Federal Reserve Bulletin, 1939-10

FEDERAL RESERVE BULLETIN OCTOBER 1939 Effects of War on American Markets Compilation of Laws Relating to Branch Banking Distribution of Demand Deposits by Economic Classes 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—Effects of war on American markets 839-845 National summary of business conditions 846-847 Summary of financial and business statistics 849 Law Department: Rulings of the Board: Transfers from savings accounts to F. H. A. Mortgage accounts without presentation of pass books 850 Payment or renewal of certificate of deposit maturing on Sunday 850 Payment of interest on savings account after death of depositor 851 Trust indenture Act of 1939 851 Compilation of Federal and State laws relating to branch banking within the United States 851-870 Distribution of demand deposits by economic classes of depositors 1933, 1935, and 1936 871-874 Member bank earnings and expenses, first half of 1939 874-875 Condition of insured banks in the first half of 1939 '_ 876-877 Revised indexes of factory employment adjusted for seasonal variation 878-888 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items 890 Federal Reserve bank statistics 891-895 Reserve position of member banks; deposits in larger and smaller centers 896 Money in circulation 897 Gold stock and gold movements; bank suspensions; bank debits 898 All banks in the United States 899 All member banks 900-901 Condition of reporting member banks in leading cities 902-905 Acceptances, commercial paper, and brokers' balances 906 Federal Reserve bank discount rates 907 Money rates and bond yields 908 Security markets 909 Treasury finance 910-911 Governmental corporations and credit agencies; Postal Savings System 912-913 Production, employment, and trade 914-922 Wholesale prices 923 Crop report 924 Statistics for Federal Reserve chart book 925 International financial statistics: Gold reserves of central banks and governments 928 Gold production 929 Gold movements 929-930 International capital transactions of the United States 931-933 Central banks 934-937 Bank for International Settlements 938 Money rates 938 Discount rates of central banks 939 Commercial banks 939-940 Foreign exchange rates 941 Price movements: Wholesale prices 942 Retail food prices and cost of living 943 Security prices 943 Federal Reserve directory: Board of Governors and staff; Open Market Committee and Staff; Federal Advisory Council 946 Senior officers of Federal Reserve banks; managing directors of branches 947 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 25 OCTOBER, 1939 No. 10 REVIEW OF THE MONTH markets, increased its holdings of United States Government obligations. War in Europe resulted in abrupt price At no time was the shock of the war to our changes and sharp increases in activity in the financial and industrial system comparable to commodity and financial that in 1914 when the Stock Exchange and Effects of war on markets of this country. American markets many commodity exchanges were forced to Prices of basic comclose, large currency withdrawals and gold modities advanced in September, reflecting exports obliged banks to operate on a rechiefly heavy purchases by manufacturers stricted basis, and business activity declined. and distributors, but to some extent also spec- During the past month exchanges remained ulative activity by traders. Buying was paropen, bank deposits and reserves increased, ticularly marked for such products as iron and commodity prices and business activity and steel, nonferrous metals, and textiles, advanced sharply. Gold continued to flow and was largely by domestic purchasers in into the United States in large volume until anticipation of possible price advances and late in the month. Dollar prices of many delayed deliveries. Inquiries from abroad, foreign currencies showed sharp reductions. particularly from neutrals, showed a marked increase in some lines, but in others the pros- The Federal Reserve System increased its pect for exports was adversely affected. In a holdings of United States Government securinumber of industries new orders were suffi- ties by about $400,000,000 in cient to bring about an accelerated increase Open-market the two weeks ending Septemin plant operations. This rise, coupled with operations _. ber 13, and by a small addiincreased oil output after sharp curtailment tional amount in the following week. Holdin August, carried the Board's index of inings of bonds and notes increased somewhat dustrial production from 102 for the month more than this amount, since part of the maof August to about 110 for the month of Septuring Treasury bills were not replaced. tember, with a still higher level prevailing at On September 20 the total amount of Govthe end of the month. Employment and naernment obligations in the System Open Martional income increased substantially but, as ket Account was at a new high level of is usual, expanded less rapidly than industrial $2,826,000,000. Between June 21 and Auactivity. gust 30 the Open Market Committee had fol- Prices of many common stocks rose raplowed the policy of not replacing all maturing idly in September, while prices of United Treasury bills, with the consequence that the States Government securities and high-grade total amount of securities in the account corporate bonds, which had reached record diminished by about $140,000,000, leaving a levels in the early part of the summer and had correspondingly larger volume of bills in the receded somewhat from those levels, declined hands of holders other than Federal Reserve sharply. The Federal Reserve System, in banks. Changes in the types of securities pursuance of its policy of endeavoring to held in the System Account are shown in the maintain orderly conditions in the capital following table: 839 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

840 FEDERAL RESERVE BULLETIN OCTOBER 1939 UNITED STATES GOVERNMENT SECURITIES HELD BY Owing to the decline in bond prices in THE FEDERAL RESERVE BANKS September, yields on Government bonds [In millions of dollars] rose substantially, as shown by Increase in Between August 31 Sept. 20, Aug. 30, June 21, the chart 1939 1 1939 1939 bond yields and September 23 the average Total 2,826 2,426 2,564 yield on Treasury bonds maturing in the Bonds 1,309 912 911 Notes 1,245 1,179 1,176 period 1960-1965 increased by % of 1 per Bills 272 335 477 cent to a level of over 2% per cent. For 1 Includes some Government guaranteed issues. Treasury notes maturing in 1944 the yield As a result of open-market purchases of rose to something over lVs Per cent. Yields securities by the Reserve banks, further gold on Treasury notes and long-term bonds subimports from abroad, and expenditures of sequently declined somewhat and toward the the Treasury from its cash holdings and end of September were at about the levels of balances with the Reserve banks, excess re- early 1938. serves of member banks increased and on BOND YIELDS INVERTED SCALE September 20 were at a new high level of PER (,ENT PER CENT 0 0 $5,300,000,000. On September 1 the Board issued the folo use OVPRMMPNT 2 lowing statement: v^—^ "The Board of Governors 4 '^CORPORATE Aaa. 4 Advances to of the Federal Reserve Sysmember and tem announces that in view nonmember banks of current developments in 6 ., ^''CORPORATE Baa Ky 6 the international situation, the Federal 4 Reserve banks are prepared at this time J to make advances to member and non- 8 8 member banks on Government obligations at par at the rates prevailing for member banks." 0 10 1934 1935 1936 1937 1938 1939 Sources : U. S. Government bonds, Treasury Department; cor- This announcement assured member and porate bonds, Moody's Investors Service. Weekly average of daily figures ; latest are for week ending Sept. 23. nonmember banks that the Federal Reserve banks would make advances up to the full Average yields on high-grade corporate amount of the par or face value of Govern- bonds, which had been relatively steady ment obligations and on the same terms for earlier this year, increased from 3 to over 3*4 nonmember as for member banks. Following per cent during the first three weeks of Septhis announcement the Federal Reserve Banks tember. Yields on lower-grade obligations of Boston, Atlanta, Chicago, St. Louis, Kan- showed irregular changes, as they had during sas City, and Dallas reduced their rates on the greater part of the year. For some issues, advances made to member and nonmember especially those of railroads, yields declined banks on United States Government obliga- somewhat after the outbreak of war, while tions from 11/2 to 1 per cent, the rate at theyields of other issues continued the moderate New York bank. At other Reserve banks rise that had begun about the middle of the rate is IV2 Per cent- Since banks have August. not experienced any drain of funds, there has Sellers of Government securities in the been no demand for advances on Government early part of September were for the most securities at the Reserve banks. part private investors and the smaller institu- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

841 OCTOBER 1939 FEDERAL RESERVE BULLETIN tional holders, including many banks. The industry and in part the fact that American large money-market banks as a group slightly stocks held in belligerent countries, have not increased their holdings of Treasury bonds. been dumped on the market as they were in Common stocks rose sharply in September 1914. and by the middle of the month had advanced Demand for business loans at commercial to the level of the first of thebanks has increased sharply in recent weeks. Increase in ^ hart shOWS. Prices A part of this demand repreyear ag e c stock prices ' Increase in sents a seasonal increase, but of stocks of steel companies commercial loans much of it appears to be for showed the largest advances while prices of funds to finance the purchase of additional some public utility stocks declined slightly. inventories and the expansion of current op- The volume of trading was the largest since erations. The growth in commercial loans the autumn of 1937. Indications are that has accompanied the sharp increase in buymuch of the buying has been for cash, as there ing of commodities which occurred at the was some decline during September in the outbreak of war in anticipation of possible amount of bank credit used for purchasing future requirements. and carrying securities. The rise in commercial loans at reporting STOCK PRICES member banks in 101 leading cities during the INDEX OF PRICES, 1926 = 100 four weeks ending September 20 amounted to nearly $265,000,000, or 6 per cent. Banks in the leading cities of all Federal Reserve districts, except the Philadelphia district, showed increases. More than half of this increase was in New York City. Since the rapid decline that extended through the spring of last year the volume of commercial loans had shown little change until the recent rise. The gold movement to the United States 80 80 was sharply accelerated in August and remained at a high level until 60 60 Recent gold j tter part of September. the a movement TO In the six weeks ending Sep- 40 40 tember 20 the monetary gold stock increased $630,000,000 compared with $180,000,000 in 20 20 the previous six weeks. Both gold imports and sales of gold held under earmark for foreign account at the Federal Reserve banks 1934 1935 1936 1937 1938 1939 were substantial. Source: Standard Statistics Company, 348 industrials, 40 utilities, 32 railroads. Wednesday figures ; latest are for Sept. 20. In its earlier stages the increase in the gold movement reflected a flight of private funds The recent sharp rise in stock prices conto the United States during the critical weeks trasts with the situation in 1914 when a flood that preceded the outbreak of war in Europe. of selling from foreign as well as domestic The outflow, particularly from Great Britain, sources caused prices to break to such an was at its height when the British authorities extent that the New York Stock Exchange on August 25 ceased selling gold for the purclosed temporarily. This difference in behavpose of supporting sterling exchange. This ior reflects in part anticipation at this time of development and the subsequent imposition the effects of war on the profits of American of foreign exchange regulations in the United Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

842 FEDERAL RESERVE BULLETIN OCTOBER 1939 Kingdom, France, and other countries were to the satisfaction of the most pressing needs, the major factors in bringing the private and many foreign exchange rates were quoted flight movement to an end. During Septem- on a nominal basis. The period was one of ber sales of foreign gold to the United States uncertainty regarding the status of many were to a large extent for the purpose of ac- currencies, particularly those of countries cumulating official dollar balances in this which had pursued a policy of maintaining country. Deposits of foreign central banks a stable relationship between their monetary with the Reserve banks increased by $150,- units and the pound. By the end of Septem- 000,000 between the end of August and Sep- ber it appeared that few neutral countries tember 20. had remained firmly attached to sterling, al- The removal of official support from ster- though a number of currencies had followed ling was accompanied by a sharp decline in the decline in the pound part way. The folits dollar exchange rate. The lowing table shows the percentage change in Decline in pound, which had been held exchange rates of the principal currencies foreign exchange rates for some time at a level of between August 24, just prior to the decline about $4.68, fell as low as in sterling, and September 22. $4.42 in New York on August 25 and fluctuated erratically during the week preceding PERCENTAGE CHANGE IN FOREIGN EXCHANGE RATES announcement that Great Britain was at war IN NEW YORK AUGUST 24—SEPTEMBER 22, 1939 with Germany. Early in September, how- Per- Perever, in conjunction with the issuance of Currency of— centage Currency of— centage change change regulations governing foreign exchange dealings in the United Kingdom, the Bank of United Kingdom -15 D Ca e n n a m da ark.. - - 8 9 England fixed buying and selling rates for France -14 Finland — 8 Australia -15 the dollar at $4.06 and $4.02 to the pound B N r e i w ti sh Z e I a n la d n ia d - — 14 14 B Sw el i g tz iu e m rland n\ respectively for approved transactions. The P S o ou rt t u h g A al frica .. - -1 1 5 4 N Ita e l t y herlands. _. _ - 3 ^ official buying rate, which was later changed Ur C u o g n u t a r y olled rate -15 N Sw or e w d a e y n.. __ __ — 4 c to $4.04, and the selling rate appear to consti- Ja N pa o n n-controlled rate___ + -1 5 8 B M r e a x zi i l c — o official- + 1 0 6 ) tute effective limits to the fluctuation of the 1 Increase less than y of one per cent. dollar in London. The British authorities, Percentages based on 2certified noon buying rates in New York for cable transfers. No rates were available on Sept. 22 for the currencies of however, have not attempted to control rates Argentina, Germany, Hungary, Poland, Rumania, and Yugoslavia. in foreign centers. New York, for example, has provided a market for sterling which Prices of most basic foodstuffs and induseither would not be purchased by the Bank trial materials advanced sharply in the early part of September. Spot of England or which, owing to the confused Commodity prices g _ situation, was offered for sale in New York priceg Qf Q gensitive com modities rose about 20 per cent in the week rather than London. For a time these offerings found ready takers but in the middle of ending Thursday, September 7, as is shown September the pound in New York broke in the accompanying chart, and in the followaway from the official rate in London and ing two weeks these commodities as a group fell as low as $3.75. Subsequently the situa- advanced somewhat further, reaching a level tion was somewhat clarified and the New about halfway between the low of August York rate rose. By September 22 sterling and the peak reached early in 1937. had recovered to $4.00 in New York. The advance early in September was gen- The decline in sterling following August eral both in foodstuffs and industrial mate- 24 resulted in widespread disorganization of rials. In the subsequent two weeks prices foreign exchange markets. For a time the of industrial materials continued to advance, volume of business was small, being limited while prices of most foodstuffs showed little Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

843 FEDERAL RESERVE BULLETIN OCTOBER 1939 change or declined. Total supplies of food- tively little, owing in part to large stocks on stuffs at all points are in large volume both hand and the prospect of a domestic crop in this country and abroad. Recent changes larger than world consumption of American otton last year. Stocks of other industrial WHOLESALE PRICES OF 30 COMMODITIES materials in the hands of domestic producers 1926 = 100 and industrial consumers are generally lower THURSDAY FIGURES 90 than those of foodstuffs. Changes in prices 80 r of leading materials are indicated in the table, 70 60 V <\^TOTAL f but in some cases, notably tin, recent quotations have been largely nominal. PRICES OF SELECTED INDUSTRIAL MATERIALS ^ Per cent 100 100 Aug. Sept. Sept. increase, 90 90 31 7 21 Aug. 31, 80 80 to Sept. 21 70 70 60 I M ND A U TE S R TR IA IA LS L \ \ i / 60 H Ru id b e b s e r c c e e n n t t s s p p e e r r l l b b . . 1 1 6 1 . .0 8 0 8 2 1 0 4 . . 0 0 0 0 2 1 2 5 . . 5 7 0 5 4 3 3 3 50 50 Cotton cents per lb. 8.55 9.44 8.73 2 Print cloth cents per yd. 4.63 5.25 5.50 19 40 Silk dol. perlb. 2.57 2.83 3.05 19 Wool tops dol. per lb. .86 1.04 1.26 47 30 30 Copper cents per lb. 10.50 12.00 12.00 14 Lead cents per lb. 4.90 5.35 5.35 9 Tin cents per lb. 49.00 65.00 68.00 39 Zinc cents per lb. 4.75 6.00 6.25 32 Steel scrap dol. per ton 15.25 15.75 19.25 26 20 20 1936 1937 1938 1939 Bureau of Labor Statistics indexes for total and 16 industrial Following recent advances, prices of indusmaterials ; Federal Reserve grouping of 14 foodstuffs. trial materials as a group are well above a in wholesale prices of leading foodstuffs have year ago and close to the level reached in been as follows: November 1936, whereas foodstuffs as a group are at about the level of a year ago PRICES OF SELECTED FOODSTUFFS and still far below prices prevailing in the Per cent autumn of 1936, when supplies had been re- Aug. Sept. Sept. increase, 31 7 21 Aug. 31 duced by drought conditions. The recent subto Sept. 21 stantial rise in foodstuffs started from rela- Corn cents per bu. 45.00 61.00 57.00 27 Wheat cents per bu. 66.00 85.00 84.00 27 tively low levels, as, for example, in the case Cocoa cents per lb. 4.47 6.70 6.15 38 of lard, which in August was close to the de- Coffee cents per lb. 7.25 7.38 7.75 7 Sugar, raw cents per lb. 2.92 3.85 3.60 23 pressed level of 1932. The initial rise in Butter cents per lb. 24.00 26 50 28.00 17 foodstuffs was subsequently followed by some Cottonseed oil cents per lb. 4.63 6.50 6.13 32 Lard cents per lb. 6.75 9.50 9.75 44 decline. Hogs dol. per cwt. 6.73 9.05 7.98 19 Recent advances in prices of materials have Steers dol. per cwt. 9.38 10.63 10.00 7 extended to other markets. In the textile Continued increases in prices of industrial markets prices of fabrics, particularly woolmaterials after the first week of September ens and worsteds, have been increased owing reflected chiefly further advances for hides, partly to sharp advances in prices of yarns, rubber, silk, wool, and burlap, in which for- and there have also been advances in hosiery eign supplies are an important factor. There and carpets and rugs. Current list prices were also further price increases in steel for finished steel in domestic markets have scrap and print cloth accompanying addi- been reaffirmed for fourth quarter delivery, tional heavy buying of steel and cotton tex- but it is reported that concessions from list tiles. Prices of raw cotton advanced rela- prices, quite general earlier, are no longer Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

844 FEDERAL RESERVE BULLETIN OCTOBER 1939 available on new business, and export prices summer reflected to some extent increased have been raised to domestic levels. Among steel takings by concerns which had been other industrial commodities the most im- using up stocks of steel acquired earlier. The portant advances have been in prices of rise also represented increased use of steel in leather, some grades of paper, and chemicals, particularly imported drugs and fine chemi- INDUSTRIAL PRODUCTION cals. The general level of wholesale commodity prices, according to the Bureau of Labor Statistics' index, rose 3 points in the week ending September 9 and 1 point in the following two weeks to 79.5 per cent of the 1926 average, about the same level as a year ago. In retail markets a special survey by the Bureau of Labor Statistics shows that prices of sugar, flour, lard, and meats advanced from August to the middle of September, while in other items, such as coffee, cocoa, and bread, there was little or no price rise. According to reports household consumers and institutions in many cases purchased beyond their usual needs and as a result some distributors' stocks were temporarily depleted in a number of areas. 1932 1933 1934 1935 1936 1937 1939 Industrial activity had been increasing for Figures shown for September 1939 are estimates made September 26. several months before the rapid advance began in September. In a variety of manufacturing industries, par- Increase in August the Board's index ticularly machinery, shipbuilding, and indusindustrial output of industrial production was tries fabricating miscellaneous products of at 102 per cent of the 1923-1925 average assteel. Output of steel for construction concompared with 92 in April and May, 104 last tinued in substantial volume. Demand from December and the low level of 77 reached inthe automobile industry was in reduced volthe middle of 1938. The course of the index ume until August when increased requirein recent years and of component parts is ments for steel accompanied the shift to proshown on the accompanying chart. The rise duction of new model automobiles. in September carried the index to about 110. Automobile production was in reduced vol- Increases in output in the three months ume during the summer as dealers' stocks of prior to September had been quite general new cars, which had been at high levels, were and had reflected largely response to the sus-being liquidated. Retail sales continued in tained level of consumption prevailing since substantial volume during this period and the beginning of this year. In the iron and stocks declined to low levels. Assemblies are steel industry ingot production, which had now increasing rapidly as volume production declined to about 45 per cent of capacity in is getting under way throughout the industry the middle of May, subsequently increased to supply current consumer demand and to steadily, reaching a rate of 63 per cent by stock dealers. the end of August; the sharp rise in Septem- The moderate decline during the first half ber brought the rate to 84 per cent in the last of 1939 and the subsequent increase in "other week of the month. The increase during the durable" manufactures reflected mainly Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

845 FEDERAL RESERVE BULLETIN OCTOBER 1939 changes in output of plate glass, most of tions this year. In April and the first half which is used by the automobile industry, of May bituminous coal production was reand a temporary reduction in output of by- duced by nearly two-thirds as most mines product coke during the shutdown of bitumi- were closed during contract negotiations benous coal mines discussed below. Production tween mine operators and the United Mine of lumber and cement has been largely main- Workers union. In the latter half of August tained around levels reached at the beginning crude petroleum production was reduced by of this year, reflecting the higher level of about one-half as most wells in the principal activity prevailing in the construction in- oil producing States, with the exception of dustry. California and Illinois, were closed by the Textile production increased further in concerted action of State regulatory authori- August and was at a rate close to the peak ties. Stocks of coal and petroleum were level reached late in 1936 and maintained sharply reduced during the periods of temduring the first half of 1937. For the past porary curtailment, and when activity was year output of cotton and woolen textiles has resumed output rose rapidly to about the been in substantial volume, and it is reported levels prevailing earlier. Lake shipments of that buying in September was sufficient to iron ore so far this season have been much bring about some increase from earlier levels. larger than a year ago, although still con- At rayon mills activity has been at a high rate siderably smaller than in 1937. Stocks of in recent months; takings of silk, however, iron ore at furnaces and Lake Erie docks this have been sharply curtailed this summer year have not been large relative to consumppartly as a result of high prices for raw silk. tion, however, and consequently, when large Shoe production has been in large volume inquiries for steel developed in September, this year, and output of tobacco and petro- shipment schedules were increased substanleum refinery products has continued at a tially and additional ore boats were brought high level. into service, indicating a high level of ship- Mineral output has shown sharp fluctua- ments for the remainder of this season. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

846 FEDERAL RESERVE BULLETIN OCTOBER 1939 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled September 15 and released for publication September 18] Industrial activity, which had increased mills, where output has been at a high rate substantially during the summer, showed a in recent months, there was not the usual sharp advance in the first half of September large seasonal increase. Shoe production adafter the outbreak of war in Europe. Prices vanced seasonally. At coal mines output inof basic commodities and equity securities creased by about the usual seasonal amount rose sharply while prices of high-grade bonds and shipments of iron ore were at the highdeclined. est rate of this season. Petroleum produc- Production.—In August, the Board's sea- tion declined sharply during the latter half sonally adjusted index of industrial produc- of August, reflecting shut-downs of wells in tion was at 102 per cent of the 1923-1925 most of the principal oil-producing States, average as compared with 101 per cent but increased rapidly in the first half of reached in July. Volume of manufacturing September when the wells were reopened. production increased further, but mineral Value of construction contracts, as reproduction declined, owing to a temporary ported by the F. W. Dodge Corporation, incurtailment in output of crude petroleum. creased somewhat in August, owing to larger In the iron and steel industry output in- awards for publicly-financed projects, includcreased somewhat further in August and rose ing several large dams and an increased volsharply in the first half of September, steel ume of United States Housing Administraingot production reaching a rate of 70 per tion projects. Private residential building cent of capacity in the week ending Septem- showed little change, although there is usuber 16 as compared with about 63 per cent ally some seasonal decline. Other private at the beginning of the month. Automobile construction, which in July had been the highest for any month in two years, declined INDUSTRIAL PRODUCTION in August. PER CENT PER CENT 140 140 Distribution.—Department store sales in- 130 creased more than seasonally from July to August. The Board's adjusted index ad- / vanced from 86 to 89 per cent of the 1923- \ 100 DEPARTMENT STORE SALES AND STOCKS \ / V PER CENT 110 110 90 90 \ / 80 /\ / 80 100 SALES ' V A 70 V V 80 1934 1935 1939 AT" STOCK/—"N V Index of physical volume of production, adjusted for seasonal 70 variation, 1923-1925 average = 100. 60 production showed about the usual sharp seasonal changes in this period as the shift to 50 50 new model production was being made. Out- 40 1935 1939 put of plate glass increased sharply. Pro- Indexes of value of sales and stocks, adjusted for seasonal variaduction of nondurable manufactures ad- tion, 1923-1925 average = 100. vanced in August, reflecting chiefly increased 1925 average and was at about the level activity at cotton and woolen textile mills. reached in the latter part of last year. Sales At meat-packing establishments activity de- at variety stores showed little change in clined less than seasonally, while at flour August. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1939 FEDERAL RESERVE BULLETIN 847 Freight-car loadings rose somewhat fur- Government security market. — Average ther in August, reflecting chiefly continued yields on long-term Treasury bonds, which increases in shipments of coal and miscel- had advanced fractionally since last June, inlaneous freight. creased sharply by about % of 1 per cent Commodity prices.—Prices of most basic in the latter half of August and early September. In pursuance of the System's policy foodstuffs and industrial materials advanced of endeavoring to maintain orderly condisharply in the first half of September. Prices tions in the money market, the Federal Reof wheat, corn, sugar, cocoa, and vegetable serve banks during the first half of Septemoils as well as of hides, rubber, wool, zinc, ber increased their holdings of Government and tin showed the largest increases. The securities by about $400,000,000. On September 1 the Board of Governors of the WHOLESALE PRICES Federal Reserve System announced that the Federal Reserve banks are prepared at this time to make advances on Government obligations to member and nonmember banks at par and at the same rate of discount. Bank credit.—Total investments held by reporting member banks in 101 leading cities declined during the first half of September. At New York City banks the decline repre- 50 U MONEY RATES IN NEW YORK CITY 1935 1939 Indexes compiled by United States Bureau of Labor Statistics, 1926 = 100. By weeks, January 6, 1934, to September 16, 1939. general level of wholesale commodity prices as measured by the Bureau of Labor Statistics' index rose 3.1 points and in the week ending September 9 was at 78.4 per cent of the 1926 average, about the same level as a year ago. Agriculture.—Crop prospects showed some improvement on September 1 over a month 1934 1935 1936 1937 1938 1939 Minimum rate on rediscounts for and advances to member banks earlier, according to the Department of Agri- by Federal Reserve bank ; weekly averages of daily yields on 3- to 5-year Treasury notes and Treasury bonds callable after 12 years, culture. Indications are that production of and average discount on new issues of 91-day Treasury bills offered within week. For weeks ending January 6, 1934, to September 16, all leading crops except cotton will be aver- 1939. age or above average in volume. A cotton sented the redemption at maturity of Federal crop of 12,380,000 bales, about 10 per cent Farm Mortgage Corporation bonds and at below the 1928-1937 average, is forecast. banks in other leading cities it represented This compares with a crop of 11,940,000 the sale of Treasury bills and bonds. Combales in 1938 and an estimated world con- mercial loans of city banks showed a subsumption of 11,265,000 bales of American stantial growth during August and the first cotton during the past season. half of September. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

848 FEDERAL RESERVE BULLETIN OCTOBER 1939 MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES TREASURY DEPOSITS AT F.R. BANKS 1934 1935 1936 1937 1938 1939 Latest figures for September 20. See page 890. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

849 FEDERAL RESERVE BULLETIN OCTOBER 1939 SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1939 1938 Annual averages Aug. July June Aug. July June 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 2,467 2,569 2,591 2,590 2,599 2,592 2,600 2,554 2,481 2,475 2,429 1,459 Bills discounted - - - 5 5 4 8 9 9 14 6 7 283 952 Bills bought . 1 1 1 1 1 1 1 3 4 5 83 241 2,437 2,527 2,563 2,564 2,564 2,560 2,565 2,540 2,430 2,431 2,052 208 Gold stock - - 6,390 16,182 16,028 13,057 12, 985 12, 946 13,250 12,162 10, 578 9,059 4,059 3,996 Treasury currency outstanding 2,900 2,887 2,870 2,724 2,716 2,707 2,711 2,567 2,503 2,478 2,271 2,015 TVf onpv in circulation 7,098 7,051 6,966 6,482 6,464 6,433 6,510 6,475 6,101 5,585 5,576 4,476 Treasury cash holdings 2,344 2,534 2,568 2,392 2,318 2,283 2,804 3,225 2,474 2,791 288 207 Treasury deposits with F R banks 783 780 929 774 717 967 653 158 446 128 55 22 Nonmember deposits and other F. R. accounts 872 952 940 606 634 683 658 595 551 507 497 406 Member bank reserve balances: Total - - 0,659 10, 321 10,085 8,119 8,167 7,878 7,935 6,830 5,989 5,001 2,343 2,358 Excess - 4,607 4,402 4,246 2,955 3,026 2,762 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 22, 327 22,046 21, 887 20, 675 20, 530 20, 696 21,023 22,198 22,064 19,997 17, 505 22, 599 Loans—total - - 8,179 8,146 8,094 8,215 8,213 8,384 8,506 9,546 8,462 8,028 9,156 16 887 Commercial, industrial and agricultural 3,930 3,888 3,830 3,886 3,878 3,953 4,059 0) 0) 0) 0) 0) T O o t h b e r r o l k o e a r n s s a fo n r d p d u e r a c l h er a s s i i n n g s o e r c u c r a i r t r i y es ing securities.. 6 5 4 2 2 1 6 53 4 2 8 6 5 7 4 1 1 6 5 3 7 6 7 6 5 2 7 9 7 6 5 8 8 6 2 7 5 0 8 1 8 1, 0 22 ) 6 1, 0 18 ) 1 0 9 ) 90 111 e 2 0 , ) 208 All other loans 3,086 3,078 3,052 3,116 3,129 3,163 3,158 0) 0) 0) 0) (i) Investments—total - _ - 14,148 13, 900 13, 793 12,460 12, 317 12,312 12, 517 12,652 13,602 11,969 8,(31)49 5,712 U S Government direct obligations 8,537 8,499 8,383 7,702 7,703 7,864 7,982 8,394 9,080 7,989 5,228 2,865 Obligations fully guaranteed by U.S. Govt.. _. 2,265 2,158 2,119 1,646 1,567 1,453 1,451 1,164 1,250 928 Other securities 3,346 3,243 3,291 3,112 3,047 2,995 3,084 3,094 3,272 3,052 3,121 2,847 Reserve with Federal Reserve banks 8,951 8,645 8,460 6,602 6,675 6,407 6,400 5,307 4,799 4,024 1,822 1,725 Cash in vault 440 448 447 387 403 398 382 337 383 326 240 248 Balances with domestic banks 2,808 2,765 2,727 2,416 2,435 2,406 2,289 1,884 2,358 2,112 1,322 1,142 Demand deposits—adjusted . _ _ 7,717 17,366 17,182 15,118 15, 021 14, 932 15,033 15,097 14, 619 12, 729 0) 0) Time deposits (excluding interbank)2 5,259 5,238 5,240 5,206 5,211 5,231 5,202 5,202 4,999 4,883 4,946 6,788 Deposits of domestic banks 3_ 7,118 6,890 6,728 5,920 5,936 5,847 5,770 5,298 5,810 4,938 2,822 2,787 Borrowings 7 8 1 6 5 3 12 5 6 115 674 MONEY RATES AND BOND YIELDS Averages of daily figures; per cent per annum 56 .56 .56 .75 .75 .88 .81 .95 .75 76 1 72 5 85 Stock exchange call loans 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 .91 .56 1.16 7.61 TJ S Treasury bills (91 days) .05 .04 .03 .06 .07 .05 .07 .28 .17 .17 U S Treasury bonds, long-term 4 2.21 2.16 2.13 2.51 2.52 2.52 2.56 2.68 2.65 2.79 3.31 3.60 Corporate high grade bonds (Moody's Aaa) 2.93 2.89 2.92 3.18 3.22 3.26 3.19 3.26 3.24 3.60 4.49 4.73 CAPITAL ISSUES Amounts per month;in millions of dollars All issues—total 447 586 605 417 470 513 372 328 518 392 89 959 New - — 102 318 293 182 391 349 197 178 164 121 60 841 Refunding 345 268 312 236 79 164 175 150 354 270 29 118 Domestic corporate issues—total 324 226 282 338 186 301 179 203 382 189 32 781 New - .. . 25 49 30 127 130 202 73 102 99 34 13 667 Refunding .. 299 177 252 211 56 99 107 101 282 155 18 115 PRICES Index numbers Common stocks (1926=100) 86 86 86 90 88 73 83 112 111 78 63 190 Wholesale commodity prices (1926=100): All commodities - 75 75 76 78 79 78 79 86 81 80 66 95 Farm products 61 63 62 67 69 69 69 86 81 79 51 105 Foods 67 68 68 73 74 73 74 86 82 84 61 100 Other commodities _ _ _. 80 80 80 81 81 81 82 85 80 78 71 92 Retail food prices (1923-25=100) 75 77 76 78 80 80 79 85 82 81 66 105 BUSINESS INDEXES Index numbers, adjusted for seasonal variation, 1923-25=100 Industrial production P102 101 98 88 83 77 86 110 105 90 76 119 Manufactures __ _ P104 100 97 87 82 74 84 109 105 90 75 119 Minerals 106 104 95 93 92 98 115 105 91 82 115 Construction contracts awarded—total.. III 67 63 66 59 54 64 59 55 37 25 117 Residential 62 58 53 49 42 45 41 37 21 11 87 All other P81 71 67 77 68 64 80 74 70 50 37 142 Factory employment5. _ 95 94 88 86 85 90 109 99 91 73 106 Factory payrolls (unadjusted)5 __ 84 87 77 71 71 78 103 86 74 50 110 Freight-car loadings 70 69 67 62 61 58 62 78 75 64 58 107 Department store sales 89 86 86 83 83 82 85 92 88 79 67 111 MERCHANDISE EXPORTS AND IMPORTS Amounts per month;in millions of dollars Exports including re-exports P251 230 236 231 228 233 258 279 205 190 140 437 General imports 169 179 166 141 146 163 257 202 171 121 367 p Preliminary. r Revised. e Partly estimated. i Figures not available. *Includes time deposits of banks, domestic and foreign, 1929-1933. s Does not include time deposits, 1929-1933. 4 Averages of yields of all outstanding bonds due or callable after 12 years. See BULLETIN for December 1938, pp. 1045-1046. 5 Revised series. See pp. 878-887 of this BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

850 FEDERAL RESERVE BULLETIN OCTOBER 1939 LAW DEPARTMENT Transfers from Savings Accounts to FHA Mortgage (2) of Regulation Q with respect to savings Accounts Without Presentation of Pass Books deposits that The Board was recently presented with the "Withdrawals are permitted in only two ways, question whether transfers may be made from either (i) upon presentation of the pass book, the savings accounts of certain depositors in through payment to the person presenting the pass a national bank to so-called FHA mortgage book, or (ii) without presentation of the pass book, through payment to the depositor himself but not to accounts in their names, pursuant to the writany other person whether or not acting for the deten orders of the depositors but without the positor." presentation, at the time the transfers are It was deemed proper in a case like the made, of the pass books evidencing such savpresent one to consider the essential nature ings accounts. and purpose of the transaction as well as its It appeared that the national bank is serv- form. One of the typical purposes for which icing a large number of mortgage loans which savings accounts are maintained is the acare insured by the Federal Housing Admin- cumulation of funds with which to pay off a istration ; that in connection with the making mortgage. In the present case the savings of such loans the mortgagors open savings accounts are maintained for that purpose, accounts with the bank and deliver to it writ- and each depositor gives the bank a written ten authorizations to charge their respective order to pay off his mortgage out of his savsavings accounts for the amounts due monthly ings account at the time when his savings in respect of their mortgages. The amounts account is opened and as a part of the same thus charged to their savings accounts are transaction. The requirement that the savcredited to so-called FHA mortgage accounts ings pass book must accompany a check payin their names, and amounts so credited are able to a third party is designed to prevent used to pay the monthly installments due on the drawing of more than one check at a time the mortgages for principal, interest, pre- against a savings account and the use of a miums for mortgages, insurance, service savings account as an ordinary checking accharges, taxes, ground rents and assess- count; but it does not appear that any such ments. The savings accounts pass books are abuse is involved in the present arrangement. not presented to the bank, but the bank sends While the order given by the depositor promonthly advices to the mortgagors of the vides for several transfers at regular periodic amounts charged to their savings accounts intervals, it appears that all of the transfers and the mortgagors send their savings de- are for the same purpose and are made in posits pass books to the bank quarterly for pursuance of the same order. the entry therein of the debits to their sav- Accordingly, the Board expressed the opinings accounts. ion that the handling of the periodic pay- Although the amounts charged to the sav- ments in the manner described above is not ings account are credited to the so-called in violation of Regulation Q. However, it FHA mortgage account of the mortgagor, was pointed out that the present ruling is the transaction is essentially a payment by based upon the facts of this particular case, the bank out of the savings account to a third and that a different result might be reached in another case with facts bearing a superparty, because under the agreement between ficial resemblance to those discussed herein. the mortgagor-depositor and the bank, the amounts thus debited to the savings accounts and credited to the FHA mortgage accounts are no longer under the control of the mort- Payment or Renewal of Certificate of Deposit gagor-depositor but are merely in transit to Maturing on Sunday the ultimate recipients of the amounts con- The Board of Governors recently considstituting the monthly payments due under ered the question whether certificates of dethe mortgage. posit maturing on Sunday may be renewed In view of the facts stated above, it was or paid on the previous day. clear that the payment is not made "upon Attention was called by the Board to a rulpresentation of the pass book", and the ques- ing published at page 609 of the 1934 FEDERAL tion presented was whether the transaction RESERVE BULLETIN to the effect that there is complies with the provision of section l(e) no provision of law which would preclude the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

851 OCTOBER 1939 FEDERAL RESERVE BULLETIN renewal of a time certificate of deposit prior table, educational, fraternal, or other similar to the date of its maturity, dating the new purposes and not operated for profit. Accertificate as of the date of maturity of the cordingly, the Board ruled that a savings original certificate. deposit may continue to be classified as such As to the payment of a certificate of deposit after the death of the depositor if the entire maturing on Sunday, the Board ruled that beneficial interest is then held by individuals the date on which such a certificate is due and or organizations of the kinds mentioned in payable is to be determined by State law. the regulation. Likewise, a deposit in the Under the statutes of the State to which the name of an executor or administrator may be Board's ruling applied, negotiable paper maclassified as a savings deposit if it meets the turing on a Sunday or on a holiday becomes other requirements of the definition of savdue on the succeeding secular or business day ings deposits in the regulation and the entire and, accordingly, the Board ruled that under beneficial interest is held by individuals or section 4 of Regulation Q a member bank of organizations of the kinds mentioned. Even the Federal Reserve System located in such where it is not known whether the entire State may not pay a time certificate of deposit having such a maturity until the next suc- beneficial interest is held by individuals or ceeding secular or business day, except in the organizations of the kinds described, the circumstances specified in the regulation. Board declared that it would offer no objection, for a reasonable time after the death of the depositor, to the continued classification as a savings deposit of a deposit which Payment of Interest on Savings Account after has theretofore been properly classified as Death of Depositor such. The Board of Governors recently considered the question whether a member bank may continue to pay interest on a savings Trust Indenture Act of 1939 account after the death of the depositor. Attention was called to the definition of the On August 3, 1939, the President approved term "savings deposit" contained in subsec- the Trust Indenture Act of 1939 (Pub. No. tion 1 (e) of Regulation Q, providing in part 253, 76th Cong.). This Act adds a new title that such a deposit may consist of funds, the to the Securities Act of 1933 and contains entire beneficial interest in which is held by requirements, limitations and restrictions reone or more individuals or by a corporation, lating to trust indentures under which certain association, or other organization operated securities are issued and sold in interstate primarily for religious, philanthropic, chari- and foreign commerce and through the mails. COMPILATION OF FEDERAL AND STATE LAWS RELATING TO BRANCH BANKING WITHIN THE UNITED STATES There was published at page 258 of the with the assistance of the Counsel of the FEDERAL RESERVE BULLETIN for April, 1930, Federal Reserve banks, supersedes the coma compilation of the State laws relating to pilation published in the FEDERAL RESERVE branch banking within the United States. BULLETIN for November, 1936, and the pre- On page 455 of the FEDERAL RESERVE BUL- viously published data on this subject, and LETIN for July, 1932, there were printed the shows as of August 15, 1939, the status of provisions of the branch banking laws of the laws of the United States and of the certain States which had been amended or various States affecting the establishment of added since the preparation of the previous branches within the United States by banks compilation. The foregoing matters were and trust companies, including savings banks thereafter superseded by a compilation published in the FEDERAL RESERVE BULLETIN for and Morris Plan banks. Each provision of November, 1936, page 858. law is followed by a citation to the appropri- The following compilation, which has been ate statute or official edition of the laws of prepared in the office of Counsel of the Board the State consulted in the preparation of the of Governors of the Federal Reserve System compilation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

852 FEDERAL RESERVE BULLETIN OCTOBER 1939 SUMMARY OF STATE BRANCH BANKING LAWS tional bank in such community. * * *" (Sec. 5155, Revised Stats.; Sec. 36, Title 12, U.S.C., Supp. IV.) "(e) No branch of any national banking associa- States States permitting States States with no permitting branch prohibiting legislation tion shall be established or moved from one location State-wide banking within branch regarding to another without first obtaining the consent and branch banking limited areas banking branch banking approval of the Comptroller of the Currency." "(f) The term 'branch' as used in this section shall Arizona Alabama Colorado Kentucky 3 be held to include any branch bank, branch office, California Arkansas 2 Florida New Hampshire branch agency, additional office, or any branch place Connecticut Delaware Illinois Oklahoma District of Georgia Kansas Wyoming of business located in any State or Territory of the Columbia 1 Indiana Minnesota United States or in the District of Columbia at which Idaho Iowa 2 Missouri deposits are received, or checks paid, or money lent." Louisiana Massachusetts Nebraska Maine Mississippi Texas "(h) The words 'State bank/ 'State banks/ 'bank/ Maryland Montana West Virginia or 'banks/ as used in this section, shall be held to Michigan New Jersey include trust companies, savings banks, or other such Nevada New Mexico 2 North Carolina New York corporations or institutions carrying on the banking Oregon North Dakota 2 business under the authority of State laws." Rhode Island Ohio "(a) A national banking association may retain South Carolina Pennsylvania South Dakota Tennessee and operate such branch or branches as it may have Utah Wisconsin 2 in lawful operation at the date of the approval of Vermont this Act [February 25, 1927], and any national bank- Virginia Washington ing association which has continuously maintained and operated not more than one branch for a period Total, 19 Total, 17 Total, 9 Total, 4 of more than twenty-five years immediately preceding the approval of this Act [February 25, 1927], 1 District of Columbia not included in tabulations published in FED- may continue to maintain and operate such branch." ERAL RESERVE BULLETIN for April, 1930, and July, 1932. 2 Only "offices," "agencies" or "stations" for limited purposes, as " (b) If a State bank is hereafter converted into or distinguished from "branches," permitted under certain circumstances. consolidated with a national banking association, or 3 Court decisions permit establishment of offices or agencies to receive if two or more national banking associations are condeposits and cash checks. solidated, such converted or consolidated association NOTE.—The foregoing tabulation does not reflect detailed provisions of the law in certain States such as restrictions based upon the popula- may, with respect to any of such banks, retain and tion of the place of the head office or the place of the proposed branch, operate any of their branches which may have been restrictions that certain branches be established only by consolidation in lawful operation by any bank at the date of the or merger, requirements that the place of the proposed branch be without other banking facilities, etc. For example, the State of Virginia is approval of the Act [February 25, 1927]." (Sec. classified in the foregoing tabulation as a State permitting State-wide 5155, Revised Stats.; Sec. 36, Title 12, U.S.C.) branch banking, but under the laws of that State branches may be established only in "other cities having a population of not less than Capital required.—"(c) * * * no such association 50,000 inhabitants." For such detailed provisions, reference should be shall establish a branch outside of the city, town, or had to the compilation of the laws of the individual States published village in which it is situated unless it has a paid-in herein. and unimpaired capital stock of not less than $500,- FEDERAL LAW 000: Provided, That in States with a population of NATIONAL BANKS less than one million, and which have no cities located therein with a population exceeding one hundred Branches permitted.—"(c) A national banking as- thousand, the capital shall be not less than $250,000: sociation may, with the approval of the Comptroller Provided, That in States with a population of less of the Currency, establish and operate new branches: than one-half million, and which have no cities lo- (1) Within the limits of the city, town or village in cated therein with a population exceeding fifty thouwhich said association is situated, if such establish- sand, the capital shall not be less than $100,000." ment and operation are at the time expressly author- (Sec. 5155, Revised Stats.; Sec. 36, Title 12, U.S.C, ized to State banks by the law of the State in ques-Supp. IV.) tion; and (2) at any point within the State in which "(d) The aggregate capital of every national said association is situated, if such establishment banking association and its branches shall at no time and operation are at the time authorized to State be less than the aggregate minimum capital required banks by the statute law of the State in question by by law for the establishment of an equal number of language specifically granting such authority afnational banking associations situated in the various firmatively and not merely by implication or recogniplaces where such association and its branches are tion, and subject to the restrictions as to location situated." (Sec. 5155, Revised Stats.; Sec. 36, Title imposed by the law of the State on State banks. In 12, U.S.C.) any State in which State banks are permitted by The provisions regarding capital requirements for statute law to maintain branches within county or the establishment of branches do not apply to the greater limits, if no bank is located and doing busiestablishment of seasonal agencies in resort comness in the place where the proposed agency is to be munities. (Sec. 5155, Revised Stats.; Sec. 36, Title located, any national banking association situated in 12, U.S.C, Supp. IV.) such State may, with the approval of the Comptroller of the Currency, establish and operate, without regard to the capital requirements of this section, a STATE MEMBER BANKS seasonal agency in any resort community within the Branches permitted.—"Any such State bank which, limits of the county in which the main office of such at the date of the approval of this Act [February association is located, for the purpose of receiving 25, 1927], has established and is operating a branch and paying out deposits, issuing and cashing checks or branches in conformity with the State law, may and drafts, and doing business incident thereto: retain and operate the same while remaining or Provided, That any permit issued under this sentence upon becoming a stockholder of such Federal reshall be revoked upon the opening of a State or na-serve bank; but no such State bank may retain or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1939 FEDERAL RESERVE BULLETIN 853 acquire stock in a Federal reserve bank except upon branch agencies, additional offices or branch places relinquishment of any branch or branches estab- of business for the receipt of deposits, payment of lished after the date of the approval of this Act checks or lending of money * * *." (Act No. 15, [February 25, 1927] beyond the limits of the city, approved January 29, 1935; Sec. 6365, note Alabama town, or village in which the parent bank is situated. Code 1928, 1936 Supp.) Provided, however, That nothing herein contained Capital required.—"* * * combined paid-in capshall prevent any State member bank from estab- ital and paid-in or earned surplus of more than one lishing and operating branches in the United States million dollars * * *." or any dependency or insular possession thereof or « * * * p vided that only one such branch shall rO in any foreign country, on the same terms and condi- be so established, maintained and operated with retions and subject to the same limitations and re- spect to each two hundred fifty thousand dollars strictions as are applicable to the establishment of by which the amount of combined paid-in capital and branches by national banks except that the approval paid-in or earned surplus of such bank exceeds one of the Board of Governors of the Federal Reserve million dollars * * *." (Act No. 15, approved Jan. System, instead of the Comptroller of the Currency, 29, 1935; Sec. 6365, note, Alabama Code 1928, 1936 shall be obtained before any State member bank Supp.) may hereafter establish any branch and before any "Bank" defined.—"The word 'bank' as herein used State bank hereafter admitted to membership may means any person, firm, partnership or corporation retain any branch established after February 25, doing or carrying on a banking business * * *." 1927, beyond the limits of the city, town, or village (Sec. 6275, Alabama Code, 1928.) in which the parent bank is situated." (Sec. 9, "All Corporations organized and operating as Par. 2, Federal Reserve Act; Sec. 321, Title 12, trust companies shall * * * be amenable to the gen- U. S. C., Supp. IV.) eral banking laws of the State insofar as said laws Capital required.—Same requirements as for estab- are applicable to trust companies * * *." (Sec. lishment of branches by national banks. 6388, Alabama Code, 1928.) "Bank" defined.—"Wherever the word 'bank' is used in this Act, the word shall be held to include ARIZONA State bank, banking association, and trust company, * * * ." (Sec. 1, Par. 2, Federal Reserve Act; Branches permitted.—The superintendent of banks, Sec. 221, Title 12, U.S.C.) upon receipt of a written application "for leave to open a branch office" from a commercial bank, INSURED STATE BANKS NOT MEMBERS OF savings bank or trust company, "shall investigate FEDERAL RESERVE SYSTEM and ascertain whether the public convenience and advantage will be promoted by the opening of such Branches permitted.—"No state nonmember inbranch office * * *. If satisfied that the granting sured bank (except a District bank) shall estabof such application is expedient and desirable, he lish and operate any new branch after thirty days shall make a certificate * * * authorizing the openafter the effective date [August 23, 1935] unless it ing of such branch office * * *." (Sec. 225, Ch. 8, shall have the prior written consent of the [Federal Revised Code of Arizona, 1928.) Deposit Insurance] Corporation, and no branch of any State nonmember insured bank shall be moved "Industrial banks * * * may be organized, lifrom one location to another after thirty days after censed and authorized to do business in the same the effective date without such consent. The fac- manner as provided for by the law of this state for tors to be considered in granting or withholding the the organization, authorization, licensing and operaconsent of the Corporation under this paragraph tion of other banks." (Sec. 3, Ch. 13, Laws of shall be" the same as those to which the board of Arizona, Second Sp. Sess., 1937.) directors of the Corporation is required to give con- Capital required.—A "paid-in capital and surplus sideration in determining whether a State nonmem- of not less than fifty thousand dollars, plus fifteen ber bank is entitled to the benefits of deposit thousand dollars of additional capital and surplus" insurance under the provisions of Section 12B of the is required for each branch so authorized. (Sec. Federal Reserve Act. (Sec. 12B (v) (5), Federal 225, Ch. 8, Revised Code of Arizona, 1928.) Reserve Act; Sec. 264 (v) (5), Title 12, U.S.C, Supp. IV.) ARKANSAS Capital required.—No additional capital is required. Branches prohibited but limited "offices" permitted.—Upon the completion of the organization of STATE LAW a bank, trust company or savings bank, it is authorized "to proceed with its business, but with only one ALABAMA office for the transaction thereof in only the one town Limited branch banking permitted.—"No bank, or or city as to which the application has been made." any officer, agent or director thereof shall be per- (Sec. 708, Stats, of Arkansas, 1937.) mitted to establish a branch or office for the trans- Any "banking institution," Federal or State, action of the banking business other than at its "doing business in this state may establish an office principal place of business. (Sec. 6354, Alabama for the purpose of receiving deposits and paying Code, 1928.) checks and performing * * * other clerical and bank Upon the prior written consent of the State Super- service duties * * *. However, no banking instituintendent of Banks, "any state bank, whether in- tion may establish any office beyond those counties corporated or unincorporated, within this State, contiguous to the county in which said banking insti- * * * situated in a county of which the population" tution is located, nor in a city or town in which exceeds 250,000 "shall have power to establish, main- there is already an established bank * * *. No office tain and operate, within the limits of the county shall be continued at any place after a legally wherein the principal place of business of such bank chartered bank has actually commenced business at is situated, one or more branch banks, branch offices, that place." (Sec. 814, Stats, of Arkansas, 1937.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

854 FEDERAL RESERVE BULLETIN OCTOBER 1939 « * * * teller's window branch of any bank CONNECTICUT no shall be placed in any incorporated town where a Branches permitted.—"Any state bank and trust 'cooperative bank' is now in existence, in the event a company * * * may, with the approval of the bank majority of the real property owners residing within commissioner, (1) establish and operate one or more the incorporated limits of such town or city shall branches within the town in which such state bank protest by petition the State Banking Department and trust company is located; (2) establish and granting its permission to place such teller's win- operate one or more branches in any town or towns dow in such city or town." (Sec. 2282, Stats, of within this state in which there is or are no com- Arkansas, 1937.) mercial bank or banks of deposit and discount, * * * Capital required.—No additional capital is re- (3) continue to operate as a branch in the same or quired for the establishment of offices with limited approximately the same location, the business of any functions. other banking institution located within this state, CALIFORNIA which business has been acquired by purchase, consolidation or merger under the provisions of the Branches permitted.—"No bank in this state, or general statutes, * * *." (Sec. 1451c, 1935 Cum. any officer or director thereof, shall hereafter open Supp., General Statutes of Connecticut.) or keep an office other than its principal place of In case of the merger or consolidation of State business, without first having obtained the written banks and trust companies, the "resulting corporaapproval of the superintendent of banks to the opention shall not maintain more than one banking house ing of such branch office, which written approval for the conduct of its business except as authorized may be given or withheld in his discretion, and shall by the provisions of section 1451c in the case of not be given by him until he has ascertained to his branch banks." (Sec. 1449c, 1935 Cum. Supp., Gensatisfaction that the public convenience and aderal Statutes of Connecticut.) vantage will be promoted by the opening of such "Any savings bank * * * may, with the approval branch office; * * *." (Sec. 9, Art. I, Act 652, Genof the bank commissioner, (1) establish and operate eral Laws of California, 1937.) one or more branches within the town in which such An industrial loan company may "establish offices, savings bank is located; (2) establish and operate or places of business within the county in which its one or more branches in any town or towns within principal place of business is located, but not else- this state, in which there is no savings bank or comwhere." (Sec. 4, Act 3603, General Laws of Cali- mercial bank soliciting or receiving savings deposits fornia, 1937. > at the time such branch is established; (3) continue Capital required.—In addition to its own required to operate, as a branch in the same or approximately capital, a bank or trust company must have $50,000 the same location, the business of any other savings paid-in capital for each branch office located in the bank or the savings department of any state bank place where its principal business is transacted. For and trust company, which business has been acquired each out-of-town branch, a bank (other than a trust by purchase, consolidation or merger under the procompany exclusively) must have, in addition to its visions of the general statutes." (Sec. 1483c, 1935 own required capital, paid-in capital equal to the Cum. Supp., General Statutes of Connecticut.) amount required for the organization of a bank in "No private banker shall establish any branch or the location of the branch, exclusive of the capital open any new place of business, * * *." (Sec. 3959, required for a trust department. In the case of a General Statutes of Connecticut, 1930.) trust company exclusively, in addition to its own "Nothing * * * shall be construed to permit any required capital, it must have additional paid-in building and loan association, industrial bank or pricapital of at least $50,000 for each branch outside vate banker located within this state to establish any its principal place of business. (Sec. 9, Art. I, Act branch, office or agency thereof, or employ any agent 652, General Laws of California, 1937. ^ or person to make loans, at any place other than its Other branch banking provisions.—There are also designated place of business." (Sec. 1531c, 1935 provisions concerning the discontinuance of a branch; Cum. Supp., General Statutes of Connecticut.) the fee for opening a branch; penalty for violation "No banking corporation, unless organized under of law covering establishment of branches; ratio of the laws of this state and specifically empowered to capital and surplus to deposits of branches; name of do a banking business in this state, shall maintain branch and its advertising; and establishment of any branch * * * within the state for the purpose branches by banks located in city or territory which of soliciting deposits or carrying on a general bankis annexed by or consolidated with city or territory ing, a savings banking or a banking and trust busiof a class requiring a larger capitalization. Sees. 9, ness. The provisions of this act shall not api)ly to 19, 23(2), 28 of Art. I, Sec. 60 of Art. II and Sec. 82 any national banking association the main office of of Art. Ill, Act 652, General Laws of California, which is situated in this state." (House Bill No. 1937.) 196, approved, June 9, 1939.) "Bank" defined.—"The word 'bank' as used in Capital required.—State banks and trust comthis act shall be construed to mean any incorporated panies must have combined capital and surplus of banking institution which shall have been incor- not less than $1,000,000 in order to establish intraporated to conduct the business of receiving money city branches; and for each branch in other towns, on deposit, or transacting a trust business as herein must have combined capital stock and surplus suffidefined." (Sec. 2, Art. I, Act. 652, General Laws of cient to operate a bank or trust company in such California, 1937.) other towns in addition to the said $1,000,000. (Sec. 1451c, 1935 Cum. Supp., General Statutes of Con- COLORADO necticut.) Branches prohibited.—Every bank and every trust "Any savings bank with an unimpaired surplus company engaging in the business of banking "shall equivalent to not less than ten per cent of its deposits be conducted at a single place of business, and no may, * * * establish and operate one or more branches branch thereof shall be maintained elsewhere." (Sees. * * *." (Sec. 1483c, 1935 Cum. Supp., General Stat- 1, 61, 143, 147, Ch. 18, Colorado Stats. Anno., 1935.) utes of Connecticut.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1939 FEDERAL RESERVE BULLETIN 855 DELAWARE ing periodical cash installments in anticipated retirement thereof. Such additional offices may not, Limited branch banking permitted.—If any state however, accept demand deposits or time deposits bank or trust company, other than a mutual savings from investors or others." (Sec. 6150(5), 4th Div., bank, "shall desire to open a branch office in the city Compiled General Laws of Florida, Permanent Supp.) where it does business, it shall make application to the Board of Bank Incorporation who shall inquire into GEORGIA the matter, and if it shall deem that the public con- Limited branch banking permitted.—After Auvenience will be served thereby and that there is gust 25, 1927, "no new or additional branch banks good and sufficient reason that the corporation should shall be established." (Sec. 1, Act approved Aug. have such branch office, it shall issue a written per- 25, 1927; Sec. 13-203 Code of Georgia, 1933.) mission for the opening of such branch office in the State banks "having their principal office in a city where the corporation is doing business, provided city now or hereafter having a population of not that no corporation shall be allowed more than two less than eighty thousand, or more than one hundred branch offices; and provided further that no branch and twenty-five thousand, may establish branch office shajl be maintained by any corporation doing banks in the city in which its principal office is business in a city of a population less than one hunlocated." (Acts of 1929, page 214; Sec. 13-203, note, dred thousand." (Sees. 2370, 2389, Revised Code of ode of Georgia, 1933.) Delaware, 1935.) State banks "having their principal office in a «* * * thing in this Article contained shall be no municipality now or hereafter having a population deemed or held to authorize or enable any bank or of not less than 200,000 according to the last census trust company * * * to establish a branch bank or of the United States or any future census of the trust company, or to open a branch office unless such United States, may establish branch banks in the branch office be in accordance with the provisions municipality in which its principal office is located." of Section 132 [Sec. 2389, above] of this Act. * * *" (Acts of 1929, pages 214-215; Sec. 13-203, note, Code (Sec. 2399, Revised Code of Delaware, 1935.) of Georgia, 1933.) Capital required.—No additional capital is re- Capital required.—No additional capital is required. quired. Note: Section 2292 of the Revised Code of Dela- Other branch banking provisions.—There are also ware, 1935, contains certain provisions relating to provisions permitting the continuance of branches establishment of branches. However, it is underestablished prior to August 25, 1927; relating to the stood that the first three paragraphs of section 2292 selection of the officers of the branch; the setting were enacted in 1921 and that the last paragraph of aside each year for the use of the branch of a this section, which was enacted in 1933, has the effect certain portion of the bank's capital; and the taxaof rendering ineffective the provisions of the section tion of branches. (Sec. 1, Act approved August 25, after January 1, 1934. Accordingly, branches in 1927; Sec. 13-203, Code of Georgia, 1933.) Delaware are now established under the provisions "Bank" defined.—"The term 'bank' as used in this of Sections 2389 and 2399 rather than those of sec- Act means any moneyed corporation authorized by tion 2292, and the provisions of section 2292 are not law to receive deposits of money and commercial set forth herein. paper, to make loans, to discount bills, notes, and other commercial paper, to buy and sell bills of ex- DISTRICT OF COLUMBIA change, and to issue bills, notes, acceptances or other Branches permitted.—"No corporation shall engage evidences of debt, and shall include incorporated in or do the business of a bank of deposit or a fidu- banks, savings banks, banking companies, trust comciary business in the District of Columbia nor shall panies and other corporations doing a banking busiany branch be established to carry on any phase of ness in this State, * * *." (Sec. 13-201, Code of such banking or fiduciary business in the District Georgia, 1933.) of Columbia until the approval and consent of the IDAHO Comptroller of the Currency is secured. The term 'branch* as used in this section shall be held to in- Branches permitted.—"No bank shall maintain any clude any branch bank, branch office, branch agency, branch bank office except as hereinafter provided. additional office, or any place of business located in Any corporation organized under the laws of Idaho the District of Columbia, at which deposits are re- and authorized to engage in the banking and/or ceived, or checks paid, or money lent, or at which the trust business may, with the approval of the Compublic is served or any phase of business conducted missioner of Finance, establish and operate branch by the parent institution." (Sec. 300, Chap. 9, Title banking offices for the transaction of its business 5, Code of Laws of District of Columbia, Supp. IV.) within the limits of the city, town, or village, in Capital required.—No additional capital is re- which it is situated, or at any point within this quired. state, * * *. Branch banking offices shall not be established in any city, town, or village, in which FLORIDA there is located a bank or banks, state or national, Branches prohibited.—The "place of business of regularly transacting a customary banking business each banking company shall be in the city or town unless the corporation establishing such branch bankspecified in its charter, and the usual business of ing office shall take over an existing bank, or obtain any such banking company shall be transacted at an consent of all banks there located. No unit bank office or banking house located in the city or town hereafter organized and operating at a point where so specified and not elsewhere." (Sec. 6070, Com- there are other operating banks, state or national, piled General Laws of Florida, 1927.) shall be permitted to be acquired for the purpose Morris Plan Banks have "the right to lend money of establishing a branch banking office of a branch in other cities and towns within the State other bank until said unit bank shall have been in operathan that in which the Bank is located and the right tion as a unit bank for a period of five years." (Sec. to maintain offices in such other cities and towns for 25-1001, Idaho Code Anno., 1932, as amended by the purpose only of making such loans and accept- Ch. 109, Laws of 1935.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

856 FEDERAL RESERVE BULLETIN OCTOBER 1939 Capital required.—"* * * such corporation shall termine to its satisfaction that the public convenience have a paid-in capital stock of not less than $100,000 and advantage will be subserved and promoted and a surplus fund, paid-in or earned, in the amount * * *; that there is no bank or trust company of not less than ten per cent of its capital stock. located in the city or town * * * if the applica- * * * but no such corporation shall establish or tion is for a permit to open or establish a branch maintain branch banking offices unless its paid-in bank in a city or town other than that within which capital stock shall, in the aggregate, amount to at the applicant bank or trust company is located; that least $25,000 for each of the banking offices, and the applicant bank or trust company has satisfied from and after the effective date of this Act no new the capital and surplus requirements" for the estabbranch bank or new branch office of any bank shall be lishment of an intra-city branch in a city of over established unless the corporation establishing the 50,000 inhabitants; "and that the welfare of any same has a paid-in and unimpaired capital stock in an amount not less than the minimum capital stock other bank already established in such city will not now required * * * for a national banking associa- be jeopardized." (Sec. 18-1707, Burns Indiana tion establishing and operating new branches out- Stats. Anno., 1933, as amended by Laws of 1937.) side the city, town or village in which such associa- Capital required.—"* * * two hundred and twentytion is situated * * *." (Sec. 25-1001, Idaho Code five thousand dollars of the capital and surplus Anno., 1932, as amended by Ch. 109, Laws of 1935.) of such bank or trust company actually paid in and Other branch banking provisions.—There are also unimpaired" for each intra-city branch established provisions as to the fees required for the establish- in cities of over 50,000 inhabitants. "* * * two hunment of branches (Sec. 25-208, Idaho Code Anno., dred-thousand dollars of capital and surplus of 1932, as amended by Ch. 51, Laws of 1935) ; and the such bank or trust company actually paid in and effect of the failure to establish and operate a branch unimpaired" for each intra-city branch established after its approval. (Sec. 25-209, Idaho Code Anno., in cities exceeding 20,000 but not exceeding 50,000 1932, as amended by Ch. 73, Laws of 1935.) inhabitants." (Sec. 18-1707, Burns Indiana Stats. "Bank" defined.—"The word 'bank' as used in this Anno., 1933, as amended by Laws of 1937.) Act, shall be construed to mean any incorporated Other branch banking provisions.—"Any person bank or institution (except National Banks) which who shall violate any of the provisions of Section shall have been incorporated to conduct the business 224 [Sec. 18-1707] of this Act, either individually of receiving money on deposit or transacting a trust or as an interested party, shall be deemed guilty of business as herein defined, and shall be construed to a misdemeanor and upon conviction thereof shall include any individual, copartnership, or unincorporated association engaged in the banking business be fined in any sum not less than three hundred dolas herein denned, * * *." (Sec. 25-102, Idaho Code lars nor more than one thousand dollars, or by im- Anno., 1932.) prisonment for any period not less than thirty days nor more than one year, or by both such fine and ILLINOIS imprisonment." (Sec. 18-1708, Burns Indiana Stats. Anno., 1933.) Branches prohibited.—"No bank shall establish or maintain more than one banking house, or receive deposits, or pay checks at any other place than such IOWA banking house, and no bank shall establish or main- Branches prohibited but limited "offices" pertain in this or any other state or country any branch mitted.—"No banking institution shall open or mainbank, nor shall it establish or maintain in this state tain any branch bank. However, as may be authorany branch office or additional office or agency for ized by and subject to the jurisdiction of the banking the purpose of conducting any of its business." (Sec. department any banking institution may establish an 9, Ch. 16-V 2 , Smith-Hurd Illinois Anno. Stats.) office for the sole and only purpose of receiving deposits and paying checks and performing such other INDIANA clerical and routine duties not inconsistent with this section. No banking institution may establish any Limited branch banking permitted.—"Except as office beyond those counties contiguous to the county hereinafter otherwise provided, any bank or trust in which said banking institution is located, nor in company may open or establish a branch bank in a city or town in which there is already an estabany city or town within the limits of the county in lished banking institution. No office shall be conwhich the principal office of such bank or trust tinued at any place after a banking institution has company is located, if there is no bank or trust actually commenced business at that place. Nothing company located in such city or town. Any bank or in this section shall prohibit national banks the privileges of this section whenever they may be so authortrust company which is located in a city the popuized by federal law." (Sec. 9258-bl, Code of Iowa, lation of which exceeds fifty thousand inhabitants," 1935.) may open branches "within the corporate limits of Capital required.—No additional capital is resuch city, * * *; or any bank or trust company quired for the operation of offices with limited which is located in a city the population of which functions. exceeds twenty thousand but does not exceed fifty thousand inhabitants, * * *, may open within KANSAS the corporate limits of such city not nearer than Branches prohibited.—"* * * The general busione mile to any existing bank or trust company, one ness of every bank shall be transacted at the place branch bank * * *. No branch bank shall be of business specified in its charter or permit, and it opened or established without first having obtained shall be unlawful for any bank to establish and the written approval of the department. * * * operate any branch bank or branch office or agency Before the department shall approve or disapprove or place of business." (Sec. 9-101, General Stats, any application * * * it shall ascertain and de- of Kansas, 1935.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1939 FEDERAL RESERVE BULLETIN 857 KENTUCKY «* * * no b an ki n g association or savings bank with capital stock of less than $50,000 may locate or oper- Branches unauthorized.—There are no provisions ate branch offices; but this provision shall not in the laws of Kentucky permitting or prohibiting apply to existing branch offices." (Sec. 547, Louisibranch banking. ana General Stats. Anno., 1939.) However, the Kentucky Court of Appeals has held "* * * to open and maintain a branch office or that a State bank may not establish branches (See branch offices in parishes wherein there are no banks, Bruner vs. Citizens Bank of Shelbyville (1909), 120 savings banks and trust companies," banks, savings S. W. 345) ; but, in a later decision, the Court of banks and trust companies must have a "capital" of Appeals held that a State bank may establish offices $100,000 or more. (Sec. 547.4, Louisiana General separate and apart from its main office for the pur- Stats. Anno., 1939.) pose of receiving deposits, paying checks and keeping Other branch banking provisions.—There is also a records of such transactions, at least if such offices provision providing for the manner of assessment of are within the municipal limits wherein the main taxes on branches in different parishes and in differoffice of the bank is situated. (Marvin vs. Kentucky ent municipalities in a parish. (Sees. 686, 691.1, Title & Trust Company (1929), 291 S. W. 17.) Louisiana General Stats. Anno., 1939.) LOUISIANA MAINE Branches permitted.—"A savings bank may open Branches permitted.—Charter "shall provide for the location in the parish of domicile of any banking and conduct branches in the city or town where its association of not more than two branch offices. * * *" main business is located and in other cities or towns (Sec. 547, Louisiana General Stats. Anno., 1939.) in the county of its location, or the adjoining coun- All banks, trust companies and savings banks "now ties; provided, that before opening a branch in any located, or hereafter organized, in either of the other city or town, it shall have received a warrant parishes of Allen, Calcasieu or Jefferson Davis may to do so from the bank commissioner, who shall issue establish, own and operate a branch bank or banks such warrant only when satisfied that public conin any one or more of the other said named parishes." venience and advantage will be promoted by the (Sec. 547.1, 547.2, Louisiana General Stats. Anno., establishment of such a branch. * * * The right 1939.) to open a branch shall lapse at the end of one year «* * * Any savings, safe deposit, or trust and * * * unless it shall have been opened and busisavings bank may have one or more as hereinbelow ness actually begun in good faith. * * * Any provided offices of discount and deposit within the such branch may be closed or discontinued with the limits of the municipality or parish in which the consent of the commissioner, after such notice and said bank is located; * * * said savings, safe deposit, hearing, if any, as in his judgment the public interor trust and savings bank must first obtain a certifi- est may require." (Sec. 32a, Ch. 57, Revised Stats. cate of authority from the state bank commissioner of Maine, 1930, as amended by Sec. 7, Ch. 222, Laws * * * no future political or legal subdivision of said of Maine, 1931.) municipality or parish shall have the effect of in anywise affecting the right of such banks aforesaid "No trust company now or hereafter organized to continue the existence, maintenance and operation shall establish a branch or agency until it shall of any such offices already established * * *." (Sec. have received a warrant so to do from the bank 588, Louisiana General Stats. Anno., 1939.) commissioner, who shall issue such warrant only Upon obtaining a certificate of authority from the when satisfied that public convenience and advantbank commissioner, "* * * banks, savings banks and age will be promoted * * *. No trust company trust companies are * * * authorized to open shall be permitted to establish a branch or agency and maintain a branch office or branch offices in except in its own or an adjoining county, provided, parishes wherein are no banks, savings banks and however, that this limitation shall not prevent a trust companies;" and such branches may "* * * trust company * * * from establishing a branch conduct all usual transactions authorized by the bank- or agency in any city, town or village where there is ing laws of the state of Louisiana for branch offices." no state bank regularly transacting customary bank- (Sees. 547.4, 547.6, 547.7, Louisiana General Stats. ing business or where a unit bank or branch of an- Anno., 1939.) other bank is taken over * * *. The right to open a "No bank, savings bank and trust company shall branch or agency shall lapse in 1 year * * * unopen and maintain any more than one branch office less the same shall have been opened and business in any one parish, other than the parish of its domactually begun in good faith. * * * Any such branch or icil and any branch office opened and maintained in agency may be closed or discontinued by vote of the any parish shall be included in the number of branch stockholders of the company, with consent of the offices now authorized by law." (Sec. 547.5, Louisiana General Stats. Anno., 1939.) bank commissioner, after such notice and hearing, Capital required.—Any savings, safe deposit, or if any, as in his judgment the public interest may trust and savings bank, haying $50,000 of capital require." (Sec. 88, Ch. 57, Revised Stats, of Maine, may establish one branch without limits of munici- 1930, as amended by Ch. 34, Laws of Maine, 1933.) pality or parish in which the said bank is located; Industrial or Morris Plan Banks are authorized two branches if capital between $50,000 and $75,000; "to establish branch offices or agencies in the manthree branches if capital between $75,000 and $100,- ner and subject to the conditions prescribed for the 000; five branches if capital between $100,000 and establishment of branches or agencies in the case of $200,000; six branches if capital between $200,000 trust companies." (Sec. 138, Ch. 57, Revised Stats, and $250,000; seven branches if capital between of Maine, 1930.) $250,000 and $300,000; and one additional branch Capital required.—A trust company, in order to for each $100,000. (Sec. 588, Louisiana General establish a branch in its own or adjoining county, Stats. Anno., 1939.) must satisfy the bank commissioner "that the un- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

858 FEDERAL RESERVE BULLETIN OCTOBER 1939 impaired capital stock of the parent institution is inhabitants. In addition a bank must have a surplus sufficient to comply with the conditions of Section of 20 per cent of its capital stock.) " * * * no 69" (minimum requirements for organization) "reck- branch shall hereafter be established by any bank, oning the aggregate population of its home city or in the city, town or village, where said bank is now town and of all cities and towns in which it is autho- located, until said bank conforms to the requirements rized by its charter to establish branches or agencies, herein provided, as to the minimum amount of including the one under consideration." A trust capital stock for banks in said city, town or village. company, in order to establish a branch in any other For the purpose of this section the term 'Bank' city or town where there is no state bank in opera- shall include savings institutions having a capital stock." (Sec. 20, Art. 11, Anno. Code of Maryland, tion or where a unit bank or branch of another bank 1935 Supp.) is taken over, must have "a paid-in and unimpaired "In the event that any trust company hereafter capital stock of not less than $500,000." (Sec. 88, establishes a branch or branches outside of the city, Ch. 57, Revised Stats, of Maine, 1930, as amended town or village in which it is now located, it shall by Ch. 34, Laws of Maine, 1933.) add for each branch established, to its paid-in capital the following sums and twenty per cent (20%) MARYLAND thereof as additional surplus:" $25,000 for towns of Branches permitted.—"Any bank or trust com- less than 15,000 inhabitants; $75,000 for cities with pany organized under the laws of this State, is population between 15,000 and 50,000; $100,000 for specifically granted the power and authority to cities with population between 50,000 and 150,000; establish and operate a branch or branches in the and $500,000 for cities of over 150,000 inhabitants, City or County in which it is located or at any point unless the surplus and paid-in capital is already within the State, after having first obtained the sufficient. Provided, however, "that no branch shall approval of the Bank Commissioner, which approval hereafter be established by anv trust company in the may be given or withheld in his discretion, and city, town or village where said trust company is shall not be given until he shall have ascertained to now located and engaged in business, until said trust his satisfaction that the public convenience and company conforms to the requirements herein proadvantage will be promoted by the opening of any vided as to the minimum amount of surplus and such branch or branches, and that said bank or trust capital stock for a trust company in said city, town company has complied with the other terms and or village." (Sec. 42, Art. 11, Anno. Code of Maryconditions prescribed by this Article. Any bank or land, 1935 Supp.) trust company having an existing branch or branches upon the effective date of this Act, may continue the MASSACHUSETTS operation of such branch or branches without further approval from the Bank Commissioner, subject, how- Limited branch banking permitted.—A savings ever, to all of the other terms and conditions of this bank "may, with the written permission of and under Article. This section shall not be construed as im- regulations approved by the commissioner, maintain plying that the provisions of this Article have hereto- and establish one or more branch offices or depots fore in any way prohibited the establishment or in the town where its banking house is located, or operation of a branch or branches in the City or in towns not more than fifteen miles distant there- County in which any bank or trust company, organ- from where there is no savings bank at the time ized under the laws of this State is located, or at when such permission is given." (Sec. 25, Ch. 168> any point within this State." (Sec. 52B, Art. 11, Anno. Laws of Massachusetts, 1932, as amended by Anno. Code of Maryland, 1935 Supp.) Sec. 8, Ch. 334, Acts of 1933.) « * * * With the approval of the Bank Commis- The office or offices of any savings bank merged sioner, any mutual savings institution shall have with another pursuant to the requirements provided the right and authority to establish in the same city, therefor, "may, with the permission of and under town or village and maintain branches where its regulations approved by the commissioner, be mainguarantee fund equals the minimum requirement as tained as a branch office or branch offices of the to capital of State banks in the same locality." continuing bank." (Sec. 55, Ch. 168, Anno. Laws, (Sec. 32, Art. 11, Anno. Code of Maryland, 1935 of Massachusetts, 1932, as amended by Sec. 27, Ch. Supp.) 334, Acts of 1933.) Capital required.—The minimum capital required A trust company "may, with the approval of the for the organization of a bank "shall not apply to board of bank incorporation, establish and operate any person, co-partnership, incorporated bank, or one or more branch offices in the town where its other incorporated institution now engaged in the main office is located, or in any other town within banking business in this State, except in such cases the same county, not haying commercial banking where said person, co-partnership, incorporated facilities. * * * the restrictions in this section shall banks or other incorporated institutions doing a not extend to branch offices authorized prior to June banking business shall hereafter undertake to estab- first, nineteen hundred and thirty-four." (Sec. 45,. lish a branch or branches outside of the city, town Ch. 172, Anno. Laws of Massachusetts, 1932, as or village in which they are now located. In such amended by Sec. 3, Ch. 244, Acts of 1939.) a case the foregoing provisions relative to capital "Any office or offices of a trust company the busiand surplus shall be complied with, by adding to the ness of which has been taken over" by consolidation,, capital and surplus of the parent institution, the merger or purchase of assets by a "trust company amount that would be required hereunder if such whose main office is located in the same county, or branch or branches were separately incorporated. any office or offices of a national banking association * * * » (The capital stock required is $25,000 for the whole or a substantial part of the assets of which towns of less than 15,000 inhabitants; $75,000 for is purchased or otherwise acquired by a trust comcities with population between 15,000 and 50,000; pany so located, may, with the approval of the $100,000 for cities with population between 50,000 commissioner, be maintained as a branch office or and 150,000; and $500,000 for cities of over 150,000 offices * * *." (Sec. 46, Ch. 172, Anno. Laws of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1939 FEDERAL RESERVE BULLETIN 859 Massachusetts, 1932, as amended by Sec. 4, Ch. 244, bank or branch bank to each three thousand popula- Acts of 1939.) tion in the city or township where such branch is The usual business of a co-operative bank "shall be proposed to be located. * * *" The Commissioner transacted at its office only, which shall be in the of Banking must be satisfied as to the "necessity for town named in its agreement of association; but the establishment of such a branch and the prospects moneys due the bank may be collected by the treas- of successful operation if established." (Sec. 23.762, urer, * * * in such other places as may be desig- Michigan Stats. Anno.) nated by vote of the board of directors and approved With the permission of the Commissioner of Bankby the commissioner, and the bank may advertise ing, "any consolidated bank resulting from" a conthese branches in such manner as the commissioner solidation under section 104 (Consolidation of State may prescribe." (Sec. 11, Ch. 170, Anno. Laws of banks and trust companies; procedure; etc.), "and Massachusetts, 1932, as amended by Ch. 144, Acts any state bank or national banking association which of 1933.) purchases the assets of a state bank" under section No foreign banking corporation "shall have more 112 (Sale of assets of bank; procedure), may "estabthan two offices or places of business in the commonlish and operate as a branch or branches the conwealth." (Sec. 44, Ch. 167, Anno. Laws of Massasolidating bank or banks or any bank which sells chusetts, 1932.) its assets to another state bank or national banking The board of bank incorporation may authorize a association * * *". (Sec. 23.867, Michigan Stats. "banking company" (which includes a Morris plan Anno.) bank) "to establish and operate one or more branch Industrial banks may, with the consent of the offices in the city or town in which it is authorized Commissioner of Banking, establish "branch offices to do business under this chapter or in any other or places of business within the city or village in city or town within the same county." This shall which its principal office is located but not elsenot apply to any branch office wherever located, established prior to January 1, 1935. (Sees. 1, 12, where: * * *." (Sec. 23.907, Michigan Stats. Ch. 172A, Anno. Laws of Massachusetts, 1932, as Anno.) enacted by, Sec. 4, Ch. 452, Acts of 1935.) Capital required.—In order to establish and main- Capital required.—In order for a trust company tain branches "within any village or city other than to establish domestic branches, the aggregate total that in which it was originally chartered," the bank of its capital, guaranty fund and surplus account must have "a capital of at least fifty thousand dolmust not be less than one-tenth of its aggregate de- lars * * *" and a "capital and surplus in an posit liability, except that upon the reorganization amount at least equal to the aggregate minimum of any trust company in possession of the commis- capital and surplus, respectively, required for the sioner or of a conservator on June 1, 1934, or there- establishment of a bank in each of the various after, "the commissioner may authorize such trust places where such bank and its branches are to be company, notwithstanding the foregoing restrictions, located * * • * : » (Sec. 23.762, Michigan Stats. to maintain" the office or offices of a trust company Anno.) business taken over by consolidation, merger, or In the case of a "consolidated or purchasing bank purchase, as provided in this section, "as branch or association" operating the "consolidating bank offices under such conditions as he may approve." or banks or any bank which sells its assets to another (Sees. 45, 46, Ch. 172, Anno. Laws of Massa- state bank or national banking association" as a chusetts, 1932, as amended by Sees. 3, 4, Ch. 244, branch or branches, "the consolidated or purchasing Acts of 1939.) bank or association" must have an "unimpaired cap- MICHIGAN ital of * * * at least fifty thousand dollars, and the capital and surplus of such bank or association" Branches permitted.—With the approval of the must be "an amount at least equal to the aggregate Commissioner of Banking "Any bank may, * * *, minimum capital and surplus, respectively, required establish and operate a branch or branches within for the establishment of a bank in each of the varthe limits of the city or village in which said bank ious places where such bank or association and its is located. * * *" The removal of such branch or branch or branches are to be located * * *." branches " * * * from one location to another within (Sec 23.867, Michigan Stats. Anno.) the same city or village * * * " is prohibited unless Other branch banking provisions.—The Commisthe prior consent of the Commissioner is obtained. The Commissioner " * * * shall not grant such sioner of Banking shall not approve the application permission unless * * * satisfied as to the necessity for the organization of a bank if its establishment for the establishment of such a branch and the "would result in more than one bank or branch bank prospects of successful operation if established." to each three thousand population in the city or (Sec. 23.762, Michigan Stats. Anno.) township where such bank is proposed to be located." With the permission of the Commissioner of (Sec. 23.754, Michigan Stats. Anno.) Banking "Any bank * * * may establish and main- As used in Section 23.762, the term "branch" intain branches within any village or city other than cludes "any branch bank, branch office, branch that in which it was originally chartered * * *: agency, additional office, or any branch place of bus- Provided, however, That in such cases where the iness at which deposits are received or checks paid parent bank has its principal office in a city having or money lent." (Sec. 23.712, Michigan Stats. Anno.) a population of seventy-five thousand or over * * *, such permission may be granted * * * only if such MINNESOTA branch is to be within the same county as said parent bank or within twenty-five miles of the principal Branches prohibited.—"No bank or trust company office of said parent bank: Provided further, That no organized under the laws of this state shall mainbranch bank shall be established in a city or village tain a branch bank or receive deposits or pay checks in which a bank is in operation" or if the establish- within this state except at its own banking house, ment of a branch "would result in more than one * * *." (Sec. 7693, Mason's Minnesota Stats., 1927.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

860 FEDERAL RESERVE BULLETIN OCTOBER 1939 MISSISSIPPI troller first obtained. By and with such consent first obtained, branch banks may be moved from Limited branch banking permitted.—"Banks may one municipality to another within the territory establish branch banks under the restrictions prerestriction provided in this act. * * * " (Sec. 668, scribed in this act, but no branch bank may be estab- Ch. 85, Mississippi Code 1930, Anno., 1938 Supp.) lished unless the parent bank shall have first ob- There are also provisions providing for: fee of tained from the state comptroller, the attorney $50.00 for each application; issue of stock upon angeneral and the governor, or a majority thereof, a nexation of a unit bank as a branch; the formulation certificate that the public convenience and necessity by the state comptroller of rules and regulations for will be promoted by the establishment of such branch the examination of branch bank systems; and statbank. * * *." (Sec. 662, Ch. 85, Mississippi Code ing what shall be included in the name of the branch 1930 Anno., 1938 Supp.) bank. (Sees. 662, 663, 667, 669, Ch. 85, Mississippi "Branch banks may be established within a radius Code 1930 Anno., 1938 Supp.) of one hundred miles of the parent bank provided "Bank" defined.—"Whenever the word 'bank* is that no parent bank shall be permittted to establish used in any statute unless the context clearly shows more than fifteen branch banks; provided further that it is intended to be limited in its application that no parent bank shall be permitted to establish a to a particular character of bank, it shall include branch bank in any town or city of less than 3,100 trust companies, savings banks, branches of banks and trust companies, and all other institutions subpopulation according to the last preceding Federal ject to the provisions of this chapter. * * * " (Sec. census where such town or city has one or more banks 591, Ch. 85, Mississippi Code 1930 Anno., 1938 in operation." (Sec. 665, Ch. 85, Mississippi Code Supp.) 1930 Anno., 1938 Supp.) "National banks are hereby granted the right and authority to establish branches in this state, with MISSOURI the same rights and under the same restrictions as Branches prohibited.—"* * * no bank shall mainstate banks establishing branches. * * *" (Sec. tain in this state a branch bank, or receive deposits 670, Ch. 85, Mississippi Code 1930 Anno., 1938 or pay checks except in its own banking house." Supp.) (Sec. 5354, Art. 2, Ch. 34, Missouri Stats. Anno.; Limited branch offices permitted.—"The state re-enacted by House Bill 272, Laws 1939, effective comptroller may permit banks to establish branch June 14, 1939.) « * * * t^ygt company shall maintain in this offices within the corporate limits of the city where no state a branch trust company or receive deposits the bank is domiciled when the population is not or pay checks except in its own banking house." less than 10,000, and within the limits of the county (Sec. 5421, Art. 3, Ch. 34, Missouri Stats. Anno.) wherein such bank is domiciled, and within the limits of any county adjacent to the county within which such bank in domiciled; provided no branch office MONTANA shall be established in any town or city of less than Branches prohibited—exception.—"No bank shall 3,500 population where such town or city has one or maintain any branch bank, receive deposits or pay more banks or branch banks in operation. Such check, except over the counter of and in its own offices shall not be considered branch banks within banking house. * * *" (Sec. 6014.112, Revised the meaning of this act, and no additional capital Codes of Montana, 1935.) shall be required therefor. Such branch offices shall "When any two or more banks located in the same not make loans, or do anything in connection with county or in adjoining counties shall consolidate * * * the making of any loan by the parent or any other the consolidated bank may, * * * upon the written conbanks, except to receive and transmit application for sent of the Superintendent of Banks and under rules loan to such parent or other bank." (Sec. 664. Ch. and regulations promulgated by him, maintain and 85, Mississippi Code 1930 Anno., 1938 Supp.) operate offices in the locations of the consolidating banks." (Sec. 6014.154, Revised Codes of Montana, Capital required.—"All parent banks permitted to 1935.) establish branch banks shall have a paid-in, unim- Capital required.—A consolidated bank, in order paired capital (exclusive of reserves and undivided to operate offices in the locations of the consolidating profits) of not less than $100,000.00, and such mini- banks, must have a paid-up capital of $75,000.00 or mum required capital shall be increased for each more. (Sec. 6014.154, Revised Codes of Montana, branch bank established by an amount not less than 1935.) the minimum required capital for a unit bank in "Bank" denned.—"The word 'Bank,' as used in the municipality in which the branch bank shall this Act, shall be construed to mean any corporation be established. Such portion of the $100,000.00 which shall have been incorporated to conduct the minimum capital required by this section may be business of receiving money on deposit, or transrepresented by any class or classes of preferred acting a trust or investment business as hereinafter stock as may be approved by the state comptroller, defined. * * * Banks are divided into the following but no branch banking system shall be allowed to classes: (a) Commercial Banks, (b) Savings Banks, continue operation if the capital stock thereof at any (c) Trust Companies, (d) Investment Companies, time be reduced below $100,000.00 plus an amount * * *" (Sec. 6014.2, Revised Codes of Montana, for each branch bank not less than the minimum 1935.) required capital for a unit bank in the municipality NEBRASKA in which such branch bank shall be established." Branches prohibited.—"No bank shall maintain (Sec. 666, Ch. 85, Mississippi Code 1930, Anno., 1938 any branch bank, receive deposits or pay checks, Supp.) except over the counter of and in its own banking Other branch banking provisions.—"No branch house. * * *" (Sec. 8-1,118, Compiled Stats, of bank in this state may be discontinued or abandoned Nebraska, 1929.) without the consent in writing of the state comp- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1939 FEDERAL RESERVE BULLETIN 861 NEVADA lishment of a branch by a bank or trust company, and indicating how publication of this hearing shall be Branches permitted.—State banks "may maintain branch offices, but the location of the principal office made and who shall receive notice of such hearing. and the parent bank shall be within the State of This statute also provides that where "application Nevada, and the location of all branch offices shall is made to establish and maintain a branch office or be fixed in the articles of incorporation, and addi- agency at a location then occupied by a bank, savtional branches may be from time to time established ings bank, trust company or national banking asby the board of directors with the written consent sociation, in liquidation or in contemplation of of the superintendent of banks. * * * " (Sec. 747— liquidation, the commissioner may act thereon im- Tenth, Nevada Compiled Laws, 1929.) mediately without the prior notice, publication and Capital required.—"* * * Banks which shall have hearing above provided for, and if it appears to him not more than one branch within the county wherein that the establishment and maintenance of the is located the principal office and the parent bank branch office or agency will tend to continue an shall have a paid-up capital and surplus of at least established banking business at the location and $60,000, and for every additional branch within such that it is in the public interest that the established county and for every branch of any bank, which banking business should be so continued, the combranch is located in any county of the state other missioner may approve the application, effective than that in which the principal office and parent upon or after the discontinuance of the established bank is located, there shall be required at least banking business by the corporation theretofore $25,000 of capital and surplus in addition to the occupying the location." (Sec. 15, Ch. 4, Title 17, minimum requirements of this section." (Sec. 747— Revised Stats, of New Jersey, 1937.) Tenth, Nevada Compiled Laws, 1929.) Other branch banking provisions.—Every bank "When application shall be made by any bank shall pay a license fee and an annual fee of "$100 or trust company to establish or maintain a branch for each branch bank, or branch office, by it main- office or agency at a location in the same county tained." (Sec. 747.46, Nevada Compiled Laws, then occupied by a bank, savings bank, trust com- 1929.) pany or national banking association in liquidation "Bank" defined.—"The words 'corporation,' 'as- or in contemplation of liquidation, the entire assets sociation/ /banking corporation/ 'bank,' 'trust com- of which have been or shall be purchased or otherpany,' or 'banker,' as used in this act, shall refer wise acquired by the bank or trust company making to and include banks, savings banks and trust com- the application, and it shall appear to the commispanies, * * *" (Sec. 747.86, Nevada Compiled sioner that the establishment and maintenance of Laws, 1929.) such branch office or agency will be of public service NEW HAMPSHIRE and will tend to continue an established banking business at that location, and the bank or trust com- Branches unauthorized.—There are no provisions pany making the application shall have the capital in the laws of New Hampshire permitting or pro- required by section 17:4-14 of this title, the commishibiting branch banking. sioner may approve the application immediately and without notice and effective upon or after the discon- NEW JERSEY tinuance of the established banking business by the corporation theretofore occupying that location." Limited branch banking permitted.—State banks (Sec. 17, Ch. 4, Title 17, Revised Stats, of New (other than savings banks) and trust companies Jersey, 1937.) "may, with the approval in writing of the commis- There are provisions in connection with the mersioner [of Banking and Insurance], establish and ger of banks with banks, trust companies with trust maintain branch offices or agencies for the transcompanies, or banks with trust companies, authoraction of their business. Approval shall be given izing, upon the approval of the Commissioner of [by him] only if it appears * • * * that the estab- Banking and Insurance, the establishment of lishment of the branch office or agency will be of branches at the location or locations of the office or public service * * *." Nor shall such approval offices of the merged corporations in the same county "be given for the establishment of any branch office if the merger is under provisions authorizing the or agency outside the municipality in which the bank merger of such corporations in the same county, or or trust company is located, nor shall any bank or the establishment of branches in the same municitrust company maintain and operate a branch office pality if the merger is under provisions authorizing or agency within the corporate limits of a municithe merger of such corporations in the same municpality where the population is less than twenty ipality, provided the merged corporation has $50,000 thousand, nor more than one branch where the popcapital if a bank, or $100,000 if a trust company, for ulation is more than twenty thousand and not more each office to be maintained by it. The law also than forty thousand, nor more than two branches provides that in the case of merger of corporations where the population is more than forty thousand in the same municipality, only one office may be and not more than eighty thousand, and where the maintained if the population is less than 20,000; not population is more than eighty thousand the number more than two offices if the population is between of branches shall be that which the commissioner 20,000 and 40,000; not more than three offices if the determines. Nothing contained herein shall prevent population is between 40,000 and 80,000; and where the maintenance of any branch office or agency lawsuch population exceeds 80,000, only such number of fully established prior to * * * [March 14, 1933]." offices as the Commissioner of Banking and Insurance (Sec. 14, Ch. 4, Title 17, Revised Stats, of New may approve. (Sec. 88, Ch. 4, Title 17, Revised Jersey, 1937.) Stats, of New Jersey, 1937.) There is also a statute providing for the holding Any savings bank "incorporated under the laws by the Commissioner of Banking and Insurance of of this state may, with the written approval of the a public hearing before he shall authorize the estab- commissioner [of Banking and Insurance], establish Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

862 FEDERAL RESERVE BULLETIN OCTOBER 1939 and maintain branch offices or agencies for the ing department in accordance with the provisions of transaction of its business. Approval shall be this Act, from receiving deposits and buying and given by the commissioner only if he is of the opinion selling exchange at any of its branch stores; that the establishment of the branch office or agency "Provided, Nothing herein contained shall prevent will be beneficial to the public, * * *. The branch any bank from opening an Agency or Agencies, for office or agency shall be established only within the the purpose of accepting deposits, cashing checks corporate limits of the municipality in which the sav- and buying and selling exchange, in the same county ings bank is located, and no branch office or agency in which said bank is located, in an adjoining county shall be established in any municipality if the popu- if there be no bank in operation in such adjoining lation thereof is less than twenty-five thousand, county, or within a radius of one hundred (100) according to the latest decennial federal census, and miles from said bank if there be no bank in operation not more than one branch office or agency, if the in the county in which such Agency is opened; and population of the municipality wherein it is located provided further, that a permit to open such Agency is, according to the census, less than fifty thousand, or Agencies shall first be obtained from the State Bank Examiner." and no more than two branch offices or agencies, if the population of the municipality, according to the A fee of $25.00 is made for the examination of census, is less than one hundred thousand * * *." each Agency, which shall be examined at the same (Sec. 15, Ch. 6, Title 17, Revised Stats, of New time the parent bank is examined. (Sec. 13-148, New Jersey, 1937.) Mexico Stats. Anno., 1929, 1938 Supp.) Capital required.—No additional capital is re- "A savings bank may discontinue any branch office quired for the operation of agency with limited funcor agency with the written approval of the commistions. sioner, upon such prior public notice as he shall "Bank" denned.—"The word 'Bank' as used in prescribe." (Sec. 16, Ch. 6, Title 17, Revised Stats. this act includes every person, firm, company, coof New Jersey, 1937.) partnership or corporation, except National Banks, "The merged or consolidated savings bank may engaged in the business of banking in the State of continue to maintain branch offices or agencies for New Mexico. Banks are divided into the following the transaction of its business established pursuant classes: (a) Commercial Banks; (b) Savings Banks; to law by either or both of the merging or consoli- and (c) Trust Companies." (Sec. 13-102, New dating banks." (Sec. 76, Ch. 6, Title 17, Revised Mexico Stats. Anno., 1929.) Stats, of New Jersey, 1937.) NEW YORK Capital required.—The establishment of such branch office or agency shall not be approved by the Limited branch banking permitted.—No bank or trust company "or officer, director, agent or employee Commissioner of Banking and Insurance unless the thereof, shall transact * * * its usual business capital of such bank "actually paid in, in cash, ex- * * * at any place other than its principal office, ceeds the amount required by law for the incorpoexcept as follows: ration of a bank by at least fifty thousand dollars, "(a) A bank or trust company in a city which and that the capital of any such trust company has a population of more than thirty thousand may actually paid in, in cash, exceeds the amount re- open and occupy in such city one or more branch quired by law for the incorporation of a trust com- offices, whether or not such city is located entirely pany by at least one hundred thousand dollars, for within one banking district, and each branch office or agency so established." (Sec. " (b) A bank or trust company may open and 14, Ch. 4, Title 17, Revised Stats, of New Jersey, occupy a branch office or branch offices in any city or 1937.) village located in the banking district in which is The establishment of such branch office or agency located its principal office, provided in no event shall by a savings bank shall not be approved by the com- a branch be opened and occupied pursuant to this missioner unless, "according to its last annual re- paragraph (b) in a city or village in which are already located one or more banks, trust companies port, [it has] a surplus of not less than five per or national banking associations, except for the purcent of the amount of its deposits, and in addition, pose of acquiring by merger, sale or otherwise the fifty thousand dollars of surplus for each branch business and property of one or more of such banks, office or agency established, over and above the five trust companies or national banking associations, per cent of the amount of deposits. * * *." (Sec. whether in liquidation or doing business in the usual 15, Ch. 6, Title 17, Revised Stats, of New Jersey, course. 1937.) "2. Hereafter before any branch or branches shall Other branch banking provisions.—There is a pro- be opened and occupied pursuant to paragraphs (a) vision authorizing the change of location of a trust and (b) of subdivision one of this section: company of its principal or main office to the location "(a) The superintendent shall have given his of a branch office or agency; and the change of loca- written approval as provided in article two [section tion of a branch office or agency to the location of 29] of this chapter and the banking board shall its principal or main office. (Sec. 16, Ch. 4, Title have given its approval by a two-thirds vote of all 17, Revised Stats, of New Jersey, 1937.) the members. * * * NEW MEXICO "3. Any bank or trust company * * * may with Branches prohibited but limited "agencies" per- the written approval of the superintendent open and mitted.—"Every bank shall be conducted at a single occupy a branch office or branch offices in one or place of business, and no branch thereof shall be more places located without the state of New York, maintained elsewhere; provided, however, that noth- either in the United States of America or in foreign ing herein contained shall be construed to prohibit countries." (Banking Law, Sec. 105, as amended by any mercantile corporation which maintains a bank- Ch. 495, Laws of 1939.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1939 FEDERAL RESERVE BULLETIN 863 No savings bank, "or trustee, officer, agent or Other branch banking provisions.—If the superinemployee thereof, shall transact * * * its usual tendent of banks "finds upon investigation that the business * * * at any place other than its principal public convenience and advantage will be promoted office except as follows: by the opening of" a branch office by a State bank, "(a) A savings bank in a city which has a popu- trust company, or industrial bank "and, in the case lation of more than two hundred fifty thousand may of a stock corporation, that such corporation has the open and occupy one branch office in such city, and amount of capital stock required * * * for the openwithin the county or borough in which its principal ing of such office", and if upon submission of the office is located [provided *3. * * * the superin- institution's application for such office to the banking tendent' of banks gives his 'written approval and board by the superintendent such board approves the banking board' gives 'its approval by a two- same by a two-thirds vote of its members, the superthirds vote of all the members'] and, intendent "shall issue a certificate * * * author- "(b) A savings bank may, if the merger agree- izing the opening and occupation of such branch ment so provides, maintain as a branch office, or office", but not otherwise. (Banking Law, Sec. 29.) branch offices the place or places of business of The banking board may promulgate rules and any savings banks which it has received into it- regulations, inter alia, for the approval of the self * * *» (Banking Law, Sec. 240.) "opening of branch offices by banking organizations Industrial banks may "establish branches pur- * * *". (Banking Law, Sec. 14.) suant to article two [sec. 29] of this chapter in the The superintendent of banks shall keep posted, "in city in which is located its principal office, provided a place accessible to the general public * * * 7. the population thereof is not less than fifty thousand The name of every banking organization which has * * * ". (Banking Law, Sec. 292.) applied for permission to open a branch office, * * * " and "8. The name of every banking organ- Capital required.—For a bank or a trust company, ization authorized to open a branch office, * * * ". "before any branch or branches shall be opened (Banking Law, Sec. 42.) and occupied * * * "Banking district" denned.—"The state is hereby " (b) The actual paid-in capital stock of such bank divided into nine banking districts, which shall be or trust company shall exceed for each branch the arranged as follows: amount required by section ninety of this article "The first banking district shall consist of the by an amount equal to the minimum capital stock counties Kings, Queens, Nassau and Suffolk; required for a bank located in the city or village in "The second banking district shall consist of the which such bank is to be located; provided that a counties of Richmond, New York and Bronx; bank may continue to operate one branch opened "The third banking district shall consist of prior to April twenty-seventh, nineteen hundred the counties of Westchester, Rockland, Putnam, eight and thereafter maintained, for each fifty thou- Dutchess, Orange, Ulster and Sullivan; sand dollars by which its capital stock exceeds the "The fourth banking district shall consist of the amount required by section ninety of this article." counties of Columbia, Rensselaer, Washington, (Banking Law, Sec. 105, as amended by Ch. 495, Greene, Albany, Schenectady, Saratoga, Warren, Laws of 1939.) Essex, Scholharie, Montgomery, Fulton, Hamilton, A bank or trust company opening and occupying Otsego and Clinton; "a branch office or branch offices in one or more "The fifth banking district shall consist of the places located without the State of New York, either counties of Jefferson, Lewis, Saint Lawrence and in the United States of America or in foreign coun- Franklin; tries" must have "a combined capital stock and sur- "The sixth banking district shall consist of the plus fund of one million dollars or over * * *." counties of Herkimer, Madison, Oneida, Onondaga, (Banking Law, Sec. 105, as amended by Ch. 495, Oswego, Cayuga and Seneca; Laws of 1939.) "The seventh banking district shall consist of the Section 90 referred to above provides for the counties of Chemung, Schuvler, Tioga, Tompkins, organization of banks and trust companies and Broome, Delaware, Cortland and Chenango; provides in part that "* * * capital stock shall "The eighth banking district shall consist of the amount to not less than: counties of Monroe, Wayne, Livingston, Ontario, "(a) Twenty-five thousand dollars, if the place Yates and Steuben; where its principal office is to be located is an in- "The ninth banking district shall consist of the corporated or unincorporated village the population counties of Chautauqua, Cattaraugus, Allegany, of which does not exceed two thousand; Erie, Niagara, Wyoming, Genesee and Orleans." "(b) Fifty thousand dollars, if the place where (Banking Law, Sec. 3.) its principal office is to be located is an incorporated or unincorporated village or a city the population NORTH CAROLINA of which exceeds two thousand but does not exceed Branches permitted.—"Any bank doing business thirty thousand; under this chapter may establish branches in the "(c) One hundred thousand dollars, if the place cities in which they are located, or elsewhere, after where its principal office is to be located is a city the having first obtained the written approval of the population of which exceeds thirty thousand." commissioner of banks, which approval may be given (Banking Law, Sec. 90.) or withheld by the commissioner of banks, in his For an industrial bank, "the capital stock of such discretion, and shall not be given until he shall industrial bank" must exceed "by one hundred thou- have ascertained to his satisfaction that the public sand dollars for each branch the amount which convenience and advantage will be promoted by the such industrial bank would otherwise be required to opening of such branch. Such branch banks shall be have. This provision shall not effect any branch operated as branches of and under the name of the authorized or established prior to June thirteenth, parent bank, and under the control and direction of nineteen hundred thirty-seven." (Banking Law, the board of directors and executive officers of said Sec. 292.) parent bank. The board of directors of the parent Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

864 FEDERAL RESERVE BULLETIN OCTOBER bank shall elect a cashier and such other officers as In connection with industrial bank branches, "the may be required to properly conduct the business of commissioner of banks shall not authorize the estabsuch branch, and a board of managers or loan com- lishment of any branch the paid-in capital of whose mittee shall be responsible for the conduct and man- parent bank is not sufficient in amount to provide agement of said branch, but not of the parent bank for the capital of at least twenty-five thousand dolor of any branch save that of which they are officers, lars ($25,000.00) for the parent bank and at least managers, or committee: * * *." (Sec. 220 (r), twenty-five thousand dollars ($25,000.00) for each North Carolina Code, 1935.) branch which it is proposed to be established in cities Every industrial bank shall have power "to estab- or towns of fifteen thousand population or less; nor lish branch offices or places of business within the less than fifty thousand dollars ($50,000.00) in cities county in which its principal office is located, and or towns whose population exceeds fifteen thousand elsewhere in the state, after having first obtained but does not exceed twenty-five thousand; nor less the written approval of the commissioner of banks than one hundred thousand dollars ($100,000.00) in * * * in his discretion: * * *." (Sec. 225 (f) (4), towns whose population exceeds twenty-five thou- North Carolina Code, 1935.) sand." (Sec. 225(f)(4), North Carolina Code, "Bank" defined.—"The term 'bank' shall be con- 1935.) strued to mean any corporation, partnership, firm, NORTH DAKOTA or individual receiving, soliciting, or accepting money Branches prohibited but limited "stations" peror its equivalent on deposit as a business: Provided, mitted.—After "first applying for and receiving perhowever, this definition shall not be construed to in- mission so to do from the" State Banking Board, clude building and loan associations, Morris plan "Any banking institution may establish and maincompanies, industrial banks or trust companies not tain, within the County in which the home office of receiving money on deposit." (Sec. 216(a), North the applicant * * * is located or in any adjoining Carolina Code, 1935.) County, * * *, a receiving and paying station in any Capital required.—"* * * the commissioner of community not having an established banking instibanks shall not authorize the establishment of any tution." (Sees. 1, 10, Ch. 93, Laws of North Dakota, branch, the paid-in capital stock of whose parent 1937.) bank is not sufficient in an amount to provide for the "No banking business shall be transacted in any capital of at least twenty-five thousand dollars for such station other than receiving and paying out the parent bank, and at least twenty-five thousand deposits, issuing drafts, travelers' checks, and simidollars for each branch which it is proposed to estab- lar instruments, handling and making collections, lish in cities or towns of three thousand population and cashing checks and drafts." (Sec. 4, Ch. 93, or less; nor less than thirty thousand dollars in cities Laws of North Dakota, 1937.) and towns whose population exceeds three thousand, "This section shall not be construed as committing but does not exceed ten thousand; nor less than fifty the State in any manner to a policy of permitting thousand dollars in cities and towns whose population branch banking." (Sec. 8, Ch. 93, Laws of North exceeds ten thousand, but does not exceed twenty-five Dakota, 1937.) thousand; nor less than one hundred thousand dol- Capital required.—"No additional capital is relars in cities and towns whose population exceeds quired for the operation of said stations." (Sec. 9, twenty-five thousand. All banks operating branches Ch. 93, Laws of North Dakota, 1937.) prior to February 18, 1921, shall, within a time limit However, the Board "may issue a permit for the to be prescribed by the commissioner of banks, cause establishment and maintenance * * * of such station, said branch bank to conform to the provisions of this provided as a result of * * * investigation it shall section: provided, however, that any bank with a cap- find that: * * * ; (b) * * * the capital of the apital stock (including both common and preferred) of plicant bank is unimpaired * * *." (Sec. 3, Ch. one million ($1,000,000.00) dollars or more which 93, Laws of North Dakota, 1937.) qualifies for non-assessable stock under the pro- Other branch banking provisions.—The application visions of sections 219 (a) 1 et seq., may without for permission to establish a station shall be made additional capital establish and operate such number "in such manner and in such form as" the Board of branches or agencies in the state of North Caro- shall prescribe, "giving such information as the lina as the commissioner of banks may in his dis- Board may require * * *." At the time such applicretion permit; but a bank operating branches under cation is filed, the applicant shall "pay to the Board this proviso shall at all times maintain an unim- such sum as" it may designate, "not exceeding * * * paired capital of at least one million ($1,000,000.00) Twenty-five Dollars * * * to defray" the Board's investigation costs. (Sec. 2, Ch. 93, Laws of North dollars: Provided further, that the commissioner of Dakota, 1937.) banks shall not permit the establishment of addi- After the requirements of section 2 (above) have tional branches, and/or agencies unless said bank been fulfilled, the Board shall "make an investigation maintains its capital stock and surplus in ratio of and may issue a permit for the establishment and one to ten to its deposits; Provided that in small maintenance * * * of such station, provided * * * communities having no other banking facilities, and it shall find that: (a) public convenience and adupon a finding by the commissioner of banks that the vantage will be promoted" thereby; "(b) that the public convenience and advantage will be promoted [applicant's] management [is] good". No permit thereby, the opening of 'tellers window agencies or shall be granted "until all banking institutions withbranches' of then existing banks may be permitted, in a radius of fifteen miles of the proposed situs, but no more than one such agency or branch may be of any such * * * station" is given "at least thirty so opened in any one community nor shall any bank * * * days notice and * * * an opportunity to be be permitted to open such an agency or branch when heard." If the hearing indicates "that some other its unimpaired capital and surplus" is less than 10 banking institution * * * is more favorably located, per cent of its deposits. (Sec. 220(r), North Caro- and can render better service to the community, the lina Code, 1935.) Board may grant such favorably located institution Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

865 OCTOBER 1939 FEDERAL RESERVE BULLETIN the right to establish the station". (Sec. 3, Ch. 93, OKLAHOMA Laws of North Dakota, 1937.) Branches unauthorized.—There are no provisions «* * * ftie * * * Board * * * may prescribe the in the Oklahoma banking laws permitting or prorules and regulations" for the operation of a station. hibiting branch banking. (Sec. 5, Ch. 93, Laws of North Dakota, 1937.) "No station shall be continued at any place after a OREGON banking institution shall have actually commenced business at the same place. Whenever the * * * Branches permitted.—"Any bank or trust company Board shall determine after investigation that the * * * may establish and maintain one or more continued operation of any such station will no branch offices at any place within the state or Orelonger promote public convenience and advantage, gon; * * *." or that it will prove detrimental to the banking in- "Any bank or trust company located in a county stitution operating such station, the Board may re- of less than 200,000 population, according to the last voke the permit for such station." (Sec. 6, Ch. 93, previous federal census, may establish and maintain Laws of North Dakota, 1937.) one or more branch offices at any place within the Whenever any banking institution operating such county or outside the county within the tributary trade area as such may be determined by the supera station deems the discontinuance thereof advisable, intendent of banks; * * *." the Board, upon the bank's application, may author- "No branch shall be established in any city, town, ize the discontinuance of such station. (Sec. 7, Ch. village or community of less than 50,000 population 93, Laws of North Dakota, 1937.) according to the last previous federal census where there is a national or state bank regularly transact- OHIO ing a customary banking business, except by taking Limited branch banking permitted.—"No branch over an existing national or state bank or trust combank shall be established until the consent and the pany or trust department within said city, town, approval of the superintendent of banks has been village or community." (Sees. 22-3002, 22-3003, first obtained, and no bank shall establish a branch Oregon Code Anno., 1930, 1935 Supp.) bank in any place other than that designated in its Every trust company with power to examine and articles of incorporation, except in a city or village guarantee titles to real estate may establish and contiguous thereto, or in other parts of the county maintain branches for that purpose, provided that such trust company shall not do any banking or trust or counties in which the municipality containing the business at such branches. (Sec. 22-1213, Oregon main bank is located, provided, however, that any Code Anno., 1930, 1935 Supp.) bank may maintain and operate as a branch bank a Capital required.—For state-wide branch banking, bank located in a county contiguous to the county or or for the establishment of any branch in the same counties in which the municipality containing the county as the parent institution in those cases where main bank is located, and which on the first day of the parent institution is located in a county having January, 1935, and prior thereto, bore to the main a population of 200,000 or more, $1,000,000 unimbank the relationship of affiliate within the meaning paired capital actually paid-in, but trust companies of that term as the same is used in the 1933 banking not receiving commercial or savings deposits need act of the United States and the amendments thereonly have $500,000 capital. The unimpaired capital to. If such consent and approval is refused, an ap- and surplus must equal the aggregate amount which peal may be taken therefrom in the same manner as would be required by law to organize banks in those is provided in section 710-45 of the General Code." places where the main office and branches are to be (Sec. 710-73, Baldwin's Ohio Code Anno., 1936.) located. Capital required.—"No bank shall hereafter be per- No minimum capital is required for the establishmitted to establish a branch or branches * * * un- ment of branches "within the same county or outside less such bank has, in addition to the minimum the county within the tributary trade area" if the capital herein required, sufficient capital equal to a county in which the bank or trust company is lominimum of thirty-five thousand dollars for each cated has less than 200,000 population; but an unimsuch branch to be established in a village the popu- paired capital and surplus equal to the aggregate lation of which is less than five thousand; an addi- amount which would be required by law to organize tional minimum of fifty thousand dollars for each banks in those places where the main office and such branch to be established in a city or village the branches are to be located is required. (Sec. 22-3002, population of which exceeds five thousand but does Oregon Code Anno., 1930, 1935 Supp.) not exceed twenty-five thousand and an additional There is a provision requiring foreign banks or trust companies maintaining offices in this state to minimum of one hundred thousand dollars for each "maintain at every such office a capital of not less such branch to be established in a city, the populathan the amount required by this act for the organition of which exceeds twenty-five thousand." (Sec. zation of other banks or trust companies" and re- 710-37, Baldwin's Ohio Code Anno., 1936.) quiring every such foreign bank to "maintain a capi- These capital requirements shall not apply to any tal and surplus which must equal at least 10 per cent branches heretofore established. (Sec. 710-38, Bald- of the deposit liabilities of such foreign banks." (Sec. win's Ohio Code Anno., 1936.) 22-1303, Oregon Code Anno., 1930.) Other branch banking provisions.—There is a pro- Other branch banking provisions.—There are also vision as to yearly fees to be paid the State for the provisions as to the application to the superintendent operation of each branch. (Sec. 710-17, Supp. to of banks for the establishment of a branch; fee for Baldwin's Ohio Code Anno., 1936.) filing such application; advertising by the branch; "Bank" defined.—The term "bank" includes com- reports to superintendent as to deposits received; mercial banks, savings banks, trust companies, spe- removal or discontinuance of such branches, fees for cial plan banks, and unincorporated banks. (Sec. examinations; and related matters. (Sec. 22-3004— 710-2, Supp. to Baldwin's Ohio Code Anno., 1936.) 22-3013, Oregon Code Anno., 1930, 1935 Supp.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

866 FEDERAL RESERVE BULLETIN OCTOBER 1939 PENNSYLVANIA 819-2, 819-204, Title 7, Purdon's Pennsylvania Limited branch banking permitted.—Except as Stats.) otherwise provided by this Act, no institution (de- "C. A private bank, which, upon the effective date fined by the Act as any bank, bank and trust com- of this act, lawfully maintains one or more offices or pany, savings bank, trust company or private bank) places of business in any other state or foreign counshall "establish, maintain, or operate * * *, any try, may continue to maintain and operate any such branch within this Commonwealth for the transac- offices or places of business * * *." (Sec. 819-203, tion of any part of its business * * *." But any such Title 7, Purdon's Pennsylvania Stats.) institution "may continue to maintain and operate "E. Any merger or consolidation authorized by any branch lawfully established" by it. (Sees. 819-2, this section shall not be effective if the effect thereof 819-204, Title 7, Purdon's Pennsylvania Stats.) is to establish any branch bank, branch office, agency, "C. Any institution [as above defined] may, in the sub-office, sub-agency, or branch place of business in case of an incorporated institution, in the manner violation of the provisions of this act." (Sec. 819provided by this act for an amendment to its articles, 1401, Title 7, Purdon's Pennsylvania Stats.) or in pursuance of a plan of merger or consolidation, Capital required.—"E. An institution shall not in accordance with the provisions of this act, and in have the power to establish any branch, unless, in the case of a private bank with the prior written the case of a bank, a bank and trust company, or a approval of the department [of Banking], establish trust company, its unimpaired capital and unima branch at any place within this Commonwealth paired surplus, respectively, are equal to an amount, where, at the time such institution proposes to estab- not less than the aggregate capital and surplus, relish such branch, any national banking association, spectively, required by this act for the incorporation having its principal office in the same county as that of such number of similar institutions, as is equal to in which the principal office of the institution pro- the total number of its places of business, including posing to take such action is located, would have the such branch, excepting that, if any place of business power, under the laws of the United States, now or included in such total number is located or is to be hereafter enacted, to establish a branch of such located in a borough or township, the population of national banking association." Or, subject to the which does not exceed five thousand, not more than same conditions as specified above with reference to fifty per centum of the capital and surplus, respecamendment of articles, prior written approval, etc., tively, required by this act need be included for such any such institution may— particular place of business in the aggregate capital "D. * * * (1) establish a branch within the cor- and surplus respectively required by this section, and porate limits of the city of the first class or the sec- in the case of a savings bank, unless its surplus and ond class in which the principal place of business of expense fund equal a minimum amount approved by the institution is located, or within the corporate the department, and in the case of a private bank, limits of the city or borough in which the principal unless its net worth equals a minimum amount applace of business is located, and in which the insti- proved by the department." (Sec. 819-204, Title 7, tution was authorized by law to establish a branch Purdon's Pennsylvania Stats.) on the first day of January, one thousand nine hun- Other branch banking provisions.—The term dred and thirty-five, and may (2) establish a branch "branch" is defined to include "any branch office, in any place within the county in which its principal agency, sub-office, sub-agency, or place of business place of business is located, or in any place within other than the principal place of business of an instiany county contiguous to the county in which its tution, for the transaction of any portion of its bankprincipal place of business is located, if the city, ing or trust business." (Sec. 819-2, Title 7, Purdon's borough or other community in which such branch is to be established is without adequate banking Pennsylvania Stats.) facilities, or, in the case of a merger or consolidation, "A. Except as herein otherwise provided, an instiis without adequate banking facilities other than an tution shall not transact any banking or trust busiincorporated institution or national banking asso- ness, except in the case of an incorporated instituciation which is a party to the plan of merger or tion, at the place or places designated in its articles, consolidation in accordance with the provisions of and, in the case of a private bank, at the place or this act. places * * * filed with the Department of Banking. «g * * * "Provided, that an institution shall not have the power to establish a branch in any county, other than "Any change of the principal place of business of the county in which its principal place of business is an institution shall automatically terminate its right located, if a branch is at the same time established to maintain and operate any branch located, or auor maintained, or is authorized by the articles of in- thorized by the articles of incorporation, or othercorporation, or otherwise, to be established or main- wise, to be located, in a county which is not contained in any county, other than the county in which tiguous to the county in which the principal place of its principal place of business is located by— business is to be located. * * * "(1) Another institution or national banking as- "An institution may change the place of business sociation with which such institution is affiliated; or or any of its branches subject to the same require- "(2) An institution or national banking associa- ments and limitations as are by this act prescribed tion with which such other institution or national in the case of the establishment of branches." (Sec. banking association is affiliated; or 819-203, Title 7, Purdon's Pennsylvania Stats.) "(3) An institution or national banking associa- There are also detailed provisions relating to the tion which is affiliated with any corporation or per- procedure to be followed by institutions proposing son with which such other institution or national to establish branches; i. e., filing application, adverbanking association is affiliated; or tisement, notice, and approval or disapproval by the "(4) An institution or national banking associa- Department of Banking or by the Banking Board, tion which is affiliated with any corporation or per- etc. (Sec. 819-204, Title 7, Purdon's Pennsylvania son with which such institution is affiliated." (Sees. Stats.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

867 OCTOBER 1939 FEDERAL RESERVE BULLETIN RHODE ISLAND Commission. No branch office shall be operated in any city or town after any state or national bank has Branches permitted.—Any bank or trust company, received authority to operate in such town or city. savings bank, or loan and investment company Only one branch office shall be established in any (which includes a Morris plan company) "may estabtown or city. lish a branch or branches within this state at any "* * * Branch banks may be established by a other place than its principal place of business upon bank consolidating with or purchasing the assets of obtaining the consent of the board of bank incorporaanother bank. Except by purchase of, or consolition thereof. Said board of bank incorporation shall, dation with all existing banks located in such town before giving such consent, require that a notice of or city, no branch bank shall be established in any such intention to establish a branch or branches city or town of less than three thousand population * * * shall be given for the same period of time where there is an existing national or state bank and in the same manner, and a hearing had thereon, as is provided in the case of incorporation" of such regularly transacting banking business, or in any organization. (Ch. 129, Sec. 9, Ch. 130, Sec. 14, Ch. city of more than three thousand population and less 145, Sec. 5, General Laws of Rhode Island, 1938.) than fifteen thousand population where there are Capital required.—No additional capital is re- two or more existing national or state banks reguquired. larly transacting banking business. "Any national bank whose principal place of busi- SOUTH CAROLINA ness is in this state is hereby authorized to do all Branches permitted.—No "branch bank" shall be things and perform all acts which state banks are "established without the approval in writing by the permitted to do or perform under this section, subboard [of bank control]. Before * * * the estab- ject to the conditions and restrictions provided for lishment of a branch bank shall be approved, the state banks as to exercise of like privileges." (Sec. board shall make an investigation to determine 6.0402, South Dakota Code of 1939.) whether * * * the establishment of such * * * Capital required.—"Any bank operating a branch branch bank would serve the public interest, taking bank or branch banks must have a paid-in and uninto consideration local circumstances and condi- impaired capital of not less than the aggregate minitions at the place where such * * * branch bank, mum capital required by law for the establishment proposes to do business." (Sec. 7843, (3), Code of of an equal number of banks situated in the various Laws of South Carolina, 1932, 1936 Supp.) places where such bank and its branch bank or There is also a provision permitting the organi- branch banks are located and in any event not less zation of small banks with lesser capital than that than one hundred thousand dollars. * * *." (Sec. required by the general laws, but which provides 6.0402, South Dakota Code of 1939.) that "no branch bank shall be organized under the Other branch banking provisions.—" *B ranch ofprovisions of this section." (Sec. 7836-1, Code of fice/ [is defined as] a branch place of business main- Laws of South Carolina, 1932, 1934 Supp.) tained by a bank within the county of its domicile Capital required.—"Every banking company or or an adjoining county to receive deposits, issue corporation hereafter organized shall * * * for drafts and cashier's checks, make change, pay checks, each branch bank that is established * * * have a and other clerical and routine functions, but not total unimpaired capital of at least twenty-five thouincluding making loans and discounts; sand ($25,000.00) dollars above the minimum re- " 'Branch bank/ [is defined as] a branch place of quirements herein set forth." (Sec. 7835, Code of business maintained by a bank for conduct of bank- Laws of South Carolina, 1932.) ing." (Sec. 6.0101, South Dakota Code of 1939.) "Branch banks are required to have subscribed to and paid in cash, or allocated to, for each branch established, the same amount of capital stock and TENNESSEE surplus as is now required for the establishment of Limited branch banking permitted.—"No corporaindependent banks in any given locality in South tion, firm, or individual, after said date [April 6, Carolina", namely, $25,000 in towns of 3,000 popu- 1925], shall create and operate any branch bank, lation or less; $50,000 in towns between 3,000 and office, or agency, for the purpose of receiving de- 10,000 population; and $100,000 in towns of over posits, paying checks, making loans, or receiving 10,000 population. (Sees. 7835, 7836, Code of Laws or discounting bills or notes in any place whatsoof South Carolina, 1932.) ever other than the county wherein its principal of- Other branch banking provisions.—Provision is fice is located and its principal banking business is also made for the publication of statements of the carried on." (Sec. 5950, Williams Tennessee Code assets and liabilities of branch banks or offices, for Anno., 1934.) the examination of branch banks and fees therefor, "This law shall not apply to branch banks, offices, for the appointment of a committee to represent or agencies maintained and operated on April 6, branch banks upon liquidation, and for the taxation of 1925, by any corporation, firm or individual doing branch banks. (Sec. 7859, Code of Laws of South Car- or carrying on a banking business in the state in olina, 1932; Sec. 7843, (6), Code of Laws of South places other than the county of this state wherein Carolina, 1932, 1936 Supp.; Sec. 7855, (7), Code of such banking business is carried on." (Sec. 5949, Laws of South Carolina, 1932, 1934, Supp.; Sec. Williams Tennessee Code Anno., 1934.) 2677-1, (6), Code of Laws of South Carolina, 1932, Capital required.—No additional capital is re- 1938 Supp.) quired. SOUTH DAKOTA TEXAS Branches permitted.—"A branch office or a branch Branches prohibited.—"* * * Such body corporate bank may be conducted by a bank only with the per- [banking corporation] shall not be authorized to enmission of the Commission under such rules and gage in business at more than one place, which shall regulations as the Commission shall prescribe, and be designated in its charter. * * *. (Constitution of such permission to be in the sole discretion of the Texas, Art. 16, Sec. 16.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

868 FEDERAL RESERVE BULLETIN OCTOBER 1939 "No banking corporation organized under the and surplus)." (Sec. 7-3-6, Utah Revised Stat. laws of this State shall ever engage in business at Supp., 1939.) more than one place, which shall be designated in its Other branch banking provisions.—There are procharter. No such corporation shall maintain a branch visions requiring the assessment of a $50 fee upon bank, receive deposits or pay checks except in its the filing of an application for the establishment of own banking house * * *." (Art. 538, Title 16, a branch, making the laws relating to the examina- Vernon's Texas Civil Stats.) tion of banks applicable to such branches and prescribing a fee for the examination thereof, and mak- UTAH ing violations of the law permitting the establish- Branches permitted.—"The business of every bank ment and operation of branches misdemeanors. (Sec. shall be conducted only at its banking house and 7-3-6, Utah Revised Stat. Supp., 1939.) every bank shall receive deposits and pay checks only at its banking house except as hereinafter pro- VERMONT vided. Branches permitted.—"A bank or trust company "With the consent of the bank commissioner and incorporated under the laws of this state may estabthe approval of the governor [and subject to the lish and maintain agencies and branches for the capital requirements set forth below], any bank general transaction of a banking business in towns * * * may establish and operate" branches "for other than that in which its main office is located." the transaction of its business within this state; (Sec. 6676, Ch. 272, Public Laws of Vermont, 1933.) * * * "Before a savings bank, trust company or a savings bank and trust company opens an agency or "No branch bank shall be established in anv city, branch of such corporation it shall petition the comtown or village in which is located a bank or banks, missioner to hold a public hearing in the town where state or national, regularly transacting a customary the proposed agency is to be located, to determine banking business, unless the bank seeking to estabwhether the establishment and maintenance thereof lish such branch shall take over an existing bank or will promote the general good of the state.. The comobtain the consent of all banks therein located, except missioner shall thereupon appoint a time and place that in cities of the first class, branches may be in such town for hearing the petition, and shall make established without such consent; and, provided an order for the publication of the substance of the further, that whenever application is made for the petition and of the time and place of hearing three establishment of any branch, the commissioner shall weeks successively in a newspaper published in the give notice thereof by publication in a newspaper of county wherein such town is situated, or, for want general circulation in the city or town in which thereof, in an adjoining county, the last publication such branch is to be established and shall hold a to be at least twelve days before the day appointed public hearing at a time and place within such city for the hearing." (Sec. 6677, Ch. 272, Public Laws or town, in such notice specified, at which time any of Vermont, 1933.) citizen may appear in support of or opposition to such application. No unit bank hereafter organized "If after the hearing the commissioner finds and and operating at a point where there are other adjudges that the establishment and maintenance of operating banks, state or national, shall be permitted the proposed agency will promote the general good to be acquired by another bank for the purpose of of the state, he shall give the bank a certificate to establishing a branch until such bank shall have been that effect under his seal." (Sec. 6678, Ch. 272, Pubin operation as such for a period of five years. lic Laws of Vermont, 1933.) * * * "A savings bank, trust company or savings bank and trust company shall not operate an agency not "The term 'branch' as used in this act shall be certified by the commissioner as provided in the held to include any branch bank, branch office, preceding section." (Sec. 6679, Ch. 272, Public Laws branch agency, additional office, or any branch place of Vermont, 1933.) of business at which deposits are received or checks "An agency of a bank which was in operation with paid or money lent. the permission of the commissioner prior to Feb- "Any bank desiring to establish one or more ruary 1, 1929, shall be permitted to continue." (Sec. branches or offices shall file a written application 6680, Ch. 272, Public Laws of Vermont, 1933.) therefor in such form and containing such informa- "* * * Any two or more banks located and doing tion as the bank commissioner may require. No bank business in this state, with the approval of the comshall be permitted to establish any branch or office missioner, may merge or consolidate into a single until it shall first have been shown to the satisfac- corporation to engage in the business of a savings tion of the bank commissioner and the governor bank or trust company, or merge or consolidate with that the public convenience and advantage will be a national bank, and the merged bank may establish subserved and promoted by the establishment of a branch at any location at which the bank disconsuch branch or office and the bank commissioner may tinued by such merger or consolidation might have by order permitting the establishment of such branch conducted its business." (Sec. 6660, Ch. 271, Public or office designate and limit the character of work Laws of Vermont, 1933, as amended by Sec. 1, and service which may therein be performed." (Sec. Act No. 175, Laws of Vermont, 1935.) 7-3-6, Utah Revised Statute Supplement, 1939.) "Subject to the approval of the commissioner "* * * No loan and trust corporation [banks with * * *, any bank may, by contract, assume all or trust powers not included] shall open, establish or any part of the deposit and other liability of any maintain any branch office." (Sec. 7-4-7, Revised other bank or banks * * *. Contracts for the as- Stats, of Utah, 1933.) sumption of deposit liability may be entered into Capital required.—For the establishment and independently of merger of banks, or as a part of operation of one branch, a bank must have "a paid-in any such merger, and may authorize the assuming capital and surplus of not less than $60,000 * * *; bank to establish a branch at any location at which provided, that for each additional branch established said .other bank might have conducted its business. there shall be paid in an additional $60,000 (capital * * *. (Sec. 6660, Ch. 271, Public Laws of Vermont, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

869 OCTOBER 1939 FEDERAL RESERVE BULLETIN 1933, as amended by Sec. 5, Act No. 175, Laws of A bank or trust company having a paid-in capital Vermont, 1935.) of not less than five hundred thousand dollars may, Capital required.—No additional capital is re- with the approval of the supervisor of banking, quired. establish and operate branches in any city or town within the state. A bank or trust company having VIRGINIA a paid-in capital of not less than two hundred thou- Branches permitted.—"No bank or trust com- sand dollars may, with the approval of the superpany heretofore or hereafter incorporated under the visor of banking, establish and operate branches laws of this State shall be authorized to engage in within the limits of the county in which its principal business in more than one place, except that, (a) in place of business is located. its discretion the State Corporation Commission may authorize banks having a paid-up and unimpaired capital and surplus of fifty thousand dollars or over "No bank or trust company shall establish or operto establish branches within the limits of the city, ate any branch in any city or town outside the city town, or village in which the parent bank is located. or town in which its principal place of business is "(b) The State Corporation Commission may, in located in which any bank, trust company or naits discretion, also authorize banks located in any tional banking association regularly transacts a city to establish branches within other cities having banking or trust business, except by taking over or a population of not less than fifty thousand inhabi- acquiring an existing bank, trust company or natants. tional banking association or the branch of any " (c) This section shall not be construed to pro- bank, trust company or national banking association hibit the merger of banks in the same or adjoining operating in such city or town." (Sec. 3231-1 Remcounties or of banks located within a distance of ington's Revised Stats.) twenty-five miles of a parent bank and the operation No savings bank "or any officer or director thereof by the merged company, of such banks, nor to pro- shall receive deposits or transact any of its usual hibit the sale of any bank to, and the purchase business at any other than its principal place of thereof by, any other bank in the same or adjoining business or an authorized branch. counties or within a distance of twenty-five miles "A savings banks, with the approval of the suand the operation of such banks by the purchasing pervisor of banking, may take over and operate one bank, provided the approval of the State Corporation branch in the city in which the principal place of Commission is first had. The term 'adjoining coun- business of the bank is located, but only upon the ties/ where more than two are involved, shall be conditions and subject to the limitations following: construed to mean counties each of which shall ad- "(a) If the guaranty fund amounts to at least join the county in which the parent bank is located. five hundred thousand dollars. "(d) This section, however, shall not apply to "(b) Not more than three branches may be estabbranch banks already established. lished in the county in which the principal place "(e) No branch bank heretofore or hereafter of business of the bank is located, and none in any established shall be operated or advertised under other county. any other name than that of the identical name of "(c) A branch shall not be established at a place the home bank, unless permission be first had and at which the supervisor of banking would not perobtained from the State Corporation Commission, mit a proposed new savings bank to engage in busiand unless such different name shall contain or have ness, by reason of any consideration contemplated added thereto language clearly indicating that it is by section 4 of this act, being section 3316 of Rema branch bank and of which bank it is a branch. ington's Revised Statutes, the provisions of which, "Any bank or trust company violating the pro- so far as applicable, including those relating to apvisions of this section shall be liable to a fine of one peals, shall extend to applications to establish thousand dollars, to be imposed and judgment en- branches." (Sec. 3344, Remington's Revised Stats.) tered therefor by the State Corporation Commission, "The use of the term 'savings bank' in this act and enforced by its process." (Sec. 4149 (14), Vir- refers to mutual savings banks only. * * *." (Sec. ginia Code, 1936.) 3378, Remington's Revised Stats.) Every bank having a branch or branches shall be Industrial loan companies shall have power "To assessed fifty dollars per branch as an examination establish branches subject to the approval and aufee. (Sec. 4149 (56), Virginia Code, 1936.) thority of the supervisor of banking." (Sec. 3862-8, Capital required.—Banks or trust companies in (d), Remington's Revised Stats., as amended by order to establish branches in the city, town or vil- Laws of 1939.) lage in which the parent bank is located, must have Capital required.—$200,000 paid-in capital in a paid-in and unimpaired capital and surplus of fifty order to establish branches within the same county thousand dollars or over. (Sec. 4149 (14) (a), Vir- as the parent bank; and $500,000 paid-in capital in ginia Code, 1936.) order to establish branches elsewhere in the State. "The aggregate paid-in capital stock of every bank WASHINGTON or trust company operating branches shall at no Branches permitted—limitations.—"* * * nor shall time be less than the aggregate of the minimum any bank or trust company establish any branch capital required by law for the establishment of except in accordance with the provisions of this act. an equal number of banks or trust companies in the The practice of collecting or receiving deposits or cities or towns wherein the principal office or place cashing checks at any place or places other than the of business of such bank or trust company and its place where the usual business of a bank or trust branches are located." (Sec. 3231-1 Remington's Recompany and its operations of discount and deposit vised Stats.) are carried on shall be held and construed to be Mutual savings bank's guaranty fund must amount establishing a branch: * * *". (Sec. 3222, Reming- to at least $500,000. (Sec. 3344, Remington's Reton's Revised Stats.) vised Stats.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

870 FEDERAL RESERVE BULLETIN OCTOBER 1939 "Branch" of banks and trust companies denned.— lished and maintained, and the commission shall also "The term 'branch bank' where used in this act, investigate the management and the solvency of the means any office of deposit or discount maintained applicant bank, the adequacy of existing banking by any bank or trust company, domestic or other- facilities and the surrounding territory from which wise, other than its principal place of business, re- the patronage would be drawn. gardless of whether it be in the same city or locality." " (4) After completing such investigation, the com- (Sec. 3221, Remington's Revised Stats.) mission shall make written report to the banking Foreign bank branch.—A branch of a foreign bank review board stating the results of its investigation which was in operation within this State at the and its recommendation. The said board shall contime the act of 1917 became effective and which sider the matter, conducting any hearing it may branch has a capital not less in amount than that deem necessary, and shall promptly make its derequired for the organization of a State bank as cision approving or disapproving the establishment provided in that act at the time and place when and maintenance of the proposed station. The deand where such branch was established, may con- cision of the banking review board shall be final. tinue its business within the State. (Sec. 3248, Rem- "(5) No bank when more than ten per cent of the ington's Revised Stats.) stock is owned, held or controlled by any corporation, or by an association, investment trust or other form WEST VIRGINIA of trust or by a chain bank or holding company, shall Branches prohibited.—"No banking institution be permitted to establish a receiving and paying stachartered and authorized to engage in business under tion. the laws of this state, shall hereafter install or "(6) No banking business shall be transacted in maintain any branch bank, or engage in business at any such station other than receiving and paying out any place other than at its principal office in the deposits, issuing drafts and travelers' checks, hanstate of West Virginia; * * *." (Sec. 3131, West dling and making collections, and cashing checks Virginia Code, 1937.) and drafts. "(7) Whenever a paying and receiving station WISCONSIN shall be permitted to operate under this section, the Branches prohibited.—"* * * no bank shall estab- banking commission in each case shall prescribe the lish more than one office of deposit and discount or rules and regulations for its operation. establish branch offices or branch banks, provided "(8) Whenever the banking commission shall dethat this prohibition shall not apply to any branch termine that the continued operation of any such office or bank established prior to May 14, 1909." station will no longer promote public convenience (Sec. 221.04, (1), (f), Wisconsin Stats., 1937.) and advantage, and that it will prove detrimental No trust company shall "establish more than one to the bank operating such station, the commission office of deposit nor establish nor maintain branches." shall have written report thereon to the banking (Sec. 223.06, Wisconsin Stats., 1937.) review board. Said board shall promptly consider Limited receiving and paying stations permitted.— the matter and may hold a hearing thereon, and "(1) Any bank may establish and maintain a re- shall decide whether or not the permit to operate ceiving and paying station in the manner provided such station shall be revoked. If the review board in this section, in any community not having ade- decides that the permit shall be revoked, it shall quate banking facilities, anywhere within the county certify its decision to the banking commission and in which the home office of the bank is located or said commission shall forthwith order the disconanywhere in any adjoining county having a populatinuance of such station within such time as the tion of less than sixteen thousand, or in any other commission may specify therein. A copy of said county if within the trade area of the home office order shall be transmitted to the bank operating such of the bank and not more than twenty-five miles station. from such home office, but no bank shall be permitted "(9) Whenever any bank, which has been granted to establish, maintain or operate more than four a permit to establish and maintain such a receiving such receiving and paying stations nor any such and paying station, shall deem it advisable to disconstation within three miles of any other existing bank tinue the maintenance of such station, it may make or an authorized receiving and paying station of written application to the banking commission for any other bank; however, any such station in operathe cancellation of its permit, and the commission tion at the time of the passage of this act shall not shall thereupon enter its order, cancelling such perbe subject to the three-mile limit. mit, within such time as the commission may specify "(2) Any bank desiring to establish such a retherein. ceiving and paying station shall make application to "(10) This section shall not be construed as comthe banking commission in such manner and in such mitting the state in any manner to a policy of perform as shall be prescribed by the commission, givmitting branch banking." (Sec. 221.255, Wisconsin ing such information as the commission may require and shall at the time of filing the application pay Stats., 1937, as amended by Laws of 1939.) to the commission twenty-five dollars to defray the Capital required.—No additional capital is required cost of investigation by the commission. for the operation of offices with limited functions. " (3) The banking commission shall thereupon estimate from the best sources of information at its WYOMING command and by such investigation as it may deem Branches unauthorized.—There are no provisions necessary whether public convenience and advantage in the laws of Wyoming permitting or prohibiting will be promoted by allowing such station to be estab- the establishment of branches. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

871 OCTOBER 1939 FEDERAL RESERVE BULLETIN DISTRIBUTION OF DEMAND DEPOSITS BY ECONOMIC CLASSES OF DEPOSITORS 1933, 1935, AND 1936 1 On the basis of data compiled primarily about one-third of the deposit balances in from corporation income tax returns, it has all checking accounts; financial groups, inbeen possible to estimate the distribution of cluding foreign depositors and banks' trust demand deposits by economic classes of de- departments, one-fifth; and public bodies onepositors. Broadly speaking, it appears that sixth. The unclassified remainder, comprisat the end of 1936 business enterprises held ing mainly consumer balances, large balances of individuals, and balances of non-profit or- TABLE 1 ganizations and some unincorporated groups DISTRIBUTION OF DEMAND DEPOSITS * BY ECONOMIC CLASSES OF DEPOSITORS for which no estimates could be made, Amounts (In Per cent of amounted to a little more than a fourth of millions of dollars) adjusted total the total. Table 1 presents a breakdown of Dec. Dec. Dec. Dec. Dec. Dec. 31, 31, 31, 31, 31, 31, these large categories into sub-groups and 1936 1935 1933 1936 1935 1933 shows the distribution of demand deposits by Total demand deposits* ), 970 26, 60017, 470 classes of depositors as of the end of the year Less items in transit 1 5,200 4,740 2,400 for 1933, 1935, and 1936. Total demand deposits adjusted for transit items 24, 770 21, 860 15, 070100.0 100.0 100.0 TABLE 2 Business—total 8,480 7,640 6,120 34.9 40. SHIFT IN DEMAND DEPOSIT HOLDINGS BY CLASSES Corporations engaged in: Manufacturing, mining, OF DEPOSITORS Tr a a n n d s p c o o r n t s a t t r i u o c n t io a n nd other 3,690 3,450 2,800 14.9 15.8 18.6 1933 TO 1935 AND 1935 TO 1936 public utilities 1,340 1,0 980 5.4 4.9 6.5 Trade, service, and mis- [Amounts of change in millions of dollars] cellaneous 1,680 1,500 1,120 6.8 6.9 7.4 Non-corporate enterprises 2_._ 1,770 1,610 1,220 7.1 7.3 8.1 Increase or Finance—total 5,350 4,960 2,390 21. 22.7 15. D In ec c . r e 3 a 1 s , e 1 9 f 3 ro 3 m to de D cr e e c a . s 3 e 1 ( , — 19 3 ) 5 f r t o o m Corporations engaged in: Dec. 31, 1935 Dec. 31, 1936 I O n t s h u e r r a n fi c n e ance 1,570 1,7 9 4 2 0 0 8 5 2 6 0 0 3 6. . 4 8 4 8 . . 2 0 3 5 . . 7 4 Amount Per cent Amount Per cent Non-corporate: Security brokers 280 00 200 1.1 0. 1.3 Total demand deposits 9,130 52.3 3,370 12.7 Banks' trust departments. _ 1,240 1,060 440 5.0 4.9 2.9 Foreign banks 530 440 130 2.1 2.0 0.9 Less—Items in transitJ 2,340 97.5 460 9.7 Other foreigners 3 780 600 240 3.2 2.7 1.6 Total demand deposits adjusted Public bodies—total 4,160 4,130 2,690 16.8 18. 17.9 for transit items 6,790 45.1 2,910 13.3 U. S. Treasury 1,240 1,460 1,020 5.0 6.7 6.8 Business—total __ _ _ _ __ 1,520 24.8 840 11.0 Other public bodies 2,920 2,670 1,670 11.8 12.2 11.1 Corporations engaged in: Unclassified—balances of in- Manufacturing, mining, and z d a iv ti i o d n u s a , l e s, t c n .4 on-profit organi- 6,780 5,130 3,870 27.4 23.5 25.7 Tr c a o n n s s p t o ru rt c a t t i i o o n n , and other 650 23.2 240 7.0 public utilities 100 10.2 260 24.1 Trade, service, and miscelint * 1 e I T r n b o c a t l n a u k l d e d d s e e m p a o m a s n o i d t u s . n d t ep re o p s o it r s t e a d r e a s p a in rt l p y r o e c s e ti s m s a o t f e d c o a ll n e d ct i e o x n c l b u y d e b a d n o k m s e a st n i d c Non l - a c n o e r o p u o s rate enterprises 2 3 3 8 9 0 0 3 3 3 2 . . 9 0 1 1 8 6 0 0 1 9 2 . . 9 0 e es s t t i i m m a a t t i e o d n a e m xp o l u a n in t e o d f in it e t m ex s t. in transit between depositors. Method of Finance—total 2,570 107.5 390 7.9 an 2 3 4 d I A E n p x c c u c c l b l u o u l u d i d c n e e s t u s s t f o i o p l f r i r e t i o i i n f e g e d s n s i . s v b i i o a d n n u a k a l ls d s e w e p r i v o th i s c i e t b s , a l w a a g i n t r c h i e c s n u o o lt f n u $ m r 1 e e 0 , 0 m ,0 f b i 0 n e 0 a r n a b c n e a d , n o k t v s r e . a r n , s a p s o r r e t p a o ti r o te n d , Co I O n rp t s h o u e r r r a a t n f i i o c n e n a s n c e e n .. g - aged in: 9 3 2 6 0 0 1 6 1 4 2 . . 3 2 -17 3 0 0 -9 3 . . 8 3 i 3 b s 1 y , a v t 1 h 9 a e 3 il 3 9 a , b 8 a l l e n a d r f g o $ e r 4 s 1 3 t 9 0 m 3 m 6 e . i m lli b o e n r o b n a n D k e s c , e a m m b o e u r n 3 t 1 e , d 1 t 9 o 3 5 $ . 2 80 N m o i s l i l m io i n l a o r n i n D fo ec rm em at b io er n No B S n e a - c n c u k o r r s i p ' t y o t r r b u a r s t o e t : k d e e rs partments___ 620 140.9 18 8 0 0 4 1 0 7 . . 0 0 Foreign banks. _ _ _ 310 238.5 90 20.5 1 Information regarding the distribution of demand deposits by Other foreigners 3__ 360 150.0 180 30.0 economic classes of depositors was obtained for the first time in the Board's survey of the ownership of large deposit accounts in Public bodies—total _ _ _ 1,440 53.5 30 0.7 1933 and in 1935. Martin Krost, of the Board's Division of Res tr e i a b r u c t h i o a n nd o f S t t o a t t a is l ti d c e s m , a w n o d r k d e e d p o o s u it t s m b e y t h e o c d o s n o o m f ic e s c ti la m s a se ti s n g o f th d e e p d o i s s i - - U O . t h S e . r T p r u e b a l s i u c r b y odies, _ __ _ 1,0 4 0 4 0 0 4 5 3 9. . 9 1 -2 2 2 5 0 0 -15 9 . . 1 4 tors and compiled estimates for the end of 1933 and 1935. A Unclassified—balances of indipaper based upon these estimates and including the results was viduals, non-profit organizaprepared by Lauchlin Currie, Assistant Director of the Division, tions, etc 1,260 32.6 1,650 32.2 and presented before the American Statistical Association in December 1937 (published in the Journal of the American Statistical Association, June, 1938). Haskell Wald, using techniques de- 1 Method of estimation explained in text. veloped in the early study, made estimates for the end of 1936 2 Excludes professional service, agriculture, finance, transportation, (the latest date for which adequate data are available) and pre- and public utilities. pared the present report. 3 Includes foreign bank deposits with nonmember banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

872 FEDERAL RESERVE BULLETIN OCTOBER 1939 Between December 31, 1935 and December Adjustment of total demand deposits for 31, 1936, total demand deposits reported by transit items.—The estimates for individual banks, when adjusted to conform to deposi- classes of depositors are made on the basis of tors' accounting records, increased by $2,- the depositors' accounting records, as is illus- 900,000,000 or 13 per cent. As shown in trated by the estimates for corporations, Table 2, more than half of the total increase which are taken from their balance sheet was represented by the growth in the un- records included in income tax returns. classified group. During 1936 balances in- Total estimated demand deposits at banks cluded in this group increased 32 per cent, must be adjusted, therefore, to exclude two as contrasted with increases of 11 per cent, classes of transit items which have been de- 8 per cent, and 1 per cent for the business, ducted from deposit balances on the books of finance, and public bodies groups respectively.the depositors who drew them but have not yet been charged to those balances as they In evaluating the shifts in demand deposit appear on the books of the banks. The first holdings over the period 1933 to 1936, two of these comprises checks and other items factors affecting the comparability of the already deposited by their recipients in banks data for the individual years should be noted. and in process of collection between banks; The abolition of the privilege of filing confor this amount, figures reported in the consolidated income tax returns in 1934 probably dition statements of the banks may be used. means that certain holding companies were The second deduction comprises checks drawn listed under business categories in 1933 and but not yet received or deposited in banks by under finance in subsequent years. This their recipients; the amount of this type of would have the effect of understating the in- "float" may only be estimated. crease in business balances and of overstating Since the same geographical distance usuthe increase in financial deposits. In addially separates the drawer and the recipient tion, the use of 1935 percentages to distribute of a check as separates their respective banks, reported corporate "cash" for December 31, and since the amounts of that part of the 1936, between currency, time, and demand "float" that has already passed through a deposits may mean that business and finance bank and of that part which has not yet been holdings are underestimated for the later deposited are both determined by the amount year, and that the "unclassified" deposits are of business transactions, it has been assumed overestimated, due to the increase in the ratio for the purposes of this study that the amount of demand to total deposits during 1936. of the item in transit between depositors is In general, estimates of the deposit holdequal to the amount of checks in process of ings of corporations and public bodies are collection between banks. Any error in the not likely to be seriously in error. There assumptions concerning the volume of checks may, however, be a considerable margin of in process of collection as reported by banks error for estimates of non-corporate holdings will occur also in the estimate used here for which are based in large part upon data that checks in process of transmission between relate to 1929 and that are inadequate in depositors. other respects. It seems likely that the classi- Holdings of corporations.—Corporate fied amounts have been in varying degree 'cash" as reported in balance sheet items inunderestimated, so that the amount of the cluded in corporation income tax returns and unclassified remainder probably overstates published in Statistics of Income was disthe cash holdings of the groups covered. tributed between currency, demand, and time There follows a brief description of the deposits on the basis of percentages derived methods employed in building up these esti- from a study of large deposit accounts made mates. by the Board of Governors of the Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

873 OCTOBER 1939 FEDERAL RESERVE BULLETIN Reserve System as of selected dates in 1933the condition reports of insured banks as and 1935 and summarized in the FEDERAL compiled by the Federal Deposit Insurance RESERVE BULLETIN of September 1936, andCorporation. from a special compilation prepared by the Estimates of the deposits of bank trust de- Bureau of Internal Revenue from balance partments were made on the basis of Compsheet data of corporations for 1935. To troller of the Currency figures for trust allow for the fact that a small proportion of departments of national banks and of data the corporation income tax returns, largely published by the Federal Deposit Insurance for small corporations, do not report balance Corporation. Figures for foreign deposits sheets, estimates for corporations reporting are those reported to the Treasury and rebalance sheets were adjusted to a total for all printed in the FEDERAL RESERVE BULLETIN corporations by applying the ratio of total for May, 1937, after an adjustment to exclude compiled receipts of all corporations to the a small amount of time deposits. total compiled receipts of the corporations Unclassified deposit holdings.—The unreporting balance sheet items. Separate fig-classified remainder includes largely conures for the "cash" holdings of financial sumer balances, the deposits of those types groups other than banks were made available of unincorporated business for which no estiby the Bureau of Internal Revenue. mates were made (professional service, agriculture, various financial groups, etc.), deposit Holdings of non-corporate business enterbalances of fraternal, charitable, educational, prises.—The estimates of the demand deposit and other non-profit organizations, and large holdings of non-corporate business were built personal balances of individuals which may up by applying to the amounts estimated for be held awaiting investments or for other corporations ratios of non-corporate to corfinancial purposes. The latter should propporate output in various industrial classes. erly be included under the "Finance" heading; These ratios were based essentially upon Bubut data, which were collected for a large reau of the Census data for 1929 reclassified sample in 1933 and 1935, as shown in a footaccording to the industrial classification used note to Table 1, are not available for 1936. for the corporation data in Statistics of In- Distribution of time deposits.—Because decome. Because of serious gaps in existing information, no estimates were made for certain large categories of unincorporated busi- TABLE 3 ness enterprise, notably agriculture, profes- DISTRIBUTION OF TIME DEPOSITS * BY ECONOMIC CLASSES OF DEPOSITORS sional service, and financial enterprises other [In millions of dollars] than security brokers. Reported holdings of other classes of de- Dec. 31, Dec. 31, Dec. 31, 1936 1935 positors.—The estimates for security brokers were derived from data on the "cash" holdings Total time deposits* 25, 400 24, 300 21,840 of all member firms of national security ex- Business enterprises—total. 610 1,0 changes which report regularly to the Board Corporate 570 510 940 Non-corporate (excluding professional of Governors of the Federal Reserve System. service, agriculture, finance, transportation, and public utilities) 110 100 140 The figures for the demand deposits of the Financial enterprises—total _ 440 470 400 United States Treasury are the sum of Treas- Corporate 290 290 200 ury deposits in the Federal Reserve banks as Non-corporate. 150 180 200 reported in the Federal Reserve bank state- Public bodies—total 350 410 350 ment and Treasury deposits in all other banks Unclassified (balances of individuals, nonprofit organizations, and those uninas reported in the Daily Statement of the corporated enterprises for which no separate estimates could be made) 23, 930 22,810 20,010 United States Treasury. The demand deposits of other public bodies are taken from * Total time deposits are partly estimated and exclude domestic interbank deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

874 FEDERAL RESERVE BULLETIN OCTOBER 1939 posits of corporations are mostly demand held only 8 per cent of their "cash" in the deposits and because during the period 1933- form of time deposits. Following the methods used in the case of 1936 more than 90 per cent of total time demand deposits, estimates were also made deposits were held by depositors in the unof the distribution of time deposits by ecoclassified group, the present report has been nomic classes of depositors. The estimates primarily concerned with demand deposits. are summarized in Table 3. Figures for total The Board's survey of the ownership of large time deposits include deposits with mutual deposit accounts and a special compilation savings banks and with the Postal Savings prepared by the Bureau of Internal Revenue System. Postal Savings redeposits with indicate that at the end of 1935 corporations banks are excluded. MEMBER BANK EARNINGS AND EXPENSES, FIRST HALF OF 1939 Net profits of member banks increased Net current earnings during the first half sharply in the first six months of 1939 andof 1939, though slightly above those in the were larger than in any half-year period first half of 1938, were lower than in any since the first half of 1937. These net profits other six-month report period since the first were at an annual rate of 7.0 per cent on half of 1935. The smaller net current earntotal capital accounts. The increase reflected ings in the first half of 1939 as compared with the second half of 1938 resulted from chiefly larger profits derived from the sale of smaller total earnings and somewhat larger securities and smaller charge-offs on loans. expenses. Although the amounts of both Recoveries, profits on securities sold, etc., exloans and investments increased in the first ceeded total losses and depreciation for the half of 1939, the rates of interest earned on first time since 1936. Summary figures of them decreased and the amount of interest the earnings, expenses, profits, and dividends income from each of these sources also deof member banks during recent half-year peclined. While the major items of expenses riods are shown in the following table for were reduced slightly, total expenses inpurposes of comparison. creased, reflecting chiefly a rise in "other" expenses. EARNINGS AND EXPENSES OP MEMBER BANKS, BY Dividends declared during the first six HALF-YEAR PERIODS, JANUARY 1, 1937-JUNE 30, 1939 months of the current year amounted to [In millions of dollars] $104,000,000, or at an annual rate of 3.8 per cent of total capital accounts, as compared 1937 1938 1939 with an average of $100,000,000 for the four First Second First Second First preceding half-year periods. half half half half halfp The half-year figures for many of the earn- Total current earnings 652 669 631 644 633 ings and expense items are not representative Total expenses. ___ 449 453 448 443 447 of the annual figures, particularly in the case Net current earnings _ 203 216 183 201 186 of valuation adjustments. These adjustments Recoveries, profits on securities, etc. 158 97 137 142 191 appear to be made on an annual basis and at Losses and depreciation 166 172 175 222 186 the year-end in many banks. Net losses and depreciation. _ 8 75 38 80 Net profits 195 141 145 121 191 Detailed figures of member bank earnings, Cash dividends declared 2 100 101 99 99 104 expenses, recoveries, losses, etc., for the second half of 1938 and the first half of 1939 p Preliminary. 1 Net recoveries, profits on securities, etc. are shown on the following page. 2 Includes interest on capital notes and debentures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

875 OCTOBER 1939 FEDERAL RESERVE BULLETIN EARNINGS AND EXPENSES OF MEMBER BANKS NATIONAL AND STATE MEMBER BANKS, BY SEMI-ANNUAL PERIODS, JULY 1, 1938 TO JUNE 30, 1939 (Figures for national banks were compiled by the Comptroller of the Currency from reports submitted by national banks) [Amounts in thousands of dollars] All member banks National member banks State member banks Second First Second First Second First half of half of half of half of half of half of 1938 1939 P 1938 1939 P 1938 1939 P Earnings: Interest and discount on loans 274, 539 272, 254 188, 244 187, 783 86, 295 84, 471 Interest and dividends on investments 224, 686 222, 965 152, 730 150,133 71, 956 72, 832 Collection charges, commissions, fees, etc 15, 809 15, 493 10, 820 10, 658 4,989 4,835 Foreign department 5,395 4,304 3,189 2,346 2,206 1,958 Trust department _ _ 46, 675 42, 095 16, 857 14, 821 29, 818 27, 274 Service charges on deposit accounts . __ __ 25, 845 26, 785 17, 933 18, 407 7,912 8,378 Rent received 42, 064 41, 279 26, 299 25, 855 15, 765 15, 424 Other current earnings 8,826 7,922 5,802 4,904 3,024 3,018 Total current earnings 643, 839 633, 097 421, 874 414, 907 221, 965 218,190 Expenses: Interest on time and savings deposits 83, 346 82,124 59,170 58, 643 24,176 23, 481 Salaries, officers 74, 205 73, 875 49,894 49, 379 24, 311 24, 496 Salaries and wages, employees (other than officers) _ __ 118, 559 116, 302 73,123 71,101 45, 436 45, 201 Fees paid to directors and members of executive, discount and advisory committees 3,697 3,680 2,634 2,589 1, 063 1,091 Interest and discount on borrowed money 125 79 85 51 40 28 Real estate taxes 17, 540 17, 038 11,189 10, 675 6,351 6,363 Other taxes 23, 351 26, 257 14, 274 16, 666 9,077 9,591 Other expenses 121, 693 127, 274 75, 792 80, 008 45, 901 47, 266 Total current expenses 442, 516 446, 629 286,161 289,112 156, 355 157, 517 Net earnings 201, 323 186, 468 135, 713 125, 795 65, 610 60, 673 Recoveries, profits on securities, etc.: Recoveries on loans 23, 854 23 987 16, 368 17, 013 7,486 6,974 Recoveries on investments- 29, 945 25, 838 17, 349 17, 853 12, 596 7,985 Profits on securities sold- 75, 035 127, 287 45, 248 84,114 29, 787 43,173 All other 13,133 14, 111 8,888 4,591 4,245 9,520 Total... . 141, 967 191, 223 87, 853 123, 571 54,114 67, 652 Losses and depreciation: On loans.. _ 77, 047 47, 756 53, 343 31, 506 23, 704 16, 250 On investments 87, 478 94,084 57,140 58, 726 30, 338 35, 358 On banking house, furniture and fixtures ... 26, 015 16,121 15, 739 11, 555 10, 276 4,566 All other 32,166 28, 735 11,351 9,405 20, 815 19, 330 Total losses and depreciation 222, 706 186, 696 137, 573 111, 192 85,133 75, 504 Net profits 120, 584 190, 995 85, 993 138,174 34, 591 52, 821 Cash dividends declared 1 99, 399 103, 519 61,190 66,163 38, 209 37, 356 Loans2 ... . 13, 027, 598 13,132, 034 8, 355, 247 8, 490, 267 4, 672, 351 4, 641, 767 Investments 2 18 445 031 19 124 263 12 092 654 12, 430, 954 6, 352, 377 6, 693, 309 Total deposits2 _ ... 42,147, 358 44, 300, 962 27, 268, 820 28, 509, 402 14, 878, 538 15, 791, 560 Capital funds 2 3 5, 400, 560 5, 462, 514 3, 295, 234 3, 352,152 2,105, 326 2,110, 362 Number of officers at end of period 33,176 34, 376 24, 969 25, 968 8,207 8,408 Number of employees (full and part time) at end of period 154, 039 156, 703 96, 721 98, 323 57, 318 58, 380 Number of banks at end of period __ ._ _ 6,338 6,330 5,224 5,203 1,114 1,127 Annual rates of earnings and of losses on loans: Interest and discount on loans per $100 of loans._ $4.21 $4.15 $4.51 $4.42 $3.69 $3.64 Gross losses on loans per $100 of loans 1.18 .73 1.28 .74 1.01 .70 Annual rates of earnings and of losses on investments: Interest and dividends on investments per $100 of investments.__ 2.44 2.33 2.53 2.42 2.27 2.18 Gross losses on investments per $100 of investments __ _ .95 .98 .95 .94 .96 1.06 Profits on investments sold per $100 of investments .81 1.33 .75 1.35 .94 1.29 Annual rates of earnings on capital funds: Net current earnings per $100 of capital funds _ 7.46 6.83 8.24 7.51 6.23 5.75 Net profits per $100 of capital funds 4.47 6.99 5.22 8.24 3.29 5.01 Total deposits per $1 of capital funds _ _ 7.80 8.11 8.28 8.50 7.07 7.48 Loans and investments per $1 of capital funds 5.83 5.91 6.21 6.24 5.24 5.37 p Preliminary. 1 Includes interest on capital notes and debentures. 2 For the second half of 1938 these are averages of figures reported on June 30, 1938, September 28,1938, and December 31,1938; for the first half of 1939 they are averages of figures reported on December 31, 1938, March 29, 1939, and June 30, 1939. 3 Represents the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves. Back figures—See BULLETIN for May 1939, p. 374, and Annual Report for 1937 (table 64) for annual figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

876 FEDERAL RESERVE BULLETIN OCTOBER 1939 CONDITION OF INSURED BANKS IN THE FIRST HALF OF 1939 According to the consolidated statement at both types of banks. At city banks holdof condition of all insured banks in the United ings of investments rose considerably. States as of June 30, 1939, which has just Following substantial increases during the been published by the Federal Deposit In- last half of 1938 there was little net change surance Corporation, total loans increased in adjusted demand deposits at nonmember while investments declined at insured banks insured and country member banks during not members of the Federal Reserve System the last six months. Time deposits, however, during the six months ending June 30, 1939. increased somewhat and balances with cor- A discussion of the member bank figures was respondent banks were built up further. given in the September issue of the BULLE- Deposits at city banks showed a further TIN. As shown in the following table, devel- marked rise. opments at nonmember insured banks were CHANGES IN CONDITION OF INSURED COMMERCIAL similar to those at country member banks. BANKS, FIRST HALF OF 1939 A detailed statement of condition appears [In millions of dollars] on the following page. Member banks of the Federal Re- Total loans at nonmember insured and serve System Noncountry member banks increased somewhat All member insured Central insured during the first six months of 1939, largely banks reserve banks and Country reflecting a growth in commercial loans and reserve banks city a further increase in real estate loans. At banks city banks loans for purchasing and carry- Total loans and investments +558 +537 -4 +25 ing securities were reduced. Loans +16 -227 +161 +82 Investment holdings at nonmember in- U. S. Government securities. +531 +660 -106 -23 Other securities +11 +104 -59 -34 sured banks declined by about $60,000,000 Due from banks +478 +273 +161 +44 during the period while those of country Deposits: Adjusted demand deposits 1. +1, 294 +1, 262 +31 +1 member banks declined by $165,000,000. T U i . m S e . G de o p v o e s r i n ts ment deposits.. + - 2 9 4 9 0 + -8 9 7 1 +1 - 0 7 4 + - 4 4 5 Interbank deposits: These declines were in holdings of United Banks in United States. +592 +601 -4 -4 Banks in foreign coun- States Government direct obligations and in tries +96 +97 (2) (2) corporate securities. Obligations of States i Demand deposits other than interbank and United States Governand political subdivisions increased further ment less cash items in process of collection 2 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

877 OCTOBER 1939 FEDERAL RESERVE BULLETIN CONDITION OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS, JUNE 30, 1939 AND DECEMBER 31, 1938 [Amounts in thousands of dollars] June 30, 1939 December 31, 1938 National State Banks National State Banks banks banks not banks banks not members members members members members members All banks Federal Federal Federal All banks Federal Federal Federal Reserve Reserve Reserve Reserve Reserve Reserve System System System System System System Number of banks 13, 569 5, 203 1,127 7,239 13, 659 5,224 1,114 7,321 ASSETS Loans, discounts, and overdrafts (including rediscounts) 16, 040, 373 8, 553, 015 4, 588, 053 2, 899, 305 16, 024, 318 8, 469, 381 4, 738, 379 2, 816, 558 United States Government obligations, direct and fully guaranteed 15, 038, 215 8, 753, 637 5,023, 424 1, 261,154 14, 506, 807 8, 690, 779 4, 531, 752 1, 284, 276 Other bonds, stocks and securities 6, 954, 694 3, 774, 590 1, 910, 700 1, 269, 404 6, 943, 861 3, 742, 721 1,897, 478 1, 303, 662 Total loans and securities 38, 033, 282 21, 081, 242 11, 522,177 5, 429, 863 37, 474, 986 20, 902,881 11,167, 609 5, 404,496 Customers' liability on account of acceptances 103, 674 51, 655 50,017 2,002 122, 371 64, 394 56, 328 1,649 Total bank premises, furniture and fixtures, and other real estate 1, 717, 218 819,113 566,975 331,130 1, 769,062 832,225 582,954 353,885 Reserves with Federal Reserve banks 10, 010, 744 5, 640, 067 4, 370, 677 4, 775, 236 3,919,152 Coin and currency 917, 759 526, 738 185, 394 205, 627 950, 394 551,158 194, 492 204, 744 Balances with other banks 6,186, 780 3, 637, 085 1, 080, 055 1, 469, 640 5, 717, 600 3, 264, 420 1,025, 652 1, 427, 528 Cash items in process of collection 2, 239, 001 1, 256, 694 926, 378 55, 929 1, 813, 703 1,100, 827 657, 882 54, 994 Income accrued but not yet collected 110, 572 60, 381 42, 214 7,977 108, 497 60,424 40, 214 7,859 Repaid expenses 10, 973 4,644 4,414 1,915 8,648 3,646 3,499 1, 503 Other assets 95, 856 41, 343 40, 866 13, 647 140, 605 48, 716 78,126 13, 765 Total assets.. 59, 425, 859 33,118, 962 18, 789,167 7, 517, 730 56,800, 254 31, 603, 927 17, 725, 908 7,470, 419 LIABILITIES Demand deposits of individuals, partnerships, or corporations 24, 772, 378 13, 625, 703 8,822, 466 2, 324, 209 23, 476, 863 12, 942, 704 8,176, 484 2, 357, 675 Time deposits of individuals, partnerships, or corporations 14, 298, 215 7, 641, 518 3,421,711 3, 234, 986 14, 012, 540 7, 495,818 3, 350,044 3,166, 678 Public funds of states and political subdivisions 3, 657, 639 2, 284,499 688, 271 684,869 3, 516, 769 2,132, 572 714, 629 669, 568 U. S. Gov't and postal savings deposits 818, 047 539, 897 213, 239 64, 911 924,062 581, 551 269, 553 72,958 Deposits of other banks; cash letters of credit; certified, officers, and travelers' checks outstanding 8, 780, 475 5, 324, 066 3, 311, 884 144, 525 7, 848, 442 4, 843, 076 2, 856, 707 148, 659 Bills payable, rediscounts, and other liabilities for borrowing money 15, 550 3,540 1,122 10, 888 17, 584 5,608 601 11, 375 Acceptances executed by or for account of reporting banks and outstanding 122,169 57, 635 62, 529 2,005 140, 404 71, 775 66, 962 1,667 Dividends declared but not yet payable.... 37, 451 22, 610 13, 222 1,619 35, 254 18, 707 13, 957 2,590 Income collected but not yet earned 64,479 35, 261 16, 619 12, 599 54,499 29, 288 14, 361 10,850 Expenses accrued and unpaid 86, 786 45, 906 32, 545 8,335 77, 641 40,877 28,806 7,958 Other liabilities 257, 630 156, 537 91,123 9,970 260, 942 120, 998 130, 510 9,434 Total liabilities, excluding capital account 52,910,819 29, 737,172 16,674, 731 6, 498, 916 50,365,000 28, 282,974 15, 622,614 6,459,412 Capital stock, notes, and debentures. 2, 954,886 1, 559,181 830,842 564,863 2, 981, 666 1, 566,847 836, 251 578, 568 Surplus 2,381, 233 1,168, 553 943,016 269, 664 2, 346, 708 1,146,800 935,926 263,982 Undivided profits 799, 018 449, 079 228,954 120,985 741, 674 419,426 216,122 106,126 Reserves for contingencies 322, 503 173, 816 102,871 45, 816 310, 453 158, 318 107,027 45,108 All other capital accounts 57, 400 31,161 8,753 17,486 54, 753 29, 562 7,968 17, 223 Total liabilities, including capital account 59, 425, 859 33,118,962 18, 789,167 7, 517, 730 56, 800, 254 31, 603,927 17, 725, 908 7,470,419 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

878 FEDERAL RESERVE BULLETIN OCTOBER 1939 REVISED INDEXES OF FACTORY EMPLOYMENT ADJUSTED FOR SEASONAL VARIATION The Board's seasonally adjusted indexes of Revised series for individual industries are factory employment have been revised to take shown since the beginning of 1935 in Table 3. account of changes made in the employment Table 1 shows the initial year of each series data of the Bureau of Labor Statistics from and the average number of employees in the which the Board's indexes are derived.1 1923-1925 base period and in 1937. These changes resulted almost entirely from Indexes for earlier years and seasonal adadjustment of individual series to the levels justment factors currently used for individof employment shown by the 1937 Census of ual industries are shown and described on FACTORY EMPLOYMENT , ..... PER CENT ADJUSTED TO CENSUS OF MANUFACTURES THROUGH 1937, 1923-25 AVERAGE = 100 PER CENT 130 130 120 \ 120 110 J A 110 \ 100 / V \ 1/ 100 \ • 90 \ 90 V 80 80 70 — V 70 r 60 ADJUSTED FOR SEASONALVARIATON 60 WITH0U1' SEASOfJAL ADJlJSTMEN1 50 50 40 40 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 Manufactures and their net effect was to pages 835-866 of the FEDERAL RESERVE BULraise the total index gradually during 1936 LETIN for October 1938. and 1937 so that since the end of 1937 it The only seasonal adjustment factors rehas been about 3 per cent above the former vised were those for automobile employment index.2 The revised index of total factory which were modified to allow for changes employment is shown on the accompanying since 1935 in the dates of the introduction chart, together with the corresponding index of new model cars. The new factors are as of the Bureau of Labor Statistics, which is follows: not adjusted for seasonal variation. Revised seasonally adjusted indexes are 1935 1936 1937 1938 1939 shown for total factory employment and for January.... 104.0 104.0 104.0 104.0 104.0 employment by groups of industries for the February _ 106.0 106.0 106.0 106.0 106.0 March 107.0 107.0 107.0 107.0 107.0 period since the beginning of 1934 in Table 2. April 108.5 106.0 106.0 106.0 106.0 May 109.0 105.0 105.0 105.0 105.0 June 102.5 102.5 102.5 102.5 102.5 1 Revised employment and payroll indexes, without seasonal July 96.0 96.0 96.0 95.0 93.0 adjustment, may be obtained from the Bureau of Labor Statistics. August 89.0 87.0 86.0 86.0 86.0 2 On the basis of experience with past adjustments, it is likely September 81.0 81.0 81.0 81.0 81.0 that the index of total factory employment for the period since October.... 97.0 98.0 99.0 100.0 102.0 the end of 1937 will be raised further when subsequent census November. 102.5 102.5 102.5 102.5 102.5 adjustments are made in accordance with the regular practice December. 105.0 105.0 105.0 105.0 105.0 of the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

879 OCTOBER 1939 FEDERAL RESERVE BULLETIN TABLE 1.—INDUSTRIES INCLUDED IN INDEX OP FACTORY EMPLOYMENT Average number Average number Initial of wage earners Initial of wage earners Industry and group year of (in thousands)i Industry and group year of (in thousands)1 month- month- 1923-25 1937 1923-25 1937 IRON AND STEEL AND THEIR PRODUCTS, NOT TEXTILES AND THEIR PRODUCTS 2 1, 629. 41,814.1 INCLUDING MACHINERY 2 892.3 1, 021. 2 Fabrics2 1,105. 6 1,111.7 Blast furnaces, steel works, and rolling Carpets and rugs 1923 33.9 30.8 mills 1923 406.4 501.9 Cotton goods 1919 441.8 422.1 Bolts, nuts, washers, and rivets 1931 14.2 16.8 Cotton small wares 1931 15.7 13.8 Cast-iron pipe 1923 22.5 17.6 Dyeing and finishing textiles. 1919 65.1 80.8 Cutlery (not including silver and plated Hats, fur-felt 1931 15.7 15.9 cutlery), and edge tools 1931 16.7 16.8 Hosiery 1923 97.5 148.5 Forgings, iron and steel 1931 23.8 18.3 Knitted outerwear 1923 34.2 29.3 H S T P S T S W S i t t t l t o i a t a o e a n r u r o o r u n a v m m d o e l m d c c e s l w w p a b t s s u s o e ( n , e a a t n r d r s r f e r a o n i e s k a l a l a t ' d e m n n a s s i d h d n , u f n i o c p a d t o e l t t n p t u i - n o d h l n w d a i r e g e m i n a s r s s n a a t e g e t w m l i r e n s e e d ) w d h n g e w a t e a a r a l t e t i r o n m e o g e l s t a a , l p m p w a a o c r r a h k t i _ u n _ s e _ 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 3 2 3 3 2 1 3 2 2 1 3 1 1 3 9 1 3 3 3 3 4 4 5 4 3 1 1 9 0 3 3 1 7 0 7 8 . . . . . . . . . 4 4 0 2 2 2 2 9 0 4 2 6 3 3 3 3 5 1 9 1 3 9 5 8 3 3 7 . . . . . . . . . 0 8 4 6 2 8 1 6 1 Wea K K S C M S W C C M ri i h l o l n n l n i e o o o k i r l i i g r n o t t l s t t t h h i e l a t ' t s s n a e e e i i t n n n n e s p d d a f d r g g u p n a y a u c , , r r a d n n n l a n w m r o d d i y c e d s t o e o o l h e a h w 2 m n l n r l i l l w n o ' a i s e g e g r r e n s s d o s a ' t o s e r g d d s a r g m oo e d n s ts .. . . . 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 1 2 2 2 1 1 1 3 3 1 9 3 3 3 9 9 9 1 1 9 4 1 1 1 1 4 3 2 5 1 7 7 2 8 2 6 6 1 0 7 5 4 8 5 2 7 . . . . . . . . . . . 5 6 0 6 8 0 7 2 7 3 1 6 2 2 1 1 3 2 7 2 1 1 2 1 4 5 0 9 3 9 1 6 6 2 2 4 4 0 . . . . . . . . . . . 9 0 4 4 5 8 7 8 9 5 1 MACHINERY, NOT INCLUDING TRANSPORTA- LEATHER AND ITS MANUFACTURES 2_. 323.5 332.2 TION EQUIPMENT 2 885.5 1,097. 6 Boots and shoes 1919 212.6 215.5 Agricultural implements (including trac- Leather 1919 54.7 50.6 tors) 1923 44.5 77.5 Cash registers, adding machines, and FOOD AND KINDRED PRODUCTS 2 664.5 888.1 calculating machines 13.9 20.6 Baking 1919 162. 4 239.2 Electrical machinery, apparatus, and Beverages 1931 27.9 75.0 supplies 1929 222.4 257.2 Butter 1931 19.0 19.4 Engines, turbines, water wheels, and Canning and preserving 1929 83.6 155.3 windmills 1923 31.9 32.9 Confectionery 1923 62.4 53.7 Foundry and machine-shop products 1923 397.5 428.3 Flour 1919 33.5 26.4 Machine tools 1923 28.3 47.2 Ice cream 1923 23.3 18.7 Radios and phonographs 1929 29.4 48.4 Slaughtering and meat packing.. 1919 126.7 127.5 Textile machinery and parts 1923 30.7 25.3 Sugar, beet 1931 8.2 9 3 Typewriters and parts 1931 14.0 21.4 Sugar refining, cane 1919 14.7 14.'0 TRANSPORTATION EQUIPMENT 2 563.5 666.6 TOBACCO MANUFACTURES 138.4 92.2 Aircraft 1931 2.8 24.0 Chewing and smoking tobacco and snufE 1923 15.9 10.1 Automobiles 1919 402.7 516.7 Cigars and cigarettes 1923 122.5 81.9 Cars, electric- and steam-railroad.. 1923 63.5 40.6 Locomotives 1923 19.4 9.0 PAPER AND PRINTING 2 531.1 618.6 Shipbuilding 1923 54.4 62.3 Boxes, paper 1919 56.9 65.2 Paper and pulp 1919 120.6 137.8 NONFERROUS METALS AND THEIR PRODUCTS 2 249.4 270.5 Printing and publishing: Aluminum manufactures 1931 15.3 23.7 Book and job 1923 133.1 141.1 Brass, bronze, and copper products 1923 65.1 83.1 Newspapers and periodicals 1923 116.9 135.4 Clocks and watches and time-recording devices 1931 21.8 23.2 CHEMICAL, PETROLEUM, AND COAL PROD- Jewelry 1931 25.1 22.8 UCTS2. 3 331.4 420.8 L Si i l g v h e t r i w ng a r e e q a u n i d p m pl e a n t t ed ware 1 1 9 9 3 3 1 1 2 1 2 7 . . 6 0 2 1 1 1 . . 7 4 P O e th tr e o r l e t u h m an r p ef e i t n r i o n l g eum refining 2 1923 2 6 6 4 6 . . 8 6 3 8 3 3 7. . 7 1 Smelting and refining—copper, lead, and Chemicals 1929 57.0 78.9 zinc 1931 33.9 29.7 Cottonseed oil, cake, and meal 1931 14.5 16.6 DDruiggti's ts' prepatraitions 1923 13.7 15.9 LUMBER AND ALLIED PRODUCTS 2_ 909.9 693.8 Expploessives 1923 5.9 5.4 Furniture 1919 172.9 170.0 Ferttiillizers 1923 18.5 20.9 Lumber: Paints and varnishes 1931 23.9 31.7 Millwork 1923 106.5 66.7 Rayon and allied products 1929 16.0 55.1 Sawmills 1923 478.5 324.4 Soap 1931 16.2 14.0 STONE, CLAY, AND GLASS PRODUCTS 2 350.3 300.6 RUBBER PRODUCTS 134.3 129.8 Brick, tile, and terra cotta 1923 102.1 65.2 Rubber boots and shoes 1923 25.2 18.4 Cement 1919 36.9 26.4 Rubber tires and inner tubes.. 1923 75.7 63.2 Glass 1919 69.8 79.0 Rubber goods, other 1931 33.4 48.1 Marble, granite, slate, and other products. 1931 38.3 20.8 Pottery 1923 37.4 33.1 Total nondurable goods industries: 4, 042.1 4,552.1 Total durable goods industries 2 _ 3, 851. 0 4, 017. 2 Total manufacturing 2>4 7, 893.1 8, 569. 3 1 Number as reported by the Census of Manufactures for 1923, 1925, and 1937, with estimates for 1924. This table and indexes of factory employment shown elsewhere in the BULLETIN refer only to wage earners and other manual workers; supervisers, office workers, and other salaried employees are not included. 2 This total includes allowance for other industries not currently reported. 3 This group is comparable with the group formerly shown under the heading "Chemicals and Allied Products, and Petroleum Refining." * Excluding manufactured gas; motion pictures; coffee and spices; and peanuts, walnuts, and other nuts included in manufacturing by the Bureau of the Census but not by the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

880 FEDERAL RESERVE BULLETIN OCTOBER 1939 TABLE 2.—FACTORY EMPLOYMENT: TOTAL AND GROUP INDEXES [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1937. 1923-25 average=100] Durable goods Nondurable goods Non- Year and month Total g T d a o o b u o t l r d a e - s l p s I u t r r e c o o e t n d s l , , - c M e h r i a y n - - T p e m t o q r i e a o r u t n n n i a p t s - - - m p r u e f r o e c t o u r a t d - s s l - s, L p u b r u c e o m t r d s , - - S p c g u r t l l c o a o a t y s n d s s , e - , g T n d a o o o b u o t n l r d a e - - l s p t T u i r l c e o e x t d s s - , - L m tu f e e a a r a r c n e , t - u s h - - F p u r o c o o t d d s - , T m t o f u a a c b r c o n e a - u s c - - P pr a in i p n g e t- r, C p l ic e e h a u t e r l m m o s, - - p R u b r u c o e b t d r s - - 1934 85 7 72.4 80.2 79.4 83.4 76.3 56.6 61.6 98.4 96.7 94.0 119.2 68.1 97.4 110.8 88 8 1935 ... 91.3 79.8 87.1 89.1 95.3 86.3 63.6 66.6 102.2 103.5 96.1 120.1 65.4 102.0 112.5 85.4 1936 99 0 90.7 100.4 103.3 103 2 96.1 70.9 76.3 106.8 108.0 98.0 126.2 66.0 107 9 116.1 90 4 1937 108.6 104.3 114.5 124.0 118.3 108.5 76.3 85.8 112.6 111.3 102.7 133.7 66.6 116.5 127.0 96.7 1938 89.7 77.9 85.5 90.9 74.0 86.4 62.2 71.8 100.9 96.2 95.4 126.9 65.2 109.7 112.9 74.9 1934—January 80.7 66.9 74.3 72.6 69.9 71.1 54.4 59.1 93.8 92.7 88.3 109.3 63.0 93.8 110.4 87.9 February 83 9 69.9 76.7 74.8 81.4 73.1 55.3 60.0 97.3 98.3 92.0 111. 1 67.2 94.8 112.0 90 6 March. 86.9 73.2 79.8 79.0 89.4 76.7 55.9 61.0 99.9 100.9 94.1 116.7 69.8 95.7 112.2 93.7 April 88 3 75.6 83.1 82.4 93.1 77.9 56.7 62.7 100.4 101.9 96.0 114.3 71.4 97.4 112.2 96 0 May . 89.0 76.7 86.2 82.7 92.3 79.6 58.2 64.1 100.8 101.6 98.8 116.9 67.3 98.2 109.3 96.7 June 88.3 76.4 87.6 82.4 91.0 78.1 57.1 63.9 99.7 99.2 96.2 119.4 68.2 98.0 109.9 93.5 July 87.3 75.2 87.4 81.6 87.4 76.3 56.4 62.4 98.9 97.2 95.0 119.9 67.1 97.4 110.7 90.1 August 86.4 72.7 79.8 81.4 84.9 76.0 56.4 60.7 99.4 96.6 94.9 124.2 69.7 97.8 111.5 86.6 September 81 3 70.5 76.0 79.2 80.7 75.0 56.2 60.7 91.4 78.7 91.0 125.1 68.8 98.2 110.2 83 7 October. 84.4 69.4 75.7 78.7 74.1 75.4 56.9 60.1 98.8 96.6 91.3 125.3 68.3 98.6 109.9 81.2 November 84 6 69.4 76.4 78.9 71.4 76.9 57.3 62. 1 99.1 96.8 95.4 123.3 67.1 99.2 109.9 81.4 December 86.4 71.7 78.7 80.1 79.9 79.0 58.1 62.2 100.4 99.4 95.6 123.7 67.8 99.6 110.5 83.6 1935—January 88.9 75.3 82.7 82.5 90.3 80.4 60.3 64.1 101.8 102.9 95.5 119.8 68.4 99.9 110.9 86.6 February 90 0 77.9 85.0 84.4 96.7 82.8 62.1 64.8 101.6 102.4 95.6 120.8 65.1 100.9 110.8 87.6 March 90.6 78.8 85.5 86.7 98.0 83.4 62.3 64.6 101.8 102.9 96.2 119.5 65.5 101.6 112.0 87.3 April 90.7 79.0 85.7 87.4 97.4 84.4 62.8 64.4 101.9 102.8 97.2 120.7 65.4 101.9 111.8 86. 3 May 90.0 78.2 86.0 86.5 94.9 84.8 61.6 64.9 101.2 101.8 95.7 120.6 64.8 101.6 111.6 85.6 June . 89.2 76.7 85.4 86.4 91.5 84.6 57.9 65.9 101.0 101.7 93.5 119.5 65.8 101.6 113.3 84.9 July 90.0 78.0 85.5 88.3 90.7 84.9 62.4 66.6 101.4 101.9 94.7 120.6 65.8 102.1 112.4 82.4 August 91.0 79.9 87.1 89.9 92.4 85.3 65.7 67.0 101.7 103.1 95.6 119.3 64.4 102.2 112.9 83.2 September 92.0 80.8 88.0 92.4 90.4 87.9 66.8 67.2 102.6 104.2 96.4 120.3 64.9 102.5 112.3 84.4 October 93.0 82.6 90.1 94.2 94.9 91.0 66.7 68.4 102.9 105.1 96.0 119.1 64.9 102.8 114.0 85.0 November 94.2 84.2 91.5 95.1 99.3 92.2 67.2 70.0 103.8 106.0 97.6 119.8 64.5 103.1 113.9 85.1 December. . __ 94.7 84.6 93.0 95.0 99.6 92.6 67.3 70.9 104.2 106.5 98.6 120.7 65.2 103: 7 113.5 85.6 1936—January 94.6 85.2 93.4 95.4 99.4 92.8 68.8 70.9 103.6 105.4 97.6 121.1 64.3 103.8 116.1 85.3 February 93.3 83.8 91.9 95.6 95.2 92.1 67.7 68.8 102.4 102.9 95.6 120.0 64.3 104.6 111.2 84.7 March __ 93.6 84.3 92.3 96.7 94.8 90.9 67.6 71.0 102.4 103.5 94.6 121.3 64.5 105.1 112.4 74.9 April 95.1 86.5 94.6 99.2 99.0 90.7 68.3 73.4 103.3 104.2 93.7 122.5 64.6 105.9 111.9 86.9 May 96.7 88.4 97.0 101.6 101.1 91.9 69.6 74.3 104.5 104.7 95.0 124.1 65.8 106.4 114.1 88.4 June 97.9 89.7 99.1 102.9 102.6 93.6 69.9 76.0 105.6 106.4 95.4 125.0 65.4 106.9 114.4 90.2 July 99.8 91.8 101.8 104.3 105.1 94.9 71.3 78.6 107.4 109.5 96.9 126.1 65.9 107.2 117.0 91.6 August 100.6 92.3 103.6 104.5 103.3 97.1 71.7 78.4 108.5 110.9 97.9 128.4 66.8 108.7 117.2 92.6 September ... 101.6 93.4 104.9 106.5 102.4 99.0 72.8 78.9 109.4 110.3 100.0 129.3 66.8 110.1 119.6 93.7 October 102.4 94.9 106.8 108.4 103.7 101.3 73.2 80.2 109.6 110.2 101.2 129.2 66.6 110.7 119.8 96.2 November 104 4 97.3 108.2 110.6 113.1 103.3 73.8 80.8 111.3 112.8 103.7 130.0 68.0 111.7 120.8 98.4 December. __ _106.9 100.2 111.0 113.8 117.8 105. 6 75.3 82.9 113.3 115.3 105.8 132.4 67.8 112.8 121.4 100.6 1937—January 107.3 100.3 112.2 115.6 110.2 104.6 76.8 84.3 114.0 116.6 105.8 132.5 67.8 113.9 123. 4 100.8 February _ 108.4 102.2 114.0 119.3 111.3 108.3 76.4 87.4 114.4 115. 8 104.4 134.6 67.2 115. 1 123.9 100.8 March 109.8 104.3 116.4 121.6 114.6 109.9 78.4 88.1 114.9 115.9 104.8 135.2 67.3 117.1 125.0 95.7 April. _. 111.0 106.2 118.3 124.4 118.9 112.1 78.6 88.3 115.4 116.4 104.7 135.5 67.3 117.4 127.4 95.6 May 111 8 107.6 120.0 125.7 122.7 112.7 79.2 87.5 115. 7 116.7 105.3 133.6 66.5 118.0 128.9 102.7 June _ 111.2 106.9 111.8 129.0 123.9 112.6 79.7 87.1 115.3 115.4 106.1 132.9 66.1 118.2 130.9 101.2 July 112.3 109.2 119.2 130.4 124.6 113.2 80.3 86.8 115.3 114.5 104.9 137.1 67.1 117.8 131.4 96.6 August 111.7 109.1 119.3 130. 9 126.4 112.2 78.6 85.7 114.2 113.0 102.8 134.9 66.3 117.6 131.4 98.1 September 110.3 108.3 118.5 130.0 126.3 110.5 77.0 86.3 112.2 109.4 101.1 133.0 66.0 117.8 130.3 97.3 October 107.8 105.7 115.4 128.1 124.2 106.0 74.1 85.1 109.8 105.4 100.0 131.9 65.2 117.1 127.4 95.7 November 103.7 100.4 107.9 120.8 120.0 103.0 69.8 83.4 106.7 100.3 96.6 132.3 65.6 115.3 124.7 89.4 December 97.9 92.3 100.2 112.8 100.4 96.7 65.7 79.9 103.3 96.7 94.9 129.3 65.6 112.5 119.4 84.8 1938—January 93.0 84.5 91.3 104.8 81.4 89.9 63.8 75.4 101.0 93.6 95.3 129.4 61.9 111.4 116.6 77.7 February 91.9 81.7 88.6 100.0 77.7 88.0 63.1 73.2 101.6 95.4 95.7 129.2 65.5 111.2 116. 1 73.8 March 90.4 79.7 86.7 96.7 73.9 86.2 63.2 70.9 100.5 94.4 95.8 127. 2 65.9 110.7 114.2 72.2 April 88 2 77.0 84.4 92.8 68.9 84.2 61.4 70.1 98.9 92.6 95.6 124.9 66.3 110.0 112.6 71.9 May 86.4 74.8 83.0 89.1 65.7 82.2 60.4 68.5 97.6 90.6 92.7 124.5 66.2 108.7 112.0 71.0 June 85 2 72.5 80.3 86.0 61.8 80.9 59.4 68.4 97.2 90.4 89.9 125.8 66.4 108.0 110.2 71.1 July 85.8 71.4 80.0 83.2 58.4 81.6 59.8 68.6 99.4 95. 1 94.3 126.8 63.2 108.1 110.0 69.4 August. 87.8 72.8 82.2 84.6 57.7 84.1 61.5 69.2 102.1 99.6 95.5 127.7 64.3 108.7 112.5 73.2 September 89.9 76.4 83.6 85.1 75.7 86.2 62.8 70.7 102.7 100.3 97.2 126.7 65.7 109.0 112.9 75.8 October 90.2 78.3 85.8 86.8 80.3 88.4 62.4 73.2 101.5 98.9 96.5 123.4 64.4 109.2 112.6 76.5 November 92.8 82.1 89.1 89.2 90.6 91.9 64.0 76.8 103.1 100.0 97.6 127.4 65.0 110.6 113.3 81.4 December 94.4 83.7 90.9 91.7 93.2 93.1 65.0 77.8 104.7 102.2 98.1 128.8 65.6 111.1 113.7 82.9 1939—January . 94.6 84.4 90.7 92.3 94.1 93.3 65.7 79.6 104.4 101.9 98.9 128.8 65.9 111.0 113.6 81.4 February 94 3 84.2 90.4 94.0 92.9 93.4 65. 1 77.4 103.9 101.8 99.0 125.7 64.8 111.1 112.9 81.4 March 94.0 83.7 90.7 94.8 91.2 93.4 63.2 77.4 103. 8 101.0 99.2 127.3 61.4 111.4 113.4 82.2 April..__ _. 93.8 83.9 90.5 94.9 91.1 93.2 64.2 77.9 103.3 99.6 97.7 127.0 64.5 111.5 114.2 81.3 May 93 3 82.9 89.6 94.4 87.2 92.8 64.8 75.4 103.3 99.8 93.7 128.4 65.1 111.5 114.4 81.1 June . 94.3 83.9 90.3 95.4 88.9 92.8 65.3 77.5 104.2 101.2 97.1 129.4 65.5 111.1 113. 1 80.8 July 94.8 83.7 90.6 96.1 83.5 94.7 66.1 78.4 105.4 104. 2 98.7 127.9 65.7 111.8 113.6 79.7 August P . 95.7 84.9 92.5 97.2 85.6 96.9 66.2 78.7 105.9 104.6 97.3 129.3 65.3 111.4 114.9 83.8 v Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

881 OCTOBER 1939 FEDERAL RESERVE BULLETIN TABLE 3.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1937. 1923-25 average=100] Iron and steep group Year>nd month n B s f a t u l c e a r e e - s s l t , B w n e o u a r l s t s t s h , s , - , C p ir a i o p s n e t- l t C e o e d u r o g y t l e - s , works rivets 1935 92 1 88 1 60.3 81.9 1936 107.1 101.9 72.1 87.8 1937 . 123.5 118.6 78.4 100.5 1938 . 90.9 87.1 68.2 84.9 1935—January ... 87 85 59 81 February 90 83 59 81 March 91 85 59 82 April.. _ 91 86 57 81 May 91 87 59 80 June 91 86 60 82 July 91 86 61 79 August 93 88 59 81 September- 93 90 61 81 October 95 92 61 83 November 96 94 63 85 December _ 97 94 64 87 1936—January 98 96 65 87 February._ 96 94 67 85 March 96 94 68 84 April.. 100 98 69 83 May 104 99 71 83 June 106 100 72 85 July 110 103 73 86 August 113 104 74 87 September. _ 114 105 75 89 October 115 107 76 91 November 115 110 77 94 December... 117 114 78 98 1937—January 121 118 80 100 February 121 120 80 99 March 124 123 82 100 April 128 126 83 100 May 130 127 84 101 June __ 115 113 81 100 July 130 122 79 102 August 131 121 78 104 September __ . 131 122 76 103 October 127 117 74 101 November 117 111 71 100 December 108 102 73 97 1938—January 99 88 67 91 February 96 87 67 89 March. 93 86 67 85 April 90 84 68 85 May 88 84 68 82 June.__ __ 86 82 67 83 July - 86 82 64 73 August 87 83 66 82 September 88 87 69 84 October 89 90 70 85 November 93 95 73 December - __ 95 97 72 1939—January 95 96 72 February 94 96 73 March 94 97 73 April 95 94 73 May_._ -_- 94 93 73 June 96 93 71 July 96 94 72 August? 97 98 73 OO OC ooo Plumb- Stamped, Steam, Struc- Tin- F i o n r g g s - H w a a r r d e - s e u r p s' - e e n l a e m d - w h a o t t e - r Stoves t o u r r n a a l - , c t a i n n s - , Tools W wo ir r e k - plies ware heating mental ware 51.5 80.8 66.6 150.5 62.7 88.9 55.2 91.0 70.4 139 7 62.1 87.6 76.2 166.0 78.2 100.0 68.9 101.5 83.1 160 0 76.7 103.3 83.5 183.8 91.6 105.9 78.6 109.7 98.1 185.8 50.9 73.8 73.1 134.2 72.4 77.8 60.6 93.8 76.6 127.8 48 78 53 143 59 85 55 89 66 133 51 85 55 148 59 84 54 88 68 140 51 84 56 154 60 83 55 87 69 140 53 81 57 152 60 86 55 88 70 144 50 80 61 151 60 87 55 90 69 141 49 77 64 144 61 88 54 90 69 136 49 75 71 143 60 92 55 92 68 133 49 75 75 145 63 91 55 93 67 139 52 78 78 150 64 91 55 92 71 126 54 84 78 153 67 92 56 94 74 141 55 86 77 159 69 93 57 94 76 148 57 87 76 164 69 94 56 95 78 156 57 87 74 159 69 95 58 96 79 157 57 86 74 155 70 93 59 97 78 150 57 83 75 155 70 93 61 98 78 151 59 84 76 158 73 93 64 99 78 151 60 84 76 157 75 94 68 100 78 153 61 84 77 161 77 100 70 102 80 152 63 85 77 162 80 102 72 101 81 154 62 78 77 168 82 104 75 104 84 154 63 82 76 169 84 103 75 107 86 159 65 92 76 178 84 106 76 105 89 167 69 100 77 182 86 106 75 103 92 178 72 105 79 188 88 110 73 104 95 193 73 89 82 188 91 114 75 108 97 183 75 106 81 191 93 114 77 111 99 180 77 109 85 191 95 114 78 110 100 193 80 108 86 187 98 111 79 111 101 191 80 108 87 191 98 113 80 112 103 185 79 107 85 190 97 116 80 112 101 187 81 105 84 186 96 108 81 114 102 187 79 103 85 184 94 110 81 113 102 186 80 104 87 183 92 106 82 111 99 182 79 104 84 183 87 100 80 106 96 197 72 102 82 175 80 86 77 104 90 188 67 94 74 156 77 81 72 102 86 170 58 79 72 136 73 77 67 99 81 140 54 75 72 134 69 80 66 98 79 131 51 73 71 137 70 79 63 98 78 126 49 67 72 134 69 74 62 97 76 121 48 66 73 131 70 75 59 93 75 119 46 65 74 123 70 74 57 91 73 108 45 60 74 118 75 75 57 91 70 106 48 65 74 129 76 79 57 95 73 105 49 71 75 135 74 79 58 93 76 125 52 83 73 139 75 81 59 88 76 137 54 89 74 146 74 79 60 91 80 154 56 91 74 147 74 82 62 93 83 162 90 54 89 74 144 74 82 63 94 83 154 89 55 87 74 143 74 84 66 95 84 152 90 54 87 74 147 75 85 67 95 84 151 90 55 84 74 144 75 84 67 96 84 148 86 55 80 75 142 74 85 67 95 84 142 91 54 72 76 147 75 86 66 95 84 135 91 56 70 77 147 78 88 67 95 81 128 94 56 78 78 159 79 88 70 98 85 120 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

882 FEDERAL RESERVE BULLETIN OCTOBER 1939 TABLE 3.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1937. 1923-25 average=100] Machinery group Transportation equipment group Agri- Found- Y m ea o r n a t n h d m t c p u i e m u l r n e l a - - - t l s r C t e e e g a t r c s i s s . h , - t c E m r e h i l r e c i a y n c a - - - l b g t e E i i u n n t n c r e e - - . s s , , c p s h m r r h i o y o n a , d - p e - - c t M o h o i a n l - s e R p g a h ra d o p i n o h o s s - , c T m e t h i e r i l a y x e n - - - w T r y i p te e r - s c A ra ir f - t A b m u il o t e o - s - s C t t e r r e a l a i e a c i r c l m - s - - , , - L t m i o v c o e o - s - b S u i h n il g i d p - ucts road 1935 118.9 116.0 80.7 69.2 78.5 99.5 152.7 62.1 110.0 407.2 110.4 33.9 19.5 82.4 1936 142.7 129.4 91.8 81.2 91.1 129.0 173.0 70.1 119.8 627.7 113.9 48.2 27.0 105.5 1937 ... __- -- 174.3 148.4 115.7 103.1 107.8 166.9 164.8 82.5 153.2 858.6 128.3 63.9 46.3 114.5 1938 126.8 136.4 82.3 86.2 79.2 130.5 100.5 62.3 120.4 826.7 75.8 32.0 24.6 100.1 1935—January _ 88 111 76 67 74 82 151 62 111 345 105 29 23 76 February 93 111 77 68 76 86 155 62 109 345 112 36 22 81 March 101 113 79 70 78 89 161 62 105 349 113 41 23 80 April ... __ 104 115 81 66 78 92 155 63 103 368 112 45 22 79 May 110 113 80 68 77 93 132 61 105 370 108 46 20 81 June _ 124 114 79 68 77 96 116 62 107 393 106 36 19 74 July 132 115 79 69 78 101 132 61 109 416 106 22 15 81 August 136 115 80 70 79 108 142 60 109 438 108 23 16 82 September. __ 135 118 83 70 80 108 164 61 112 456 105 24 17 83 October 135 121 85 71 81 111 173 62 115 474 110 29 18 87 November 137 122 85 72 82 113 179 64 116 471 114 35 20 91 December 140 125 84 71 83 115 160 65 117 470 114 38 20 91 1936—January 144 128 83 72 84 117 166 67 115 481 113 39 19 95 February 146 129 82 73 84 118 166 67 115 516 107 40 20 93 March 147 131 82 73 86 119 166 68 116 550 105 43 22 100 April __ 149 132 86 77 87 121 168 68 117 576 109 46 23 108 Mav 154 133 87 78 89 124 184 68 117 613 111 46 26 108 June 153 125 90 81 91 127 186 69 88 628 113 48 28 108 July 143 128 92 84 92 131 178 70 104 672 115 49 30 112 August 135 111 93 84 93 131 178 70 116 671 112 52 29 112 September __ 133 131 97 83 95 136 170 73 125 681 111 53 30 112 October.. 134 134 100 87 96 139 164 73 137 689 112 55 31 112 November 132 135 103 91 97 141 173 73 141 706 125 54 32 108 December _ 139 138 107 92 100 145 177 76 146 755 133 53 35 99 1937—January 145 140 106 90 102 150 183 78 151 797 120 56 37 107 February 152 144 111 98 104 153 182 81 153 834 120 59 41 112 March 157 147 112 100 107 158 183 83 158 852 123 63 43 117 April 162 147 116 100 109 163 179 85 160 866 129 65 45 117 May 171 148 118 104 110 166 153 87 158 863 134 66 46 116 June. 176 152 121 106 113 170 176 86 161 872 135 69 46 117 July 182 153 122 108 113 173 187 86 160 844 136 68 49 113 August 192 151 123 107 113 180 177 85 159 879 138 68 50 115 September 198 153 122 110 112 176 169 85 157 861 139 67 51 115 October 200 152 120 111 110 176 155 83 152 889 135 67 51 116 November. _ - 188 150 113 103 104 172 134 78 141 886 130 64 49 116 December 175 145 106 99 97 166 114 74 130 859 105 55 47 114 1938—January 163 141 98 97 90 157 100 68 120 855 81 47 43 110 February „_ 155 141 91 92 86 150 106 65 119 868 77 42 39 106 March 149 140 87 87 85 142 100 63 116 856 74 37 35 102 April 145 139 82 87 81 137 103 59 115 839 69 34 29 96 May___ _ _ 136 136 78 85 78 130 96 60 116 810 65 29 25 99 June 130 135 76 82 75 122 92 56 117 792 60 26 24 103 July 107 135 74 80 74 118 91 56 118 800 56 25 19 102 August 110 133 75 82 75 118 91 59 120 776 56 26 17 95 September 100 134 78 82 75 120 89 63 123 798 80 31 16 93 October 104 134 81 85 75 122 98 64 126 824 86 28 15 94 November 104 133 83 87 77 124 117 66 127 837 99 29 16 100 December _ _ 110 134 85 88 79 126 123 69 127 868 102 33 17 103 1939—January 114 132 84 92 80 128 126 69 127 900 102 35 19 106 February 123 131 85 91 81 132 129 71 128 966 98 38 17 113 March 124 131 86 91 82 134 130 72 129 968 97 36 16 111 April 122 127 87 91 82 138 1-24 73 129 1,075 96 34 18 112 May 119 126 86 93 81 140 121 75 126 1,169 89 34 21 118 June.__ 118 128 87 95 83 144 122 75 126 1,267 89 33 25 127 July 115 127 87 95 83 149 131 77 122 1,387 81 32 28 128 August P 122 125 88 97 84 146 126 77 119 1,482 84 31 29 125 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

883 OCTOBER 1939 FEDERAL RESERVE BULLETIN TABLE 3.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1937. 1923-25 average=100] Lumber and Nonferrous metals group products group Stone, clay and glass group Year and month m A in lu u - m b B r c p o r o e n a p r z s - e s, , C w l a o e t c s c k h s - , J e e l w ry - e L m q i i n e g u g n h ip t t- - S p w w i l l a a a v r t r e e e e r d , - S re i m i n n fi g e g n , l - t- n F it u u r r - e L w m b u o e i m l r r l , k - - L m s b a u e i w m l r l , s - - B c t t e o i r r l i t e r c t a , a k, m C e e n - t Glass g M s b i l r t a a l e a e t n r , e , - - P te o r t y - 1935 125.9 96.7 82.6 78.7 73.6 60.1 66.2 75.6 45.3 53.4 43.7 56.0 96.1 39.7 77.1 1936 _ 140.0 110.9 94.8 81.9 84.7 57.8 76.3 86.8 54.9 61.7 56.8 62.2 101.2 49.2 81.1 1937 154.8 127.6 106.4 91.0 96.0 67.0 87.8 98.3 62.7 67.8 63.9 71.5 113.2 54.3 88.4 1938 . 124.1 96.9 81.3 84.3 70.1 62.7 73.8 79.5 53.7 57.1 51.8 64.8 89.2 47.5 80.6 1935—January 115 89 78 79 66 60 61 70 39 51 41 54 93 38 79 February __ _ _ _ 120 94 77 77 69 59 62 72 40 53 42 55 93 40 79 March 122 95 78 77 70 60 62 74 41 52 42 54 94 37 78 April 124 95 80 78 70 62 63 76 42 52 40 56 94 39 78 May___ _ 126 94 81 76 70 63 65 74 43 51 39 59 95 40 76 June 125 94 82 76 71 63 67 73 42 46 42 61 95 39 75 July . _ 126 93 83 78 73 61 66 76 45 52 43 58 96 41 75 August 127 94 81 79 75 60 66 77 48 55 44 54 97 40 77 September 130 97 85 81 77 59 69 78 51 56 45 53 97 39 78 October. _ _ __ _ __ 132 102 88 82 82 59 70 78 51 56 47 56 99 40 75 November 132 106 88 80 81 59 72 79 50 57 49 56 101 40 77 December __ _ 132 106 89 79 81 58 73 79 50 58 50 56 101 43 77 1936—January 132 106 90 79 82 58 75 80 51 60 52 54 100 42 77 February _ _ 130 105 91 78 80 57 75 80 50 59 50 54 97 39 77 March.. _ _ __ 133 104 91 76 75 57 75 80 51 59 51 56 97 44 79 ApriL 133 104 91 77 75 56 75 81 51 60 54 60 100 46 79 May___ __ _____ _ 134 105 92 78 80 56 75 83 52 61 55 61 100 47 78 June 139 107 94 78 81 55 76 84 54 61 57 61 100 51 80 July ____ 145 109 95 80 80 56 76 87 54 62 59 62 104 52 84 August 145 111 97 84 85 57 76 90 57 62 59 64 103 53 82 September.. _ _ 143 115 97 86 88 58 77 91 57 63 59 66 102 53 85 October 147 118 99 87 91 60 78 92 59 64 59 68 106 54 84 November 149 122 99 88 96 61 78 95 60 64 62 70 102 53 84 December.. 149 125 101 89 101 62 80 98 62 65 64 72 105 53 85 1937—January. _ _ _ _ 153 129 104 88 76 63 81 101 64 66 67 73 102 55 87 February 154 132 105 89 100 64 80 100 64 67 68 74 112 54 88 March 153 133 106 89 104 65 82 101 65 69 69 75 113 55 89 April 155 137 108 91 103 66 86 103 65 69 68 73 115 55 89 May 158 135 110 94 102 66 89 103 64 70 66 70 116 55 89 June.. _ _ . .. 163 134 110 94 100 66 90 104 64 70 64 70 116 55 92 July 168 132 107 96 98 74 93 103 65 72 65 70 116 54 90 August . _ __ 170 129 111 95 96 69 94 101 63 70 62 70 116 54 89 September 165 126 110 91 99 70 94 98 62 69 63 71 117 54 89 October _ _ _ _ _ 127 123 108 91 98 69 92 94 61 67 61 72 115 54 88 November 152 116 103 88 92 67 88 88 58 64 59 72 113 54 86 December _ _ 142 107 96 86 84 65 86 85 55 60 56 70 106 52 84 1938—January _ 131 99 85 86 71 64 82 82 53 59 53 65 98 49 82 February 125 96 88 85 69 64 78 81 54 58 53 64 91 51 81 March _ _ _ 122 95 86 86 66 63 76 80 54 58 51 64 88 49 79 119 93 83 82 65 62 75 79 52 57 51 65 86 47 77 May 118 91 81 79 63 61 73 77 50 56 49 62 85 47 76 June _ 114 91 78 81 61 60 70 77 51 54 48 63 83 47 80 July 116 92 78 82 62 59 69 77 52 54 49 65 81 47 81 August 122 95 80 84 67 61 69 79 54 56 50 64 84 46 80 September 128 98 79 84 71 61 70 80 55 58 52 63 87 45 81 October 131 101 81 84 77 64 71 79 55 57 53 67 92 46 82 November. _ _ _ _ 132 106 79 86 82 65 76 80 57 59 56 68 98 47 84 December _ _ _ _ 131 106 79 91 85 67 77 83 57 59 57 68 99 49 85 1939—January 131 105 84 90 86 68 78 84 58 60 61 64 100 49 87 February.. _ 135 104 84 91 84 68 78 85 57 59 59 66 95 48 86 March 140 104 84 92 80 69 77 85 56 56 58 66 95 53 85 April 143 103 85 93 77 68 78 85 57 57 58 67 97 53 84 May __ 142 104 84 90 76 68 77 84 56 59 55 63 96 52 84 June 145 105 82 91 73 68 77 85 59 59 57 66 98 50 87 July 153 106 84 94 75 70 76 86 59 60 58 67 98 51 88 August v. __ _ 157 109 85 96 80 71 75 87 60 59 57 67 101 50 88 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

884 FEDERAL RESERVE BULLETIN OCTOBER 1939 TABLE 3.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1937. 1923-25 average=100] Textile group Fabrics Year and month Total p r C u e a g t r s s - , g C t o o o o n t d - s w sm C t a o o r a n e t l - l s D t f e i y n x i e n i t s i i g h n le - g s , H f f u a e r l t - t s, s H ie o r - y K o w n u i e t t e a t r e r - d K u w n n i d e tt a e e r r d - K c n l i o tt t e h d r g S a o i y o l o k d n , s W w g o o o r o o s l d t e e s n d * 1935 95.0 81.5 83.5 85.8 118.2 93.3 139.7 103.7 74.9 175.1 86.5 90 4 1936 __ 96.9 83.1 88.8 86.4 120.2 99.2 146.6 96; 0 81.5 179.5 78.7 88.1 1937 100.6 90.8 95.5 88.1 124.2 101.4 152.3 85.8 85.6 174.9 80.3 86.9 1938 85.3 64.3 81.6 72.3 114.1 90.7 145.5 67.4 67.3 129.4 62.0 70.2 1935—January _ - 95.9 70 88 87 123 88 138 102 70 172 92 86 February 95.4 72 88 90 120 89 138 102 72 172 90 83 March 95.2 76 87 87 119 91 139 102 75 171 88 86 April 94.3 80 84 88 118 92 140 101 76 173 85 87 May 93.2 82 82 89 117 92 138 101 76 174 83 88 June - 93.4 84 81 83 118 89 138 100 74 177 80 93 July . 92.9 85 79 82 116 94 137 101 72 176 84 92 August 93.9 86 79 78 116 96 141 109 75 176 88 91 September 94.9 88 81 83 116 96 141 109 74 177 88 92 October 95.8 86 82 83 117 97 141 107 78 176 89 93 November 97.1 84 84 88 118 98 142 106 79 178 84 99 December __ _ _ 96.9 84 85 90 118 98 143 104 78 177 85 95 1936—January _ _ - 95.3 81 84 88 117 99 142 101 79 173 81 92 February 93.0 78 84 81 115 96 142 100 77 174 73 89 March _ - 93.3 80 83 80 117 96 143 98 77 176 75 89 April -_ 93.8 79 83 83 119 97 143 97 78 175 77 88 May 93.6 80 84 83 118 101 143 94 78 173 77 85 June - - 95. 1 80 87 84 119 103 145 87 80 173 78 86 July 97.8 80 91 85 123 104 147 95 82 181 79 87 August _ 99.7 82 95 88 123 100 150 94 84 190 80 86 September _ 99.1 86 93 88 121 98 151 94 86 188 80 84 October 98.9 89 93 90 121 97 151 89 85 180 81 84 November _ _ 100.8 90 94 92 122 98 150 98 86 184 81 91 December 103. 1 93 95 95 128 101 152 105 88 186 81 96 1937—January 104.4 96 96 96 127 103 155 98 92 188 82 98 February _ _ _ _ _ 104.1 95 97 93 125 103 154 98 91 190 82 95 March 104.7 95 97 92 126 104 154 95 91 192 83 97 April _ - 106.4 96 99 92 128 103 153 97 91 191 85 101 May 106.4 96 100 87 128 101 153 96 90 189 87 97 June 105.6 96 101 89 123 103 154 87 88 183 88 96 July 105.0 94 101 89 128 102 157 86 89 178 86 90 August 102.9 95 101 89 126 101 154 84 87 174 82 85 September 98.7 93 96 88 125 98 153 76 84 168 80 78 October 94.1 82 90 86 123 99 151 76 81 163 76 75 November _ _. 89.3 79 86 80 117 101 149 72 75 149 70 67 December 85.7 72 83 75 114 100 142 67 68 134 65 66 1938—January _ _ 83.0 64 81 70 112 98 143 61 66 128 59 64 February 82.8 67 80 69 110 97 145 63 67 130 59 63 March 81.9 65 80 68 111 97 145 62 67 127 61 57 April 80.6 62 78 66 110 95 146 64 63 124 63 54 May 80.3 59 77 69 112 82 139 64 63 117 66 58 June 81.0 45 78 69 111 69 142 66 65 122 60 66 July 85.2 59 81 69 115 88 145 68 69 124 60 74 August 89.1 63 85 73 118 91 147 71 69 133 63 79 September 89.0 67 85 76 118 94 147 71 69 131 64 78 October _____ 88.1 71 84 77 116 96 148 72 69 135 62 75 November 90.5 74 85 80 118 91 148 71 70 139 64 84 December. . __ _ _ 92.3 76 85 83 121 89 151 77 71 144 65 88 1939—January _. _. 91.9 78 85 82 122 90 153 64 72 134 64 88 February 91.7 77 86 82 122 90 153 68 71 134 64 84 March __ _ 91.0 77 85 80 122 87 154 70 70 134 65 81 April 90.2 77 85 78 121 86 154 67 70 133 65 77 May 91.0 74 85 80 124 84 153 68 73 128 66 81 June _ 92.0 73 86 79 120 89 152 72 74 138 63 86 July 94.7 74 89 83 129 92 154 75 77 138 63 89 August * 95.4 76 91 84 128 88 155 80 78 138 62 86 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

885 OCTOBER 1939 FEDERAL RESERVE BULLETIN TABLE 3.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1937. 1923-25 average=100] Textile group—continued Leather and manufactures group Wearing apparel Year and month Total C m i l n e o g n th , 's - C w e i l n o n o g m ' t s , h - - a s C g l e l a o i t r e s r - - , d M n i f n i u e s g r n h - s - 's li M ne il r - y Sh l c a o i r r l s t - s, B sh o o o e ts s , Le e a r thments 1935 _ 121.0 111.3 172.7 102.2 125.1 71.6 113.9 95.1 92.9 1936 130.3 116.5 191.7 102.2 141.1 80.1 121.1 96.3 94.1 1937 131.4 117.5 190.1 107. 1 147.5 83.3 126.7 101.4 92.6 1938 116.4 99.2 171.7 103.3 130.9 81.4 115.9 95.7 78.1 1935—January 116.4 106 167 104 121 72 110 96 91 February _ _ 116.9 108 166 101 124 70 109 95 91 March ___ _ 118.2 109 168 103 124 69 111 96 92 April 120.2 111 171 102 127 71 112 97 92 May._ __ 119.7 111 168 103 125 71 116 95 91 June 118.4 110 168 102 123 73 110 92 91 July _ 120.8 111 173 102 120 73 115 93 92 August 122.3 112 175 102 127 71 117 94 93 September 123.4 113 177 102 128 72 118 95 93 October..- . _ 124.0 114 179 102 123 72 116 95 94 November 124.4 114 179 101 128 73 117 95 97 December.. ________ 126.8 118 182 101 130 74 116 97 97 1936—January _ _ 126.7 118 182 101 132 76 115 96 95 February 123.4 114 177 100 130 73 114 94 92 March 124.8 114 180 100 131 83 113 93 92 April ___ _ _ 125.9 112 186 101 134 80 117 92 92 May 127.5 113 190 100 138 79 116 93 92 June.__ _ . __ __ _ 129.3 118 189 101 141 77 119 93 92 July 133.1 119 197 102 149 79 122 95 94 August ____ ___ 133.4 116 199 102 150 85 125 96 95 September 132.7 115 198 103 149 84 126 98 97 October _ _ _ 132.8 115 198 104 146 83 126 99 96 November 136.9 121 204 107 146 81 129 102 97 December 138.6 126 203 106 146 78 132 105 96 1937—January _ _ _ 140.2 126 204 107 154 84 139 105 95 February 138.3 122 203 107 156 86 134 103 94 March 137.4 122 200 107 156 86 134 103 96 April. . _ _ 134.5 122 192 106 157 83 131 103 98 May 135.4 127 190 107 154 84 127 103 98 June _ __ _ 133.1 121 190 108 152 87 127 104 98 July 131.3 120 184 109 155 84 127 103 95 August 131.4 119 189 108 150 83 125 101 94 September 129.4 115 189 107 143 81 125 99 93 October 126.8 112 186 107 142 80 123 99 89 November _ _ 120.3 104 177 106 132 80 118 96 82 December 117.2 99 176 106 123 82 114 95 77 1938—January 113.4 97 172 103 115 83 105 96 76 February 119.8 103 180 103 125 85 112 97 76 March__ . . __. _ __ 118.9 103 174 102 128 84 117 97 75 April 115 8 97 172 101 124 89 115 97 74 May 110.0 87 167 103 124 83 114 94 74 June - - _ - _ _. __ _____ 107.5 83 165 104 125 76 117 90 74 July 113 1 94 170 102 131 76 115 95 76 August 119.2 104 173 103 135 79 122 95 80 September., . 121.4 106 177 103 141 84 119 97 81 October 119 0 104 171 104 142 84 117 96 83 November ___ 116.9 104 167 105 138 72 117 96 85 December __ _ 120.0 106 173 106 140 77 119 97 86 1939—January ___ 119.5 103 171 107 132 79 130 98 87 February... _ _ _ _ 120.2 104 173 107 136 84 123 98 87 March 119 2 104 171 107 132 84 121 98 86 April. „ 116.4 103 165 109 128 81 119 97 85 May 115 2 102 161 111 125 80 120 92 84 June __ _ 117.5 104 169 114 129 74 120 96 86 July 121 1 107 174 116 137 73 123 98 87 August P _ 120.4 106 172 117 142 77 121 96 87 v Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

886 FEDERAL RESERVE BULLETIN OCTOBER 1939 TABLE 3.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1937. 1923-25 average=100] Food products group Year and month Bak- Bev- ing erages 1935 134.4 200.6 1936 - _ _ . 140.2 235.7 1937 _ 147.3 269.0 1938 144.1 268.1 1935—January 129 196 February. _ ._ __ __ 134 197 March 133 197 April , _ 135 197 May . __ 135 196 June 136 194 July . 133 197 August 134 202 September - _ 136 201 October 136 207 November 136 211 December _ ._ 136 214 1936—January . 137 216 February 137 214 March _ 138 221 April 138 223 May __ 139 234 June 139 229 July _ _ 140 245 August 141 245 September ._ _ _ ._ 141 247 October 143 243 November . __ _ . 144 December __. 144 1937—January 146 February ._ _ 147 March 148 April _ 147 May 147 June _ _ _ _ 149 July _ - 149 August _. _. 147 September 148 October 150 November 147 December _.- _._ . 144 1938—January 145 February 145 March _ 144 April 144 May. _ 143 June 144 July 145 August . 144 September 144 October 143 November . 144 December 144 1939—January 144 February _ _ _ 144 March 144 April 144 May _ 146 June 147 July 147 August? _ _- 146 Ot Ot 3S Can- Con- Butter n p i r n e g - , t f i e o c n - - serv- ery ing 96.9 155.0 83.4 99.3 164.5 82.4 102.2 185.7 86.0 98.7 152.6 82.8 97 157 84 97 156 85 97 150 87 98 156 86 96 160 86 96 148 85 95 165 84 97 154 81 97 158 83 97 148 81 98 151 79 98 153 82 99 154 80 99 148 79 99 152 80 100 155 80 100 158 81 100 167 81 100 154 83 100 164 86 98 174 84 97 176 82 99 167 86 100 177 87 102 180 88 261 102 192 87 265 103 191 86 263 101 199 85 266 102 183 85 270 104 177 84 273 104 202 88 274 103 196 88 274 103 186 83 269 101 169 87 277 100 177 87 274 100 163 85 274 101 163 85 277 102 163 84 273 102 158 82 269 103 141 82 267 101 147 79 261 98 154 81 261 97 160 82 266 99 164 82 263 96 153 83 263 96 129 82 276 95 149 83 274 96 151 86 276 96 150 84 275 94 143 270 94 158 270 95 157 272 96 159 275 95 162 269 95 150 269 96 157 OOOO 00 00 X Tobacco manufactures group Slaugh- Sugar Flour cr I e c a e m t p e m a i r n i e c n g a k g t - , S b u e g e a t r, fi c n r a i e n n - e g, b s a T n c o u c - f o l , C r c e i i g t g t a a e r - s s, 79.0 74.3 92.0 112.1 93.7 63. 3 65.6 77.4 76.5 98.4 110.5 95.0 62.5 66.4 78.7 80.1 100.6 113.7 95.0 63.6 66.9 77.3 77.0 97.7 111.2 93.4 63.1 65.3 80 74 99 97 97 65 69 80 75 95 119 94 64 65 79 76 93 119 92 65 66 79 76 93 115 95 64 66 79 74 91 114 94 63 65 80 74 91 112 93 63 66 77 74 91 112 95 63 66 79 75 90 117 92 62 65 79 72 90 117 92 62 65 79 74 90 112 94 63 65 79 74 91 111 93 62 65 77 74 91 108 95 63 66 78 74 92 109 95 62 65 78 73 92 99 96 61 65 •78 75 92 104 97 62 65 77 77 94 103 99 62 65 76 80 95 106 99 62 66 77 77 96 109 96 62 66 79 78 101 107 95 63 66 78 76 103 111 97 63 67 77 78 102 110 96 62 67 77 76 102 110 93 63 67 76 76 106 110 87 63 69 77 77 107 121 89 63 68 78 78 104 114 83 63 69 78 79 102 131 96 64 68 78 79 103 130 98 63 68 79 78 102 126 106 63 68 79 80 102 125 99 64 67 79 82 100 122 94 64 66 80 81 101 117 100 64 67 80 81 98 108 96 64 67 78 82 98 118 86 63 66 78 79 100 109 89 63 65 79 80 99 110 92 63 66 79 80 98 110 99 64 66 78 79 100 94 88 63 62 77 79 99 101 93 64 66 77 78 96 106 89 63 66 76 79 96 104 86 64 67 77 78 95 97 98 64 66 78 75 95 97 96 63 67 78 75 96 98 92 63 63 78 76 97 95 95 63 64 76 75 98 116 99 65 66 76 77 99 108 96 59 65 78 78 100 108 95 63 65 79 78 100 152 94 63 66 79 79 98 212 96 61 67 77 78 96 120 93 61 65 78 78 96 107 96 62 62 77 78 96 103 102 63 65 80 77 98 107 87 62 65 81 77 100 104 89 62 66 82 81 75 101 99 94 61 66 86 78 75 102 105 96 62 66 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

887 OCTOBER 1939 FEDERAL RESERVE BULLETIN TABLE 3.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1937. 1923-25 average=100] Chemical, petroleum, and coal products Paper and printing group R u u c b t b s e g r r p o r u o p d- Other than petroleum, refining Year and month B pa o p x e e r s, P p a u p l e p r, B pr j i o o n i o n b g k t- , o p N p p d a r i e e n i i p w r n c g e i a t - s r - l - , r l e t e P i r f n u e o i g m n - - - Total C i h ca e l m s - c m s C t o a o e o e i k e n l a t e d , - - l , D p g t a i r i r o r s e u a n t p g s - s - ' - s p E iv l x o e - - s i F z ti e e l r r - - s P n a v is i a n h r t e - s s , a p R u l o r l c a o n i t y e d , s d - - Soap ) s R O b h u O e o b r t e S - s , t t R i u n b i r n u b e e e - b r e r s, - s g o R o b t o u e h d r b e s - r , 1935 97.2 105.3 95.0 101.6 119.4 110.8 115.5 91.1 106.5 77.6 94.6 116.0 315.7 85.9 68.6 75.4 120.6 1936 104.0 106.8 99.7 109.2 121.8 114.7 124.2 91.9 106.9 81.5 95.1 122.7 320.0 81.0 74.4 78.3 129.7 1937 114.6 114.3 106.0 115.8 128.3 126.7 138.5 114.2 116.0 91.8 113.1 132.7 344.1 86.5 73.0 83.5 144.1 1938 104.9 104.3 99.7 113.8 122.0 110.7 115.4 111.1 110.1 86.0 101.6 117.4 284.7 79.0 54.4 62.5 118.2 1935—January 96 104 92 101 118 109.0 113 85 106 79 98 110 312 89 69 79 117 February... 97 105 94 100 117 109.2 112 80 106 79 98 112 318 89 71 79 119 March__ ... 98 106 94 101 118 110.4 113 91 106 78 102 113 319 88 70 79 120 April . 97 106 95 101 118 110.2 116 86 108 76 88 116 314 88 65 79 120 May___ ._ . 96 106 94 101 118 109.9 116 84 108 78 95 117 307 85 67 77 120 June 95 105 95 101 120 111.7 117 96 108 77 102 117 308 85 67 76 118 July 96 105 96 101 121 110.4 116 97 108 77 94 117 302 86 65 73 117 August 97 105 96 102 122 110.8 116 99 107 78 92 116 310 85 69 72 118 September _. 97 105 96 102 119 110.7 115 89 106 77 88 116 323 85 69 73 122 October 98 105 96 103 120 112.4 116 96 106 78 95 118 325 86 70 73 123 November _ _ 99 105 96 103 120 112.4 118 96 105 77 94 119 322 84 70 72 125 December. __ 99 106 96 104 120 112.0 118 94 104 77 89 119 325 82 70 73 126 1936—January 100 105 96 106 119 111.4 118 88 106 78 91 119 319 81 71 73 124 February... 99 105 97 107 119 109.3 118 81 104 78 84 118 311 78 71 72 123 March 99 106 97 108 119 110.9 118 86 106 77 93 118 315 77 71 55 123 April 99 106 98 108 120 109.9 119 80 107 78 85 120 306 77 74 75 125 May _ ._ _ 100 107 98 108 120 112.6 120 85 108 78 102 120 315 79 74 77 126 June 101 106 99 109 121 113.0 121 83 108 81 94 122 318 79 72 80 128 July 103 106 99 109 124 115.2 124 96 110 82 99 123 320 76 75 81 129 August 105 107 101 110 121 116.2 125 89 107 83 101 125 325 84 75 83 129 September. 108 108 102 111 125 118.3 128 98 106 84 103 126 326 84 75 83 132 October 108 108 103 112 124 118.8 131 95 105 85 101 127 328 83 76 85 136 November. _ 110 109 103 112 124 119.9 133 103 107 87 98 125 328 87 78 87 139 December. __ 113 110 103 112 123 121.0 133 104 109 87 105 128 328 87 79 89 144 1937—January 115 111 104 113 124 123.3 137 109 112 88 104 130 330 88 76 89 146 February 115 113 105 114 125 123.7 137 101 113 89 104 132 331 93 74 90 147 March 117 115 107 116 126 124.8 139 92 116 89 107 134 333 92 80 78 148 April 118 116 107 115 127 127.5 141 106 117 92 111 135 349 90 76 78 150 May 118 117 107 116 129 128.9 143 110 117 90 117 134 354 87 78 90 151 June 118 118 107 116 130 131.1 143 114 118 93 128 134 364 87 74 89 150 July 118 117 106 116 132 131.4 142 118 117 94 126 136 364 87 62 86 147 August 116 116 106 117 133 131.1 141 120 120 94 128 136 362 86 75 85 147 September. 113 116 108 117 131 130.2 140 127 118 94 118 134 364 84 75 85 143 October 111 115 107 118 130 126.7 138 122 116 93 111 132 347 82 74 83 141 November. 110 111 106 117 128 123.9 134 125 115 92 110 130 333 81 69 77 133 December. _ 107 107 104 116 125 118.1 128 120 113 92 110 124 300 80 64 73 127 1938—January 105 106 103 114 125 114.6 124 128 111 89 103 120 279 80 57 68 115 February. __ 104 106 102 115 124 114.1 121 123 110 88 106 118 290 79 55 63 114 March 104 105 102 114 124 111.9 117 113 108 87 97 119 295 78 53 61 112 April.._ __ _ 103 104 101 114 123 110.0 114 125 109 87 96 117 277 77 53 61 111 May . 103 103 99 113 123 109.4 112 117 112 86 104 115 278 76 53 60 110 June 103 102 98 113 122 107.4 112 107 113 84 105 114 262 76 55 60 109 July 103 102 99 112 122 107.0 108 118 114 84 103 115 261 80 42 60 111 August 104 103 98 114 122 110.1 112 112 112 85 107 118 280 82 52 60 119 September. 105 104 98 114 121 110.9 113 100 109 87 103 118 299 81 54 61 125 October 105 105 98 113 120 110.8 115 99 108 86 99 118 300 80 56 63 123 November _ 108 106 99 114 120 111.8 119 101 108 84 102 118 297 77 60 66 133 December. _ 110 106 100 114 119 112.4 120 104 108 85 100 119 297 81 60 67 137 1939—January 111 106 100 113 119 112.3 119 97 109 86 103 119 297 81 58 67 133 February. __ 111 106 99 114 119 111.4 120 88 107 86 97 118 301 80 60 66 133 March 112 106 100 114 119 112.2 120 96 108 86 98 120 299 79 60 67 134 April 111 106 100 114 118 113.3 118 103 109 86 110 121 309 78 60 67 131 May 111 107 99 115 119 113.4 117 110 111 87 115 119 302 79 61 67 129 June 111 106 99 114 120 111.4 117 88 112 90 107 120 295 80 59 66 131 July 113 106 101 114 121 111.8 115 85 111 92 105 122 298 84 47 67 134 August P 113 107 99 114 122 113.1 119 80 110 93 102 125 299 88 58 68 138 v Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES 889 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

890 FEDERAL RESERVE BULLETIN OCTOBER 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 i mated) ties End of month figures: 1938—Aug. 31— 7 1 2,564 14 2,585 13,136 2,731 6,504 2,480 720 313 255 8,179 2,941 Sept. 30— 8 1 2,563 29 2,600 13, 760 2,739 6,622 2,810 853 356 260 8,198 2,869 Oct. 31 7 1 2,564 14 2,586 14,065 2,751 6,700 2,770 535 424 260 8,713 3,227 Nov. 30— 7 1 2,564 13 2,584 14,312 2,773 6,787 2,689 484 574 259 8,876 3,383 Dec. 31..._ 4 1 2,564 33 2,601 14, 512 2,798 6,856 2,706 923 441 260 8,724 3,205 1939—Jan. 31 5 1 2,574 28 2,607 14, 682 2,816 6,653 2,776 747 458 255 9,215 3,644 Feb. 28___. 4 1 2,564 30 2,598 14, 874 2,824 6,731 2,740 1,148 488 254 8,936 3,387 Mar. 31__.. 4 1 2,564 18 2,587 15, 258 2,839 6,817 2,691 1,229 533 257 9,157 3,559 Apr. 30— 3 1 2,571 20 2,595 15, 791 2,849 6,905 2,699 931 545 255 9,900 4,098 May 31 4 1 2,564 4 2,573 15, 957 2,862 6,967 2,636 920 586 253 10,029 4,218 June 30 5 1 2,551 23 2,579 16,110 2,881 7,047 2,563 944 739 258 10, 018 4,140 July 31 5 1 2,488 -8 2,486 16, 238 2,895 7,049 2,360 752 693 257 10, 507 4,553 Aug. 31 5 1 2,426 14 2,446 16, 646 2,907 7,171 2, 325 708 622 255 10, 918 4,758 Wednesday figures: 1938—Oct. 5 7 1 2,564 21 2,593 13, 812 2,741 6,640 2,809 770 346 261 8,321 3,019 Oct. 12 9 1 2,564 32 2,605 13, 869 2,744 6,667 2,812 703 376 260 8,400 3,045 Oct. 19 6 1 2,564 17 2,589 14,008 2,746 6,668 2,770 609 342 261 8,693 3,265 Oct. 26 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 3,166 Feb. 21 4 1 2,564 23 2,592 14,818 2,821 6,708 2,752 1,181 495 254 8,841 3,298 Mar. 1 4 1 2,564 19 2,586 14,888 2,827 6,739 2,716 1,168 484 253 8,942 3,382 Mar. 8 3 1 2,564 -3 2,565 14,923 2,829 6,751 2,716 1,102 510 253 8,985 3,407 Mar. 15.... 3 1 2,564 27 2,595 14, 983 2,832 6,751 2,712 1,059 552 259 9,077 3,443 Mar. 22_... 3 1 2,564 5 2,573 15,075 2,834 6,758 2,743 1,222 511 258 8,989 3,364 ' Mar. 29 3 1 2,564 10 2,578 15,160 2,837 6,765 2,722 1,201 505 257 9,125 3,519 Apr. 5 3 1 2,564 17 2,584 15, 292 2,838 6,855 2,712 1,103 470 257 9,318 3,708 Apr. 12 3 1 2,564 17 2,584 15, 430 2,842 6,835 2,707 1,015 515 256 9,528 3,879 Apr. 19 3 1 2,564 23 2,591 15, 605 2,844 6,858 2,723 951 509 256 9,743 3,998 Apr. 26..._ 3 1 2,564 12 2,580 15, 714 2,849 6,860 2,693 913 516 256 9,903 4,124 May 3 3 1 2,564 4 2,572 15, 801 2,851 6,915 2,691 936 554 255 9,872 4,084 May 10 4 1 2,564 7 2,575 15, 856 2,854 6,904 2,678 959 521 255 9,967 4,186 May 17 4 1 2,564 8 2,576 15, 892 2,857 6,913 2,683 927 543 255 10,005 4,244 May 24 4 1 2,564 8 2,576 15,927 2,859 6,893 2,646 915 558 254 10,097 4,304 May 31 4 1 2,564 4 2,573 15, 957 2,862 6,967 2,636 920 586 253 10,029 4,218 June 7 3 1 2,564 8 2,576 15,987 2,864 6,986 2,571 935 630 253 10,053 4,279 June 14 3 1 2,564 37 2,605 16,027 2,868 6,936 2,570 928 714 253 10,101 4,264 June 21 5 1 2,564 15 2,584 16,060 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 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 July 26 5 1 2,488 19 2,512 16, 227 2,893 7,002 2,506 742 690 257 10, 436 4,485 Aug. 2 5 1 2,453 18 2,476 16, 248 2,895 7,054 2,370 863 662 257 10, 413 4,462 Aug. 9 5 1 2, US 14 2,462 16, 270 2,897 7,070 2,354 844 597 256 10, 509 4,533 Aug. 16.... 5 1 2,423 25 2,453 16, 335 2,900 7,091 2,366 776 565 256 10, 633 4,590 Aug.23._._ 5 1 2,423 13 2,441 16, 501 2,903 7,098 2,334 724 604 256 10, 829 4,741 Aug. 30 6 1 2,426 15 2,448 16, 638 2,905 7,141 2,327 709 608 255 10,951 4,799 Sept. 6 6 1 2,594 42 2,643 16, 726 2,908 7,261 2,264 676 688 247 11,141 4,969 Sept. 13 7 1 2,824 42 2,873 16, 808 2,911 7,235 2,227 615 755 234 11, 526 5,271 Sept. 20 6 1 2,826 50 2,883 16, 902 2,915 7,236 2,272 619 781 242 11, 549 5,275 1 Includes industrial advances. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Averages of daily figures for recent months and years are shown in the table on p. 849. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

891 OCTOBER 1939 FEDERAL RESERVE BULLETIN PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1939 1939 1938 Sept. 20 Sept. 13 Sept. 6 Aug. 30 Aug. 23 Aug. 16 Aug. 9 August July August Gold certificates on hand and due from U. S. Treasury 14, 621,718 14, 576, 71914, 452, 22114, 312, 220 14,167, 720 13, 968, 21231, 914, 22014, 312, 222 13, 816,92,1810, 632, 413 Redemption fund—F. R. notes 8,288 8,288 8,644 8, 644 9,126 9, 056 8,594 8, 644 1,101 7,421 Other cash 334, 281 324, 422 307, 781 339, 748 344, 846 341, 509 339, 915 351, 410 385, 675 Total reserves 14, 964, 287 14, 909, 429 14, 768, 646 14, 660, 612 14, 52114,, 639128, 786 14, 271, 733 14, 660, 1748,1 229, 729 11, 025, 509 Bills discounted: For member banks 2,279 3,944 3,973 4,165 2,793 2,527 2,893 3,390 7,144 For nonmember banks, etc _ 3,309 3,309 2,025 2,025 2,025 2,025 2,025 2,025 2,025 Total bills discounted 5,588 7,253 6,190 4,818 4,552 4,918 5,415 4,905 7,144 Bills bought: Payable in foreign currencies 545 546 546 546 575 545 546 545 537 Industrial advances 11, 667 11, 617 11, 627 11, 667 11, 677 11, 615 11, 665 11, 667 11,869 15, 899 U. S. Government securities, direct and guaranteed: Bonds 1, 308, 6161, 268, 8001,021, 219 912, 460 911,090 911, 090 911,090 912, 460 911, 090 744,105 Notes 1, 245, 4971, 245,4971, 238, 5731,179,109 1,176,109 1,176,109 1,176,109 1,179,109 1,176,109 1,196,188 Bills 272, 370 309, 420 334, 620 334, 620 335, 540 335, 540 355, 715 334, 620 401,020 623, 722 Total U. S. Government securities, direct and guaranteed 2, 826, 4832,823, 7172, 594, 4122, 426,1892, 422, 7392, 422, 7392, 442, 9142, 426,1892, 488, 2192, 564, 015 Other Reserve bank credit 38, 324 29, 817 30, 289 3,341 1,194 13, 209 2,428 2,347 -19,951 -2, 279 Total Reserve bank credit outstanding 2, 882, 6072,872, 9502, 642, 8722,447, 9332, 441,0032,452, 6602, 462, 4702,446,164 2, 485, 5872, 585, 316 LIABILITIES F. R. notes in actual circulation 4, 677, 6084, 678, 9924, 683, 7164, 609, 2824, 572,1304, 563, 8224, 550,6894, 630, 6724, 530,0994,169, 262 Deposits: Member bank—reserve account.__ 11, 549, 30911, 525, 70811,140, 60810,951,004 10, 828,970 10, 633,449 10, 509,00130, 917, 76310, 506, 7998,178, 851 U. S. Treasurer—general account.. 618, 613 615, 386 675, 555 708,611 723,754 775,739 844,268 707, 718 752,382 720, 248 Foreign bank. 495, 787 450,076 397,183 350,132 323,760 280,665 307,298 353, 401 281,057 125, 940 Other deposits 285, 554 305, 296 291, 248 257,768 280,186 284,585 289,237 268,176 411, 705 187, 322 Total deposits. 12, 949, 26312,896,46612, 504, 594 12, 267, 51125,156, 67011, 974,43811, 949, 80612, 247, 05811, 951, 9439, 212,361 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 84.9 84.8 85.9 86.9 86.3 82.4 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollarsj Total W 15 i d th a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 m 91 o t o d n a t 6 h y s s i 1 m y t o o e n a t r hs 2 1 y y t e o e a a r r s 2 5 y y t e e o a a r r s s 5 O y v e e a r rs Bill discounted: Aug. 23 4,818 1,253 2,244 566 497 258 Aug. 30 6,190 2,484 2,191 550 284 Sept. 6 5,998 4,184 365 597 182 Sept. 13 7,253 4,406 251 647 1,788 158 Sept. 20 5,588 1,287 173 456 3,509 161 Bills bought in open market: Aug. 23 575 305 33 209 28 Aug. 30 546 314 23 209 Sept. 6 546 135 209 202 Sept. 13 546 23 115 93 315 Sept. 20 545 255 23 267 Industrial advances: Aug. 23 11, 677 1,205 166 594 442 1,762 2,448 2,539 2,521 Aug. 30 11, 667 1,314 78 444 445 2,003 2,330 2,535 2,518 Sept. 6 11,627 1,318 230 392 471 1,874 2,316 2,526 2,500 Sept. 13 11,617 1,317 208 380 506 1,873 2,310 2,525 2,498 Sept. 20 11, 667 1,448 220 483 551 1,601 2,340 2,511 2,513 U. S. Government securities, direct and guaranteed: Aug. 23 2, 422, 739 77, 625 62, 250 85, 550 82,115 130, 676 296,068 326, 576 531, 535 830, 344 Aug. 30 2, 426,189 60, 625 67, 050 68,050 97, 615 143, 956 296, 068 329, 575 531, 535 831, 715 Sept. 6 2, 594, 412 62, 250 48, 913 64,077 123, 955 141,174 300, 488 347,162 578, 588 927, 805 Sept. 13 2,823, 717 67, 050 38, 913 78, 077 125, 380 105, 749 300, 488 347, 365 589, 282 1,171,413 Sept. 20 2,826,483 48, 913 36, 637 82,115 210,453 161, 705 138, 783 347, 365 589, 282 1, 211, 230 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

892 FEDERAL RESERVE BULLETIN OCTOBER 1939 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d , la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Gold certificates on hand and due from U.S. Treasury: Aug. 23 14,167, 72C 809, 97 I, 786,833 705, 50: 855, 234367,18S302, 48!2, 296, 539 37;3,,45:250, 52S362, 25:228,17S 829, 563 Aug. 30 14, 312, 22C 807, 23'6, 956, 799 717, 335 853,120372, 951307, 2692, 268,190370, 579257, 700352, 90S227, 704 820, 428 Sept. 6 14, 452, 221 802, 7407, 069, 535 724, 949 849, 973386,136301, 5032, 267,115368, 694256,106359, 405232, 597 833, 468 Sept. 13 14, 576, 719 816,1967,132, 530 718, 268 839, 21 377, 329302,1642, 322, 25'378, 953258, 233352. 846237, 044 841, 686 Sept. 20 14, 621, 718 829, 5327, 074, 236 721, 984 852, 91 378, 256295, 0742, 413, 920391, 976250, 809 348, 3H230,130 834, 571 Redemption fund — Federal Reserve notes: Aug. 23 9,126 1,460 81 959 1,305 175 972 454 65 474 1,103 Aug. 30 8,644 33 1,287 742 888 871 641 891 435 375 635 463 1,082 Sept. 6 8,644 334 1, — 742 888 871 641 891 435 375 635 463 1,082 Sept. 13 298 1,137 680 82: 1,005 607 818 41' 366 62 454 1,064 Sept. 20 298 1,137 680 821 1,005 818 41 366 62: 454 1,064 Other cash: Aug. 23 344, 84i 23,108 89, 975 28, 002 22, 263 23,143 22,164 42, 580 17, 931 8,745 19, 866 15, 083 31, 988 Aug. 30 339, 748 22, 209 87, 531 27,036 22, 211 20, 922 20, " 46, 576 17, 642 8,938 18, 925 15, 537 31, 231 307, 78: 20, 246 82, 844 26, 058 21, 243 20, 216 17, 883 37, 443 15, 581 8,33 17, 848 12, 903 27,182 Sept. 13 _ „ 324-, 422 24, 249 26, 328 22,197 18, 257 16, 624 42, 649 15, 543 9,402 18, 802 15, 560 26, 526 Sept. 20 334, 281 26, 025 19,189 26, 966 23, 076 21,850 18, 048 42, 466 15, 026 8,926 19, 707 14, 635 28,367 Total reserves: Aug. 23 14, 521, 692 833,454 6i,, 878, 268734, 317 878, 456391, 637324, 8262, 340, 091391, 836 259i,,651382, 768 243, 736 862, 652 Aug. 30 ... 14, 660, 612 829, 7807,045, 617 745,113 876, 219394, 744328, 900" 315,657388, 656267, 013372,468:!43, 704 852, 741 Sept. 6 14, 768, 646 823, 3207,153, 666 751, 749 872,104 4077,,2:23320,0272, 305, 449384, 710264, 815377, 888245, 963 861, 732 Sept. 13 14, 909, 429 840, 7437, 221, 952 745, 276 862, 234396, 591319, 3952, 365, 721394, 913268, 001372, 269253, 058 869, 276 Sept: 20 14, 964, 287 855, 8557,164, 562 749, 630 876, 811 401, 111313, 729 2,457, 204 407,i419260,101368,644245, 219 864,002 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Aug. 23 1,012 549 48 13 30 37 45 Aug. 30 2,109 170 1,468 133 113 30 20 55 Sept. 6 1,546 35 909 141 113 98 30 62 44 34 70 Sept. 13 1,556 85 1,139 41 13 69 20 72 43 19 55 Sept. 20 969 445 65 63 166 20 76 43 36 55 Other bills discounted: Aug. 23 3,806 1,172 196 236 292 125 245 119 78 265 342 736 Aug. 30 4,081 1,277 196 236 292 139 245 143 78 334 40,r 736 Sept. 6 _ 4,452 1,745 196 235 287 143 245 93 68 352 376 712 Sept. 13 5, 69' 3,279 196 235 137 145 245 84 68 289 346 673 Sept. 20 4,619 1,472 321 363 267 187 400 126 82 342 309 750 Total bills discounted: Aug. 23 4,818 9E 1,721 244 249 407 155 282 119 88 265 412 798 Aug. 30 . 6,190 170 2,745 329 349 352 169 265 143 88 334 455 711 Sept. 6 5,998 35 2,654 337 348 385 173 307 137 78 352 410 782 Sept. 13 7,253 4,418 237 248 206 165 317 127 68 289 365 728 Sept. 20 5,588 1,917 426 433 207 476 82 342 345 805 Bills bought in open market: Aug. 23 575 41 242 65 61 23 19 2 16 16 Aug. 30 546 41 213 55 51 23 19 2 16 16 39 Sept. 6 546 41 212 65 51 24 19 2 16 16 39 Sept. 13 546 41 212 55 51 24 19 2 16 16 39 Sept. 20 545 41 211 65 51 24 19 2 16 16 39 Industrial advances: Aug. 23 11, 677 1,744 2,052 2,699 368 1,066 752 372 822 205 551 1,043 Aug. 30.. 11, 667 1,741 2,052 2,700 365 1,061 752 372 824 204 551 1,042 Sept. 6.._ 11,627 1,745 2,040 2,681 365 1,054 752 371 819 204 551 1,042 Sept. 13 11,617 1,745 2,040 2,679 364 1,054 751 371 816 203 549 1,042 Sept. 20 11,667 1,736 2,039 2,677 358 1,042 751 446 819 203 545 1,048 U. S. Government securities, direct and guaranteed: Bonds: Aug. 23.___ 911, 090 67,003 265, 094 77,160 91, 237 51, 259 38, 790 98, 664 42, 284 25, 940 45, 394 34, 859 73, 406 Aug. 30 912,460 67, 099 265, 604 77, 283 91, 377 51, 312 38, 836 42, 326 25, 970 45, 438 34, 899 73, 513 Sept. 6. 1, 021, 219 74,839 302, 960 102, 341 56,191 42, 863 110,107 46, 254 28, 612 49, 641 82,116 Sept. 13 1, 268, 800 92, 609 384, 699 108, 305 127, 261 68, 011 52, 377 136,112 55,842 34,888 59,913 46,990 101, 793 Sept. 20 1, 308, 616 95, 510 396,866 111, 709 131, 255 70,125 54,012 140, 376 57, 575 35, 977 61, 772 48,455 104, 984 Notes: Aug. 23 1,176,109 86, 494 342, 203 99,605 117, 777 66,170 50,073 127, 363 54, 585 33, 486 58, 598 44, 997 94,758 Aug. 30 1,179,109 86, 708 343, 221 99,867 118, 078 66, 307 50,186 127,676 54, 696 33, 560 58,716 45,099 94,995 S S S e e e p p p t t t . . . 2 6 1 0 3 1 1 1 , , , 2 2 2 4 3 4 5 8 5 , , , 4 4 5 9 9 7 7 7 3 9 9 90 0 0 , , , 9 9 7 0 0 6 8 4 9 3 3 3 7 7 6 7 7 7 , , , 6 7 4 3 2 4 4 4 1 1 1 1 0 0 0 6 6 5 , , , 3 3 2 1 1 8 9 5 2 1 1 1 2 2 2 4 4 4 , , , 9 1 9 2 2 2 3 4 5 6 6 6 6 6 8 , , , 1 7 7 4 6 4 8 1 2 5 5 5 1 1 1 , , , 4 4 9 1 0 8 7 6 6 1 1 1 3 3 3 3 3 3 , , , 6 6 5 1 0 4 2 4 1 5 5 5 4 4 6 , , , 8 0 8 1 9 0 7 9 0 3 3 3 4 4 4 , , , 2 2 7 4 4 0 0 8 2 6 5 5 0 8 8 , , , 7 8 2 9 0 1 3 8 2 4 4 4 6 6 6 , , , 1 1 6 1 2 8 9 7 0 9 9 9 9 9 9 , , , 9 9 5 2 2 9 3 1 3 Bills: Aug. 23 335, 540 24, 676 97, 630 28, 417 33, 601 18, 878 14, 286 36, 336 15, 573 9,553 16, 718 12,838 27, 034 Aug. 30 334, 620 24,607 97, 403 28,341 33, 510 18, 817 14, 242 36, 233 15, 522 9,524 16, 664 12, 798 26, 959 Sept. 6 334, 620 24, 522 99, 270 28,443 33, 534 18, 412 14, 045 36, 078 15,156 9,375 16, 266 12, 612 26,907 Sept. 13 309,420 22, 584 93, 816 26,412 31, 035 16, 586 12, 773 33,193 13, 618 8,508 14, 611 11,460 24, 824 Sept. 20 272, 370 19, 879 82, 602 23, 251 27, 319 14, 596 11, 242 29,217 11, 983 7,'" 12, 857 10, 085 21,851 Total U. S. Government securities, direct and guaranteed: Aug. 23 _ 2, 422, 739 178,173 704, 927 205,182 242, 615 36, 307:03,149 262, 363 12, 442 68, 979.20, 710 92, 694 195,198 Aug. 30 2,426,189 178, 414 706, 228 205, 491 242, 965.36, 436L03, 264 262, 712 12, 544 69, 054:20, 818 92,796 195, 467 Sept. 6 2, 594, 412 190,130 769, 671 220, 531 259, 999.42, 751L08, 894 279, 726 17, 509 72,689 .26,115 97, 781 208,616 Sept. 13 2, 823, 717 206,101 856,149 241, 032 283, 219.51, 358 16, 567 302, 917 24, 277 77, 644.33, 336.04, 577 226, 540 Sept. 20 2, 826,483 206, 293 857,192 241, 279 283,499 .51,463 16,660 303,197 24, 358 77, 705.33,422 04,659 226,756 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

893 OCTOBER 1939 FEDERAL RESERVE BULLETIN STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - lanta 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 v - Dallas F c S i r s a a c n n o - ASSETS—Continued Total bills and securities: Aug. 23 2, 439,809 180,053 708, 942 208,180 243, 283137, 803104, 075 263,086112, 566 69, 891121,196 93, 673 197, 061 Aug. 30 2, 444, 592 180, 366 711, 238 208, 575 243; 730 137, 872104, 204 263, 418112,692 69, 968121, 372 93, 818 197, 339 Sept. 6 2, 612, 583 191, 951 774, 577 223, 604 260, 763 144, 214109, 838 280, 473117, 651 73, 588 126\' ,687 98, 758 210, 479 Sept. 13 2,843,133 207, 972 862, 819 244,003 283,882 152,642 117,502 303, 674124, 409 78, 530133, 844105, 507 228, 349 Sept. 20 2,844, 283 208,070 861, 359 244, 397 284,334 152, 962 117, 637 304,188124, 532 78, 608133, 983105, 565 228, 648 Due from foreign banks: Aug. 23 149 13 37 18 22 3 2 5 5 13 Aug. 30 177 13 66 18 22 3 2 5 5 13 Sept. 6 177 13 66 18 22 3 2 5 5 13 Sept. 13 177 13 67 18 22 2 2 5 5 13 Sept. 20 178 13 67 18 22 3 2 5 13 Federal Reserve notes of other banks: Aug. 23 21, 732 666 4,022 974 1,280 1,626 1,746 2,402 1,276 1,768 1,048 536 4,388 Aug. 30 23, 664 379 4,955 1,009 1,734 1,765 2,100 2,827 1,234 1,437 1,190 523 4,511 Sept. 6 23,300 683 3,877 673 1,223 1,853 1,223 2,917 1,941 1,897 1,747 421 4,845 Sept. 13 26, 389 711 5,561 1,313 1,459 2,313 2,022 2,620 1,397 1,369 703 5,533 Sept. 20 21, 513 750 5,290 951 1,437 1,523 1,576 2,334 2^054 1,350 1,633 417 2,198 Uncollected items: Aug. 23 604, 265 57, 773 163, 518 43,005 65, 516 50, 421 20, 785 83, 756 25,184 17, 773 21, 768 24, 698 Aug. 30 588, 704 59, 702 152, 952 42,385 67, 280 50, 611 20,828 79, 377 24, 232 15, 912 28,401 20,066 26, 958 Sept. 6 586, 943 53, 266 132, 310 39,101 65, 222 54, 390 24, 224 81,898 29, 597 17, 679 32, 677 25, 513 31,066 Sept. 13 733, 764 72, f" 173, 573 49, 312 88,687 64,028 24, 675 105,004 33,430 21,128 34,142 26, 703 40,402 Sept. 20 720, 313 70,813 173,450 51,683 83,173 62, 683 25, 251 96,973 32,043 22,066 35, 399 28, 673 38,106 Bank premises: Aug. 23 42, 224 2,912 8,926 4,615 5,918 2,576 2,048 3,! 2,264 1,508 3,157 1,227 3,174 Aug. 30 42, 211 2,908 8,926 4,615 5,918 2,570 2,048 3,899 2,261 1,508 3,157 1,227 3,174 Sept. 6 42,162 2,908 8,909 4,615 5,918 2,570 2,047 3,890 2,260 1,505 3,144 1,222 3,174 Sept. 13 42,166 2,908 8.912 4,615 5,918 2,570 2,047 3,890 2, 261 1,505 3,144 1,222 3,174 Sept. 20 42,159 2,908 8,929 4,615 5,906 2,570 2,044 3,890 2,260 1,505 3,144 1,222 3,166 Other assets: Aug. 23 51,032 3,253 15,182 4,453 5,589 3,405 2,262 4,918 2,094 1,484 2,297 1,885 4,210 Aug. 30 52,122 3,340 15,499 4,625 5,686 3,497 2, T •" 5,024 2,116 1,479 2,370 1,933 4,255 Sept. 6 61, 232 3,978 18, 370 5,478 6,607 3,901 2,669 5,952 2,526 1,738 2,741 2,251 5,021 Sept. 13 77,469 4/ 23,005 9,010 7,989 4,591 3,193 7,409 3,057 2,090 3,318 2,711 6,128 Sept. 20 66, 771 4, 20, 418 5,828 7,161 4,113 2,905 6,560 2,711 1,872 2,919 2,432 5,466 Total assets: Aug. 23 17, 680,903 1,078,1247, 778,895 995, 5621, 200,059 587,476 455, 748 2, 698,174 535, 223 352,077 540, 539 362, 830 1,096,196 Aug. 30 17,812,082 1,076, r, 939, 2531,006, 3401,200,583 591,067 460,384 2,670,224 5[3"1 ,19"4 357, 319 528, 963 361, 276 1, 088,991 Sept. 6 18,095,043 1,076,119 8i,, 091, 7751,025, 2381, 211,853 614,159 460,034 2,680, 601538,688 361, 224 544, 889 374,1331,116,330 Sept. 13 18, 632, 5271,129,995 8, 295, 8891,053, 5471, 250,185 622, 743 468,840) 2:, 788, 340 559, 460 372, 653 548,091 389,909 1,152, 875 Sept. 20 18, 659, 5041,142, 795 8, 234,0751,057,1221, 258,838 624,970 46>33,,148 2, 871,171 571,022 365, 504 545, 727 383, 533 1,141, 599 LIABILITIES Federal Reserve notes in actual circulation: Aug. 23 4, 572,130 390,8661,137,015 321, 370 428,931 2503, 884152,1601,013, 1,879132, 836173,243 77,955 360, 933 Aug. 30 4, 609,282 392, 9791,159,958 323,346 429, 919 2055,,'734152, 6871,017, 201180, 387133, 407173, 608 78, 286 361, 770 Sept. 6 4, 683, 716 397, 7501,190,893 325, 727 432,830 208, 290154,919 1, 027,063181,921135,940175, 830 80,986 371, 567 Sept. 13 4, 678, 992 397, 2061,183, 632 434,497 210, 811154, 3431,026, 671182,010135, 377175,773 80, 455 369, 748 Sept. 20 4, 677, 608 397,4361,181, 234 327, 270 433,466 208,812 155, 220 1,029, 850 182, 714135, 642175, 754 81, 309 368,901 Deposits: Member bank—reserve account: Aug. 23 10,828, 970 522,162 5i,, 911,855 515, 757 569, 612 262, 365 208, 200 1,410, 711253,855139, 535 254,000 591, 233 Aug. 30 10, 951,004 516, i, 084, 479 515, 302 5_6.8_, 479 256, 6542.0.8., 10_7 1>388)861 249, 736140,091 250, 004193,135 579,194 Sept. 6 11,140, 608 516, 352 6i,, 182,855 519, 850 572,820 278, 759 210, 7411, 405, 388 253,130144,199 261, 526 202, 228 592, 760 Sept. 13 . 11,525,708 550, 253 6, 343,847 540, 693 590, 783 276,086 210, 679 11,503,424 "- "" 147, 869 267'., 726 213,801 613,144 Sept. 20 11,549,309 562, 607 6, 284, 549, 667 611, 929 273, 225 201, 4271, 575, 269 277, 500 141, 797 26'7!, 145 203, 525 600, 349 U. S. Treasurer-general account: Aug. 23 723, 754 55,114 147, 594 41,186 61, 550 41, 45,008 89, 548 49, 802 39, i 54, 263 49,037 49, 747 Aug. 30 708, 611 52, 675 136,175 49, 826 58,954 46,834 48, 325 81,873 48,807 44, 734 50, 251 44,418 45, 739 Sept. 6 675, 555 50, 768 148, 983 51,901 59,915 41,158 40,463 56,409 46, 463 40, 333 50, 746 42,601 45, 815 Sept. 13 615, 386 47,062 117,448 51, 796 47, 774 38, 708 45, 555 42, 593 46,311 46,630 45, 355 43, 990 42,164 Sept. 20 618, 613 46,197 124,024 44, 702 39, 355 45, 897 44, 280 54, 668 46,041 43,124 43,825 44,172 42, 328 Foreign bank: Aug. 23 323, 760 22, 901 119,185 30,855 29, 583 13, 678 11,133 38, 9,225 7,316 9,225 9,225 22, 945 Aug. 30 350,132 25, 205 124, 985 33,958 32, 558 15,054 12,253 42, 361 10,152 8,052 10,153 10,153 25, 248 Sept. 6 397,183 28,865 139, 356 38,889 37, 286 17, 240 14,032 48, 511 11, 627 9,221 11,627 11, 627 28,902 Sept. 13 450, 076 32,300 160, 847 43, 642 41,842 19, 346 15, 747 54,440 13,048 10,348 13,048 13,048 32,420 Sept. 20 495, 787 35, 630 176, 795 48,128 46,143 21,335 17, 366 60,036 14, 389 11,412 14, 389 14, 389 35, 775 Other deposits: Aug. 23 280,186 193,147 8, 725 12,383 1,640 5,870 14,312 5,264 5,620 8,421 V 18, 323 Aug. 30 257, 768 4,642 173, 963 7,338 12,137 1,510 6.013 10, 542 6,001 5,650 5,437 2,156 22, 379 Sept. 6 291, 248 5,827 195, 546 16, 713 12, 532 \,\" 5,879 14, 457 5,359 5,629 2,946 1,284 23,183 Sept. 13 305, 296 6,991 211,429 5,951 16, 361 1,926 5,524 9,165 6,719 5,57 1,437 1,733 32,482 Sept. 20 285, 554 6,911 191, 614 4,799 14, 861 1,735 6,479 8,885 7,160 5,565 1,41 1,927 34, 201 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

894 FEDERAL RESERVE BULLETIN OCTOBER 1939 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k P p d h h e i i l l a - a- C l l a e n v d e- m Ri o c n h d - la A n t- ta Chicago Lo S u t i . s n M o e l a i i n p s - - K C s a i a n t s - y Dallas F c S i r s a a c n n o - LIABILITIES—Continued Deposits—Continued Total deposits: Aug. 23 12,156,670 605,159 6i,, 371,781 596, 523 673,128 318, 719 270, 2111, 553,060 318,146 192, 340 325, 909 249, 446682, 248 Aug. 30 12, 267, 515 599>,, 484 i6,, 519,602 606,424 672,128 320,052 274,698 1, 523,637 314,696 198, 527 315,845 249,""" 672, 560 Sept. 6 1 12, 504, 594 601.,, 812i 6,, 666, 740627,353 682, 553 339,050 271,1151, 524, 765 316, 579 199, 382 326, 845 257, 740690,660 Sept. 13 12,896, 466 636i,, 606 i6,, 833, 571642, 082 696, 760 336, 066 277, 505 •.1,, 609, 622 333,481 210, 425 327, 566 272, 572720, 210 Sept. 20 12,949, 263 651.,, 345> 6, ,777, 302 647, 296 712, 288 342,192 269,552 1, 698, 858 345,090 201, 898 326, 776 264, 013712, 653 Deferred availability items: Aug. 23 603, 220 57, 873 149, 737 45,036 65,135 49,! 20,607 87, 070 26.598 17, 684 31,138 24,305 28,068 Aug. 30 585, 540 59, 780 138, 751 43, 830 65, 63750, 348 20, 216 84, 350 25, 484 16,155 29, 270 21, 981 29, 738 Sept. 6 556,831 52, 257 113,571 39, 269 63,537 51,861 21,182 83, 717 29, 493 16, 655 31,976 24,246 29,067 Sept. 13 704,124 71, 871 157, 919 47, 712 85, 92260, 879 24,153 106, 926 33,128 17, 591 34,484 25, 700 37, 839 Sept. 20 682,167 69, 665 154, 692 49, 759 80,107 58, 980 25, 549 97, 343 32, 391 18, 716 32,944 27,039 34, 982 Other liabilities including accrued dividends: Aug. 23 3,118 341 1,139 344 52 136 221 115 204 131 Aug. 30 3,948 369 1,703 458 256 64 142 319 118 203 145 Sept. 6 3,557 384 1,212 526 273 81 148 267 125 126 163 154 Sept. 13 6,243 1,339 2,879 84 150 284 253 131 170 101 165 Sept. 20 3,894 414 1, •" 406 311 91 159 260 134 176 106 178 Total liabilities: Aug. 23 17, 335,1381,054:,, 239' 7,, 659, 672963,2731,167, 474 572, 624 4i4,3 ,114 2, 65430. 94 524, 694 342,975 530,494351, 7901,071,380 Aug. 30 17, 466, 2851,052, 612 7',, 820, 014974, 058 1,,1 16677,, 940 576,198 447, 74i3 22,, 6 62255,, t507 520, 647 348, 250178, 926 350, 2201, 064, 213 Sept. 6 17, 748, 6981,052, 203 7",972, 416 992,875 1, 179,193 599', 284247, 36t4 22,, 663355,, 8812 528,118 352,103 534,813463,0701,091, 448 Sept. 13 18, 285,8251,106, 0818,176, 4611,021,142 1,, 221177,,468 607,840 456,15L1 2, 743,5 0£3 548,872 363, 524 537,993 378, 8281,127, 962 Sept. 20 18, 312, 9321,118,860 8.,, 114, 58.8, 1024, 7311, 226,172 610, 075 450, 480 2, 826, 350 560,455 356| 390 535', 650 3721,, 141667, 714 CAPITAL ACCOUNTS Capital paid in: Aug. 23 135,486 9,405 50,873 12,116 13, 742 5,117 4,559 13,805 2,917 4,296 4,042 10, 618 Aug. 30 135, 487 9,405 50, 873 12,116 13, 752 5,114 4,559 13,803 3,994 2,917 4,296 4,042 10, 616 Sept. 6 135, 496 9,405 50,873 12,116 13, 755 5,116 4,559 13, 804 3,993 2,917 4,296 4,046 10, 616 Sept. 13 135, 497 ' 9,399 50, 872 12,116 13, 763 5,116 4,561 13, 798 3,994 2,917 4,T~~ 4,047 10, 618 Sept. 20 135, 506 9,399 50,873 12,116 13, 764 5,116 4,561 13,800 3,995 2,917 4,299 4,048 10, 618 Surplus (section 7): Aug. 23 149,152 10,083 52, 463 13, 696 14, 323 4,983 5,630 22, 666 4,685 3,153 3,613 3,892 9,965 Aug. 30 149,152 10,083 52,463 13, 696 14, 323 4"~ 5,630 22, 666 4,685 3,153 3,613 3,892 9,965 Sept. 6 149,152 10, 083 52, 463 13, 696 14, 323 5,630 22, 666 4,685 3,153 3,613 3,892 9,965 Sept. 13 149,152 10, 083 52, 463 13, 696 14, 323 4,£ 5,630 4,685 3,153 3,613 3,892 9,965 Sept. 20 149,152 10,083 52, 463 13, 696 14, 323 4,c 5,630 22, 666 4,685 3,153 3,613 3,892 9,965 Surplus (section 13b): Aug. 23 27, 264 2,874 7,457 4,416 1,007 3,293 713 1,429 545 1,001 1,142 1,266 2,121 Aug. 30 27, 264 2,874 7,457 4,416 1,007 3,293 713 1,429 545 1,001 1,142 1,.""" 2,121 Sept. 6 27, 264 2,874 7,457 4,416 1,007 3,293 713 1,429 545 1,001 1,142 1,266 2,121 Sept. 13 27, 264 2,874 7,457 4,416 1,007 3,293 713 1,429 545 1,001 1,142 1,266 2,121 Sept. 20 27, 264 2,874 7,457 4,416 1,007 3,293 713 1,429 545 1,001 1,142 1,266 2,121 Other capital accounts: Aug. 23 33, 863 1,523 8,430 2,061 3,513 1,459 1,732 6,865 1,303 2,031 994 1,840 2,112 Aug. 30 33, 894 1,514 8,446 2,054 3,561 1,479 1,739 6,819 1,323 2,041 986 1,856 2,076 Sept. 6 34,433 1,554 8,566 2,135 3,575 1,485 1,768 1,347 2,050 1,024 1,859 2,180 Sept. 13 34, 789 1,558 8,636 2,177 3,624 1,511 1,785 6,944 1,364 2,058 1,047 1,876 2,209 Sept. 20 34, 650 1,579 2,163 3,572 1,503 1,764 6,926 1,342 2,043 1,023 1, 2,181 Total liabilities and capital accounts: Aug. 23 17, 680, 9031, 078,124 7',, 778, 895995, 5621, 200,0 C59 587, 476 455, 748 2, 698,174535, 223 352, 077 540, 539 362, 1, 096, 196 Aug. 30 17, 812,0821,076i,, 488 '7,,939,""" , 006, 3401, 200,5183 591, 067460, 384 2, 670, 224 531,194 357, 319 528, 963 361, 2761, 088, 991 Sept. 6 18, 095, 0431, 076i,, 119 i8,, 091, 7751,025, 2381,211,8853 614,159 460, 034 2, 680, 601538, 688 361, 224 544, 889 374,1331,116, 330 Sept. 13 18, 632, 5271,129i,, 995 i8,, 295, 1, 053, 5471, 250,1185 622, 743 468, 840 2, 788, 340 559, 460 372J 653 548^ 039819, 9091,152,875 Sept. 20 18, 659, 5041,142, 7958, 234, 0751 1,, 0 05577,,112222, 12,5 82, 5S8, 838 624, 970 463,148 2, 871,171 571,022 365^ 504 545, 727 383J 51,31341, 599 Contingent liability on bills purchased for foreign correspondents: Aug. 23 101 Aug. 30 101 Sept. 6 101 Sept. 13 101 Sept. 20 101 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1939 FEDERAL RESERVE BULLETIN 895 INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO SEPTEMBER 20, 1939 [Amounts in thousands of dollars] Applications Applications approved to date by Federal Reserve banks (with and received by Applications under without conditions) b F a e n d k e s r a a l f R te e r s c e o rv n e - consideration by Date ( e la a s c t h W m e o d n n th e ) sday of N d s C u u id o s m e t m r r b i a m a e t l r i i o tt n A e A e d b s v m y , i n s o I o e n u r t - n y t N F u e m d b er e b a r a l n R k A s es m e o rv u e nt Numbe T r ota A l mount a s R F d ta b e e v o n d a s a u d e n e n t r i k r - c n v a e e g l s i s c R F t o m b a e e o m n d a s e u e d n e n m t r k r i - t v n i s a t e l g - A b p p u l c p e t o r t m o e n d v o - e t 2 d d o e R r r x a a c e e p p w a p w t i p n c a n r l i . e t i i t , d b - d h , y , - s i t F n p p a t g i a a u n o n r t t d u i i a t i n o i i o t n c - n s n n c i t g s - - i - 8 1934— Dec. 26. 4,386 146, 972 2,955 49, 634 13, 589 8,225 20,966 5,558 1,296 1935—June 26. 6,325 237, 581 11,349 1,646 88, 778 27, 518 20, 579 11, 248 24,900 4,533 Dec. 314 7,437 293, 084 2,823 1,993 124, 493 32, 493 27, 649 11, 548 44,025 8,778 1936—June 24. 8,006 314,471 1,880 2,183 133, 343 30, 484 24,454 9,381 61,425 7,599 Dec. 30. 8,247 328,998 1,245 2,280 139, 829 25, 526 20, 959 8,226 77, 910 7,208 1937—Mar. 31. 8,344 333, 300 1,322 2,323 141, 545 23, 059 18,611 7,898 85, 210 6,767 June 30. 8,430 339, 509 1,263 2,361 145, 758 23,019 16, 331 1,470 97, 663 7,275 Sept. 29_ 8,474 341,842 800 2,381 146, 724 21,415 14, 880 537 102, 588 7,304 Dec. 29. 8,534 350, 551 550 2,406 150, 987 20, 216 12, 780 3,369 107, 384 7,238 1938—Mar. 30. 8,708 358, 936 1,299 2,464 154, 918 19, 371 13,110 3,419 111, 193 7,825 June 29 _ 8,976 369, 583 476 2,566 161,158 18, 444 13, 649 3,084 117, 555 8,426 Sept. 28. 9,102 378, 974 146 2,617 168, 380 17, 567 13, 597 5,737 122, 447 9,032 Dec. 28_ 9,188 387,490 247 2,653 175,013 17, 345 14,161 1,946 128,839 12, 722 1939—Jan. 25.. 9,203 389,176 999 2,660 175, 651 16,811 13,004 1,293 132,009 12, 534 Feb. 214 9,221 389, 554 964 2,671 175, 902 16, 474 12, 907 1,105 133,001 12, 415 Mar. 29_ 9,249 392, 230 344 2,683 177, 895 15, 798 12, 647 1,975 135,004 12, 471 Apr. 26. 9,270 394,055 495 2,697 178, 639 15, 817 11, 749 2,134 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 26. 9,330 399, 780 760 2,730 183, 354 15, 384 11,476 733 142,943 12, 818 Aug. 30_ 9,355 401,228 532 2,743 184,152 14, 667 11,009 1,220 144,812 12, 444 Sept. 20 9,364 402, 202 1,140 2,748 184,361 14,476 10, 806 1,121 145, 616 12, 342 i Includes industrial advances ]>ast due 3 months or more which are not included in industrial advances outstanding in weekly statement of condition of the Federal Reserve )anks. 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 $1,404,032 on September 20, 1939. 4 Tuesday. 6 September 27 not yet available. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total B t o o s n - Y N o e r w k P p d h e h i l i - l a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is n M o e l a i i n p s - - K C s a 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: Aug. 23 4, 859, 493411, 8441, 232, 427 338, 873 446, 892414,103164,112 1, 037, 930191, 567137, 820183, 67085, 829 414, 424 Aug. 30 4, 892, 298414, 8441,244, 4923 T41, 707 448, 5822 12166 ,9 89787 164, 4614, 048, 214192, 478137, 928 1'8'!2,,' 72386, 787 413, 092 Sept. 6 4, 945, 513413, 4631, 277,199343, 368 452, 522 219, 479 165, 9914, 052, 615 192; 341239, 740183,152 88, 938 416, 701 Sept. 13 4, 983,108424,0701, 281, 368343,402 457',, 648 221, 216686,164 1,055,222 1""94', " 5"3"5 140, 025 184, 89790, 948 423, 561 Sept. 20 4,994, 686421, 6541, 273,192 343, 750 458, 212 2,26183166, 6331,057, •" 19'4 ,0•9•5" 1 39,895 183,876 90, 215 443, 525 Held by Federal Reserve bank: Aug. 23 287, 363 20,978 95, 412 17, 503 17, 963 10, 219 11, 952 24, 872 11, 688 4,984 10, 427 7,874 53, 491 Aug. 30 283,016 21, 865 84, 534 18, 361 18, 663 11, 253 11, 777 31, 013 12, 091 4,521 9,115 8,501 51, 322 Sept. 6 261, 797 15, 713 17, 641 19, 692 11,189 11, 075 25, 552 10, 421 3,800 7,322 7,952 45,134 Sept. 13 304,116 26,864 97, 736 14, 933 23,151 10, 457 11, 821 28, 551 12, 525 4, f '"9,124 10, 493 53, 813 Sept. 20 317, 078 24, 218 91, 958 16, 24, 746 12, 871 11,413 28,106 11,381 4,253 8,122 74, 624 In actual circulation:1 Aug. 23 4, 572,130390, 8661,137, 015 321, 370 428, 931 203, 884152,160 1., 013, 058 179, 817392, 836 173, 24377, 955360, 933 Aug. 30 4, 609, ""392, 9791, 159, 958 323, 346 429, 919 205, 713542, 6871, 017, 201 180, 387133, 40^173,608 78, 286 361, 770 Sept. 6 4, 683, 716397, 7501,190, 893 325, 727 432, 830 208, 291054,"" , 027, 063 181, 921135, 940175, 830 371,567 Sept. 13 4, 678, 992397, 2061,183, 632 328, 469 434, 497 210, 811154, 343 1, 026, 671 182, 011035, 377175, 773 80, 455 369, 748 Sept. 20 4, 677, 608397, 4361,181,234 327, 270 433, 466 2088,12 155, 220 1, 029,850 182, 714135, 642175, 754 81, 309 368, 901 Collateral held by bank as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Aug. 23 4, 945, 500420,0001, 248,000 345,000 450, 000215, 000169,0001, 055, 000196, 000139, 500185, 000 89, 000 434,000 Aug. 30 4, 967,000420,0001, 263, 000 345, 000 450,000220,000169, 0001, 055, 000196,000139, 500 1'8 5\, 000"" 500 434,000 S S S e e e p p p t t t . . . 2 6 1 0 3 5 5 5, , , 0 1 0 6 0 2 6 4 5 , , , 0 0 0 5 0 0 0 0 0 4 4 4 2 3 3 0 0 0 , , , 0 0 0 0 0 0 0 0 0 1 1 1 , , , 3 3 3 0 0 0 3 3 3 , , , 0 0 0 0 0 0 0 0 0 3 3 5 4 0 5 , , 0 0 0 0 0 0 4 4 6 5 0 4 , , 0 0 5 0 02 2 2 0 2 2 2 5 0 5 , , , 0 0 0 0 0 0 0 0 0 1 1 1 6 6 6 9 9 9 , , , 0 0 0 00 0 0 00 0 0 0 1 1 1 1 , , , 0 0 0 6 8 6 5 0 5 , , , 0 0 0 0 0 0 0 0 01 1 1 9 9 9 6 6 9 , , , 0 0 0 0 0 0 0 0 0 1 1 1 4 4 4 1 1 1 , , , 5 5 5 0 0 0 0 0 0 1 1 1 8 8 8 5 8 8 , , , 0 0 0 0 0 0 0 0 09 9 4 4 , , 5 5 5 0 0 0 0 0 0 4 4 4 3 6 4 4 4 4 , , , 0 0 0 0 0 0 0 00 Eligible paper: Aug. 23 2,182 95 852 48 320 10 16 206 635 Aug. 30 3,389 170 1,877 133 265 9 16 274 645 Sept. 6 3,258 1,786 141 298 52 16 294 Sept. 13 2,792 2,266 41 120 44 6 230 Sept. 20 1,172 490 65 291 74 6 246 Total collateral: Aug. 23 4, 947, 682420, 0951, 248, 852345, 048 450, 000215, 320169, 0001, 055, 000196, 010139, 516185, 206 89, 000 434, 635 Aug. 30 4, 970, 389420,1701, 264, 877345,133 450, 000220, 265169, 0001, 055, 000196,009139, 516185, 274 90, 500 434, 645 Sept. 6 5, 028, 758420, 0351, 304, 786345,141454, 500220, 298 1, 0001, 065, 000196, 052141, 516185, 294 92, 500 434, 636 Sept. 13 5,068, 792430,0851, 305, 266" "315,00,41460, 000225,120169, 0001, 065, 000196, 044141, 506 18, 230 94, 500 444, 000 Sept. 20 5,105,172430,0001, 303, 490350,065460, 000225, 291169, 0001, 080, 000199, 074141, 506188, 246 94, 500 464,000 1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

896 FEDERAL RESERVE BULLETIN OCTOBER 1939 RESERVE POSITION OF MEMBER BANKS, MEMBER BANK RESERVE BALANCES AUGUST, 1939 BY CLASSES OF BANKS [Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars] Reserves with Central reserve Gross Net Federal Reserve All city banks Re- Coun- Classes of banks de- de- Time banks mem- serve try and districts mand mand de- ber city banks1 de- de- posits banks i New Chi- banks posits posits ] qu R i e r - ed Held c E e x s - s York cago Total reserves held: All member banks _ _34, 668 28, 441 11,724 6,052 10, 659 4,607 1938—July 8,167 3,545 925 2,396 1,302 August 8,119 3,523 875 2,402 1,319 Central reserve city banks: September 8,196 861 2,352 1,314 New York 12, 801 12, 056 729 2,779 5,366 2,587 October 8,546 3,939 884 2,409 1,317 Chicago 1,657 2,358 491 561 923 November 8,727 4,075 2,426 1,338 December.. 8,745 4,139 2,387 1,322 Reserve city banks: 1939—January 9,029 4,409 780 2,474 1,366 Boston district 1,132 1,020 183 347 164 February 8,925 4,482 673 2,405 1,364 New York district 206 163 147 36 50 14 March 9,021 4,472 681 2,475 1,393 Philadelphia district._ 1,258 1,047 252 196 355 159 April 9,624 794 2,544 1,397 Cleveland district 1,614 1,288 732 262 438 176 May 9,997 5,094 878 2,630 1,395 Richmond district 728 567 207 110 165 56 June 10,085 5,049 893 2,728 1,415 Atlanta district 714 499 175 96 141 45 July 10, 321 5,195 848 2,827 1,451 Chicago district 1,278 891 570 184 284 100 August 10, 659 5,366 923 2,883 1,486 St. Louis district 807 612 179 116 187 71 Week ending (Friday) : Minneapolis district.. 390 266 90 51 81 30 1939—Aug. 18 10, 604 5,304 925 2,886 1,488 Kansas City district... 1,024 655 157 122 187 65 Aug. 25 10, 778 5,477 935 2,884 1,482 Dallas district 702 438 128 83 120 37 Sept. 1 10, 930 5,652 929 2,888 1,461 San Francisco district. 2,160 1,715 1,935 397 528 131 Sept. 8 11,080 5,735 911 2,889 1,544 Sept. 15 11,497 5,919 3,007 1,583 Total 12, 014 9,161 4,6 1,837 2,883 1,046 Excess reserves: 1938—July 3,026 1,352 424 767 483 Country banks: August 2,955 1,320 379 762 495 Boston district 855 561 103 168 65 September 2,920 1,382 361 698 479 New York district 1,290 962 1,395 185 344 159 October 3,143 1,589 375 712 467 Philadelphia district. _ 636 440 876 97 161 64 November 3,276 1,712 374 710 480 Cleveland district 595 415 665 83 133 50 December 3,226 1,734 376 658 457 Richmond district 512 324 349 56 92 36 1939—January 3,484 1,996 260 734 495 Atlanta district 478 290 224 46 71 25 February 3,373 2,047 164 669 494 Chicago district 861 565 720 104 196 92 March 3,432 1,986 179 741 526 St. Louis district 362 234 242 40 65 25 April 2,302 299 794 531 Minneapolis district._ 307 191 271 36 59 23 May 4,212 2,465 360 858 529 Kansas City district.._ 464 279 157 41 70 28 June 4,246 2,394 362 944 546 Dallas district 507 325 104 44 75 31 July 4,402 2,504 305 1,013 581 San Francisco district. 330 213 270 39 51 12 August 4,607 2,587 363 1,046 611 Week ending (Friday): Total 7,197 4,867 5,835 876 1,486 611 1939—Aug. 18 4,561 2,532 365 1,051 613 Aug. 25 4,696 2,674 370 1,047 605 Sept. 1 P4, 787 2,797 360 1,045 P584 i Gross demand deposits minus demand balances with domestic banks Sept. 8 P4, 912 2,856 343 1,046 P667 (except private banks and American branches of foreign banks) and Sept. 15 P5, 245 2,992 408 1,138 P707 cash items in process of collection. NOTE.—See table at foot of p. 907 for percentages of deposits required "Preliminary. to be held as reserves. i 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 Aug. July Aug. July Aug. July Aug. July Aug. July Aug. July Boston 1,987 1,994 658 656 1,855 1,864 528 528 132 129 130 128 New York 14, 297 13,991 2,271 2,255 i 1,196 i 1,190 i 1, 042 i 1,042 300 291 500 498 Philadelphia 1,894 1,848 1,128 1,126 1,663 1,625 673 671 231 223 455 455 Cleveland 2,209 2,205 1,397 1,393 1,985 1,982 1,101 1,097 224 222 296 296 Richmond _ 1,240 1,215 555 554 1,062 1,037 362 360 178 177 194 193 Atlanta 1,193 1 181 400 397 1 042 1 029 313 311 150 152 86 87 Chicago 4,796 4,722 1,781 1,771 1 1,819 i 1, 810 1997 i 993 320 319 293 291 St. Louis 1,169 1 168 421 420 956 957 304 303 213 211 117 117 Minneapolis. 697 693 361 360 518 515 177 176 179 178 184 184 Kansas City 1,487 1,465 314 314 1,149 1,130 200 200 338 335 114 113 Dallas 1,209 1 203 232 232 931 926 187 186 277 277 46 46 San Francisco 2,490 2,452 2,204 2,212 2,375 2,337 2,107 2,115 115 115 98 97 Total.. _ _ 34, 668 34,135 11, 724 11, 690 116, 553 116, 403 i 7, 992 i 7, 983 2,658 2,629 2,512 2,506 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

897 OCTOBER 1939 FEDERAL RESERVE BULLETIN KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] End of month Total c c G e a r o t t i e l f d s i- d S o i l l l v a e r r s c S c e i a r l t t v i e f e s i r - o T n f u r o e r 1 t y a e 8 s s 9 - 0 S s u c i i a l b o v r s i y e n id r - M co in in or U S n n t o a i t t t e e e s s d R F n e e o d se t e e r r s v a e l R F b n e e o a d se n t e e r k r s v a e l t b n i N o a o n n t a e k - a s l 1938—August 6,504 1,263 344 146 262 4,129 211 September. 6,622 1,292 348 147 264 4,215 208 October 6,700 1,297 351 148 269 4,282 206 November. 6,787 1,312 356 151 269 4,349 203 December. 6,856 1,339 357 151 257 4,405 201 1939—January... 6,653 1,269 149 244 4,301 198 February. 6,731 1,327 350 150 246 4,320 195 March 6,817 1,378 352 151 251 4,350 193 April 6,905 1,385 354 152 255 4,426 191 May 6,967 1,417 358 154 259 4,449 189 June 7,047 1,454 361 155 266 4,484 186 July 7,049 1,446 362 156 264 4,496 184 August 7,171 1,465 365 157 267 4,595 182 Back figures.—Bee Annual Report for 1937 (table 35.) PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] i T n o c t i a r l - Coin and small denomination currency 2 Large denomination currency3 Un- End of month t c i u o l n a - i Total Coin $13 $2 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 a e ss d o r a t- 1938—August 6,504 4,885 530 488 891 .,528 1,416 1,622 727 152 September. 6,622 4,970 536 501 912 ,556 1,434 1,656 396 744 156 317 October.... 6,700 5,021 540 505 .,572 1,450 1,683 400 754 157 321 November. 6,787 5,096 548 511 ,599 1,469 1,696 404 761 158 323 December. 6,856 5,147 550 524 946 ,611 1,481 1,714 409 770 160 327 1939—January... 6,653 4,953 538 492 904 ,546 1,440 1,705 403 768 160 February. 6,731 5,011 541 498 919 ,574 1,446 1,721 406 774 161 335 March 6,817 5,049 544 503 928 , 594 1,448 1,770 411 799 165 349 April 6,905 5,069 548 505 929 ., 602 1,453 1,838 418 829 170 370 May 6,967 5,109 554 513 937 ,614 1,458 1,861 422 836 172 380 June 7,047 5,164 558 514 947 ,638 1,473 1,887 428 848 176 388 July 7,049 5,169 561 514 947 ,644 1,470 1,885 426 847 175 391 August 7,171 5,253 566 521 1,681 1,487 1,922 433 857 180 405 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. 8 Paper currency only; $1 silver coins reported under coin. Back figures.—See Annual Report for 1937 (table 36). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY Held by Treasury and Federal Reserve banks and in circulation. In millions of dollars] [By selected banks and financial institutions in New York City. In millions of dollars] End of month Total d S s li o b a i i o l l n l u v v n l d l a e e - r r ! 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 n s b F e R e o a e r r t e n a d v e - l k - e s t b n i N o o a n n t a e - a k 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 o r e o m i p p e ts m s N h e i e n p t t - s rec N e e ip t ts 1936.. 34.8 26.2 8.6 1938—August 2,731 1,608 375 157 347 30 214 1 1 9 9 3 3 7 8 . . . . 2 3 1 3 . . 5 1 4 3 7 4 . . 6 4 2 1 6 . . 3 1 September. 2,739 1,618 376 158 347 29 212 October 2,751 1,634 376 158 347 29 208 1938-August 1.1 2.3 1.2 November. 2,773 1,657 376 158 347 29 206 September.. 14.7 1.0 13.7 December.. 2,798 1,685 376 159 347 28 203 October 10.6 .6 10.0 November.. 3.4 1.0 2.4 1939—January 2,816 1,705 376 159 347 28 201 December.. .7 2.2 1.5 February... 2,824 1,717 376 160 347 27 198 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 J M_ u a n y^ e — ._ 2 2 , ,8 8 6 8 2 1 1 1 , , 7 7 5 7 9 8 3 3 8 7 0 7 1 1 6 6 1 1 3 3 4 4 7 7 2 2 6 6 1 1 8 9 9 1 A M p a r r i c l h 4 2 6 7 . . 1 3 . . 3 9 4 2 5 6. . 4 8 July 2,895 1 794 381 162 347 26 186 May 3.8 .7 3.1 August 2,907 1,804 383 162 347 25 185 June 2.9 1.1 1.8 July 2.2 1.0 1.2 1 Includes silver held against silver certificates amounting to $1,704,- August 4.7 3.8 000,000 on August 31, 1939 and $1,534,000,000 on August 31, 1938. Back figures—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

898 FEDERAL RESERVE BULLETIN OCTOBER 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 period crease loss (—) mesin Net through tic Year or month total gold ear- gold August July Jan.-Aug. 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. , 133.9 96.0 1935 10,125 1,887. , 739.0 .2 110.7 Belgium 165,121 1936. 11, 258 26.5 1,132. ., 116. 6 -85.9 131.6 France 1 3,684 1937 12, 760 1,227.9 1, 502. ., 585. 5 -200. 4 143.9 Germany 9 1938 14, 512 1, 751.5 1, 973. 6 -333. 5 148.6 Netherlands 22, 640 45, 554 298, 319 Spain 215 594 1937—May 11, 990 759.1 191.1 155.4 26.2 12.4 Sweden 10 3,860 June 12, 318 1,086. 8 327.8 262.0 -15.9 11.2 Switzerland 5,628 77,463 July 12, 446 1, 214.1 127.3 175.4 -35.5 12.7 United Kingdom.._ 163, 739 177, 805 1,624,852 53 August 12, 567 1, 335. 7 121. 104.8 -5.3 16.9 Canada 34,311 15, 204 108, 460 129 September 12, 741 1, 210. 0 174.3 145.5 9.3 12.2 Mexico 3,956 4,150 23,951 206 October 12, 803 1, 271. 9 62.0 90.5 -8.0 14.9 Central America... 473 539 4,008 November 12, 774 1, 242. 5 -29.3 22.1 -20.1 13.8 Argentina 1 4,505 December 12, 760 1, 227. 9 -14.0 18.0 -101.6 11.9 Chile 866 1,127 \ 475 Colombia 2,120 2,123 16,904 1938—January 12, 756 1, 223. 2 -4. 2.1 -1.1 11.0 Ecuador 207 369 1,958 February 12, 776 1, 200. 6 20.7 8.0 -18.2 10.0 Peru 266 226 2,512 March 12, 795 1,183.0 18. 52.9 -.6 10.7 Venezuela 337 318 2,803 April 12, 869 74.3 71.1 -1.2 10.6 Australia 5,689 5,034 41, 379 May 12, 919 49.8 52.8 -53.9 11.5 British India 9,259 2,760 26, 459 June 12,963 44. 55.3 -15.5 9.6 China and Hong July 13,017 54.5 63.8 -20.9 14.2 Kong 1,912 1,190 11, 274 August 13,136 118. 166.0 -28.8 14.7 Japan 10, 931 10, 938 107,096 September 13, 760 623.8 520.9 -13.3 14.1 Philippine Islands. 2,775 3,022 23, 213 October 14, 065 305.0 562.4 -110.2 13.5 All other countries2. 238 2,647 4,757 November 14, 312 247.5 177.8 -7.4 15.5 December 14, 512 199.6 240.5 -62.4 13.3 TotaL. 259, 934 13 278, 645 2, 559, 656 457 1939—January 14, 682 170.0 156.3 14.1 12.2 February 14, 874 192. 223.3 -48.6 10.4 1 Figures represent customs valuations which, with some exceptions, A M p a r r i c l h 1 1 5 5 , , 2 79 5 1 8 3 5 8 3 3 2 . . 8 3 3 6 6 0 5 5 . . 4 8 -11 1 4 0 . . 8 7 1 1 1 3 . . 0 1 are 2 I a n t c r l a u t d e e s o f a $ ll 3 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. May 15,957 166.2 429.4 -251. 6 12.6 Back figures—See table, p. 929, and Annual Report for 1937 (tables June 16,110 153.3 240.4 -102.6 10.6 31 and 32). July 16, 238 128.0 278.6 -166.2 13.1 August 16,646 407.6 259.9 152.1 P13.3 Sept. 1-27 P.... 16, 925 279. 306.4 6.3 BANK DEBITS 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 at Federal Eeserve banks for foreign account on August 31, 1939, in millions of dollars: 1,135.4. NOTE.—Figures for domestic production of gold are those published Total, 140 133 in table, p. 929, adjusted to exclude production in Philippines. Ad- all New other other justment based on annual figures reported by Director of Mint and Year and month report- York lead- reportmonthly imports of gold to U. S. from Philippines. For back figures, ing City ing ing see Annual Report for 1937 (table 29). centers cities i cities 2 BANK SUSPENSIONS* 1929 982, 531 331,938 47, 504 1935 402, 718 184,006 190,165 28, 547 1936 461,889 208,936 219, 670 33, 283 Member Nonmember 1937 469,463 197, 836 235, 206 36, 421 banks banks 1938 405, 929 168, 778 204, 745 32, 406 Total, all 1938—July 33,133 13,828 16, 677 2,628 banks Na- In- Not August 30, 798 12, 247 16, 023 2,528 tional State sured2 insured September. 32,192 13, 085 16, 440 2,666 October 36,130 15,140 18, 096 2,895 November. 32, 224 12, 425 17, 039 2,760 Number of banks suspended: December. 43, 209 18, 879 21,087 3,243 1934 1935 1939—January... 35,180 14,533 17,860 2,786 1936 February- 29, 973 12, 380 15, 201 2,392 1937 March 37, 322 16, 274 18, 211 2,837 1938 April 32, 822 13,311 16, 832 2,679 1939—Jan.- Aug ___ May 34, 656 14,165 17, 763 2,728 June 36, 883 15, 312 18, 676 2,895 Deposits of suspended'banks July—____. 33, 245 12, 794 17, 683 2,768 (in thousands of dollars):3 August 33, 314 13,118 17,496 2,701 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.-Aug. 34,225 1,357 25, 634 4,779 2,455 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. 1 Represents licensed banks suspended; does not include nonlicensed banks placed in liquidation or receivership. Back figures—Qee Annual Report for 1937 (Table 71), which also gives 2 Federal deposit insurance became operative January 1, 1934. a definition of bank debits. Figures for individual reporting cities and ' Deposits of member banks and insured nonmember banks suspended totals by Federal Reserve districts are available in mimeographed form. 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

899 OCTOBER 1939 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figuresf rom June 1934 to December 1935, see Federal Reserve Bulletin for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 Member banks 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 s a s l b m n a b e o n e m n r k - 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.. _ 53,852 32,284 19,411 12,873 8,983 12, 584 Dec. 31 24,630 8,522 7,403 1,119 609 15, 499 Dec. 31— 55, 289 33,865 20, 290 13, 575 8,916 12, 508 1933—June 30 14, 519 6,606 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 1,032 666 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 1,051 665 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—June 30 15, 287 6,338 5,242 1,096 563 8,386 1938—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 June 30» 15,082 6,330 5,203 1,127 553 8,199 June 30__. 55,988 38, 027 24, 534 13, 493 10, 521 7,440 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 6,892 3,664 13,207 9,981 3,227 Dec. 31 58,417 41,918 16,499 35,934 26,150 9,784 9,463 6,945 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 6,941 4,103 6,246 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 6,341 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 6,105 4,856 6,238 3,032 3,206 Dec. 31 49, 524 21,449 28,075 33,000 13,360 19, 640 10,060 5,027 5,034 6,464 3,062 3,402 1937—June 30 49, 696 22, 514 27,182 32, 739 14, 285 18, 454 10,180 6,002 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—June 30 47, 381 21,130 26, 252 30, 721 12, 938 17, 783 10,196 4,961 5,235 6,465 3,231 3,234 Dec. 312 48,929 21, 354 27, 575 32,070 13, 208 18, 863 10, 255 4,930 5,325 6,604 3,217 3,387 1939—Mar. 29 2 48, 929 21,154 27, 775 32,095 13,047 19,048 10, 265 4,926 5,338 6,569 3,180 3,389 June 303 49,602 21,310 28,292 32, 603 13,141 19,462 10,342 4,931 5,411 6,657 3,238 3,419 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." 3 Nonmember bank figures are preliminary. Back figures—See Annual Report for 1937 (tables 48-49). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

900 FEDERAL RESERVE BULLETIN OCTOBER 1939 CONDITION OF ALL MEMBER BANKS [In millions of dollars] Loans1 Investments i Loans for U. £•>. Government obligations Com- purchasing Obli- Total mer- or carrying gations loans cial, securities Direct of Call date and in- Open Real Loans Other States Other in- Total i dus- mar- estate to loans 4 Total and securvest- trial, ket To loans banks Guar- polit- ities l ments and paper brok- an- ical agri- ers To Total Bills Notes Bonds teed subcul- and others3 divitural 2 deal- sions fi 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 «249 520 3,094 1,393 4,528 1933—June 30. 24, 786 12,858 595 953 3,752 2,372 330 4,857 1,928 6,887 1,113 2,049 3,725 1,744 3, 297 1934—Dec. 31_.28,150 12,028 751 1,030 3,110 2,273 155 4,708 16,122 9,906 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 7,783 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 2,728 18,863 10,882 286 3,389 7,208 2,340 2,448 3,192 1939—Mar. 29..32, 095 13,047 5,531 427 838 733 2,749 99 2,671 19,048 10, 691 303 2,604 7,783 2,660 2,555 3,142 June30_. 32, 603 13,141 5,571 420 731 736 2,828 58 2,796 19,462 10, 946 441 2,720 7,786 2,831 2, 554 3,131 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 1,810 749 401 607 653 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 30. _ 8,688 2,988 1,479 128 555 215 130 41 440 5,700 3,360 168 908 2,284 1,123 480 736 CITY OF CHICAGO 8 1929—Dec. 31__ 1,757 1,448 19 251 533 21 88 535 309 116 «3 19 94 96 96 1933—June 30.. 1,287 677 70 61 251 30 30 237 610 384 8 206 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 30. _ 2,052 544 348 14 39 71 11 59 1,507 1,040 185 234 621 135 154 179 RESERVE CITY BANKS 1929—Dec. 31.. 12,029 9,084 168 664 2,775 1,538 258 3,679 2,944 1,368 165 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 3O._ 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 30. _ 11, 756 5,004 2,118 138 115 221 1,284 12 1,116 6,751 4,102 78 1,014 3,010 • 889 895 866 COUNTRY BANKS 1929—Dec. 31 13,375 8,936 201 291 2,231 1,462 45 4,705 4,439 1,267 6 97 171 999 627 2,546 1933—June 30. 7,873 4,275 35 25 1,117 1,055 38 2,005 3,598 1,469 6 64 299 1,106 581 1,549 1934—Dec. 31 8,780 4,025 101 64 996 1,026 27 1,810 4,756 2,108 6 13 562 1,533 355 741 1,552 1935—Dec. 31 8,919 3,918 142 20 894 1,035 17 1,810 5,002 1,940 28 722 1,189 623 807 1,633 1936—Dec 31 9,825 4,078 187 29 843 1,123 14 1,881 5,747 2,368 17 689 1,662 645 883 1,851 1937—Dec. 31. 10,124 4,446 216 25 824 1,219 13 2,149 5,677 2,490 29 786 1,675 678 879 1,630 1938—June 30 9,752 4,388 173 20 790 1,269 9 2,126 5,364 2,385 13 715 1,657 579 878 1,522 Dec. 31__ 10,113 4,444 1,531 138 25 243 1,353 5 1,149 5,669 2,636 11 732 1,893 597 982 1,453 1939— Mar. 29__10,098 4,480 1,597 142 24 226 1,363 6 1,121 5,618 2,578 15 585 1,978 643 1,001 1,397 June 30. _ 10,109 4,605 1,626 140 22 229 1,402 5 1,180 5,504 2,444 11 563 1,870 683 1,025 1,351 i 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. * Not reported separately prior to December 1938 except for weekly reporting banks in leading cities. 8 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. i This is a residual item and because of the revised loan classifications figures beginning Dec. 31, 1938, are not comparable with earlier figures. 1 Includes obligations of territorial and insular possessions when reported separately. 1 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

OCTOBER 1939 FEDERAL RESERVE BULLETIN 901 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 TT Q. uals, and Bor- ital eral in do- posits part- polit- and Gov- part- polit- Postal row- acb s a R e n r e v k - e s vault m ba e n s k ti s c 1 jus a t d e - d2 s n a h c e o n ip r r d - - s, s d s i i u i c o v a b n i l - - s ch c e o e e t f c c f r i s k . - 3 ' s, m e e rn n - t4 s n h a co e n ip r r d - - s, s d s i i u i c o v a b n i l - - s i s n a g v s - 4 m D a e n - d Time b F e a i o n g r k n - s ings counts pora- porations tions TOTAL—ALL MEMBER BANKS 1929—Dec. 31 _ 2,374 558 2,168 16,647 17, 526 1,335 1,681 143 12,267 595 122 3,517 95 698 879 6,709 1933—June 30 2,235 405 2,008 12,089 11,830 1,087 657 806 7,803 300 788 3,057 89 146 191 4,837 1934—Dec. 31 4,082 609 3,149 15,686 14,951 1,799 838 1,636 9,020 294 452 4,569 134 154 13 5,054 1935—Dec. 31 5,573 665 3,776 18,801 18,035 2,139 882 844 9,680 361 218 5,696 151 449 6 5,145 1936—Dec. 31 6,572 697 4,066 21, 647 20,970 2,329 881 882 10,429 296 104 6,402 153 438 15 5,275 1937—Dec. 31 7,005 589 3,414 20, 387 19, 747 2,132 767 781 10,806 482 95 5,436 129 464 12 5 371 1938—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 9,112 111 4,403 22,364 20,845 2,467 533 lib 10, 940 461 68 6,816 133 629 7 5,467 June 30 10,011 712 4,674 23, 587 22,448 2,532 790 694 11,063 441 59 7,097 142 607 5 5, 496 NEW YORK CITY 6 1929—Dec. 31 827 68 179 4,750 5,847 128 1,180 20 1,112 33 18 1,198 40 597 179 2,105 1933—June 30. 846 46 101 4,358 4,676 96 461 332 671 4 110 1,255 22 128 8 1,582 1934—Dec. 31 1,576 86 103 5,069 5,370 229 540 792 591 4 56 1,798 1 133 1,565 1935—Dec. 31 .. . . 2,541 65 111 6,193 6,479 323 524 224 591 12 3 2,338 414 1,573 1936—Dec. 31 2,658 61 133 6,929 7,274 285 457 225 679 13 2,493 397 12 1,585 1937—Dec. 31 2,738 56 120 6,111 6,507 189 404 382 696 49 2,108 423 1,606 1938—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 June 30 4,975 61 112 8,012 8,281 288 472 84 653 46 2,992 524 1,586 CITY OF CHICAGO s 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 L, 301 208 27 98 413 522 4 229 1936—Dec. 31 558 32 188 1,554 L, 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—June 30 936 31 208 1,523 L, 386 221 23 86 443 16 688 6 248 Dec. 31 884 35 235 1,688 1,597 181 29 83 452 9 658 9 257 1939—Mar. 29 705 22 178 1,250 L, 182 141 26 83 452 12 834 10 261 June 30__ 897 26 235 1,666 1.565 197 22 60 471 17 746 12 270 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. 31 1,268 207 1,543 5,136 4,919 585 169 620 3,494 206 186 1,984 117 18 614 1935—Dec. 31 1,594 256 1,779 6,161 6,001 707 204 385 3,796 266 79 2,422 134 29 , 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 6,743 111 192 256 4,161 266 34 2,389 107 34 , 735 1938—June 30 2,289 300 1,951 6,934 6,668 812 146 266 4,238 262 31 2,514 113 32 753 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 2 795 June 30 2,735 318 2,210 7,654 7,331 917 160 415 4,320 233 19 2,920 115 69 81? 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 j 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 :L, 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—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 1,818 June 30 1,403 307 2,117 6,255 5,272 1,130 135 136 5,619 145 40 439 26 2 5 1,828 i 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." 1 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. * Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31, 1935. * U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. * Central reserve city banks. Back figures.—SQQ Annual Report for 1937 (tables 52-58). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

902 FEDERAL RESERVE BULLETIN OCTOBER 1939 CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 Investments1 Loans for U. S. Government obligations Com- purchasing Total mer- or carrying Date or Month m l v o a e i e n a n n s n d - t t - s s' Total t d c a r u i i i n n a a s d - l - l , , p O m k a p p a e e t r e n - r br T s o o e k c - urities 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 Direct G a u n a - r- r s O i e t t c i h e u s e - r i a c g u r l- i- a e n r d s ot T h o ers Total Bills* Notes5 Bonds' teed tural dealers TOTAL—101 CITIES 1938—August 20, 675 8,215 3,886 337 636 577 1,160 111 1,508 2, 460 7,702 1,646 3,112 1939—February 21, 527 8,197 3,760 323 795 533 1,145 102 1,539 3, 330 8,178 I »9l 3,261 March 21, 705 8,241 3,792 310 831 529 1,137 94 1,548 3,464 8,186 410 2,201 5,575 2,027 3,251 April.. 21, 727 8,127 3,848 305 697 537 1,144 69 1,527 3, 600 8,225 342 2,011 5,872 2,033 3,342 May _-. 21, 693 8,091 303 678 539 1,151 58 1,523 13, 602 8,296 2,033 5.865 2,033 3.273 June 21, 887 8,094 3,830 304 671 541 1,159 52 1,537 .3, 793 8,383 422 2,106 5,855 2,119 3,291 July 22, 046 8,146 3,888 312 532 1,163 64 1,539 .3, 900 461 2,132 5,906 2, 158 3,243 August 22, 327 8,179 3,930 313 521 1,171 62 1,540 .4,148 8,537 2,149 5,900 2,265 3,346 1939—July 5 22,000 8,142 3,872 314 650 542 1,159 56 1,549 .3,858 8,485 2, 125 5,891 2,150 3,223 July 12 22, 023 8,131 3,887 313 644 530 1,163 58 1,536 3, 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 71 1, 534 3, 909 8,505 4r8 2,132 5.915 2, 159 3, 245 July 26 22, 135 8,194 3,899 312 681 528 1,165 71 1,538 3, 941 8,514 465 2,137 5,912 2,168 3,259 Aug. 2 22, 244 8,166 3,887 313 655 526 1,168 74 1,543 4, 078 8,515 473 2,132 5,910 2,241 3,322 Aug. 9 22, 274 8,156 3,917 310 631 522 1,170 74 1,532 4,118 8,530 480 2,155 5,895 2,259 3,329 Aug. 16 22, 337 8,186 3,912 313 676 519 1,172 60 1,534 4,151 8,544 495 2,159 5,890 2, 267 3, 340 Aug. 23 22, 340 8,178 3,938 312 639 518 1,173 53 1,545 4,162 8,533 494 2, 138 5,901 2,274 3,355 Aug. 30 22, 442 8,209 3,996 317 608 519 1,174 49 1,546 4, 233 8,565 502 2,160 5,903 2,286 3,382 Sept. 6 22, 389 8,305 4,075 314 640 512 1,174 46 1,544 4, 084 8,512 468 2,154 5,890 2,219 3,353 Sept. 13 22, 389 8,315 4,159 318 568 513 1,178 34 1, 545 4, 074 8,489 475 2,153 5,861 2,222 3,363 Sept. 20 22, 339 8,319 4,201 315 532 510 1,180 35 1,546 4, 020 8,428 437 2,131 5,860 2,230 3,362 NEW YORK CITY 1938—August 7,584 2,938 1,466 133 510 195 118 432 4,646 2,806 1,054 1939—February 7,676 2,901 1,357 125 644 187 110 396 4,775 2, 634 974 1,167 March 7,904 2,932 1,364 120 675 190 109 397 4,972 2,743 91 802 1,850 1,053 1,176 April 8,010 2,795 1,379 117 555 195 110 383 5,215 2,946 146 741 2,059 1,045 1,224 May 7,958 2,759 1,372 120 529 198 111 385 5,199 3,024 170 727 2,127 1,034 1,141 June 8,103 2,758 1,375 121 523 201 113 386 5,345 3,139 168 808 2,163 1,060 1,146 July 8,138 2,765 1,408 120 497 191 115 380 5,373 3,174 146 821 2,207 1,098 1,101 August 8,349 2,828 1,483 117 493 184 117 382 5,521 3,197 205 826 2,166 1,137 1,187 1939—July 5 8,136 2,771 1,405 126 495 200 114 386 5,365 3,196 167 823 2,206 1,094 1,075 July 12 8,140 2,758 1,409 120 496 190 115 379 5,382 3,184 144 826 2,214 1,093 1,105 July 19 8,092 2,732 1,405 118 472 187 115 375 5,360 3,154 125 818 2,211 1, 100 1,106 July 26 8,182 2,797 1,414 118 523 188 115 379 5,385 3,161 147 817 2,197 1,106 1,118 Aug. 2 8,309 2,806 1,438 117 501 186 116 384 5,503 3,201 194 818 2,189 1, 127 1,175 Aug. 9 8,332 2,807 1,464 114 484 186 116 379 5,525 3,217 206 835 2,176 1,133 1,175 Aug. 16 8,386 2,846 1,471 117 525 184 118 381 5, 540 3,225 220 834 2,171 1,136 1,179 Aug. 23 8,340 2,826 1,496 117 489 183 118 381 5,514 3,187 208 819 2, 160 1,141 1,186 Aug. 30 8,379 2,856 1,545 120 467 183 118 384 5,523 3,155 194 825 2,136 1,147 1,221 Sept. 6 8,341 2,892 1,573 115 499 176 118 378 5,449 3,147 189 816 2,142 1,093 1,209 Sept. 13 8,361 2,858 1,615 115 430 178 118 377 5,503 3,191 226 812 2, 153 1,098 1,214 Sept. 20 8,393 2,856 1,640 115 405 178 117 376 5,537 3,217 261 2, 167 1, 107 1,213 OUTSIDE NEW YORK CITY 1938—August 13, 091 5,277 2,420 204 126 382 1,042 1,076 7,814 4,896 860 2,058 1939—February 13,851 5,296 2, 403 198 151 346 1,035 1,143 8,555 5,544 91; 2,094 March 13,801 2,428 190 156 339 1,028 1,151 8,492 5,443 319 1,399 3,725 974 2,075 April 13, 717 5,332 2,469 188 142 342 1,034 1,144 8,385 5,279 196 1,270 3,813 988 2,118 May 13, 735 5,332 2,467 183 149 341 1,040 1,138 8,403 5,272 228 1,306 3,738 999 2,132 June 13, 784 5,336 2,455 183 148 340 1,046 1,151 8,448 5,244 254 1,298 3,692 1,059 2,145 July 13, 908 5,381 2,480 192 151 341 1,048 1, 159 8,527 5,325 315 1,311 3,699 1, 060 2,142 August 13, 978 5,351 2,447 196 149 337 1,054 1,158 8,627 5,340 283 1,323 3,734 1,128 2,159 1939—July 5 13, 864 5,371 2,467 188 155 342 1,045 ,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 ,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 ,159 8,549 5,351 333 1,314 3,704 1,059 2,139 July 26 3, 953 5,397 2,485 194 158 340 1,050 ,159 8,556 5,353 318 1,320 3,715 1,062 2,141 Aug. 2 3,935 5,360 2,449 196 154 340 1,052 159 8,575 5,314 279 1,314 3,721 1,114 2,147 Aug. 9 3, 942 5,349 2,453 196 147 336 1,054 153 8,593 5,313 274 1,320 3,719 1,126 2,154 Aug. 16 3, 951 5,340 2,441 196 151 335 1,054 153 8,611 5,319 275 1,325 3,719 1,131 2,161 Aug. 23 14, 000 5,352 2,442 195 150 335 1,055 164 ' '485,346 1,319 3,741 1,133 2,169 Aug. 30 4, 063 5,353 2,451 197 141 336 1,056 162 10 5,410 1,335 3,767 1,139 2,161 Sept. 6 4,048 5,413 2,502 199 141 336 1,056 ,166 8,635 5,365 279 1,338 3,748 1,126 2,144 Sept. 13 14, 028 5,457 2,544 203 138 335 1,060 1,168 ;, 571 5,298 249 1,341 3,708 1,124 2,149 Sept. 20 3, 946 5,463 2,561 200 127 332 1,063 1,170 8,483 5,211 176 1,342 3,693 1,123 2,149 NOTE.—For description of figures see BULLETIN for November 1935 (pages 711-738) or reprint, which may be obtained from the Division of Research and Statistics, and BULLETIN for June 1937, (pages 530-531). For back figures see BULLETIN for November 1935 (pages 711-738) or reprint. BULLETIN for December 1935 (page 876), Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports. i Beginning February, 1939, amounts previously classified as loans or securities but indirectly representing bank premises or other real estate owned are classified among "Other assets". These amounts on February 8, 1939, were $47,000,000 for loans, mostly real estate loans, and $53,000,000 for securities. There was also a transfer of certain loans theretofore erroneously classified as "Commercial, industrial, and agricultural" to "Other loans." » Not reported separately prior to Feb. 8. 1939. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

903 OCTOBER 1939 FEDERAL RESERVE BULLETIN CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [Monthly data are averages of Wednesday figures. In millions of dollars.] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic Date or month b s w F e R e a e r i r n e a t d v - k h l - e s v C a i a n u s l h t m a b w n d a e o i c n s t - e h t k s i s c j m p u o s a d a t e d s e n - i - d t d s * s p p u v n h a c o a a i o e n i d r r p l r r d a t s - - - s - - , , S p s d s a i t i o u i c o a n v b l a t n i d - i l t e - s - s c C h c o a f e e e e i f t n e c f r c r d i d . t s k - i ' - s, m u G er . e o n n v - s t - 2 . s p u p v n h c a a a o i o e n i d l r r p r r d s t a - - - s - , - , S p s d s a i t o i u c i a n o v l b a t d n i - i l e t - s - s P s o a s v ta - l m D a e n b - d ank T s ime b e F a i o g n r n k - s r B i o n o w g r s - - c C o i a a t u c p a - n - l ts tions tions TOTAL—101 CITIES 1938—August. _ _. 6,602 387 2,416 15,118 15, 917 368 425 5,193 5,808 112 320 3,657 1939— M F a e r b c r h uary- 7 7, , 4 3 2 5 7 8 4 4 1 1 0 0 2 2 , , 5 5 4 8 3 0 1 1 6 6 , , 0 0 4 3 2 2 15,6 1 3 6 8 , 99 1 7 ,327 4 5 6 6 1 0 6 63 2 1 5 4,976 5,170 224 6 6 , ,1 3 7 9 5 5 1 1 1 1 3 6 5 5 6 8 3 7 3 3, , 6 6 8 8 7 2 April 7,973 2,596 16,455 16,000 1,372 428 620 4,974 235 6,473 116 638 3,695 May 8,361 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 6,607 121 606 3,721 July 8,645 448 2,765 17, 36617, 008 1,317 406 541 5,006 216 6,763 127 620 3,716 August 8,951 440 2,808 17, 71717,168 1,436 438 532 5,021 220 6,991 127 652 3,722 1939—July 5___. 8,473 441 2,759 17,109 16, 790 1,331 546 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 July 26... 8,750 448 2,745 17, 60117,132 1,352 363 536 5,014 218 6,667 129 627 3,718 Aug. 2... 8,684 424 2,793 17, 46216, 908 1,492 532 537 5,019 218 6,884 128 623 3,718 Aug. 9___ 8,791 446 2,777 17, 55116, 899 1,438 369 536 5,028 217 6,924 127 629 3,721 Aug. 16.. 8,917 426 2,842 17, 64117,271 1,399 461 532 5,019 220 7,055 128 655 3,722 Aug. 23_. 9,116 443 2,838 17,835 17, 281 1,404 435 527 5,021 223 7,051 128 669 3,724 Aug. 30__ 9,247 465 2,789 17, 479 1,447 394 528 5,017 224 7,040 127 683 3,724 Sept. 6... 9,368 463 2,813 18, 04017, 599 1,366 512 528 5,016 215 7,219 127 712 3,726 Sept. 13_. 9,686 489 2,950 18,288 18,102 1,359 496 526 5,018 210 7,459 127 720 3,714 Sept. 20-. 9,723 470 3,021 18,175 17, 926 1,266 391 528 5,013 207 7,566 126 742 3,712 NEW YORK CITY 1938—August. _._ 3,351 6,286 6,567 218 103 650 2,447 279 1,483 1939—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 7,608 7,636 280 269 60 580 2,845 529 1,488 July 4,995 7,660 7,773 225 231 59 589 2,928 540 1,479 August 5,184 7,905 7,913 304 274 51 597 3,052 575 1,482 1939—July 5___. 4,881 7,524 7,706 203 294 62 587 2,940 541 1,477 July 12. _. 4,985 7,656 7,759 224 214 61 587 2,940 532 1,478 July 19... 5,044 7,655 7,764 214 218 59 586 2,941 540 1,479 July 26... 5,072 7,804 7,864 258 199 56 596 2,892 546 1,480 Aug. 2___ 4,953 7,715 7,701 343 361 55 597 2,98^ 545 1,481 Aug. 9... 5,005 7,791 7,760 306 210 52 603 2,983 550 1,483 Aug. 16.. 5,145 7,875 7,958 291 291 50 594 3,074 575 1,482 Aug. 23. _ 5,317 7,951 7,974 274 280 48 594 3,105 591 1,482 Aug. 30.. 5,499 8,195 8, 174 308 230 48 596 3, 112 613 1,481 Sept. 6— 5,547 8,151 8,228 257 341 49 597 3,179 638 1,479 Sept. 13.. 5,699 8,195 8,347 319 48 604 3,308 649 1,475 Sept. 20.. 5,636 8,091 8,227 223 49 599 3,359 666 1,473 OUTSIDE NEW YORK CITY 1938—August. __. 3,251 337 2,347 8,832 9,350 150 322 4,543 3,361 112 2,174 1939—February- 3,070 358 2,469 9,198 9,788 162 515 4,549 3,536 113 2,198 March 3,118 2,486 9,066 8,563 1,085 165 511 4,389 186 3,652 116 2,204 April. 3,322 368 2,514 9,168 8,652 1,115 160 510 4, 391 192 116 2,212 May 3,466 2,567 9,329 8,764 1,148 167 496 4,406 209 3,716 118 2,224 June 3,594 2,651 9,574 8,997 1,190 150 485 4,416 188 3,762 121 2,233 July 3,650 383 2,688 9,706 9,235 1,092 175 482 4,417 172 3,835 127 2,237 August 3,767 377 2,734 9,812 9,255 1,132 164 481 4,424 170 3,939 127 2,240 1939—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 1,086 171 480 4,414 174 3,857 127 2,237 July 19... 3,662 377 2,691 9,732 9,286 1,061 171 482 4,414 171 3,845 128 2,236 July 26... 3,678 385 2,667 9,797 9,268 1,094 164 480 4,418 171 3,775 129 2,238 Aug. 2... 3,731 362 2,720 9,747 9,207 1,149 171 482 4,422 169 3,897 128 2,237 Aug. 9... 3,786 384 2,704 9,760 9,139 1,132 159 484 4,425 167 3,941 127 2,238 Aug. 16.. 3,772 366 2,766 9,766 9,313 1,108 170 482 4,425 170 3,981 128 2,240 Aug. 23._ 3,799 383 2,762 9,884 9,307 1,130 155 479 4,427 172 3,946 128 2,242 Aug. 30.. 3,748 394 2,717 9,901 9,305 1,139 164 480 4,421 173 3,928 127 2,243 Sept. 6__. 3,821 386 2,741 9,889 9,371 1,109 171 479 4,419 166 4,040 2,247 Sept. 13.. 3,987 410 2,878 10,093 9,755 1,090 177 478 4,414 167 4,151 127 2,239 Sept. 20-. 4,087 394 2,947 10,084 1,052 168 479 4,414 164 4,207 126 2,239 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

904 FEDERAL RESERVE BULLETIN OCTOBER 1939 CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [In millions of dollarsl Loans Investments u. Com- Loans for 3. Government obligations Total mer- purchasing loans cial, or carrying Federal Reserve and in- Open securities Direct district and date in- dus- mar- Real Loans Other (1939) vest- Total trial, ket estate to Other Total Guar- securments and paper To loans banks loans an- ities agri- brokcul- ers To Total Bills Notes Bonds teed tural and others dealers BOSTON ((3 cities) August 23._. 1,169 588 275 23 23 81 125 581 396 1 61 334 55 130 August 30. _. 1,169 584 272 61 22 22 81 125 585 399 63 336 54 132 September 6 1,175 590 276 62 23 22 81 125 585 401 62 339 52 132 September 13 1,184 595 277 65 25 22 81 124 589 403 63 340 53 133 September 20 1,181 598 282 64 23 22 81 125 583 405 3 61 341 46 132 NEW YORK (8 cities)* August 23 9,175 3,182 1,605 125 494 242 205 5,993 3,418 208 869 2,341 1,227 1,348 August 30 9,222 3,213 1,654 128 472 243 205 472 6,009 3,389 194 875 2,320 1,236 1,384 September 6 9,188 3,248 1,683 123 503 235 205 466 5,940 3,383 189 868 2,326 1,185 1,372 September 13 9,217 3,218 1,729 123 434 237 205 465 5,999 3,436 230 871 2,335 1,185 1,378 September 20 9,246 3,221 1,759 122 236 205 465 6,025 3,454 264 850 2,340 1,192 1,379 PHILADELPHIA (4 cities) August 23 1,164 421 191 26 31 55 743 365 39 326 98 280 August 30 1,160 415 189 26 31 55 745 366 39 327 98 281 September 6 1,156 414 189 26 31 55 742 365 38 327 97 280 September 13 1,154 417 192 26 31 55 737 363 39 324 94 280 September 20 1,149 414 191 25 31 55 735 363 38 325 94 278 CLEVELAND (10 Cities) August 23 1,918 678 251 26 171 1,240 838 20 221 597 112 290 August 30 1,926 679 253 26 172 1,247 844 20 221 603 112 291 September 6 1,923 256 26 172 1,239 841 20 221 600 111 287 September 13 1,903 260 25 172 196 1,217 821 14 221 586 110 286 September 20 1,889 682 259 25 172 196 1,207 811 8 222 581 110 286 RICHMOND (12 cities) August 23 674 245 104 15 38 72 429 313 178 135 51 65 August 30 682 245 105 15 37 73 437 321 189 132 51 65 September 6 678 245 107 15 37 72 433 317 188 129 51 65 September 13 683 249 108 15 38 73 434 315 189 126 53 66 September 20 685 249 109 15 38 73 436 317 191 126 53 ATLANTA (8 cities) August 23 579 283 150 11 31 81 296 141 9 31 101 64 91 August 30 584 284 152 11 31 81 300 146 9 34 103 63 91 September 6 582 285 152 11 31 81 297 143 9 34 100 62 92 September 13 582 287 153 11 31 83 295 142 9 35 98 61 92 September 20 585 154 11 31 83 297 143 10 35 98 62 92 CHICAGO (12 cities)* August 23 3,227 852 478 79 104 2,375 1,598 219 430 949 288 489 August 30 3,255 851 479 79 105 2,404 1,627 244 430 953 291 486 September 6 3,248 872 494 78 105 2,376 1,603 217 430 956 290 483 September 13 3,223 871 504 77 105 2,352 1,577 196 429 952 290 485 September 20 3,161 870 508 76 106 2,291 1,516 131 433 952 290 485 ST. LOUIS (5 cities) August 23 308 178 14 51 376 206 2 49 155 68 102 August 30 307 179 13 51 379 209 2 49 158 68 102 September 6 686 313 184 14 51 373 205 2 49 154 67 101 S Se e p p t t e e m m b b e e r r 2 1 0 3 6 6 7 7 6 9 3 3 1 2 9 0 1 1 8 8 9 9 1 1 4 4 5 5 1 1 3 35 5 9 7 1 1 9 9 3 3 2 2 5 5 0 0 1 1 4 4 1 1 6 6 5 6 1 9 0 9 0 M A I u N g N u E st A P 2 O 3 LIS (8 cities) 379 160 219 147 33 114 28 44 August 30 383 164 7 219 147 33 114 28 44 September 6 391 172 8 219 148 34 114 27 44 September 13 397 178 10 219 148 34 114 27 44 September 20 398 180 9 218 147 33 114 27 44 K A A u N g S u A st S 2 C 3 ITY (12 cities) 664 274 162 25 1 52 390 195 2 82 111 61 134 August 30 664 275 163 25 53 389 195 3 84 108 59 135 September 6 663 281 169 25 1 53 382 192 6 84 102 55 135 September 13 653 281 169 54 372 184 6 83 95 54 134 September 20 650 280 169 26 1 53 370 178 6 79 93 58 134 DALLAS (9 cities) August 23 509 251 164 47 258 158 29 50 79 45 55 August 30 512 253 166 21 48 259 156 26 50 80 48 55 September 6 508 257 170 21 47 251 150 22 52 76 46 55 September 13 513 261 172 21 49 252 143 16 45 82 53 56 September 20. 512 261 171 22 49 251 140 13 49 78 55 56 SAN FRANCISCO (7 cities) August 23 2,198 936 301 383 176 1,262 758 4 95 659 177 327 August 30 2,199 939 301 384 176 1,260 766 4 93 669 178 316 September 6 2,191 944 307 383 176 1,247 764 3 94 667 176 307 September 13 2,204 953 314 383 177 1,251 764 2 94 668 177 310 September 20 2,204 956 317 384 177 1,248 761 90 671 177 310 CITY OF CHICAGO* August 23 2,136 541 352 14 50 1,595 1,116 216 244 656 149 330 August 30 2,161 539 353 14 50 1,622 1,142 241 245 656 154 326 September 6 2,160 557 364 14 3 52 1,603 1,124 215 245 664 155 324 September 13 2,136 555 371 14 51 1,581 1,101 193 244 664 155 325 September 20 2,075 553 375 14 51 1,522 1,042 130 248 664 156 324 * 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

905 OCTOBER 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 a e e r i n r e a t d v - k h l - e s v C a i a n u s l h t m b a w a e n d n i s o c t t - e k h i s c s j m p u o a s d a t e d s n e - i - t d d s 1 s p u v n a h a a i e n i d r p l r d t s - - s - , , S p d s a i t o u c i a n v l b a t d i - i e l t - - s c C h c o a f e e e l f n e f r r c i d d t s k - i ' s,m U G e e . r o n n S v t - - 2 . s p u v h n a a a i n e i d l r p r d s t - - s - , , S p d s a i t o u c i a n v l b a t d i - i l e t - - s P i s n o a g s v s t - 5 al De- banks b F e a i o n g r k n - s r B i o n o w g r s - - c C o i a a t u c a p - n l - ts cor- etc. cor- sions mand Time pora- porations tions BOSTON (6 cities) August 23 426 140 149 1,126 1,082 16 245 284 25 243 August 30 418 141 146 1,116 1,074 15 244 290 19 244 September 6 418 141 151 1,126 1,097 14 241 296 19 244 September 13 445 144 147 1,147 1,125 19 240 311 19 245 September 20 457 143 154 1,149 1,133 17 237 319 25 245 NEW YORK (8 cities)* August 23 5,467 78 180 8,516 8,425 405 294 961 3,175 593 1,605 August 30 5,638 89 174 8,760 8,631 445 244 963 3,179 615 1,604 September 6 5,703 96 174 8,742 8,691 399 356 964 3,246 640 1,602 September 13 5,840 99 184 8,789 8,830 406 338 970 3,378 651 1,598 September 20 5, 778 95 192 8,711 343 241 966 3,428 1,596 PHILADELPHIA (4 cities) August 23 366 17 184 892 856 274 338 223 August 30 360 18 185 890 859 81 273 334 223 September 6 363 18 185 879 853 72 273 343 224 September 13 376 19 200 899 887 70 273 350 223 September 20 387 18 211 896 63 273 370 223 CLEVELAND (10 Cities) August 23 448 42 282 1,234 1,174 119 711 354 371 August 30 447 43 282 1,245 1,185 117 710 352 372 September 6 452 42 289 1,245 1,184 121 710 359 372 September 13 460 45 313 1,256 1,231 114 709 365 370 September 20 481 43 321 1,261 1,223 112 709 372 371 RICHMOND (12 cities) August 23 172 20 185 468 448 54 197 260 96 August 30 168 22 175 465 451 47 197 260 96 September 6 185 21 181 467 463 42 197 276 97 September 13 184 23 192 476 479 42 197 283 97 September 20 182 21 196 476 473 44 197 284 97 ATLANTA (8 cities) August 23 135 13 197 383 357 64 39 180 252 94 August 30 136 13 191 386 358 64 39 180 248 93 September 6 132 12 196 378 360 59 39 180 256 93 September 13 133 13 205 385 375 58 39 180 260 93 September 20 127 13 207 383 370 57 39 180 261 92 CHICAGO (12 cities) August 23 1,174 67 505 2,505 2, 315 314 104 911 1,064 403 August 30 1, 157 71 501 2,518 2,307 327 104 911 1, 062 404 September 6 1,159 69 507 2,499 2,297 323 105 911 1,078 405 September 13 1,252 74 521 2, 559 2,401 326 104 910 1,106 404 September 20 1. 327 71 534 2,562 2,387 315 104 911 1,119 404 ST. LOUIS (5 cities) August 23 _ _ _ _ 188 11 166 463 463 37 20 188 290 94 August 30 183 12 162 462 461 36 20 187 286 94 September 6 182 11 170 457 467 36 19 187 94 September 13 197 12 182 466 485 35 19 187 94 September 20 207 12 177 469 485 33 19 187 94 MINNEAPOLIS (8 cities) August 23 89 124 286 248 58 1 119 141 58 August 30 91 123 292 252 59 2 119 140 58 September 6 95 119 292 259 59 2 119 145 58 September 13 96 119 297 267 56 2 119 148 58 September 20 92 118 294 264 56 119 146 58 KANSAS CITY (12 cities) August 23 180 312 519 499 70 22 140 101 August 30 177 305 513 490 74 22 140 394 101 September 6 188 313 514 505 71 22 141 409 101 September 13 193 335 526 526 67 22 141 416 101 September 20 192 344 528 519 67 22 141 418 101 DALLAS (9 cities) August 23 120 256 452 439 38 30 127 218 86 August 30 125 251 456 434 44 30 127 218 86 September 6 132 258 452 438 41 30 127 232 86 September 13 142 265 465 459 40 30 127 241 85 September 20 131 271 454 451 38 30 127 245 SAN FRANCISCO (7 cities) August 23 351 298 991 975 74 107 277 350 August 30 347 294 993 977 72 107 277 349 September 6 359 270 989 985 69 106 281 350 September 13 368 287 1,023 1,037 72 106 293 346 September 20 362 296 1,015 1,017 70 107 292 345 CITY OF CHICAGO* August 23 945 222 1,728 1,624 184 60 478 810 265 August 30 927 213 1,729 1,610 196 60 477 267 September 6 929 219 1,724 1,603 199 60 477 267 September 13 1,011 223 1,760 1,668 203 60 476 266 September 20 1,083 235 1,768 1,666 195 60 477 856 266 * See note on preceding page. . 1 Demand deposits other than interbank and U. S. Government, less cash items reported as m process of collection. 2 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

906 FEDERAL RESERVE BULLETIN OCTOBER 1939 COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [Irl millions of dollars] Dollar acceptances outstanding By holders By classes Com- End of month p m c a i p e a r e l - r Total Held b b y a n a k c s cepting H R e e ld se b rv y e F b e a d n e k ra s l Based sto B re a d s e i d n o o n r s g h o i o p d p s ed out- out- on Based between points in stand- stand- For ac- Held im- on ex- Dollar ing i ing count of by ports ports ex- Own Bills For foreign others into from change Foreign Total bills bought own ac- corre- U.S. U.S. U. S. councount spond- tries ents 1938—August 209 258 216 129 87 (2) 42 83 58 2 55 60 September 212 261 221 129 92 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 51 94 59 3 59 57 December 187 270 212 121 91 (2) 58 95 60 3 57 56 193g—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 A pril 192 238 189 118 72 49 86 56 1 38 57 May 189 247 192 124 68 55 82 51 19 36 59 June 181 245 191 122 69 53 81 45 20 39 60 July 194 236 188 119 69 48 75 41 19 39 61 August 201 235 191 128 63 (»> 44 79 40 18 40 59 1 As reported by dealers; includes some finance company paper sold in open market. 2 Less than $500,000. Back figures.—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances * Other credit ba ances End of month C b u a ( d s n l t e a e o b n t m ) i c t e i e s rs' a b in n a p a d v l c a a e c r n s t t o c n r t u m e a e n s d r e t s i s n n ' in t g a b in n a a d v l c a e c f n i s t o r c r t m u m a e n s d e t i s n n in t g C a b h a n a s a d h n n k d i s o n n r M o b w o o e n r d e - y 2 Free O (n th et e ) r m p t i a r n e a r v n I t d n n e t i e s n a t r g n - s d ' m t i r n e f a n v i I d r t n e m i s n a t g n - d a c c ( a c n p I o e n i u t t n ) al ts accounts accounts 1937—March _ _ 1,549 61 175 223 1,172 346 115 29 18 419 June 1,489 55 161 214 1,217 266 92 25 13 397 September 1,363 48 128 239 1,088 256 96 26 12 385 985 34 108 232 688 278 85 26 10 355 1938—March 831 29 95 215 576 239 81 25 9 315 June 774 27 88 215 495 258 89 22 11 298 July 843 28 80 209 528 284 82 22 10 303 August 864 29 84 200 571 272 77 20 9 301 September __ 823 29 76 213 559 257 68 20 7 300 October 905 32 85 196 617 270 73 20 8 304 November 939 30 78 189 662 252 65 20 8 303 December 991 32 106 190 754 247 60 22 5 305 1939—January 971 34 75 192 713 235 60 22 12 298 February 967 29 83 168 709 222 62 20 5 294 March 953 27 84 174 699 225 59 20 9 294 April 831 26 83 190 579 236 60 20 7 290 May- 828 26 76 183 561 230 69 21 6 284 June ._. . _ 834 25 73 178 570 230 70 21 6 280 July 839 24 84 183 589 238 67 20 6 278 August- 792 22 71 202 556 235 58 20 6 275 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

907 OCTOBER 1939 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Rediscounts and advances under sections Advances secured by direct obligations 13 and 13a of the Federal Reserve Act of the United States (last paragraph of except last paragraph of Section 13 Advances under Sec- Section 13 of the Federal Reserve Act) tion 10(b) of the Federal Reserve Act Federal Reserve Bank Secured by direct and eligible guaranteed ob- All other To banks To others ligations of the U.S. Rate In Rate In Rate In Rate In Rate In Sept. effect Sept. effect Sept. effect Sept. effect Sept. effect 26 beginning- 26 beginning- 26 beginning— 26 beginning— 26 beginning— Boston 1 Sept. 1, 1939 1 Sept. 1, 1939 2 Sept. 2, 1937 1 Sept. 1, 1939 Apr. 29, 1938 New York .. ... 1 Aug. 27, 1937 1 Aug. 27, 1937 2 Oct. 10, 1935 1 Aug. 25, 1939 Feb. 8, 1934 Philadelphia Sept. 4, 1937 Sept. 4, 1937 2 Sept. 4, 1937 Sept. 1, 1939 Sept. 1, 1939 Cleveland.,. . May 11, 1935 May 11, 1935 2 Oct. 19, 1935 Sept. 1, 1939 May 11, 1935 Richmond __ _ .. Aug. 27, 1937 134 Aug. 27, 1937 2 Sept. 10, 1937 Sept. 1, 1939 4 Feb. 19, 1934 Atlanta _. _ 1 Sept. 16, 1939 Aug. 21, 1937 2 Aug. 21, 1937 1 Sept. 16, 1939 Apr. 23, 1938 Chicago 1 Sept. 1, 1939 Aug. 21, 1937 2 Aug. 21, 1937 1 Sept. 1, 1939 4 Oct. 16, 1933 St Louis 1 Sept. 21, 1939 Sept. 2, 1937 2 Sept. 2, 1937 1 Sept. 16, 1939 4 Feb. 23, 1935 Minneapolis . _ Aug. 24, 1937 Aug. 24, 1937 2 Aug. 24, 1937 Sept. 1, 1939 3 Oct. 8, 1938 Kansas Citv 1 Sept. 16, 1939 Sept. 3, 1937 2 Sept. 3, 1937 1 Sept. 16, 1939 Apr. 16, 1938 Dallas 1 Sept. 16, 1939 Aug. 31, 1937 Aug. 31, 1937 1 Sept. 16, 1939 Apr. 16, 1938 San Francisco Sept. 3, 1937 Sept. 3, 1937 2 Sept. 17, 1937 Sept. 1, 1939 4 Oct. 19, 1933 1 VA per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, 1 per cent; Cleveland, Kansas City, and Dallas, VA per cent. 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, Sept. 26, 1939, on advances and commitments under Sec. 13b, of the Federal Reserve Act as amended June 19, 1934. [Per cent per annum e,xcept as otherwise specified] Maturity Advances to financing institutions— Advances direct to Commit- 1-15 days 1.. Federal Reserve Bank industrial On por- ments 16-30 days... or com- tion for to make 31-45 days... mercial or- which On re- advances 46-60 days... ganizations institu- maining 61-90 days... tion is portion 91-120 days.. obligated 121-180 days. Boston 3 334 34-1 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 0) 234 NOTE.—Minimum buying rates at the Federal Reserve Bank of Cleveland 4^-6 4 1 New York on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. The same minimum Richmond 6 4-6 4-6 1-2 rates apply to purchases, if any, made by other Federal Reserve banks. Atlanta 5-6 5 5 ,-1 Chicago. 5-6 5-6 Back figures—See Annual Report for 1937 (table 41). St. Louis 334 4 Minneapolis 6 434-5 434-5 1 Kansas City 4-6 4 4 34-2 Dallas 5-6 4 5-6 l MAXIMUM RATES ON TIME DEPOSITS San Francisco.. _. 5-6 3-4 4-5 Maximum rates that may be paid by member banks as established by 1 Authorized rate 1 per cent above prevailing discount rate. the Board of Governors under provisions of Regulation Q. 3 Same as to borrower but not less than 4 per cent. 8 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 Classes of deposits 1917- 1936- 1937- 1937- 1938- Postal Savings deposits and banks Aug. 15, Feb. 28, Apr. 30, Apr. 15, and Other time deposits pay- 1936 1937 1937 1938 after able in: 6 months or more On net demand 90 days to 6 months deposits:l Less than 90 days Central reserve city.. 34 22 Reserve city 15 173 Country 10H 12 NOTE.—Maximum rates that may be paid by insured nonmember banks as established by the Federal Deposit Insurance Corporation, On time deposits: e b f a f n ec k t s iv . e I F n e s b o r m ua e r y S t 1 at , e 1 s 9 t 3 h 6 e , a m re a x th im e u s m am r e a t a es s e th st o a s b e l i i s n he e d f fe b c y t t fo h r e m B e o m ar b d er All member banks. __ 434 and the Federal Deposit Insurance Corporation are superseded by 1 See footnote to table on p. 896 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

908 FEDERAL RESERVE BULLETIN OCTOBER 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— Avenige rate on— 1929 1932 1933 1934 1935 1936 1937 1938 1939 Aver- U. S. Preas- age New York City: Year, Prime Stock Stock ury bills yield on January 5.74 4.71 4.12 3.58 2 832 642.50 2 36 2.29 month, or Prime bank- ex- ex- U.S. February, 5.73 4.71 4.11 3.43 2.90 2.56 2.41 2.34 2.24 week com- ers' change change Treas- March 5.81 4.72 4 883 312.64 2.61 2.50 2.40 CO mercial accept- time call New 91- ury April... 5.58 4.69 4.33 3.39 2.61 2.54 2.53 2.36 paper, ances, loans, loan issues day 3-to-5 May 5.88 4.55 4.24 3.42 2.69 2.51 2.44 2.40 4 to 6 90 90 re- of- deal- year June 5.93 4.61 4.10 3.30 2.66 2.44 2.34 2.36 months days days new- fered ers' notes July .. 5.88 4.42 3.93 3.30 2.61 2.44 2.36 2.27 als within quo- August 6.05 4.45 3.97 3.33 2.67 2.42 2.41 2.16 period* tation September 6.06 4.30 3.79 3.26 2.72 2.40 2.39 2.25 October 6.08 4.35 3.76 3.28 2.72 2.46 2.38 2.29 November 5.86 4.12 3.52 3.22 2.77 2.43 2.45 2.33 1936 average.__ .75 .15 1.16 .91 .143 .17 1.11 December 5.74 4.22 3.48 3.18 2.61 2.43 2.40 2.33 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—Aug 7/16 134 1.00 .047 .06 .71 January 5.87 5.07 4.89 4.65 4.08 3.62 3.36 3.37 3.41 Sept 7/16 IX 1.00 .096 .08 .82 February 5.86 5.13 4.84 4.49 4.02 3.63 3.43 3.29 3.33 Oct. 7/16 IX 1.00 .023 .05 .68 March 5.91 5.14 5 39 4 5? 4.05 3 603 343. 25 Nov vJX 7/16 IX 1.00 .024 .04 .71 April.. 6.00 5.10 5.09 4.52 3.99 3.47 3.36 3.26 Dec. . 7/16 V4 1.00 .007 .03 .67 May 6 09 5 144.99 4.39 3 883.45 3.45 3.27 June 6.02 5.13 4.97 4.30 3.78 3.51 3.32 3.38 1939— F Ja e n b 7 7 / / 1 1 6 6 I I X X 1 1 . . 0 0 0 0 . .0 0 0 0 4 2 . . 0 0 3 3 . . 6 6 5 3 J A u u ly gust 6 6 .1 0 1 85 5. 1 0 2 54 4 . . 8 6 2 8 4 4. . 1 1 2 5 3 3 . 7 8 9 7 3 3 . 4 6 7 1 3 3. . 2 3 9 2 3 3 . 2 2 6 8 Mar /% 7/16 IX 1.00 .005 .03 .51 September 6.24 5.03 4.65 4.11 3.75 3.45 3.33 3.30 April ^Ar/% 7/16 IX 1.00 .019 .03 .50 October 6.25 4.96 4.51 4.13 3.75 3.50 3.37 3.37 May 4 7/16 IK 1.00 .006 .03 .42 November 6.12 4.88 4.54 4.08 3.63 3.47 3.42 3.28 June Vi-,/% 7/16 \M 1.00 .006 .03 .39 December 5.94 4.88 4.59 3.98 3.67 3.46 3.36 3.47 July /% 7/16 IH 1.00 .017 .04 .45 Aug H- Vie i% 1.00 .046 .05 .48 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 Aug. 26.... H-H 7/16 IK 1.00 .076 .06 .53 February. 5.96 5.61 5.56 5.39 4.84 4.51 4.15 4.09 4 09 Sept. 2 H- 7/16 WA 1.00 .108 .09 .68 March 6.04 5.64 5.66 5.40 4.85 4.44 4.15 4.15 0) Sept. 9 Yr v% 7/16 IX 1.00 .159 .20 1.18 April 6.07 5.63 5 685.34 4.80 4.40 4 21 4 13 Sept. 16..._ hA-% 7/16 \\i 1.00 . 125 .17 1.12 May 6.10 5.64 5.66 5.28 4.79 4.43 4.17 4.13 Sept. 23.... Vs-% Vie IX 1.00 .082 . 13 1.09 June _ 6.16 5.62 5 6? 5.19 4.76 4 394 184 14 July 6.17 5.63 5.54 5.07 4.58 4.35 4.19 4.12 1 Series comprises 273-day bills to October 15, 1937, bills maturing A Se u p g t u e s m t ber __ 6 6 . . 2 2 2 7 5 5 . . 6 6 8 3 5 5 .5 5 5 35 5 .0 0 4 54 4 . . 6 5 3 1 4 4 .2 2 9 54 4 .1 1 8 84 4 .0 1 7 2 — about March 16, 1938, from October 22, to December 10, 1937, and 91-day October 6.29 5.56 5.50 5.05 4.55 4.23 4.16 4.06 bills thereafter. November 6.29 5.55 5.42 4.93 4.51 4.24 4.17 4.05— Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures December ._ 6.20 5.60 5.43 4.92 4.55 4.14 4.15 4.04 for 91-day Treasury bills available on request. 1 Series discontinued. New revised series on somewhat different basis to be substituted. BOND YIELDS1 [Per cent per annum] Corporate 4 TT Q 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- P ut 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—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 July 2.16 2.65 3.66 2.89 3.08 3.83 4.84 3.18 4.42 3.39 August 2.21 2.75 3.67 2.93 3.11 3.80 4.85 3.21 4.41 3.40 Week ending: Aug. 26. 2.27 2.78 3.71 2.95 3.13 3.82 4.92 3.24 4.46 3.42 Sept. 2 2.33 2.96 3.76 3.00 3.21 3.86 4.99 3.30 4.53 3.47 Sept. 9 . 2.55 3.32 3.95 3.20 3.46 4.03 5.09 3.54 4.62 3.68 Sept. 16 2.64 3.26 3.94 3.24 3.50 4.04 4.97 3.57 4.55 3.70 Sept. 23 2.74 3.29 3.96 3.28 3.52 4.07 4.98 3.59 4.57 3.72 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. «Standard Statistics Co. * Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa group has been reduced from 10 to 4, the industrial Aa group from 10 to 3, the industrial A group from 10 to 8, and the railroad Aaa group from 10 to 5. Back figures.—See Annual Report for 1937 (table 80); for U. S. Treasury bonds, see pp. 1045-1046 of BULLETIN for December 1938. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1939 FEDERAL RESERVE BULLETIN 909 BOND PRICES1 STOCK MARKET Corporate 3 Stock prices i U. S. Munic- Year, month, or date Treas- ipal 3 Volury 2 Indus- Rail- Year, month, or Common (index, 1926=100) ume of Total trial road Utility date Pre- tradferred 2 ing 3 Indus- Rail- Number of issues 2-6 15 60 20 20 20 Total trial road Utility 1936 average 103.7 110.8 97.5 92.2 94.7 105.4 1937 average 101.7 110.3 93.4 90.1 89.6 100.4 Number of issues. .- 20 420 348 32 40 1938 average 103.4 113.7 78.9 82.9 58.6 95.3 1936 average 138.9 111 127 51 104 1,824 1938—August. 104.0 115.2 81.3 85.7 60.0 98.1 1937 average _ _ 136.2 112 131 49 95 1,519 September 103.0 111.7 78.7 84.2 55.7 96.3 1938 average 135.6 83 99 26 73 1,100 October 104.3 115.2 81.8 59.9 98.6 November 104.0 116.6 82.1 60.2 99.3 1938—August 138.1 90 108 28 75 843 December 104.1 116.5 81.1 86.0 58.6 98.7 September. _. 137.9 86 104 26 72 1,054 1939—January 104.4 117.3 81.9 86.2 59.7 99.7 October 140.4 91 110 28 77 1,889 February 104.8 117.3 82.1 86.4 59.0 100. 7 November..- 142.3 95 114 30 81 1,355 March 106.0 117.9 83.1 87.1 60.9 101.3 December... 141.7 92 111 29 78 1,195 April 106.6 116.4 79.4 83.8 54.5 99.7 1939—January 141.7 92 109 30 81 1,114 May 108. 3 118.1 80.2 84.8 54.8 101.0 February 141.8 90 106 28 84 708 June 109.1 118.6 81.4 86.2 56.2 101.6 March. 142.3 92 108 30 86 999 July 108.9 118.3 81.6 86.3 56.4 102.1 April 140.4 82 96 25 80 964 August 108.2 116.5 81.0 85.8 55. 5 101.7 May 141.8 83 97 25 82 548 June. 143.9 86 101 26 85 507 Aug. 23 107.7 115.9 80.1 85.2 53.9 101.0 July 143.7 86 101 26 85 821 Aug. 30 107.3 112.7 79.8 84.7 53.8 100.8 August 142.3 86 101 25 87 706 Sept. 6 103.2 106.7 78.8 83.8 55.4 97.1 Sept. 13 102.3 107.6 81.4 85.2 60.1 Aug. 23 141.9 82 95 23 83 928 Sept. 20 100.8 107.1 81.2 85.0 59.9 Aug. 30 140.5 84 98 24 85 1,087 Sept. 6 138.0 92 110 28 83 3,987 Sept. 13 136.4 96 114 31 85 3.204 1 Monthly data are averages of daily figures except for municipal bonds, Sept. 20 _ 134.8 94 112 31 84 1,789 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. Figure for July 5, should be revised to 108.4. 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 newcapital 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 eigm 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 3,095 2,860 1,235 75 1,551 1,239 311 235 944 893 21 51 821 789 32 51 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—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 July 586 318 318 66 203 49 40 9 0 268 268 18 74 177 137 39 0 Aug 447 102 82 57 0 25 22 3 20 345 330 13 18 299 290 0 15 1 Includes issues of noncontiguous U.S. Territories and Possessions. 2 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 3 Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle; or 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

910 FEDERAL RESERVE BULLETIN OCTOBER 1939 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND7KIND OF DIRECT OBLIGATIONS [On basis of daily statements of United States Treasury. In millions of dollars] Non interest- Interest-bearing bearing Total :Publicly-offered 1 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 ury3 savings 1932—June 19,487 19,161 «18,816 753 13,460 1,261 616 105 240 60 266 1933—June 22, 539 22,158 «21, 782 753 13,417 4,548 954 92 284 66 31fi 1934—June 27,053 26, 480 «26,006 753 15, 679 6,653 1,404 118 356 54 518 1935—June 28, 701 27, 645 26,910 753 14,019 62 10,023 2,053 156 580 231 825 1936—June 33, 779 32, 989 31,297 79 17,168 316 11,381 2,354 1,071 19 601 169 620 1937—June.. 36,425 35, 800 33, 734 79 19, 936 800 10,617 2,303 926 579 560 119 506 1938—June 37,165 36, 576 33, 463 79 21, 846 1,238 9,147 1,154 868 1,601 644 141 447 1938—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 L,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 ,701 7,270 1,311 827 2,257 779 125 419 April 40,063 39, 525 35, 627 79 25, 218 L, 751 7,270 1,309 826 2,294 780 122 416 May ._ 40, 282 39, 751 35, 680 79 25,218 806 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 July 40, 661 40,114 35. 798 79 25, 218 1,949 7,243 1,309 833 2,542 941 140 408 August 40, 891 40, 351 35! 862 79 25, 218 2,015 7,243 1, 307 829 2,722 938 133 406 1 Excludes .postal savings bonds, formerly sold to depositors in the Postal Savings System. 2 Includes Liberty bonds. 3 Includes adjusted service bonds of 1945 and special issues of adjusted service bonds and of notes to Government Life Insurance Fund series and of certificates to the adjusted service fund. 4 Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement account. 6 Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation. • 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 OBLIGATIONS, AUGUST 31, 1939 FULLY GUARANTEED OBLIGATIONS, BY AGENCIES^ fin millions of doliarsl fin millions of dollars] Maturing Federal Home Recon- Com- u. s. Farm Owners' struction modity Hous- Bonds End of Total Mortgage Loan Finance Credit ing Date maturing Bonds call- Month Corpora- Corpora- Corpora- Corpora- Authoror callable Total Bills Notes able 1 tion tion 2 tion tion ity U. S. Sav- Other 1934—June.. 681 312 134 235 ings Dec... 3,063 980 1,834 249 1935—June- 4,123 1,226 2,647 250 1939—Before Oct. 1 413 402 11 Dec.. 4,494 1,387 2,855 252 Oct. 1-Dec. 31 1,431 905 526 1936—June.. 4,718 1,422 3,044 252 1940—Jan. 1-Mar. 31 1,378 1,378 Dec... 4,662 1,422 2,988 252 Apr. l-June30 738 738 353 1937—June.. 4,665 1,422 2,987 255 July 1-Sept 30 Dec... 4,645 1,410 2,937 297 Oct. 1-Dec. 31 737 737 1938—June.. 4,853 1,410 2,937 299 206 1941 2,219 1,385 834 1,379 1942 1,001 1,001 1938—Aug... 5,015 1,410 2,888 511 206 1943 1,948 1,050 898 1,855 Sept. . 5,009 1,404 2,888 511 206 1944 416 416 2,555 Oct... 5,001 1,395 2.888 511 206 1945 2,118 177 1,941 1,755 Nov. . 4,993 1,388 2,888 511 206 1946_... 1,843 324 1,519 2,372 Dec... 4,992 1,388 2,888 509 206 1947 2,823 425 2,399 1,460 1939—Jan. „ 4,987 1,383 2,888 509 206 1948 2,000 513 1,487 1,674 Feb... 5,410 1,381 2,888 819 206 114 1949 1,395 2 576 819 2,278 Mar... 5,410 1,381 2,888 819 206 114 1950 1,186 Apr... 5,410 1,380 2,888 819 206 114 1951 1,223 1,223 2,382 May.. 5,409 1,379 2,888 820 206 114 1952 2,436 2,436 June.. 5,450 1,379 2,928 820 206 114 1953 1,786 1,786 July.. 5,480 1,379 2,958 820 206 114 1954 2,663 2,663 Aug._. 5,583 1,379 2,858 820 409 114 1955 755 755 2,611 1956 489 489 982 1958 919 1 Principal amount of obligations guaranteed as to interest and princi- 1959 982 982 pal. Excludes obligations held by U. S. Treasury and reflected in the 1960 2,611 2,611 1,485 public debt. The total includes guaranteed debentures of the Federal 1961 50 50 50 Housing Administrator, amounting to $2,615,000 on August 31, 1939. 1963 919 919 2 Excludes obligations guaranteed as to interest only. 1965 1,485 1,485 Total 35, 862 1,307 7,243 2,015 25, 297 25, 297 1 Excludes U. S. savings bonds. Other bonds in the amount of $2,577,- 000,000 not callable prior to maturity are shown as of date of maturity. 5 Includes unclassified U. S. savings bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

911 OCTOBER 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 i T a ru c- st I c n r c e r a e s a e s e d u o r r i n d g ecounts, period General Excess etc. 7 of re- excess Period Total c ta o I x n m e - e s t s S a e o i x c t c y e u i s a r- 2 l O i n r n e n u t t v h a e e e l e r 3 - - r o A th l e l r Total I e d n s e t te b o r t - n t f V i a N e d o n n e e n a s d t - - a e - l o A th l e l r r c a e R e o n l r i e v y d e - - f ( f v n u R i e o n n t l e g d ) v - s - s T f a e t e c r r r t a u c s c n t s . t s 6 t s o . - p ( c t + e u e e n i ) r x p e d - o t s i s - r p ( c o t + e e u e f n i r ) x p r e d o - e t s i s - r - b G a f e l u a n n n e d c ra e l 7 G d r e o b s t s erans' Adm.4 Fiscal year ending June 1937 5,294 2,158 253 2,187 8,442 1,436 1,994 3,073 204 -3,149 +374 -128 +2, 646 June 1938 6,242 2,635 755 2,285 7,626 926 1,556 2,178 2,238 121 -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 -3, 542 +890 +622 +3, 275 2 months ending: Aug. 1937.... 863 93 114 523 134 1,238 33 255 359 373 186 -375 +104 +349 +620 Aug. 1938 799 79 163 468 1,445 30 279 483 453 183 -647 +262 +44 +428 Aug. 1939 728 79 155 405 1,629 34 316 494 541 233 -901 -157 -607 +452 1938—August 487 32 131 283 17 142 227 236 48 -195 -63 +144 +402 September- 711 498 3 170 751 146 131 177 243 45 -40 -41 +719 +800 October 332 41 34 209 769 67 136 250 262 44 -437 -3 -409 +30 November. 382 36 129 175 678 9 137 228 249 49 -296 -6 -122 +180 December.. 704 481 3 181 862 173 136 190 309 49 -157 -31 +636 +824 1939—January.... 308 48 43 173 693 30 140 221 258 39 -385 +30 -151 +204 February._ 417 56 182 143 662 17 122 209 254 50 -245 +428 +410 +227 March 737 506 4 183 870 120 136 243 297 68 -132 +52 +46 +127 April 268 40 30 156 785 66 133 258 266 55 -517 +93 -346 +78 May 397 43 124 187 744 10 136 279 262 50 -348 +9 -119 +219 June 613 355 25 193 951 272 140 223 252 56 -339 +95 -86 +158 July 308 42 36 187 807 15 155 249 220 167 -499 -113 -391 +222 August 420 37 119 218 822 18 161 245 321 -402 -44 -216 +230 Details of trust accounts, etc. Details of general fund balance (end of period) Old-age reserve and Unemployment Net expenditures in railroad retire- trust fund checking accounts of All ment accounts Government agencies other, excess Period of re- In- Workce 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 ip e- 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 u t n e r i c c p a o o t n o n i n r c o a - e n - C m C o C o r r t 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 ( i x _ + e t ) p 1 u i ) O p e r o t n e s r s - Total a g c I o t n i l - v d e m g c o o r e n e l n d - t i S o e r i a g g n e - a b i n n a c g l- e Fiscal year ending: June 1937 267 267 (8) 294 293 1 9 329 9 112 127 +60 2,553 1,087 141 356 970 June 1938 550 461 85 763 560 191 99 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 2 months ending: Aug. 1937 113 92 8 107 98 (8) 9 71 9 61 49 -3 2,902 1,335 141 375 1,051 Aug. 1938 108 75 18 167 82 89 9 250 41 9 29 +14 2,260 142 455 1,663 Aug. 1939 131 96 21 212 115 82 45 9 80 239 +18 2,231 142 549 1,539 1938—August 48 35 9 131 82 53 10 31 26 +3 2,260 142 455 1,663 September 45 35 9 35 94 40 24 27 97 +3 2,978 142 460 2,376 October 44 34 10 38 9 14 40 19 23 9 6 +19 2,569 142 467 1,960 November 49 34 10 125 96 26 21 18 9 11 +13 2,447 142 478 1,828 December 49 34 10 37 32 19 18 16 94 +8 3,084 142 492 2,449 1939—January 39 34 10 51 10 33 9 15 10 9 20 +2 2,933 142 503 2,288 February 50 50 10 148 111 36 9 326 (8) 9 112 -1 3,343 142 508 2,693 March... ___ 68 50 11 34 44 96 2 9 37 +14 3,389 142 515 2,732 April 55 50 10 34 9 13 41 960 5 9 27 +11 3,044 142 522 2,380 May 50 40 11 137 108 32 3 9 4 12 +23 2,924 142 528 2,254 June 85 83 11 32 9 13 41 9 86 (9)(8) 9 2 + 11 2,838 142 536 2,160 July 65 45 10 58 9 14 42 16 6 144 +13 2,447 142 544 1,761 August 66 51 10 154 129 41 29 9 86 96 +5 2,231 142 549 1,539 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. 10 Includes other trust accounts, increment resulting from reduction in weight of the gold dollar, expenditures chargeable against increment on gold (other than retirement of national bank notes) and receipts from seigniorage. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

912 FEDERAL RESERVE BULLETIN OCTOBER 1939 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JULY 31, 1939 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Recon- Home mortgage and Total struction housing agencies Farm credit agencies Ten- Finance nes- In- A W C P ra d u a o o t m n b r i r p d o l i k i o n n c s - - O C H r L a w o o o t r i n m a p o e n o n e r - s' O m a g c g t a o i e h e g r n s e e t - - r U S H n A t i o a n i u u t t g - e e s d s - m F a g c g a a o i e e r g r m n s e t - - a C b n A O F d a r a d t e n h r m d c m k e o i s . r t r- C m C r C a o r o o t e r i d m p d o i o n i - t t y - Other t V A h l i s e t e o a u y y e l r - - - a a s c g n u ie e c r s n - e - Other J 1 3 u 9 1 l 3 , y 9 J 1 u 3 9 0 n 3 , e 9 J 1 3 u 9 1 3 l , y 8 istration thority porations ASSETS Loans and preferred stock: Loans to financial institutions. _ 215 162 (i) 58 435 446 489 Preferred stock, etc 527 217 44 76 0) 864 865 868 Loans to railroads 462 30 493 493 475 Home and housing mortgage loans 2,068 183 81 2 332 2 331 2 34G Farm mortgage loans _ 2,647 2,647 2,658 2,795 Other agricultural loans 22 294 565 204 1,084 780 671 All other loans ... 2 431 0) s 323 40) 1,007 892 807 Total loans and preferred stock 1, 657 2,285 389 81 2,647 369 565 527 5$ 283 8 861 8 465 8 452 Cash 2 70 41 51 111 31 1 27 7 30 14 385 585 380 U. S. Govt. direct obligations 48 36 2 74 170 397 4 731 713 674 Obligations of Government credit agencies: Fully guaranteed by U S. 12 21 106 140 140 160 Other 6 8 5 2 37 47 48 37 Accounts and other receivables 27 10 6 1 201 4 18 0) 4 63 44 378 377 415 Business property 0) 4 0) 130 6 0) 0) 241 1 100 483 481 432 Property held for sale ... _. 36 548 0) 122 0) 2 1 709 708 670 Other assets ___ _ _ _ 2 5 0) 7 0) (x) 5 (0 4 66 90 189 147 Total assets other than interagency 6 1,781 2,921 485 264 3,171 633 584 559 252 661 512 11, 82311, 70611,365 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States... 820 2, 769 114 1,379 206 2 5,291 5,471 5,064 Other 6 0) 134 1,000 198 8 (0 9 1,349 1,389 1,378 Other liabilities (including reserves). 91 103 34 8 93 11 78 182 5 204 57 867 791 786 Total liabilities other than interagency6 911 2, 873 167 122 2,472 209 284 182 14 207 66 7,507 7,651 7,229 Excess of assets over liabilities, excluding interagency transactions.. 869 48 317 142 699 424 300 377 239 454 446 4,316 4,056 4, 136 Privately owned interests 49 198 3 139 390 387 372 U. S. Government interests 869 48 268 142 500 421 300 377 239 315 446 3,926 3,668 3,764 i Less than $500,000. » Includes $59,000,000 loans of Public Works Administration. »Includes $256,000,000 loans of Farm Security Administration. 4 Includes $133,000,000 loans of Rural Electrification Administration. * Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation. 6 Includes, however, investments in securities of agencies (other than mentioned in footnote 5) and deposits of agencies with Reconstruction Finance Corporation. NOTE.—For explanation of table, see BULLETIN for October 1938, p. 882. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] Aug. 31, Feb. 28, Mar. 31, Apr. 30, May 31, June 30, July 31, Aug. 31, 1938 1939 1939 1939 1939 1939 Loans to financial institutions 219, 999 199,183 196, 679 193, 967 190,447 183, 943 181, 502 178, 833 Loans on preferred stock of banks and insurance companies.. 37, 220 33, 779 33, 626 33, 583 33, 494 33, 444 33, 349 33,181 Preferred stock, capital notes, and debentures 525,160 526,153 524, 343 528,024 528, 573 529, 270 526, 876 517,125 Loans to railroads (including receivers) 414, 928 436,139 439, 560 443,840 436, 612 439,199 438, 863 438, 837 Loans for self-liquidating projects _ 191, 551 187, 301 186, 978 111,391 113, 450 44, 683 68,106 73, 844 Loans to industrial and commercial businesses 85,049 110, 664 112,048 112, 531 114, 498 117,079 121, 804 123,042 Loans to drainage, levee, and irrigation districts 79, 391 82,494 82, 757 82, 966 83, 084 83,109 83, 358 83, 462 Other loans 14, 365 27,067 27,129 28, 640 27, 393 25,196 23, 812 Securities purchased from Public Works Administration 138, 509 136, 725 131, 090 130, 313 128, 865 116, 577 119, 705 122, 986 Total loans and investments, other than interagency.. 1, 706,172 1, 739, 427 1, 734,148 1, 663, 744 1, 657, 663 1, 574, 697 1, 598, 7591,595, 121 Loans to Federal land banks 16 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 49, 848 53, 948 56 698 61,148 146, 498 146, 498 146, 498 Capital stock of, and loans to R. F. C. Mortgage Co 41, 755 51, 691 53, 258 55, 066 55, 625 57,094 55, 219 54, 903 Capital stock of, and loans to Fed. Natl. Mtge. Assn 16, 403 17, 234 24, 215 29, 398 33, 796 37, 996 41, 776 44, 438 Loans to Tennessee Valley Authority 3,000 3,000 3,000 3,000 8,300 8,300 Total loans and investments.. 1, 830, 844 1, 906, 200 1, 913, 569 1, 852, 906 1, 856, 232 1, 869, 5851, 895, 5511, 894, 260 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

OCTOBER 1939 FEDERAL RESERVE BULLETIN 913 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Federal intermediate Farm mortgage loans credit bank loans to Loans to cooperatives by— by- and discounts for— Regional Regional Emeragri- Produc- agricul- gency End of month 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 1938—August __ -__ 2,008, 661 776,982 197, 274 42, 984 181,154 14,003 181,867 118 75, 961 26,119 2,003,810 771,988 189,937 40,808 170,806 13, 374 179, 398 256 82, 544 27,370 October _ 1,997, 561 766, 502 174,626 36,121 154, 560 12, 354 174, 574 744 86, 931 27, 917 November 1, 990,475 760, 326 166, 549 34, 537 148,430 11, 592 172,043 851 86, 221 25, 313 December . 1, 982, 224 752, 851 168, 392 33, 545 148,037 11,081 170,891 920 87, 496 23, 723 1939—January.__ 1, 973,179 745, 631 163,815 33,077 148,416 10,863 169, 707 834 80, 266 23, 948 February 1,968, 790 740,870 166, 996 34,115 155, 409 10, 689 170,400 1,152 73, 692 23, 631 March __ _ 1,960, 357 733,647 175, 362 35, 318 167,867 10, 399 175, 509 1,528 65, 783 23, 305 April 1, 954, 677 728, 489 182, 643 36,483 177, 792 10, 298 179,156 1,256 61, 363 23,190 May 1, 947, 944 723,187 186, 588 38,124 183, 351 10,286 179, 834 596 60, 465 23,061 June 1,940, 586 717, 622 190, 359 39, 794 187, 712 10, 235 179, 565 359 59, 577 22, 592 July 1, 934, 013 712,823 189,044 40,657 187,844 10,003 178, 754 263 62,124 22,189 August 1, 928,166 708, 426 187,968 41, 661 185, 215 9,599 177, 668 127 61, 404 22, 422 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 i s 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 L p O o H o a w r n o a n m t e C io r e o s n r ' - N c o l i u f o a m a t a i n s o b s n o e a s - r ssoc L ia o ti a o n n s s i m l i o t n b i e a o s a m n t n n i s s b t k u 2 t e o - r an ba c l e - s1 Total b in p t a o o n r d s y k i e - s - Total t o r i D g e b o a i c l n - - i t s - G o t a g e b u n a e l a - - d i r - - f s u e e r n t e r c d - v .* s e , tions 1934—December _ 2,379,491 639 81,300 86,651 1935—June 1,205 1,236 385 777 630 147 74 1935—December . 2,897,162 1,023 348,000 102, 791 1936—June 1,232 1,265 203 967 800 167 95 1936—December. 2, 765,098 1,212 586,700 145,394 1937—June 1,268 1,307 136 1,100 933 167 71 1937—December . 2, 397, 647 1,328 853, 500 200,092 1938—June 1,252 1,290 115 1,103 936 167 72 1938—August 2, 234,899 1,354 976,074 189,415 1938—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 ,011,087 189, 217 September 1,248 1,287 98 1,118 952 166 71 November. 2,186,170 1,374 ,020,873 189,685 October 1,250 1,289 96 1,118 952 166 75 December. 2,168,920 1,368 ,034,162 198, 840 November 1,250 1,291 87 1,128 961 167 76 1939—January... 2,149,038 1,370 ,040,770 178,852 December 1,252 1,291 86 1,132 965 167 73 February.. 2,134, 261 1,375 ,051,109 170, 614 1939—January 1,259 1,299 83 1,137 971 166 79 March 2,117, 598 1,375 ,067,887 161,614 February 1,263 1,304 81 1,144 978 166 79 April 2,105,824 1,381 ,089,879 157,176 March 1,266 1,309 80 1,153 986 167 76 May 2,091,324 1,383 ,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 1,305 73 1,157 1,011 146 75 July 2, 067,844 1,385 1,157, 536 161, 537 June 1,262 1,304 68 1,157 1,011 146 79 August 2, 059, 792 1 392 1,186, 784 159, 470 July PI, 268 August PI, 271 i Federal Home Loan Bank Board estimates for all Federal savings and loan associations. p Preliminary. a Excludes loans to other than member institutions which are negli- 1 Outstanding principal, represented by certificates of deposit. Does gible in amount. not include accrued interest nor outstanding savings stamps. 2 Includes working cash with postmasters, 5-per cent reserve fund and miscellaneous working funds with the Treasurer of the United States, accrued interest on bond investments, and accounts due from late postmasters. Back figures.—See BULLETIN for August 1935, p. 502. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

914 FEDERAL RESERVE BULLETIN OCTOBER 1939 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average=100.The terms "adjusted'' and "unadjusted" refer toa d<justment for seasonal variation] Industrial production i * Construction contracts awarded (value) 2 Fac- Factory em- tory Freight-car Department Year Total Manufac- Minerals Total Residential All other ployment 3 pay- loadings 4 * store sales * and tures rolls 3 (vadue) month Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjustedjusted justedjustedjustedjusted justedjusted justedjustedjustedjustedjustedjusted justedjustedjustedjustedjusted 1919 83 84 77 63 44 79 107 98 84 78 1920 87 87 89 63 30 90 107 117 91 94 1921 67 67 70 56 44 65 82 76 78 87 1922 85 86 74 79 68 88 91 81 85 88 1923 101 101 105 84 81 86 104 103 100 98 1924 95 94 96 94 95 94 96 96 98 99 1925 104 105 99 122 124 120 100 101 103 103 1926 108 108 108 129 121 135 102 104 107 106 1927 106 106 107 129 117 139 100 102 104 107 1928 111 112 106 135 126 142 100 104 104 108 1929 119 119 115 117 87 142 106 110 107 111 1930 96 95 99 92 50 125 92 89 92 102 1931 81 80 84 63 37 84 78 68 74 92 1932 64 63 71 28 13 40 66 47 55 69 1933 76 75 82 25 11 37 73 50 58 67 1934 79 78 86 32 12 48 86 65 62 75 1935 90 90 91 37 21 50 91 74 64 79 1936 105 105 105 55 37 70 99 86 75 88 1937 110 109 115 59 41 74 109 103 78 92 1938 86 84 98 64 45 80 90 78 62 85 1936 July.— 108 105 109 105 102 102 59 65 44 45 71 82 100 98 84 76 77 90 63 Aug 108 106 110 106 99 104 62 65 46 46 75 81 101 101 87 76 77 87 68 Sept 109 108 110 107 102 110 59 60 47 47 69 70 102 104 87 75 84 88 94 Oct 110 111 110 110 105 115 57 54 43 41 69 65 102 105 93 77 86 90 100 Nov 114 115 114 115 112 115 58 61 40 39 72 62 104 105 94 82 84 94 105 Dec 121 114 121 114 117 111 66 53 45 38 83 65 107 106 99 83 77 92 161 1937 Jan 114 112 115 113 111 107 63 51 45 37 77 63 107 105 95 80 73 93 72 Feb 116 117 116 118 116 112 62 54 47 42 75 64 108 108 100 82 76 95 76 Mar..... 118 122 117 122 128 119 56 66 45 47 64 63 110 110 106 83 80 93 90 April 118 122 118 125 115 105 53 61 44 51 61 68 111 111 110 84 79 93 89 May_._. 118 122 118 123 117 118 56 68 44 52 66 81 112 112 110 80 80 93 95 June 114 115 114 114 115 118 61 72 42 47 77 92 111 110 108 78 79 93 90 July.... 114 111 114 110 112 115 67 75 44 45 86 99 112 111 105 80 82 92 65 Aug. ... 117 115 117 114 113 121 62 66 40 40 81 87 112 112 109 79 81 93 72 Sept. _.. 111 109 110 106 116 125 56 56 37 37 71 72 110 112 105 78 87 94 100 Oct 102 102 100 99 113 123 52 49 36 35 65 61 108 110 105 76 84 93 103 Nov 88 90 85 86 109 112 56 50 32 31 76 65 104 104 93 71 72 91 101 Dec 84 80 79 75 115 108 61 49 30 25 87 68 98 97 85 67 62 89 156 1938 Jan 80 79 76 75 108 103 52 42 26 22 73 59 93 91 75 65 59 90 70 Feb 79 79 75 76 103 99 51 44 32 28 66 56 92 91 78 62 57 88 70 Mar 79 80 75 77 104 96 46 46 33 35 56 55 90 91 78 60 57 86 77 April.. 77 78 73 76 100 91 52 59 37 43 65 73 88 89 75 57 55 83 86 May 76 77 73 75 92 90 61 61 37 44 62 76 86 86 73 58 57 78 80 June 77 77 74 75 92 92 54 63 42 46 64 76 •85 84 71 58 58 82 79 July..._ 83 81 82 79 93 93 59 65 49 49 68 78 86 85 71 61 62 83 58 Aug 88 87 87 85 95 97 66 69 53 52 77 84 88 89 77 62 63 83 65 Sept 90 91 89 89 97 1€2 78 79 56 56 96 97 90 92 82 64 71 86 91 Oct 96 97 95 95 98 106 82 78 57 56 102 96 90 92 84 68 75 84 92 Nov 103 104 103 103 102 105 96 85 56 54 128 111 93 93 85 69 70 89 99 Dec 104 98 104 98 109 103 96 77 57 48 128 100 94 94 87 69 64 89 156 1939 Jan 101 99 100 98 110 105 86 70 55 45 111 90 95 92 84 69 63 88 69 Feb 99 99 97 98 110 105 73 63 58 51 85 72 94 94 86 67 62 87 69 Mar..... 98 100 96 100 110 102 69 69 55 58 80 79 94 94 88 66 63 88 82 April 92 95 92 96 95 88 67 76 58 68 74 83 94 94 86 60 58 88 88 May 92 94 91 94 98 97 63 75 55 65 68 84 93 93 85 62 62 85 87 June 98 98 97 97 104 105 63 73 58 64 67 80 94 93 87 67 67 86 83 July_._. 101 97 100 95 106 107 67 73 62 63 71 81 95 94 84 69 70 86 60 August _ ,102 ,99 ,104 ,99 ,92 ,96 ,73 P77 ,64 ,64 P81 ,87 ,96 ,96 ,90 70 71 89 69 p Preliminary. r Revised. * Average per working day. i For indexes of groups and separate industries see pp. 915-916; for description see BULLETIN for February and March 1927. » 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 Figures revised 1935 to date. 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 and pp. 878-887 of this BULLETIN. For current indexes of groups and separate industries see pp. 917-920. Underlying figures are for payroll period ending nearest middle of month. * For indexes of groups see p. 922. 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

915 OCTOBER 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Manufactures—Total 82 87 89 95 103 104 100 97 96 92 91 97 100 P104 Durable 58 64 69 83 94 92 88 83 80 76 71 82 88 ?93 Nondurable 102 108 107 106 110 114 110 109 110 106 108 110 110 ni4 IRON AND STEEL 62 70 75 90 108 101 93 88 83 79 73 89 100 105 Pig iron 42 51 59 67 76 74 72 73 75 66 55 73 81 91 Steel ingots 64 72 77 92 112 104 95 89 84 80 75 90 102 107 TRANSPORTATION EQUIPMENT: Automobiles 43 45 46 84 96 99 105 98 91 87 73 81 87 91 Locomotives 12 4 4 5 8 12 rl2 12 14 14 15 16 NONFERROUS METALS: * Tin deliveries * 68 65 71 81 73 59 66 72 76 92 102 93 87 99 Zinc 69 74 75 80 88 94 89 87 90 91 89 90 91 93 Lead 54 46 50 50 66 57 70 73 69 71 82 70 68 71 CEMENT AND GLASS: Cement 71 67 69 80 84 82 69 80 90 81 75 79 82 Glass, plate 77 89 107 155 155 153 147 133 131 83 89 124 87 121 COKE: Byproduct 71 81 89 98 105 106 106 105 106 94 77 103 110 120 Beehive 5 5 6 6 6 6 6 5 5 2 2 5 5 5 TEXTILES 97 110 103 100 112 117 109 109 110 97 104 111 111 ?119 Cotton consumption 101 115 108 104 112 120 110 111 114 106 110 115 117 128 Wool 87 106 93 91 107 116 107 111 105 85 105 116 114 P122 Consumption 110 133 107 101 123 134 114 117 119 91 120 138 136 P147 Machinery activity 1 74 91 86 87 101 112 113 113 91 80 98 105 105 ^105 Carpet and rug loom activity 42 55 66 67 69 72 77 87 84 78 73 70 64 P76 Silk deliveries 105 102 111 104 123 116 107 97 108 88 76 84 84 87 LEATHER AND PRODUCTS 103 109 103 101 107 123 124 124 121 115 113 108 114 P113 Tanning 78 82 78 81 90 98 103 105 95 97 94 91 89 Cattle hide leathers 77 86 86 89 94 99 100 104 93 91 91 '87 89 Calf and kip leathers 80 77 72 69 89 109 119 118 103 101 89 r91 71 Goat and kid leathers 76 75 65 >', 70 77 85 97 97 95 106 104 102 106 Boots and shoes 119 126 119 1 H4 118 138 137 137 138 127 126 119 130 n30 FOOD PRODUCTS: Slaughtering and meat packing.. 83 89 98 95 94 86 87 83 89 90 94 87 89 92 Hogs 62 74 88 92 88 79 74 67 73 81 84 73 77 84 Cattle 107 103 106 94 96 89 97 100 106 99 104 103 102 100 Calves 112 115 118 108 112 106 111 108 110 105 108 104 107 104 Sheep 152 153 152 149 152 137 150 157 156 135 142 143 145 139 Wheat flour 98 87 88 91 86 92 92 94 97 100 95 100 96 88 Sugar meltings 85 86 106 103 100 108 106 70 78 94 72 66 81 77 TOBACCO PRODUCTS 154 161 160 150 164 179 165 162 164 164 170 170 158 168 Cigars 71 73 75 74 76 76 79 77 78 77 75 75 73 76 Cigarettes 219 232 229 211 233 258 237 231 236 236 246 247 227 241 Manufactured tobacco 84 81 84 78 95 97 78 78 80 81 85 84 80 89 PAPER AND PRINTING: Newsprint production 54 53 57 58 63 61 61 61 62 63 65 63 63 63 Newsprint consumption 125 123 130 132 128 128 125 127 126 130 127 132 126 130 PETROLEUM REFINING 200 203 206 208 208 201 205 201 202 209 211 215 212 Gasoline1 258 264 265 269 269 259 262 256 256 265 269 276 273 Kerosene 106 104 109 102 104 107 112 113 122 122 124 122 117 Fuel oill 132 134 141 143 140 142 145 138 140 143 143 144 139 Lubricating oilJ 110 108 113 110 109 100 106 117 111 115 119 121 115 RUBBER TIRES AND TUBES I 81 90 95 99 100 112 110 109 114 104 102 112 111 122 Tires, pneumatic J 84 93 98 103 104 116 115 114 119 108 106 117 116 127 Inner tubes J 56 69 71 72 75 79 76 71 76 73 68 77 77 84 Minerals—Total 93 95 97 98 102 109 110 110 110 95 98 104 106 P92 Bituminous coal 60 64 71 72 76 78 75 79 77 31 46 71 75 P76 Anthracite 47 38 50 49 58 67 69 61 61 80 73 59 53 P53 Petroleum, crude 161 167 158 161 165 169 171 169 173 174 175 170 174 fl29 Iron ore 38 37 41 50 42 55 67 74 78 Zinc 69 74 75 80 88 94 89 87 90 91 89 90 91 93 Lead 54 46 50 50 66 57 70 73 69 71 82 70 68 71 Silver 99 105 102 102 51 85 86 100 86 101 71 107 70 1 Without seasonal adjustment. v Preliminary. »• Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, November 1936, p. 911, March 1937, p. 255, October 1938, p. 911, and January 1939, pp. 20-21. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, boxboard, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

916 FEDERAL RESERVE BULLETIN OCTOBER 1939 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1938 Industry July Aug. Sept. Manufactures—Total 79 85 Durable 58 63 Nondurable 97 104 IRON AND STEEL 57 69 Pig iron 39 49 Steel ingots 59 71 TRANSPORTATION EQUIPMENT: Automobiles _. 45 26 Locomotives 12 5 NONFERROUS METALS: Tin deliveries 68 65 Zinc 64 69 Lead 52 44 CEMENT AND GLASS: Cement 87 87 Glass plate 69 89 COKE: Byproduct - 69 79 Beehive 4 4 TEXTILES 90 103 Cotton consumption _ _ 92 103 Wool 81 101 Consumption . 98 123 Machinery activity 74 91 Carpet and rug loom activity. 42 55 Silk deliveries 100 106 LEATHER AND PRODUCTS 102 121 Tanning 78 84 Cattle hide leathers 75 85 Calf and kip leathers 93 93 Goat and kid leathers 71 74 Boots and shoes __ _ 117 145 FOOD PRODUCTS: Slaughtering and meat packing 79 77 Hogs 56 56 Cattle 106 101 Calves 109 106 Sheep __ _ 152 154 Wheat flour 95 94 Sugar meltings _ 104 97 TOBACCO PRODUCTS 167 172 Cigars 74 76 Cigarettes 241 250 Manufactured tobacco 84 84 PAPER AND PRINTING: Newsprint production 53 52 Newsprint consumption, _ ___ _. 111 110 PETROLEUM REFINING 199 203 Gasoline 258 264 Kerosene 98 99 Fuel oil 132 134 Lubricating oil 110 108 RUBBER TIRES AND TUBES __ 81 90 Tires, pneumatic 84 93 Inner tubes _. __ _ 56 69 Minerals—Total 93 97 Bituminous coal 55 62 Anthracite 39 38 Petroleum, crude 165 170 Iron ore 78 76 Zinc 64 69 Lead 52 44 Silver 84 104 OO SO OC SO L923-25 average=100] 1939 Oct. Nov. Dec. Jan. Feb. 95 103 98 98 98 79 92 85 84 83 109 109 113 108 111 111 75 88 100 89 90 92 57 67 77 73 71 75 76 90 103 90 92 26 63 115 117 105 4 5 8 12 11 71 81 73 59 66 71 78 88 96 94 48 52 69 58 71 86 91 83 64 42 107 155 155 153 147 88 98 107 107 107 5 6 6 7 7 104 103 116 111 114 104 107 117 110 116 96 96 113 117 109 113 111 134 135 118 86 87 101 112 113 66 67 69 72 77 116 104 127 103 122 119 111 102 104 115 84 86 88 95 98 90 92 93 96 101 83 82 85 94 98 68 73 76 92 92 143 128 112 109 125 90 94 104 101 101 66 79 97 103 100 118 110 111 94 98 113 113 114 100 104 176 163 151 135 151 104 102 93 88 90 114 98 78 62 70 177 161 167 145 157 86 90 90 57 61 252 222 231 212 232 91 81 92 79 79 57 58 63 61 62 128 140 137 132 120 206 209 208 202 205 265 269 269 259 262 111 107 113 115 115 141 143 140 142 145 113 110 109 100 106 95 99 100 112 110 98 103 104 116 115 71 72 75 79 76 102 106 105 103 105 76 79 86 82 83 51 63 60 66 74 163 163 163 164 164 78 86 35 71 78 88 96 94 48 52 69 58 71 97 101 55 86 86 OOCO OOCO 12 72 93 75 48 CCOO OOO l> Mar. 100 86 111 93 79 115 119 116 128 113 87 104 126 108 111 108 101 138 83 74 88 100 147 91 69 147 67 211 79 61 125 202 256 115 138 117 109 114 71 105 83 66 166 93 75 108 OC O xO xO Apr. May June July Aug. 96 94 97 95 P99 84 78 85 83 106 107 108 105 pill 87 79 89 '93 103 70 56 72 77 87 89 81 90 -95 105 106 88 91 66 28 14 13 15 15 76 92 102 93 87 99 96 94 90 87 84 87 70 70 80 71 65 68 65 79 88 98 100 138 91 93 112 78 121 109 95 76 101 107 116 6 2 2 5 4 4 112 100 104 105 103 P112 119 113 113 111 106 115 106 84 100 109 106 122 88 111 124 121 P137 91 80 98 105 105 P105 84 78 73 70 64 104 87 75 75 80 91 125 112 105 104 112 P126 94 94 88 '90 88 94 91 87 86 86 91 91 85 88 83 97 105 96 102 98 145 124 115 113 127 P149 84 81 92 86 84 80 74 72 81 76 69 64 92 87 101 96 101 98 111 114 122 108 104 96 142 127 139 140 145 140 91 91 90 88 94 94 92 109 81 78 98 86 156 151 172 186 171 180 71 72 78 81 76 80 224 215 248 272 249 261 81 78 85 86 80 91 61 64 66 64 62 61 131 139 131 131 112 116 201 208 211 215 211 256 265 269 276 273 119 121 119 113 108 140 143 143 144 139 111 115 119 121 115 114 104 102 112 111 122 119 108 106 117 116 127 76 73 68 77 77 84 102 88 97 105 107 P96 77 26 40 63 68 P75 50 83 73 51 44 171 174 177 173 178 P132 82 132 150 159 96 94 90 87 84 87 70 70 80 71 65 68 94 102 69 105 59 p Preliminary. r Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, March 1937, p. 256, October 1938, p. 912, and January 1939, pp. 20-21. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, boxboard, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

917 OCTOBER 1939 FEDERAL RESERVE BULLETIN FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100] 1938 1939 Industry and group July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Total 85.8 87. 90.2 92.8 94.4 94.6 94.3 94.0 93.8 93.3 94.3 94.8 95.7 Durable goods 71.4 72.8 76.4 78.3 82.1 83.7 84.4 84.2 83.7 83.9 82.9 83.9 83.7 84.9 Nondurable goods 99.4 102.1 102.7 101.5 103.1 104.7 104.4 103.9 103.8 103.3 103.3 104.2 105.4 105.9 IRON, STEEL, PRODUCTS 82.2 83.6 85.8 90. 9 90.7 90.4 90.7 90.5 89.6 90.3 90.6 92.5 Blast furnaces, steel works 87 88 89 95 95 94 94 95 94 96 96 Bolts, nuts, washers, rivets 83 87 90 95 97 96 96 97 94 93 93 94 Cast-iron pipe 66 69 70 73 72 72 73 73 73 73 71 72 73 Cutlery, edge tools 73 82 84 85 88 90 90 89 90 90 86 91 91 94 Forgings 45 48 49 52 54 56 54 55 54 55 55 54 56 56 Hardware 60 65 71 83 89 91 89 87 87 84 80 72 70 78 Plumbers' supplies 74 74 75 73 74 74 74 74 74 74 75 76 77 78 Stamped, enameled ware 118 129 135 139 146 147 144 143 147 144 142 147 147 159 Steam, hot-water heating 75 76 74 75 74 74 74 74 75 75 74 75 78 79 Stoves 75 79 79 81 79 82 82 84 85 84 85 86 88 88 Structural, ornamental 57 57 58 59 60 62 63 66 67 67 67 66 67 70 Tin cans, tinware 91 95 93 88 91 93 94 95 95 96 95 95 95 98 Tools 70 73 76 76 80 83 83 84 84 84 84 84 81 85 Wirework 106 105 125 137 154 162 154 152 151 148 142 135 128 120 MACHINERY 83.2 84.6 85. 1 86.8 89.2 91. 92.3 94.0 94.4 95.4 96.1 97.2 A gricultural implements 107 110 100 104 104 110 114 123 124 122 119 118 115 122 Cash registers, etc 135 133 134 134 133 134 132 131 131 127 126 128 127 125 Electrical machinery 74 75 78 81 83 85 84 85 86 87 86 87 87 88 Engines, turbines, etc 80 82 82 85 87 92 91 91 91 93 95 95 97 Foundry, machine-shop products. 74 75 75 75 77 80 81 82 82 81 83 83 84 Machine tools 118 118 120 122 124 126 128 132 134 138 140 144 149 146 Radios, phonographs 91 91 89 98 117 123 126 129 130 124 121 122 131 126 Textile machinery 56 59 63 64 66 69 69 71 72 73 75 75 77 77 Typewriters 118 120 123 126 127 127 127 128 129 129 126 126 122 119 TRANSPORTATION EQUIPMENT 58.4 57. 75. 90.6 93.2 94.1 92.' 91.2 91.1 87.2 83.5 85.6 Aircraft 800 798 824 837 868 900 968 1,075 1,169 1,267 1,387 1,482 Automobiles 56 80 86 99 102 102 97 96 89 89 81 84 Cars, electric-, steam-railroad 25 31 28 29 33 35 36 34 34 33 32 31 Locomotives 19 17 16 15 16 17 19 17 16 18 21 25 28 29 Shipbuilding 102 95 93 94 100 103 106 113 111 112 118 127 128 125 NONFERROUS METALS, PRODUCTS 81.6 84.1 86.2 91.9 93.1 93.3 93.4 93.4 92.8 92.8 94. Aluminum 116 122 128 131 132 131 131 135 140 143 142 145 153 157 Brass, bronze, copper 92 95 98 101 106 106 105 104 104 103 104 105 106 109 Clocks, watches 78 80 79 81 79 79 84 84 84 85 84 82 84 85 Jewelry 82 84 84 84 86 91 90 91 92 93 90 91 94 96 Lighting equipment 62 67 71 77 82 85 86 84 80 77 73 75 80 Silverware, plated ware 59 61 61 64 65 67 68 68 69 68 68 70 71 Smelting, refining 69 69 70 71 76 78 77 78 77 77 76 75 LUMBER, PRODUCTS 59.8 61.5 62.8 62.4 64.0 65.0 65. 65.1 63.2 64.2 64.8 65.3 66.2 Furniture 77 79 80 79 80 83 84 85 85 85 84 85 86 87 Lumber, millwork 52 54 55 55 57 57 58 57 56 57 56 59 59 60 Lumber, sawmills 54 56 58 57 59 59 60 59 56 57 59 59 STONE, CLAY, GLASS PRODUCTS 68. 6 69.2 70. 73.2 76.8 77. 8 79.6 77.4 77.4 77.9 75.4 77. 78.4 78.7 Brick, tile, terra cotta 49 50 52 53 56 57 61 59 58 58 55 57 58 57 Cement 65 64 63 67 68 68 64 66 66 67 63 67 67 Glass 81 84 87 92 99 100 95 95 97 96 98 101 Marble, granite, slate 47 46 45 46 49 49 48 53 53 52 50 50 Pottery 81 81 82 85 87 85 84 TEXTILES, PRODUCTS 95.1 99.6 100. 3 100.0 102.2 101.9 101.8 101.0 99.6 99.8 101. 104.2 104.6 Fabrics 85.2 89.1 89.0 90.5 92.3 91.9 91. 91.0 90.2 91.0 92.0 94. 95.4 Carpets, rugs 59 63 67 71 74 76 78 77 77 77 74 73 74 76 Cotton goods 81 85 85 84 85 85 85 86 85 85 85 86 89 91 Cotton small wares 69 73 76 77 80 83 82 82 80 78 80 79 83 84 Dyeing, finishing textiles 115 118 118 116 118 121 122 122 122 121 124 120 129 128 Hats, fur-felt 88 91 94 96 91 89 90 90 87 86 84 89 92 88 Hosiery 145 147 147 148 148 151 153 153 154 154 153 152 154 155 Knitted outerwear 68 71 71 72 71 77 64 68 70 67 68 72 75 80 Knitted underwear 69 69 69 69 70 71 72 71 70 70 73 74 77 78 Knitted cloth 124 133 131 135 139 144 134 134 134 133 128 138 138 138 Silk, rayon goods 60 63 64 62 64 65 64 65 65 66 63 62 Woolen, worsted goods 74 79 78 75 84 88 84 81 77 81 89 86 Wearing apparel 113. 1 119.2 121.4 119.0 116.9 120. 0 119.5 120.2 119.2 116.4 115.2 117.5 121.1 120.4 Clothing, men's 94 104 106 104 104 106 103 104 104 103 102 104 107 106 Clothing, women's 170 173 177 171 167 173 171 173 171 165 161 169 174 172 Corsets, allied garments 102 103 103 104 105 106 107 107 107 109 111 114 116 117 Men's furnishings 131 135 141 142 138 140 132 136 132 128 125 129 137 142 Millinery 76 79 84 84 72 77 79 84 84 81 80 74 73 77 Shirts, collars 115 122 119 117 117 119 130 123 121 119 120 120 123 121 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

918 FEDERAL RESERVE BULLETIN OCTOBER 1939 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION) —Continued [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100] 1939 Industry and group July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. LEATHER, MANUFACTURES 94.3 95.5 97.2 96.5 97.6 98.1 99.0 97.7 93. 7! 97. 1 98.' 97.3 Boots, shoes 95 95 97 96 96 97 97 92 ! 96 96 Leather 81 83 85 86 86 85 84 ; 86 87 FOOD, PRODUCTS 126.8 127. 126.7 123.4 127.4 128.8 128.! 125. 127.3 127.0 128.4 129. 4j 127.9 129.3 Baking 145 144 144 143 144 144 144 144 144 144 146 147 147 146 Beverages 261 266 263 263 276 274 276 275 270 270 272 ! 275 269 269 Butter 97 99 96 96 95 96 96 94 94 95 96 I 95 95 96 Canning, preserving 160 164 153 129 149 151 150 143 158 157 159 162 150 157 Confectionery 82 82 83 82 83 86 84 83 82 81 81 ! 80 82 86 Flour 78 76 76 78 79 79 77 78 77 80 81 81 78 Ice cream 75 75 77 78 78 79 78 78 78 77 ! 75 75 Slaughtering, meat packing 96 97 98 99 100 100 98 96 96 96 98 I 100 101 102 Sugar, beet_ 98 95 116 108 108 152 212 120 107 103 107 104 99 105 Sugar refining, cane 92 95 99 96 95 94 96 93 96 102 87 • 89 94 TOBACCO MANUFACTURES 63.2 64.3 65.7 64.4 65.0 65.6 65.9 64.8 61.4 64.5 65. 11 65.5 65.7 65.3 Tobacco, snuff 63 63 65 59 63 63 61 61 62 63 62 62 61 62 Cigars, cigarettes 63 64 65 65 67 65 62 65 65 : 66 66 66 PAPER, PRINTING 108.1 108.' 109.0 109.2 110.6 111.1 111.0 111.1 111.4 111.5 111. oi 111. 1 111.; 111.4 Boxes, paper 103 104 105 105 108 110 111 111 112 111 111 111 113 113 Paper, pulp 102 103 104 105 106 106 106 106 106 106 107 106 106 107 Book, job printing 98 99 100 100 99 100 100 99 ' 99 101 Newspaper, periodical printing 113 114 114 113 114 114 114 115 114 114 CHEMICAL, PETROLEUM, AND COAL PRODUCTS 110.0 112. 5 112.9 112.6 113.3 113.7 113.6 112. 113.4 114.2 114.4 113. 1 113.6 114.9 Petroleum refining 122 122 121 120 120 119 119 119 119 118 119 120 121 122 Other than petroleum 107.0 110.1 110. 9 110.8 111.8 112.4 112.3 111.4 112.2 113.3 113.4' 111.4 111.8 113.1 Chemicals 108 112 113 115 119 120 119 120 120 118 117 ' 117 115 119 Cottonseed oil, cake, meal _ 118 112 100 99 101 104 97 88 96 103 110 88 85 80 Druggists' preparations 114 112 109 108 108 108 109 107 108 109 111 i 112 111 110 Explosives 84 85 87 86 84 85 86 86 86 86 87 I 90 92 93 Fertilizers 103 107 103 99 102 100 103 97 98 110 115 ! 107 105 102 Paints, varnishes 115 118 118 118 118 119 119 118 120 121 119 I 120 122 125 Rayon, allied products 261 280 299 300 297 297 297 301 299 309 302 ! 295 298 299 Soap 82 81 80 77 81 81 80 79 78 79 I SO 84 RUBBER PRODUCTS 73.2 75.! 76.5 81.4 82.9 81.4 81.4 82.2 81.3 81. li 80.8 79.7 83. S Rubber boots, shoes 42 52 54 56 60 60 58 60 60 60 61 ! 59 47 58 Rubber tires, inner tubes 60 60 61 63 66 67 67 67 67 67 i 66 67 Rubber goods, other 111 119 125 123 133 137 133 134 131 129 ! 131 134 138 NOTE.—Figures revised 1935 to date. For description and back data see pages 835-866 of the Bui LETIN for October 1938 and pages 8 '8-887 of this BULLETIN. Underlying figures are for payroll period ending nearest middle of month. Figures for August 1939 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1939 FEDERAL RESERVE BULLETIN 919 FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT) [Index numbers of the Bureau of Labor Statistics;adjusted to Census of Manufactures through 1937. 1923-25 average*=100] Factory employment Factory payrolls Industry and group 1938 1939 1938 1939 July Aug. Apr. May June July Aug. July Aug. Apr. May June July Aug. Total 84.7 88.8 94.1 93.0 93.4 93.5 96.4 71.1 77.3 85.5 85.0 86.5 84.4 89.9 Durable goods 70.9 72.4 84.8 84.0 84.6 82.9 84.2 58.1 63 1 79.5 78.8 80.7 76.0 81 7 Nondurable goods 97.8 104.4 103.0 101.6 101.8 103.6 108.0 85.7 93.2 92.2 91.9 93.0 93.8 99.2 IRON STEEL, PRODUCTS 79.2 82.1 91.3 90.2 90.4 89.7 92.4 58.7 66.9 82.0 80.2 82.6 78.6 87.9 Blast furnaces steel works 85 87 96 95 96 95 97 59 67 85 82 86 82 93 Bolts, nuts, washers, rivets 82 83 95 94 93 93 97 65 73 91 90 90 83 105 Cast-iron pipe 66 68 73 73 73 75 75 55 56 62 68 66 66 69 Cutlery, edge tools _ - 69 81 92 87 90 87 92 55 65 79 76 82 73 80 Forcings 44 47 55 55 54 54 55 35 42 57 57 56 55 59 Hardware 60 64 85 80 72 69 76 50 60 79 78 74 65 81 Plumbers' supplies 74 74 74 75 76 77 78 55 57 64 67 68 65 71 Stamped, enameled ware _ - 115 125 148 145 147 144" 154 103 123 147 143 146 137 151 Steam, hot-water heating _ 73 75 75 74 75 76 78 55 59 60 61 63 60 68 Stoves 72 80 86 87 88 85 90 57 67 76 75 77 73 77 Structural, ornamental 59 59 66 67 67 69 72 47 50 58 57 59 59 64 Tin cans, tinware 96 105 93 94 98 100 108 96 109 95 98 103 103 114 Tools . .- ..- 70 72 84 84 84 80 84 56 61 80 79 79 72 80 Wirework 104 100 151 146 136 125 115 83 91 148 139 138 124 115 MACHINERy 82.8 84.0 95.0 94.9 95.6 95.7 96.7 71.9 75 2 92.8 94.0 95.4 94.0 97 1 Agricultural implements __ 105 104 129 123 119 113 115 106 102 145 135 127 123 125 Cash registers, etc 135 133 128 127 128 127 125 124 122 121 122 125 123 119 Electrical machinery 74 75 87 87 87 87 88 67 71 89 91 92 91 94 Engines turbines, etc. 82 82 96 97 99 96 97 84 87 112 114 114 110 114 Foundry, machine-shop products_ 74 75 82 82 83 83 84 59 63 74 75 77 75 79 Machine tools 117 113 139 141 145 147 140 102 105 152 161 166 166 160 Radios, phonographs _ __ 90 98 105 107 120 130 136 80 83 89 92 105 114 123 Textile machinery 56 59 74 75 75 77 77 44 49 69 70 73 75 74 Typewriters 116 119 129 127 125 121 118 90 97 132 127 113 113 116 TRANSPORTATION EQUIPMENT 56.2 51.8 96.1 91.2 90.8 79.1 76.8 51.0 49.7 94.2 87.3 88.9 75.9 78.4 Aircraft 808 776 1,096 1,204 1,305 1,401 1, 482 731 709 1,054 1 155 1,299 1,336 1,476 Automobiles __ __ 53 48 102 93 92 75 72 47 47 100 88 89 72 74 Cars, electric-, steam-railroad 25 26 36 37 35 32 32 19 21 30 32 30 25 27 Locomotives 20 17 18 22 26 29 29 16 13 16 20 25 27 27 Shipbuilding 99 92 116 122 126 124 122 103 93 121 131 136 132 130 NONFERROUS METALS, PRODUCTS 78.8 82.7 92.9 92.0 91.3 91.4 95.3 65.1 71.8 83.2 84.0 84.0 83.5 90.3 Aluminum 114 120 144 142 144 150 154 109 122 156 153 157 148 164 Brass, bronze, copper 91 94 104 105 104 104 108 81 87 100 104 103 107 114 Clocks, watches ._ _ 74 78 84 82 80 80 83 57 67 81 78 76 76 83 Jewelry 76 84 87 83 85 88 96 58 67 68 66 70 69 79 Lighting equipment 59 64 78 76 71 71 76 41 48 57 59 56 54 61 Silverware, plated ware 53 60 69 69 68 63 69 37 48 58 59 58 51 60 Smelting refining 68 68 78 77 77 76 75 61 63 72 72 72 71 71 LUMBER, PRODUCTS 60.4 63.6 63.9 65.0 66.3 66.8 68.4 48.4 57.9 55.4 58.0 60.1 56.4 63.0 Furniture 75 80 82 81 83 85 88 54 66 67 67 69 69 76 Lumber, miliwork 53 55 57 56 60 60 62 41 45 43 44 48 45 49 Lumber, sawmills 56 59 58 60 61 61 62 45 54 50 54 56 50 57 STONE CLAy, GLASS PRODUCTS 69.8 71.6 78.5 78.5 80.5 79.7 81.4 55.9 59 5 66.4 67 7 70 6 65.9 72 2 Brick, tile, terra cotta _ _ 52 54 58 58 61 62 62 38 40 43 44 50 46 50 Cement 71 70 67 68 72 73 73 65 64 61 63 68 68 70 Glass _ .. 80 84 98 97 99 96 101 73 83 94 96 101 92 105 Marble, granite, slate 50 49 53 54 52 54 53 37 35 42 44 40 40 40 Pottery 75 78 88 87 86 82 86 56 62 79 77 73 66 76 TEXTILES, PRODUCTS . ... 89.4 98.3 101.9 99.4 98.0 98.2 103.2 68.4 82.3 82.0 79.9 79.6 79.4 87.7 Fabrics 82. 1 87.0 90.7 90.3 89.6 91.2 93.2 66.7 74.5 74.9 75.3 75.6 76.6 80 3 Carpets, rugs 58 63 78 74 73 74 76 40 49 63 58 57 57 64 Cotton goods 78 81 87 85 84 86 87 64 69 73 72 71 73 75 Cotton small wares 66 70 82 80 77 80 81 57 63 73 72 70 73 76 Dyeing, finishing textiles 107 112 126 124 117 120 122 86 96 106 103 97 98 103 Hats, fur-felt __ 86 95 87 82 86 90 92 74 86 55 63 74 82 Hosiery _ ___ 140 145 155 153 149 149 153 138 158 158 150 148 144 162 Knitted outerwear 65 70 67 68 71 72 78 46 53 52 54 56 57 64 Knitted underwear _ ___ 66 68 73 74 75 73 77 54 57 64 65 67 65 68 Knitted cloth 122 133 133 128 135 136 139 100 113 101 100 111 114 115 Silk, rayon goods __ __ 57 64 65 61 59 60 63 44 53 51 49 48 48 52 Woolen, worsted goods 73 80 73 80 85 86 87 59 66 56 65 71 73 72 Wearing apparel 101.8 119.8 122.8 115.6 112.6 109.5 121.1 67.2 92.2 90.5 83.5 82.3 79.9 96.7 Clothing, men's 92 107 106 99 100 105 109 59 77 77 69 74 78 85 Clothing, wornp.n's 140 173 178 166 158 144 172 88 132 121 114 106 97 130 Corsets, allied garments 99 100 112 113 113 112 114 89 92 119 120 117 116 115 Men's furnishings 120 127 132 127 127 125 132 92 108 108 103 111 108 121 Millinery 59 80 91 82 68 56 78 41 66 71 58 45 37 67 Shirts, collars 110 120 122 121 119 118 120 76 91 100 99 98 91 103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

920 FEDERAL RESERVE BULLETIN OCTOBER 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 1937. 1923-25 average=100] Factory employment Factory payrolls Industry and group 1938 1939 1938 1939 July Aug. Apr. May June July Aug. July Aug. Apr. May June July Aug. LEATHER, MANUFACTURES 95.2 98,8 100.2 92.5 94.1 99.7 100.6 74.5 82.8 79.8 68.6 74.6 83.6 84.9 Boots, shoes 96 100 100 91 93 99 100 74 83 77 64 70 82 83 Leather 75 79 86 83 85 86 85 70 76 81 79 82 82 83 FOOD, PRODUCTS 134.2 145.5 117.6 120.5 127.2 135.0 146.3 126.9 129.9 112.1 118.8 123.8 128.5 136.2 Baking 146 145 143 146 147 148 147 136 133 129 137 138 139 135 Beverages 292 292 265 277 298 301 296 347 346 303 324 355 359 350 Butter 107 106 92 98 103 104 103 90 89 77 82 87 89 87 Canning, preserving 210 295 108 108 141 197 283 171 221 88 93 110 154 264 Confectionery 71 75 76 74 72 70 78 64 70 68 70 69 64 77 Flour 79 79 76 78 79 83 80 76 76 70 72 74 80 76 Icecream 93 91 74 - 85 92 93 89 76 76 62 71 75 77 74 Slaughtering, meat packing 96 96 93 97 99 101 101 105 102 97 105 107 109 106 Sugar, beet 57 80 46 52 54 57 88 57 73 49 56 59 53 86 Sugar refining, cane 95 97 102 88 91 98 99 84 83 88 73 77 81 81 TOBACCO, MANUFACTURES 62.8 65.7 63.1 64.2 65.2 65.4 66.8 59.1 61.1 55.0 57.7 61.5 61.8 62.7 Tobacco, snuff 61 62 62 61 61 59 61 68 66 64 65 65 67 68 Cigars, cigarettes 63 66 63 65 66 66 67 58 60 54 57 60 61 62 PAPER, PRINTING 106.4 107.6 111.1 111.2 109.8 110.1 110.3 97.1 99.2 104.5 105.1 103.5 102.0 103. 1 Boxes, paper 101 103 109 109 108 110 112 104 109 116 116 118 117 122 Paper, pulp 102 103 106 107 106 106 107 97 102 105 106 105 101 107 Book, job printing 97 98 99 99 97 99 98 80 81 85 86 84 86 83 Newspaper, periodical printing. 110 111 115 115 114 112 111 100 100 108 108 106 102 102 CHEMICAL, PETROLEUM, AND COAL PRODUCTS 106.2 109.3 116.6 112.9 109.8 110.4 112.1 110.5 116.0 119.5 119.6 118.7 117.8 121.6 Petroleum refining 123 123 117 118 121 122 123 135 138 129 132 134 132 136 Other than petroleum 102.1 106.0 116.4 111.7 107.2 107.6 109.6 102.9 109.2 116.7 115.7 113.9 113.6 117.3 Chemicals 110 112 117 117 117 117 119 117 123 130 131 132 131 137 Cottonseed oil, cake, meal __. 68 79 85 75 54 49 56 57 63 67 58 45 42 48 Druggists' preparations 108 110 109 108 108 106 107 111 117 119 118 119 118 119 Explosives __ 84 86 84 86 90 91 93 94 98 94 96 101 103 109 Fertilizers 72 77 177 124 79 73 73 63 66 136 106 65 63 61 Paints, varnishes 115 115 123 123 124 122 123 113 113 126 130 129 124 126 Rayon, allied products 259 282 302 296 286 297 301 228 265 279 273 272 283 288 Soap 78 81 79 78 80 82 87 91 95 95 94 97 99 103 RUBBER PRODUCTS 68.6 72.3 82.1 81.2 80.1 78.7 82.8 62.4 67.7 81.0 80.0 82.1 81.3 85. c Rubber boots, shoes 41 52 59 59 56 45 59 35 49 57 55 55 43 59 Rubber tires, inner tubes 60 60 67 67 66 67 68 58 59 72 72 75 77 78 Rubber goods, other 108 115 134 131 129 131 133 93 106 124 122 122 121 126 NOTE.—Figures revised 1935 to date, Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are for payroll period ending nearest middle of month. Figures for August 1939 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1939 FEDERAL RESERVE BULLETIN 921 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Eocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Nonresidential building Total Re b s u i i d ld en in t g ial P a u n b d l ic p u w b o l r ic ks Month Factories Commercial Educational i Other i utilities i 1938 1939 1938 1939 1938 1939 1938 1939 1938 1939 1938 1939 1938 1939 January... . ... ._ 192.2 251.7 36.2 80.2 6.6 7.1 15.4 17.3 19.0 31.7 16.4 28.9 98.6 86.5 February 118.9 220.2 40.0 79.0 4.9 9.5 13.0 13.5 15.4 21.8 15.1 24.7 30.5 71.6 March . 226.9 300.7 79.4 125.2 15.7 13.0 20.2 17.4 21.0 27.6 31.0 39.8 59.7 77.7 April 222.0 330.0 74.6 114. 4 11.5 17.5 18.9 21.3 16.9 21.1 33.1 34.8 67.0 121.0 May 283.2 308.5 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 239.8 299.9 88.0 109.3 9.7 17.4 26.2 22.9 10.7 19.4 26.1 28.7 79.3 102.1 August 313.1 312.3 99.7 127.2 11.3 10.4 18.3 21.1 21.4 13.8 36.3 24.6 126.1 115.3 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 ' Not strictly comparable with data for earlier years due to changes in classification. CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Total Publicly-financed l Privately-financed l Month 1934 1935 1936 1937 1938 1939 1934 1935 1936 1937 1938 1939 1934 1935 1936 1937 1938 1939 January 186 100 215 243 192 252 157 55 149 112 118 148 29 45 66 130 75 104 February 97 75 140 188 119 220 65 38 79 69 51 111 31 37 62 119 68 109 March _ _ 178 123 199 231 227 301 126 68 96 66 95 128 52 55 103 165 132 173 April _ 131 124 235 270 222 330 78 53 105 74 99 160 53 71 130 195 123 170 May 134 127 216 244 283 308 72 47 94 93 144 135 63 80 122 151 139 174 June . 127 148 233 318 251 288 73 64 116 137 128 54 84 116 180 143 161 July 120 159 295 322 240 300 52 67 153 131 137 67 93 141 191 142 163 August.- _ 120 169 275 281 313 69 92 153 104 171 51 76 122 178 142 September 110 167 234 207 301 69 97 116 80 160 41 70 119 127 141 October 135 201 226 202 358 79 114 101 78 203 57 87 125 124 154 November 112 188 208 198 302 74 118 89 93 179 38 70 119 106 123 December __ 93 264 200 209 389 61 196 82 115 279 32 68 117 94 110 Year 1,543 1,845 2,675 2,913 3,197 975 1,007 1,334 1,152 1,705 568 837 1,341 1,761 1,492 i Back figures —See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. NOTE.—Due to change in publication policy of the F . W. Dodge Corporation, data for August 1939 will be published in the BULLETIN for November 1939. CONSTRUCTION CONTRACTS AWARDED, BY COMMERCIAL FAILURES, BY DISTRICTS DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of [Figures for 37 States east of the Rocky Mountains, as reported by the dollars.] F. W. Dodge Corporation. Value of contracts in thousands of dollars.] Number Liabilities 1939 Federal Reserve district Federal Reserve 1939 1938 1939 1938 August July August district Aug. July Aug. Aug. July Aug. Boston 22, 639 19, 729 23,900 N Ph e i w la d Y e o l r p k hia 7 2 2 5 , , 9 5 9 0 3 3 5 1 2 5 , , 3 9 2 5 3 1 7 1 6 3 , , 1 0 5 2 7 6 Boston 67 71 85 510 1,134 1,806 Cleveland 31, 513 37, 799 33, 282 New York 250 259 277 3,395 4,267 6,322 Richmond .... 32, 213 35,117 32, 347 Philadelphia- ___ 44 72 76 451 1,439 1,513 Atlanta 19, 759 24, 361 25, 493 Cleveland 46 70 81 725 905 1,000 Chicago 52, 673 54, 900 49, 792 Richmond 35 35 72 246 486 727 St. Louis 19,163 20, 961 22, 666 Atlanta 57 48 76 746 608 780 Minneapolis 8,747 13, 054 9,655 Chicago 148 153 137 2,268 2,670 1,995 Kansas City 9,288 10, 991 10, 667 St. Louis 29 39 30 307 463 169 Dallas 17, 837 14, 697 16,156 Minneapolis 20 13 9 281 89 178 Kansas City 43 41 30 403 419 285 Total (11 districts) 312, 328 299, 883 313,141 Dallas— 23 24 19 340 223 197 San Francisco 97 92 123 1,587 1,447 1,410 Total 859 917 1,015 11, 259 14,150 16, 382 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

922 FEDERAL RESERVE BULLETIN OCTOBER 1939 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Merchandise imports 2 Excess of exports Month 1935 1936 1937 1938 1939 1935 1936 1937 1938 1939 1935 1936 1937 1938 1939 January 176 199 223 289 213 167 187 240 171 178 9 11 -18 118 35 February 163 182 233 262 219 152 193 278 163 158 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 170 186 265 233 236 157 191 286 146 179 13 —5 -21 87 57 July 173 180 268 228 230 177 195 265 141 169 -3 —15 3 87 61 August... 172 179 277 231 P251 169 193 246 166 J>176 3 -14 31 65 199 221 297 246 162 216 233 168 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 76 223 230 323 269 187 245 209 171 37 — 15 115 98 Year 2,283 2,456 3,349 3,094 2,047 2,423 3,084 1,960 235 33 265 1,134 P Preliminary. 1 Including both domestic and foreign merchandise. 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 1 Stocks (end of month) Aug. Apr. May June July Aug. Adjusted Without Adjusted Without Month for seasonal seasonal for seasonal seasonal variation adjustment variation adjustment Adjusted for seasonal variation 1938 1939 1938 1939 1939 Total 62 60 62 67 69 Coal 63 43 51 68 76 Coke 46 56 42 51 62 January. __ 90 60 Grain and grain products. — 84 76 81 90 80 February. 87 65 Livestock 37 40 40 36 39 March 82 69 Forest products 40 38 40 40 43 Ore 34 75 58 64 59 April. Miscellaneous 67 70 70 71 72 May.. 85 68 Merchandise 1 60 61 61 61 62 June.. 64 July Without seasonal adjustment August September.. Total 63 58 62 67 70 71 October 84 92 Coal 56 36 44 58 64 69 November.. 99 Coke 38 47 40 47 52 57 December.. 156 62 Grain and grain products. _. 101 68 73 89 111 90 Livestock 37 37 36 30 34 37 Year.. 85 68 Forest products 41 39 41 42 43 44 Ore 63 31 81 108 112 125 Miscellaneous 68 72 73 74 74 75 1 Based on daily average sales—with allowance for changes from Merchandise ] 61 62 61 61 61 62 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

OCTOBER 1939 FEDERAL RESERVE BULLETIN 923 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926=100] Other commodities c A om ll - Farm Year, month, or week m t o ie 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 a e c n r 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 a in i n a g d ls a p n M r d o e d m t u a e c l t s t a s l B m u a i t l e d r i i n a g ls c C a d l h r s e u m a g n s i d - j in f H u g o r g n u o i s s o e h - d - s l M an is e c o e u l s - 1929 95.3 104.9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.5 75.1 64.4 1933 65.9 51.4 60.5 71.2 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 72.9 73.3 86.9 86.2 75.9 81.5 69.7 1935 80.0 78.8 83.7 77.9 70.9 73.5 86.4 85.3 80.5 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 80.4 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 83.9 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.6 73.3 1938—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 76.3 85.2 73.5 March 76.7 65.8 70.2 80.4 91.8 73.1 94.3 76.5 85.2 74.1 April 76.2 63.7 80.5 90.9 73.4 94.0 76.0 85.4 74.4 May 76.2 63.7 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 July 75.4 62.6 67.5 80.2 92.5 67.6 72.8 93.2 89.7 75.0 85.6 73.4 August 75.0 61.0 67.2 80.1 92.7 67.8 72.8 93.2 89.6 74.6 85.6 73.3 Week ending— 1939—June 3 75.7 63.1 67.5 80.6 92.6 66.9 74.1 93.5 89.2 75.8 73.8 June 10 75.6 62.7 67.3 92.8 66.9 73.9 93.5 89.8 75.6 86.9 73.6 June 17 75.4 62.0 67.1 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 I 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 July 29 74.8 61.4 66.7 80.4 93.7 67.5 73.3 93.4 89.4 74.6 | 87.0 72.9 August 5 75.1 62.5 67.2 80.5 93.7 67.4 73.4 93.4 90.1 74.5 87.0 73.0 August 12 74.8 61.4 66.7 80.5 93.5 67.2 73.5 93.5 90. 1 74.3 87.0 73.0 August 19 74.6 60.4 66.2 80.4 92.8 67.4 73.6 93.5 89.5 74.2 i 87.0 73.0 August 26 74.8 61. 1 66.7 80.4 92.6 67.4 73.2 93.5 89.7 74.2 ; 87.0 73.1 September 2 75.3 62.7 68.5 80.4 92.7 67.2 73.2 93.5 89.7 74.4 | 87.0 73.2 September 9 78.4 68.1 74.5 81.7 96.3 68.4 74.0 94.6 90. 1 75.9 i 87.0 76. 1 September 16 79.3 69.7 75.5 82.4 99.9 71.4 74. 1 94.9 90.7 77.1 ! 87. 1 76.1 September 23 79.5 69.5 75.1 83.0 101.9 72.3 74.2 95.3 91.0 77.9 I 88.8 76.6 1938 1939 1938 1939 Subgroups Subgroups Aug. May June July Aug Aug. May June July Aug. FARM PRODUCTS: METALS AND METAL PRODUCTS Grains 53.4 59.6 58.2 51.5 Agricultural implements 95.5 93.4 93.4 93.4 93.5 Livestock and poultry 80.6 73.2 69.4 66.0 Farm machinery 97.0 94.6 94.6 94.7 94.7 Other farm products 62.6 58.7 58.8 60.7 60.1 Iron and steel 97.3 95.7 95.2 95.1 95.1 FOODS: Motor vehicles i 96.1 93.0 93.0 93.0 92.5 Dairy products 58.6 60.0 64.6 67.9 Nonferrous metals 73.1 72.9 73.3 74.6 Cereal products 77.0 73. 8 75.9 71.9 71.9 Plumbing and heating 79.3 79.3 79.3 79.3 Fruits and vegetables 57.3 63.8 62.5 62.0 58.5 BUILDING MATERIALS: Meats 86.0 78.6 75.7 75.3 73.7 Brick and tile 90.6 91.7 91.1 90.6 90.5 Other foods 66.5 61.4 60.8 60.4 60.3 Cement 2 91.0 91.5 91.5 91.5 91.3 HIDES AND LEATHER PRODUCTS: Lumber 90.2 91.2 90.7 91.8 91.8 Shoes 100.8 101.3 101.3 100.8 100.8 Paint and paint materials 80.5 81.6 82.4 82.2 82.1 Hides and skins 75.6 72.1 75.3 76.9 77.2 Plumbing and heating 79.2 79.3 79. 3 79.3 79.3 Leather 82.1 83. 1 83.8 84. 1 84.0 Structural steel 107.3 107.3 107.3 107.3 107.3 Other leather products 97.0 95.6 95.6 95.6 97.1 Other building materials 91.3 89.6 89.5 89.6 89.5 TEXTILE PRODUCTS: CHEMICALS AND DRUGS: Clothing.... 81.7 81.7 81.7 81.2 81.5 Chemicals 81.4 79.4 79.2 78.2 77.5 Cotton goods 64.4 63.3 64.1 65.1 65.5 Drugs and Pharmaceuticals 74.8 71.9 71.9 71.8 71.7 Hosiery and underwear 59.8 60.2 60.1 60.2 61.5 Fertilizer materials 67.3 69.7 69.5 67.5 67.2 Silk and rayon 29.2 40.7 39.1 40.2 39.5 Mixed fertilizers 74.2 71.8 71.7 72.9 Woolen and worsted goods 76.3 75.4 75.6 75.4 75.5 HOUSEFURNISHING GOODS: Other textile products 65.2 65.3 64.2 64. 1 63.7 Furnishings 90.5 89.8 90.0 90.0 90.0 FUEL AND LIGHTING MATERIALS: Furniture 82.2 81.0 81.0 81.0 81.1 Anthracite 77.9 75.3 75.5 72.6 72. 1 MISCELLANEOUS: Bituminous coal 98.1 99.0 95.6 95.8 96.0 Auto tires and tubes 57.4 60.5 60.5 60.5 60.5 Coke 104.2 104.2 104.2 104.2 104.2 Cattle feed 67.0 87.4 81.5 72.4 68.4 Electricity 81.6 Paper and pulp 82.4 80.4 79.9 79.9 80.0 Gas 88.1 16.0 Rubber, crude 33.5 34.2 34.4 34.7 34.9 Petroleum products 56.7 52.2 Other miscellaneous 81.4 81.3 81.3 81.3 i Preliminary revision. * 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 for 1937 (table 87). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

924 FEDERAL RESERVE BULLETIN OCTOBER 1939 SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of September 1, 1939] [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Sept. 1, tion Sept. 1, tion Sept. 1, tion Sept. 1, 1938 1939 1938 1939 1938 1939 1938 1939 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,633 7,573 68 66 New York 29,317 25,803 8,324 6,876 108 72 Philadelphia 52, 521 49, 234 19, 810 17,067 139 165 Cleveland 199, 591 204, 600 52,956 41, 692 120 87 Richmond 1,048 1,312 138, 232 139,460 27, 263 24,092 Atlanta 2,623 2,667 194, 289 154,917 6,572 5,521 Chicago 1,038, 749 1,083,802 67, 734 56, 474 1,847 1,974 St. Louis i 3, 386 i 3, 479 332,179 334,722 66,081 55,903 143 97 Minneapolis 227,136 250, 731 30, 268 24, 788 189, 588 150, 999 TCansas City 467 470 224,284 170, 690 287, 758 223,169 10,148 4,743 Dallas 3,819 3,866 91, 577 94, 690 36, 020 30, 402 102 102 San Francisco _ 600 586 6,730 6,870 83, 851 64, 726 41, 901 27,100 Total 11, 943 12, 380 2, 542, 238 2, 523,092 686, 637 550, 710 244,164 185,405 Oats Tame hay Tobacco White potatoes Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Sept. 1, tion Sept. 1, tion Sept. 1, tion Sept. 1, 1938 1939 1938 1939 1938 1939 1938 1939 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 6,326 6,940 3,523 3,276 22, 847 34, 661 47 316 56 349 New York 27,708 25, 699 5,737 4,503 1,842 2,051 32,123 28, 495 Philadelphia 19,222 16, 430 2,376 1,934 32,110 33,915 22,996 20 861 Cleveland. _ 49, 425 46, 624 5,478 5,012 105, 694 119, 877 20, 554 20, 246 Richmond 20,949 21, 950 3,729 3,455 746,014 970, 797 27, 261 22, 941 Atlanta 15, 276 14, 606 3,419 3,274 188,189 197,130 15, 466 14, 533 Chicago 430, 768 363, 488 18,379 17, 548 33,239 33,661 53, 457 50,360 St. Louis 51, 571 42, 436 6,825 7,043 241, 254 260,143 13, 978 12 212 Minneapolis 235, 287 248, 684 10, 745 9,752 2,733 2,750 43, 347 44, 521 Kansas City 134, 530 76, 479 7,002 6,352 4,612 4,623 26,160 24, 717 Dallas _ . 39, 563 35, 355 1,403 1,398 3,778 3 377 San Francisco 23, 214 31,277 11, 683 11,181 65,181 65, 596 Total 1, 053, 839 929, 968 80, 299 74, 728 1, 378, 534 1, 659, 608 371,617 364, 208 i Includes 16,000 bales grown in miscellaneous territory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOUEK FEDERAL BESERVE BULLETIN 925 STATISTICS FOR FEDERAL RESERVE CHART BOOK Chart 1939 Chart 1939 book book page Aug. Aug. Sept. Sept. Sept. page 23 30 6 13 20 Aug. WEEKLY FIGURES Wednesday figures; in billions of MONTHLY FIGURES Index numbers RESERVES, GOLD, AND dollars BUSINESS CONDITIONS 1923-25=100 CURRENCY Wholesale commodity prices: Reserve bank credit—total.. 3, 5 2. 44 2.45 2.64 2.87 United States: Bills discounted 5 (0 .01 .01 .01 .01 All commodities 31, 32 75.6 75.4 75.0 Bills bought 5 0) 0) 0) 0) 0) Farm products »_ 31 62.4 62.6 61.0 T T G M R M E r r x o e o e e e c q l n m a a d e U N u C s s e s i b s . u u y s h e r t e w r r e i S o r r y y i c d e c . n a s b k Y d c G g r e c a e a e o o r i o n p s s v r 2 r h v k e c o k e r u ' s s t v b i l C — t a e s a s i t s e l t i t a 4 c o o y n u n t 2 c a r e l i 2 s t i es... 3 3 , , 5 6 7 9 3 6 3 3 7 7 1 1 2 6 7 2 6 0 4 2 . . . . . . . . . . 5 4 1 0 8 3 3 7 7 6 0 3 2 0 9 3 7 0 7 2 P 1 1 6 2 7 2 6 4 0 2 . . . . . . . . . . 4 1 9 3 1 7 7 8 3 6 5 3 4 3 5 9 0 1 4 6 P 1 1 2 4 7 6 2 6 2 1 . . . . . . . . . . 9 5 7 2 1 1 2 8 6 3 1 3 4 9 6 7 6 6 8 4 ? 1 1 2 7 2 5 6 6 2 1 . . . . . . . . . . 2 2 2 9 5 6 8 4 8 2 6 3 4 9 1 3 2 1 2 4 1 11 2 7 2 6 6 . . . . . . . 2 8 9 2 6 2 5 0 2 7 3 4 7 5 I M n d a u n E D N F T G s u n r o t u o e f r a g t a r r n i a n a m c a l F O d l a l b t c o u u a t n l e h o p r n r d e . a e d i r y s . n r o . s b g d l c e u o 6 c m p t r i m o o d n o 6 u d c it ti i o e . n _ s. _ : - « _ . 3 3 3 3 3 3 3 3 3 1 5 2 2 7 2 1 7 7 6 9 8 9 7 9 3 7 5 7 8 0 9 9 8 7 8 9 . . . . . 6 2 2 3 5 6 9 8 7 7 7 7 9 0 9 1 1 . . . . . 4 5 0 0 6 5 2 6 2 1 9 1 0 8 6 P P 0 7 1 1 . . 0 04 1 2 2 R C e o s u e n r t v r e y c b it a y n k b s a 2 n ks2 7 7 1 . . 6 0 0 5 p 1 . . 0 5 5 8 p 1 . . 0 6 5 7 P 1 . . 1 7 4 1 F F a a c c t t o o r r y y p e a m y p ro lo ll y s m 9 ent9 4 4 3 3 8 93 6 . . 4 5 9 84 3 . . 4 5 P P 8 9 9 6 . . 9 4 Freight-car loadings B 45 67 69 70 REPORTING MEMBER BANKS Department store sales * 47 86 86 Department store stocks8 .. 47 67 67 Total, 101 cities: Loans and investments 14 22.34 22.44 22.39 22.39 22.34 In millions of dollart Investments 14 14.16 14.23 14.08 14.07 14.02 Loans 14 8.18 8.21 8.31 8.32 8.32 Construction contracts awarded:7 Adjusted demand Total 41 258 275 deposits 15 17.84 18.10 18.04 18.29 18.18 Residential 41 108 115 P118 Time deposits 15 5.25 5.25 5.24 5.23 5.23 Other 41 150 160 P182 U. S. Gov't deposits 15 .54 .54 .54 .54 .54 Exports and imports: Domestic bank balances 15 7.18 7.17 7.35 7.59 7.69 Exports (incl. re-exports). 49 236 230 P251 Foreign bank balances. _ 15 .67 .68 .71 .72 .74 General imports 49 179 169 P176 New York City: Excess of exports 49 57 61 U. S. Gov't obligations._ 16 4.33 4.30 4.24 4.29 4.32 Income payments: Other securities 16 1.19 1.22 1.21 1.21 1.21 Total adjusted 50 5,468 5,468 Commercial loans 16 1.50 1.55 1.57 1.62 1.64 Total unadjusted 50 5,713 5,494 Brokers' loans.. 16 .49 .47 .50 .43 .41 Compensation of em- 100 cities outside New York: ployees 50 3,695 3, 559 U.S. Gov't obligations.. 17 6.48 6. 55 6.49 6.42 6.33 Other 50 2, 018 1,935 Other securities 17 2.17 2.16 2.14 2.15 2.15 Cash farm income: Commercial loans __ 17 2.44 2.45 2. 50 2.54 2.56 Total 51 552 570 643 Crops 51 160 213 293 MONEY RATES AND SECURITY Averages of daily figures*; per cent Livestock and products.. 51 341 321 308 MARKETS per annum Government payments... 51 51 36 42 F.R. bank discount rate, N.Y. 19 1.00 1.00 1.00 Commercial paper 19 .56 .56 .56 OTHER In billions of dollars Bankers'acceptances 19 .44 .44 .44 U. S. Treasury bills 21 . 06 .09 .20 Central gold reserves: U. S. Treasury notes 21 .53 .68 1.18 United States 16.11 16.24 16.65 U. S. Treasury bonds 21, 25 2.27 2.33 2.55 England 1.07 1.16 1.16 Corporate Aaa bonds 25 2.95 3.00 3.20 3.24 3.28 France 2.57 2.57 P2.71 Corporate Baa bonds 25 4.92 4.99 5.09 4.97 4.98 Netherlands .80 .77 .77 U. S. Gov't interest-bearing Wednesday figures; in unit indicated debt—total 20 39.89 40. 11 40.35 Stock prices, total4 27, 29 82 84 92 96 94 B N o o n te d s s 2 2 0 0 27 7. . 2 1 4 7 27 7 . . 2 2 5 4 2 7 7 . . 2 3 4 1 Industrial 27 95 98 110 114 112 Bills 20 1.31 1.31 1.31 Railroads 27 23 24 28 31 31 Special issues 20 4. 17 4.32 4.49 Public utilities 27 83 85 83 85 84 Volume of trading2 (mill, shares) 29 93 1.09 3.99 3.20 1.79 Per cent per annum Brokers' loans (mill, dollars) 29 639 608 640 568 532 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 74.8 75.3 78.4 79.3 79.5 cities 23 Farm products 33 61.1 62.7 68.1 69.7 69.5 Foods 33 66.7 68.5 74.5 75.5 75.1 Oct.- Jan.- Apr.- Other commodities _ 33 80.4 80.4 81.7 82.4 83.0 QUARTERLY FIGURES Dec. Mar. June Steel plant operations 1939 1939 (% of capacity) 38 62 63 59 70 79 Automobile production (thous. cars) 38 r17 27 41 54 In millions of dollars Electric power production Domestic corporation security To ( ( t t m a h l i o l u l f . r s e k . i w g ca h . r t h s -c ) r a s r . ) loadings 3 3 9 9 2 68 ,3 8 5 .6 5 2 7 , 2 3 1 5 . 7 7 2 66 , 7 2 . 9 4 0 8 2 0 ,4 5 4 . 4 7 8 2 1 ,4 4 4 . 9 8 iss N R u e e e f s w u , n to d t i a n l g __ 7 6 1 9 3 6 9 2 7 2 1 8 7 9 2 6 3 6 5 1 6 3 2 1 2 9 p Preliminary. r Revised. • Estimated, 8 Points in total index of manufacturing production. * i L A e v s e s r a th ge a s n o $ f 5 , d 0 a 0 i 0 l , y 0 0 f 0 ig . ures, see footnote3. 7 s T Se h r r i e e e s -m is o n d t i h s s c o m n o ti v n i u n e g d a . ve N ra e g w e ad se ju ri s e t s e d o n fo r s o se m a e so w n h a a l t va d r i i f a fe ti r o e n n , t »Figures are shown under the Wednesday date included in the weekly period. basis to be substituted. < Index numbers, 1926=100. 9 Revised series. See pp. 919-920 of this BULLETIN. * Adjusted for seasonal variation. NOTE.—Copies of this chart book can be obtained at a price of 50 cents. Banking statistics for call report dates are published from time to time. The latest figures appear on page 816 of the September 1939 BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS 927 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

928 FEDERAL RESERVE BULLETIN OCTOBER 1939 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Countries in Tripartite Accord Other countries Total i Switzerland End of month c tr o ( i 5 u e 2 s n ) - U S n ta it t e e d s U K d n i o i n m t g ed - France g B iu el m - N la e e n r t - d h s - ti N o a n - 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 - g B a u r l i - a C a a d n a - Chile China Bank 1934—December 21,051 8,238 1,584 5,445 590 573 624 4 403 8 275 19 134 29 7 1935—December ._ 21,604 10,125 1,648 4,395 611 438 454 8 444 17 275 19 189 29 10 1936—December 22, 630 11,258 2,584 2,995 632 490 655 11 501 25 275 20 188 29 8 1937—December 23, 964 12, 760 2,689 2,564 597 930 648 5 469 32 274 24 184 30 16 1938—September 24,648 13,760 2,690 2,428 539 1,008 690 6 435 34 274 24 187 30 17 October 24,997 14,065 2,690 2,428 562 1,008 695 10 434 33 274 24 188 30 18 November _~ 25, 287 14,312 2,690 2,435 584 1,008 699 11 434 33 274 24 186 30 18 December. . " 25, 468 14, 512 2,690 2,435 581 995 699 14 431 32 274 24 192 30 18 1939—January 24,003 14,682 1.042 2,435 582 995 699 15 431 33 274 24 197 30 19 February 24,175 14, 874 L, 042 2,435 588 974 680 17 431 33 274 24 206 30 20 March 24,387 15, 258 L, 066 2,435 518 909 640 13 428 33 274 24 210 30 21 April _._ . 24,964 15, 791 L,066 2,574 520 834 598 14 428 34 274 24 212 30 21 May 25,140 15,957 1,067 2,574 524 823 598 21 428 33 274 24 214 30 21 June 25, 290 16,110 1,067 2,574 540 800 598 20 428 34 274 24 213 30 21 July .P25, 511 16, 238 1,162 2,574 573 769 595 18 427 34 274 24 212 30 21 August P26, 094 16, 646 L, 162 P2, 714 614 769 585 9 P427 P34 P274 P24 218 P30 P21 Other countries—Continued End of Czecho- New month lo C m o b - ia v s a l k o- ia m D a e r n k - Egypt Ger- Greece H ga u r n y - Italy* Japan Java M i e c x o - l Z a e n a- d N w o ay r- Peru l P a o n - d 1934—Dec... 112 518 394 23 25 1935—Dec... 112 270 425 44 23 84 1936—Dec. _ 91 208 463 46 23 75 1937—Dec... 92 210 261 24 23 83 1938—Sept... 81 210 164 24 23 83 Oct.... 83 210 164 24 23 82 Nov 83 210 164 27 23 84 Dec... 83 193 164 29 23 85 1939—Jan 83 193 164 32 23 85 Feb... 83 193 164 34 23 85 Mar... 67 193 164 34 23 85 April.. 66 193 164 32 23 107 84 May.. 65 193 164 33 23 107 84 June... 62 193 164 28 23 107 84 July... 193 P164 29 23 107 84 Aug. __ 193 P164 29 P23 107 P84 Government gold reserves1 not included Other countries—Continued in total for 52 countries End of month 16 Po g r a t l u- Ru n m ia a- A So fr u ic th a Spain * S d w en e- T k u ey r- g U u r a u y - Y sl u av g i o a - t c o r o t i h e u s e n r - s 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 Bel- 1934—Dec . 104 184 740 159 22 154 1934—Dec _ _ 31 1935—Dec. 109 212 735 185 24 158 1935—Dec. _ _ 53 1936—Dec. . 68 114 203 718 240 26 175 1936—Dec... 1937—Dec. 69 120 189 718 244 29 169 1937—Dec.. _ 81 1938—Sept. 69 129 220 525 310 29 56 125 1938—Mar... 1,489 Oct.. 69 132 219 525 321 29 56 127 June._ ~62 Nov. 69 132 220 525 321 29 69 57 125 Sept.__ 759 Dec. 69 133 220 525 321 29 57 125 N Oc o t v . . . . . . . 2 1 1 3 0 0 3 1939— J A J M A F M J u u e a p u a l a n b n r y g r y . e . i . . . . l . . , _ . . P 6 6 6 6 6 6 6 69 9 9 9 9 9 9 9 P P 1 1 1 1 1 1 1 1 3 3 3 3 3 3 3 3 7 7 3 5 4 4 6 7 P 2 2 2 2 2 2 2 2 1 2 2 1 1 1 1 1 9 1 0 8 9 8 9 9 5 5 5 5 5 5 5 5 2 2 2 2 2 2 2 2 5 5 5 5 5 5 5 5 3 3 3 3 3 3 3 3 3 3 3 3 4 4 4 5 9 2 1 1 8 6 4 5 P 3 3 3 3 2 3 3 3 0 0 0 0 9 0 0 0 P68 5 5 5 5 5 5 5 5 7 7 7 7 7 7 7 7 P P 1 1 1 1 1 1 1 1 2 2 3 2 2 3 2 34 6 6 4 6 3 7 4 1939—J M A J D F M J a p a e e u u n a r r b l c . n y . . . y . . e _ . _ . . . . . . . . . . _ . _ "15 8 4 0 " 1 8 ,732 M ° P 3 3 4 5 4 5 8 6 3 7 5 5 7 1 5 1 9 44 * Preliminary. c Corrected 1 Data reported monthly incomplete. For additional data see section at end of table. 1 Reported at infrequent intervals or on de- 1 Figure for May 1939 officially reported and carried forward. layed basis: U. S.—Exchange Stabilization Fund « Figure for Mar. 1937 officially reported as of 20th of month and carried forward through (Special A/c No. 1); U. K.—Exchange Equaliza- Nov. 1937. Figures for Dec. 1937 through Mar. 1938 officially reported and carried forward tion Account; France—Exchange Stabilization through Nov. 1938. Figure for Dec. 1938 officially reported and carried forward. Fund and Fund for Support of Rentes; Bel- * Figure for Aug. 1, 1936, carried, forward through Mar. 1938; Apr. 1938 figure officially re- gium—Treasury. Gold in stabilization funds of ported and carried forward. Switzerland and Netherlands and certain other 6 These 16 countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian gold of central banks and governments not re- Congo, Bolivia, Danzig, Ecuador, El Salvador, Estonia, Guatemala, Finland, Latvia, Lithuania, ported. Morocco, and Siam. 8 First date reported. NOTE.—For back figures and description of table see BULLETIN for June 1933, pp. 368-372, « $1,648,000,000 transferred Jan. 6, 1939, from and July 1936, pp. 544-547; also see footnotes to table in BULLETIN for Aug. 1936, p. 667, and Dec. Bank of England to Exchange Account; $26,- 1937, p. 1262. 000,000 transferred back on Mar. 1, and $94,000,- 000 on July 12, 1939. 4 $140,000,000 transferred from Fund to Bank of France on April 20, 1939. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1939 FEDERAL RESERVE BULLETIN 929 GOLD PRODUCTION Outside U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month pr t o io d n uc- Africa North and South America Far East outside Total South Rho- West Belgian United Colom- Austra-British U.S.S.R. Africa desia Africa Congo Statesi Canada Mexico bia Chile lia India $1=25-8/10 grains of gold 9/10 fine; i. <?., anounce of fine gold=$2O.67 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=$85 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.. '1,118, 480 '957,175 425, 649 28, 532 24, 670 8,470 178,143 165,379 32,306 18, 225 10, 290 54, 264 11, 247 1938—January '87, 701 '75, 075 34, 573 2,381 1,964 661 12, 856 '12, 654 2,948 1,456 775 3,858 Feburary__. '82,811 '70,143 32, 524 2,246 1,887 642 11, 445 '11,919 2,266 1,175 834 4,333 872 March '89, 679 '77, 237 35, 519 2,387 2,002 673 13, 088 '13, 095 3,253 1,403 673 4,204 939 April '87, 649 '74, 880 34, 351 2,374 2,024 702 12, 577 '12, 914 2,389 1,664 698 4,280 906 May '90, 563 '77, 391 35, 794 2,415 1,989 686 13, 953 '13, 358 1,863 1,338 782 4,278 935 June '91, 428 '78,136 35, 509 2,394 2,020 726 12,949 '13, 762 3,024 1,365 901 4,577 909 July '98, 551 '84, 908 36, 222 2,410 2,067 716 16, 781 '14, 689 4,241 1,748 752 4,330 951 August '98, 089 '84,140 36, 622 2,415 2,053 716 16, 590 '14, 571 2,941 1,515 986 4,771 958 September. '97, 439 '83, 275 36, 237 2,365 2,048 743 16,937 '14, 291 2,062 1,812 1,019 4,816 946 October '96, 938 '82, 954 36, 449 2,445 2,174 725 16, 320 '14, 449 2,265 1,622 906 4,642 956 November. '84, 802 35,842 2,381 2,204 728 18, 579 '14, 445 2,353 1,628 930 4,783 930 December.. '98,845 '84, 234 36, 007 2,318 2,240 751 16, 068 '15, 231 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 March 97, 627 82, 656 37, 558 2,202 2,346 767 14, 364 14, 498 2,542 1,752 1,198 4,492 April 94,435 79, 728 35, 613 2,252 2,349 729 15, 260 14,238 1,733 1,513 830 4,301 912 May ?83, 453 37, 970 2,355 P2, 360 779 15,167 15,133 1,794 1,614 4,649 936 June P98, 098 P82, 854 37,065 2,369 P2, 347 756 14,460 15, 287 *2,459 1,551 4,684 910 July PIOO, 109 ?85,007 P37, 835 P2, 345 P2, 435 739 16, 099 15, 402 P2, 039 1,551 *>968 Pi, 684 P910 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production, in millions of dollars, as follows—at $20.67 per fine ounce: 1929, $15; 1930, $31; 1931, $34; 1932, $40; 1933, $56; at $35 per fine ounce: 1933, $95 1934, $135; 1935, $158; 1936, $185; 1937, $180; 1938 (preliminary), $184. p Preliminary. r Revised. i Includes production in the Philippines. NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETINS for March 1939, p. 227, February 1939, p. 151, June 1938, pp. 539-540, and April 1933, pp. 233-35. For annual figures of world production back to 1873 (including Russia-U.S.S.R.), see Annual Report of Director of Mint for 1936, pp. 108-109, 1937, pp. 104-105 and 1938, pp. 102-103. Figures for Canada beginning January 1939 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 r e r t t t s s U K d n i o i n m t g ed - France g B iu e m l- N la e e n r t d - h s - S d w en e- S l z a w e n r i d - t- C a a d n a - M ic e o x- Co b l i o a m- P Is p h l i i a n l n i e p d - s A tra u l s i - a Japan B I r n i d ti i s a h c o t o r A th i u e l e n l s r - 1934 1 1,131, 994 499, 870 260, 223 8,902 94, 348 12, 402 86, 829 30, 270 16,944 12,038 1,029 76, 820 32, 316 1935.. 1, 739,019 315, 727 934, 243 3 227,185 968 95,171 13, 667 10, 899 15, 335 3,498 75, 268 47, 054 1936.. 1,116, 584 174, r"" 573, 671 3,351 71,006 2 7,511 72, 648 39, 966 11,911 21, 513 2233, ,:280 77, 892 39, 743 1937.. 1, 585, 503 891, 531-13, 710 90,859 6,461 6 54, 452 111, 480 38, 482 18, 397 25; 427 34, 713 246,464 50, 762 30,179 1938.. 1, 973, 5691, 208, 728 81,135 15, 488 163', 049 60,146 1,363 76, 315 36, 472 10, 557 27, 880 39,162 168, 740 16,159 2 68, 376 1938—June 55,307 20, 599 13 3,248 57111, 520 226 726 715 1 3,232 2,984 5,782 2,252 3,438 July 63, 815 4,976 898 7,685 962 11,123 1 2,422 3,434 28, 669 1,148 2,495 August 165, 973 91, 227 4,721 3,213 15,360 14, 333 3,183 2,113 1,772 2,748 23, 497 3,806 September. _ 520,896 377, 984 47,219 11, 521 38,148 1,446 4 2,721 3,775 35, 095 2,982 October 562, 366 443, 403 42, 959 41, 832 3,840 1 10, 810 2,236 4 2,720 3,294 5,740 760 4,768 November. _ 177, 768 99,145 17 27, 242 1,136 7,171 3,457 11 2,943 7,888 5,788 3,822 2 19,150 December. _ 240, 526 101, 707 37, 395 ~1~979 46,185 731 2,550 2,107 2,655 6,788 14,425 1,797 2 22, 207 1939—January 156, 345 52,050 1,438 33, 678 2 -67 10, 842 2,342 2,C 2,754 6,585 37, 819 1 5,124 February... 223, 281 165, 377 1,400 29, 256 3,840 4,220 2,496 2,719 3,953 5,446 175 4,398 March 365,384 250,042 816 37,179 27, 098 8,227 6,852 3,822 4,234 3,326 4,303 11, 410 3,685 4,391 April 605, 797 384, 925 21 84, 603 44, 564 55, 680 7,665 1,649 2,114 2,179 4,844 5,528 4,944 » 7, 073 May 429, 404 302, 667 3 41, 651 40, 449 2,284 12, 066 2,050 2,117 2,594 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 July 278, 636 177, 805 1 45, 554 10 5,628 15,196 4,150 2,123 3,022 5,034 10, 938 2,760 6,416 August 259,921 163, 738 2 22, 640 34, 299 3,956 2,120 2,775 10,931 9,259 4,512 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. J Figures for November and December 1938 include imports from Argentina of $14,112,000 and $17,710,000, respectively. 8 Includes $4,503,000 from Argentina. NOTE.—For gross import and export figures and for additional countries see table on p. 898. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

930 FEDERAL RESERVE BULLETIN OCTOBER 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 n r o t 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 - 1 g B i e u l m - | N la e n th d e s r- U.S.S.R. Au li s a tra- A d R f e h r 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 e e n - 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, 253 206, 693 62, 397 -9,123 2 88, 228 1935 369, 722 -435, 502 142,137 -4, 726-17,476 10, 796 931 37, 981 404,295 181,602 32, 754 -50, 661 53, 465 14,126 1 1 9 9 3 3 7 6 - 1,1 4 6 2 9 0 , , 4 9 2 3 7 1 - -8 2 3 7 4 6 , , 0 8 0 3 9 0 7 5 5 4 6 1 , , 1 2 8 1 7 5 4 23 6 , , 1 2 4 9 7 2 - - 2 1 •1A 5 -C , ,fj9 1 -L9 3 U 3 3IS - - 1 2 6 A 1 J-,» , 5 2 A7 1 X2U 5 199,965 2 2 6 4 , , 1 7 6 2 5 3 4 46 8 4 8 , , 8 8 3 1 7 4 1 6 2 6 8 , , 3 4 3 2 0 1 2 2 2 8 , , 0 0 7 6 9 7 -10, - 1 8 2 1 9 -16 3 , , 5 9 9 9 6 8 -5 3 5 7 , , 0 7 3 0 2 8 1938 -285,638 -1,050,395 33,173 348,000-46,463 115, 540 27,831 333, 750 55, 744 20, 761 -89, 371-78,029 4,922 1938— 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, 407 421 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 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, 358 120,075 -7, — 16,831 3,023 -4,750 -22,763 -21,980 — 1,955 Oct... -210,171 -308, 528 69, 604! 4,077 33,982 535 705 6,530 4,204 -20,792 -4,671 2,831 1,3F3 Nov.. -96, 508 -105,220 -66| 6,005 -2,328 -5,245 155 2,695 4,260 618 1,017 1,603 Dec... -66, 726 -97,371 7581 2,057 9,990 5,649 528 7,358 1,815 531 1, 511 1,347 1939—Jan. .. -36, 51 -50,814 -33 211 -253 5,672 681 5,671 304 1,374 -3,790 704 3,762 Feb... -148,005 -160,218 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 -l,431j 29 176, 451 19,164 12, 656 4, 4-47,875 -437 73, 394 -425 May -294,07" -287, 762 -262j 4,018J 2,008 49,004 5,631 143 45, 394 2,975*-145, 856 -3, 32, 921 1,504 June. -51,59 -127,293 -412! —381 415 22, 968 52, 636 2,388 911 -2 153 -3, 318 July _ -147,332 -182,145 -330| -1 196 8,856 38, 423 3,078 697 -1.138 -575 -14,393 A -328, 31 -234, 419 2,4641 : -7,491-11,297 49,120 6,7345-114, 320 -5.519 -4,721 Ger- Switzerland British India Net imports from or net exports (—) to: Increase in India: Year or Total Total Total month n e o x p e r t p o o n r i t r m e s t t s - 1 i e m o x r ( n p p e ) n o o t r e r t t t s s U S n ta i t t e e s d U K d n i o i n m t g ed - France Italy N la e e n r t d - h s - m G a e n r- y1 c o t o A r th i u e l e n l s r - i e m o x r ( n p p e ) o n o t r e r t t t s s p t I i r G o n o n o d d l u i i d a n c- s d e I r I r i e n n a v - - n es ea f e o r g d m r I o e n l i f a d g o r n r k- p i h r n i o I g v n l s d a 7 - te account 1934 -90,920 -46,065 -12,784 -45,955 2,580 -43 1,543 -230, 720 11,223 1935 42, 969-230, 788 647 -54,858 342 -9, 607 s 2, 812 -161,872 11,468 1936 -1J" 122,278 -9,127 -1,714 4,600 -2,990 1 26, 368-121,066 11,663 1937 -3, 718 -56,946 -51, 608 11,940 6,553-16,461 10,609 -fil, 723 11, 607 -41 1938 -35, 224 -1,245 -1,128 76, 620 25,125 -32, 745 -4,1 -54, 661 11, 247 12,078 — 1938—June... 7,626 5,978 -220 5,256 5,657 -2,487 282 -2, 327 July... 1,468 -8, 837 -2 16,128 3,962 -8,893 222 -10,988 951 Aug.... -6,864 -1,338 -2 10,464 3,824 -6, 267 342 -7,082 958 Sept... 9,024 -7 15,940 924 1,884 -10,251 -957 946 Oct... -16,134 1,454 -1,140 907 2,551 -56 3 -7, 622 956 1,909 Nov. .. -10,129 913 228 13 994 -265 31 -2, 283 930 5,690 Dec... -3, 765 -5,690 -1,854 -2,884 -438 -209 211 995 4,479 1939—Jan.... 33 -3, 786 -2, 294 -1,274 -7 -125 940 11,423 -10,608 Feb.... -11,940 -2,112 -21 -763 -1,581 -97 -15 -3, 288 7.749 -10,174 Mar. .. 9,999 -37,332 -10,786 1,547 -8, 327 -14,830 -860 -5,113 -3 4,812 Apr.... 9,967 -162,645 -54,266-104, 650 -3, 876 -2,431 -2,573 -3, 394 912 5,197 -7, 679 May.. -5,807 8,059 -2, 329 -5,419 -718 -1,138 -239 -4, 202 937 1,839 -5,104 June__. -284 -10,696 -8, 589 93 725 -3,116 -76 -2,049 910 5,749 July... 7, 765 -2, 856 1,033 10, 800 355 -171 -244 P-8, 744 P910 Aug.P.. 5, 4,345 2,744 1,372 -915 -229 * Preliminary. ' Beginning April 1938 figures refer to Greater Germany. 2 Includes $17,465,000 exported to Rumania and unspecified net imports of $95,937,000. 8 Includes $67,655,000 exported to Central and South America. 4 Figures for April and May include exports to Canada of $45,972,000 and $144,910,000 respectively. & Includes net exports to Canada of $115,406,000. 6 Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred. 7 Figures derived from preceding columns; gold movement plus production minus increases in Indian reserves and gold earmarked for foreign account in India. s Includes net import of $19,926,000 from Czecho-Slovakia and net export of $15,374,000 to Austria. 9 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

OCTOBER 1939 FEDERAL RESERVE BULLETIN 931 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 u e a n n n d t k r s al Other b a a f b u n r n k o d i a n s 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 9.8 593.5 361.4 125.2 316.7 6.0 1936—Dec. 30 2, 608. 4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29 3,410. 3 1,168. 5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938—Dec. 28 3, 779. 2 1, 432. 7 216.3 1, 216. 5 478.1 610.0 1, 210.9 47.6 1939—Mar. 29 4, 134. 7 1, 693. 0 256.8 1, 436. 2 550. 5 646.7 1,180. 6 63.9 Apr. 26 .. 4, 479. 6 1, 934. 4 240.9 1, 693. 5 611.8 657.5 1, 202. 9 73.0 Mav31 . . 4, 570. 8 2, 041. 5 302.1 1, 739. 5 599.8 647.6 1, 209. 2 72.7 June 7 .._ 4, 550. 0 2, 008. 2 327.8 1, 680. 4 601.3 658.4 1, 210. 6 71.6 June 14 4, 555. 9 2, 019. 8 364.4 1, 655. 5 593.7 661.5 1, 208. 3 72.6 June 21 .. 4, 586. 2 2, 031. 7 364. 5 1, 667. 3 610.7 664.3 1, 205. 6 73.8 June 2K 4, 595. 6 2, 048. 3 361.8 1, 686. 5 609.5 664.5 1,199. 3 74.0 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—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—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. 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 May 31 4. 570. 8 1, 337. 6 431.1 391.1 595.3 148.7 29.1 606.5 3, 539. 4 241.0 507.4 226.4 56.6 June 8 4 550.0 1, 345. 7 424. 7 391.1 595.4 148.3 28.3 598.3 3, 531. 8 234.7 499.8 228.1 55.6 June 14 4. 555. 9 1, 354. 7 429.5 400.8 596.4 148.0 28.8 592.3 3, 550. 5 234.6 495.2 217.0 58.7 June 21 . . 4. 586. 2 1, 355. 4 439.1 397.6 606.5 148.8 28.6 596.2 3, 572. 2 239.8 495.5 220.5 58.3 June 28 4. 595. 6 1, 360. 2 439.7 401.0 599.2 149.5 29.5 604.2 3, 583. 3 230.5 500.2 223.8 57.9 TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g 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. 31 603.3 128.6 129.6 55.7 72.4 -.8 7.3 60.7 453.5 46.0 33.5 58.8 11.5 1936—Dec. 30 930.5 163.5 144.2 65.9 109.8 2.7 23.0 79.7 588.9 86.8 149.3 90.4 15.2 1937—Dec. 29 1,168. 5 189.3 111.8 76.3 288.4 9.6 6.9 109.4 791.7 76.3 166.3 126.2 8.0 1938—Dec. 28 1, 432. 7 366.7 158.8 84.4 203.7 -9.8 3.8 203.0 1,010. 6 135.1 134.0 132.7 20.4 1939—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. 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 May 31 2. 041. 5 505.8 243.2 123.2 224.7 -14.0 -4.4 323.6 1, 402. 1 209.3 250.7 142.8 36.6 June 7 __ 2. 008. 2 518.0 234.5 122.8 223.9 -14.9 -6.2 315.4 1, 393. 5 193.2 245. 8 140. 1 35.6 June 14 2. 019. 8 533.0 240.5 131.7 223. 6 -14.6 -6.3 309.7 1,417.6 192.9 240.5 131.2 37.6 June 21 2. 031. 7 527.6 247.6 127.0 233.7 -15.0 -6.2 312.7 1, 427. 5 194.9 238.5 132.8 38.0 June 28 2. 048. 3 535.2 252.3 132. 0 227. 1 -14.5 -6.6 320.0 1,445.5 191.5 242.0 131.5 37.8 TABLE 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 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. 31 361.4 208.8 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—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—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. 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 May 31 599.8 236.8 68.1 -. 1 4.7 152.0 15.3 38.7 515.4 46.9 54.8 -13.0 -4.3 June 7 601.3 233.0 71.0 —. 7 4.7 152.7 16.2 38.3 515.2 46.5 51.9 -8.0 -4.3 June 14 593. 7 230.1 69.8 -.4 4.6 152.0 16.7 38.2 510.9 44. 1 52.5 -10.5 -3.3 June 21 610.7 237.6 71.1 .5 4.5 153.3 16.5 38.8 522. 1 46.5 54.7 -8.6 -4.0 June 28 609. 5 236.7 68.1 -1.0 3.6 153.8 17.7 39.9 518.8 42.2 55.7 -2.9 -4.3 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

932 FEDERAL RESERVE BULLETIN OCTOBER 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—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—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. 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 May 31 647.6 128.1 27.9 29.6 41.3 35.4 23.6 179.8 465.7 -40.3 175.2 36.6 10.4 June 7 658.4 127.8 27.9 29.6 41.2 35.5 23.6 180.1 465.9 -30.3 175.6 36.7 10.5 June 14.._ __ 661.5 128.2 28.0 29.3 41.3 35.6 23.7 180.2 466.2 -27.8 175.7 36.9 10.4 June 21 664.3 128.6 28.3 29.4 41.6 35.7 23.7 180.3 467.5 -26. 4 175.8 37.0 10.4 June 28 664. 5. 128.2 28.2 29.4 41.7 35.8 23.8 180.4 467.4 -26.5 176.0 37.1 10.4 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 21A 2.6 1936—Dec. 30 917.4 367.7 64.7 157.6 200.2 -7.5 -3.3 38.5 818.0 32.6 15.5 44.1 7.1 1937—Dec. 29 1,162.0 448.7 70.3 213.8 275.3 -17.4 -4.9 55.7 1,041. 6 37.6 18.2 54.7 9.8 1938—Dec. 28 1, 210. 9 472.6 76.5 212.9 301.7 -22.7 -5.4 56.6 1,092. 3 27.8 23.4 56.4 11.0 1939— 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. 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 May 31 1, 209. 2 448.9 75.6 228.9 313.9 -24.6 -5.6 57.2 1,094. 4 16.6 25.8 59.0 13.5 June 7_ _ 1,210.6 449.0 76.0 230.1 314.4 -24.8 -5.5 57.6 1, 096. 8 15.9 25.7 58.6 13.6 June 14 1, 208. 3 444.8 75.8 231.0 315.2 -24.8 -5.5 57.3 1, 093. 7 16.3 25.7 58.9 13.7 June 21 1, 205. 6 443.2 75.4 231.3 315.1 -25.0 -5.6 57.1 1, 091. 5 16.2 25.7 58.6 13.7 June 28 1, 199. 3 442.0 74.4 231.0 315. 0 -25.2 -5.5 56.9 1,088. 4 13.9 25.7 57.6 13.7 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 0) 2.4 1.3 2.5 o .1 1.4 7.6 -4.5 1.0 2.9 -.9 1936— Dec. 30 12.9 4.0 10.4 -.9 9.1 -'.7 .3 .4 22.6 -7.6 -4.2 2.1 (2) 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 0) .1 5.0 44.0 3.5 -.5 .5 (2) 1938—Dec. 28 47.6 13.2 12.6 6.8 8.8 -.2 .2 5.3 46.7 2.6 -.9 -1.0 .2 1939—Mar. 29 63.9 16.3 16.0 8.8 9.6 o .2 6.6 57.4 5.6 .1 .6 .3 Apr. 26 73.0 17.4 16.3 10.3 10.5 -.1 .3 7.5 62.2 9.1 .7 .6 .4 May 31 72.7 18.0 16.3 9.5 10.8 2 .2 7.3 61.9 8.7 .8 1.0 .4 June 7 71.6 17.9 15.2 9.2 11.3 -.2 .2 6.8 60.4 9.3 .8 .8 .2 June 14 72.6 18.7 15.6 9.3 11.7 -.2 .2 6.9 62. 1 9.0 . 7 .5 .2 June 21 73.8 18.5 18.5 9.5 11.7 -.1 . 1 7.2 63.5 8.6 .8 .7 .2 June 28 .__ 74.0 18.1 16.8 9.6 11.9 -.3 . 1 7.0 63.2 9.3 .8 .4 .3 i Inflow less than $50,000. « Outflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1939 FEDERAL RESERVE BULLETIN 933 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 l e l r 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. 28i. 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 *__. 584.8 79.6 36.1 13.5 12.1 28.4 16.8 40.6 227.1 103.3 117.4 125.1 12.0 1935—Jan. 2..... 597.0 76.9 33.9 12.9 13.7 29.9 18.8 46.8 232.9 99.3 122.8 130.1 12 0 Dec. 31__. 1,200.2 205.5 163.5 68.6 86.1 29.0 26.1 107.5 686.3 145.3 156.3 188.9 23 4 1936—Dec. 30... 1,491. 6 235.7 176.3 78.8 123.5 32.0 41.7 126.3 814.3 186.1 263.9 200.2 27.1 1937—Dec. 29__. 1, 729.6 261.5 143.9 89.1 302.1 39.0 25.7 156.0 1,017.1 175.6 280.9 236.0 20.0 1938—Dec. 28._. 2,003. 9 438.8 190.9 98.4 217.4 19.9 22.6 249.9 1, 237. 8 235.2 254.9 243.7 32.4 1939—Mar. 29.. 2, 264. 2 473.9 219.5 143.9 247.1 18.7 14.8 314.7 L, 432. 7 236.6 300.7 250.9 43.3 Apr. 26... 2, 505.6 548.9 269.0 154.9 244.2 13.9 13.1 365.3 L, 609. 3 267.0 330.6 251.4 47.3 May 31._. 2, 612. 7 578.0 275.3 137.1 238.4 15.7 14.3 370.5 L, 629. 3 309.4 371.7 253.8 48.6 June 7 2, 579. 4 590.1 266.6 136.8 237.6 14.7 12.6 362.3 L, 620. 6 293.3 366.8 251.1 47.6 June 14__. 2, 591.0 605.2 272.6 145.6 237.3 15.0 12.5 356.6 L, 644. 8 293.0 361.4 242.2 49.6 June 21... 2, 602. 9 599.7 279.7 140.9 247.4 14.7 12.6 359.6 L 654. 7 295.0 359.5 243.8 50.0 June 28. _. 2, 619. 5 607.4 284.4 146.0 240.8 15.1 12.2 366.9 1, 672. 7 291.7 363.0 242.5 49.7 TABLE 9—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES Date Total U K d n o i i n t m g ed - France N la e e n r t d - h s - e S r w la i n tz d - Ger- 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. 3O._ 1,103.3 166.2 29.5 20.9 12.6 467.2 18.7 149.2 864.3 58.1 136.5 41.8 2.6 1932—Dec. 28__ 937.9 87.3 62.9 13.0 6.2 434.9 11.8 97.0 713.1 42.2 155.2 24.0 3.5 1933-Dec. 27.. 898.8 192.5 66.9 18.4 12.3 260.9 16.7 83.2 651.0 32.3 159.7 49.7 6.2 1934—Nov. 28» 827.1 201.3 94.1 15.9 8.5 178.8 10.7 60.2 569.5 84.4 124.4 46.2 2.6 Reported by Banks in United States 1934—Dec. 5 *__ 1,137.8 266.4 108.2 19.2 8.3 239.6 26.5 81.3 749.5 91.2 170.7 118.1 1935—Jan. 2____ 1,139. 9 296.9 80.5 18.6 8.2 231.7 27.2 80.0 743.2 96.3 174.6 117.4 8.5 Dec. 31__ 778.6 88.1 32.5 19.0 6.6 202.0 13.5 71.2 433.0 100.9 154.5 80.1 10.1 1936—Dec. 30__ 672.6 114.1 16.8 21.9 5.4 165.1 10.9 57.8 392.1 59.4 141.1 67.2 12.9 1937-Pec. 29__ 655.0 84.8 13.5 23.0 5.5 126.1 20.8 52.9 326.5 118.0 114.4 78.9 17.2 1938—Dec. 28. _ 626.0 87.7 13.3 25.5 5.4 90.9 13.3 46.7 282.8 65.7 99.2 162.6 15.7 1939—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. 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 May 31.. 504.3 55.4 10.7 18.7 3.4 79.2 11.9 41.1 220.4 49.4 111.1 110.6 12.8 June 7 502.8 59.1 7.8 19.3 3.4 78.5 11.0 41.4 220.6 49.7 114.0 105.6 12.8 June 14. _ 510.3 62.1 9.0 19.1 3.5 79.2 10.5 41.6 224.9 52.2 113.4 108.1 11.8 June 21__. 493.3 54.6 7.6 18.2 3.6 77.9 10.7 41.0 213.6 49.8 111.3 106.2 12.5 June 28__. 494.6 55.4 10.7 19.7 4.5 77.4 9.5 39.9 217.0 54.0 110.3 100.5 12.8 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

934 FEDERAL RESERVE BULLETIN OCTOBER 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 ! and ad- ties liabili- Coin Notes vances Bankers' Public Other ties 1929—Dec. 25.. 145.8 260.0 .2 26.3 22.3 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31.. 147.6 260.0 38.8 49.0 104.7 368.8 132.4 6.6 36. 2 18.0 1931—Dec. 30.. 120.7 275.0 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28.. 119.8 275.0 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 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29.. 326.4 220.0 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—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 2o.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 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Jan. 25... 2 126. 4 400.0 .7 62.6 18.8 103,9 463.8 118.2 12.9 36.7 18.1 Feb. 22.. 126.4 400.0 1.0 53.7 17.5 100.6 472.7 103.1 16.3 35.1 18.2 Mar. 29.. 3 226. 2 300.0 1.1 44.2 4.8 124.8 482.0 98.5 21.8 36.3 18.2 April 26.. 226.2 300.0 .9 37.1 6.2 129.5 489.1 91.4 27.0 37.6 17.7 May 31.. 226.2 300.0 .6 26.4 8.0 140.7 499.8 82.4 38.3 37.1 17.8 June 28.. 226.4 300.0 27.4 6.8 136.7 499.0 101.4 15.4 37.0 17.9 July 26-. ^ 246. 4 300.0 35.5 8.0 128.0 510.9 91.4 26.0 36.7 18.1 Aug. 30__ 263.0 300.0 33.5 6.4 137. 8 529.5 90.1 31.1 39.0 18.2 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 t6 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 r r i - - assets tion G m ov e e n r t n- Other ties ment 8 ment se- ties curities 1929—Dec. 27_ 41,668 25, 942 5,612 8,624 2,521 5,603 68, 571 11,737 7,850 1,812 1930—Dec. 26. 53, 578 26,179 5,304 8,429 2,901 6,609 76,436 12, 624 11, 698 2,241 1931—Dec. 30 21,111 7,157 7," 2,730 8,545 85, 725 5,898 22,183 1,989 1932—Dec. 30_ 83,017 4,484 6,802 3,438 2,515 9,196 85,028 2,311 20,072 2,041 1933—Dec. 29. 77,098 1,158 6,122 4,739 2,921 8,251 82, 613 2,322 13, 414 1,940 1934—Dec. 28_ 82,124 963 5,837 3,971 3,211 8,288 83,412 3,718 15, 359 1,907 1935—Dec. 27_ 66, 296 1,328 5,800 9,712 573 3,253 7,879 81,150 2,862 8,716 2,113 1936—Dec. 30_ 60, 359 1,460 5,640 1,379 8,465 17, 698 715 3,583 8,344 89, 342 2,089 13,655 2,557 1937—Dec. 30_ 58,933 911 5,580 652 10,066 31,909 675 3,781 7,277 93,837 3,461 19, 326 3,160 1938—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 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, 308111, 162 5,079 22, 556 2,830 Mar. 30 87, 266 758 8,631 2,054 5,733 20,627 172 3,332 14, 558119, 748 3,955 16, 702 2,726 April27 9 92,266 756 8,609 2,165 6,012 20, 577 127 3,362 14, 452124, 666 3,755 17, 255 2,649 May 25_ 92, 266 754 8,164 2,276 4,774 20, 577 78 3,401 14, 264121, 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 July 27_ 92, 266 722 8,316 2,275 5,000 20, 577 472 3,461 14, 458123,239 5,468 16,058 2,781 Aug. 31 9 97,266 212 (10) 1,708 15,009 20, 577 2,412 3,804 (10) 142, 358 3,303 18,038 (10) v Preliminary. 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 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 On July 12, 1939, £20,000,000 of gold transferred from Exchange account to Bank of England. 6 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). 7 Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for Oct. 1936, pp. 785-786), and bills rediscounted for account of Banques Populates (law of Aug. 19, 1936—see BULLETIN for Oct. 1936, p. 788). 8 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). 9 On April 20, and again on Aug. 3, 1939, 5,000,000,000 francs of gold transferred from Stabilization Fund to Bank of France. i° Figures not yet available. 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

OCTOBER 1939 FEDERAL RESERVE BULLETIN 935 CENTRAL BANKS—Continued Assets Liabilities (Figu r r R e e e s ic ic h in h m s m a b r a i k l n l s k i ) ons of R re e f T s s o o e e r r e r t v v a ig e l e n s s o e f x c g h o G a ld n o g ld a e * nd B i T n c i h c r l b l e l e s u i a c l d ( s k ls a u i s n n ) r , g y d Se lo c a u n ri s ty E as c l i o g n v i S e o b r e t l e e curiti O es ther a O s t s h e e ts r ci N t r i c o o u n t l e a- Deposits l O ia t t i b 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 1,114 540 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—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 Mav 31 77 71 7,547 40 922 285 2,182 8,525 1,292 1,234 June 30 . 77 8,159 48 930 274 1,658 8,731 1,281 1,132 July 31 77 8,461 36 925 289 1,652 8,989 1,294 1,157 Aug. 31 . 77 10, 272 60 1,013 296 1,964 10, 907 1,480 1,294 i Not shown separately on Beicbsbarjk staterrent after June 15, 1939. 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] Aug. July June Aug. date of month] Aug. July June Aug. National Bank of Albania (thou- National Bank of Belgium (millions sands of francs): of belgas): Gold ._ 7,568 7,589 Gold reserve _ 3,381 3,187 3,047 Foreign assets 26, 856 20, 247 Other gold and foreign exchange 857 742 930 Loans and discounts 4,555 5,361 Discounts._ 188 314 225 Other assets 7,595 4,687 Loans 53 48 43 Note circulation... 20, 716 11, 081 Other assets. _ _ _ 469 473 456 Other sight liabilities 12, 579 14,195 Note circulation 4,565 4,442 4,223 Other liabilities _ 13, 278 12, 607 Demand deposits—Treasury... 8 37 15 Central Bank of the Argentine Other 251 161 344 Republic (millions of pesos): Other liabilities 124 122 119 Gold reported separately 1,224 1,224 1,224 Central Bank of Bolivia (thousands Other gold and foreign exchange- 99 84 101 of bolivianos): Negotiable Government bonds 263 271 120 Gold at home and abroad 55,122 Other assets 229 204 197 Foreign exchange 96, 977 Note circulation 1,119 1,128 1,086 Loans and discounts 22, 496 Deposits—Member bank _ 379 428 379 Securities—Government. 401,133 Government.. __ _ 209 143 115 Other- 4,192 Other 2 2 1 Other assets 26, 366 Foreign exchange sold forward 56 32 12 Note circulation. _ __ _. 274,154 Other liabilities 51 51 49 Deposits ___ 270, 834 Commonwealth Bank of Australia Other liabilities 61, 298 (thousands of pounds): National Bank of Bulgaria (mil- Issue department: lions of leva): Gold and English sterling 16,030 16, 030 16,011 Gold 2,006 1,994 Securities 41,002 40, 504 38, 300 Foreign exchange 757 640 Banking department: Loans and discounts 975 1,014 Coin, bullion, and cash.__ _ 1,411 1,397 1,384 Government debt 3,417 3,468 London balances 16, 424 19, 075 23, 272 Other assets 1,310 1,198 Loans and discounts.__ _ 18,093 16, 582 14,101 Note circulation 2,891 2,968 Securities.. _ _ _ _ 58, 602 52, 756 52, 240 Deposits __ _ 3,239 3,197 Deposits 87, 840 84, 231 85, 282 Other liabilities 2,336 2,148 Note circulation 48,025 47, 530 49,030 Bank of Canada (thousands of Ca- Bank of Belgian Congo (millions of nadian dollars): Belgian francs): Gold _ 209, 775 205,159 205, 736 180,125 Gold 166 Sterling and United States ex- Loans and discounts 398 change 52,860 43, 960 33, 652 27, 750 Other assets 514 Canadian Gov't securities: Note circulation 374 2 years or less . .. 111,018 112,550 110,773 121, 648 Deposits 580 Over 2 years 52,078 51, 391 51,192 52, 034 Other liabilities 124 Other assets 7,125 6,970 6,327 5,569 Note circulation ... 179, 704 169, 714 165,922 161,371 Deposits-Chartered banks 201, 318 206, 916 204,082 202, 250 Dominion Government 30, 695 29,054 21, 891 12, 793 Other 11, 216 4,649 4,673 523 Other liabilities 9,923 9,698 11,112 10,191 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

936 FEDERAL RESERVE BULLETIN OCTOBER 1939 CENTRAL BANKS—Continued Central bank 1939 1938 Central bank 1939 1938 [Figures as of last report [Figures as of last report date of month] Aug. July June Aug. date of month] Aug. July June Aug. Central Bank of Chile (millions of Central Reserve Bank of El Salvapesos): dor (thousands of colones): Gold 146 146 146 Gold 13, 208 13, 208 13, 206 Discounts for member banks 67 7 35 Foreign exchange 6,074 6,479 3,666 Loans to government 754 754 754 771 Loans and discounts 725 709 689 Other loans and discounts 231 254 269 144 Government debt and securities- 5,108 5,132 5,517 Other assets 43 40 35 42 Other assets 996 990 984 Note circulation 845 844 866 700 Note circulation 14, 771 14, 669 13, 332 Deposits- Deposits 7,744 8,233 6,251 Bank 162 123 205 Other liabilities 3,595 3,616 4,478 Other 46 105 61 Bank of Estonia (thousands of Other liabilities 148 144 143 krooni): Bank of the Republic of Colombia Gold 3 40, 906 40,892 34, 270 (thousands of pesos): Foreign exchange (net) 9,034 8,910 17,123 Gold 35, 453 36,109 35,853 35, 283 Loans and discounts 27, 497 27,059 22,080 Foreign exchange 7,543 3,865 5,999 6,183 Other assets 41,413 44,507 30, 773 Loans and discounts 19, 434 18, 455 19,855 18, 990 Note circulation 53,086 51,116 48, 364 Government loans and securities- 37,167 36,820 36, 948 46, 494 Demand deposits 27, 326 30, 622 33, 716 Other assets 31, 787 30, 337 30,019 26, 762 Other liabilities 38, 438 39, 631 22,166 Note circulation 53, 628 55, 365 57, 364 51, 602 Bank of Finland (millions of mark- Deposits 45, 786 38, 547 38, 204 39, 752 kaa): Other liabilities 31, 969 31, 674 33,105 42, 357 Gold* 1,128 1,128 621 National Bank of Czecho-Slovakia ' Foreign assets 2,598 2,640 2,326 (millions of koruny): Loans and discounts 1,151 1,244 1,508 Gold 1,721 1,763 2,653 Domestic securities 333 331 236 Foreign exchange 821 771 202 Other assets 248 142 353 Discounts 1,713 2,129 2,561 Note circulation 2,179 2,200 2,050 Loans 875 919 1,440 Deposits—Treasury 217 90 98 Government debt 2,005 Other 991 1,088 1,204 Other assets 4,187 3,716 1,028 Other liabilities 2,070 2,106 1,691 Note circulation 6,391 6,418 8,087 Bank of Greece (millions of drach- Demand deposits 811 839 138 mas): Other liabilities 2,116 2,041 1,664 Gold and foreign exchange (net)__ 3,565 3,076 Bank of Danzig (thousands of Loans and discounts 10, 606 10, 570 7,642 gulden) : Government obligations 4,211 4,257 4,305 Gold 23, 612 24, 442 29,183 Other assets 1,943 1,860 2,263 Foreign exchange of the reserve._ 1,199 1,480 5,945 Note circulation 7,912 8,002 6,723 Other foreign exchange 166 212 598 Deposits __ 10, 264 10, 543 7,857 Loans and discounts.. 20, 525 21,613 16, 262 Other liabilities 1,873 1,706 2,706 Other assets 2,572 2,890 3,208 National Bank of Hungary (mil- Note circulation 48, 614 46, 821 37, 622 lions of pengo): Demand deposits 17,179 20,034 20,811 Golds 124 124 124 84 Other liabilities 19,010 19,389 19,016 Foreign exchange reserve 101 93 94 76 National Bank of Denmark (mil- Discounts 576 418 438 399 lions of kroner): Loans—To Treasury 343 298 327 150 Gold 117 118 Other 43 29 12 ?;14 Foreign exchange 99 109 Other assets 352 360 366 318 Discounts 25 20 19 20 Note circulation 1,038 879 885 606 Loans—To Government agencies 97 89 130 112 Demand deposits 181 143 178 176 Other 150 138 155 82 Certificates of indebtedness 99 70 Securities 189 186 180 123 Other liabilities 221 189 Other assets 108 110 109 104 Reserve Bank of India (millions of Note circulation 452 425 446 397 rupees): Deposits 127 135 166 104 Issue department: Other liabilities 195 199 197 168 Gold at home and abroad 444 444 444 Central Bank of Ecuador (thou- Sterling securities 595 595 695 sands of sucres): Indian Gov't. securities 374 374 324 Gold 38, 378 39, 421 33, 489 Rupee coin 730 695 688 Foreign exchange (net) 7,760 10, 309 3,351 Note circulation 1,784 1,846 1,713 Loans and discounts 56, 630 50,092 '54, 442 Banking department: Other assets 20, 884 18,123 r17, 785 Notes of issue department. __ 359 262 438 Note circulation 64, 974 64,314 63, 471 Balances abroad 36 85 24 Demand deposits 43, 262 38,813 29, 816 Treasury bills discounted 3 1 Other liabilities 15,416 14, 818 15, 781 Loans to Government 19 7 1 National Bank of Egypt2 (thou- Investments 75 73 64 sands of pounds): Other assets 13 12 11 Gold 6,545 6,545 Deposits 387 329 423 Foreign exchange 2,095 649 Other liabilities 115 111 116 Loans and discounts 5,657 5,167 Bank of Japan (millions of yen): British, Egyptian, and other Gold 501 501 501 Government securities 25,196 30,532 Special foreign exchange fund 300 300 300 Other assets 8,401 6,575 Discounts 414 428 465 Note circulation 20, 712 18, 016 Loans—Government 3 3 3 Deposits—Government 3,261 5,086 Other 85 51 68 Other 15, 468 17, 793 Government bonds 1,686 1,776 1, 257 Other liabilities 8,454 8,573 Other assets 376 414 240 Note circulation 2,446 2,342 1,953 Deposits—Government 501 535 353 Other 112 238 147 Other liabilities 306 358 381 r Revised. 1 Name changed to National Bank of Bohemia and Moravia, Prague, by decree of March 31, 1939. 2 Items for issue and banking departments consolidated. 3 Gold revalued in part on March 6, 1939 at .2802 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. 5 In accordance with law XXV of 1938 gold revalued on January 15, 1939, at .1754 gram fine gold per pengo and resulting increment included in other assets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1939 FEDERAL RESERVE BULLETIN 937 CENTRAL BANKS—Continued Central bank 1939 1938 Central bank 1939 1938 [Figures as of last report [Figures as of last report date of month] Aug. July June Aug. date of month] Aug. July June Aug. Bank of Java (millions of guilders): Bank of Portugal (millions of Gold 117 117 117 escudos): Foreign bills _ __ _ 11 15 3 Gold 920 920 918 Loans and discounts 61 61 63 Other reserves (net) 432 462 478 Other assets _ _ _ 104 97 88 Non-reserve exchange... __ _ _ 210 200 160 Note circulation 199 187 Loans and discounts 399 419 424 Deposits 69 72 68 Government debt._ 1 036 1 036 1 040 Other liabilities 25 25 25 Other assets.__ __ __ __ __ _ 1 241 1 218 1 290 Bank of Latvia (millions of lats): Note circulation. _ _ _ 2,079 2,096 2 134 Gold - 88 93 78 Other ^ight liabilities 1 149 1 169 1 101 Foreign exchange reserve.- _ 36 40 38 Other liabilities 1 009 990 1 075 Loans and discounts 143 147 127 National Bank of Rumania (mil- Other assets 51 53 62 lions of lei): Note circulation 81 84 61 Gold 18, 756 17, 001 Deposits 204 208 196 Special exchange accounts _ 4,422 3,887 Other liabilities 43 40 48 Loans and discounts .. 13,615 9 160 Bank of Lithuania (millions of litu): Special loans 3. 1,534 1,883 Gold _ _ 62 62 78 Government debt 10,169 10, 402 Foreign exchange.- __ __ 8 9 3 Other assets 12, 662 11,249 Loans and discounts _ 119 120 102 Note circulation 38,683 30, 921 Other assets. _ _ __ __ __ 37 37 30 Demand deposits 10, 524 12,044 Note circulation 153 156 124 Other liabilities 11,951 10 616 Deposits 42 42 65 South African Reserve Bank (thou- Other liabilities 30 31 24 sands of pounds): Netherlands Bank (millions of guil- Gold _ __ _ 26, 638 26, 638 24, 550 ders) : Foreign bills _____ _ _ _ 5,500 7, 666 7,285 Gold 1,129 1,129 1,175 1,481 Other bills and loans 1,714 813 2,528 Silver (including subsidiary coin) 17 24 22 21 Other assets 16,144 16, 541 13, 456 Foreign bills ___„ __ _ _ _ 2 2 2 5 Note circulation 18, 464 19,156 16, 462 Discounts 48 10 10 10 Deposits 28, 329 28, 651 28, 244 Loans.- __ __ 260 224 214 286 Other liabilities 3,203 3,850 3,113 Other assets 68 69 68 64 Bank of Sweden (millions of Note circulation _ _ 1,132 1,037 998 939 kronor): Deposits—Government 46 27 167 Gold 782 767 762 617 Other 344 327 420 723 Foreign assets 608 627 646 853 Other liabilities 48 48 46 46 Discounts._ _ _ _ __ 11 11 13 12 Reserve Bank of New Zealand Loans 60 59 57 23 (thousands of pounds): Domestic securities __ __ __ 186 166 156 70 Gold. _ 2,802 2,802 2,802 Other assets 545 520 515 393 Sterling exchange reserve 5,577 5,601 13, 695 Note circulation 1,126 1,025 1,059 971 Advances to State or State un- Demand deposits 884 963 926 831 dertakings.. __ 18, 938 16, 926 6,634 Other liabilities 183 163 164 166 Investments 3,748 3,768 2,732 Swiss National Bank (millions of Other assets. _ _ _ _ _ _ _ 460 415 304 francs): Note circulation 15, 693 15, 467 13,696 Gold 2,419 2,461 2,471 2,837 Demand deposits 13, 833 12,123 10, 850 Foreign exchange.. _ 288 274 271 374 Other liabilities 1,999 1,922 1,620 Discounts 63 49 66 20 Bank of Norway (millions of Loans _ _ 43 27 31 20 kroner): Other assets 684 682 681 705 Gold 236 236 236 222 Note circulation 2,024 1,741 1,729 1,555 Foreign assets 128 151 157 199 Other sight liabilities 828 1,106 1,147 1,763 Total domestic credits and Other liabilities 646 647 644 638 securities 309 '281 271 207 Central Bank of the Republic of Discounts 0) 122 112 74 Turkey (thousands of pounds): Loans.. __ _ _ _ _ 0) 36 37 33 Gold 36, 906 36, 906 36, 869 Securities 0) 123 123 100 Foreign exchange—Free 2 11 Other assets 0) 52 60 31 In clearing accounts._ 3,536 4,135 10, 365 Note circulation 505 480 475 453 Loans and discounts.__ 145, 754 140, 915 75,473 Demand deposits—Government- 21 15 37 32 Securities... _ _ _ __ 192, 732 192,880 L89, 764 Other 109 139 121 95 Other assets-__ __. 38, 340 35, 450 28,415 Other liabilities 0) 87 92 79 Note circulation 229, 521 229, 521 175, 691 Central Reserve Bank of Peru Deposits 71,426 61, 509 60,029 (thousands of soles): Other liabilities 116,325 119,267 105,167 Gold and foreign exchange- 48,903 Bank of the Republic of Uruguay Discounts 23, 479 (thousands of pesos): Government loans 82,906 Issue department: 7,223 Gold and silver.. _ 86, 235 103, 585 99, 362 Note circulation 91,072 85,965 Dcnosits 45, 524 Banking department: 17, 625 Gold 20, 462 1,835 Bank of Poland (millions of zlotys): Other 47, 916 50, 212 Gold 444 444 448 Loans and discounts 107, 262 99, 837 11 15 12 Other assets 98, 347 70, 440 Loans and discounts 886 824 791 Deposits 87,187 83,429 Securities 161 157 128 Other liabilities 186, 799 138,894 Special gov't. debts 515 515 National Bank of the Kingdom of 350 377 377 Yugoslavia (millions of dinars): 1,883 1,848 1,149 Gold 1,922 1,920 1,844 Other sieht liabilities 152 159 249 Foreign exchange 503 507 391 Other liabilities 332 326 358 Loans and discounts _ __ __ 1,860 1,825 1,593 Government debt 2,230 2,230 2,242 Other assets 3,273 3,156 3,170 Note circulation 7,354 7,177 6,246 Other sight liabilities 1,712 1,724 2,215 Other liabilities 721 736 780 p Revised. 1 Figures not yet available. 2 Not reported separately on bank statement; included with loans and discounts. 3 Agricultural and urban loans in process of liquidation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

938 FEDERAL RESERVE BULLETIN OCTOBER 1939 BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs i] 1939 1938 1939 1938 Assets Liabilities Aug. 31 July 31 Aug. 31 Aug. 31 July 31 Aug. 31 Gold in bars _~ 28, 588 55, 807 30, 945 Demand deposits (gold) ___ _ 14,112 14, 355 9,107 Cash on hand and on current account with banks 26, 582 17, 218 48,120 Short-term deposits (various curren- Sight funds at interest 12, 980 17, 603 15, 679 cies) : Central banks for own account 53, 823 114, 718 166, 089 Rediscountable bills and acceptances Other 2,463 3,558 8,498 (at cost) 177, 241 228, 082 223, 374 Time funds at interest 35, 627 35, 309 53, 852 Long-term deposits: Special accounts.-. 253, 512 255,122 255, 534 Sundry bills and investments 229, 588 220, 824 252, 903 Other liabilities 188, 265 188, 417 187, 248 Other assets _ _ _. 1,570 1,327 1,603 Total liabilities 512,176 576,169 626, 476 Total assets 512,176 576,169 626, 476 i See BULLETIN for December 1936, p. 1025. MONEY RATES IN FOREIGN COUNTRIES [Per cent per annum] United Kingdom (London) Germany (Berlin) Netherla d n a d m s ) (Amster- Month a 3 c B c m a e n p o k t n a e t n r h s c ' s es T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n l l a d o n w e k p a e o n r s c s i ' e ts d P is r r c i a v o t a u e t n e t M 1 o m n o ey n t f h or Da m y o -t n o e - y day d P is r r c i a v o t a u e t n e t M 1 o m n o e n y t f h or 1929—August.. _ 5.47 5.48 4.35 7.18 9.43 7.42 5.06 4.68 1930—August... 2.21 2.17 1.85 3.24 4.43 3.73 1.83 1.63 1931—August... 4.28 4.21 3.59 i 8.92 i 9.18 i 9.15 1.30 1.22 1932—August. __ .74 .73 4.50 5.75 5.82 .37 1.00 1933—August... .41 .62 3.87 5.50 4.94 1.11 1.08 1934—August. __ .79 .74 .81 3.75 5.02 4.72 .75 1.00 1935—August... .60 .58 .75 3.00 3.00 3.06 4.78 4.72 1936—August... .55 .53 .75 2.88 2.84 3.01 1.29 1.20 1937—August... .55 .52 .75 2.88 2.69 2.85 .13 .53 1938—August. __ .53 .51 .75 2.88 2.87 2.51 .13 .50 1939—February. .53 .51 .75 2.88 2.88 2.53 .13 .50 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 c.75 .77 2.79 2.50 2.71 .49 .75 July .79 .75 2.75 2.50 2.65 .51 .75 August... 1.58 1.92 1.35 2.75 2.50 2.50 1.03 1.53 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 u e t n e t d P is r r c i a v o t a u e t n e t d P is r c iv o a u t n e t d P is r r c i a v o t a u e t n e t c c i o a P m l r p i m m ap e e r e - r Da m y- o t n o e - y day L m oa o to n n s t 3 h u s p Disc b o il u ls nted ov m e C o rn a n l i e l g y ht 1929—July.. 3.19 4.04 3.50 6.75 8M-10 5. 48-5. 66 3.10 1930—July.. 1.92 2.78 2.08 5.50 53^7^ 5.48 3.65 1931—July.. 1.55 2.15 1.20 5.25 4-6 4. 93-5. 48 2.74 1932—July.. 1.50 3. 17 .99 5.50 4-4M '4-6 6. 02-6. 39 4.20 1933—July.. 1.50 2.31 1.39 4.00 3K 5.11-5. 48 2.37 1 1 9 9 3 3 4 5 — — J J u u l l y y . . . . 2 1 . .5 79 0 2 1 . . 2 8 0 8 4 1 . .7 06 8 3 3 . . 0 5 0 0 H7H sy2 5 5 . . 1 1 1 1 2 2 . . 5 4 7 5 1936—July.. 2.25 1.38 3.30 4.50 4-63^ 3M 4.75 2.53 1937—July.. 1.00 1.00 5.20 5.00 4^ 4.75 2.70 1938—July.. 1.00 3.12 2.50 5.00 2H 4.56 2.48 1939—January... 1.00 2.00 1.88 5.00 23^-5 4.47 2.34 February.. 1.00 1.98 1.96 5.00 23^-5 4.47 2.56 March 1.00 3 28 1.94 5.00 23^-5 4.47 2.54 April 1.00 4^28 1.88 5.00 23^-5 4.47 2.47 May 1.00 3.99 1.94 5.00 23^-5 4.47 2.37 June 1.00 2.79 1.88 5.00 23^-5 4.47 2.39 July 1.00 1.88 r Revised. c Corrected. 1 Based on data for part of month, no quotations being available for remainder of month. NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736; May 1930, p. 318; and September 1938, p. 757. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

939 OCTOBER 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 Se 2 a p 8 te t. eff D ec a t t i e ve b C an e k n t o r f a — l S R e 2 a p 8 te t. eff D ec a t t i e ve J J S I S n u u e e 1 l l p p y y e 9 t t f 3 f 7 1 6 e 2 9 0 c 5 t June 30, 2 4 3 5 4 2 ft 2 2H 3.29 A A B B B B C o e u r r a lb i g l n l l t g i g a e a i v i a n s n d u i r h i a t a m i a i l a - n n a d . i a . 3 6 6 6 J N J A M A M u u u o p a l a l g y y v r r r i . . . . l 2 1 1 8 6 5 1 1 5 1 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 3 9 3 3 3 3 3 3 5 6 5 5 9 2 7 J N J N L L M a a i a e e e p v t t w t h x v a a h i u . n i e c a a o . r . n l . Z _ a i _ a e n _ a d _ - s 3 3 3 6 3 .2 2 9 J J A J A M a a u u p n n a l g y r . . r . . . 1 1 2 4 1 7 1 5 9 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 3 3 3 3 3 3 7 7 6 9 9 9 N O O O O o c c c c t t t t v . . . 2 9 1 2 2 0 6 6 3 2 2 2H 1K2 D C C C z h a o s e n i l l l c o o z e h i m v g o a b - k . i i . a . a . . . . . 4 3 4 J J J D a a u e n n l c y . . . 1 1 2 1 6 8 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 7 6 6 3 P N P P o o e o l r r l a r u a t n w u n d g d a a y l 4 6 2 A N S D M e u e o a p c g v y t . . . . 2 1 1 1 2 0 1 8 9 2 , , , , , 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 2 7 7 8 9 J D a e n c 2 3 8, 1937 4 2 E D c e u n a m do a r rk. _. 4 2 N Se o p v t . . 3 2 0 0 , , 1 1 9 9 3 3 2 9 R So u u m th a n A ia frica i4y 2 M M a a y y 1 5 5, , 1 1 9 9 3 38 3 June 15 6 El Salvador 3 Mar. 30, 1939 Spain. July 15, 1935 July 7 5 Estonia Oct. 1, 1935 Sweden 5 Dec. 1, 1933 Aug 4 4 Finland 4' Dec. 3, 1934 Switzerland Nov. 26, 1936 N Se o p v t 1 3 3 3 2 F G r e a r n m ce any. __ 4 2 J S a e n p . t . 2 4 2 , , 1 1 9 9 3 3 9 2 T U u n r i k te e d y King- 4 2 July 1, 1938 M M M Se a a a p y y y t. 3 1 2 1 0 3 0 8 , 1938 W 3 i 4 3 H I G ta u re l n y e g c a e r . y 6 4 J A M a u n a g . y . 2 1 4 8 9 , , , 1 1 1 9 9 9 3 3 3 5 6 7 U Y . u d g o S o m . s S la . v R ia . .. . 3 4 5 J S F u e e l p b y t . . 2 1 1 8 , , , 1 1 1 9 9 9 3 3 3 9 5 6 O N c o t v 2 2 7 5 2V2 Changes since Aug. 29: Denmark—Sept. 20, upfrom 314 to \A per Jan 4 1939 2 * cent; Norway—Sept. 22, up from 3^ to 4}^ per cent United Kingdom- Apr. 17 4 Sept. 28 down from 4 to 3 per cent. May 11 3 July 6 Aug. 24 4 Aug 29 3 Sept. 28 3 In effect Sept. 28, 1939 3 2 4 3 3.29 COMMERCIAL BANKS [Figures as of end of month, except those for United Kingdom, which are averages of weekly figure: Assets Liabilities United Kingdom Cash M ca o l n l e a y n d at Bills dis- Securi- L cu o s a t n o s m to - Other Deposits Other (Figures in millions of pounds sterling) reserves n s o h t o ic rt e counted ties ers assets Total Demand 1 Time liabilities 10 London clearing banks 1930—December.. 208 144 322 285 933 240 1,876 992 847 254 1931—December.. 184 119 246 297 905 222 1,737 868 846 237 1932—December.. 207 127 408 472 778 208 1,983 991 963 216 1933—December.. 213 119 311 565 740 237 1,941 1,015 900 244 1934—December.. 216 151 255 594 759 247 1,971 1,044 910 251 1935—December.. 221 159 322 605 784 231 2,091 1,140 924 231 1936—December.. 236 187 316 630 864 238 2,238 232 1937—December.. 236 155 295 605 954 242 2,250 237 1938—December.. 235 150 244 606 940 250 2,172 254 11 London clearing banks 2 1936—December. 244 195 322 660 890 249 2.315 1,288 L 012 245 1937—December. 244 163 300 635 984 256 2,330 1,284 L, 026 252 1938—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 L, 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 1,232 987 265 July 235 155 278 597 986 251 2,240 1,241 999 263 1 Through December 1937 excludes deposits in offices outside England and Wales, which are included in total, Figures for 10 banks not available beginning 1936. 2 District Bank included beginning in 1936. NOTE.—For other back figures and explanation of tables see BULLETIN for October 1933, pp. 639-640. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

940 FEDERAL RESERVE BULLETIN OCTOBER 1939 COMMERCIAL BANKS—Continued [Figures as of end of month] Assets Liabilities (4 large banks. fr F a i n g c u s r ) es in millions of re C se a r s v h es D b u a e n f k r s orrI 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 ii a c O n c w c e e p n s t- lia O b t i h li e t r ies 1930— December 2,419 4, 675 20.448 10,743 2,361 36,681 35,284 1,397 921 4,357 1931—December _. 11,311 2,16* 18, 441 9,274 2,130 38, 245 37,023 1,222 576 4,503 1932— December 9,007 1,766 22,014 7.850 749 37,759 36,491 1,268 295 4,331 1933—Decen ber. . 5.87( 1,416 19,848 8,309 827 32. 635 31, 773 862 273 4,362 1934—December 5,836 1.421 18,304 8,159 717 30 943 30,039 904 193 4,301 1935— December. 3.739 2,484 16,141 8,025 }»900 27, 553 26, 859 694 337 4,399 1936—December 3, 100 2,975 17, 582 7,631 957 28. 484 27 955 529 473 4,289 1937—December 3,403 4,116 18, 249 7,624 2,134 30, 348 29 748 600 661 4,517 1938—August.._ .. 3,270 4,708 19. 828 7,490 702 32, 293 31, 784 508 550 4,155 September 4,410 4,237 14,080 8,072 921 27, 869 27,405 463 678 4,174 October _ . 3.152 4,238 18, 940 7,613 i 088 30,952 30,449 503 775 4,304 November 3,357 4,318 18, 522 7,956 976 30 971 30,460 511 746 4,411 December.. 3,756 4,060 21, 435 7,592 940 33, 578 33,042 537 721 4,484 1939—January 3,329 3, 985 22,100 7,079 339 33. 444 32, 863 581 643 3,745 February 3, 433 3,824 23,024 6,927 250 34,243 33, 619 624 538 3,677 March _ __ __ __ . _. 3.604 3,519 23, 945 6.654 310 34,793 34,127 667 541 3,697 April . .. 3,522 3,745 25, 667 6,414 353 36,368 35, 700 667 558 3,775 Mayp __ ... 5,143 3,767 24, 874 7,056 1,411 37,883 37, 223 660 522 3,846 Assets Liabilities (5 large B l e io rl n in s o b f a r n e k i s c . h sm Fi a g r u k r s e ) s in mil- re C se a r s v h es b f D a ro n u m k e s B co il u ls n d te i d s- Loans Se t c ie u s ri- O as t s h e e ts r Total D D e e p m o a si n t d s Time o C b b f r t a r a e o n i d m n k i s e ts d l O ia t t i b h e i s e li r - 1930—November 191 1,483 2,453 7,416 482 880 9,091 3,857 5,233 1,986 1,828 1931—November __ . ... . ... 173 817 1,431 5,377 807 1 127 6,062 3,252 2,810 1,328 2,341 1932—November 143 583 1,631 4,570 938 991 6,161 2,958 3,203 1,146 1,550 1933—November 131 471 1,702 3,731 860 1,003 5,754 2,624 3,130 661 1,481 1934—November . 115 393 2,037 3,331 874 983 5,816 2,731 3,085 485 1,432 1935—Novt mber 139 316 2,162 2,884 1,027 983 5,376 2,435 2,941 686 1,449 1936— November 137 269 2,567 2,729 1,112 851 5,751 2,661 3,090 579 1,334 1937—November _ _ 148 299 3,205 2,628 1,020 812 6,264 2,912 3,352 513 1,335 1938—August 199 255 3,589 2,731 1,098 844 6,933 3,219 3,714 416 1,368 September __ _ 270 295 3,384 2,817 1,097 876 6,915 3,311 3,603 424 1,400 October 179 261 3,620 2,743 1, 183 895 7,031 3,373 3, 658 422 1,427 November .. 195 270 3,643 2, 685 1,406 893 7,234 3,531 3,703 420 1,438 1939—January 184 285 3,934 2,708 1,178 895 7,334 3,619 3,716 414 1,436 February. _ 175 307 3,888 2,798 1,145 902 7,377 3,576 3,801 410 1,427 March ... _ ._ _. 219 308 3,904 2,833 1,112 901 7,458 3,693 3,765 401 1,418 April- 189 271 4,364 2,761 1,082 891 7,745 3,870 3,875 398 1,414 May 237 292 4,537 2,772 1,073 852 7,981 3,996 3,985 396 1,385 June ... . ._ 214 306 4,108 2,988 1,080 829 7,793 3,793 3,999 390 1,342 Assets Liabilities Canada Entirely i Canada S a l e b o c r a u o n r a s i d ty a D d e a p o e s x it c s l d u p e d a p i y n o a g s b it l s e in i t n e r C ba a n n k - (10 cha l r io te n r s e d o f b C a a n n k a s d . ian F ig d u o r ll e a s r s i ) n mil- re C se a r s v h es Se lo c a u n r s ity a O n lo d t a h d n e s i r s- a f n o f d r d r o e u i m n e g e n t Se ti c e u s ri- O as t s h e e ts r ci N t r i c o o u t n l e a- Total Demand Time l O ia t t i b h e i s e li r counts banks 1930—December 207 205 1,275 171 604 602 133 2,115 689 1,426 816 1931— December _ 201 135 1,253 146 694 510 129 2,058 698 1,360 752 1932—December 211 103 1,104 155 778 439 115 1,916 538 1,378 760 1933—December 197 106 1,036 134 861 43? 121 1,920 563 1,357 725 1934—December . . 228 103 977 155 967 449 124 2,035 628 1,407 718 1935—December 228 83 945 141 1,155 485 111 2,180 694 1,486 745 1936—December 240 114 791 161 1,384 507 103 2,303 755 1,548 790 1937—December _ 255 76 862 102 1,411 510 96 2,335 752 1,583 785 1938— 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 88 2,471 780 1,691 800 March 259 56 943 192 1,499 458 93 2,492 791 1,700 821 April 260 54 956 203 1,509 449 90 2.509 812 1.697 833 May 266 55 963 217 1,505 452 85 2,524 846 1,678 850 June 255 53 957 226 1,525 494 92 2,542 862 1,680 875 July 266 51 947 202 1,520 468 86 2,520 822 1,697 849 v Preliminary. 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, June 1935, pp. 388-390, and August 1939, p. 699. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1939 FEDERAL RESERVE BULLETIN 941 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 r r n u i d p ti e i s a e h ) g ( B a l u r e l i v - a ) C (d a o n ll a a d r a ) Off C ic h ia il l e (p E e x so p ) ort S ( C y h h h u a a i a i n n ) n g a - - C (p o b e l i o s a o m ) - ( C p u e b so a ) 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 1832 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.C039 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—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. 0C9 99. 942 Jure 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 July 31.211 373. 03 16. 991 6. 0571 5. 0555 34. 905 1. 2126 99. 835 5.1703 4. 0000 10. 637 57. 036 99. 950 August 31.116 367.32 16.968 6.0579 5.0236 34.407 1.2111 99.494 5.1691 4.0000 7.163 57.061 99.950 Year or month ( s C k lo z o e v r c u a h n k o a i - a ) ( m D kr a e o r n n k - e) p E o g u y n p d t ) ( k l F m a k i n n a a - d r ) - F (f r r a an n c c ) e ( m m r G e a a i e r c n r k h - y ) s- G ( r d m e r a a e ) c c h e - (d H K o o o l n l n a g g r) ( H p g e u a n r n g y - o) ( I l t i a r l a y ) J ( a y p e a n n ) M ( e p x e i s c o o ) ( N g l e u a t i 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 28.111 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 48. 217 29. 602 8. 2471 28. 707 27. 778 67. 715 391. 26 1936 4.0078 22.189 509. 68 2.1903 6.1141 40. 297 31.711 29. 558 7. 2916 29. 022 27. 760 64. 481 398. 92 1637 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—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 July 20. 896 480.00 2. 0547 2. 6488 40.113 .8576 28. 703 19. 576 5. 2605 27. 279 17.133 53. 278 374. 49 August 20.834 472. 41 2. 0456 2.6137 39. 859 .8520 28. 213 19. 576 5. 2515 26. 870 16. 800 53.484 368. 82 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 d u o - ) R ( u n le m i u a ) a- (p S A o o f u r u i n t c h d a ) (p S e p s a e i t n a) ( S S m d t e o r e t l a t n l l i a t e t s r s - ) (k S r d w o e n n e a - ) ( e S f r w r l a a i n t n c z d ) - ( T po u u r n k d ey ; ( U p K d o n i o u i n m t n g 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—December., 23. 463 18. 865 4. 2406 .7315 462. 32 4.996 54. 302 24. 051 22. 612 467. 03 61. 471 2. 2776 1939—January 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 July 23. 520 18. 808 4. 25.06 .7035 463. 28 11. 023 54. 785 24.114 22. 550 80. 021 468.15 61. 600 35. 818 2. 2744 August 23. 376 18. 754 4. 2234 .7043 456.10 11.000 53. 996 24. 002 22. 573 80. 022 461. 07 60. 659 35. 698 2. 2729 NOTE.—Developments affecting averages since July 1939 have been as follows: Cuba—quotations temporarily omitted beginning Aug. 11; exchange quotations on following countries partly nominal since Aug. 24, 1939: Australia, Denmark, Finland, Germany, Hong Kong, Italy, Japan, Norway, Poland, Portugal, South Africa, Straits Settlements, Sweden, and Yugoslavia; quotations not available as follows: Argentina, Denmark, Finland, Hungary, Poland, Rumania, and Yugoslavia—Aug. 28-31; Bulgaria—Aug. 30-31; Norway—Aug. 28-29; and Turkey—Aug. 25 and 28. For futher information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the basis of quotaton, see BULLETIN for March 1938, p. 244; March 1939, p. 236; and September 1939, p. 831. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

942 FEDERAL RESERVE BULLETIN OCTOBER 1939 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month (19 U S 2 n t 6 a i = t t e e 1 d s 00) (19 C 2 a 6 n = a 1 d 0 a 0) ( K 19 U i 3 n n 0 g i = d te 1 o d 0 m 0) (1 F 91 r 3 a = n 1 c 0 e 0) ( G 19 e 1 r 3 m = a 1 n 0 y 0) (192 It 8 a = ly 100) 1 ( 9 O J 0 a c 0 p t = o a 1 b n 0 e 0 r ) (1 N 9 l e a 1 2 t 0 n 6 h 0 d - e ) 3 s r 0 - = ( S J = u w l l 1 a i y t 0 n z 1 0 d e 9 ) r 1 - 4 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 90 1937 86 85 109 581 106 89 238 76 111 1938 79 79 101 653 106 95 251 72 107 1938—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 98 683 107 98 270 70 106 July 75 73 98 678 107 96 270 70 107 August 75 272 71 i Approximate figure, derived from old index (1913—100). WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United Kingdom United States (1926=100) (1930=100) France (1913=100) Germany (1913=100) Year or month Indus- Other Indus- Farm Indus- Agricul- trial raw Indus- Farm Foods commod- Foods trial and food trial tural Provi- and semi- trial finproducts ities products products products products sions finished ished products products 1926 100 100 100 581 793 129 132 130 150 1929 105 100 92 579 669 130 125 132 157 1930_ ___ 88 91 85 100 100 526 579 113 113 120 150 1931 65 75 75 89 87 542 464 104 96 103 136 1932 _ . 48 61 70 88 85 482 380 91 86 89 118 1933 51 61 71 83 87 420 380 87 75 88 113 1934 65 71 78 85 90 393 361 96 76 91 116 1935 79 84 78 87 90 327 348 102 84 92 119 1936 _ _ 81 82 80 92 96 426 397 105 86 94 121 1937 . 86 86 85 102 112 562 598 105 96 96 125 1938 69 74 82 97 104 641 663 106 91 94 126 1938—July 69 74 81 98 102 630 671 106 90 94 126 August _ _ 67 73 81 95 102 625 670 107 90 94 126 September 68 75 81 92 102 631 669 106 91 94 126 October _ 67 74 81 93 102 646 680 106 92 94 126 November _ __ _ 68 74 81 91 103 662 685 107 95 94 126 December 68 73 80 92 102 684 685 107 95 94 126 1939—January 67 72 80 93 100 688 690 108 94 94 126 February ._ _ 67 72 80 91 100 673 694 108 94 94 126 March 66 70 80 90 100 671 694 108 94 95 126 April. __ 64 69 81 91 100 650 697 107 92 95 126 May 64 68 81 92 101 652 712 108 94 94 126 June _ 62 68 80 92 101 643 718 109 91 94 126 July 63 68 80 91 102 629 721 109 92 95 126 August.. ... 61 67 80 P109 P92 P95 P126 p Preliminary. -Source*.—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

943 OCTOBER 1939 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Eng- Ger- Nether- Switz- United Eng- Francel Ger- Nether- Switz- Year or States land France many lands erland Year or States land many lands erland month 1923- July July 1913- 1911- June month 1923- July 1913- 1911- June 1925=1001914=1001914=1001914=1001913=1001914=100 1925=1001914=1001930=1001914=1001913=1001914=100 1926 _ 109 161 554 146 161 160 1926 103 170 142 168 162 1929 105 154 611 156 162 156 1929 100 164 154 168 161 1930 __ 100 145 614 146 150 152 1930 97 158 100 148 161 158 1931 82 131 611 131 136 141 1931 89 148 97 136 151 150 1932 68 126 536 116 119 125 1932 80 144 91 121 141 138 1933 66 120 491 113 120 117 1933 76 140 87- 118 139 131 1934 74 122 481 118 124 115 1934 79 141 83 121 140 129 1935 81 125 423 120 118 114 1935 81 143 78 123 136 128 1936 82 130 470 122 120 120 1936 _ 82 147 86 125 2 132 130 1937 85 139 601 122 127 130 1937 84 154 102 125 137 137 1938 79 141 702 122 130 130 1938 83 156 117 126 139 137 1938-July 80 146 671 124 130 129 1938 July. 159 127 139 137 August 78 141 677 124 129 129 August 156 117 127 138 136 September 79 140 697 121 130 130 September 83 156 125 139 137 October 78 139 725 121 130 130 October 155 125 138 137 November 78 140 727 121 128 130 November 156 120 125 137 137 December. 79 139 742 121 130 130 December 83 156 125 138 137 1939-January 78 138 748 122 129 1939-January 155 126 137 February.. 77 138 744 122 129 February 155 122 126 136 March 76 135 742 123 130 128 March. 82 153 126 138 136 April 77 135 734 122 129 April. __ 153 126 136 May 77 134 738 123 130 May 153 P123 126 137 June . 76 134 739 124 124 '132 June__.. 153 127 136 137 July 77 139 741 125 132 July 156 127 138 August 75 137 August 155 r Revised. p Preliminary. Sources.—See BULLETIN for April 1937, p. 373. 1 New index of Statistique Generate de la France covering all departments except Seine-et-Marne. New index not available back of 1930; old index (Jan.-June 1914=100), which was for Paris only, was 581 in 1930, 556 in 1929, and 505 in 1926. 2 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month ( p U a S r v n t i e a c i r e t t a e e ) s d g l e ( 1 D E 9 e n 2 c 1 g e = l m a 1 n 0 b d 0 e ) r (1 F 91 r 3 a = n 1 ce 00) G (a e p v r r e m ic r e a a ) g n e y N la e n th ds e r 2 - U St n a i t t e e s d Engla ( n 1 d 926=10 F 0) rance Germany (1 N 9 l 3 e a 0 t n h = d e 1 s r 0 - 0) Number of issues. _ 60 87 36 139 8 420 278 300 329 100 1926 97.6 110.0 57.4 100.0 100.0 100.0 100.0 1929. 98 1 110.2 85.1 81.4 100.0 190.3 119.5 217.6 122.8 1930 99.3 111.8 95.8 83.3 104.3 149.8 102.6 187.6 100.2 100 1931 90.9 108.4 96.9 3 83. 4 104.1 94.7 78 9 132.2 »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—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 99.0 96.3 86.0 76.6 98.3 92.5 91.6 July 81.6 112.5 84.3 99.0 94.4 86.1 75.8 100.4 91.7 89.3 August 81.0 110.9 99.0 86.3 75.3 93 2 i Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Oo. s 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. » 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 945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK CHESTER C. DAVIS JOHN K. MCKEE ERNEST G. DRAPER LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary J. C. NOELL, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief Division of Examinations } C. E. CAGLE, Assistant Chief, Division of Examinations E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics EDWARD L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans O. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEDERAL ADVISORY COUNCIL MARRINER S. ECCLES, Chairman District No. 1 (BOSTON) THOMAS M. STEELE GEORGE L. HARRISON, Vice Chairman District No. 2 (NEW YORK) LEON FRASER CHESTER C. DAVIS District No. 3 (PHILADELPHIA) HOWARD A. LOEB, ERNEST G. DRAPER V ice-President M. J. FLEMING District No. 4 (CLEVELAND) T. J. DAVIS GEORGE H. HAMILTON District HUGH LEACH No. 5 (RICHMOND) ROBERT M. HANES District WM. MCC. MARTIN 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 District CHESTER MORRILL, Secretary No. 9 (MINNEAPOLIS) JOHN CROSBY S. R. CARPENTER, Assistant Secretary District No. 10 (KANSAS CITY) JOHN EVANS WALTER WYATT, General Counsel District No. 11 (DALLAS) R. E. HARDING J. P. DREIBELBIS, Assistant General Counsel District E. A. GOLDENWEISER, Economist No. 12 (SAN FRANCISCO)___PAUL S. DICK JOHN H. WILLIAMS, Associate Economist WALTER LICHTENSTEIN, Secretary ALLAN SPROUL, Manager of System Open Market Account 946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SENIOR OFFICERS OF FEDERAL RESERVE BANKS Fed B er a a n l k R o e f— serve Chai R rm es a e n rv a e n A d g F e e n d t eral President First Vice President Vice Presidents Boston F. H. Curtiss R. A. Young W. W. Paddock W. Willett 2 New York ___ Owen D. Young_ G. L. Harrison Allan Sproul L. R. Rounds W. S. Logan J. H. Williams R. M. Gidney L. W. Knoke Philadelphia T B McCabe J S Sinclair F J Drinnen C A Mcllhenny 3 W. J. Davis E. C. Hill Cleveland G. C. Brainard M J. Fleming F J Zurlinden W. H. Fletcher G. H. Wagner W. F. Taylor 3 Richmond Robert Lassiter Hugh Leach J. S. Walden, Jr. _._ J. G. Fry G. H. Keesee 2 Atlanta F. H. Neely R. S. Parker W. S. McLarin, Jr.3 H. F. Conniff M. H. Bryan Chicago . R. E. Woodi G. J. Schaller H. P. Preston C. S. Young W. H. Snyder 3 J. H. Dillard St. Louis __ __. _ W. T. Nardin W. McC. Martin F. G. Hitt 0. M. Attebery CM. Stewart 2 Minneapolis W C. Coffey 1 J. N. Peyton 0 S. Powell H I Ziemer 3 E. W. Swanson Kansas City R. B. Caldwell G. H. Hamilton... C. A. Worthington H. G. Leedy J. W. Helm 3 Dallas J. H. Merritt R. R. Gilbert E. B. Stroud R. B. Coleman W. J. Evans W. 0. Ford 2 San Francisco . St. George Holden i___ W. A. Day Ira Clerk W. M. Hale C. E. Earhart 2 R. B. West 1 Deputy chairman. 2 Cashier. 3 Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo Branch ._ _ R. M. O'Hara Helena Branch R. E. Towle Cleveland: Kansas City: Cincinnati Branch.. B. J. Lazar Denver Branch __. J. E. Olson Pittsburgh Branch P. A. Brown Oklahoma City Branch _. C. E. Daniel Richmond: Omaha Branch L. H. Earhart Baltimore Branch __ W. R. Milford Dallas: Charlotte Branch._ ._ W. T. Clements El Paso Branch. J. L. Hermann Atlanta: Houston Branch __ W. D. Gentry Birmingham Branch P. L. T. Beavers San Antonio Branch M. Crump Jacksonville Branch G. S. Vardeman, Jr. San Francisco: Nashville Branch __ J. B. Fort, Jr. Los Angeles Branch _ W. N. Ambrose New Orleans Branch L. M. Clark Portland Branch. ... D. L. Davis Chicago: Salt Lake City Branch W. L. Partner Detroit Branch R. H. Buss Seattle Branch C. R. Shaw St. Louis: Little Rock Branch A. F. Bailey Louisville Branch F. D. Rash Memphis Branch __ W. H. Glasgow SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is 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. 947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS S \ MINN, i MINNEAPOLIS S.DAK. I • MM BOUNDARIES OF FEDERAL RESERVE DISTRICTS -,_ BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES (APPROXIMATE IN THE ST. LOUIS DISTRICT) ® FEDERAL RESERVE BANK CITIES. • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis