 104 109 109 113 108 111 111 111 106 107 IRON AND STEEL 69 75 100 89 79 Pig iron 49 57 77 73 56 72 Steel ingots 71 76 90 103 90 94 81 90 TRANSPORTATION EQUIPMENT: Automobiles 115 117 105 105 106 Locomotives 13 11 12 12 NONFERROUS METALS: Tin deliveries 65 73 102 93 Zinc 90 87 Lead 59 70 71 CEMENT AND GLASS: Cement 91 83 64 42 65 Glass, plate 72 107 155 155 153 147 133 138 93 COKE: Byproduct 79 107 107 107 108 109 95 76 101 Beehive 4 6 7 7 7 2 2 5 TEXTILES 90 103 104 103 116 111 114 115 112 100 104 P105 Cotton consumption 92 103 104 107 117 110 116 119 119 113 113 111 Wool 81 101 96 96 113 117 109 116 106 84 100 Consumption 98 123 113 111 134 135 118 128 122 88 111 Machinery activity 74 91 87 101 112 113 113 91 80 98 Carpet and rug loom activity 42 55 67 69 72 77 87 84 78 73 Silk deliveries 100 106 104 127 103 122 104 104 87 75 75 LEATHER AND PRODUCTS 97 102 121 119 111 102 104 115 126 125 112 104 P106 Tanning 71 78 84 84 86 95 98 108 94 94 88 Cattle hide leathers 73 75 85 90 92 96 101 111 94 91 87 Calf and kip leathers 65 93 93 83 82 85 94 98 108 91 91 85 Goat and kid leathers 69 71 74 68 73 76 92 92 101 97 105 96 Boots and shoes 113 117 145 143 128 112 109 125 138 145 124 115 P115 FOOD PRODUCTS: Slaughtering and meat packing.. 82 80 79 77 90 94 104 101 101 83 84 81 92 Hogs 64 60 56 56 66 79 97 103 100 74 74 72 81 Cattle 100 101 106 101 118 110 111 94 98 88 92 87 101 Calves 125 114 109 106 113 113 114 100 104 100 111 114 122 108 Sheep 161 148 152 154 176 163 151 135 151 147 142 127 139 140 Wheat flour 81 95 94 104 102 93 90 91 91 91 90 Sugar meltings 91 104 97 114 78 70 69 92 109 81 TOBACCO PRODUCTS 165 169 167 172 161 167 145 157 147 156 151 172 186 Cigars 72 80 74 76 90 90 57 61 67 71 72 78 81 Cigarettes 240 241 241 250 252 222 231 212 232 211 224 215 248 272 Manufactured tobacco 84 84 91 81 92 79 79 79 81 78 85 86 PAPER AND PRINTING: Newsprint production 54 52 53 52 57 58 63 61 62 61 61 64 66 64 Newsprint consumption 129 122 111 110 128 140 137 132 120 125 131 139 131 131 PETROLEUM REFINING 197 192 199 203 206 209 208 202 205 202 201 '208 Gasoline 253 248 258 264 265 269 269 259 262 256 256 c265 Kerosene 114 109 98 111 107 113 115 115 115 119 121 119 Fuel oil 133 126 132 134 141 143 140 142 145 138 140 143 143 Lubricating oil 108 103 110 108 113 110 109 100 106 117 111 115 119 RUBBER TIRES AND TUBES 64 70 81 95 100 112 110 109 114 104 102 112 Tires, pneumatic 67 73 84 103 104 116 115 114 119 108 106 116 Inner tubes 43 50 56 72 75 79 76 71 76 73 68 76 Minerals—Total i 90 '92 93 97 102 106 105 103 105 105 102 97 Bituminous coal 49 51 55 62 76 79 82 77 40 Anthracite2 '66 '64 39 38 '51 63 '60 '66 74 50 83 73 I P r e o t n r o o le re um, crude 1 2 5 8 8 1 6 5 7 6 16 7 5 8 1 7 7 6 0 1 7 6 8 3 1 8 6 6 3 1 3 6 5 3 164 164 166 171 174 1 8 7 2 7 132 Zinc 80 68 64 69 71 78 93 94 87 Lead 59 65 52 44 48 52 58 75 70 71 Silver 84 104 97 101 108 102 v Preliminary. ' Revised. c Corrected. 1 Revised figures, 1938: Feb. 99, Mar. 96. 2 Revised figures, 1938: Jan. 75, Feb. 58, Mar. 59. NOTK. — For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, March 1937, p. 256, October 1938, p. 912, and January 1939, pp. 20-21. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, boxboard, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1939 FEDERAL RESERVE BULLETIN 675 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 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Total 83.7 82.4 82.9 84.9 87.5 90.0 91.6 91.7 91.3 91.0 '90.8 90.4 91.5 Durable goods 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 83.4 Nondurable goods 92.9 92.4 94.5 97.2 97.6 96.7 99.5 99.5 98.7 '98.0 98.2 99.2 IRON, STEEL, PRODUCTS 77.8 77.3 79.4 80.9 83.1 86.2 88.1 87.7 87.6 87.7 87.6 87.4 Blast furnaces, steel works 85 83 83 84 85 86 90 92 92 91 91 91 91 93 Bolts, nuts, washers, rivets 80 77 78 79 83 85 90 92 91 91 92 89 88 88 Cast-iron pipe 63 62 60 61 64 65 67 67 67 68 67 68 67 Cutlery, edge tools 76 76 67 76 78 79 81 83 82 83 83 79 81 Forgings 43 40 40 42 44 46 48 49 48 48 47 49 48 48 Hardware 63 61 57 62 67 79 84 86 85 83 82 80 76 68 Plumbers' supplies 72 73 73 73 74 72 73 73 73 73 73 73 74 75 Stamped, enameled ware 120 113 108 118 123 127 134 134 131 131 135 131 130 135 Steam, hot-water heating 64 65 69 70 68 69 68 68 68 69 69 68 69 Stoves 71 70 71 75 74 77 74 77 78 79 79 81 Structural, ornamental 58 58 58 58 60 60 63 63 67 68 67 Tin cans, tinware 87 86 90 89 84 87 88 89 90 90 91 90 91 Tools 75 73 70 73 76 77 80 83 83 85 84 84 84 84 Wirework 126 114 112 111 132 145 163 172 163 161 160 156 150 145 MACHINERY 86.0 83.3 84.7 85.2 86.8 89.1 91.6 92.1 93.9 94.1 94.9 94.4 95.4 Agricultural implements 130 124 103 106 96 99 99 105 109 118 118 116 114 113 Cash registers, etc 139 137 138 135 136 136 135 136 134 134 133 129 128 131 Electrical machinery 78 75 73 74 77 83 83 84 85 86 85 86 M T T R E F e o y n a a x d g u p c t i i e n h i o n w l d i e s e n r , r s y e m i , p t , e t t h a o u m r c o s o r h n a b l i s o 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 8 8 5 2 1 6 0 7 8 3 5 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 2 7 1 1 8 8 7 1 5 1 2 3 7 9 8 2 1 1 8 7 8 6 1 2 3 8 1 1 4 2 1 1 8 7 6 1 2 9 8 2 5 5 1 1 1 8 7 6 0 2 1 8 9 5 6 6 7 1 1 1 8 6 2 1 1 2 7 6 9 1 1 1 1 8 9 6 2 2 1 2 3 7 1 6 4 1 1 1 8 9 6 1 2 2 3 2 9 6 4 7 1 1 1 8 7 9 2 1 2 4 0 2 7 8 8 1 1 1 8 9 7 3 1 2 4 2 1 1 3 8 1 1 1 8 9 7 3 2 1 4 3 3 3 5 0 1 1 1 8 9 7 3 2 0 5 6 3 6 5 7 TRANSPORTATION EQUIPMENT 65.1 61.1 56.9 55.9 74.2 81.5 89.9 93.9 93.3 92.0 r90. 3 86.3 89.7 Aircraft __.. 823 790 787 759 779 810 823 854 885 950 952 1,057 1,149 1,240 Automobiles 65 60 55 55 79 89 99 104 102 98 97 96 89 91 L C o a c rs o , m e o le t c iv tr e i s c-, steam-railroad 2 2 7 6 2 2 4 5 2 2 3 0 2 1 4 8 2 1 8 6 2 1 6 6 2 1 7 7 3 1 0 7 3 2 2 0 35 3 1 3 7 3 1 1 9 3 2 1 2 3 2 3 6 Shipbuilding 99 91 89 91 97 100 103 18 107 109 115 122 109 NONFERROUS METALS, PRODUCTS 81.3 82.0 84.4 86.7 89.0 92.3 93.5 93.7 94.0 '93.7 93.2 92.8 Aluminum 126 122 124 131 137 140 141 140 141 145 150 153 152 153 Brass, bronze, copper 86 86 87 90 93 95 101 100 99 98 97 98 99 Clocks, watches 81 78 78 80 79 81 79 79 84 84 85 84 82 Jewelry 82 84 85 87 88 87 90 94 93 95 96 94 95 Lighting equipment 68 65 66 72 76 83 87 91 92 '83 81 77 Silverware, plated ware 59 58 57 59 59 62 63 64 65 66 66 65 Smelting, refining 67 65 64 64 65 66 70 72 72 72 72 72 71 LUMBER, PRODUCTS 60.9 59.9 60.2 61.9 63.2 62.9 64.5 65.3 66.3 65.6 63.7 64.6 65.2 65.9 Furniture 73 73 73 75 76 75 76 79 79 80 81 80 81 Lumber, millwork 48 49 50 52 53 53 55 55 56 55 54 54 53 57 Lumber, sawmills 50 48 49 50 51 51 53 53 54 53 50 51 53 53 STONE, CLAY, GLASS PRODUCTS 63.4 63.2 63.4 64.0 65.4 67.8 71.1 72.0 73.6 71.5 71.8 72.2 69.7 71.9 Brick, tile, terracotta 46 45 46 46 48 49 52 53 57 55 54 54 51 53 Cement 62 63 64 64 63 67 68 67 64 65 67 62 65 Glass 80 78 76 79 82 87 92 93 94 90 91 90 92 Marble, granite, slate 42 42 42 40 40 41 42 44 44 42 47 47 46 44 Pottery 71 74 75 75 75 76 78 79 81 79 78 81 TEXTILES, PRODUCTS 87.6 87.4 92.1 96.4 97.0 95.6 96.7 98.4 98.5 97.7 96.4 96.4 Fabrics 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 90.0 Carpets, rugs 63 48 63 68 72 76 80 82 83 83 83 83 81 79 Cotton goods 77 78 81 85 85 84 85 85 85 86 85 85 85 86 Cotton small wares 70 70 71 75 78 79 83 85 84 84 82 80 82 82 Dyeing, finishing textiles 102 101 104 107 107 106 107 110 111 112 111 111 113 110 Hats, fur-felt 76 64 82 85 87 90 84 83 84 84 81 80 79 83 Knit goods 103 106 109 111 111 111 112 115 113 114 115 114 114 114 Hosiery 133 135 138 140 140 141 141 144 145 146 147 146 146 144 Knitted outerwear 68 70 72 76 76 77 76 82 68 73 75 72 73 77 Knitted underwear 63 65 70 70 69 69 70 71 72 72 71 71 73 74 Knitted cloth 132 137 139 150 147 152 157 162 151 151 151 149 144 157 Silk, rayon goods 64 58 57 61 61 60 61 62 61 62 63 62 63 61 Woolen, worsted goods 55 62 70 74 73 71 79 83 83 79 76 72 77 82 Wearing apparel 106.6 104.1 109.8 115.7 117.9 115.4 113.6 116.4 116.0 116.6 115.5 112.8 111.7 113.8 Clothing, men's 85 81 91 101 103 102 102 103 101 102 102 100 100 101 Clothing, women's 161 158 163 166 170 164 161 166 165 166 165 158 155 162 Corsets, allied garments 97 98 96 97 97 98 99 101 101 101 101 103 105 108 Men's furnishings 125 126 132 136 142 143 138 140 132 137 132 129 126 130 Millinery 71 65 65 68 71 72 61 66 68 72 72 69 68 64 Shirts, collars 111 115 113 118 116 114 114 116 126 120 118 116 117 115 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

676 FEDERAL RESERVE BULLETIN AUGUST 1939 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)—Continued [Index numbers^of the Board of Governors; adjusted to Census of Manufactures through 1935. 1923-25 average=100] 1939 Industry and group May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June LEATHER, MANUFACTURES 87.1 84.4 89.6 91.3 90.8 91.4 92.1 92.8 '92. 9 93.2 91.7 91.2 Boots, shoes 89 85 90 91 92 91 92 92 93 93 93 92 91 Leather 73 73 75 78 79 81 84 84 85 85 84 82 FOOD, PRODUCTS 120.0 121.2 122.2 123.0 122.2 119.2 122.8 124.2 124.2 121.3 122.5 122.3 123.7 124.8 Baking 142 143 144 144 143 142 143 144 143 144 144 143 145 146 Beverages 237 232 232 236 234 234 245 244 245 244 240 241 242 245 Butter 105 102 101 103 100 99 99 100 10Q 98 98 99 99 100 Canning, preserving 126 131 136 140 131 111 128 129 129 122 136 134 137 138 Confectionery 76 78 78 79 79 79 79 82 80 79 79 77 78 77 Flour 76 77 77 77 75 75 77 78 78 76 78 76 79 80 Ice cream 79 77 77 78 77 78 80 80 80 80 79 80 79 79 Slaughtering, meat packing 93 94 95 95 96 97 99 99 96 95 94 95 97 98 Sugar, beet 91 91 92 109 101 101 142 199 112 101 97 100 97 Sugar refining, cane 91 85 92 87 94 81 83 TOBACCO MANUFACTURES 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 64.2 Tobacco, snuff 62 62 61 61 63 58 61 62 59 59 60 61 60 60 Cigars, cigarettes 65 62 63 65 64 64 65 65 64 60 63 64 65 PAPER, PRINTING 103.7 103.0 103.0 103.7 104.0 104.3 105.4 106.0 106.0 105.9 106.3 106.3 106.3 106.0 Boxes, paper 95 95 95 96 96 97 100 101 102 102 103 102 102 104 Paper, pulp 103 102 102 103 104 105 106 106 106 106 106 106 107 106 Book, job printing 100 99 100 99 99 99 100 101 101 100 101 101 100 100 Newspaper, periodical printing... 105 105 104 105 105 105 106 106 105 106 106 106 106 106 CHEMICALS, PETROLEUM 110.2 108.4 108.3 111.0 111.4 111.2 111.8 112.3 112.4 111.7 112.0 112.9 113.1 112.4 Petroleum refining 122 120 121 121 120 119 118 118 118 118 117 117 118 119 Other than petroleum 107.5 105.5 105.2 108.4 109.4 109.3 110.2 110.9 111.1 110.3 110.7 112.0 112.0 110.7 Chemicals 110 110 106 110 111 113 117 117 117 118 118 115 115 115 Cottonseed oil, cake, meal 101 93 102 98 87 86 88 90 85 76 83 90 95 75 Druggists' preparations 111 112 113 110 108 107 107 107 108 106 106 108 110 111 Explosives 82 81 81 81 83 81 81 82 82 83 82 84 87 Fertilizers 93 93 91 96 92 91 89 94 89 89 101 105 97 Paints, varnishes 110 109 110 113 114 113 114 114 115 114 115 116 114 115 Rayon, allied products 290 274 272 292 312 313 310 310 310 314 312 322 315 313 Soap 92 91 90 91 91 90 91 RUBBER PRODUCTS 71.3 71.3 69.5 73.4 76.0 76.8 81.7 83.2 81.3 81.3 82.3 81.4 81.2 80.6 Rubber boots, shoes 55 56 44 54 56 58 62 63 58 61 62 61 62 59 Rubber tires, inner tubes 60 60 61 61 62 64 66 67 67 66 67 67 67 66 Rubber goods, other 109 107 109 117 123 121 132 135 131 131 132 129 127 129 r Revised. NOTE.—Figures for June 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

AUGUST 1939 FEDERAL RESERVE BULLETIN 677 FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT) [Index numbers of the Bure*IU of Labor Statistics; adjustedto Census of Manufactures through 1935. 1923-25 average=100] Factory employment Factory payrolls Industry and group 1938 1939 1938 1939 May June Feb. Mar. Apr. May June May June Feb. Mar. Apr. May June Total - 83.4 81.6 90.7 91.4 91.2 90.1 90 7 72.9 70.8 85.4 86.9 84.9 84.4 86 2 Durable goods 75.0 72.4 82.6 83.5 84.1 83.3 84 1 64 2 61.7 78 4 80 1 80 2 79 5 81 9 Nondurable goods _ - 91.5 90.3 98.4 98.9 '97.9 96.7 96.9 82.6 80.9 93.1 94.6 '90.3 89.9 91.0 IRON, STEEL, PRODUCTS 80.7 77.8 87.2 88.3 88.3 87.3 87.4 62.7 59.1 79.8 81.6 80.1 78.5 80.7 Blast furnaces, steel works 86 82 92 92 92 91 92 63 58 83 85 83 80 84 Bolts, nuts, washers, rivets 81 77 92 92 90 89 88 65 61 95 92 '82 82 82 Cast-iron pipe 63 64 66 67 67 68 68 51 51 55 55 59 64 63 Cutlery, edge tools _ _ 77 75 83 84 85 80 80 62 62 74 77 74 72 74 Forsinss 43 40 49 48 49 48 48 32 29 47 46 47 46 Hardware - - 64 61 83 83 81 76 68 53 52 79 82 77 75 70 Plumbers' supplies 72 73 74 74 73 74 75 59 58 65 63 65 67 68 Stamped, enameled ware __ 123 113 131 137 135 133 135 109 100 129 137 132 128 130 Steam hot-water heating 65 65 68 69 69 69 69 48 51 57 56 56 57 59 Stoves 73 71 75 78 81 82 83 58 55 62 67 68 68 70 Structural, ornamental 60 58 64 66 67 67 68 49 47 55 58 60 59 61 Tin cans, tinware 88 89 84 86 88 89 93 92 93 86 93 94 97 102 Tools - 75 73 85 85 85 84 84 64 61 84 84 82 81 81 Wirework 129 116 161 161 159 155 146 114 100 164 170 163 153 154 MACIIINERy 89.7 86.1 93.4 94.7 95.1 94.9 95 6 80.6 76.4 91.7 94.2 '93.7 94.9 96 6 Agricultural implements. __ 134 125 122 125 124 118 114 137 124 132 137 135 126 119 Cash registers, etc 140 137 134 133 130 130 131 122 121 120 120 120 121 124 Electrical machinery _____ 78 75 84 85 86 86 86 68 67 84 87 •86 87 89 Engines, turbines, etc. 90 86 91 94 96 98 100 97 89 107 112 115 117 117 Foundry, machine-shop products. 81 77 83 84 85 85 85 70 66 78 80 79 80 83 Machine tools _ 124 116 125 128 131 134 137 111 99 131 135 141 149 153 Radios, phonographs 76 82 103 99 95 96 105 67 72 88 85 81 84 95 Textile machinery 58 54 70 70 72 73 73 49 47 68 69 71 72 75 Typewriters 116 115 125 128 128 126 124 92 94 123 136 134 129 114 TRANSPORTATION EQUIPMENT 68.2 62.4 95.9 95.7 '95.2 90.3 91.6 59.5 57.4 91.8 92.0 94.4 87.6 92.9 Aircraft 848 814 941 962 1,078 1,184 1 277 797 764 961 989 1,064 1,165 1,246 Automobiles 69 62 104 104 102 93 94 57 54 97 97 100 88 94 Cars, electric-, steam-railroad 28 25 34 33 33 34 35 27 24 33 32 32 34 34 Locomotives _ 27 25 18 17 19 22 27 22 20 13 14 16 20 24 Shipbuilding 98 98 107 109 112 118 121 103 105 113 116 117 128 131 NONFERROUS METALS, PRODUCTS 81.8 79.8 93.6 94.3 '93.5 92.4 91.2 69.0 66.3 88.3 '89.2 '86.0 86.8 86.4 Aluminum 126 122 145 153 155 152 152 119 109 152 160 161 157 158 Brass, bronze, copper 87 86 99 99 98 99 99 76 73 96 99 96 99 99 Clocks, watches _ _. __. 79 75 84 84 84 82 79 64 60 88 86 84 82 79 Jewelry 75 78 92 93 90 86 88 57 60 76 77 71 69 73 Lighting equipment 68 64 89 88 '84 81 76 52 51 83 '69 71 66 Silverware, plated ware 59 58 65 67 66 66 65 46 45 61 65 59 60 59 Smelting, refining 67 65 72 72 72 71 71 63 60 67 67 66 67 66 LUMBER, PRODUCTS _ _ 61.0 60.7 62.6 62.6 64.3 65.3 66.8 50.5 51.2 53.0 53.9 55.7 58.2 60.1 Furniture 70 71 79 79 78 77 79 50 52 66 66 64 63 65 Lumber, millwork __ _ _ 49 50 53 53 54 54 58 40 40 44 44 44 45 49 Lumber, sawmills 51 50 49 49 52 54 54 45 45 41 42 46 50 51 STONE, CLAy, GLASS PRODUCTS 66.0 65.8 66.6 69.6 72.7 72.5 74 8 57.7 56.4 58.0 61.7 62.6 63.7 66.2 Brick, tile, terra cotta .. _ _ 48 48 48 50 54 54 58 36 36 36 37 40 40 46 Cement 67 68 55 60 67 67 71 66 65 49 56 62 64 70 Glass _ 81 79 90 91 92 92 94 79 78 93 95 89 92 95 Marble, granite, slate 43 44 38 45 47 48 46 36 34 27 34 39 40 37 Pottery 73 73 80 81 82 81 79 66 61 72 74 72 70 66 TEXTILES, PRODUCTS _ 87.4 84.6 101.2 101.4 98.6 96.1 94.7 66.3 62.4 87.8 89.0 79.8 77.8 77.5 Fabrics 78.0 77.2 92.1 91.2 88.8 88.4 87.7 62.0 61.2 81.2 79.4 73.9 74.3 74.5 Carpets, rugs 63 48 83 85 84 81 79 42 36 72 75 71 65 63 Cotton goods 77 76 88 88 87 85 84 60 59 76 76 73 72 71 Cotton small wares. _._ _ 70 68 86 86 84 82 79 62 60 83 83 76 75 74 Dyeing, finishing textiles 102 98 117 116 114 113 106 83 77 102 101 97 94 88 Hats, fur-felt 74 61 86 83 81 77 80 56 49 82 71 56 64 73 Knit goods 103 104 114 116 115 114 113 102 100 119 119 112 109 109 Hosiery. _ __ 132 133 146 149 147 145 141 142 139 164 165 154 147 144 Knitted outerwear. _ 69 69 73 76 72 73 75 59 58 68 68 64 67 67 Knitted underwear 65 66 72 72 74 74 75 53 53 64 65 65 66 68 Knitted cloth 132 135 152 153 150 144 154 97 100 121 121 112 111 126 Silk, rayon goods 59 54 64 64 62 59 57 46 41 53 53 49 47 46 Woolen, worsted goods 54 61 83 77 69 75 80 39 47 70 62 52 61 67 Wearing apparel 107.2 99.7 120.1 123.0 119.0 112.2 109.1 72.5 62.6 97.7 104.8 88.8 82.0 80.7 Clothing, mRn's 83 78 105 107 104 97 98 48 43 80 86 74 67 72 Clothing, women's 166 148 173 179 171 160 152 110 90 135 143 118 110 103 Corsets, allied garments _ 98 97 102 104 106 107 107 95 86 106 109 111 110 108 Men's furnishings 126 124 138 137 132 127 128 98 101 124 122 110 105 114 Millinery 73 60 78 83 78 70 59 56 45 71 90 64 53 41 Shirts, collars 112 113 120 122 119 118 114 87 83 103 107 103 102 99 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

678 FEDERAL RESERVE BULLETIN AUGUST 1939 FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT) —Continued [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1935. 1923-25 average=100] Factory employment Factory payrolls Industry and group 1938 1939 1938 1939 May June Feb. Mar. Apr. May June May June Feb. Mar. Apr. May ' June LEATHER, MANUFACTURES 86.0 81.8 96.7 97.6 94.0 87.0 88.4 60.9 57.5 83.3 83.2 74.5 64.2 69.4 Boots, shoes 88 83 97 99 95 86 88 58 53 80 80 70 58 63 Leather 72 72 87 86 85 82 84 68 69 90 88 84 81 85 FOOD, PRODUCTS 113.6 119.4 111.0 112.0 114.0 116.8 122.9 117.3 121.7 112.1 113.8 113.9 120.9 125.7 Baking 142 144 142 142 142 145 147 140 142 137 138 136 143 145 Beverages 242 252 224 228 236 246 265 291 306 255 263 '282 301 331 Butter 107 110 91 92 96 101 108 93 95 79 79 82 87 93 Canning, preserving 85 114 72 79 93 93 120 80 101 70 74 81 86 101 Confectionery 69 70 77 78 72 71 69 64 68 76 75 67 70 69 Flour 74 75 76 77 75 77 78 73 76 71 74 73 75 77 Ice cream 87 92 68 70 76 87 95 74 78 59 61 66 75 80 Slaughtering, meat packing 92 94 95 93 92 95 98 104 105 101 101 100 108 110 Sugar, beet 44 47 42 39 44 48 50 48 52 47 44 46 52 55 Sugar refining, cane 91 91 85 88 94 81 85 83 81 72 86 85 70 76 TOBACCO, MANUFACTURES 63.8 64.8 62.4 59.5 61.8 62.8 63.8 56.6 59.4 50.9 51.5 '53.1 55.8 58.9 Tobacco, snuff 61 61 61 61 61 60 59 66 70 64 67 f-64 66 66 Cigars, cigarettes 64 65 63 59 62 63 64 55 58 49 50 52 55 58 PAPER, PRINTING... 103.4 101.9 105.9 105.9 105.9 106.0 104.9 98.5 96.0 102.3 104.2 103.3 103.9 102.1 Boxes, paper.__ 93 92 100 102 100 100 101 92 91 104 107 104 104 107 Paper, pulp 103 102 106 106 106 107 106 97 95 105 106 105 106 104 Book, job printing 99 97 101 100 100 100 98 88 84 90 92 90 91 89 Newspaper, periodical printing 106 105 105 106 107 107 106 106 104 106 108 109 109 107 CHEMICALS, PETROLEUM 108.8 105.2 112.1 114. 5 115.0 111.6 109.3 115.7 112.8 119.9 121.7 120. 6 120.5 120.4 Petroleum refining 121 121 116 116 116 117 120 140 138 132 132 129 132 136 Other than petroleum 105.9 101.4 111.1 114.0 114. 7 110.3 106.8 108.3 105.1 116.0 118. 7 118.1 116.9 115. 8 Chemicals 110 110 116 117 115 115 115 117 118 130 131 128 129 129 Cottonseed oil, cake, meal 69 58 85 88 74 65 47 57 48 69 74 60 52 41 Druggists' preparations 108 108 108 108 108 107 107 114 114 118 119 119 119 119 E xplosives _. 80 80 81 81 81 82 86 83 86 93 92 90 91 97 Fertilizers 100 69 98 133 162 113 72 94 65 77 107 139 108 67 Paints, varnishes 115 113 113 115 118 118 119 120 116 116 120 123 127 127 Rayon, allied products 284 265 319 317 315 309 304 258 242 314 313 304 298 303 Soap 85 85 90 91 88 88 90 86 86 91 93 91 90 94 RUBBER PRODUCTS 71.4 70.6 81.5 82.8 82.1 81.2 79.7 63.3 63.5 83.0 85.4 83.0 82.1 84.1 Rubber boots, shoes 53 54 61 62 60 60 56 44 45 60 59 59 57 55 Rubber tires, inner tubes 60 60 66 67 67 67 66 56 58 73 76 74 74 77 Rubber goods, other 110 106 132 134 132 129 128 98 93 128 130 127 124 125 r Revised. NOTE.—Figures for June 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

AUGUST 1939 FEDERAL RESERVE BULLETIN 679 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Nonresidential building Month Total Re b s u i i d ld en in t g ial Factories Commercial EducationalJ Other i P a u u n b t d l i i l c i p t i u w e b s o l J i r c ks 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 __ __ 283.2 308.5 83.2 133.8 8.6 13.0 19.2 19.5 11.8 16.4 38. 2 27.8 122.2 97.9 June 251.0 288.3 85.7 111.9 10.7 15.8 18.8 26.8 14.7 12.5 37.7 37.8 83.5 83.6 July 239 8 88 0 9.7 26.2 10.7 26 1 79 3 August 313.1 99.7 11.3 18.3 21.4 36.3 126.1 September 300 9 99 6 10 7 14.0 33.9 33 4 109 3 October 357.7 112.7 13.8 24.2 47.0 46.0 114. 0 November 301 7 95 3 10. 5 13.7 49.0 42 8 90 4 December 389.4 91.5 7.0 14.0 73.3 45.2 158.4 Year _ . 3,196. 9 985.8 121.1 215.8 334.1 401.2 1,139. 0 i Not strictly comparable with data for earlier years due to changes in classification. CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Total Month 1934 January __ . 186 February 97 March _ 178 April May June July August September October November December Year OC M 1935 1936 1937 1938 1939 100 215 243 192 252 75 140 188 119 220 123 199 231 227 301 124 235 270 222 127 216 244 283 127 148 233 318 251 120 159 295 322 240 120 169 275 281 313 110 167 234 207 301 135 201 226 202 358 112 188 208 198 302 93 264 200 209 389 1,543 1,845 2,675 2,913 3,197 CO M Publicly-financed 1 1934 1935 1936 157 55 149 65 38 79 126 68 96 78 53 105 72 47 94 73 64 116 52 67 153 69 92 153 69 97 116 79 114 101 74 118 61 196 975 1,007 oooo ocot Privately-financed i 1937 1938 1939 1934 1935 1936 1937 1938 1939 112 118 148 29 45 66 130 75 104 69 51 111 31 37 62 119 68 109 66 95 128 52 55 103 165 132 173 74 99 160 53 71 130 195 123 170 93 144 135 63 80 122 151 139 174 137 108 54 84 116 180 143 131 98 67 93 141 191 142 104 171 51 76 122 178 142 80 160 41 70 119 127 141 78 203 57 87 125 124 154 93 179 38 70 119 106 123 115 279 32 68 117 94 110 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. NOTE.- Due to change in publication policy of the F . W. Dodge Corporation, data for June 1939 will be published in the BULLETIN for September 1939. CONSTRUCTION CONTRACTS AWARDED, BY COMMERCIAL FAILURES, BY DISTRICTS DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of IFigures for 37 States east of the Rocky Mountains, as reported by the dollars.] F. W. Dodge Corporation. Value of contracts in thousands of dollars.] Number Liabilities 1939 1938 Federal Reserve district Federal Reserve 1939 1938 1939 1938 June May June district June May June June May June Boston 19, 664 22,147 16, 094 New York 44, 985 64, 852 51, 885 Philadelphia 14, 797 20, 855 11, 658 Boston 63 86 111 958 1,245 1,042 S D M K R A C C t h i a l a t . i e c l l i n n a v l c L h n s a n a e m o a s e g t l s u a a a o o i p n s n C d o d i l t i y s 4 4 4 2 1 1 0 6 7 6 3 8 8 7 , , , , , , , , 6 4 1 5 5 7 5 1 9 3 7 9 8 1 5 2 2 2 1 6 7 0 4 8 3 3 2 2 5 1 1 0 0 1 5 1 9 9 1 , , , , , , , , 3 6 4 0 9 9 5 7 2 1 4 2 6 5 7 3 9 6 3 0 0 7 7 1 4 2 2 1 1 1 1 8 4 9 2 2 8 7 6 , , , , , , , , 6 1 8 8 9 7 9 2 4 7 2 2 5 2 8 3 7 8 6 1 2 5 1 9 S N A M K R C P C t h h i l e a t . i e c l i w i n n a l v c h L n s a n a e m o a d e Y g t l s u a a a e o o o i p n l n C s p r d o d k . h i . l t i i y s a 2 1 2 3 2 5 6 9 3 7 6 0 6 8 7 0 0 8 1 3 3 1 1 2 4 2 7 7 0 6 7 0 4 8 4 4 6 2 2 6 3 3 1 4 3 9 3 2 1 6 5 5 5 6 1 8 6 8 3 8 8 2 3 , , 1 1 4 3 4 2 3 9 7 1 3 5 7 7 8 1 6 4 5 6 4 7 1 2 4 6 6 2 4 1 , , , 6 0 5 7 2 6 7 7 1 2 9 6 7 2 0 7 1 5 1 2 7 4 1 7 9 5 3 4 2 1 , , ,2 3 8 9 8 9 2 6 6 2 4 5 4 2 7 8 0 3 2 8 2 0 8 8 5 1 3 Total (11 districts) ;, 316 308, 487251, 006 S D a a n l la F s rancisco 3 9 0 6 1 2 2 6 1 11 1 4 5 1,5 2 2 6 5 5 1,6 3 1 7 3 0 2,0 1 2 6 9 0 Total 952 1,122 1,073 11, 609 14, 757 15, 918 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

680 FEDERAL RESERVE BULLETIN AUGUST 1939 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports l Merchandise imports 2 Excess of exports Month 1935 1936 1937 1938 1939 1935 1936 1937 1938 1939 1935 1936 1937 1938 1939 January 176 199 223 289 213 167 187 240 171 178 9 11 -18 118 35 February 163 182 233 262 219 152 193 278 163 158 11 -11 -45 99 61 March 185 195 257 275 268 177 199 307 173 190 8 -4 -51 102 77 April 164 193 269 274 231 171 203 287 160 186 -6 -10 -18 115 45 May - __ _ 165 201 290 257 249 171 192 285 148 203 -5 9 5 109 47 June 170 186 265 233 P236 157 191 286 146 P179 13 -5 -21 87 July 173 180 268 228 177 195 265 141 -3 -15 3 87 August ._ 172 179 277 231 169 193 246 166 3 -14 31 65 September 199 221 297 246 162 216 233 168 37 5 63 79 October 221 265 333 278 189 213 224 178 32 52 108 100 November _ _ _ 270 226 315 252 169 196 223 176 100 30 92 76 December 223 230 323 269 187 245 209 171 37 -15 115 98 Year 2,283 2,456 3,349 3,094 2,047 2,423 3,084 1,960 235 33 265 1,134 P Preliminary. i Including both domestic and foreign merchandise. 1 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 Sales i Stocks (end of month) June Feb. Mar. Apr. May June Adjusted Without Adjusted Without Month for seasonal seasonal for seasonal seasonal variation adjustment variation adjustment Adjusted for seasonal variation 1938 1939 1938 1939 1938 1939 1938 1939 Total 58 67 66 60 62 67 Coal 58 65 62 43 51 68 Coke 37 46 55 56 42 51 January 90 88 70 69 71 67 63 60 Grain and grain products. .. 82 70 73 76 81 90 February 88 87 70 69 70 68 67 65 Livestock 39 38 40 40 40 36 March 86 88 77 82 70 68 71 69 Forest products. - 35 36 36 38 40 40 Ore 36 93 86 75 58 64 April 83 88 86 88 69 67 71 69 Miscellaneous 62 75 73 70 70 71 May _. ----- 78 85 80 87 69 66 71 68 Merchandise 1 59 62 62 61 61 61 June 82 86 79 83 68 66 65 64 July 83 58 67 61 Withoul, seasonal adjustment August 83 65 67 65 September 86 91 67 70 Total 58 62 63 58 62 67 October 84 92 67 74 Coal 49 76 66 36 44 58 November 89 99 67 78 Coke 34 62 57 47 40 47 December 89 156 66 62 Grain and grain products... 80 64 67 68 73 89 Livestock 32 31 32 37 36 30 Year 85 68 Forest products 37 35 36 39 41 42 Ore 62 22 21 31 81 108 Miscellaneous 64 64 70 72 73 74 1 Based on daily average sales—with allowance for changes from Merchandise 1 59 60 62 62 61 61 month to month in number of Saturdays and in number of Sundays and holidays. Adjustment for seasonal variation makes allowance in March and April for the effects upon sales of changes in the date of Easter. 1 In less-than-carload lots. Back figures.—Department store sales, see BULLETINS for August NOTE.—For description and back data see pp. 522-529 of BULLETIN 1936, p. 631, and October 1938, p. 918; department store stocks, see BULfor June 1937. Based on daily average loadings. Basic data compiled LETIN for March 1938, p. 232. by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

681 AUGUST 1939 FEDERAL RESERVE BULLETIN WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926=100] Other commodities All Farm Year, month, or week m c t o o ie m d s i - - p u r c o t d s - Foods Total H p l i r e d o a e d t s h u e c a r n ts d p T ro e d x u ti c le ts F m li u g a e h t l e t r i a n i n a g l d s a p n M r d o e d m t u a c e ls t ts al B m u a i t l e d r i i n a g ls c C a d l h r s e u m g a s n i- d i f n H u g r o n g u i o s s e o h - d - 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—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 37.6 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 June 75.6 62.4 67.6 80.2 92.3 67.3 73.0 93.2 89.5 75.7 85.6 73.8 Week ending— 1939—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 88.4 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 80.6 92.8 66.9 73.9 93.5 89.8 75.6 86.9 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 June 24.. 75.5 62.7 67.4 80.6 93.0 66.7 74.1 93.5 89.3 75.0 86.9 73.7 July 1___ 75.5 62.9 67.4 80.5 93.1 66.9 73.7 93.3 89.7 74.9 87.0 73.6 July8__. 75.6 64.1 68.1 80.3 92.8 67.0 73.2 93.3 89.5 74.7 87.0 73.3 July 15.. 75.5 63.3 67.6 80.4 92.8 67.1 73.4 93.3 89.8 74.7 87.0 73.3 July 22. 75.2 62.2 67.5 80.4 93.2 67.4 73.3 93.3 89.5 74.6 87.0 73.3 1938 1939 1938 1939 Subgroups Subgroups June Mar. Apr. May June June Mar. Apr. May June FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains 54.5 55.2 59.6 58.2 Agricultural implements 96.1 93.2 93.3 93.4 93.4 Livestock and poultry..._"_."__!.__ 78.2 75.5 73.2 69.4 Farm machinery 97.6 94.5 94.6 94.6 Other farm products.__ 61.0 58.5 58.7 58.8 Iron and steel 100.9 96.1 96.1 95. 7 95.2 FOODS: Motor vehicles i 96.0 93.4 93.4 93. 0 93.0 Dairy products 64.8 58.1 58.6 60.0 Nonferrous metals 67.2 76.6 74.7 73.1 72.9 Cereal products 72.3 72.2 73.8 75.9 Plumbing and heating 77.2 79.3 79.3 79.3 79.3 Fruits and vegetables 63.2 64.3 63.8 62.5 BUILDING MATERIALS: Meats '_"___ 82.5 81.0 78.6 75.7 Brick and tile 90.6 92.5 93.0 91.7 91.1 Other foods 61.9 61.6 61.4 60.8 Cement 2 89.9 91.5 91.5 91.5 91.5 HIDES AND LEATHER PRODUCTS: Lumber 88.7 92.1 91.5 91.2 90.7 Shoes 101.2 101.2 101.3 101.3 Paint and paint materials 80.1 81. 5 81.3 81.6 82.4 Hides and skins 73.8 68.3 72.1 75.3 Plumbing and heating 77.2 79.3 79.3 79.3 79.3 Leather 82.7 82.8 83. 1 83.8 Structural steel 113.0 107.3 107.3 107.3 107.3 Other leather products 95.6 95.6 95.6 95.6 Other building materials 93.3 89.8 89.7 89.6 89.5 TEXTILE PRODUCTS: CHEMICALS AND DRUGS: Clothing 81.5 81.6 81.7 81.7 Chemicals 80.6 79.9 79.3 79.4 79.2 Cotton goods 63.7 63.4 63.3 64.1 Drugs and Pharmaceuticals 71.9 72.2 71.9 71.9 71.9 Hosiery and underwear 59.9 60.2 60.2 60.1 Fertilizer materials 69.5 69.7 69.6 69.7 69.5 Silk and rayon 36.1 37.8 40.7 39.1 Mixed fertilizers 69.3 73.8 72.8 71.8 71.7 Woolen and worsted goods 75.1 75 2 75.4 75.6 HOUSEFURNISHING GOODS: Other textile products 64.3 64^9 65.3 64.2 Furnishings 90.7 89.7 89.6 90.0 FUEL AND LIGHTING MATERIALS: Furniture 83.5 80.5 81.0 81.0 81.0 Anthracite 79.4 74.7 75.3 75.5 MISCELLANEOUS : Bituminous coal 97.9 98.6 99.0 95.6 Auto tires and tubes 57.4 60.5 60.5 60.5 60.5 Coke 104.2 104.2 104.2 104.2 Cattle feed 78.4 84.1 92.1 87.4 81.5 Electricity 80.3 Paper and pulp 85.5 81.3 81.1 80.4 79.9 Gas 82.2 84.1 86.0 Rubber, crude 26.3 34.1 33.3 34.2 34.4 Petroleum products 50.9 51.9 52.5 52. 5 Other miscellaneous 81.1 81.3 81.4 81.4 81.3 1 Preliminary revision. 2 Revised series. Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report or 1937 (table 87). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

682 FEDERAL RESERVE BULLETIN AUGUST 1939 JULY CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of July 1, 1939] [In thousands of units] Corn Total i.vheat Winter wheat Spring wheat Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion July 1, tion July 1, tion July 1, tion July 1, 1938 1939 1938 1939 1938 1939 1938 1939 Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,633 7.757 68 57 68 57 New York 29, 317 26,487 8,432 6,418 8,324 6,356 108 62 Philadelphia .. 52, 521 52, 280 19,949 16, 785 19,810 16, 629 139 156 Cleveland 199, 591 199, 747 53,076 40, 810 52, 956 40, 724 120 86 Richmond _ __ 138, 232 136,048 27, 263 23, 818 27, 263 23, 818 Atlanta 194, 289 164,409 6,572 5,356 6,572 5,356 Chicago 1, 038, 749 1,000,003 69, 581 55, 816 67, 734 53, 883 1,847 1,933 St. Louis 332,179 327, 444 66, 224 52,144 66, 081 52,043 143 101 Minneapolis 227,136 251, 476 219,856 172, 094 30, 268 26, 592 189, 588 145, 502 Kansas City__ _. 224, 284 300, 882 297, 906 223, 525 287, 758 218, 824 10,148 4,701 Dallas 91, 577 97, 540 36,122 30, 735 36,020 30, 624 102 111 San Francisco 6,730 6,722 125, 752 89, 097 83, 851 62, 918 41, 901 26,179 Total 2, 542, 238 2, 570, 795 930,801 716,655 686, 637 537, 767 244,164 178,888 Oats Tame hay Tobacco White potatoes Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion July 1, tion July 1, tion July 1, tion July 1, 1938 1939 1938 1939 1938 1939 1938 1939 Bushels Bushels Tons Tens Pounds Pounds Bushels Bushels Boston 6,326 6,494 3,523 3,244 22, 847 33, 680 47,316 57, 256 New York _ 27, 708 22, 253 5,737 4,516 1,842 2,269 32,123 29, 316 Philadelphia 19, 222 15, 532 2,376 1,940 32,110 34,986 22,996 21, 441 Cleveland 49, 425 42, 779 5,478 4,677 105, 694 115, 661 20, 554 19, 889 Richmond __ 20, 949 21, 726 3,729 3,239 746,014 971, 275 27, 261 23, 510 Atlanta 15, 276 14, 567 3,419 3,300 188,189 199,021 15, 466 14, 269 Chicago _. 430, 768 348, 644 18, 379 16, 838 33, 239 33, 285 53, 457 50, 926 St. Louis _ 51, 571 40, 446 6,825 6,793 241, 254 256, 643 13, 978 12, 376 Minneapolis 235,287 217, 904 10, 745 9,294 2,733 2,782 43,347 46, 349 Kansas City 134, 530 76, 812 7,002 6,511 4,612 5,020 26,160 23, 078 Dallas 39, 563 35, 367 1,403 1,430 3,778 3,380 San Francisco 23, 214 30, 299 11, 683 11,012 65,181 64, 284 Total _ 1, 053, 839 872, 823 80, 299 72, 794 1, 378, 534 1, 654, 622 371,617 366,074 NOTE.—1938 figures for tobacco and white potatoes are as revised in July 1939. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

683 AUGUST 1939 FEDERAL RESERVE BULLETIN STATISTICS FOR FEDERAL RESERVE CHART BOOK Chart 1939 Chart 1939 book book page June June July July July page Apr. May June 21 28 5 12 19 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 2.57 2.57 2.54 United States: B B i i l l l l s s b di o s u c g o h u t n ted 5 5 0 0 ) ) 0 . ) 01 ( 0 0 ) 0 . ) 01 0) A Fa ll r m co m pr m od o u d c it t i s e s 31, 3 3 1 2 7 6 6 3 . . 2 7 7 6 6 3 . . 2 7 7 6 5 2 . . 6 4 U. S. Qov't securities... 5 2.56 2.55 2.55 2.54 0) Foods 31 68.6 68.2 67.6 Gold stock 3 16.06 16.09 16.14 16.17 2.52 Other commodities.._ 31 80.5 80.6 80.2 Money in circulation „ 3, 9 6.93 6.96 7.10 7.04 16.19 England 32 78.5 78.9 79.2 Treasury cash 3 2.57 2.56 2.58 2.55 7.02 France... 32 97.2 98.4 98.3 Treasury deposits 3 .94 .96 .82 .79 2.53 Germany 32 79.2 79.2 Member bank balances 3, 6 10.10 10.12 10.15 10.35 .76 Industrial production5 35 92 92 Required reserves8 6 5.87 5.87 5.86 5.90 10.41 Manufacturing production:6 Exce N ss e w re s Y e o rv rk e s C — i t t o y t 2 a l2 7 7 4 2 . . 2 3 5 9 4 2 . . 2 3 1 6 P4 2 . . 3 2 9 6 P 2 4 . . 4 4 8 0 5.93 D To u t r a a l b le8 .... 3 3 7 7 9 3 2 5 3 9 3 1 P38 Chicago2 7 .35 .37 .34 .31 Nondurable6 37 57 58 P59 Reserve city banks2 7 .96 .95 .96 1.01 Factory employment 43 91.2 90.1 P90. 7 Country banks2 7 .54 .53 P. 58 P. 60 F Fr a e c i t g o h ry t- c p a a r y l r o o a ll d s i ngs5 4 4 3 5 6 84 0 .9 8 6 4 2 .4 P8 6 6 7 .2 REPORTING MEMBER BANKS Department store sales6 47 88 85 86 Department store stocks5 47 67 66 66 Total, 101 cities: Loans and investments 14 21.92 21.95 22.00 22.02 22.03 In millions of dollars Investments 14 13.85 13.86 13.86 13.89 13.91 Loans 14 8.07 8.09 8.14 8.13 8.12 Construction contracts awarded:7 Adjusted demand Total 41 275 257 P257 deposits 15 17.24 17.22 17.11 17.37 17.39 Residential 41 106 102 P106 Time deposits 15 5.24 5.24 5.23 5.22 5.22 Other 41 168 155 P150 U. S. Gov't deposits 15 .55 .56 .56 .55 .55 Exports and imports: Domestic bank balances 15 6.72 6.75 6.92 6.92 6.91 Exports (incl. re-exports). 49 231 249 P236 Foreign bank balances._ 15 .60 .60 .62 .62 .62 General imports 49 186 203 P179 New York City: Excess of exports 49 45 47 P57 U. S. Gov't obligations.. 16 4.21 4.26 4.29 4.28 4.25 Income payments: Other securities 16 1.17 1.13 1.08 1.11 1.11 Total adjusted 50 5,415 5,422 P5, 474 Commercial loans 16 1.37 1.38 1.41 1.41 1.41 Total unadjusted 50 5,438 5,209 P5, 718 Brokers' loans 16 .52 .50 .50 .50 .47 Compensation of em- 100 cities outside New York: ployees 50 3,590 3,627 PS, 700 U. S. Gov't obligations.. 17 6.32 6.31 6.35 6.37 6.41 Other 50 1,848 1,582 P2, 018 Other securities 17 2.15 2.16 2.15 2.14 2.14 'ash farm income: Commercial loans 17 2.45 2.45 2.47 2.48 2.49 Total 51 553 589 552 Crops 51 156 147 160 MONEY RATES AND SECURITY Averages of daily figures3; per cent Livestock and products__ 51 307 361 341 MARKETS per annum Government payments... 51 90 81 51 F. R. bank discount rate, N.Y. 19 1.00 1.00 1.00 1.00 1.00 Commercial paper 19 .56 .56 .56 .56 .56 In billions of dollars Bankers'acceptances 19 .44 .44 .44 .44 .44 U. S. Treasury bills 21 .03 .03 .03 .04 .04 entral gold reserves: U. S. Treasury notes 21 .39 .43 .47 .45 44 United States 8 15.79 15.96 16.11 U. S. Treasury bonds 21, 25 2.16 2.19 2.18 2.16 2.16 England 8 1.07 1.07 1.07 Corporate Aaa bonds 25 2.92 2.91 2.90 2.89 2.89 France 8 2.57 257 2.57 Corporate Baa bonds 25 4.90 4.92 4.92 4.87 4.82 Netherlands 8 .83 82 U. S. Gov't interest-bearing Wednesday figures; in unit indicated debt—total 20 39.53 39.75 39.89 Bonds 20 27.05 27.10 27.17 Stock prices, total4 27, 29 86 83 83 86 Notes „__ 20 7.27 7.27 7.24 Industrial 27 100 97 97 100 104 Bills 20 1.31 1.31 1.31 R Pu a b il l r i o c a u d t s i lities 2 2 7 7 2 8 5 4 2 8 4 2 2 8 5 3 8 2 5 5 27 Special issues 20 3.90 407 4.17 Volume of trading2 (mill, shares) 29 .45 .58 .33 .61 1.40 Per cent per annum Brokers' loans (mill, dollars) 29 661 648 650 644 615 Customers' rates: New York City 23 BUSINESS CONDITIONS Figures for week3; in unit indicated 8 other Northern and Eastern cities 23 Wholesale commodity prices:< 27 Southern and Western All commodities 33 75.5 75.5 75.6 75.5 75.2 cities 23 Farm products 33 62.7 62.9 64.1 63.3 62.2 Foods 33 67.4 67.4 68.1 67.6 67.5 Other commodities 33 80.6 80.5 80.3 80.4 80.4 QUARTERLY FIGURES Sept-Dec Jan-Ma Apr-June Steel plant operations 1938 1939 1939 (% of capacity) 38 55.0 54.3 38.5 49.7 56.4 Automobile production (thous. cars) 38 81.1 70.7 42.8 61.6 47.4 In millions of dollars Electric power production Domestic corporation security (mill. kw. hrs.) 39 2,285 2,300 2,078 2,324 2,295 issues, total 28 799 276 To ( t t a h l o u fr s e . ig ca h r t s -c ) ar loadings 39 643.0 665.5 559.1 673.8 656.3 N Re e f w u nding 2 2 8 8 6 1 3 6 2 7 1 8 9 2 3 5 1 3 2 2 8 p Preliminary. r Revised. 'Estimated. 6 Adjusted for seasonal variation. 1 2 A Le v s e s r a t g h e a s n o $ f 5 d ,0 a 0 i 0 ly ,0 0 f 0 lg . ures, see footnote3. 6 7 T Po h i r n e t e s - m in o t n o t t h a s l m in o d v e i x n g o f a m ve a r n a u ge fa a c d tu ju r s in te g d p fo ro r d se u a c s t o io n n a . l variation. • Figures are shown under the Wednesday date included in the weekly period 8 Series is discontinued. New series on somewhat different « Index numbers, 1926=100. basis to be substituted. NOTE.—Copies of this chart book can be obtained at a price of 50 cents. Banking statistics for call report dates are published from time to time. The latest figures appeared on page 604 of the July BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS 685 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

686 FEDERAL RESERVE BULLETIN AUGUST 1939 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Countries in Tripartite Accord Other countries Total i Switzerland (52 End of month c tr o i u es n ) - U S n ta it t e e d s U K d n i o i n m t g ed - France g B i e u l m - N la e e n r t d - h s - ti N on a- al B.I.S. g t A i e n r n a - - Brazil I B n is r d h i i t a - Bul- C a a d n a - Chile China Bank 1934—December. 21,051 8,238 1,584 5,445 590 573 624 403 275 29 7 1935—December. 21, 604 10, 125 1,648 4,395 611 438 454 444 275 29 10 1936—December. 22, 630 11, 258 2,584 2,995 632 490 655 501 275 188 29 1937—December. 23, 964 12, 760 2,689 2,564 597 930 648 469 274 184 30 1938—July 23, 803 13,017 2,690 2,428 501 1,008 674 435 274 189 30 16 August 23, 966 13,136 2,690 2,428 517 1,008 435 274 190 30 17 September 24, 648 13, 760 2,690 2,428 539 1,008 435 274 187 30 17 October 24, 997 14, 065 2,690 2,428 562 1,008 695 434 274 188 30 18 November. 25, 287 14,312 2,690 2,435 584 1,008 699 434 274 186 30 18 December. 25, 468 14, 512 2,690 2,435 581 995 699 431 274 192 30 18 1939—January___ 24,003 14, 682 1,042 2,435 582 995 431 274 197 30 19 February. 24,175 14, 874 1,042 2,435 588 974 431 274 206 30 20 March 24, 330 15, 258 1,066 2,435 518 909 640 428 274 210 30 21 April •24, 964 15, 791 1,066 2,574 520 834 598 428 274 212 30 May »25,139 15, 957 «l,067 2,574 524 823 598 428 274 214 30 June ?25, 279 16,110 1,067 2,574 540 800 598 P428 P274 213 *>30 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 a r y - Peru l P an o- d 1934—Dec. _ _ 112 518 394 19 1935—Dec.. _ 112 270 425 20 84 1936—Dec. __ 91 208 463 20 75 1937—Dec... 92 210 261 20 83 1938—July... 93 210 164 101 19 85 Aug... 93 210 164 101 19 85 Sept... 81 210 164 19 83 Oct.— 83 210 164 96 19 82 Nov... 83 210 164 19 84 Dec... 83 193 164 20 85 1939—Jan.... 83 193 164 19 85 Feb.._ 83 193 164 19 85 Mar... 67 193 164 96 19 85 April.. 66 193 164 107 P19 84 May.. 65 193 164 107 P19 84 June... 62 193 P164 107 P19 84 Government gold reserves1 not included Other countries—Continued in total for 52 countries End of month 16 Portu- Ruma- A So fr u ic th a Spain4 S d w e e n - T k u ey r- g U u r a u y - Y sl u a g v o ia - t c o r o t i h e u s e n r & - E m n o d n t o h f 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 - 1934—Dec. 104 184 740 159 154 1934—Dec.. 31 1935—Dec. 109 212 735 185 158 1935—June _ 63 1936—Dec. 114 203 718 240 175 Dec. . 1937—Dec. 120 189 718 244 169 1936—June _ 103 1938—July. 123 190 525 280 124 Dec. 93 Aug.. 124 202 525 280 125 1937—Mar.. 2 934 Sept. 129 220 525 310 125 June. 115 N O o c v t. . . . 1 1 3 3 2 2 2 2 2 1 0 9 5 5 2 2 5 5 3 32 2 1 1 1 12 2 5 7 Sept.. 1,395 "81 Dec. 133 220 525 321 125 Dec. 939— A F M M J e a p a a n b r r y i . . . l . . . 1 1 1 1 1 3 3 3 3 3 3 5 4 4 6 2 2 2 2 2 2 1 2 1 1 1 9 0 8 8 5 5 5 5 5 2 2 2 2 2 5 5 5 5 5 3 3 3 3 3 3 3 3 3 4 1 1 2 9 4 68 J J P > > 1 1 1 1 1 2 2 2 2 2 5 6 7 4 6 1938— J N S O M u e o c p n a v t t e . r . . _ . . _ . . . 24 8 4 0 759 21 3 1 0 3 3 3 1 0 ""6 4 2 4 June. 137 P21S 525 346 P125 Dec. 381 1939—Jan. _. ( 465 p Preliminary. c Corrected. Feb.. 154 1,732 P552 1 Data reported monthly incomplete. For additional data see section at end of table. Mar._ 2 Figure for Mar. 1937 officially reported as of 20th of month and carried forward through 1 Reported at infrequent intervals or on de- Nov. 1937. Figures for Dec. 1937 through Mar. 1938 officially reported and carried forward layed basis: U. S.—Exchange Stabilization Fund through Nov. 1938. Figure for Dec 1938 officially reported and carried forward. (Special A/c No. 1); U. K.—Exchange Equaliza- 8 Figure for May 1939, carried forward. tion Account; France—Exchange Stabilization 4 Figure for Aug. 1, 1936, carried forward through Mar. 1938; Apr. 1938 figure officially re- Fund and Fund for Support of Rentes; Belported and carried forward. gium—Treasury. Gold in stabilization funds of 6 These 16 countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian Switzerland and Netherlands and certain other Congo, Bolivia, Danzig, Ecuador, El Salvador, Estonia, Guatemala, Finland, Latvia, Lithuania, gold of central banks and governments not re- Morocco, and Siam. ported. NOTE.—For back figures and description of table see BULLETIN for June 1933, pp. 368-372, 2 First date reported. and July 1936, pp. 544-547; also see footnotes to table in BULLETIN for Aug. 1936, p. 667, and Dec « $1,648,000,000 transferred Jan. 6, 1939, from 1937, p. 1262. Bank of England to Exchange Account; and $26,000,000 transferred back on Mar. 1, 1939. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

687 AUGUST 1939 FEDERAL RESERVE BULLETIN GOLD PRODUCTION Outside U.S.S. R. [In thousands of dollars] Estimated Production reported monthly world produc- Africa North and South America Far East Year or month tion U o . u S t . s S id .R e . Total A So fr u ic th a d R e h s o i - a A W fr e ic st a B C e o l n g g ia o n U St n a i t t e e s d i Canada Mexico Co b l i o a m- Chile Au l s ia tra- B I r n i d ti i s a 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 1933.. 469, 257 411, 208 227, 673 13, 335 6,623 3,631 52, 842 60, 968 13,169 6,165 3,009 16, 873 6,919 $1=15-5/21 grains of gold 9/10 fine; i. e., an ounce of fine gold=$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 1938_. 1,116, 983 '956, 851 425, 649 28, 532 24, 670 8,470 178,143 165, 055 32, 306 18, 225 10, 290 54, 284 11,247 1938—March 89, 646 r77, 302 35, 519 2,387 2,002 673 13, 088 13,161 3,253 1,403 673 4,204 939 April 87, 533 r74, 862 34, 351 2,374 2,024 702 12, 577 12,895 2,389 1,664 698 4,280 906 May 90, 445 *77, 371 35, 794 2,415 1,989 686 13, 953 13,338 1,863 1,338 782 4,278 935 June _ _ __ 91, 242 »78, 048 35, 509 2,394 2,020 726 12, 949 13, 674 3,024 1,365 901 4,577 909 July 98, 492 '84, 946 36, 222 2,410 2,067 716 16, 781 14, 727 4,241 1,748 752 4,330 951 August 97, 845 '83, 994 36, 622 2,415 2, 053 716 16, 590 14, 425 2,941 1,515 986 4,771 958 September, 97, 386 '83, 320 36, 237 2,365 2,048 743 16, 937 14, 336 2,062 1,812 1,019 4,816 946 N Oc o t v o e b m er ber. 9 9 6 8, , 5 7 9 8 6 5 r ' 8 8 2 4 , , 8 7 9 0 9 8 3 3 6 5 , , 8 44 4 9 2 2 2, , 3 4 8 4 1 5 2 2 , , 1 2 7 0 4 4 7 7 2 2 5 8 1 18 6 , , 5 3 7 2 9 0 1 1 4 4, , 3 3 5 9 1 4 2 2, , 3 2 5 6 3 5 1 1, , 6 6 2 2 8 2 9 9 0 3 6 0 C4 4 , , 6 7 4 8 2 3 9 9 5 3 6 0 December__ 98, 702 '84,189 36, 007 2,318 2,240 751 16, 068 15,186 2,700 1,499 1,033 5,393 995 1939—January.__ '94, 835 80,159 36,188 2,287 2,230 753 14, 919 14,396 1,762 1,953 655 4,076 940 February.. 90, 964 76, 749 34, 505 2,069 2,221 688 13,153 13, 684 3,421 1,562 568 4,016 863 March ?97, 736 P82, 660 37, 558 2,202 2,346 767 14, 364 14, 498 P2, 546 1,752 1,198 4,492 938 April *95, 371 P80, 568 35, 613 2,252 P2, 357 729 15, 260 14, 238 P2, 616 1,513 P778 4,301 912 May P99, 331 P84, 193 37, 970 P2, 252 P2, 357 779 15,167 15,133 P2, 581 1,614 J>813 P4, 581 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production, in millions of dollars, as follows—at $20.67 per fine ounce: 1929, $15; 1930, $31; 1931, $34; 1932, $40; 1933, $56; at $35 per fine ounce: 1933, $95 1934, $135; 1935, $158; 1936, $185; 1937, $180; 1938 (preliminary), $184. r Revised. c Corrected. p Preliminary. i Includes production in the Philippines. NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETINS for'OVIarch'1939, p. 227, February 1939, p. 151, June 1938, pp. 549-540, 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 N la e e n r t d - h s - S d w en e- S l z a w e n r i d - t- C a a d n a - M i e c x o - Co b l i o a m- P Is p h l i i a n l n i e p d - s A tr u a s li - a Japan B In ri 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 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, 243 227, 185 968 95,171 13, 667 10, 899 15, 335 3,498 75, 268 47, 054 1936 1, 116, 584 174, 093 573, 671 71, 006 7,511 72, 648 39, 966 11,911 21, 513 23!,, 280 77, 892 39, 743 1937 1, 585, 503 891, 531-13,710 6,461 54, 452 111,480 38, 482 18, 397 25, 427 34,"13 246, 464 50, 762 30,179 1, 973, 5691, 208, 728 81,135 163, 049 60,146 1,363 76, 315 36, 472 10, 557 27, 880 39,162 168, 740 16,159 '• 68, 376 1938—April 71, 091 35, 429 18 1,938 747 1,812 1 1,883 23, 311 2,359 2,353 May 52, 775 2,895 35 891 10, 221 630 5,650 2,108 2,285 21, 950 2,530 June 55, 30r 20, 599 13 3,248 57111,520 726 715 1 3,232 5,782 2,252 3,438 July 63,815 4, 976 898 7, 685 962 11,123 1 2,422 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 23, 497 September.. 520, 896 377, 984 47, 21911, 521 38,148 1,446 4 2,721 35, 095 October 562, 366 443, 403 42,959 41, 832 3,840 1 10, 810 2,236 4 2,720 5,740 760 4,7 November, _ 177, 768 99,145 17 27, 242 1,136 7,171 3,457 11 2,943 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 14, 425 1,797 2 22, 207 1939—January 156, 345 52, 050 1,438 1,688 33, 678 2 -6/ 10, 842 2,342 2,089 2, 754 6,585 37, 819 1 5,124 M Fe a b r r c u h ary. __ 2 3 2 6 3 5 , , 3 28 8 1 4 2 1 5 6 0 5 , , 0 3 4 7' 2 l,4 8 0 1 C 6 37, 179 2 2 7 9 , , 0 2 9 5 8 6 3,840 8,227 4 6 , , 2 8 2 5 0 2 2 3 , , 4 8 9 2 6 2 4,234 3 2 , , 3 71 2 9 6 3 4, , 3 9 0 5 3 3 1 5 1 , ,4 4 1 4 0 6 3,6 1 8 75 5 4 4 , , 3 3 9 9 8 1 April 605, 797 384, 925 21 84, 603 44, 564 55, 680 7,665 1,649 2,114 2,1 4,844 5.528 4,944 3 7, 073 May 429, 404 302, 667 3 41, 651 40, 449 2,284 12, 066 2,050 2,117 2, £94 5, 295 10, 931 3, 390 3,909 June 240, 430 128, 196 2 55, 081 5,644 17,191 3,280 2,107 3,843 5,677 14, 093 2,244 3,072 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 exports figures and for additional countries see table on p. 656. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

688 FEDERAL RESERVE BULLETIN AUGUST 1939 GOLD MOVEMENTS—Continued [In thousands of dollars at approximately $35 a fine ounce] United Kingdom Net imports from or net exports (—) to: Year or Total month net im- South All e o p x r o p o n rt 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 el m - N la e n th d e s r- U.S.S.R. Au li s a tra- A d R f e r h s i o i c a - a , , B I r n i 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 i n tz d - c o t o r t i u h e n e s r - West tries Africa 1934 716,269 -497,166 348,190 121,017-13,585 32, 575 41,790 335, 253206,693 62, 397 -9,123 88, 228 1935 369, 722 -435, 502 142,137 -4, 726-17,476 10, 796 931 37, 981404, 295181, 602 32, 754-50, 661 53, 465 14,126 1936 1,169, 931 -276,830 756, 215 23, 292-15,133 -21,215 26, 723488, 814128,421 28,067 -10,129 3,998 37, 708 1937 420, 427 -834,009 541,187 46,147— 21,993j-16,572 199, 965 24,165 464,837 66,330 22,079 -81 -16,596 2 -55, 032 1938 285, 638 -1,050,395 38, 899'33,173 348, OOOi-46, 463115, 540 27,831 333,750 55, 744 20,761 -89, 371-78,029 '4, 922 1938—Apr... 53,186 -18,507 -3,039 15,039 -4,139 31,089 4,168 35,077 3,590-10,088 2,527 -6,188 May_. 97,478 *—5, 233 -119 168 48, 446-6, 781 28,083 2,467 35,407 3,824 2,139-13,996 -2,263 5,336 June- 89, 580 -20,811 -6,137 '57 56,764-12,037 28,104 2,024 40, 623 3,725 9,929 -7, 673 -5,407 r421 July-_ 24,119 -10,529 -997 47 23, 212-5,750 2,490 31, 516 6,418 6,581 -11,429 -16, 521 -920 Aug._. -73,132 -93, 660 -5, 726 '6,164 -258 -10,041 5,665 2,102 31,192 10, 356 3,035-11,151 -10,498 ••-312 Sept.. -261,143 -360,016 685 14, 358120,075 -7, 498 2,839 16, 831 3,023 -4,750 -22,763 -21,980 -1,956 Oct._. -210,171 -308, 528 69,604 4,077 33,982 535 705 6,530 4,204 -20, 792 -4, 671 2,831 1,353 Nov.. -96, 508 -105,220 -66 6,005 -2,328 -5,245 155 2,695 618 1,017 1,603 Dec... -66, 726 -97,371 758 2,057 9,990 5,649 528 7,358 1^815 531 1,511 1,347 1939—Jan. .. -36, 514 -50,814 -33 211 -253 5,672 681 5,671 304 1,374 -3,790 704 3,762 Feb... -148,006 -160,218 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 16,866 5,559 1,417 -1,148 -32 -3,845 3,618 Apr... -121,188 -357, 518 -1,431 29 176,451 19,164 12, 656 4,805i »-47,875 -437 73, 394 -425 May . -294,077 -287, 762 -262 4,018 2,008 49,004 5,631 143 46, 394 2,975 J-145,856-3, 793 32, 921 1,504 June?. -40,062 -99, 238 -409 16 415 19,145 40,081 549 -120 -2,857 Germany Switzerland British India Net imports from or net exports (—) to: Increase in India: Year or Total Total month net im- net ports imports e o x r ( p ) o n r e t t s* e o x r p o n r e t t s U S n ta i t t e e s d U K d n i o i n m t g e - d France g B iu el m - Italy N la e e n r t d - h s - m G a e n r y - * 1934 -90,920 -46,065 -12,784 -45,955 -29, 235 18, 397 19, 431 2,580 -43 -230, 720 1935 42,969 -230, 788 647-54,858 -181,725 -13,940 25, 542 342 -9,607 -161,872 1936... -1,868 122, 278 -9,127 -1,714 39, 305 14,531 51,299 4,600 -2,990 -121,066 1937 -3,718 -56, 946 -51, 608 11,940 -45,061 27, 739 -657 6,553 -16,461 -61, 723 1938 -35, 224 -1,245 -1,128 76,620 -74, 375 -1,067 11,314 25,125 -32, 745 -54, 661 1938—Apr... 6,009 -7, 632 7 -2,391 -6,084 -266 5,397 2,467 -9,970 May.. 18,058 -5,201 33 4,860 -2, 943 -1,549 -2,009 2,396 -6,175 June.- 7,626 5,978 -220 5,256 -7,839 -484 5,814 5,657 -2, 487 July.. 1,468 -8, 837 -2 16,128 -14,071 -6,041 -142 3,962 -8,893 Aug... -6,864 -1,338 -2 10, 464 -8, 382 -1,283 -37 3,824 -6, 267 Sept.. -36, 626 9,024 -7 15,940 418 117 -2 924 1,884 Oct... -16,134 1,454 -1,140 907 -616 -158 -38 2,551 -56 Nov. . -10,129 913 228 13 33 -117 -4 994 -265 Dec... -3, 765 -5,690 -1,854 -139 -166 -2, 884 1939—Jan... 33 -3, 786 549 -149 1 -2, 294 -1,274 Feb... -11,940 -2,112 -21 -763 24 -213 556 -1,581 -97 Mar. . 9,999 -37, 332 -10,786 1,547 -1,990 -1,509 -576 -8, 327-14,830 Apr... 9,967 -162,645 -54,266-104, 650 -4, 805 -864 10, 819 -3,876 -2,431 May.. -5,807 8,059 -2,329 -5,419 -I,"- -73 19, 585 -718 -1,138 J -10,749 -8, 691 228 229 -3, 202 p Preliminary. r Revised. * 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. s Figures for April and May include exports to Canada of $45,972,000 and $144,910,000 respectively. « 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. • Figures derived from preceding columns; gold movement plus production minus increases in Indian reserves and gold earmarked for foreign account in India. * Includes net import of $19,926,000 from Czecho-Slovakia and net export of $15,374,000 to Austria. »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

689 AUGUST 1939 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States] TABLE 1.—TOTAL CAPITAL MOVEMENT Increase in foreign banking funds in U. S. Decrease Foreign Domestic in U. S. securities: securities: Inflow in From Jan. 2, 1935, through- Total Total C f b e u a n n n t d k r 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 U n tu d . r s S n . In f f o f u l r o n e w i d g s n of b b r a o l k a e n r c a e g s e in N. Y. 1935—Dec. 31. 1,412.5 603.3 593.5 361.4 125.2 316.7 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—Sept. 28. 3, 452. 9 1,161. 2 168.0 993.2 477.2 625.0 1, 125. 4 64.1 Dec. 28. 3, 779. 2 1, 432. 7 216.3 1, 216. 5 478.1 610.0 1, 210. 9 47.6 1939—Feb. 22. 3, 940. 7 1,517.8 239.6 1, 278. 2 535.0 637.5 1,190. 6 59.8 Mar. 29 4,134. 7 1, 693.0 256.8 1, 436. 2 550.5 646. 7 1,180. 6 63.9 Apr. 5... 4, 241. 8 1, 759. 6 251. 3 1, 508. 3 572.0 652.6 1,191.7 65.9 Apr. 12. 4,317.6 1, 819. 8 278.6 1,541.2 582.2 652.9 1.193. 8 68.9 Apr. 19. 4, 402. 9 1, 892. 9 243. 8 1, 649. 0 587.5 655.3 1.194. 3 72.9 Apr. 26. 4, 479. 6 1, 934. 4 240.9 1, 693. 5 611.8 657.5 1, 202. 9 73.0 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t o A th l e l r 1935—Dec. 31 1, 412. 5 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1, 200. 6 0) 70.9 128. 3 12.7 1936—Dec. 30 2, 608.4 829.3 299.5 229.7 335.5 83.1 45.6 228.5 2,051. 3 150.5 201.2 184.0 21.4 1937—Dec. 29 3, 410. 3 993.7 281.7 311.9 607.5 123.9 22.1 312.2 2, 653. 0 106.3 410.6 224.6 15.9 1938—Sept. 28 3, 452. 9 983.2 308.7 298.2 504.3 131.5 20.6 434.5 2, 681.1 124.8 442.9 167.1 37.1 Dec. 28 3, 779. 2 1,186.1 339.5 324.6 554.0 140.7 33.0 463.8 3,041. 7 157.2 389.5 156.8 34.1 1939—Feb. 22 3,940. 7 1,180. 5 366.3 350.5 579.0 145.3 25.5 476.9 3,124.0 171.7 403.6 202.3 39.2 Mar. 29 4,134. 7 1, 203. 1 366.8 383.6 587.6 150.2 24.7 536.8 3, 252. 9 185.1 443.5 206.4 46.8 Apr. 5 4 ?41. 8 1, 252. 9 381.9 394.6 592.5 146.8 24.3 545.0 3, 381.1 199.6 452.1 201.1 50.9 Apr. 12 4, 317. 6 1, 296. 5 387.8 394.6 590.2 147.6 23.6 561.4 3, 401. 7 200.2 460.5 204.6 50.6 Apr. 19 4, 402. 9 1, 280. 6 409.4 407.7 596.0 148.8 23.6 588. 1 3, 454. 3 209. 6 473.2 213.2 52.5 Apr. 26 4, 479. 6 1, 303. 3 421.6 405.4 595.6 146.9 26.0 595.9 3, 494. 7 216.8 480.6 231.4 56.2 TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES United Neth- Switz- From th r J o a u n g . h 2 — , 1935, Total K d i o n m g- France la e n r d - s la e n r- 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 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—Sept. 28 1,161. 2 236.3 133.5 68.3 177.3 -12.0 -1.5 185.9 787.8 90.7 164.1 96.9 21.7 Dec. 28 1, 432. 7 366.7 158.8 84.4 203.7 -9.8 3.8 203.0 1,010. 6 135.1 134.0 132.7 20.4 1939—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. 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 Apr. 5 1, 759. 6 431.5 198.9 137.0 234.0 -14.9 -5.4 271.8 1, 252. 7 152.1 184.6 135.6 34.6 Apr. 12 1,819.8 473.3 203.7 135.0 230.3 -14.5 -6.2 285.8 1, 307. 4 151.1 191.3 136.6 33.4 Apr. 19 1, 892. 9 459.2 223.9 145.4 233.5 -14.2 -6.0 311.4 1, 353. 0 159.6 202.4 143.2 34.7 Apr. 26 1, 934. 4 476.7 236.8 141.0 230.6 -15.7 -5.7 318.4 1, 382. 1 166.9 209.6 140.4 35.3 FABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r 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 • 361.4 208.8 48.1 -.4 1.6 29.7 13.7 8.8 310.2 -4.6 20.1 37.3 -1.6 1936—Dec. 30 431.5 178.0 62.0 -3.3 2.7 66.0 16.3 22.0 343.7 36.9 24.9 30.4 -4.4 1937—Dec. 29 449.1 207.4 65.3 -4.4 2.6 105.1 6.5 26.9 409.3 -21.7 51.6 18.7 -8.7 1938—Sept. 28 477. 2 170.3 67.4 -4.0 3.7 132.1 10.2 33.4 413.1 12.3 71.8 -16.0 -3.9 Dec. 28 478.1 204.5 65.5 -6.9 2.6 140.3 13.9 33.0 453.0 30.6 66.8 -65.0 -7.2 1939—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. 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 Apr. 5 572.0 226.0 67.9 -.5 5.0 150.8 11.9 33.0 494.1 44.6 69.5 -30.3 -5.9 Apr. 12 582.2 228.7 68.0 . 1 4.5 151.2 12.0 33.8 498.3 46.4 70.6 -27.8 -5.3 Apr. 19 587.5 226.5 67.9 .8 4.5 152.2 11.8 35.0 498.7 47.9 71.7 -25.4 -5.4 Apr. 26 611.8 227.9 67.1 .7 4.5 151.7 13.7 35.1 500.8 48.3 71.1 -6.0 -2.4 i Inflow less than $50,000. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April 1939, pp. 284-296, April 1938, pp. 267-277, and May 1937, pp. 394-431. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

690 FEDERAL RESERVE BULLETIN AUGUST 1939 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 5.—FOREIGN SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca 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— Sept. 28 625.0 129.3 24.2 23.8 30.5 31.9 17.0 ' 155.2 411.9 -11.2 184.7 30.9 8.7 Dec. 28 610.0 129.1 26.2 27.3 37.1 33.1 20.5 165.9 439.1 -38.9 166.3 33.8 9.7 1939—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. 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 Apr 5 652.6 127.8 26.4 28.8 38.9 35.0 23.1 175.8 455.8 -22.0 172.7 36.1 10.0 Apr. 12 652.9 127.9 26.5 28.9 39.3 35.0 23. 1 176.4 457. 1 -23.5 173.1 36.2 10 1 Apr. 19 655.3 128.6 27.0 29.0 39.6 35.1 23.1 177.4 459. 9 -24.0 173.2 35.8 10.3 Apr. 26 657.5 128.7 27.5 29.3 40.1 35.2 23.2 178.2 462.0 -24.3 173.5 35.9 10.3 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 r t o a p l e Canada A L m a e t r i i n ca E F a a s r t o A th 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—Sept. 28 1,125. 4 430.5 67.8 203.3 282.2 -20.4 -5.3 53.0 1,011.2 27.7 21.9 54.5 10.1 Dec. 28 1,210.9 472.6 76.5 212.9 301.7 -22.7 -5.4 56.6 1, 092. 3 23.4 56.4 11.0 1939-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. 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 Apr. 5 .. _ 1,191.7 451.3 72.4 221.0 304.8 -23.8 -5.4 57.8 1, 078. 0 17.9 25.0 59.0 11.9 Apr. 12 1,193. 8 449.1 72.5 221.6 306.4 -24.0 -5.5 58.1 1, 078. 2 19.0 25.0 59.3 12.2 Apr. 19 1,194. 3 448.3 73.7 222.6 308.7 -24.1 -5.5 56.8 1,080. 4 17.2 25.3 58.9 12.5 Apr. 26 1, 202. 9 452.6 73.9 224.1 310.0 -24.2 -5.5 56.7 1,087. 6 16.7 25.6 60.4 12.5 TABLE 7.—BROKERAGE BALANCES, BY COUNTRIES From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r 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 Am La e t r i i n ca E F a a s r t o A th l e l r 1935-Dec. 31 6.0 C1) 2.4 1.3 2.5 -.2 .1 1.4 7.6 -4.5 1.0 2.9 -.9 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 -.7 .3 .4 22.6 -7.6 -4.2 2.1 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 0) .1 5.0 44.0 3.5 -.5 .5 1938—Sept. 28 64.1 16.8 15.9 6.8 10.7 1 .2 6.9 57.2 5.3 .4 .8 .5 Dec. 28 47.6 13.2 12.6 6.8 8.8 -.2 .2 5.3 46.7 2.6 -.9 -1.0 .2 1939-Feb. 22 59.8 14.5 16.6 8.3 10.5 -.2 .3 6.4 56.4 2.7 -.4 .5 .6 Mar. 29 63.9 16.3 16.0 8.8 9.6 -.2 .2 6.6 57.4 5.6 .1 .6 .3 Apr. 5__ 65.9 16.4 16.3 8.4 9.9 -.3 .2 6.6 57.5 7.1 .2 .7 3 Apr. 12 C8.9 17.5 17.0 9.0 9.7 -.2 .2 7.4 60.6 7.2 .5 .2 .3 Apr. 19 72.9 18.0 16.9 9.9 9.8 -.2 .2 7.5 62.2 9.0 .6 .8 .4 Apr. 26 73.0 17.4 16.3 10.3 10.5 -.1 .3 7.5 62.2 9.1 . 7 .6 .4 i Inflow less than $50,000. * Outflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1939 FEDERAL RESERVE BULLETIN 691 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [Outstanding amounts in millions of dollars] TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES Date Total U K d n o in i m t g e - d 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. 281. 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—Sept. 28_. 1, 732. 4 308.5 165.6 82.2 191.0 17.6 17.2 232.8 1,015.0 190.8 285.0 207.9 33.7 Dec. 28.. 2, 003. 9 438.8 190.9 98.4 217.4 19.9 22.6 249.9 1, 237. 8 235.2 254.9 243.7 32.4 1939—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. 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 Apr. 5___ 2, 330.8 503.6 231.0 150.9 247.6 14.7 13.4 318.7 1,479. 9 252.2 305.6 246.6 46.5 Apr. 12_. 2, 391. 0 545.4 235.9 149.0 243. 9 15.1 12.6 332.7 1, 534. 6 251.2 312.2 247.6 45.4 Apr. 19__ 2, 464. 1 531.3 256.0 159.4 247.1 15.4 12.7 358.3 1, 580. 2 259.7 323.3 254.2 46.7 Apr. 26._ 2, 505. 6 548.9 269.0 154.9 244.2 13.9 13.1 365.3 1,609. 3 267.0 330.6 251.4 47.3 TABLE 9—SHORT-TERM FOREIGN ASSETS, 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 - 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... 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. 281. 827.1 201.3 94.1 15.9 8.5 178.8 10.7 60.2 569.5 84.4 124.4 46.2 2.6 Reported by Banks in United States 1934—Dec. 5 K. 1,137. 8 266.4 108.2 19.2 8.3 239.6 26.5 81.3 1 749.5 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 1 1 9 9 3 3 6 7 — — D D D e e e c c c . . . 2 3 3 1 9 0 _ . . _ _ . 7 6 65 7 7 5 8 2 . . . 6 6 0 1 8 8 14 8 4 . . . 1 8 1 3 1 1 2 6 3 . . . 5 8 5 2 1 2 1 9 3 . . . 9 0 0 6 5 5 . . . 6 4 5 2 1 1 0 6 2 5 2 6 . . . 1 0 1 1 1 2 3 0 0 . . . 5 9 8 7 5 5 1 7 2 . . . 2 8 9 4 3 3 3 9 2 3 2 6 . . . 0 1 5 1 1 5 0 1 9 0 8 . . . 4 9 0 1 1 1 5 4 1 4 1 4 . . . 5 4 1 8 6 7 0 7 8 . . . 1 2 9 1 1 1 2 0 7 . . . 9 1 2 1938—Sept. 28- 626.9 121.9 11.4 22.6 4.4 99.1 17.0 46.3 322.7 84.0 94.2 113.6 12.4 Dec. 28_. 626.0 87.7 13.3 25.5 5.4 90.9 13.3 46.7 282.8 65.7 99.2 162.6 15.7 1939—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. 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 Apr. 5___ 532.1 66.2 10.8 19.1 3.1 80.4 15.3 46.8 241.7 51.7 96.4 127.9 14.4 Apr. 12__ 521.8 63.4 10.8 18.6 3.5 79.9 15.3 45.9 237.4 49.9 95.4 125.4 13.8 Apr. 19_- 516. 5 65.7 10.9 17.8 3.6 79.0 15.4 44.8 237.0 48.4 94.3 123. 0 13.9 Apr. 26-- 492.3 64.2 11.7 17.9 3.6 79.4 13.5 44.7 235.0 48.0 94.9 103.6 10.9 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

692 FEDERAL RESERVE BULLETIN AUGUST 1939 CENTRAL BANKS Assets of issue dept. Assets of banking department Liabilities of banking department Bank of England Note (Figures in millions of Cash reserves Dis- circula- Deposits pounds sterling) Gold Other counts Securi- tion Other assets 1 and ad- ties liabili- Coin Notes vances Bankers' Public Other ties 1929—Dec. 25 145.8 260.0 9 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17 9 1930—Dec. 31 _ _ . 147.6 260.0 6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28 119.8 275.0 8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec 27 190.7 260.0 1 0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18 0 1934—Dec. 26 192.3 260.0 5 47.1 7.6 98.2 405.2 89. 1 9.9 36.4 18.0 1935—Dec 25 200.1 260.0 6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18 0 1936—Dec. 30 313.7 200.0 6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29 326.4 220.0 8 41.1 9.2 135.5 505.3 120.6 11,4 36 6 18.0 1938—July 27 326.4 200.0 1 1 33.1 9.5 137.0 493.3 116.4 11.2 35.1 18.1 Aug. 31 326.4 200.0 1 3 46.0 5.4 124.4 480.4 94.7 ?,7 8 36.4 18.2 Sept 28 326.4 200.0 1.5 25.5 7.3 135.6 500.9 99.9 11.4 40.2 18.2 Oct. 26 326.4 200.0 1 4 43.9 4.2 129.2 482.5 100.4 ?;> o 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 85 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 June 28._- 226.4 300.0 .7 27.4 6.8 136.7 499.0 101.4 15.4 37.0 17.9 Assets Liabilities Domestic bills Loans on- Deposits Bank of France Ad- For- vances Note Other (Figures in millions of francs) Gold * eign to Short- Other circula- liabilich e a x n - ge m O ar p k e e n t5 c S i p a e- l Other G er o n v - - G t o e v r e m rn- s O ec th u e ri r - assets tion G m ov e e n r t n- Other ties 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 1Q30 Dec 26 53, 578 26,179 5,304 8,429 2,901 6,609 76,436 12, 624 11, 698 2,241 1931—Dec 30 68,863 21,111 7,157 7,389 2,730 8,545 85, 725 5,898 22,183 1,989 1932—Dec 30 83,017 4,484 6,802 3,438 2,515 9,196 85,028 2,311 20,072 2,041 1933—Dec 29 77,098 1,158 6,122 4,739 2,921 8,251 82, 613 2,322 13, 414 1,940 1934—Dec. 28 82,124 963 5,837 3,971 3,211 8,288 83, 412 3,718 15, 359 1,907 1935—Dec 27 66, 296 1,328 5,800 9,712 573 3,253 7,879 81,150 2,862 8,716 2,113 1936—Dec. 30 60, 359 1,460 5,640 1,379 8,465 17, 698 715 3,583 8,344 89, 342 2,089 13, 655 2,557 1937—Dec. 30 _ 58, 933 911 5,580 652 10,066 31, 909 675 3,781 7,277 93, 837 3,461 19, 326 3,160 ig3g—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 June 29 _ - 92, 266 722 8,074 2,279 5,009 20, 577 374 3,471 14, 753 122, 611 5,188 16, 909 2,816 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 of 52,000,000,000 francs on that date. Permanent debt of Government to Bank, included above in Other Assets, was simultaneously increased by 6,800,000,000 francs. For details of revaluations in October 1936 and July 1937 see BULLETIN for Dec. 1938, p. 1091. 6 Negotiable bills of Caisse Autonome and bills bought under authority of decree of June 17, 1938 (see BULLETIN for Aug. 1938, p. 650). • Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for Oct. 1936, pp. 785-786), and bills rediscounted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for Oct. 1936, p. 788). 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

693 AUGUST 1939 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued Assets Liabilities Reichsbank Reserves of gold andBills (and Securities (Figu r r e e i s c h in m m ar i k ll s i ) ons of re f T s o e o re r t v i a g e l n s exch G a o n l g d e i T n c c h r b e l e u i a c l d s l k s u i s n ) r g , y Se lo c a u n ri s ty E a c s l i o g v n i e o b r t l e e Other a O s t s h e e ts r ci N r ti c o o u n t l e a- Deposits l O ia ti t b e h i s e li r - 1929—Dec 31 2,687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec 31 2 685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec 31 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec 31 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30 396 386 3, 226 183 259 322 735 3,645 640 836 1934—Dec. 31 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31 . 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31 _ 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31 76 71 6,131 60 106 286 861 5, 493 1,059 970 1938—July 30 76 71 6,264 49 549 298 1,285 6,650 920 951 Aug. 31 76 71 6,648 35 550 298 1,268 6,869 1,033 974 Sept. 30 77 71 8,174 48 550 298 1,129 8,023 1,231 1,022 Oct. 31 76 71 7,543 32 550 298 1,360 7,754 1,040 1,064 Nov. 30 77 71 7,514 48 548 298 1,494 7,744 1,141 1,093 Dec. 31 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 1939—Jan. 31 76 71 7,160 52 592 298 1,848 7,816 1,119 1,091 Feb. 28 76 71 7,361 60 660 288 1,710 7,939 1,105 1,112 Mar. 31 77 71 8,180 58 677 292 1,489 8,311 1,249 1,212 Apr. 29 77 71 7,726 55 668 476 1,928 8,519 1,122 1,289 May 31 77 71 7,547 40 922 285 2,182 8,525 1,292 1,234 June 30 77 0) 8,159 48 930 274 1,658 8,731 1,281 1,132 1 Not shown separately on Reichsbank statement. NOTE.—For explanation of above table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. Central bank 1939 1938 Central bank 1939 1938 [Figures as of last report [Figures as of last report date of month] June May April June date of month] June May April June National Bank of Albania (thou- National Bank of Belgium—Cont. sands of francs): Gold . 7,568 7,565 Demand deposits—Treasury 37 20 7 43 Foreign assets 21, 072 20, 563 Other 161 156 135 228 Loans and discounts 4,951 5,043 Other liabilities 122 122 122 118 Other assets 10, 309 4,599 Central Bank of Bolivia (thousands Note circulation 17, 263 10, 753 of bolivianos): Other sight liabilities 10, 292 14, 803 Gold at home and abroad 54,142 Other liabilities 16, 345 12, 214 Foreign exchange.._ _ __ 59, 971 Central Bank of the Argentine Loans and discounts 19, 990 Republic (millions of pesos): Securities—Government _ _ 396, 807 Gold reported separately 1,224 1,224 1,224 Other . 6,091 Other gold and foreign exchange- 80 80 116 Other assets 19, 210 Negotiable Government bonds 276 279 63 Note circulation 267, 335 Other assets 199 196 171 Deposits. _ _ 225, 775 Note circulation 1 140 1 126 1 086 Other liabilities 63,100 Deposits—Member bank 391 417 312 National Bank of Bulgaria (mil- Government 169 157 118 lions of leva): Other 2 3 2 Gold 2,006 2,006 1,994 Foreign exchange sold forward 29 31 9 Foreign exchange 774 855 855 Other liabilities 47 47 49 Loans and discounts 1,023 988 965 Commonwealth Bank of Australia Gnvp.rnmp.nt debt 3,441 3,441 3,468 (thousands of pounds) : Other assets. __ _ _ _ 1,292 1,310 1,366 Issue department: Note circulation ___ _ 2,931 3,166 2,313 Gold and English sterling 16, 030 16, 030 16, 007 Deposits 3,427 3,285 4,052 Securities 40, 505 41, 501 39, 341 Other liabilities 2,178 2,149 2,282 Banking department: Bank of Canada (thousands of Ca- Coin, bullion, and cash 1,564 1,524 1,238 nadian dollars): London balances 16, 702 16, 800 28, 261 Gold 205, 736 205, 639 205, 993 181, 608 Loans and discounts 17, 285 16, 798 12, 832 Sterling and United States ex- Securities 53 929 53 596 48, 615 change _.__ _ 33, 652 34, 599 31, 586 31, 607 Deposits 83, 852 83, 002 85, 786 Canadian Gov't securities: Note circulation 47, 530 48, 530 49, 034 2 years or less 11.0, 773 114, 032 35, 834 113, 730 National Bank of Belgium (mil- Over 2 years 51,192 52, 714 29, 340 52,167 lions of belgas): Other securities _ __ 1,013 Gold reserve 3,187 3 089 3,066 2,836 Other assets. _ _ _ _ 6,327 4,674 7,521 6,950 Other gold and foreign exchange- 742 559 445 756 Note circulation 165, 922 166, 227 65, 330 154,112 Discounts._ . _ __ _ 314 538 589 424 Deposits-Chartered banks 204, 082 205, 352 206, 187 195, 447 Loans 48 65 150 75 Dominion Government 21, 891 24, 217 21, 246 21,197 Other assets 473 471 471 461 Other 4,673 6,373 8,635 1,568 Note circulation 4,442 4,425 4,459 4,163 Other liabilities 11,112 9,489 8,876 14, 751 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

694 FEDERAL RESERVE BULLETIN AUGUST 1939 CENTRAL BANKS—Continued Central bank 1939 1938 Centra] bank 1939 1938 [Figures as of last report [Figures as of last report date of month] date of month] June May April June June May April June Central Bank of Chile (millions of Central Reserve Bank of El Salvador (thousands of colones): Gold 145 145 145 Gold... 13, 207 13, 207 13,206 Discounts for member banks 62 84 10 Foreign exchange 6,872 6,891 3,809 Loans to government 758 758 771 Loans and discounts 567 556 609 Other loans and discounts 261 246 144 Government debt and securities._ 5,154 5,172 5,546 Other assets 54 53 39 Other assets 961 908 1,654 Note circulation 877 723 Note circulation 14, 903 15,374 13,690 Deposits- Deposits 8,201 7,718 6,739 Bank 114 181 180 Other liabilities 3,657 3,641 4,395 Other 146 71 71 Bank of Estonia (thousands of Other liabilities 156 157 135 krooni): Bank of the Republic of Colombia Gold' 40,889 40,857 34,253 (thousands of pesos): Foreign exchange (net) 15, 691 17, 678 15,817 Gold 35,853 35, 548 36, 416 35, 981 Loans and discounts 28, 625 29,110 22, 580 Foreign exchange 5,999 6,187 7,122 Other assets 34, 853 36,115 29, 587 Loans and discounts 19, 855 18, 513 18, 828 21,307 Note circulation 52, 747 55, 530 46,775 Government loans and securities. 36, 948 37,033 37,858 46, 753 Demand deposits 38,826 39, 380 34,944 Other assets 30, 019 29, 861 29, 962 25, 942 Other liabilities 28, 485 28,850 20, 520 Note circulation 57, 364 54, 336 54, 368 52, 632 Bank of Finland (millions of mark- Deposits 38, 204 38, 780 41, 435 kaa): Other liabilities 33,105 34, 529 34, 993 43, 040 Gold* 1,128 1,128 1,128 621 National Bank of Czecho-SIovakia 1 Foreign assets 2,640 2,517 2,490 2,291 (millions of koruny): Loans and discounts 1,244 1,293 1,258 1,563 Gold 1,763 1,854 1,894 2,652 Domestic securities 331 327 329 245 Foreign exchange 771 812 856 317 Other assets 142 135 118 318 Discounts 2,129 2,140 2,073 2,346 Note circulation 2,200 2,226 2,306 2,105 Loans 919 901 1,287 D eposits—Treasury 90 68 90 141 Government debt 2,006 Other 1,088 959 773 1,096 Other assets 3,716 3,519 3,315 1,172 Other liabilities 2,106 2,147 2,152 1,695 Note circulation 6,418 6,291 6,295 7,947 Bank of Greece (millions of drach- Demand deposits 839 664 595 264 mas): Other liabilities 2,041 2,271 2,114 1,567 Gold and foreign exchange (net)__ 3,565 3,711 3,907 3,241 Bank of Danzig (thousands of Loans and discounts 10, 570 10,141 8,584 6,905 gulden): Government obligations 4,257 4,256 4,235 4,360 Gold 24, 442 25, 324 25, 262 28, 953 Other assets 1,860 1,970 1,805 2,186 Foreign exchange of the reserve.. 1,480 2,318 3,773 4,900 Note circulation 8,002 8,195 8,255 6,467 Other foreign exchange 212 352 280 581 Deposits 10, 543 10, 202 9,652 7,837 Loans and discounts 21, 613 18, 699 22, 285 16, 659 Other liabilities 1,706 1,681 1,623 2,387 Other assets 2,890 3,090 2,875 3,401 National Bank of Hungary (mil- Note circulation 46,821 47, 672 48, 325 35, 486 lions of peng6): Demand deposits 20, 034 16,313 19,117 17, 443 Golds 124 124 124 84 Other liabilities 19, 389 19, 265 19,147 19, 016 Foreign exchange reserve. 94 95 102 72 National Bank of Denmark (mil- Discounts 438 459 512 439 lions of kroner): Loans—To Treasury 327 299 296 120 Gold 118 118 118 Other 12 12 12 14 Foreign exchange 93 107 88 Other assets 366 357 333 321 Discounts 19 20 20 20 Note circulation 885 868 896 581 Loans—To Government agencies 130 69 55 150 Demand deposits 178 192 187 205 Other 155 147 148 98 Certificates of indebtedness 99 99 99 70 Securities 180 187 183 116 Other liabilities 199 187 198 194 Other assets 109 103 104 84 Reserve Bank of India (millions of Note circulation 446 435 448 414 iipees): Deposits 166 108 92 96 Issue department: Other liabilities 197 194 194 164 Gold at home and abroad 444 444 444 Central Bank of Ecuador (thou- Sterling securities 595 595 761 sands of sucres): Indian Gov't. securities 373 373 324 Gold 34, 364 Rupee coin 662 660 628 Foreign exchange (net) 5,088 Note circulation 1,878 1,887 1,754 Loans and discounts "56, 858 Banking department: Other assets... "16, 387 Notes of issue department ... 196 185 403 Note circulation 61, 220 Balances abroad 101 124 20 Demand deposits 36, 716 Treasury bills discounted 2 17 3 Other liabilities 14, 761 Loans to Government 3 1 National Bank of Egypt1 (thou- Investments sands of pounds): Other assets 11 Gold 6,545 6,545 6,545 Deposits 276 297 393 Foreign exchange 1,759 1,943 1,320 Other liabilities 110 110 110 Loans and discounts ___. 5,961 6,432 4,264 Bank of Japan (millions of yen): British, Egyptian, and other Gold 501 501 501 801 Government securities 25, 471 26, 583 33, 614 Special foreign exchange fund 300 300 300 Other assets 7,667 6,662 7,318 Discounts 428 401 423 439 Note circulation 21,139 21, 645 19,182 Loans— Government 3 3 3 3 Deposits—Government 2,883 2,755 6,901 Other 51 45 45 46 Other 15,153 15, 512 18, 380 Government bonds 1,776 1,668 1,677 1,280 Other liabilities 8,229 8,253 8,599 Other assets 414 334 333 198 Note circulation 2,342 2,137 2,413 1,946 Deposits—Government 535 610 388 258 Other 238 205 115 194 Other liablitiies 358 300 367 370 » Revised. » Name changed to National Bank of Bohemia and Moravia, Prague, by decree of March 31, 1939. 1 Items for issue and banking departments consolidated. • Gold revalued in part on March 7, 1939 at .2801 gram fine gold per kroon. < In accordance with law of December 22,1938, gold revalued on December 31,1938, at approximately .02 gram fine gold per markka. * In accordance with law XXV of 1938 gold revalued on January 15,1939, at .1754 gram fine gold per pengd and resulting increment ineluded in other assets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1939 FEDERAL RESERVE BULLETIN 695 CENTRAL BANKS—Continued Central bank 1939 1938 Central bank 1939 [Figures as of last report [Figures as of last report date of month] date of month] June May April June June May April June Bank of Java (millions of guilders): Bank of Portugal (millions of Gold 117 117 117 escudos): Foreign bills 11 10 2 Gold 920 920 918 Loans and discounts 66 64 67 Other reserves (net) 498 514 486 Other assets 102 114 85 Non-reserve exchange 178 189 143 Note circulation 192 193 185 Loans and discounts 433 429 380 Deposits 78 86 62 Government debt 1,036 1,036 1,040 Other liabilities 26 26 25 Other assets 1,221 1,229 1,234 Eank of Latvia (millions of lats): Note circulation 2,104 2,055 2,031 Gold 93 93 93 78 Other sight liabilities 1,195 1,262 1,190 Foreign exchange reserve 40 40 46 39 Other liabilities 1,000 Loans and discounts 147 154 162 131 National Bank of Rumania (mil- Other assets 53 51 55 lions of lei): Note circulation 84 88 63 Gold 18, 742 18, 662 18,446 16, 872 Deposits 211 221 196 Special exchange accounts 4,322 4,174 4,027 4,510 Other liabilities 38 46 44 Loans and discounts 13, 685 14,128 14,990 7,408 Bank of Lithuania (millions of litu): Special loans " 1 1,537 1,577 1,599 1,944 Gold 62 63 79 Government debt 10, 257 10, 247 10,249 10,402 Foreign exchange 6 8 5 Other assets 13,100 12, 786 12,036 11,084 Loans and discounts 120 128 134 105 Note circulation 38, 604 38,948 39,189 30,103 Other assets 37 36 34 32 Demand deposits 10, 730 10, 614 10,341 12, 634 Note circulation 156 168 182 123 Other liabilities 12, 309 12,013 11,817 9,484 Deposits 42 35 31 76 South African Reserve Bank (thou- Other liabilities 31 29 27 23 sands of pounds): Netherlands Bank (millions of guil- Gold 26,428 26,430 22, 724 ders) : Foreign bills 8,030 7,545 8,253 Gold 1,175 1,209 1,226 1,481 Other bills and loans 16 18 23 Silver (including subsidiary coin; 22 17 20 21 Other assets 14, 621 15, 347 13,004 Foreign bills 2 3 3 5 Note circulation 17, 694 18, 672 15, 930 Discounts 10 12 13 8 Deposits 27,264 24,859 Loans 214 212 213 330 Other liabilities 3,118 3,404 3,214 Other assets 71 69 63 Bank of Sweden (millions of Note circulation 1,046 1,037 911 kronor): Deposits—Government 27 30 8 145 Gold 762 759 747 615 Other 420 397 448 809 Foreign assets 646 659 690 873 Other liabilities 46 50 50 44 Discounts 13 13 13 13 Reserve . Bank of New Zealand Loans 57 56 51 22 (thousands of pounds): Domestic securities 156 151 141 45 Gold 2,802 2,802 2,802 Other assets 515 504 495 390 Sterling exchange reserve 4,564 4,659 16, 609 Note circulation 1,059 1,012 1,041 972 Advances to State or State un- Demand deposits 926 973 922 dertakings 19, 517 19, 684 4,757 Other liabilities 164 157 174 Investments 3,771 3,771 2,732 Swiss National Bank (millions of Other assets 364 868 305 francs): Note circulation 15, 572 15, 659 13, 775 Gold 2,471 2,471 2,471 2,806 Demand deposits 13, 562 13, 946 11, 825 Foreign exchange 271 266 264 397 Other liabilities 1,884 2,180 1,605 Discounts 66 65 203 32 Bank of Norway (millions of Loans 31 33 34 22 kroner): Other assets 681 682 684 700 Gold 236 236 236 199 Note circulation 1,729 1,737 1,773 1,541 Foreign assets 157 164 167 235 Other sight liabilities 1,147 1,137 1,239 1,778 Total domestic credits and Other liabilities 644 643 644 637 securities 272 270 259 181 Central Bank of the Republic of Discounts 0) 111 101 78 Turkey (thousands of pounds): Loans 0) 38 38 33 Gold 36, 906 36,884 36, 877 36,863 Securities (0 121 120 69 Foreign exchange—Free 11 1 21 6 Other assets 0) 55 57 36 In clearing accounts 4,135 11,199 14, 557 9,678 Note circulation 475 458 467 445 Loans and discounts 140, 915131, 223130,184 65, 957 Demand deposits—Government. 37 76 50 9 Securities 192,880 192, 792192,382 190, 622 Cent O ra th l er R li e a s b e i r l v it e i es Ban O k th o e f r Peru 0 1 ) 21 1 8 1 1 1 1 8 2 1 1 1 8 1 3 3 N D O e o th p te e o r s c i a i t r s s c s u e l ts ation 22 3 6 9 5 1 , , , 4 5 5 0 5 2 9 0 122 3 5 9 2 2 , , , 8 3 6 8 0 9 4 5 7 3 5 4 0 , , 1 9 1 2 2 8 1 3 5 7 3 5 5 , , , 6 8 2 9 4 9 1 4 2 (thousands of soles): Other liabilities 119, 267122, 981120,939 104,885 Gold and foreign exchange 43, 847 48,099 Bank of the Republic of Uruguay Discounts 26, 454 28,470 (thousands of pesos): Government loans 91, 599 72,177 Issue department: Other assets 3,798 4,831 Gold and silver 86, 235103, 585 Note circulation 106, 469 98,113 Note circulation 90,161 87,254 Deposits 45, 087 40, 577 Banking department: Other liabilities 14,143 14, 888 Gold 20,062 1,835 Bank of Poland (millions of zlotys): Other 49, 888 50,041 Gold 444 443 443 446 Loans and discounts 103,055 97, 622 Foreign exchange 15 14 13 12 Other assets 96,454 70,464 Loans and discounts 824 818 803 741 Deposits 85, 565 82,957 Securities 157 153 147 128 Other liabilities 183, 894147,004 Special gov't. debts 515 515 515 (2) National Bank of the Kingdom of Other assets 377 382 370 419 Yugoslavia (millions of dinars): Note circulation 1,848 1,841 1,808 1,137 Gold 1,920 1,918 1,917 1,834 Other sight liabilities 159 160 162 259 Foreign exchange 507 525 485 446 Other liabilities 326 325 320 350 Loans and discounts 1,825 1,835 1,976 1,534 Government debt 2,230 2,230 2,229 2,241 Other assets 3,156 3,160 3,137 3,225 Note circulation 7,177 7,298 7,423 6,036 Other sight liabilities 1,724 1,624 1,568 2,418 Other liabilities __. 736 747 752 825 i Figures not yet available. » Not reported separately on bank statement; included with loans and discount*. « Agricultural and urban loans in process of liquidation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

696 FEDERAL RESERVE BULLETIN AUGUST 1939 BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs *] 1939 1938 1939 1938 Assets Liabilities June 30 May 31 June 30 June 30 May 31 June 30 Gold in bars 62, 564 64, 732 29, 340 Demand deposits (gold).. _ 13, 277 13, 205 9,807 Cash on hand and on current account with banks 23,162 6, 756 41, 072 Short-term deposits (various curren- Sight funds at interest 22, 386 16, 275 15, 310 cies) : Central banks for own account 122, 065 109,214 182, 942 Rediscountable bills and acceptances Other _. _ 4,444 5,418 4,572 (at cost) 225, 432 219, 950 248, 416 Time funds at interest _.. _ 33, 015 34, 464 54, 704 Long-term deposits: Special accounts,_. 255,122 255,128 257,164 Sundry bills and investments . _ 221,130 232, 208 257, 904 Other liabilities 194, 381 193, 415 193, 350 Other assets 1,598 1,995 1,090 Total liabilities 589, 289 576, 379 647, 836 Total assets 589, 289 576, 379 647, 836 i See BULLETIN for December 1936, p. 1025. MONEY RATES IN FOREIGN COUNTRIES [Per cent per annum] United Kingdom (London) Germany (Berlin) Netherlands (Amsterdam) Month ac 3 B c a e m n p k o ta e n n r t c h s e ' s s T m b re i o l a l n s s t , u h 3 r s y Da m y- o t n o e -d y ay o a B n l l a o d n w e k p a e n o r c s s i e ' ts 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 f t o h r Da m y- o t n o e -d y ay 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 1929—June 5.32 5.35 4.23 7.50 9.89 7.90 5.30 5.30 1930—June 2.31 2.30 1.93 3.58 4.80 3.74 1.89 1.93 1931—June 2.09 2.10 1.64 1 6.05 7.05 6.74 1.05 1.07 1932—June 1.05 .85 .99 4.75 5.76 5.70 .39 1.00 1933—June .50 .40 .62 3.87 5.50 4.93 2.18 2.06 1934— June .91 .85 .92 V 3.76 4.67 4.57 .78 1.00 1935—June .71 .64 .75 3.00 2.93 3.16 4.42 3.83 1936—June .78 .78 .75 2.88 2.74 2.67 3.92 3.95 1937—June .68 .68 .79 2.88 2.63 2.78 .15 1.00 1938—June .59 .59 .75 2.88 2.88 3.06 .13 .50 1938—December. .96 .80 H 2.88 2.88 2.86 .13 .50 1939—January... .55 .53 .75 2.88 2.88 2.46 .13 .60 February. .53 .51 .75 2.88 2.88 2.53 .13 .60 March .63 .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 .80 June .75 .76 .77 2.79 2.50 2.71 .49 .75 Sw la it n z d er- ( B B e ru lg s i s u e m ls) F (P r a a r n i c s e ) (M It i a l l a y n) Hungary S ( h w S o t e o lm d c e k ) n - Japan (Tokyo) Month d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t c c i o a P l m 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 o rn a n l i e l g y ht 1929—May 3.34 3.96 3.49 6.83 7-9 5. 48-5. 66 3.29 1930— May 2.44 2.87 2.36 5.81 4^-6 H3 5.48 3.10 1931—May 1.12 2.20 1.28 5.25 434-5 5. 29-5. 48 2.19 1932— May 1.50 3.21 1.50 5.52 5^-9 4^4 3-5 6. 20-6. 57 4.56 1933—May 1.50 2.41 1.76 4.00 4^73 5.11-5. 84 2.19 1934—May 1.50 1.93 2.60 3.00 5.26 2.43 1935—May 2.39 2.12 2.56 3.50 5.11 2.40 1936—May 2.25 1.38 5.60 4.78 2%2 4.93 2.73 1937—May 1.00 1.00 3.93 4.50 2% 4.75 2.69 1938—May 1.00 0) 2.62 5.00 2H-5 4.56 2.40 1938—November .00 2.01 2.90 5.00 23^-5 4.56 2.50 December. .00 2.21 2.23 5.00 4.56 2.37 1939—January... .00 2.00 1.88 5.00 4.47 2.34 February.. .00 1.98 1.96 5.00 23^-5 4.47 2.56 March .00 3.28 1.94 5.00 23^-5 4.47 2.54 April 1.00 4.28 1.88 5.00 4.47 2.47 May 1.00 3.99 1.94 5.00 4.47 2.37 r Revised. 1 Insufficient quotations available. NOT*.—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

697 AUGUST 1939 FEDERAL RESERVE BULLETIN DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— Date effective U K d n i o i n m t g ed - France m G a e n r y - g B iu e m l- N la e e n r t d - h s - S l w a e n i r t d z- Japan b C an e k n t o r f a — l R Ju 2 a 4 l t y e ef D fec a t t i e ve b C a e n n k t r o a f— l J R u 2 a l 4 t y e ef D fe a ct t i e ve In effect June 30, Albania 6 April 1, 1937 Japan 3.29 Apr. 7, 1936 J J J J J N D O A S S O O O a u u u u e e c e c u c o c 1 n l l n l p p t c t t t y y g y 9 v . e . . t t 3 . . 1 1 7 2 7 9 2 2 1 3 6 4 2 9 2 8 0 6 0 5 6 5 , 1937 2 4 3 3 5 2 4 4 6 5 4 2 3 2 2 y 2 2 2 \y 2 3.29 D E A D E E F B B B B C C C C i l c s z o h e u r a o a e r s n t i u e l g l n n i l n l l S o t g l i l g c o o a i z a e a e v m n a i s h a d v m i d n n u i l h i g r o a o a v a a a d m t i b - r a I r a k i n i n k d i a . d a a o . _ . i . r . a . _ . 3- 4 4 4 3 3 6 3 6 4 ^ 2 J J J N D J M J D F O M N A M a a u u u e e o c e u o n n a a a l l l b c t c y y y v g v . . r r r . . . . . . . . . . 2 3 3 1 1 1 2 1 2 3 0 1 3 0 1 5 1 6 6 1 8 8 5 , , , , , , , , , , , , , , , 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 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 7 2 3 5 2 5 9 5 5 9 4 6 9 6 6 N N P S J N P P R S S S L L M a w w p o o o e i a u e e o l e v t r a u l r a w t t m e i h r x a u a t v i h t n t d w u n i u h z n i a e d c e a g e d a a n o r n A r a n l y Z i l a l a i a f . a e n r n . i . a d c d - s _ a 4 6 6 3 3 2 N J N J A D D M M M J J D J M u a a u a o e u e o e n l a a a n n a l c c y v c g v y y y y . . . r . . . . . . . 2 2 1 1 1 1 1 1 1 6 5 0 5 5 1 5 1 3 1 9 8 1 4 5 , , , , , , , , , , , , , , , 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 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 6 7 3 5 2 3 9 9 8 8 6 7 7 8 7 N M M S M e o a a a p v y y y t 3 1 1 1 3 0 3 0 3 1938 3 2 y 2 2 4 3 I H F G G t r a r u e a e l r n y n e m g c c e e a a n ry y . __ 6 4 2 4 J A J M S a a e u n n a p g y . . t . . 2 1 2 4 4 8 9 2 , , , , , 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 9 2 7 6 5 U T Y U u n . u d r i g S o t k o m e . e d s S y l . a K v R i i n a . g . . . . - 4 4 2 5 2 J J J F u u u e n l l b y y e . 30 1 1 1 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 2 5 6 8 Sept 28 3 Oct 27 2y2 Nov 25 Jan 4 1939 2 2 Changes since June 24: Belgium—July 6, down from 3 1o 23^ per cent Apr. 17 4 Lithuania, July 15, down from 7 to 6 per cent. May 11 3 July 6 In effect July 24, 1939 2 2 4 2 3.29 COMMERCIAL BANKS [Figures as of end of month, except those for United Kingdom, which are averages of weekly figures] Assets Liabilities United Kingdom Cash M ca o l n l e a y n d at Bills dis- Securi- L cu o s a t n o s m t - o Other Deposits Other (Figures in millions of pounds sterling reserves n s o h t o ic rt e counted ties ers Total Demand i Time liabilities 10 London clearing banks 1930—December. 144 322 285 933 240 1,876 992 847 254 1931—December. 184 119 246 297 905 222 1,737 868 846 237 1932—December. 207 127 408 472 778 208 1,983 991 963 216 1933—December. 213 119 311 565 740 237 1,941 1,015 900 244 1934—December. 216 151 255 594 759 247 1,971 1,044 910 251 1935—December. 221 159 322 605 784 231 2,091 1,140 924 231 1936—December. 236 187 316 630 864 238 2,238 232 1937—December. 236 155 295 605 954 242 2,250 237 1938—December. 235 150 244 606 940 250 2,172 254 11 London clearing banks 2 1936—December. 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—December. 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—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 1,194 973 268 June. 235 150 249 600 993 257 2,219 265 1 Through December 1937 excludes deposits in offices outside England and Wales, which are included in total. Figures for 10 banks not available beginning 1936. 8 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

698 FEDERAL RESERVE BULLETIN AUGUST 1939 COMMERCIAL BANKS—Continued [Figures as of end of month] Assets Liabilities France (4 large banks. fr F a i n g c u s r ) es in millions of Cash D b u a e n f k r s om B co il u ls n t d e i d s- Loans O as t s h e e ts r Total D D e e p m o a s n it d s Time ac O c w ep n t- lia O b t i h li e t r ies 1930—December _ 2,419 4,675 20,448 10, 743 2,361 36,681 35,284 1,397 921 4,357 1931—December. 11,311 2,168 18,441 9,274 2,130 38,245 37,023 1,222 576 4,503 1932—December. 9,007 1,766 22,014 7,850 1,749 37,759 36,491 1,268 295 4,331 1933—December. 5,870 1,416 19,848 8,309 1,827 32,635 31,773 862 273 4,362 1934—December _ 5,836 1,421 18,304 8,169 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 27,955 629 473 4,289 1937—December. 3,403 4,116 18,249 7,624 2,134 30,348 29, 748 600 661 4,517 1938—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 4,156 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 30,449 603 775 4,304 November. 3,357 4,318 18, 522 7,956 1,976 30,971 30, 460 511 746 4,411 December. 3,756 4,060 21,435 7,592 1,940 33, 578 33,042 537 721 4,484 1939—January... 3,329 3,985 22,100 7,079 1,339 33,444 32,863 581 643 3,745 February.. 3,433 3,824 23,024 6,927 1,250 34, 243 33, 619 624 538 3,677 March 3,604 3,519 23, 945 6,654 1,310 34, 793 34,127 667 541 3,697 April 3,522 3,745 25, 667 6,414 1,353 36, 368 35, 700 667 558 3,775 Assets Liabilities Germany 1 (5 large B l e io rl n in s o b f a r n e k ic s. h sm Fi a g r u k r s e ) s in mil- re C se a r s v h es b f D a ro n u m k e s B co il u ls n t d e i d s- Loans Se t c ie u s ri- Other Total D D e e p m os a i 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 b h i e li r - 1930—November. 191 1,483 2,453 7,416 482 880 9,091 3,857 5,233 1,986 1,828 1931—November. 173 817 1,431 5,377 807 1,127 6,062 3,252 2,810 1,328 2,341 1932—November. 143 583 1,631 4,570 991 6,161 2,958 3,203 1,146 , 550 1933—November. 131 471 1,702 3,731 1,003 5,754 2,624 3,130 661 ,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 ',449 1936—November. 137 269 2,567 2,729 1,112 851 5,751 2,661 3,090 579 ,334 1937—November. 148 299 3,205 2,628 1,020 812 6,264 2,912 3,352 513 ,335 1938—August. 199 255 3,589 2,731 1,098 844 6,933 3,219 3,714 416 ,368 N O Se c o p t v o t e e b m m er b b _ e e _ r r . . . 2 1 1 7 7 9 0 9 5 2 2 2 6 9 7 1 5 0 3 3 3 , , , 6 3 6 2 4 8 0 3 4 2 2 2 , , , 8 7 6 1 4 8 7 3 5 1 1 1 , , , 1 4 0 8 0 9 3 6 7 8 8 8 7 9 9 6 5 3 6 7 7 , , , 9 2 0 1 3 3 5 4 1 3 3 3 , , , 3 3 5 7 1 3 3 1 1 3 3 3 , , , 6 6 7 5 0 0 8 3 3 4 4 4 2 2 2 4 0 2 , , , 4 4 4 0 2 3 0 7 8 1939—January 184 285 3,934 2,708 1,178 895 7,334 3,619 3,716 414 ,436 February.. 175 307 3,888 2,798 1,145 902 7,377 3,576 3,801 410 ,427 March 219 308 3,904 2,833 1,112 901 7,458 3,693 3,765 401 ,418 April 189 271 4,364 2,761 1,082 891 7,745 3,870 3,875 398 , 414 May 237 292 4,537 2,772 1,073 852 7,981 3,996 3,985 396 ,385 Assets Liabilities Security Deposits payable in Can- Canada Entirely in Canada a l b o r a o n a s d ada exclu d d ep 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 fo n f d r r d o e u i m e n g e n t Se ti c e 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 2,115 1,426 816 1931—December. 201 135 1,253 146 694 510 129 2,058 1,360 752 1932—December. 211 103 1,104 155 778 439 115 1,916 538 1,378 760 1933—December. 197 106 1,036 134 861 432 121 1,920 1,357 725 1934—December. 228 103 977 155 967 449 124 2,035 1,407 718 1935—December. 228 83 945 141 1,155 485 111 2,180 694 1,486 745 1936—December. 240 114 791 161 1,384 607 103 2,303 755 1,548 790 1937—December. 255 76 862 102 1,411 510 96 2,335 752 1,583 785 1938—July.. 240 71 920 123 1,437 471 95 2,394 772 1,623 772 August 262 71 913 137 1,440 459 93 2,418 783 1,635 771 September. 270 60 965 150 1,421 481 99 2,447 814 1,633 802 October— 291 66 986 147 1,409 470 94 2,480 824 1,656 795 November. 277 64 970 192 1,426 471 92 2,499 844 1,655 808 December. 263 65 940 166 1,463 474 88 2,500 840 1,660 782 1939—January... 276 63 919 167 1,454 459 85 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 May 266 55 963 217 1,505 452 2,524 846 1,678 850 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

AUGUST 1939 FEDERAL RESERVE BULLETIN 699 COMMERCIAL BANKS—Continued GERMANY—EXPLANATORY NOTE as given in the condensed form carried regu- In the March 31, 1939, statement of the larly in the BULLETIN does not appear to have five large Berlin banks a form somewhat dif- been significantly affected. The statement ferent from the one used in the past was presented below compares the condensed baladopted. The new method of reporting ance sheet for March 1939 with the detailed differs from the old principally in slight statement from which it is taken. Subclassichanges in the grouping or definition of cer- fications in the detailed form are referred to tain items. In most cases, however, the new in the condensed form only when they are definition is the approximate equivalent of directly involved in condensing the balance the old, and the comparability of the figures sheet. COMBINED BALANCE SHEET OF THE FIVE LARGE BERLIN BANKS AS OF MAR. 31, 1939: CONDENSED FORM COMPARED WITH DETAILED FORM [Numbers in parentheses in condensed form refer to items as numbered in detailed form; numbers in parentheses in detailed form refer to items as numbered in German form] In mil- In millions of lions of Assets reichs- Liabilities reichsmarks marks CONDENSED FORM CONDENSED FORM Cash reserves in vault and balances with Reichsbank and in Deposits: postal checking accounts (1, 2) 219 Demand (22ei)__ 3,693 Due from banks (8, lla) 308 Time (22 eii, 24). 3,765 Bills discounted (3, 4, 5) 3,904 Loans (9, 10, 11, minus lla and 23). ___ 2,833 Total 7,458 Securities (6, 7, 12, 13, 15) 1,112 Credits obtained from banks (22a, 22b) 401 Other assets (14, 16, 18, 19, 23) 901 Other liabilities (23, 25, 26, 27, 28, 29, 30, 31 minus 17). 1,418 Total 9,277 Total 9,277 Omitted: Unpaid capital (17) 0 Omitted: Unpaid capital (17) 0 Total as shown by detailed form 9,277 Total as shown by detailed form 9,277 DETAILED FORM DETAILED FORM Barreserve: a) Kassenbestand (deutsche und auslandische 22. Glaubiger (42-52): Zahlungsmittel, Gold), b) Guthaben auf Reichsbank- (a) Seitens der Kundschaft bei Dritten benutzte giro-und Postcheckkonto) (1-3) Kredite (42) 270 Fallige Zins-und Dividendenscheine (4) (b) Sonstige im In-und Ausland aufgenommene Schecks (5) 58 Gelder undKredite (Nostroverpflichtungen) (43) 131 Wechsel (6-11) 2,367 (c) Einlagen deutscher Kreditinstitute (44) 764 Schatzwechsel und unverzinsliche Schatzanweisungen des (d) Sonstige Glaubiger (45) 5,727 Reichs und der Lander (12, 13) 1,479 (e) Von der Summe (c) und (d) entfallen auf: Wertpapiere (14-19) (i) jederzeit fallige Gelder (48) Konsortialbeteiligungen (20) 93 (ii) f este Gelder und Gelder auf Kiindigung (49) Kurzfallige Forderungen unzweifelhafter Bonitat und 23. Verpflichtungen aus der Annahme gezogener und der Liquiditat gegen Kreditinstitute (21, 22) 135 Ausstellung eigener Wechsel (53) Forderungen aus Report-und Lombardgeschaften gegen 24. Spareinlagen (54) 967 borsengangige Wertpapiere (23) 25. Anleihen (55, 56) .... Vorschiisse auf verfrachtete oder eingelagerte Waren, 26. Hypotheken, Grund-und Rentenschulden (57) (24-26) 275 27. Durchlaufende Kredite (58) 9 Schuldner (27-31) 3,413 28. Grund-oder Stammkapital (59) 428 29. Reserven nach § 11 des Reichsgesetzes iiber das Kredit- (a) Kreditinstitute (27). 174 weser (60) 109 30. Sonstige Reserven, Riickstellungen und Wertberichti- 12. Hypotheken, Grund-und Rentenschulden (32) 43 gungsposten (61) 77 13. Langfristige Ausleihungen gegen Kommunaldeckung (33) _ 31. Sonstige Passiva (62) 105 14. Durchlaufende Kredite (34) 9 15. Beteiligungen (35) 108 16. Grundstiicke und Gebaude (36) 200 17. Ausstehende Einlagen auf das Grund-oder Stammkapital (37) 18. Eigene Aktien oder Geschaftsanteile und Aktien oder Geschaftsanteile einer herrschenden Gesellschaft (38,39) 19. Sonstige Aktiva (40) Total.. 9,277 TotaL. 9,277 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

700 FEDERAL RESERVE BULLETIN AUGUST 1939 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 ) - (p t A r o a u u l s i n - a d) ( g b B i e u e lg m l- a) O B ff r i a c z ia il l (m m il F a r r e r e k is e e ) t ( B I ru n ri p d t e i i s a e h ) g ( B l a e u r v l i - a ) C (d a o n ll a a d r a ) Off C ic h ia il l e (p E e x so 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 o m ) - Cuba 1929 95.127 480. 83 13. 912 11. 8072 36. 202 .7216 99. 247 12. 0601 41. 901 96. 551 99. 965 1930 83. 505 458. 60 13. 952 10.7136 36. 067 .7209 99. 842 12. 0785 29. 917 96. 493 99. 952 1931 66. 738 351. 50 13. 929 7. 0290 33. 690 .7163 96. 326 12. 0669 22. 437 96. 570 99. 930 1932 _•____ 58. 443 279. 93 13. 914 7.1223 26. 347 .7193 88. 090 7. 9079 21. 736 95. 275 99.941 1933 72.801 337.07 17. 900 7. 9630 31.816 1. 0039 91. 959 7. 6787 28. 598 81. 697 99. 946 1934 33. 579 400. 95 23. 287 8. 4268 37. 879 1. 2852 101. 006 10.1452 34. 094 61. 780 99. 936 1935 32. 659 388. 86 18. 424 8. 2947 36. 964 1. 2951 99. 493 5. 0833 36. 571 56.011 99. 920 1936 33.137 395. 94 16.917 8. 5681 5. 8788 37. 523 1. 2958 99. 913 5.1240 29. 751 57. 083 99. 909 1937 32. 959 393. 94 16. 876 8. 7190 6.1806 37. 326 1. 2846 100. 004 5.1697 4. 0000 29. 606 56. 726 99. 916 1938 32. 597 389. 55 16. 894 5. 8438 36. 592 1. 2424 99. 419 5.1716 4.0000 21. 360 55. 953 99. 925 1938—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 June 31.217 373.12 17.008 6. 0585 5.1038 34. 924 1. 2077 99. 773 5.1737 4.0000 13. 434 57.169 99. 949 Year or month ( C s k l z o o e r v c u a h n k o a i - a ) ( m D kr e a o n r n - k e) (p Eg o y u p n t d) ( k l F m k a i a n a n r d ) - - F ( r fr a a n n c c e ) ( m m G r a a e e r i r n c k - y h ) s- G ( r d m e r a a e ) c c h e - ( H d K o o o l n n la g g r) ( H p g e u a n r n g y - o) ( I l t i a r l a y ) J ( a y p e a n n ) M (p e e x s i o c ) o ( N g l u e a i t n l h d d e e s r r - ) Z (p e N a o e l u a w n n d d ) 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 40.162 483. 21 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. 225 468. 22 1931 2. 9619 25. 058 465.11 2. 3875 3. 9200 23. 630 1. 2926 24. 331 17. 452 5. 2063 48. 851 35. 492 40. 230 415. 29 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. 295 320.19 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. 721 340. 00 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. 383 402. 46 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. 715 391. 26 1936—L 4. 0078 22.189 509. 68 2.1903 6.1141 40. 297 .9289 31.711 29. 558 7. 2916 29. 022 27. 760 64. 481 398. 92 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. 045 396. 91 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. 009 392. 35 1938—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. 390 382. 46 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. 334 376. 50 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. 356 373. 72 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 54.187 373. 59 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. 626 374. 84 March 3. 4245 20. 912 480. 40 2.0597 2. 6488 40.098 .8586 29. 049 19. 613 5. 2601 27. 300 20. 026 53.092 374. 78 April 20. 891 479. 90 2.0542 2. 6478 40. 081 .8579 28. 659 19. 602 5. 2601 27. 274 20.023 53.132 374.41 May 20. 895 479. 97 2. 0548 2. 6487 40.115 .8570 28. 884 19. 588 5. 2603 27. 277 20. 025 53. 601 374. 42 June 20. 900 480.10 2. 0559 2. 6493 40.105 .8565 28. 916 19. 577 5. 2604 27. 284 19. 753 53.167 374. 60 Uruguay (peso) Year or month 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- [ A S po o fr u u i n c th a d) [ S pe p s a e i t n a) ( S S m d e t o e r t a l t n l l i a t e t s s r - ) 'k S d r w o e 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 n e d y ) ^ U K p d n o i o i n u m t g n e - d d ) tr C o o ll n e - d N tr o o n l - l c e o d n- ( Y s d l i a u n v g a i o a r - ) 1929 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 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_-_ 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 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 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 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 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 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 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 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—October.... 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. 23. 652 18. 798 4. 2683 .7305 466. 01 5.054 54. 738 24. 251 22. 653 80. 289 470. 75 61. 955 2. 2797 December . 23. 463 18. 865 4. 2406 .7315 462. 32 4.996 54. 302 24. 051 22. 612 80. 803 467.03 61. 471 2. 2776 1939—January 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.. 23. 539 18. 898 4. 2508 .7272 463. 83 54. 416 24.133 22. 672 80. 385 468. 57 61. 646 2.2820 March 23. 539 18. 860 4. 2502 .7140 463. 74 54. 394 24.130 22. 614 80. 361 468. 54 61. 650 2. 2781 April 23. 515 18. 818 4. 2448 .7056 462. 80 54. 273 24. Ill 22. 431 80.279 468. 05 61. 592 2. 2636 May 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 June 23. 524 18.812 4. 2484 .7042 463. 32 11.023 54. 509 24.107 22. 546 80.101 468. 24 61. 609 35. 620 2. 2674 NOTE.—Developments affecting averages since January 1939 have been as follows: Brazil—official quotations not reported April 10-June 8 inclusive, free market quotations reported beginning June 9; Czecho-Slovakia—no quotations available beginning March 15; Spain—quotations resumed on May 15, nominal; Uruguay—non-controlled rate reported in addition to controlled rate beginning June 22. 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

AUGUST 1939 FEDERAL RESERVE BULLETIN 701 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U S n ta it t e e d s Canada K U in n g it d e o d m France Germany Italy (O Ja c p to a b n er N l e a t n h d e s r, Sw la it n z d er- (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) (1926-30= (July 1914 100) =100) 1926 100 100 i 124 695 134 237 106 144 1929 95 96 627 137 95 220 100 141 1930 86 87 100 554 125 85 181 90 126 1931 73 72 88 500 111 75 153 76 110 1932 _. . . _ 65 67 86 427 97 70 161 65 96 1933 66 67 86 398 93 63 180 63 91 1934 _._ _ 75 72 88 376 98 62 178 63 90 1935 80 72 89 338 102 68 186 62 90 1936 81 75 94 411 104 76 198 64 96 1937 86 85 109 581 106 89 238 76 111 1938 79 79 101 653 106 95 251 72 107 1938—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 98 684 107 97 270 70 107 June 76 73 98 683 270 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 u f m o c o ts d p I r n o tr d d i u a u l s c - ts p A r t o g u d r r i u c a u c l t l s - P s r i o o v ns i- a p t f r n I r i i n o n d a d d l i s s u u r e h c s a m e - t w s d i- p tr I r i i n o a s l d d h V u e u f d s c i - n ts - 1926 100 100 100 581 793 129 132 130 150 1929 105 100 92 579 669 130 125 132 157 1930 88 91 85 100 100 526 579 113 113 120 150 1931 65 75 75 89 87 542 464 104 96 103 136 1932 . _ 48 61 70 88 85 482 380 91 86 89 118 1933 51 61 71 83 87 420 380 87 75 88 113 1934 . . _ _ _. 65 71 78 85 90 393 361 96 76 91 116 1935 79 84 78 87 90 327 348 102 84 92 119 1936 81 82 80 92 96 426 397 105 86 94 121 1937 86 86 85 102 112 562 598 105 96 96 125 1938 69 74 82 97 104 641 663 106 91 94 126 1938—May 68 72 82 100 103 650 657 106 90 93 126 June 69 73 81 99 101 657 663 106 90 94 126 July 69 74 81 98 102 630 671 106 90 94 126 August 67 73 81 95 102 625 670 107 90 94 September 68 75 81 92 102 631 669 106 91 94 126 October... 67 74 81 93 102 646 680 106 92 94 126 November, _ 68 74 81 91 103 662 685 107 95 94 126 December 68 73 80 92 102 684 685 107 95 94 126 1939—January 67 72 80 93 100 688 690 108 94 94 126 February 67 72 80 91 100 673 694 108 94 94 March 00 70 80 90 100 671 694 108 94 95 126 April 64 69 81 91 100 650 697 107 92 95 126 May 64 68 81 92 101 652 712 108 P94 94 126 June 62 68 80 92 101 644 718 P109 ?126 * Preliminary. Sourctt.—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

702 FEDERAL RESERVE BULLETIN AUGUST 1939 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Eng- France Ger- Nether- Switz- United Eng- France Ger- Nether- Switz- Year or States land July many lands erland Year or States land Jan.- many lands erland month 1923- July 1914=100 1913- 1911- June month 1923- July June 1913- 1911- June 1925=1001914=100 1914=1001913=1001914=100 1925=1001914=1001914=1001914=1001913=1001914=100 1926 109 161 554 146 161 160 1926 _ . 103 170 605 142 168 162 1929 105 154 611 156 162 156 1929 100 164 556 154 168 161 1930. __. 100 145 614 146 150 152 1930 97 158 681 148 161 158 1931 82 131 611 131 136 141 1931 89 148 569 136 151 150 1932 68 126 536 116 119 125 1932 80 144 526 121 141 138 1933__ ___ 66 120 491 113 120 117 1933 76 140 520 118 139 131 1934 74 122 481 118 124 115 1934 79 141 516 121 140 129 1935 81 125 423 120 118 114 1935 81 143 483 123 136 128 1936__ „ 82 130 470 122 120 120 1936 82 147 507 125 1 132 130 1937 85 139 601 122 127 130 1937 84 154 619 125 137 137 1938 79 141 702 122 130 130 1938 83 156 P698 126 139 137 1938-May 79 139 705 123 132 128 1938 May 156 126 139 136 June. 80 138 698 123 134 130 June 83 155 692 126 140 137 July.... 80 146 671 124 130 129 July 159 127 139 137 August 78 141 677 124 129 129 August. . 156 127 138 136 September 79 140 697 121 130 130 September 83 156 689 125 139 137 October. 78 139 725 121 130 130 October 155 125 138 137 November 78 140 727 121 128 130 November 156 125 137 137 December. 79 139 742 121 130 130 December. 83 156 722 125 138 137 1939-January 78 138 748 122 129 1939-January 155 126 137 February 77 138 744 122 129 February 155 126 136 March 76 135 742 123 if30 128 March 82 153 126 2138 136 April 77 135 734 122 129 April 153 126 136 May___. 77 134 738 123 May 153 126 137 June 76 134 739 June 153 1 Quarterly basis. v Preliminary. Sources.—See BULLETIN for April 1937, p. 373. 1 Revised index from March 1936 (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 c a i r e t t a e e ) g d s * 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 p e 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) rance Germany (1 N 9 l 3 e a 0 t n h = d e 1 s r 0 - 0) Number of issues._ 60 87 36 139 8 420 278 300 329 100 1926 97.6 110.0 57.4 100.0 100.0 100.0 100.0 1929. 98.1 110.2 85.1 81.4 100.0 190.3 119.5 217.6 122.8 1930 99.3 111.8 95.8 83.3 104.3 149.8 102.6 187.6 100.2 100 1931 90.9 108.4 96.9 »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—May .. 76.5 122.1 76.1 100.0 108.0 73.9 79.7 92.7 103.4 92.7 June..__ ... 75.3 121.9 77.2 100.0 107.0 73.1 78.5 91.4 101.4 91.6 July 80.8 123.4 76.5 100.0 107.0 88.0 82.1 88.8 99.0 97.2 August 81.3 122.4 76.6 99.9 106.3 89.5 81.1 87.6 93.8 97.1 September. __ 78.7 118.4 75.6 99.8 100.6 86.0 78.4 83.7 94.7 92.8 October 81.8 118.2 78.3 99.8 105.6 91.1 79.6 88.0 98.6 98.0 November.. 82.1 118.0 80.6 99.7 105. 3 94.7 80.4 91.8 97.2 98.8 December... 81.1 116.3 88.3 99.2 105.9 92.0 78.4 104.7 94.6 97.8 1939—January 81.9 115.9 83.4 99.0 104.3 91.8 78.0 94.0 95.3 94.3 February 82.1 115.8 86.5 99.0 102.1 90.1 77.5 100.0 96.1 92.4 March.. 83.1 113.6 86.0 99.0 100.9 91.7 77.1 97.9 94.4 94.0 April 79.4 110.8 86.6 99.0 95.2 81.9 75.1 97.9 94.9 87.2 May 80.2 113.5 85.1 99.0 98.0 83.1 77.0 103.0 94.1 89.3 June.. 81.4 113.5 84.0 96.3 86.0 76.6 98.3 91.6 i Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. * 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. 8 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 703 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINBR S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZTMCZAK CHESTER C. DAVIS JOHN K. MCEEB ERNEST G. DRAPER LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary J. C. NOELL, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGPIELD, Assistant General Counsel LEO H. PATJLGER, 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 EDWARD L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans O. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEDERAL ADVISORY COUNCIL MARRINER S. ECCLES, Chairman District No. 1 (BOSTON) THOMAS M. STEELB GEORGE L. HARRISON, Vice Chairman District No. 2 (NEW YORK) LEON FRASER CHESTER C. DAVIS District No. 3 (PHILADELPHIA) .... HOWARD A. LOEB, ERNEST G. DRAPER Vice-President M. J. FLEMING District No. 4 (CLEVELAND) T. J. DAVIS GEORGE H. HAMILTON 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 704 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SENIOR OFFICERS OF FEDERAL RESERVE BANKS Fed B e a ra n l k R o e f— serve Cha R irm es a er n v a e n A d g F e e n d t eral President First Vice President Vice Presidents Boston F H Curtiss T?A Young W. W. Paddock W. Willett 2 New York ._._ Owen D. Young G.L. Harrison.. __ Allan Sproul.. _ . L. R. Round's W. S. Logan J. H. Williams R. M. Gidney L. W. Knoke Philadelphia T. B. McCabe J. S. Sinclair F. J. Drinnen. C. A. Mcllhenny» W T "n«.T7i<a E. C. Hill Cleveland G. C. Brainard M. J. Fleming. F. J. Zurlinden W. H. Fletcher G. H. Wagner W. F. Taylor 8 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.« H. F. Conniff M. H. Bryan Chicago _ _ _ R. E. Woodi G J. Schaller H P. Preston 0. S. Young W. H. Snyder» J. H. Dillard St Louis W. T. Nardin W McC Martin F. G Hitt 0. M. Attebery CM. Stewart2 Minneapolis _ .__ . W. C. Coffey 1 TN. Peyton 0. S. Powell. _ - H. I. Ziemer 3 E. W. Swanson Kansas Oity R. B. C aid well G H. Hamilton n A. Worthington . H. G. Leedy J. W. Helm s Dallas . J. H. Merritt Tf R. Gilbert F, B. Stroud R. B. Coleman W. J. Evans W. 0. Ford2 Ban Francisco _ St. George Holden i__. W. A. Day... Ini Clerk W. M. Hale R. B. West * Deputy chairman. a Cashier. » 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 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. 705 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS Oklahoma City V 4 /«• J Little Kock/ i-^ DALLAS® ^ErPaso-J j ll K TEXAS ,> BOUNDARIES OF FEDERAL RESERVE DISTRICTS V * ' ~^ ^ Houston^ . _« BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES^^ \SaTiAntonio\ (APPROXIMATE IN THE ST. LOUIS DISTRICT) Y*»«™ ® FEDERAL RESERVf BANK QTIES. • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis