Federal Reserve Bulletin, 1939-11

FEDERAL RESERVE BULLETIN NOVEMBER 1939 n Increase in Business Activity and Commodity Price Changes Rates on Commercial Loans Statistics of All Banks in United States ********** 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—Increase in business activity and commodity price changes 949-956 National summary of business conditions 957-958 Summary of financial and business statistics 960 Law Department: Ruling of the Board: Broker or dealer who transacts a business in securities through the medium of a member 961 Regulations of the President concerning credits to belligerents 961-962 Commercial loan rates at banks in principal cities 963-969 All banks in the United States, assets and liabilities 970-974 Balance of international payments of the United States, 1937-1938 975 French financial measures 976-977 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items 980 Federal Reserve bank statistics 981-985 Reserve position of member banks; deposits in larger and smaller centers 986 Money in circulation 987 Gold stock and gold movements; bank suspensions; bank debits 988 All banks in the United States 989 All member banks 990-991 Condition of reporting member banks in leading cities 992-995 Acceptances, commercial paper, and brokers' balances 996 Federal Reserve bank discount rates 997 Money rates and bond yields 998 Security markets 999 Treasury finance 1000-1001 Governmental corporations and credit agencies; Postal Savings System 1002-1003 Production, employment, and trade 1004-1012 Wholesale prices 1013 Crop report 1014 Statistics for Federal Reserve chart book 1015 International financial statistics: Gold reserves of central banks and governments 1018 Gold production 1019 Gold movements 1019-1020 International capital transactions of the United States 1021-1023 Central banks 1024-1027 Bank for International Settlements 1028 Money rates 1028 Discount rates of central banks 1029 Commercial banks 1029-1030 Foreign exchange rates 1031 Price movements: Wholesale prices 1032 Retail food prices and cost of living 1033 Security prices 1033 Federal Reserve directory: Board of Governors and staff; Open Market Committee and Staff; Federal Advisory Council 1036 Senior officers of Federal Reserve banks; managing directors of branches 1037 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 25 NOVEMBER, 1939 No. 11 REVIEW OF THE MONTH improvement of plant have expanded, particularly in the metal-working and railroad Industrial output, employment, and payrolls industries. Although some plant expansion have shown further rapid advances following has been reported, the volume of factory the buying wave and rise building has remained at a relatively low Increase in in prices that began with level. Residential building activity has been business activity the outbreak of war. The for some months at the highest level of recent Board's index of industrial production, which years and contracts for this type of building had gone up to 103 in August from 92 in have continued large in recent weeks. May, rose to 111 in September and advanced Retail distribution of general merchandise further to an estimated 120 in October. In has shown a rise beginning before the outmany industries the volume of orders on break of war, and sales of electrical equiphand appears to be large enough to sustain ment, furniture, and other durable consumactivity at a high level at least to the end of ers' goods are reported to have increased the year. considerably. Department store sales are at In most primary markets buying was espethe level reached in 1937, and sales by mailcially active in the first half of September order houses and chain stores have risen and has since subsided. Demand for semiabove 1937 levels. finished and finished products, however, has Inquiries from abroad have been in large been maintained in large volume, although volume and foreign sales in some industries recently new orders for some products have have expanded, while in others foreign busidecreased from earlier high levels. It apness is smaller than before the outbreak of pears that the heavy buying has reflected the the war. Exports increased seasonally in increased need for material required in con- September, with marked increases in shipnection with increased production, the growth ments of merchandise to the United Kingdom, in inventories to correspond to this enlarged Canada, the smaller neutral European counactivity, and the desire of some manufactries, and Japan, offset in part by declines turers and distributors to be protected in case in shipments to some other countries, parprices should advance or delays in deliveries ticularly France and Germany. should occur. Consumption by individuals, utilization of materials through outlays for Prices of most basic commodities showed capital goods, and commodity exports have a sharp rise in the early part of September, increased much less rapidly than production. accompanying the activity in Unless there is considerable increase in the Commodity primary markets stimulated absorption of goods through these channels, price changes the accumulation of inventories which is now by the outbreak of war in Euunder way is likely to reach substantial pro- rope. Subsequently, as buying slackened, portions. there were some declines in prices of food- Buying of equipment and expenditures for stuffs. Demand was maintained in large volume for industrial commodities, and prices 949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

950 FEDERAL RESERVE BULLETIN NOVEMBER 1939 of these commodities advanced further. The in the autumn of 1936 when supplies had general index of wholesale commodity prices, been reduced by drought conditions. compiled by the Bureau of Labor Statistics, Prices of basic industrial materials rose rose four points in September to 79.5 per cent further after the first week of September as of the 1926 average and was at about this demand for industrial products level in the third week of October. Prices of generally continued in excep- In retail markets prices of foods showed lndustrial J.- n i i T-I • , • advances early in September, which were commodities tionally large volume. Existing followed by smaller declines. Retail prices stocks of these materials in the of other commodities during this period con- hands of domestic producers and industrial tinued mostly unchanged except for some ad- consumers were relatively low, particularly vances in textile products. with reference to their increased consumption as industry became more active. The WHOLESALE PRICES OF 30 COMMODITIES continued rise in prices of industrial mate- IURS0AY FIGURES; 1926 • 100' rials after the early part of September also reflected the fact that for such commodities as hides, silk, wool, and burlap this country is dependent wholly or in part on imports. As the chart shows, imported basic commodities since August have shown a much larger rise in price than domestic commodities. This difference was in part due to anticipated difficulties in replenishing supplies of imported commodities. While prices of all industrial commodities as a group have advanced 4 per cent in this period, prices of raw and semifinished materials, including fuels, have gone up 7 per cent, as is shown in the chart on the next page. Finished industrial products, reflecting partly actual and prospective increases in raw material prices, have advanced 2 per cent, following a period of practically no change during the preceding nine months. 1938 1939 Bureau of Labor Statistics, indexes for total, 16 industrial The advance shown for raw and semimaterials and 11 imports ; Federal Reserve grouping of 14 foodstuffs and 19 domestic commodities. Latest figures are for Oc- finished materials has not been reflected curtober 26. rently in a corresponding change in costs of materials to manufacturers of finished indus- The rise in wholesale prices of foodstuffs trial products. Manufacturers already owned proved to be partly temporary because it soon some supplies of materials either at their became apparent that market supplies were own plants or at other points and in many ample for usual domestic needs. The buying lines deliveries are being made at prices of foodstuffs declined after the early part of fixed in outstanding contracts. Also, manu- September and prices decreased somewhat to facturers in some lines were permitted to the level of a year ago, as is shown in the acplace orders for future requirements before companying chart. Prices of these commodiadvances became effective and others covered ties are still far below the levels prevailing their requirements as prices rose so that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

951 NOVEMBER 1939 FEDERAL RESERVE BULLETIN their materials costs average lower than stocks of hides and leather, which were current price levels would indicate. In the sharply reduced in the first part of 1937, case of copper, for example, the current price have continued at lower levels since that is 12!/2 cents a pound as compared with 10 time. Additions to new supplies from docents at the beginning of July. Purchases mestic slaughter have been running below a of copper reached record levels in July and year ago, while imports of hides this year have been sharply higher. Consumption of again in September and the total volume of leather in the manufacture of shoes has been purchases in the third quarter were reported in substantial volume during the past year. to have been in excess of 400,000 tons. More Rubber.—Rubber prices, which had been than three-quarters of this tonnage was fluctuating around 16 V2 cents a pound in bought at from 2 to 2y cents a pound below 2 August, advanced to 25 cents early in Sepcurrent quotations. tember. Later in the month export quotas from producing countries were increased and by the middle of October prices had fallen WHOLESALE PRICES OF INDUSTRIAL COMMODITIES PERCENT 1934 AVERAGE-1OO to around 21 cents a pound. Stocks of rubber in the United States have been declining steadily since early in 1938 and at the end RAW AND SEMI-FINISHED of September were below the lowest levels j^\ reached in 1937, reflecting particularly recent large consumption in the manufacture of FINISf-ED automobile tires. Paper and pulp.—With the prospect of curtailment of imports of wood pulp, chiefly from the Scandinavian countries, spot prices Federal Reserve classification of Bureau of Labor Statistics' data. have advanced sharply. Paper prices have Latest figures shown are estimates for October 1939. also increased. Sales of most of these commodities are made on a contract basis, how- Among industrial commodities the largest ever, and prices actually paid by various conprice advances have been in nondurable prodsumers have not been immediately affected ucts, which have gone up by foreign developments. Prices of 7 p f- j August er cen snce Chemicals.—-Prices of most heavy cheminondurable goods * cals, which are produced in this country and when they were, as a sold largely on a contract basis, have shown group, at the level maintained from 1934 to little change. Domestic oils and fats, how- 1936. Supplies of a number of the leading ever, showed considerable advances in price nondurable goods, such as hides, rubber, wood early in September, apparently reflecting pulp, silk, and wool, are wholly or in some chiefly speculative anticipation of future part obtained from abroad, and the sharp increases in foreign demand and sharp price increases reflected chiefly speculative rises in competitive imported oils. Prices anticipation of larger domestic and European of domestic oils and fats subsequently dedemand and the development of shortages in clined, while imported oils continued to adthe supplies available in this country. vance after the middle of September. Cur- Hides and leather.—In September, prices rently prices of these products and of many of hides advanced sharply, following some botanicals, drugs, and fine chemicals, which rise early in the summer; the price of leather are also imported materials, are quoted from rose considerably; and there was some in- 50 to 100 per cent higher than before the war. crease in wholesale shoe prices. Domestic Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

952 FEDERAL RESERVE BULLETIN NOVEMBER 1939 Textiles.—While the price of cotton has wholesale prices of clothing and carpets and shown relatively little change since the out- rugs have been announced. break of war, prices of other textile materials Most of this country's supplies of burlap and of many finished products, including those are imported from India, and in anticipation made of cotton as well as of other fibers, have of delays in shipping prices advanced from advanced considerably. Increases in many around 5^ cents a pound before the war to instances have reflected, in addition to active 10 cents a pound in October. demand, dependence on foreign sources of Although prices of silk, wool, and burlap, supply, and the prospect of delays in shipping. which are greatly affected by foreign supply Silk prices, which had advanced from $1.70 conditions, are at or above the peak levels per pound in December 1938 to $2.70 early reached early in 1937, prices of the domestic this summer, increased further to $3.00 in textile fibers—cotton and rayon filament yarn September and subsequently, in the third —are well below those levels. At the end of week of October, rose to $3.45. Since last September rayon yarn prices were advanced spring supplies of raw silk in this country about 4 per cent for deliveries in October and have been at the lowest levels in many years. November. Stocks of certain classes of rayon Consumption of silk in the manufacture of yarn are small and there is discussion of silk fabrics has been sharply curtailed this possible further increases in yarn prices in year, but use of silk by the hosiery industry November. has continued in large volume. Wholesale Buying of cotton goods in early September prices of hosiery have been advancing since was in exceptionally large volume, indicating early summer. a continued high level of domestic cotton con- Supplies of wool in this country are also sumption in coming months but, with supplies quite low, and in some quarters it is estimated of cotton unusually large, prices have rethat import requirements in the next six mained around 9 cents a pound, the level months may be as large as in the correspond- maintained for the past two years. Stocks ing period of 1936-1937. Consumption of of American and foreign cotton carried over wool has been in substantial volume during on August 1 were the largest on record. the past twelve months. Limited domestic About 11,000,000 bales out of the 13,000,000 supplies and the continuing high rate of bale carryover of American cotton were held consumption, together with a possible short- in stocks owned or financed by the Federal age of foreign supplies, contributed to an Government. Under existing law, however, increase of about 50 per cent in wool prices these stocks will be available only at prices during September. The wool clips of Aus- well above current levels. Arrangements tralia and New Zealand have been comman- were made earlier in the year between the deered by the British Government, as was United States and the British Governments the case during the last war. These coun- for the barter exchange of approximately tries are major sources of imported sup- 700,000 bales of cotton out of Federal stocks plies and to date no arrangements have been for about 87,000 tons of rubber. Exports of completed for the release of these supplies this year's crop of cotton to the United Kingto other countries. The carryover of wool in dom, our second largest foreign customer, producing countries is much smaller than may be affected by this arrangement. It is last year, while supplies in Europe are be- not evident at this time when these commodilieved to be relatively large. ties will become available for consumption in Prices of wool products, such as worsted this country or in England. Supplies of yarns and woolen and worsted fabrics, have American cotton abroad are low, reflecting advanced sharply and smaller increases in exports of only 3% million bales last season. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

953 NOVEMBER 1939 FEDERAL RESERVE BULLETIN The prospect this season is for a domestic Prices of spot supplies of tin rose from crop of 11,928,000 bales, which is slightly around 48 cents a pound in August to above more than world consumption of American 70 cents early in September. Prices of tin cotton last season. for delivery later in the year rose by a smaller While the heavy buying of cotton textiles amount and subsequently declined to about did not result in an increase in the price of the August level. As prospects improved raw cotton, it did cause marked increases in for the replenishment of domestic supplies prices of domestic cotton yarns and fabrics. of tin in the near future, spot quotations Supplies of these products in distributive also declined sharply and in the middle of channels apparently had been at relatively October were around 55 cents a pound, about low levels, and as a result of the heavy pur- 7 cents above the August level. chases stocks of cloth at mills were quickly Steel.—In the steel industry heavy demand reduced, contributing to the firming of prices. for finished and semifinished products was Among durable commodities, such as build- reflected indirectly in higher prices for maing materials and metals and metal products, terials as output at steel mills expanded which are largely produced in rapidly. Prices of pig iron were advanced Prices of this country, prices have gener- $2 a ton in September after consumers were goods e a^y shown relatively small ad- permitted to cover their requirements for vances since August. Buying of the balance of the year. Steel scrap prices materials has been in large volume, and prices rose sharply after the first week in Septemof steel scrap, nonferrous metals, and lumber ber and in early October were above the peak have increased considerably, but finished reached in 1937; subsequently they declined products have generally shown little change somewhat. in price. While prices of durable commodi- List prices of most finished steel products ties, as a group, are only slightly above the in the domestic market were reaffirmed for level prevailing during the summer, they are fourth quarter delivery. Prices on some about 9 per cent higher than the 1934-1936 products, such as nails, however, were adlevel. vanced; concessions prevailing earlier on Nonferrous metals.—Trade reports earlier many other products were withdrawn on new this year had indicated a steady rise in activ- orders; and export prices, which are ordiity at mills fabricating nonferrous metal narily below domestic prices, were raised to products and in July, after supplies of copper the level of domestic prices. The increase and other nonferrous metals had been sharply in export prices was generally effective imreduced at consumers' plants, there was a mediately as transactions in that field are sharp increase in buying. Copper prices ad- usually on an inquiry and quotation basis vanced from 10 cents a pound to IOV2 cents, rather than on a long-time contract basis. and there were also increases in prices of lead Prices of products made principally from and zinc. In September copper sales reached steel have been advanced in some instances, the largest volume on record and prices ad- as in the case of machine tools, for which vanced further to 12U> cents a pound. Lead demand has been exceptional, while prices prices increased about 10 per cent, while zinc of some other products, such as automobiles, increased one-third. The sharper rise in zinc have not advanced and in fact are somewhat reflected partly the possibility of curtail- lower than last year. ment of supplies from Belgium and Canada, Building materials.—Prices of building which had contributed to the relatively low materials as a group have risen in Seplevel of zinc prices before the war. tember and October, with a marked increase Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

954 FEDERAL RESERVE BULLETIN NOVEMBER 1939 reported for some items, particularly lum- September, influenced by developments ber, nonferrous metal products, and paint abroad and reduced offerings by holders in materials, and with little change for most this country. Winter wheat, which had been other building materials. Rather sharp price selling around 65 cents in July and early advances in most grades of lumber in re- August, advanced to 87 cents in the first week sponse to increased demand reflected in part of September and subsequently declined to a relatively low level of stocks at mills after around 82 cents, 5 cents above the Federal a steady decline for nearly two years. In the loan rate. Domestic wheat prices continue well above world levels, partly as a result case of southern pine anticipated increases of the prospect for the continuation of the in costs as a result of higher minimum wage Federal loan and export subsidy program. rates which became effective in October were The world supply of wheat this season is exalso a factor in the situation. Uncertainty pected to be about 300,000,000 bushels larger with regard to the effects of war on the buildthan the record supply of 5,200,000,000 bushing industry and the predominance of domesels in 1938-1939. tic sources of supplies were factors in the A total wheat crop in the United States of relatively small changes in prices of many 739,400,000 bushels is indicated for this year, building materials in this period. according to the Department of Agriculture. Fuel prices have also shown some ad- A crop of this size would be about 50,000,000 vances, owing primarily to increased demand. bushels larger than the usual domestic con- Bituminous coal stocks showed sumption. Exports of wheat during the past Prices of fuels some increase after May, when two seasons have averaged about 100,000,000 they had been sharply reduced by a general bushels but may be considerably smaller this shut down of mines, but were still relatively season. As a result, the domestic carryover, low at the end of August. In September which was above average on July 1, amountprices, particularly for industrial sizes, rose ing to 250,000,000 bushels, may be about the considerably. same at the end of this season. Stocks of crude petroleum were reduced Prices of corn and oats also advanced sharply in August as a result of the closing sharply in the early part of September but of many wells during the last half of the subsequently declined considerably. Supplies month. Prices of crude petroleum were re- of feed grains are larger than domestic restored to the level prevailing before reduc- quirements and above the total supply of last tions early in August. Petroleum products, year. particularly bunker oil and lubricants, have Owing to large supplies and to reductions been quoted at much higher levels recently, in export demand in September, prices of reflecting chiefly unusually strong demand flue-cured tobacco have been much lower than for these products. Gasoline prices also rose last season. For a time in September and but by a smaller amount as stocks of finishedOctober, markets were closed, while negotiagasoline at refineries remained at levels rela- tions were carried on to arrange for the distively high for this time of year. posal, through cooperation of the Commodity Credit Corporation and various private con- Following an initial sharp advance in early cerns, of amounts ordinarily bought by con- September, prices of foodstuffs have decerns for eventual export. clined. The sharpest reductions Prices of have been in livestock, meats and Sugar prices advanced about a cent a pound foodstuffs . ' early in September, reflecting chiefly a tight feed grains, while wheat and floursupply situation in spot sugar as a result of prices declined only moderately. very heavy buying on the part of household- Wheat prices advanced sharply early in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

955 NOVEMBER 1939 FEDERAL RESERVE BULLETIN ers, distributors, and refiners. Also, ship- States showed the usual sharp seasonal inments of one of the largest refiners were crease in September and imcurtailed at the time by a labor dispute. Foreign trade ports were somewhat larger Prices of both raw and refined sugar have in September ~ than in August. Cotton exports since shown some decline from their peak increased considerably, owing to seasonal inlevels and the current level of sugar prices fluences and the operation of the Federal exfor future delivery indicates that a further port subsidy program. There were likewise decline of spot prices is expected by the trade. sharp advances in shipments of coal and in- Prices of some other foods, such as cocoa dustrial chemicals and exports of iron and and vegetable oils, also increased sharply in steel products showed some increase. Exearly September but have since shown some ports of aircraft declined from the high level decline. reached in August, and tobacco exports, With large supplies of feed crops available which had increased seasonally in August, during the last several years, production of did not show the usual large rise in Seplivestock and of dairy and poultry products tember. has increased sharply, and this is reflected There were marked increases in exports in the current price situation for these prodto Canada and the United Kingdom and exucts. Livestock and meat supplies marketed ports to Japan, which had been relatively during the remainder of 1939 and through small during the summer, also rose sharply. 1940 are expected by the Department of Agri- Large percentage increases were reported in culture to be larger than those in any year exports to the Scandinavian countries, Italy, since 1934. Supplies of dairy products, al- Spain, and the Netherlands. Shipments to though somewhat below the peak reached Cuba nearly doubled, but those to other Latin last year, are expected to be considerably American countries showed little change above average. The supply of edible fats and from earlier levels. Exports to France, which oils available for domestic consumption is had been at a very high level in August, deprobably the largest on record. clined considerably in September. There was Prices of all livestock and meats rose sharply an almost complete cessation of direct trade during the first week of September, chiefly with Germany, which in recent years has as a result of speculative conditions accomamounted to about 3 per cent of our total panying the outbreak of the war. Subseexports. quently prices of these commodities declined Volume of new construction work conto the levels prevailing earlier in the sumtinued in the third quarter of 1939 at the mer. According to the Department of Agrilevel of the previous three months culture, there will be a fairly large increase Construction j tivity and employment in in hog marketings during the coming season an( ac construction were at the highest and cattle slaughterings may be as large as rate in recent years. The outbreak of war a year earlier; prices will also be affected, and the accompanying changes in industrial however, by the fact that consumer incomes activity, prices, and incomes appear to have are considerably larger than a year ago. had little immediate effect on the volume of Changes in prices of dairy and poultry new work undertaken, as indicated by Sepproducts in September and October were tember data shown in the table and by prelargely seasonal in character, with prices of liminary reports for the first half of October. dairy products strengthening somewhat, Contract awards for publicly-financed conpartly as a result of drought conditions prestruction in the third quarter were somewhat vailing in certain areas. above the level reached in the third quarter Merchandise exports from the United of 1938, but considerably below that in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

956 FEDERAL RESERVE BULLETIN NOVEMBER 1939 CONSTRUCTION CONTRACTS AWARDED IN 37 EASTERN Awards for commercial building in Septem- STATES ber were the largest for this year and were [Monthly averages and monthly totals; in millions of dollars] near the previous high level reached in 1937. Privately-financed Industrial construction in recent months has Total Publicly - also increased but has been considerably befinanced Total d R en e t s i i a - l t F or a i c e - s o A th ll er low the level reached two years ago. The principal increases reported in such awards 1 1 9 9 3 3 6 7 2 2 2 4 3 3 11 9 1 6 1 1 1 4 2 7 6 7 0 1 2 1 6 7 3 5 5 0 during recent months have been in the steel, 1938 266 142 124 75 10 39 chemical, food product, and paper and pulp 1938 1st quarter 179 88 92 51 9 32 industries. Current reports seem to indicate 3 2 r n d d q q u u a a r r t t e e r r 2 2 8 5 5 2 1 1 1 4 7 3 1 1 4 3 2 5 8 8 0 6 1 1 0 1 4 4 4 5 that accompanying the sharp increase in in- 4th quarter 350 221 129 82 10 36 dustrial activity there has been considerable 1939 increase in repair work and that considera- 1st quarter 258 129 129 86 10 33 2nd quarter 309 141 168 105 15 47 tion is being given in many instances to the July 300 137 163 94 17 52 possibility of plant expansion if present high August _ 312 158 154 96 10 48 September 323 144 179 106 21 52 levels of output are sustained for any great length of time. Source: F. W. Dodge Corporation. The figures shown are not adjusted for seasonal variation. There was an increase in pipe line construction this summer and in September contracts last quarter of that year, when a large volume awarded for electric power plant construction of contracts was placed for Public Works Adincreased further. Other types of private ministration projects. Contracts for such non-residential building, such as theaters and construction have decreased this year and churches, have continued in reduced volume. activity on work relief projects has declined almost continuously since the latter part of 1938. Contracts for construction by regular Appointment of First Vice President of the Federal Federal agencies, particularly for irrigation, Reserve Bank of Atlanta flood control, and slum-clearance projects Effective October 13, 1939, the Board of have increased. Governors approved the appointment by the Awards for privately-financed work have board of directors of the Federal Reserve been in substantial volume during the summer Bank of Atlanta of W. S. McLarin, Jr., and early autumn. New private residential as First Vice President of the bank for the building contracts in the third quarter de- unexpired portion of the five-year term endclined less than seasonally and in the past six ing February 28, 1941. Mr. McLarin had months this type of work has been at the been serving as Vice President of the Atlanta highest level for any recent year. bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1939 FEDERAL RESERVE BULLETIN 957 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled October 18 and released for publication October 20] Volume of industrial production, which cent of capacity in August to 71 in Septemhad turned up sharply last summer, advanced ber. In the first three weeks of October the still more rapidly in the six weeks after the rate advanced further to 90 per cent and outbreak of war. Employment also increased actual volume of output was at the highest but at a less rapid rate. Consumption of level on record. Flour production rose to goods by industry and by individuals has near record levels and at meat-packing estabnot expanded so rapidly as production and lishments activity was at the highest rate orders. Buying of basic commodities, after reached in several years. The sharp ina burst of activity in early September, has crease in output of crude petroleum followed slackened considerably, but orders for many a considerable reduction in the previous semi-finished goods and for finished prod- month and currently production is at about ucts, particularly machinery and railroad the high rate prevailing before wells were equipment, have continued in large volume, closed in the latter half of August. Most orders have come from domestic In other industries increases in activity, sources. Prices of basic commodities adthough quite general, were not so marked. vanced sharply in the early part of Septem- Automobile production showed a sharp seaber, but in recent weeks prices of foodstuffs sonal rise as volume production of new model have declined while prices of industrial macars was begun at most plants, and in reterials in most instances have been mainlated lines, such as plate glass, activity also tained. Prices of finished goods have shown increased. Textile production increased a much smaller advance. somewhat further from the high level reached Production.—In September the Board's earlier. Shoe production, however, which seasonally adjusted index of industrial prohad been in large volume in the first eight duction advanced to 110 per cent of the 1923months of the year, decreased in September. 1925 average as compared with 103 in August Mineral production advanced generally and iron ore shipment schedules were expanded INDUSTRIAL PRODUCTION to build up stocks at lower lake ports before PER CENT PER CENT 140 140 the close of the shipping season. 130 130 Value of construction contracts, as re- 120 ported by the F. W. Dodge Corporation, rose further in September, reflecting a contra- 110 110 100 \ J 100 seasonal increase in private residential build- V ing. Other private construction showed little A i • v/ I 90 change and there was some reduction in the 80 volume of new public projects, both resi- ' V dential and nonresidential. Distribution.—In September and the early 1935 1936 1937 1938 1939 part of October department store sales in- Index of physical volume of production, adjusted for seasonal creased considerably. Freight-car loadings variation, 1923-1925 average = 100. also advanced sharply, with the most marked and 92 last spring. Increases in output of increases reported in shipments of coal and iron and steel, flour, sugar, meat products, of miscellaneous freight, which includes and petroleum were particularly marked in most manufactured products. September. In the steel industry ingot pro- Commodity prices.—Wholesale prices of duction rose from an average rate of 61 per foodstuffs declined after the middle of Sep- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

958 FEDERAL RESERVE BULLETIN NOVEMBER 1939 leading cities increased somewhat during the FREIGHT-CAR LOADINGS no three weeks ending October 11, reflecting largely the purchase of Treasury bills. Com- 100 100 mercial loans continued to increase, but at a 90 90 less rapid rate than in late August and early 80 r 80 September. The volume of demand deposits i v at city banks also increased further. 70 \ V 70 60 60 MEMBER BANKS IN 101 LEADING CITIES BILLIONS OF DOLLARS BILLIONS OF DOLLARS 50 50 40 J 40 1934 1935 1936 1937 1938 1939 Index of total loadings of revenue freight, adjusted for seasonal variation, 1923-1925 average = 100. WHOLESALE PRICES 1935 1936 1937 1938 1939 Wednesday figures for reporting member banks in 101 leading cities, September 5, 1934, to October 11, 1939. Commercial loans, which include industrial and agricultural loans, represent prior to May 19, 1937, so-called "Other loans" as then reported. Excess reserves, which had increased sharply at member banks during the first 50 1934 1935 1936 1938 1939 half of September, showed further moderate Indexes compiled by United States Bureau of Labor Statistics, increases during the four weeks ending Octo- 1926 = 100. By weeks, January 6, 1934, to October 14, 1939. ber 11. tember, following sharp advances earlier in Money rates and bond yields.—Prices of the month. Prices of industrial commodities, United States Government securities inwhich rose considerably until the third week creased in the latter part of September and in September, subsequently were generally the first half of October, following sharp maintained, although prices of some ma- declines early in September. Average yields terials, such as steel scrap, hides, and rub- on long-term Treasury bonds declined from ber, declined from earlier peak levels. 2.79 per cent on September 21 to 2.62 per Bank credit.—Following reductions dur- cent on October 16. Yields on Treasury ing the early part of September, Government notes declined to 0.78 per cent from 1.30 per security holdings by member banks in 101 cent early in September. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

959 FEDERAL EESERVE BULLETIN NOVEMBER 1939 MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLJfl/Ss 0O1F DOLLARS TREASURY DEPOSITS AT F. R. BANKS 1934 1935 1936 1937 1938 1939 Latest figures for October 18. See p. 980. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

960 FEDERAL RESERVE BULLETIN NOVEMBER 1939 SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1939 1938 Annual averages Sept. Aug. July Sept. Aug. July 1938 1937 1936 1935 1933 1929 MEMBER BANK RESERVES, RESERVE BANK CREDIT, Averages of daily figures; in millions of dollars AND RELATED ITEMS Rese B r i v l e ls b d a i n sc k o c u r n e t d e i d t outstanding—total 2,79 6 4 2,46 5 7 2,56 5 9 2,61 8 0 2,59 7 0 2,59 g 9 2,60 9 0 2,55 1 4 4 2,481 2,475 2, 2 42 83 9 1,4 9 5 5 9 2 Bills bought 1 1 1 1 1 1 1 3 6 5 83 241 U. S. Government securities 2,732 2,437 2,527 2,572 2,564 2,564 2,565 2,540 4 2,431 2,052 208 Gold stock 6,823 16, 39016,182 13, 441 13,057 12, 985 13, 25012,162 2,430 9,059 4,059 3,996 Treasury currency outstanding 2,911 2,900 2,887 2, 733 2,724 2,716 2,711 2,567 10, 578 2,478 2,271 2,015 Money in circulation 7,249 7,098 7,051 6,570 6,482 6,464 6,510 6,475 9A , ^On*U?O 5,585 5,576 4,476 Treasury cash holdings 2,253 2,344 2,534 2,717 2,392 2,318 2,804 3,225 AO, 1l0u1i 2,791 288 207 Treasury deposits with F. R. banks 611 783 780 704 774 717 653 158 9&, 4'7i4 l\ 128 55 22 Nonmember deposits and other F. R. accounts 972 872 952 598 606 634 658 595 446 507 497 406 Member bank reserve balances: 551 Total 1,443 10, 659 10, 321 8,196 8,119 8,167 7,935 6,830 C QQQ 5,001 2,343 2,358 Excess 5,198 4,607 4,402 2,920 2,955 3,026 2,522 1,220 o, yoy 2,469 528 43 2,512 REPORTING MEMBER BANKS IN 101 LEADING CITIES Averages of Wednesday figures; in millions of dollars Total loans and investments 22, 384 22, 327 22, 046 21,078 20, 675 20, 530 21,023 22,198 22,064 19,997 17,505 22, 599 Loans—total 8,322 8,179 8,146 8,268 8,215 8,213 8,506 9,546 8,462 8,028 9,156 16,887 Commercial, industrial and agricultural 4,166 3,930 3,888 3,893 3,886 3,878 4,059 0) 0) 0) 0) 0) Inve T A O s o t l t m l h b e o e r r t n o h l t k e o s e r — a r n l s o s t o a a f t n o n a s r d l p d u e r a c l h e a rs s i i n n g s o ec r u c r a i r t r ie y s ing securities. 14 3 , , 0 5 5 0 7 6 1 6 7 8 1 2 1 3 4 , , 0 1 6 5 8 4 4 2 6 8 2 1 1 3 3, , 0 6 5 9 7 4 3 0 8 8 2 0 1 3 2 , , 1 8 6 5 2 1 7 7 2 0 5 8 1 3 2, , 1 6 5 4 1 3 7 6 6 6 7 0 1 3 2, , 1 6 5 3 2 2 7 1 9 9 7 7 12 3 , ,1 7 5 5 5 8 0 1 8 8 1 7 1, ( 0 2 » ) 2 ) 6 1, 0 0 1 ) 8 ) 1 11, 0 0 9 9 ) ) 9 6 0 9 8, ( 0 3 7 0 ) 7 4 7 9 «2 0 ( , 0 ) 208 D R C B T D B i a e a o e e m l s s p r m a h e r U O O o e n o r a s v . c i w b t n d i n h e e l t d S e i s i e s n p v g w . r g d o w o a a G i s s e t f u s t i i e p o i h l o t d t c t h o v s n o u F s e s m r d i ( r e i t e o f n t s d e x i u — m m s e e c l t s l r l e i e y a a u c s n l d d t t g b j i i R c u n u a d s e g a n b i t s r r k e a e i a e d s n n r n c v t k 3 t t e e e s o r e b b b d a l a i n n b g k k y a ) s t i U 2 on . s S. Govt 18 8 2 3 9 2 5 7 , , , , , , , , 4 3 2 6 9 5 2 2 4 2 6 6 4 5 7 4 0 7 6 7 9 1 3 3 3 9 1 7 17 8 2 3 8 2 5 7 , , , , , , , , 5 2 9 3 1 8 2 4 7 3 6 5 1 4 0 5 4 1 5 1 7 8 8 6 9 7 0 7 1 8 2 3 8 2 5 7 , , , , , , , 4 1 2 6 7 2 4 3 5 9 6 4 4 3 4 6 8 5 9 3 5 8 8 6 1 7 3 6 5 1 5 5 2 , , , , , , , , 6 9 1 7 2 9 4 4 3 6 5 1 1 8 7 1 1 7 8 7 2 3 5 4 3 6 7 1 7 3 6 2 1 5 5 5 , , , , , , , , 6 1 7 4 6 9 2 1 3 4 1 1 0 0 2 0 1 8 6 2 6 2 2 0 6 8 7 1 1 3 7 6 2 1 5 5 5 , , , , , , , , 5 0 4 7 2 9 6 4 0 6 4 1 3 0 3 7 0 2 7 1 5 7 3 6 5 6 3 1 1 3 2 7 6 5 5 5 1 , , , , , , , , 4 0 2 9 4 2 7 3 0 5 8 8 8 0 0 7 8 3 1 4 9 2 0 2 0 3 2 3 1 1 2 8 3 5 5 1 5 1 5 , , , , , , , , , 1 3 0 8 3 2 2 0 3 6 6 8 9 9 0 9 0 9 3 5 4 4 4 4 7 7 8 2 7 2 1 1 3 9 3 2 4 4 1 5 4 , , , , , , , , , 2 0 2 3 7 9 8 6 3 6 5 8 7 9 1 5 9 1 8 0 0 0 9 0 2 8 9 9 3 2 5 1 7 3 4 4 2 4 2 , , , , , , , 9 3 9 0 8 1 0 9 7 2 8 2 5 1 8 2 3 2 8 6 9 2 2 3 4 8 9 5 3 4 2 1 1 , , , , , , 0 1 2 2 9 8 8 3 1 ) 2 2 4 2 4 2 2 1 1 0 8 2 2 2 6 5 5 2 2 6 2 1 1 ( , , , , , , , 0 7 8 7 1 8 7 7 2 6 1 6 2 4 4 8 8 4 7 2 5 5 2 7 7 8 8 4 12 MONEY RATES AND BOND YIELDS Averages of daily figures; per cent per annum Commercial paper .56 .75 .75 .81 ,95 .75 .76 1.72 5.85 Stock exchange call loans 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 .91 .56 1.16 7.61 U. S. Treasury bills (91 days) .14 .05 .04 .08 .06 .07 .07 .28 .17 .17 U. S. Treasury bonds, long-term 2.65 2.21 2.16 2.58 2.51 2.52 2.56 2.68 2.65 2.79 3.31 3.60 Corporate high grade bonds (Moody's Aaa). 3.25 2.93 2. 3.21 3.18 3.22 3.19 3.26 3.24 3.60 4.49 4.73 CAPITAL ISSUES Amounts per month; in millions of dollars All issues--total. 174 447 586 238 417 470 372 328 518 392 89 959 New 41 102 318 146 182 391 197 178 164 121 60 841 Refunding 133 345 268 92 236 79 175 150 354 270 29 118 Domestic corporate issues—totaL. 90 324 226 150 338 186 179 203 382 189 32 781 New 16 25 49 85 127 130 73 102 99 34 13 667 Refunding 74 299 177 65 211 56 107 101 282 155 18 115 PRICES Index numbers Common stocks (1926=100) 86 86 86 90 88 83 112 111 78 63 190 Wholesale commodity prices (1926=100): All commodities 75 75 78 78 79 79 86 81 80 66 95 Farm products 61 63 68 67 69 69 86 81 79 51 105 Foods 67 68 75 73 74 74 86 82 84 61 100 Other commodities 80 80 81 81 81 82 85 80 78 71 92 Retail food prices (1923-25=100) 75 77 79 78 80 79 85 82 81 66 105 BUSINESS INDEXES Index numbers, adjusted for seasonal variatio1n923-25=100 Industrial production Pill 103 101 90 88 83 86 110 105 90 76 119 Manufactures Pill 104 100 89 87 82 84 109 105 90 75 119 Minerals PllO 91 106 97 95 93 98 '116 105 91 82 115 Construction contracts awarded—total- P79 73 67 78 66 59 64 59 55 37 25 117 Residential P73 67 62 56 53 49 45 41 37 21 11 87 All other P83 78 71 96 77 68 80 74 70 50 37 142 Factory employment P97 96 95 '89 88 86 90 109 99 91 73 106 Factory payrolls (unadjusted) P94 90 84 82 77 71 78 103 86 74 50 110 Freight-car loadings 77 70 69 64 62 61 62 78 75 64 58 107 Department store sales 91 89 86 86 83 83 85 92 88 79 67 111 MERCHANDISE EXPORTS AND IMPORTS Amounts per month; in millions of dollars Exports, including re-exports. P289 251 230 246 231 228 258 279 205 190 140 437 General imports 176 169 168 166 141 163 257 202 171 121 367 p Preliminary. r Revised. c Partly estimated. 1 Figures not available. 2 Includes time deposits of banks, domestic and foreign, 1929-1933. s Does not include time deposits, 1929-1933. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1839 FEDERAL RESERVE BULLETIN 961 LAW DEPARTMENT Broker or Dealer Who Transacts a Business in Secu- that the facts presented did not exempt the rities Through the Medium of a Member firm from the application of the phrase in As pointed out in the ruling published at question, and hence did not exempt it from page 951 of the November 1938 FEDERAL Regulation T. RESERVE BULLETIN, "any member of a national securities exchange or any broker or Regulations of the President Concerning Credits to dealer who transacts a business in securities Belligerents through the medium of any such member" is The President of the United States, on Sepsubject to the Board's Regulation T, which tember 5, 8, and 10, 1939, issued Proclamarelates to the extension and maintenance of tions under authority of section 1 of the joint credit by such persons. resolution of Congress approved May 1, 1937, As also indicated in that ruling, the gen- commonly known as the Neutrality Act, eral question of whether or not a particular proclaiming that a state of war exists bebroker or dealer "transacts a business in tween certain nations; and on September 6 securities through the medium of a member" and 11, 1939, issued Regulations exempting must turn upon all the relevant facts involved from the operation of section 3 of the Neuin the business of that broker or dealer; and trality Act "ordinary commercial credits and it has not seemed feasible to attempt to spe-short-time obligations in aid of legal transcify any conditions or factual situations actions and of a character customarily used which would prevent a broker or dealer from in normal peacetime commercial transaccoming within the description. tions." However, the Board recently considered the question whether a broker or dealer would REGULATION CONCERNING CREDITS TO BELLIGERENTS Section 3 of the joint resolution of Congress apbe prevented from being one who "transacts proved May 1, 1937* reads in part as follows: a business in securities through the medium "SEC. 3. (a) Whenever the President shall of a member" if the business so transacted have issued a proclamation under the authority of section 1 of this Act, it shall thereafter be is not the major business of the firm, the busi- unlawful for any person within the United ness so transacted in the particular case States to purchase, sell, or exchange bonds, securities, or other obligations of the governunder consideration being said by the firm ment of any belligerent state or of any state wherein civil strife exists, named in such procinvolved to constitute approximately 10 per lamation, or of any political subdivision of any cent of its total business. such state, or of any person acting for or on behalf of the government of any such state, or of It is to be noted that the phrase in question any faction or asserted government within any does not require that a majority of the bro- such state wherein civil strife exists, or of any person acting for or on behalf of any faction or ker's business be transacted through the measserted government within any such state dium of a member, or that the business be wherein civil strife exists, issued after the date of such proclamation, or to make any loan or "principally" or "chiefly" so conducted. The extend any credit to any such government, poliomission of any such requirement indicates tical subdivision, faction, asserted government, or person, or to solicit or receive any contribuan intention to exclude such questions of tion for any such government, political subdegree from consideration and to narrow the division, faction, asserted government, or person: Provided, That if the President shall find problem down to the simple question whether that such action will serve to protect the com- "a business" in securities is so transacted. mercial or other interests of the United States or its citizens, he may, in his discretion, and It seems clear that a firm could be transact- to such extent and under such regulations as ing "a business" in securities through the he may prescribe, except from the operation of this section ordinary commercial credits and medium of a member even though such busi- short-time obligations in aid of legal transactions and of a character customarily used in ness constituted no more than 10 per cent normal peacetime commercial transactions. of the total securities business of the firm. Nothing in this subsection shall be construed to prohibit the solicitation or collection of funds Accordingly, the Board expressed the view to be used for medical aid and assistance, or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

962 FEDERAL RESERVE BULLETIN NOVEMBER 1939 for food and clothing to relieve human suffering, the President of September 5, 1939 issued under the when such solicitation or collection of funds is authority of Section 1 of such joint resolution, ordimade on behalf of and for use by any person nary commercial credits and short-time obligations or organization which is not acting for or on in aid of legal transactions and of a character cusbehalf of any such government, political sub- tomarily used in normal peacetime commercial transdivision, faction, or asserted government, but actions; and they are therefore hereby excepted. all such solicitations and collections of funds I hereby authorize the Secretary of the Treasury shall be subject to the approval of the President to administer the provisions of this regulation and and shall be made under such rules and regula- to promulgate such rules and regulations not incontions as he shall prescribe. sistent with law as may be necessary and proper to "(b) The provisions of this section shall not carry out such provisions. apply to a renewal or adjustment of such in- This regulation shall continue in full force and debtedness as may exist on the date of the effect unless and until modified, revoked, or otherwise President's proclamation. terminated, pursuant to law. "(c) Whoever shall violate the provisions FRANKLIN D. ROOSEVELT. of this section or of any regulations issued THE WHITE HOUSE, hereunder shall, upon conviction thereof, be September 6, 1939. fined not more than $50,000 or imprisoned for not more than five years, or both. Should the violation be by a corporation, organization, or association, each officer or agent thereof partic- REGULATION CONCERNING CREDITS TO BELLIGERENTS ipating in the violation may be liable to the penalty herein prescribed." I hereby prescribe that the provisions of my regulation of September 6, 1939, concerning credits to I hereby find that it will serve to protect the com- France; Germany; Poland; and the United Kingdom, mercial and other interests of the United States India, Australia and New Zealand shall henceforth and its citizens to except from the operation of apply equally in respect to credits to Canada and Section 3 of the joint resolution of Congress ap- the Union of South Africa. proved May 1, 1937, as made applicable to Germany FRANKLIN D. ROOSEVELT. and France, Poland, and the United Kingdom, India, THE WHITE HOUSE, Australia and New Zealand by the Proclamation of September 11, 1939. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER FEDERAL RESERVE BULLETIN 963 COMMERCIAL LOAN RATES AT BANKS IN PRINCIPAL CITIES Member banks in New York and 18 other the period from 1928 to February 1939 is leading cities began to submit in March of also published in this issue. This revised this year a detailed quarterly report to the series covers the same type of loans and the Board of Governors giving interest rates same cities as the new quarterly series, and charged on new commercial loans made to the two series are fairly comparable. They their customers. The reports are made by differ in method of reporting rates by inthe larger banks in these cities four times a dividual banks—in the monthly series each year, for the first half of March, June, Sep- bank reported a prevailing rate, whereas for tember, and December. Summaries of the the present quarterly series each bank rereports for March and June of this year and ports the number and amount of loans made of a slightly different report used in a preli- at specified rates and within various rate minary survey for September 1938 have ranges. The figures previously reported been published in previous issues of the were not entirely satisfactory chiefly because BULLETIN.2 the types of loans had not been adequately COMMERCIAL LOAN RATES AT BANKS (N PRINCIPAL CITIES MONTHLY THROUGH FEBRUARY 1939, QUARTERLY THEREAFTER 11 SOUTHERN AND WESTERN CITIES 7 OTHER NORTHERN v AND EASTERN CITIES 1929 1931 1933 1935 1937 1939 Beginning with this issue the new quar- defined and because banks had been permitted terly figures replace the monthly figures on to use their individual judgments in reportcustomers' rates that were heretofore pub- ing prevailing rates or ranges of rates. Relished in the BULLETIN. A new series of ported figures were therefore not always monthly figures of commercial loan rates for strictly comparable as between banks and varied from time to time because of changes 1 This article was prepared and the new series of averages here in persons reporting at individual banks. presented were compiled by Raymond J. Collier, under the super- The various monthly series of rates vision of Victor M. Longstreet of the Board's Division of Research and Statistics. charged customers by banks previously pub- 2 See issues for January and September 1939, pp. 17-19 and lished and now discontinued represented 725-726, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

964 FEDERAL RESERVE BULLETIN NOVEMBER 1939 averages of prevailing rates on three types loaned is at rates of less than 2 per cent; of loans—commercial loans and time and in other 7 Northern and Eastern cities there demand security loans—reported by banks is a more even distribution of loans at various in 36 cities. rate levels up to 5 per cent and in 11 Southern Movements in rates on commercial loans.— and Western cities up to 6 per cent. As meas- Commercial loan rates beginning with 1928 ured by number of borrowers, 40 per cent or are plotted on the chart. Figures are shown more of them pay interest rates of 6 per cent separately for New York City, for 7 other or higher at banks in the 18 cities outside New Northern and Eastern cities, and for 11 York. Charts showing these variations in Southern and Western cities. The chart September 1938 and June 1939 have been pubshows that rates reported on the new basis lished in previous issues of the BULLETIN.4 for this September were at about the same The quarterly figures show greater lending level as those reported in the special survey activity by the reporting banks in the first made in September, 1938. Between these two half of this September than in the three dates rates first increased and then declined; previous report periods. About $400,000,000 it appears that this movement was largely of new loans were reported, compared with due to seasonal influences. Because of methods $285,000,000 in the June and March report of reporting, these seasonal influences did not periods. The increase occurred at all groups appreciably affect the rates that were for- of banks, but was largest at New York. These merly reported by banks. It would appear totals include loans with maturities of more that the general level of rates reported on than a year, which shared in the increase. the new basis is somewhat higher than that Definition of commercial loans.—The reof rates as previously reported, especially in vised reports cover only rates on new com- New York City. mercial and industrial loans. Broadly speak- Kates charged on commercial loans are ing these include all loans to bank customers now at unusually low levels. They average for business purposes. In classifying comabout 2 per cent at banks in New York City, mercial loans in their condition reports and 2% per cent at banks in 7 other Northern in the interest rate reports member banks and Eastern cities, and 3^ per cent at banks are instructed as follows: in 11 Southern and Western cities. These "This item should include all business loans to differences in rate levels, with New York individuals, partnerships, and corporations, except rates the lowest and rates in Southern and paper purchased in the open market and loans secured by real estate. Accordingly, the item will include any Western cities the highest, have prevailed for a number of years.3 On occasions^ however, b b u us s i i n n e e s s s s l l o o a a n n s s e o c t u h r e e r d w i b s y e s s to e c c k u s r ed a nd a n b d o n u d n s s , ec as u r w ed e . l l a I s t when money conditions have been tight, these will also include loans (not secured by real estate differences in rates have tended to disappear. mortgages) for the purpose of financing capital expenditures as well as loans to finance current opera- In 1928 and 1929 money rates generally tions. Direct loans to companies engaged in financstiffened and in the latter part of 1929 rates ing the sale of consumers' goods and durable goods charged on commercial loans averaged as should be included, but finance company paper purhigh as 6 per cent in the principal cities. chased in the open market should be reported as 'Open-market paper/ Thereafter rates declined sharply. The de- "The term 'business' as used herein should be concline was interrupted in the autumn of 1931, strued to include mining, oil and gas producing, and when our money markets were adversely quarrying industries; manufacturing of all kinds; affected by England's departure from the construction industries; transportation, communication, and other public utilities; wholesale and retail gold standard, and in the early part of 1933, trade enterprises; service industries such as hotels, at the time of the banking holidays. By 1935 laundries, and automobile service stations; amuserates on commercial loans in New York City ment enterprises; real estate companies; etc. had fallen to about present levels, but in other "Loans to building and loan associations, insurance companies, credit unions, and similar organizations leading cities they continued to decline not engaged directly in financing the sale of conthrough 1935 and 1936. sumers' or durable goods, loans to hospitals, educa- The new report forms, which call for num- tional institutions, etc., and personal or installment ber and amounts of loans made at different loans to individuals other than for business purposes, should not be reported as 'Commercial and industrial rates, indicate that there is considerable loans'." variation in rates charged by banks at any The amount of commercial loans outstandtime. In New York City most of the money ing at reporting member banks in 101 leading 3 For a discussion of regional differences in customers' rates see cities, which covers the same type of loans for Winfield W, Riefler, Money Rates and Money Markets in the United States, Harpers, 1930. 4 See footnote 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

965 NOVEMBER 1939 FEDERAL RESERVE BULLETIN which rates are now reported, is given in the They have large loan markets and interest condition statement published by the Board rates charged by banks in these cities are as of each Wednesday. The amount of suchprobably more responsive to changes in loans outstanding at all member banks is general monetary conditions than are rates given in the Member Bank Call Report on in other places. Because of the financial imcall report dates. These figures are published portance of these cities, their influence would in regular BULLETIN tables, see this issue, predominate in any compilations of rates depp 992 and 990. signed to show movements of interest rates Report schedule.—A copy of the schedule in large cities. This would be true even on which banks report their rates charged though many more cities were covered. In on commercial loans is given at the end of other cities, and especially at country banks, this article. The schedule provides for re- rates are generally higher and fluctuate less porting the dollar amount of new commercial in accordance with changes in money market loans made at 1 per cent, 1*4 per cent, each conditions. even per cent up to and including 8 per cent, Banks that report customer rates have been and at fractions of rates in between these. selected by each Federal Reserve bank from The report requires that specific rates below those that report their statement of condi- 1 per cent and above 8 per cent at which loanstion each Wednesday. They account for at are made be reported separately with the least three-quarters of the commercial loans amount of loans made at each rate. The re- made by all banks in the city where they port also gives the number of borrowers ac- are located. At the present time reports counting for the amount of loans made at the are submitted by 87 banks. Reports are respecified rates and within the various rate quested for loans of branches or of any other ranges. office that is not the head office only where Loans with maturity of 30 days to 12 such loans are made in substantial amounts. months, inclusive, are reported separately Computation of averages.—In computing from those with maturity of over 12 months. group averages of rates by groups of cities, Loans with maturity of less than 30 days are averages are first obtained for each city. Renot reported. In compiling published aver- ports for each city are consolidated on one ages only those rates on loans with maturity report form. Each rate is then weighted acof 30 days to 12 months are used. Renewals cording to the dollar volume of new loans during the period of loans previously made made at that rate. For ranges of rates, the are included in the reports. Reports are sent middle of each rate range is weighted by the to the Federal Reserve banks and then for- dollar amount of loans made within that warded to the Board of Governors. range. For example, the rate of 2\fe per cent Cities included.—Reports are received from is selected from the range of rates of over banks in 19 leading cities scattered through- 2 per cent and less than 3 per cent and this out the country. These cities and their rate is weighted by the dollar volume of loans weights assigned to them in obtaining aver- made within that range. ages of rates for groups of cities are as fol- The weights assigned to each city in comlows: bining city averages into regional averages and into a national average have already been given in the table. These weights were se- Weights Weights lected from an inspection of loans outstanding at member banks in 101 leading cities, New York City 35 11 Southern and Western cities—Total 30 which report their condition statement each 7 other Northern and Eastern cities—Total. 35 San Francisco 8 Wednesday. Loans used in determining Los Angeles 4 weights were (1) so-called "all other" loans Chicago 12 St. Louis 3 Boston 8 Dallas 3 for the period October 1934-May 1937 and Philadelphia 6 Minneapolis _ _ 3 (2) commercial and industrial loans as re- Pittsburgh 3 Kansas City, Mo... 2 Buffalo 2 New Orleans. 2 ported for the period beginning May 1937. Cleveland 2 Seattle _ _ 2 Detroit 2 Atlanta _ _ 1 "All other" loans on the weekly condition re- Baltimore 1 ports was prior to May 1937 the item most Richmond 1 comparable with commercial loans reported 19 cities—Total 100 since that date.5 The 19 cities included in this list are representative financial centers of the country. 5 See Federal Reserve Bulletin, May 1937, pp. 440-441 and June 1937, pp. 530-531. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

966 FEDERAL RESERVE BULLETIN NOVEMBER 1939 The weight of 35 assigned to New York The apparent seasonal movement of the City is approximately equal to New York new averages is probably due to seasonal vari- City's share in the total of such loans at ations in the type of loans banks make, weekly reporting member banks in 101 lead- rather than to any general easing or stiffening ing cities. The remaining weight of 65 is in rates. Actual rates charged are affected, divided between (1) the 5 Northern and among other things, by the size and maturity Eastern Federal Reserve districts (excluding of the loan, as well as by the credit standing New York City) and (2) the 7 Southern and of the borrower and by the nature of the col- Western districts, on the basis of the percent- lateral behind the loan. These factors probage share of the two groups in the total of ably vary to some extent in accordance with these same loans at weekly reporting member the season of the year. Such variations apbanks. The weight of 35 assigned to the pear to have had no substantial influence on Northern and Eastern districts was divided the prevailing rates as reported on the old among the 7 cities reporting commercial loan basis. rates in accordance with each city's percent- Revised figures compared with rates forage share in the total of the same type of merly published.—The old interest rate reloans at weekly reporting member banks lo- ports covered other types of customers' loans cated in these 7 cities. The weight of 30 as well as commercial loans. They were subassigned to the Southern and Western dis- mitted each month by a number of member tricts was similarly divided among the 11 banks in each of the 37 cities with a Federal cities reporting rates in these districts. Reserve bank or branch. Reports for the Comparable figures beginning 1928,—To city of Memphis were not included in the afford a comparison between current interest published averages. These reports were surates and those of previous years a new setperseded in March of this year by the new of figures has been compiled from the old quarterly reports. Averages compiled from interest rate reports beginning January 1928. the old reports were published regularly in These figures have already been presented in the BULLETIN for three groups of cities: New the chart and they are also given in the table York City, 8 other Northern and Eastern at the end of this article. They cover for thecities, and 27 Southern and Western cities.6 19 cities the rates that banks reported as The published figures were weighted avercharging customers for loans represented by ages of rates charged on the bulk of loans of prime commercial paper eligible for redis- the following classes: prime commercial loans count at the Federal Reserve banks under the eligible for rediscount under the Federal Reprovisions of the Federal Reserve Act. Each serve Act and demand and time loans to custocity was assigned the same weight as that mers secured by prime stock exchange or used in obtaining the current averages. In other current collateral. The method of comreporting these rates banks were asked to puting the averages took into account the give the prevailing rate, i.e., rates charged relative importance of each type of loan and on the bulk of the loans represented by prime of each reporting bank as measured by its commercial paper. total loans of all types. In computing re- There are two outstanding differences be- gional group averages, the average rate for tween the figures compiled from the old re-each city was weighted according to the imports and the figures now reported: the new portance of all banks in that city, as measured figures are at somewhat higher levels, partic- by their share in total loans of all banks in ularly in New York City, and they also seem the region. to exhibit a rather wide seasonal movement, Average rates in the old series on custoalthough experience with the new figures has mers' loans in 36 cities, which included colbeen too short to justify any broad generali- lateral loans, were higher than the averages zations in this respect. The higher level of of rates on commercial loans in the revised the new figures may be due to the smaller loans having more influence than they had in 6 In addition to the present 19 cities, the following 17 cities the old reports. Ordinarily, the smaller the were included in the averages: Northern and Eastern cities— loan the higher the rate and vice versa. In Cincinnati; Southern and Western cities—Houston, Louisville, Denver, Portland, Omaha, Jacksonville, Birmingham, Salt Lake the old reports banks probably reported as City, Nashville, Oklahoma City, Spokane, Little Rock, El Paso, Helena, Charlotte, and San Antonio. Although the Federal Reprevailing rates those charged on large loans, serve branch in Spokane was discontinued in 1938, the city conwhich in amount made up the bulk of loans tinued to be included in the averages. A complete description of these statistics is given by Winfield W. Riefler in his book, and were considered as prime loans. Money Rates and Money Markets in the United States, Harpers, 1930, pp. 222-232. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

967 NOVEMBER 1939 FEDERAL RESERVE BULLETIN series for 19 cities. The amounts by which The chief reason for these differences in averages in the old series exceeded those in rates in the two series is that rates charged the revised series are shown in the following customers on loans secured by stock exchange table for 1929 and several other recent years. or other current collateral, which are cov- These differences have been much greater in ered in the old series but are excluded from recent years than they were in 1929. the revised series, were generally higher than rates charged on commercial loans. The fact that the old series included and the revised EXCESS OF RATES IN OLD SERIES OVER REVISED SERIES series excludes a number of smaller cities [Per cent per annum] does not account for any significant part of the differences. The differences between the Other two series are larger in times of easy money, New Northern Southern as in recent years, than in periods when rates Averages Total York and and City Eastern Western were relatively high, as in 1929. This would cities cities seem to indicate that rates charged on commercial loans move over a wider range than 1929 .19 .12 .22 .21 1932 .31 .29 24 41 rates on collateral loans, declining more 1 1 9 9 3 3 4 5 . . 7 7 7 7 . .9 8 4 8 . .4 5 7 8 . . 8 9 5 3 rapidly in periods of easy money and rising 1938 .67 .63 .57 .85 more rapidly when money conditions tighten. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

968 FEDERAL RESERVE BULLETIN NOVEMBER 1939 SCHEDULE FOR REPORTING INTEREST RATES CONFIDENTIAL Board of Governors F. R. Districtof the Federal Reserve System City Form F. R. 467 INTEREST RATES CHARGED ON COMMERCIAL AND INDUSTRIAL LOANS MADE DURING 1-15, 19—, INCLUSIVE The loans covered in this interest rate report are classified in the call report of condition under "commercial and industrial loans" (item 1 of Schedule A). Report the number of borrowers and dollar amount of such loans made during the 15-day period at rates indicated in the first column. Include renewals of loans. Report to the Federal Reserve bank 4 times a year for the first 15 days of March, June, September, and December. Please explain on reverse side of this form any special reasons for unusually high or low rates reported. Loans made at rates in first column with maturity of: 30 days to 12 Rate of interest months inclusive Over 12 months Do not use this column Amount Amount Number of (000's Number of (000's borrowersomitted)borrowersomitted) Less than 1%, SDecifv rates* 17 Over 1 and less than 1\% Over 1\ and less than 2% 2% Over 2 and less than 3% 3% Over 3 and less than 4% 4% Over 4 and less than 5% 5% Over 5 and less than 6% 6% Over 6 and less than 7% 7% Over 7 and less than 8% 8% Over 8%, SDecifv rates: Total Member bank. (Name) (City) (State) If this report is for a branch, give name of branch Signed (Name) (Title) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1939 FEDERAL RESERVE BULLETIN 969 COMMERCIAL LOAN RATES AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES [Per cent per annum] 1939 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 Monthly Quarterly series series New York City: January 4 38 5 50 5 43 3.74 4.51 3.62 2.81 1.79 1.71 1.75 1.70 1 73 February 4 25 5 48 5 10 3.89 4.52 3.66 2.62 1.81 1.71 1.75 1.70 1 70 March _ _. _ 4.38 5.57 4.91 3.67 4.53 4.79 2.61 1.81 1.74 1.75 1.65 2 13 April 4 50 5 72 4 61 3 67 4.46 3.94 2.50 1.74 1.71 1.75 1.70 May _ _ -- 4 63 5 76 4 44 3.57 4.24 3.71 2.55 1.81 1.71 1.73 1.70 June 4.88 5 79 4 28 3.66 4.38 3.51 2.34 1.79 1.71 1.73 1.70 2 15 July 5 25 5 80 4 22 3 70 4.22 3.29 2.33 1.74 1.67 1.73 1.70 August _ _ _ _______ 5 38 6 03 4 14 3.58 4.14 3.32 2.42 1.76 1.74 1.73 1.67 September 5.50 6.09 4.00 3.50 3.94 3.00 2.32 1.66 1.70 1.65 1.70 2.04 October 5 50 6 11 3 92 3 82 4.01 2.96 2.36 1.73 1.70 1.73 1.70 November - 5 38 5 70 3 79 4 55 3.66 2.80 2.32 1.73 1.74 1.70 1.70 December. __ 5.50 5.54 3.82 4.48 3.78 2.61 2.27 1.78 1.74 1.70 1.70 Year 4 96 5 76 4 39 3.82 4.20 3.43 2.45 1.76 1.72 1.73 1.69 7 other Northern and Eastern cities: January _ 4 52 5 70 5 72 4 23 4.86 4.53 4.17 3.57 3.12 2.93 2.92 2.97 February.. _ ___ 4 59 5 64 5 55 4.31 4.93 4.38 3.98 3.55 3.16 2.95 2.65 2.69 March 4 74 5 71 5 30 4 29 4.93 5.14 3.94 3.57 3.14 2.87 2.64 3 05 April __ _ _ _ 4 69 5 75 4 98 4 22 4.89 4.88 3.97 3.53 2.96 2.93 2.60 May 4 87 5 79 4 93 4 19 4 89 4.66 3.68 3.41 2.99 3.01 2.64 June 5 12 5 85 4 89 4 15 4.92 4.68 3.59 3.34 3.02 2.79 2.78 3 05 July . 5 39 5 80 4 53 4 08 4.80 4.50 3.55 3.46 3.09 2.82 2.78 August 5 42 5 92 4 47 4 10 4 88 4.31 3 53 3.26 3.02 2.76 2.71 September 5 62 6 01 4 44 4 09 4.71 4.20 3.56 3.29 2.97 2.83 2.74 2 78 October _ ... _ 5 64 5 99 4 49 4 30 4.68 4.05 3.56 3.32 3.07 2.93 2.90 November 5 66 5 93 4 38 4 53 4 60 4.07 3 48 3.16 3.05 2.98 2.68 December 5.70 5.78 4.38 4.60 4.61 4.09 3.45 3.22 2.94 2.72 2.95 Year 5.16 5.82 4.84 4.26 4.81 4.46 3.71 3.39 3.04 2.88 2.75 11 Southern and Western cities: January 5.25 5.73 5.90 5.01 5.26 5.11 4.74 4.12 3.50 3.23 3.28 3.32 February 5 18 5 77 5 80 4 96 5 25 5.05 4 60 3.92 3.56 3.15 3.21 3.26 March _ _ _ 5.23 5.80 5.73 4.90 5.29 5.35 4.65 3.94 3.55 3.17 3.28 3.77 April 5 23 5 86 5 56 4 93 5 25 5.25 4 60 3.85 3.46 3.28 3.25 May - - - 5 22 5 88 5 42 4 74 5.22 5.27 4.46 3.94 3.43 3.25 3.20 June 5 34 5 97 5.36 4.89 5.18 5.15 4.24 3.80 3.51 3.29 3.31 3.62 July 5 50 5 98 5 31 4 72 5 20 4.99 4.25 3.65 3.45 3.27 3.35 August _ 5 51 6 03 5 25 4 75 5.29 5.00 4.00 3.67 3.29 3.26 3.28 September 5.52 6.04 5.15 4.76 5.20 4.95 4.10 3.53 3.33 3.30 3.26 3.31 October 5 59 6 08 5 18 4 85 5.07 4.82 4.12 3.57 3.25 3.28 3.21 November 5.64 6.07 5.17 5.18 5.07 4.74 4.01 3.52 3.27 3.26 3.20 December 5.70 5.93 5.01 5.15 5.19 4.76 4.03 3.65 3.14 3.23 3.23 Year 5 41 5 93 5 40 4 90 5.21 5.04 4.32 3.76 3.40 3.25 3.26 Total 19 cities: January _ _ _ 4 69 5 64 5 67 4 29 4.86 4.39 3.86 3.11 2.74 2.61 2.60 2.64 February _ _- 4.65 5.62 5.47 4.36 4.88 4.33 3.69 3.05 2.78 2.59 2.49 2.52 March 4 76 5 69 5 29 4 26 4.90 5.08 3.69 3.06 2.77 2.57 2.48 2 95 April _ __.-_ _ 4 78 5.77 5 02 4 24 4.85 4.66 3.65 3.00 2.67 2.62 2.48 May 4 89 5 81 4 90 4 14 4.76 4.51 3.52 3.01 2.67 2.64 2.48 June 5 10 5 87 4 82 4 20 4 81 4.41 3.35 2.93 2.71 2.57 2. 56 2 91 July 5 37 5 85 4 66 4 14 4.72 4.23 3.33 2.91 2.70 2.57 2.57 August 5 43 5 99 4 59 4 11 4 74 4.17 3.28 2.86 2.65 2.55 2.52 September 5. 55 6.05 4.50 4.08 4.59 4.01 3.29 2.79 2.63 2.56 2.53 2.68 October 5 58 6 06 4 50 4 30 4. 56 3.90 3.31 2.84 2.64 2.61 2.57 November 5.56 5.89 4.41 4.73 4.41 3.83 3.23 2.77 2.66 2.62 2.49 December 5.63 5.74 4.37 4.72 4.49 3.77 3.21 2.85 2.58 2.52 2.60 Year 5.17 5.83 4.85 4.30 4.71 4.27 3.45 2.93 2.68 2.59 2.53 NOTE.—Through February 1939 represents weighted averages of prevailing rates charged on bulk of loans during week ending with the middle of each month. Thereafter represents weighted averages of all rates charged on new loans during the last half of March 1939 and the first half of June and September 1939; comparable figures for first half of September 1938 are 2.00 per cent for New York City, 2.75 per cent for 7 other Northern and Eastern cities, 3.25 per cent for 11 Southern and Western cities and 2.65 per cent for total 19 cities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

970 FEDERAL RESERVE BULLETIN NOVEMBER 1939 ALL BANKS IN THE UNITED STATES ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 29, 1939, AND JUNE 30, 1938, BY DISTRICTS [Amounts in millions of dollars. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available] Loans and investments Deposits, exclusive of Number of interbank deposits banks Federal Reserve District Total Loans Investments June Mar. June June Mar. June June Mar. June June Mar. June June Mar. June 1939 1939 1938 1939 1939 1939 1939 1938 1939 1939 1938 1938 ALL BANKS 1 Boston 5,624 5, 592 5,576 2,625 2,615 2,670 2,999 2,977 2,907 6,025 5,892 5,864 878 882 New York 18,539 18,126 17, 619 7,686 7,759 8,004 10,853 10,367 9,615 20, 227 19, 262 18,475 1,218 1,232 1,235 Philadelphia-. 3,415 3,428 3,392 1,236 1,220 1,230 2,179 2,208 2,162 3,795 3,672 3,588 924 930 941 Cleveland 3,611 3,563 3,453 1,420 1,386 1,413 2,191 2,176 2,040 4,055 3,946 3,799 1,242 1,246 ,253 Richmond 1,979 1,976 1,911 930 900 891 1,049 1,076 1,020 2,315 2, r~ 2,146 1,060 1,065 ,075 Atlanta 1,377 1,386 1,285 742 727 687 636 659 598 1,672 1,1 1,491 1,041 1,039 ,044 Chicago 5,605 5,470 5,086 1,992 1,953 1,797 3,613 3,517 3,288 6,821 6,274 6,289 2,482 2,486 2,513 St. Louis 1,580 1,613 1,484 780 769 715 800 844 769 1,775 1,757 1,645 1,522 1,538 '., 564 Minneapolis 1,072 1,072 1,049 463 445 436 609 627 612 1,278 1,238 1,235 1,309 1,319 ,339 Kansas City— 1,368 1,369 1,300 673 653 624 695 715 677 1,698 1,643 1,630 1,871 1,874 Dallas 1,036 1,033 970 562 549 512 474 484 459 1,376 1,350 1,266 957 960 San Francisco-. 4,405 4,303 4,254 2,206 2,177 2,151 2,199 2,126 2,104 4,956 4,824 4,767 578 581 590 Total—. 49, 611 47, 381 21,314 21,154 21,130 28, 297 27, 775 26, 252 55, 992 53,812 52,195 15,082 15,151 15, 287 MEMBER BANKS Boston 1,911 1,891 1, 93' 923 961 975 924 2,279 2,180 2,162 355 356 357 New York 11,119 10, 869 10, 424 4,001 4,076 4,202 7,118 6,793 6,223 12, 741 11,929 11,188 767 771 775 Philadelphia- 2,296 2,308 2,291 920 907 913 1,377 1,401 1,37" 2,604 2,513 2,445 652 652 656 Cleveland 2,821 2,778 2,674 1,066 1,046 1,067 1,754 1,732 1,607 3,201 3,114 2,966 619 622 623 Richmond 1,268 1,~~~ 1,187 583 568 554 685 698 633 1,477 1,465 1,363 40; 407 405 Atlanta 1,076 1, 994 555 544 511 521 541 483 1,282 1,265 1,137 316 317 322 Chicago 4,513 4, 4,033 1,413 1,390 1,278 3,100 2,979 2,755 5,468 4,902 4,977 798 792 775 . St. Louis 1,120 1,149 1,036 51" 506 463 605 643 573 1,240 1,216 1,135 392 389 390 Minneapolis 743 742 722 307 294 291 436 448 431 904 862 870 460 460 467 Kansas City- 1, 1,088 1,024 498 482 453 591 606 571 1,342 1,297 1,282 737 733 735 Dallas 894 889 832 475 463 426 419 427 406 1,194 1,166 1,090 545 545 544 San Francisco.. 3,753 3,661 3,618 1,872 1,850 1,819 1,882 1,811 1,799 4,296 4,180 4,131 284 289 Total 32, 603 32,095 30, 721 13,141 13, 04712,938 19, 462 19,048 17, 782 38,027 36,089 34, 746 6,330 6,338 NONMEMBER BANKS Boston 3,712 3,701 3,692 1,688 1, 1,709 2,025 2,009 1,983 3,745 3,712 3,702 523 525 525 New York 7,420 7,257 7,195 3,685 3,683 3,803 3,735 3,574 3,393 7,486 7,333 7,287 451 461 460 Philadelphia— 1,119 1,120 1,101 316 314 316 802 806 785 1,191 1,159 1,142 272 278 285 Cleveland 791 785 779 354 340 346 437 444 433 854 834 623 624 630 Richmond 711 710 724 348 332 33' 364 37' 388 838 824 784 655 658 670 Atlanta 301 301 291 187 183 176 114 11' 115 389 400 353 725 722 722 Chicago 1,092 1,101 1,053 579 563 520 513 538 533 1,354 1,372 1, 312 1,684 1, 1,738 St. Louis 460 464 447 265 263 252 195 201 196 535 542 509 1,130 1,149 1,174 Minneapolis 329 330 156 151 145 173 178 182 373 376 365 849 859 872 Kansas City... 279 280 276 175 171 171 104 109 106 356 346 348 1,13' 1,14 1,148 Dallas 143 144 138 8' 86 86 55 58 52 183 184 176 412 415 424 San Francisco.. 652 636 33, 327 332 31 314 305 660 643 636 29' 294 301 Total 17,007 16,834 16,661 8,17: 8,107 i, 192 8, 8348,727 8,469 17,965 17,723 17,449 8,752 8,820 1 Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on p. 973. 2 The June and March 1939 figures of loans and investments of "all banks" exclude approximately $50,000,000 and $100,000,000, heretofore reported as loans and investments, respectively, which indirectly represent bank premises or other real estate and are now classified in condition reports among "other assets." Figures by districts covering member banks are shown in the Member Bank Call Report. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

971 NOVEMBER 1939 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES—Continued ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 29, 1939, AND JUNE 30, 1938, BY STATES [Amounts in thousands of dollars] Deposits, exclusive of inter- Number of Loans 2 Investments 2 bank deposits banks State June March June June March June June March June June Mar. June 1939 1939 1939 1939 1939 1939 1938 1939 1939 1938 New England: Maine 108, 871 106, 370 109, 763 199,058 206, 424 202, 547 326,170 320, 927 317, 551 102 102 102 New Hampshire 103, 514 100, 327 99, 539 166,115 173, 686 170, 666 276, 462 270,659 107 108 108 Vermont 85,060 83, 276 88,030 71, 459 73,810 71,166 164,985 164, 768 164, 526 84 84 91 Massachusetts 1, 724,4671, 728,0111, 758, 0341,829, 298 1,791,052 1, 770,7733,810,117 3, 705,8533, 718, 924 390 391 392 Rhode Island 171,183 166, 315 170,122 283,892 275,066 271,178 471, 786 465, 691 455, 511 35 35 35 Connecticut 573, 988 571, 485 582,984 574, 827 594, 259 550, 667 1, 282, 6511, 266, 4531, 232,354 207 208 196 Middle Atlantic: New York 6, 996, 5087,057, 778 7, 283, 9189, 872, 2879,387, 7658, 677, 220 18, 214,08,5717,308, 908 16, 546, 290 894 900 N Pe e n w n s J y er lv se a y nia. 1, 6 5 6 1 0 6 , , 1 7 9 4 211,4 67 9 1 1 , , 2 4 8 1 2 2 1, 6 5 9 4 1 1 , , 8 3 5 9 1 23,0 9 2 9 7 8 , , 1 9 5 5 0 5 989, 451 2, 9 9 5 3 3 2 , , 1 6 8 6 7 3 2 4 , , 0 7 1 9 4 7 , , 9 5 3 3 5 34 1 , , 9 6 7 4 7 9 , , 2 3 9 9 2 14 1 , , 9 5 4 4 9 1 , , 5 6 4 7 3 81,1 3 0 9 3 3 1,1 4 0 0 6 4 1,1 4 1 1 3 0 East North Central: 3, Ohio 841,126 818,198 811,972 1, 016,1331,012, 627 948,167 2,285, 903 2, 213, 2192,128,946 705 707 709 Indiana 283,065 271,427 257, 748 395, 766 394, 778 384, 782 847, 580 814,965 782,038 512 513 521 Illinois 931,326 914,816 858, 645 2,083, 514 1,993,388 1,821,012 3, 634, 5563,146,013 3, 369, 848 855 856 866 Michigan.. 394, 917 387,437 362, 577 726,409 720,439 675, 524 1, 421, 0281, 365, 3051, 287, 571 456 456 462 Wisconsin 257, 536 251,043 244,144 450,828 450, 389 447, 495 847, 416 840, 631 794, 210 582 583 595 West North Central: Minnesota. 317,867 305,016 299, 233 412,109 424, 578 406, 539 839, 614 803, 569 812, 637 685 Iowa.. 317,106 311,077 252,024 200, 531 208,875 206,148 595,314 621,422 556, 289 648 650 653 Missouri 445,141 433, 549 406, 300 590,179 631, 515 541, 225 1,098, 365 1,081,065 1,024,032 636 643 651 North Dakota 24, 415 24, 835 24,170 29, 093 28, 324 31,052 65, 741 64, 345 64, 384 169 175 180 South Dakota 38,104 35, 502 33, 208 32, 202 33, 744 31,479 85, 522 83, 615 79,124 166 167 175 Nebraska 120, 453 117, 299 108, 319 111,116 113, 607 110, 745 258, 944 258, 808 249,816 426 427 427 Kansas 146,864 143,946 143,046 132, 272 134, 547 135, 686 363, 747 347, 210 353,170 681 687 South Atlantic- Delaware 78,365 81,063 76,161 107, 203 107,046 99,078 210,863 204, 016 190,875 46 47 48 Maryland 207, 395 205,155 208, 658 497, 350 495, 009 471, 200 792, 542 767, 473 723, 380 190 191 196 District of Columbia ___ 104, 519 101, 741 98,200 130, 851 135, 641 130, 508 292, 415 312,189 280,815 22 22 22 Virginia 291, 525 281, 656 271, 634 175, 699 187, 868 175, 633 533,070 517,160 500, 568 315 317 319 West Virginia 130, 698 126,424 127, 549 86, 547 92,409 90,687 277, 542 275, 993 269,491 181 181 184 North Carolina 169,257 159, 705 157, 456 140,157 145, 671 132, 410 349, 699 344, 948 310, 957 228 231 232 South Carolina 55, 739 53, 629 55,135 39, 256 40, 729 40,198 131, 980 134,198 121, 645 151 151 150 Georgia 217,991 208, 322 210,017 114,011 114, 707 83, 751 372, 083 357, 727 315, 834 284 283 284 Florida 85, 547 85, 535 79,914 151, 497 157,998 142, 750 329,112 341, 834 282,803 164 163 163 Kentucky 204,844 206,092 205, 351 148, 625 152, 375 148, 611 405, 340 406, 977 381,409 414 417 428 Tennessee 240,821 234, 851 216, 225 133,155 138,910 133,916 428,901 418,185 401,839 299 301 303 Alabama 135, 786 132, 352 123, 515 92, 485 93,002 85, 993 266,018 263, 225 235,022 216 216 218 Mississippi 73, 814 75, 753 71,166 73,160 74, 969 182, 679 195,048 180,323 205 205 206 West South Central: Arkansas 74, 677 75,196 63,071 50, 462 51,849 53, 411 156, 588 154,143 143,798 216 219 221 Louisiana 159, 583 160, 850 136,804 173,003 184, 225 176, 636 408, 907 406, 583 365,338 146 146 146 Oklahoma 147, 955 145, 357 137, 510 141, 509 153,040 142,013 388, 581 378,108 379,995 396 397 398 Texas 501,984 490,314 457, 263 431,397 438,148 418,852 1, 237, 6411, 209, 9841,135,835 844 847 856 Mountain: Montana 32, 361 31, 621 31,193 56, 495 57, 615 59, 884 126, 737 123, 394 120, 550 113 114 114 Idaho 28, 731 28, 519 29, 245 38,024 37, 628 38, 624 89, 319 89,274 87,341 50 51 52 Wyoming 25,198 24,171 24, 393 17,085 17, 503 16,098 59, 304 58, 471 54,465 58 58 58 Colorado 84,076 81, 338 79, 804 110,130 110, 461 105, 916 279, 891 273,123 262, 690 144 144 145 New Mexico. 21, 763 19, 974 18, 894 19, 738 19, 324 18, 204 57,054 55, 235 54,660 41 41 41 Arizona. ._ 31,013 30,102 26, 893 29, 982 31, 673 32, 374 84, 587 84, 997 80, 799 12 12 12 Utah II 56,123 55,071 50, 620 50, 449 48, 334 131,096 134, 200 59 59 Nevada. 11, 503 10, 343 9,237 15, 230 14, 913 15, 398 35,842 34, 803 33,056 11 Pacific: Washington 196,099 186,191 193, 651 208, 670 213, 508 201, 759 490, 552 482, 244 451,308 146 147 153 Oregon . 96, 065 90, 536 129, 803 132, 699 136, 888 280, 294 280, 460 264, 270 75 76 77 California 1, 789, 8891, 780, 6311, 752, 9831, 733, 2411, 652, 4201, 637, 6033, 864, 2493, 738,0453, 746,015 229 229 232 Total. 21, 314, 272 21,153, 945 21,129, 814 28, 296, 584 27, 774, 934 26, 251, 619 55, 992,112 53, 812,146 52,194, 913 15,082 15,151 15, 287 1 Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on p. 973. 2 The June and March 1939 figures of loans and investments of "all banks" exclude approximately $50,000,000 and $100,000,000, heretofore reported as loans and investments, respectively, which indirectly represent bank premises or other real estate and are now classified in condition reports among "other assets." Figures by States covering insured banks for June 1939 are shown in report No. 11 of "Assets and Liabilities of Insured Banks." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

972 FEDERAL RESERVE BULLETIN NOVEMBER 1939 ALL BANKS IN THE UNITED STATES—Continued NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 29, 1939, AND JUNE 30, 1938, BY STATES [Amounts in thousands of dollars] Loans* Investments * Deposit b s a , n e k x c d l e u p s o i s v i e t s of inter- Nu b m an b k e s r of State June March June June March June June March June June Mar. June 1939 1939 1938 1939 1939 1939 1938 1939 1939 1938 New England: Maine 39,064 37, 469 39,078 59,938 61,142 64,031 114,764 111, 173 110,850 39 39 39 New Hampshire 31, 612 30,424 29, 636 29, 711 32, 223 29, 203 66,945 64, 532 62,165 52 52 52 Vermont 25, 923 24,860 25, 423 24,128 24, 506 23,157 54, 859 54, 621 51, 248 42 42 42 Massachusetts 494, 533 491, 411 506, 623 461, 838 448,331 437, 242 1,166, 5821,095, 2011,100,175 126 126 127 Rhode Island 39, 434 37, 778 40,703 37, 833 32,663 33,389 86,979 83,118 12 12 12 Connecticut 97,174 95,331 106, 750 108, 220 123, 445 103, 286 272,098 265, 759 253, 914 53 54 54 Middle Atlantic: New York ., 424,1791,449, 2631, 508, 3912,940, 2112, 776, 5412, 546, 7424,824,977 4, 549, 6364,110, 555 437 438 442 New Jersey 239, 248 233, 651 229, 474 392, 811 393, 865 377, 698 787,309 763, 204 733, 324 226 227 229 Pennsylvania 791, 780 779, 856 800,168 1, 482, 3811, 471, 3971, 422, 8642, 366, 6532, 267, 2312,199, 556 694 695 697 East North Central: Ohio 323, 920 313,177 303,469 450, 676 452, 757 423,978 958, 842 927, 504 893, 889 244 245 247 Indiana 122, 496 117, 513 108, 224 235, 668 230,901 224, 855 439, 600 419, 684 395,443 126 126 127 Illinois 650, 711 639,025 606, 619 1, 507, 8871, 445, 7641, 279, 2422, 542, 3022,133,040 2, 348,195 324 320 314 Michigan 164,152 170, 329 155,166 395,087 399,090 370, 381 727,146 689.958 658, 682 82 82 83 Wisconsin 95, 871 96, 786 96,033 274,134 270, 404 268,193 451, 998 447,083 420, 678 105 105 106 West North Central: Minnesota 206,885 197, 560 198, 405 281, 709 289, 815 271, 854 572, 098 535,164 552,127 192 192 195 Iowa 96, 679 93, 642 74,004 84,103 87, 321 84, 502 200, 283 207, 203 187, 378 109 109 110 Missouri 181, 330 178, 876 160, 740 244,189 271, 516 229, 917 453, 975 454, 227 422, 493 87 87 86 North Dakota 15,040 15, 049 14, 259 20, 834 20, 875 21, 962 44,149 43, 087 42,873 50 50 52 South Dakota 22,096 20,478 18, 533 20,869 22,303 20, 747 51,983 50, 477 48,198 42 43 45 Nebraska 84,138 81, 444 74,101 93, 327 95,108 91, 497 193, 032 191,104 185, 282 136 136 136 Kansas 64, 424 62, 700 82, 301 84,134 85,135 202, 518 190, 952 194, 345 182 182 184 South Atlantic: Delaware 8,286 8,332 8,084 9,113 9,523 9,892 17,400 17,062 17, 635 15 16 Maryland 63, 972 63,183 63, 336 206, 645 197, 594 172,811 268, 496 263, 551 242, 200 District of Columbia 47,168 45,901 44, 720 78, 755 83,021 73, 041 158, 248 172, 734 149, 296 Virginia 157, 477 152,195 146,149 112,843 126,384 116,639 321,643 310,886 303, 618 130 131 132 West Virginia 64,072 65, 755 49, 995 52,098 50, 543 150, 797 148, 960 143, 697 78 78 79 North Carolina 41,131 41, 676 41, 262 26,003 29, 574 26,137 89, 591 92, 973 83, 949 42 43 43 South Carolina 29,470 28,431 29, 576 18, 200 18, 620 19,153 68, 619 67, 503 62,821 20 20 20 Georgia 132, 597 128, 961 128, 807 83,197 84,i 57, 862 239, 676 226, 579 204,360 52 52 53 Florida 58, 621 59, 557 55, 099 122, 382 128, 317 112,948 241, 035 252, 44" 207, 006 52 52 53 East South Central: Kentucky 93, 282 93, 637 93, 577 82, 542 82,424 80,456 198,440 202,788 189, 883 96 97 Tennessee 170, 603 165, 643 148, 657 102, 860 106, 571 103, 035 302, 274 290, 335 281, 394 71 71 Alabama 95, 498 89, 863 65, 316 64, 285 60, 299 186, 700 177, 293 162,077 67 Mississippi 21,449 21,684 21,039 24,030 25, 282 26, 322 60,890 64,385 63, 244 24 West South Central: Arkansas 38,175 38, 710 33, 913 31, 408 32, 525 33, 230 87, 687 84, 967 80, 947 49 49 50 Louisiana 106,176 107, 765 88,029 121, 826 126,368 123, 306 258, 867 253, 681 233,359 30 30 30 Oklahoma 126, 035 123, 961 116, 745 125, 719 135, 359 126, 620 335, 292 327, 518 329,019 214 214 215 Texas 417, 564 406, 986 377, 973 381, 371 386,518 371, 873 1,061,857 1, 035, 301 972,099 446 447 449 Mountain: Montana 15, 214 15,199 14,083 32, 885 34,112 36, 756 72,013 70,607 68, 339 43 43 43 Idaho 13, 659 13, 688 13, 561 19, 706 19, 870 20, 242 44, 383 44,125 43,827 18 19 20 Wyoming 16,301 15, 738 15, 585 13, 678 14,061 13, 344 42, 327 41, 616 38, 936 26 26 26 Colorado 64, 667 62,808 61,129 91, 765 91, 706 87,835 224,387 217.959 211, 590 78 78 78 New Mexico 16, 558 15,045 14, 441 16, 410 15, 841 14,965 44, 855 43, 333 43, 333 22 22 22 Arizona 22, 463 22, 241 19, 768 19, 489 20, 780 22,092 57, 631 57,945 55, 587 5 5 5 Utah 22, 644 21,980 21,950 22, 241 21, 557 22, 20f 55,755 58, 592 53, 718 13 13 13 Nevada 10, 499 9,537 8,512 13, 921 13, 715 14,197 33,064 32, 361 30, 659 5 Pacific: Washington 142, 358 134,052 139, 259 146, 858 151, 825 143, 635 359, 841 355,897 326,346 46 47 48 Oregon 79, 591 74, 831 72, 844 113, 741 115, 568 120, 589 240,950 242,190 226,887 27 28 28 California , 261, 4691, 254, 3831, 231,1591,167, 473 1,109, 471 1,147, 7452, 731, 2042, 638, 8682, 672, 595 101 101 103 Total 8, 553,0158, 448, 40J8, 316, 37112, 528, 227 12, 331,13611, 617, 64724, 534, 399 23, 340, 275 22, 552,9059,203 5,212 5,242 i The June and March 1939 figures of loans and investments exclude approximately $20,000,000 and $50,000,000, heretofore reported as loans and investments, respectively, which indirectly represent bank premises or other real estate and are now classified in condition reports among "other assets." Figures by States are shown in "Abstracts of Condition Reports of National Banks." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1939 FEDERAL RESERVE BULLETIN 973 ALL BANKS IN THE UNITED STATES—Continued STATE BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 29, 1939, AND JUNE 30, 1938, BY STATES [Amounts in thousands of dollars] Loans i Investments 2 Deposit b s a , n e k x c d lu ep si o v s e i ts of inter- Nu b m an b k e s r of State June March3 Junes June March 3 June3 June March 3 June3 June Mar.3 June8 1939 1939 1938 1939 1939 1938 1939 1939 1938 1939 1938 New England: Maine 69,807 68,901 70,685 139,120 145, 282 138, 516 211,406 209,754 206, 701 63 63 63 New Hampshire 71,902 69,903 69, 903 136,404 141,463 141,463 209, 517 206,127 206,127 55 56 56 Vermont 59,137 58,416 62,607 47, 331 49,304 48,009 110,126 110,147 113, 278 42 42 49 Massachusetts , 229, ~~ 1*, 236, 6001, 251, 4111, 367, 4601, 342, 7211, 333, 5312, 643, 5352, 610, 6522, 618, 749 264 265 265 Rhode Island 131, 749 128, 537 129, 419 246,059 242, 403 237, 789 383, 422 378, 712 372,393 23 23 23 Connecticut4 476, 814 476,154 476, 234 466,607 470,814 447,381 1,010, 5531,000,1"" 978, 440 154 154 142 Middle Atlantic: New York ., 572,3295, 608, 5155, 775, 5276,932,076 6, 611, 2246,130, 47813,415, 880 12, 759, 27122,435, 735 451 456 458 New Jersey 420, 926 437, 631 462,37" 605,339 595, 586 575,965 1, 227, 6261,214,088 1, 216, 219 167 177 181 Pennsylvania 725,141 711, 556 741, 224 1, 545, 5741, 565, 2331, 509, 3232,430,880 2, 382,1602,342,122 409 411 416 East North Central: Ohio 517, 206 505,021 508, 503 565,457 559,870 524,189 1, 327,0611, 285, 7151, 235, 057 461 462 462 Indiana 160, 569 153,914 149, 524 160,098 163,877 159, 927 407,980 395, 281 386, 595 386 387 394 Illinois 280, 615 275, 791 252, 026 575,627 547, 624 541, 770 1,092, 2541,012, 973 1,021, 653 531 536 552 Michigan 230,765 217,108 207,411 331, 32f 321, 349 305,143 693, 882 675, 347 628, 889 374 374 379 Wisconsin 161, 665 154, 257 148, 111 176, 694 179,985 179, 302 395, 418 393, 548 373,532 477 478 West North Central: Minnesota 110,982 107, 456 100,828 130,400 134, 763 134,i 267, 516 268, 405 260,510 491 493 493 Iowa '__ 220,427 217, 435 178,020 116,428 121, 554 121, 646 395,031 s 414, 219 368, 911 539 541 543 N N M S K o e o a i u b s n r s t t r s h h o a a u s s D D k ri a a a k k o o t t a a 2 3 6 7 1 6 9 6 9 3 , , , , , 8 3 3 9 0 1 7 1 7 0 1 5 5 5 8 25 3 7 1 4 5 9 5 9 , , , , , 7 8 6 0 5 8 7 5 2 2 6 3 5 4 2 24 3 8 1 5 4 4 9 0 , , , , , 9 3 2 5 6 1 4 1 7 6 6 1 8 f 0 34 4 1 1 5 9 8 1 7 , , , , , 2 9 9 7 3 5 9 3 7 8 9 3 0 1 9 35 5 1 1 9 1 8 0 7 , , , , , 4 4 9 4 4 4 1 9 4 9 3 9 9 1 9 31 5 1 1 1 0 9 9 0 , , , , , 0 3 2 5 7 9 0 5 4 3 0 1 8 8 2 6 1 4 6 2 3 6 4 1 5 3 1 , , , , , • 9 3 5 2 - 3 1 2 9 • 9 2 9 0 s 6 1 3 2 2 6 5 7 1 3 6 6 , , , , , 1 8 7 2 2 3 3 0 5 5 8 8 4 8 8 5 6 1 0 2 3 6 5 1 4 1 0 8 , , , , , 9 5 5 8 5 2 3 3 2 1 6 9 4 1 5 2 5 1 1 9 4 1 2 0 9 9 4 4 2 5 1 1 9 9 5 2 2 9 1 6 4 5 5 2 5 1 1 9 6 0 2 3 1 5 3 8 0 South Atlantic: Delaware 70,079 72,731 68,077 98,090 97, 523 89,186 193, 463 186,954 173, 240 31 32 32 Maryland 143,423 141,972 145,322 290, 705 297,415 298,389 524,046 503, 922 481,180 127 128 133 District of Columbia 57, 351 55, 840 53,480 52,096 52,620 57,467 134,167 139, 455 131, 519 13 13 13 Virginia 134,048 129,461 125,485 62,856 61,484 211, 427 206, 274 196, 950 185 186 187 West Virginia 63, 764 62,352 61, 794 36, 552 40, 311 40,144 126, 745 127, 033 125, 794 103 103 105 North Carolina 128,126 118, 029 116,194 114,154 116,097 106, 273 260,108 251,975 227,008 186 188 189 South Carolina 26, 269 25,198 25, 559 21,056 22,109 21,045 63,361 66, 695 58,824 131 131 130 Georgia 85,394 79, 361 81, 210 30,814 30, 641 25,889 132,407 131,148 111,474 232 231 231 Florida 26,926 25,978 24,815 29,115 29, 681 29,802 88,077 89, 387 75, 797 112 111 110 East South Central: Kentucky 111, 562 112, 455 111, 774 66,083 69, 951 68,155 206,900 204,189 191, 526 318 320 330 Tennessee 70, 218 69, 208 67, 568 30, 295 32, 339 30,881 126, 627 127, 850 120,445 228 230 232 Alabama 40, 288 42, 489 40, 655 27,169 28, 717 25, 694 79, 318 85, 932 72, 945 149 150 152 Mississippi 52, 365 54, 069 47, 441 47,136 47, 878 48, 647 121, 789 130,'— 117,079 181 180 181 West South Central: Arkansas 36, 502 29,158 19,054 19, 324 20,181 68,901 69,176 62,851 167 170 171 Louisiana 53,407 53,085 48, 775 51,177 57, 857 53,330 150,040 152,902 131,979 116 116 116 Oklahoma 21,920 21, 396 20, 765 15, 790 17, 681 15, 393 53, 289 50, 590 50,976 182 183 183 Texas 84, 420 83, 328 79, 290 50,026 51, 630 46, 979 175, 784 174, 683 163, 736 400 407 Mountain: Montana 17,14' 16,422 17,110 23, 610 23, 503 23.128 54, 724 52, 787 52, 211 71 71 Idaho 15, 072 14, 831 15, 684 18, 318 17, 758 18, 382 44,936 5 45, 149 s 43, 514 32 32 Wyoming 8,897 8,433 8,808 3,407 3,442 2,754 16,977 16, 855 15, 529 32 32 Colorado 19,409 18, 530 18, 675 18,365 18, 755 18,081 55, 504 55,164 51,100 66 67 New Mexico 5,205 4,929 4,453 3,328 3,483 3,239 12,199 11,902 11, 327 19 19 Arizona 8,550 7,'" 7,125 10, 493 10, 893 10, 282 26,956 e 27,052 5 25, 212 7 7 Utah 35,824 34,143 33,121 28, 379 28, 892 26.129 75, 341 75, 608 69, 380 46 46 Nevada 1,004 725 1,309 1,"" 1,201 2,778 5 2, 442 5 2, 397 5 4 Pacific- Washington 53, 741 52,139 54, 392 61, 812 61, 683 58,124 130, 711 126,347 124,962 100 105 Oregon 16,474 15, 705 15, 644 16,062 17,131 16, 299 39, 344 38, 270 37, 383 48 49 California 528,420 526, 248 521, 824 565, 768 542, 949 489, 858 1,133,045 1, 099,1771,073, 420 128 128 129 Total 12, 761, 25712, 705, 54012, 813, 44315, 768, 35715, 443, 79814, 633, 97231, 457, 71330, 471, 87129,642,004 9,879 9, 939 10, 045 1 Comprises all State commercial banks, trust companies, mutual and stock savings banks, cash depositories (in South Carolina), and such private banks and industrial banks as are included in abstracts issued by State banking departments. 2 The June and March 1939 figures of loans and investments exclude approximately $40,000,000 and $50,000,000, heretofore reported as loans and investments, respectively, which indirectly represent bank premises or other real estate and are now classified in condition reports among "other assets." Figures by States covering insured State banks for June 1939 are shown in report No. 11 of "Assets and Liabilities of Insured Banks." 3 For call dates of figures included in the March 1939 and June 1938 columns see footnotes on pp. 566 and 976, respectively, of the July 1939 and November 1938 BULLETINS. *• Beginning December 1938 the figures include 12 Industrial banks with total loans and investments of $6,940,000 and deposits of $4,189,000, not included heretofore. 5 Figures include relatively small amounts of interbank deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

974 FEDERAL RESERVE BULLETIN NOVEMBER 1939 ALL BANKS IN THE UNITED STATES—Continued PRIVATE BANKS—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 29, 1939, AND JUNE 30, 1938, BY STATES [Figures in this table are also included in the table on p. 973 covering State Banks." Amounts in thousands of dollars Deposits, exclusive of inter- Number of Loans Investments bank deposits banks State June March1 June June March1 June June March i June June Mar.i June 1939 1939 1938 1939 1939 1938 1939 1939 1938 1939 1939 1938 Connecticut: District No. 1 296 293 296 198 198 217 395 401 423 3 3 3 District No. 2 117 116 129 69 69 69 301 282 297 1 1 1 Indiana: District No. 7 1,504 1,419 1,378 1,141 1,195 1,343 3,896 3,790 4,082 15 16 17 District No. 8 67 68 169 57 49 52 155 136 256 1 1 2 Iowa 208 233 165 38 38 38 317 365 301 1 1 1 Kansas 2 2 2 11 13 9 1 1 1 New Jersey (Dist. No. 2).._. 15 15 15 12 12 13 6 6 6 1 1 1 New York 58,471 60, 596 76, 904 483, 249 426, 963 327, 702 449, 062 420, 798 358, 620 9 12 14 Ohio . - 2,146 2,115 2,148 569 582 566 2,862 2,898 2,803 13 13 13 Pennsylvania: District No. 3 6,624 6,772 8,199 55,952 44,922 37,102 70,011 66,042 56, 395 214 15 15 District No. 4 1,292 1,187 1,107 1,101 1,188 1,111 2,517 2,400 2,427 4 4 4 South Carolina 633 616 640 31 6 50 538 570 622 1 1 1 Total 71, 375 73, 432 91,152 542, 417 475, 222 368, 263 530,071 497, 701 426, 241 64 69 73 1 For call dates of figures included in the March 1939 columns see footnote on p. 567 of the July 1939 BULLETIN. 2 Beginning June 30,1939, the number of banks excludes 1 branch of a New York bank. The figures of loans, investments, and deposits of the branch are included as heretofore. MUTUAL SAVINGS BANKS—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 29, 1939, AND JUNE 30, 1938, BY STATES [Figures in this table are also included in the table on p. 973 covering "State Banks." Amounts in thousands of dollars] Deposits, exclusive of inter- Number of Loans Investments bank deposits banks State June March i June June March1 June June March i June June Mar.1 June 1939 1939 1938 1939 1938 1939 1939 1938 1939 1938 California 35,692 35,189 34,178 57,644 58,312 58,602 88,015 87, 399 86, 675 Connecticut: District No. l._ 262,374 263, 571 271,620 279, 724 279, 459 269, 693 559, 895 560, 004 554,944 59 59 59 District No. 2.. 82, 546 81,990 81,868 80, 388 81, 990 81,314 166, 410 165, 316 163, 529 14 14 14 Delaware 13,019 13,004 12, 976 30, 248 29,486 27,937 39,030 38,144 36,971 2 2 2 Indiana: District No. 7-_ 6,683 6,653 7,654 3,474 3,683 3,818 11, 408 11, 299 12,890 3 3 4 District No. 8__ 4,368 4,445 4,320 2,612 2,548 3,300 8,097 7,897 8,103 1 1 1 Maine 29, 659 29, 780 30,358 100,251 104, 671 100,987 128, 355 128,038 126,930 32 32 32 Maryland—. __ 38, 440 39,016 42,154 171, 653 175, 625 176,067 224, 525 222,806 223, 285 12 12 12 Massachusetts 1,012, 5771,029, 5621,042,151 1,128, 8511,096, 5041,098, 5502,152, 9612,131, 9572,144,444 192 193 193 Minnesota 10,102 9,786 9,833 52, 790 54,426 53, 342 66,109 66, 256 65, 290 1 1 1 New Hampshire 63, 239 61, 717 61, 717 128,049 132, 675 132, 675 190, 243 190, 243 43 44 44 New Jersey: District No. 2__ 123, 462 126,948 128, 799 179, 208 174, 527 172, 518 328, 664 324, 240 322,218 22 22 22 District No. 3__ 4,642 4,681 4,972 7,191 7,r~- 8,036 13,907 13, 876 14,453 2 2 3 New York 3,006, 6292,986, 5202,989,944 2,442, 6242,377,185 2,313,928 5, 514, 8255,404, 6245,336,851 134 134 134 Ohio 43, 737 40,000 40, 405 68, 927 69, 567 65,469 121, 748 121,131 121,016 3 3 3 Oregon 1,218 1,205 1,109 724 834 737 2,221 2,041 1,909 1 1 1 Pennsylvania: District No. 3.. 74,195 74, 982 74, 735 437, 498 450, 644 437, 843 538, 492 541,138 525, 500 6 6 District No. 4__ 11,177 11,061 11, 847 44,353 45,066 41, 999 55, 412 54, 806 54,481 1 1 Rhode Island. _ 50,905 50,206 51,031 128,148 127, 795 124,395 177, 583 176,174 176,023 9 Vermont 27, 560 27, 325 30, 709 24, 613 25,332 25, 404 57, 459 57, 653 61, 748 8 14 Washington 26, 692 26,429 26,493 40,065 36, 280 67,654 63, 875 Wisconsin: District No. 7__ 2,129 2,155 2,133 2,082 2,112 2,085 4,358 4,345 4,371 District No. 9__ 62 40 34 58 117 114 110 Total 4, 931,1314,926,311 4, 961, 0685,411,157 5,338,459 5,235,03710, 520, 63410, 375, 690 10, 295, 859553 555 563 1 For call dates of figures included in the March 1939 columns see footnote on p. 567 of the July 1939 BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

975 NOVEMBER 1939 FEDERAL RESERVE BULLETIN BALANCE OF INTERNATIONAL PAYMENTS OF THE UNITED STATES, 1937-1938 The Department of Commerce has pub-omitted or underestimated or that payment lished a final summary of the international items had been overestimated. In the final transactions of the United States in 1938summary, as shown in the following table, which differs somewhat from the preliminary the residual is $508,000,000, an increase of summary published on page 487 of the FED- $39,000,000 over the amount given in the for June 1939. The ERAL RESERVE BULLETIN preliminary estimate. preliminary summary showed an unexplained A revision of the transactions in 1937 shows residual balance of receipts from foreigners some differences from the final summary pubof $469,000,000. After all the individual lished on page 31 of the for January merchandise, service, capital, and gold and BULLETIN 1939. These revisions reduce the unexplained silver transactions for which data could be published had been recorded, receipts by theresidual balance of receipts by $75,000,000. United States were short of recorded pay- The revised summary for 1937 and the ments by this amount. Since total receipts final summary for 1938 are given below in and payments must balance, this discrepancy substantially the same form as that employed indicated that certain receipts had been by the Department of Commerce. [In millions of dollars] 937 (revised) 1938 Items Receipts Payments Net re- Receipts Payments Net refrom to ceipts (+) from to ceipts (+) foreigners foreigners or pay- foreigners foreigners or payments (—) ments (—) L Trade and services Merchandise 3,349 3,084 +265 3,094 1,961 +1,133 Merchandise adjustments ' _ _ 79 42 +37 86 39 +47 Freight and shipping _ __ - 107 210 -103 113 155 -42 Travel expenditures 160 563 -403 159 516 -357 Personal remittances 25 170 -145 35 150 -115 Institutional contributions 35 -35 40 -40 Interest and dividends. 578 280 +298 549 216 +333 Government transactions 2 30 126 -96 34 98 -64 Miscellaneous services 230 61 +169 191 60 +131 Trade and service transactions.. _, . __ 4,558 4,571 -13 4,261 3,235 +1,026 2. Gold and silver Gold exports and imports 46 1,632 -1, 586 6 1,979 -1,973 Gold earmarking operations +200 +333 Silver exports and imports. ._ _._ 9 92 -83 7 231 -224 Gold and silver movement __ -1,469 -1,864 3. Capital Reported long-term capital movement 3_._ _ „ 3,183 2,661 +522 1,724 1,701 +23 Reported movement of short-term banking and brokerage funds4 +354 +295 Paper currency movements +15 Miscellaneous capital transactions +5 -3 Capital movement +881 +330 4. Residual item +601 +508 1 This item consists roughly of 3 parts: (1) exports and imports of goods for which data are available but not recorded in the official trade figures (e.g., sale of ships, bunker-fuel purchases and sales, etc.); (2) goods whose export or import is wholly or partly omitted from official trade data (e.g., unrecorded parcel-post shipments, goods smuggled into the country, etc.); (3) correction of certain recorded trade figures to allow for possible overvaluation (in the case of goods sent on consignment) or undervaluation (in case of imports subject to ad valorem duties), uncollectible accounts, etc. 2 Includes $1,000,000 of war-debt receipts in 1938. 3 This item covers the movement of funds in security transactions as reported by the Treasury Department ($512,000,000 net in 1937 and $76,- 000,000 net in 1938) and other transactions involving particularly the transfer of properties not represented by security issues. 4 This item covers the net movement of capital in short-term banking funds and in brokerage balances as reported by the Treasury Department ($290,000,000 in 1937 and $293,000,000 in 1938) and the net change in Philippine Government accounts with the United States Treasury. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

976 FEDERAL RESERVE BULLETIN NOVEMBER 1939 FRENCH FINANCIAL MEASURES A French Cabinet decree of September 1, These conventions are exempt from stamp and registration taxes. 1939, provides for the withdrawal from cir- ART. 4. The application of the first paragraph culation of nickel coins of five francs and of Article 4 of the monetary law of June 25, 1928, is suspended.2 silver coins of ten and twenty francs and ART. 5. The maximum amount of the note cirauthorizes the Bank of France to place in culation of the Bank of Algeria and its branches, fixed at 4 billion francs by the decree of June 17, circulation bank notes of corresponding de- 1938, is increased to 5 billion francs. nominations. The same decree relieves the ART. 6. The President of the Council, Minister of National Defense and of War, and the Minister Bank of France of its obligation to maintain of Finance, each in so far as he is concerned, are a reserve in gold coin and bullion equal to 35 charged with the execution of the present decree which shall be submitted for ratification to the Champer cent of its total sight liabilities and apbers in conformity with the law of March 19, 1939. proves conventions concluded between the Done at Paris, September 1, 1939. Government and the Bank of France and the ALBERT LEBRUN. By the President of the Republic: Bank of Algeria. These conventions provide The President of the Council, Minister of for temporary advances to the Government National Defense and of War, amounting to 25,000,000,000 francs in the EDOUARD DALADIER. The Minister of Finance, case of the Bank of France and 1,000,000,000 PAUL REYNAUD. francs in the case of the Bank of Algeria; the latter bank is also authorized to increase CONVENTION BETWEEN THE STATE AND THE BANK OF FRANCE its note circulation by 1,000,000,000 francs. The texts of the decree and the convention Between the undersigned, M. Paul Marchandeau, deputy, Minister of Finance, acting on behalf of the with the Bank of France are given in trans- State, and M. Pierre Fournier, Governor of the Bank of France, duly authorized by decision of the lation below. general council of the Bank of France, under date of September 28, 1938, DECREE CONCERNING PROVISIONS OF A MONETARY It has been agreed as follows: NATURE AND APPROVING CONVENTIONS ENTERED ARTICLE 1. In case of a general mobilization of INTO BETWEEN THE STATE AND THE BANK OF the land, sea, and air forces, the Bank of France FRANCE AND THE BANK OF ALGERIA shall make available to the Treasury temporary The President of the French Republic; advances up to an amount of 25,000,000,000 francs, On the report of the President of the Council, Min- including, if occasion arises, the 10,000,000,000 francs ister of National Defense and of War, and of the provided for in the convention under today's date Minister of Finance; concerning measures for partial mobilization.3 By virtue of the law of March 19, 1939, granting ART. 2. In return for the advances granted in the Government special powers; application of the present convention, 3-months The Council of Ministers concurring: Treasury bills shall be delivered, renewable until the repayment of the above mentioned advances. Decrees: ART. 3. Interest on the advances granted in ap- ARTICLE 1. Silver coins of 20 francs and 10 plication of the present convention, including, if francs and nickel coins of 5 francs shall be with- occasion arises, the advances in case of partial mobidrawn from circulation. Decrees issued on proposal lization, is fixed, beginning with the day of partial of the Minister of Finance shall fix the time when mobilization, at 1 per cent per annum of the outthese coins shall cease to be legal tender and when standing amount of the advances. they shall no longer be acceptable at the offices of This rate of interest shall be increased to 3 per cent the National Treasury. per annum one year after hostilities cease. ART. 2. The Bank of France is authorized to ART. 4. From the amount of the interest fixed issue notes of 5 francs, 10 francs, and 20 francs in the preceding article the Bank of France shall denomination. deduct as reimbursement for expenses incurred by ART. 3. The following are approved: it in connection with the handling of the advances a commission of 0.5 per cent4 per annum of the (1) The convention concluded September 29, outstanding amount of the said advances. 1938, between the Minister of Finance and the Governor of the Bank of France; The remainder of the interest shall be allocated to a special reserve account designed to cover losses (2) The convention entered into May 11, 1939, which might occur: between the Minister of Finance and the Director General of the Bank of Algeria. 2 This paragraph provides that the Bank of France must maintain a metallic reserve in gold bullion and gold coin equal to The text of these two conventions is annexed to at least 35 per cent of its notes in circulation and its liabilities the present law.1 on current account. See BULLETIN for August 1928, p. 570. 3 The convention referred to has lapsed without having been in effect. 1 Only the convention between the State and the Bank of 4 Given in Journal Officiel as 5.0 per cent—evidently a mis- France is given in translation below. print. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

977 NOVEMBER 1939 FEDERAL RESERVE BULLETIN (a) On bills in the commercial portfolio of the ART. 6. The Bank of France undertakes to turn Bank, collection of which might be suspended by over to the Minister of Finance, at his request, letters a law extending the time for payment; opening credits at branches and auxiliary offices for (b) On special operations which the Bank would an amount which may not exceed 3,500,000,000 be authorized to undertake by a law effecting francs, representing a part of the total advance modifications of the statutory rules. of 25,000,000,000 which is the subject of the present convention. The amount of this reserve fund shall not exceed The designation of the branches and auxiliary ofthe total amount of the credits and of the operations fices and the amount of credits to be opened at each referred to above. establishment shall be shown in a confidential memo- When this amount shall have been reached, the randum transmitted by the Minister of Finance to part of interest designated for the reserve fund the Bank of France. shall be returned to the Treasury. These credits shall be in force in case of a general In similar manner there shall be returned to the mobilization and beginning with the day of publica- Treasury any available balance existing at the time tion of the mobilization order in the Departments in of the definitive liquidation of the reserve fund. which are located the branches and auxiliary offices ART. 5. The amount of advances made by virtue in which they are opened. of the present convention shall not be included in the These extensions of credits shall be separate from figure of the productive circulation serving as a those which are opened for current use within the basis for calculation of royalties as provided by the limits of the available funds in the Treasury's aclaws and conventions now in effect. count; until the day of general mobilization, they The part of the circulation which, according to the shall not be taken into account in the dealings beterms of the laws and conventions now in force, is tween the Treasury and the Bank. subject to a stamptax of 20 centimes per 1,0005 ART. 7. With exception of the provisions of arfrancs, shall be reduced, for the calculation of the ticle 6 above, the present convention shall not be in amounts due under the head of this tax, by an force until after its ratification by Parliament. amount equal to that of the advances granted by ART. 8. The present convention is exempt from virtue of the present convention. stamp and registration taxes. ART. 9. The present convention shall remain in 5 Given in Journal OJficiel as 20 centimes per 100 francs, which is evidently a misprint. The stamp tax on note circulation, force until December 31, 1945. under article 166 of the codification of texts concerning the Bank Done in duplicate at Paris, September 29, 1938. of France of December 31, 1936, is at the rate of 20 centimes per thousand francs fnot 20 centimes per hundred francs as given Read and approved: Read and approved: in Journal Officiel). PAUL MARCHANDEAU. FOURNIER. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES 979 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

980 FEDERAL RESERVE BULLETIN NOVEMBER 1939 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve bank credit outstanding Member bank Date co B d u i i n l s l t - s ed bo B u il g ls ht s m U G e e c r . e o u n n v S r - t - i . - R c O b r e e a s th e d n r e k i v r tl e Total s G to o c ld k T s r t o c e u r i a u n n e u r n y g a r c t d - - s y - - M in c t u i o o c l n a n ir - e - y T h c i u r o n a e r l g s y a d h s s - - T d R F b e r e w e a e p d s i a n o e e t s k s h r r u i v s a t r e l s y b m p N e o r e o s m d n it e - s - - R c O e F o e a s t u e r c h e a d n - r e l - t v r s e r T es o e t r a v l e ba m E l ( a x a e n c t s c e e ti s e d - s s ) ties End of month figures: 1938—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 Sept. 30____ 6 1 2,804 68 2,879 16, 932 2,919 7,293 2,244 545 753 240 11,655 5,352 Wednesday figures: 1938—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 2,443 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 Sept. 27 6 1 2,804 36 2,846 16, 925 2,914 7,238 2,260 552 771 242 11,621 5,332 Oct. 4 7 1 2,785 45 2,837 16, 958 2,920 7,309 2,250 469 776 239 11, 672 5,359 Oct. 11____ 7 1 2,765 38 2,810 16, 973 2,924 7, 346 2,238 404 742 238 11, 739 5,399 Oct. 18—_ 6 1 2,748 63 2,817 16, 997 2,927 7,330 2,216 349 698 241 11,907 5,509 i Includes industrial advances. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Averages of daily figures for recent months and years are shown in the table on p. 960. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBEK 1939 FEDERAL RESERVE BULLETIN 981 PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS In thousands of dollars] Wednesday figures End of month 1939 1939 1938 Oct. 18 Oct. 11 Oct. 4 Sept. 27 Sept. 20 Sept. 13 Sept. 6 Sept. Aug. Sept. ASSETS Gold certificates on hand and due from U. S. Treasury 14 769, 20614, 725, 71514, 696, 21714, 656, 71714,621, 71814, 576, 71914,452, 22114, 671, 72014,312, 22210, 908, 223 Redemption fund—F. R. notes 9,777 8,987 9,005 7,344 8,288 8,288 8,644 7,344 8,644 9,611 Other cash 332, 383 315,194 325,153 339,046 334, 281 324, 422 307, 781 334, 273 339, 915 377, 449 Total reserves 15,111,36615,049, 89615, 030, 37515,003,10714,964, 28714, 909, 42914, 768, 64615, 013, 33714,660, 78111, 295, 283 Bills discounted: For member banks 2,314 3,205 3,440 3,047 2,279 3,944 3,973 2,925 3,390 8,041 For nonmember banks, etc. _ 3,309 3,309 3,309 3,309 3,309 3,309 2,025 3,309 2,025 Total bills discounted 5,623 6,514 6,749 6,356 5,588 7, 253 5,998 6,234 5,415 8,041 Bills bought: Payable in foreign currencies 415 498 548 548 545 546 546 548 546 541 Industrial advances 11, 787 11, 803 11, 841 11, 644 11, 667 11,617 11, 627 11, 972 11, 667 15, 610 U. S. Government securities, direct and guaranteed: Bonds _____ 1315, 942 1, 315, 942 1, 315, 942 1, 315, 942 1,308, 616 1, 268, 800 1,021, 219 1, 315, 942 912, 460 789, 327 Notes 1245, 497 1, 245, 497 1, 245, 497 1, 245, 497 1245, 497 1, 245, 497 1238, 573 1, 245, 497 1 179,109 1,164, 565 Bills 186, 820 203, 457 223, 457 242, 370 272, 370 309, 402 334, 620 242, 370 334, 620 608, 623 Total U. S. Government securities, direct and guaranteed 2,748, 259 2, 764, 896 2, 784, 896 2, 803, 809 2826, 483 2, 823, 717 2, 594, 412 2, 803, 809 2,426,189 2, 562, 515 Other Reserve bank credit 50, 634 26, 241 33, 207 24, 055 38, 324 29, 817 30, 289 55, 965 2,347 13, 291 Total Reserve bank credit outstanding _ __ _ _ 2,816, 718 2, 809, 952 2, 837, 241 2, 846, 412 2,882, 607 2, 872, 950 2, 642, 872 2, 878, 528 2,446,164 2, 599, 998 LIABILITIES F. R. notes in actual circulation 4 756,457 4, 757,812 4,732,133 4, 683, 726 4 677, 608 4, 678, 992 4 683, 716 4, 719, 776 4 630, 672 4, 253, 244 Deposits: Member bank—reserve account___ 11906, 84711, 739,15611, 671, 66411, 621, 33811549, 30911, 525, 70811 140, 60811, 655,39710,917, 763 8,197, 653 U. S. Treasurer—general account:_ 349,137 403, 535 469,127 551, 890 618, 613 615, 386 675, 555 544, 548 707, 718 853,145 Foreign bank 414, 705 444, 207 466,137 467, 580 495, 787 450, 076 397,183 447,873 353, 401 205, 224 Other deposits 283, 540 297, 400 309, 403 303,913 285, 554 305, 296 291, 248 304, 969 268,176 150, 395 Total deposits 12, 954, 22912, 884, 29812, 916, 33112, 944, 72112, 949, 26312, 896, 46612504, 59412, 952, 78712247, 058 9, 406, 417 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 85.3 85.3 85.2 85.1 84.9 84.8 85.9 85.0 86.9 82.7 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th a i y n s 16 d a to y s 30 31 d a 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 6 1 m y t o o e n a t r hs 2 1 y t y e o e a a r r s 2 5 y y t e o e a a r r s s 5 O y v e e a r rs Bills discounted: Sept. 27 6,356 2,164 168 500 3,372 131 21 Oct. 4 _ _ _ _ _ 6,749 2,451 237 353 3,547 133 28 Oct. 11 6,514 2,316 288 296 3,455 114 45 Oct. 18 5,623 1,255 297 3,539 307 159 66 Bills bought in open market: Sept. 27 548 124 149 140 135 Oct. 4 548 255 140 153 Oct. 11 498 232 93 99 74 Oct. 18 415 99 93 223 Industrial advances: Sept. 27 11, 644 1,366 239 481 560 1,638 2,339 2,511 2,510 Oct. 4 11,841 1, 406 133 395 1,191 1.217 2,117 2,973 2,409 Oct. 11 11,803 1,395 120 407 1,191 1,210 2,265 2,852 2,363 Oct. 18 11, 787 1,442 310 419 1,113 1,135 2,038 2,966 2,364 XJ. S. Government securities, direct and guaranteed: Sept. 27 2, 803, 809 38, 913 29,137 97, 615 182, 453 161, 705 138, 783 347, 365 589, 282 1, 218, 556 Oct. 4 2, 784, 896 36, 637 27, 440 123, 955 141,173 161, 705 138, 783 347, 365 589, 282 1, 218, 556 Oct 11 2, 764, 896 29,137 48, 940 125, 380 105, 748 161. 705 138,783 347, 365 589, 282 1, 218, 556 Oct 18 2, 748, 259 27, 440 54, 675 210, 453 161, 705 138, 783 347, 365 589, 282 1,218,556 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

982 FEDERAL RESERVE BULLETIN" NOVEMBER 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 i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a Chicago Lo S u t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - ASSETS Gold certificates on hand and due from U. S. Treasury: Sept. 27 14, 656, 717 837, 7'44 7'., 063, 860724,122 867, 960377, 949 294, 474 2,448,058 390, 861 255, 269 344,108 229, 770822, 542 Oct. 4 14, 696, 217 859,424 7',, 010, 441719,10" 860, 899 382,051 307',,5912.449, 484 423,831264, 430 348, 981235, 923 834,055 Oct. 11 14, 725, 715 845, 7557,052, 463 717,113 862, 583388, 634 295, 9822.450, 358 414, 724 2519,;019 360, 604 228,130 850, 350 Oct. 18 14, 769, 206 848, 21G7,129, 336 725, 538 865, 332377, 953277,459 2, 466, 276 410, 332 246,059 345, 488 220, 679856, 544 Redemption fund — Federal Reserve notes: Sept. 27 7,344 25: 944 606 768 599 575 743 400 358 607 442 1,045 Oct. 4 9,005 214 1,792 546 705 1,252 548 883 350 593 432 1,027 Oct. 11 8,98' 189 1,660 520 659 1,244 399 871 344 580 422 1,490 Oct. 18 9,77' 1,161 1,520 454 601 95" 376 1,057 857 338 568 415 1,473 Other cash: Sept. 27 339,046 27, 929 88, 924 26, 559 22, 552 20,179 16, 941 45, 884 16, 600 5,822 19, 647 16, 793 28, 216 Oct. 4 325,153 28,104 81,121 27, 973 22, 378 21, 823 17, 207 42, 562 14, 462 5,460 18,454 14, 942 27, 667 Oct. 11 315,194 27, 220 79, 766 26,845 20, 442 18, 503 16, 856 42, 873 14, 241 ), 369 18, 277 15, 784 25, 018 Oct. 18 332, 383 28, 868 86, 255 28, 392 21,494 21, 709 17, 908 43,174 14, 250 5,687 18," 15, 789 26, 976 Total reserves: Sept. 27 15,003,107 865, 9307,153, 728 751, 28' 891, 280 i, 727311, 990 2, 494, 685 407, 862164, 449 364, 362247,005 851, 803 Oct. 4 15,030, 375 887, 7427,093, 354 747, 626 883, 982405,126325,346 2,492,7"0'9 439,176 273, 240 368,028 251, 297 862, 749 Oct. 11 15, 049, 896 873, ~16 "4 •7',, 133, 889744, 478 883, 684 408, 381313, 237 2,493,840 429, 836 268,732 33:79, 461244, 336 876,858 Oct. 18 15,111,366 878, 2397,217,111 754, 384 887, 427400, 619295, 743 2, 510,507 425, 439 255, 084364, 937236, 883 884, 993 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Sept. 27 1,572 225 90 91 20 76 25 35 45 Oct. 4 1,27' 410 38: 11 96 20 34 60 1 75 Oct. 11 1,331 420 286 115 140 20 110 60 17 75 Oct. 18 1,082 85 290 90 165 10 125 60 30 60 4 50 Other bills discounted: Sept. 27 4,784 1,772 321 361 26: 159 400 126 82 346 275 675 Oct. 4 5,472 2,213 321 472 322 151 400 236 87 480 15' 633 Oct. 11 5,183 2,262 321 470 342 135 418 146 87 501 143 358 Oct. 18 4,541 1,482 321 468 342 135 41 146 123 64 114 346 Total bills discounted: Sept. 27 6,356 225 2,674 411 424 358 179 476 151 82 346 310 720 Oct. 4 6,749 410 2,600 436 535 418 171 434 296 87 480 174 708 Oct. 11 6,514 420 2,548 436 558 482 155 528 87 501 160 433 Oct. 18 5,623 85 1, 411 581 507 145 542 153 70' 118 Bills bought in open market: Sept. 27.._ 548 41 214 55 51 24 19 2 16 16 39 Oct. 4 548 41 213 ' 56 51 24 19 69 2 16 16 39 Oct. 11 498 41 163 55 51 24 19 69 16 40 Oct. 18 I__ 415 41 5, 51 24 19 69 16 40 Industrial advances: Sept. 27. 11, 644 1,690 2,042 2,678 357 1,037 751 446 818 202 545 1,075 Oct. 4 11,841 1, 595 2,024 3,096 336 1,035 645 445 846 202 536 1,074 Oct. 11__ 11, 803 1,579 1,999 3,104 337 1,034 64 445 842 202 535 1,074 Oct. is ;;; 11, 787 1,574 1,' 3,128 1,01 645 445 838 201 532 1,062 U. S. Government securities, direct and guaranteed: Bonds: Sept. 27 1,315,942 96,081 398, 301 112, 291 131, 980 70, 688 54, 397 141, 226 58,053 36, 239 62, 286 105, 594 Oct. 4__. . 1, 315, 942 95,114 418,066 113,204 136, 887 66, 230 52, 202 143, 485 43, 984 34, 933 57, 502 46, 772 107, 563 Oct. 11__ 1, 315, 942 95,140 417, 506 113,171 136, 913 66, 351 52, 260 143, 558 44,021 34, 981 57, 619 46, 826 107, 596 Oct. 18 1, 315, 942 95,162 417,034 113,145 136, 934 66, 452 52, 310 143, 618 44,053 35,020 57, 716 46, 872 107,626 Notes: Sept. 27 1, 245, 497 90, 937 376,( 106, 279 124, 915 66, 904 51,485 133, 666 54, 944 34, 301 58, 951 46,193 99, 941 Oct. 4___ 1, 245, 497 90, 022 395, 688 107,143 129, 559 62, 684 49, 408 135, 804 41, 629 33,063 54, 426 44, 266 101,805 Oct. ll_. 1, 245, 497 90, 046 395,158 107,114 129,583 62, 798 49, 464 135, 871 41, 665 33,108 54, 534 44,319 101, 837 Oct. 18 1, 245, 497 90,06^ 394, 710 107,087 129, 604 62,896 49, 509 135, 929 41, 695 33,146 54, 626 44, 364 101,864 Bills: Sept. 27 242, 370 17, 696 73, 359 20, 682 24, 308 13, 019 10,019 26,011 10, 692 6,675 11,472 19,448 Oct. 4 223, 457 16,151 70, 991 19, 223 23, 245 11, 246 8,864 24, 365 7,469 5, 932 9,764 7,942 18, 265 Oct. 11__ 203, 457 14. 710 64, 550 17, 497 21,168 10, 259 8,080 22,195 6,806 5,408 8,908 7,240 16, 636 Oct. 18 186, 820 13, 510 59, 205 16, 063 19, 440 9,434 7,426 20, 389 6,254 4,972 8,194 6,654 15, 279 Total U. S. Government securities, direct and guaranteed: Sept. 27 2, 803,: 204, 714 848, 641 239, 252 281, 203 .50, 611115,901 300, 903123, 689177, 215 132, 709103, c 224, 983 Oct. 4 2, 784, 896 201, 287 884, 745 239, 570 289, 691 40,160110, 474 303, 654 93, 082;73, 928 121, 692 227, 633 Oct. 11 2, 764, 896 199, 896 877, 214 237, 782 287, 664.39, 408'""1,804 301, 624 92, 492 7"3 , 4'9"7" 121,061 1,385 226,069 Oct. 18__ 2, 748, 259 198, 739 870, 949 236, 295 285, 978.38, 782109, 245 299, 936 92,002 73,138120, 536 97,890 224, 769 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

983 NOVEMBER 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 - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a i a t n s y - Dallas F c S i r s a a c n n o - ASSETS—Continued Total bills and securities: Sept. 27 2, 822, 35: 206, 670 853, 571 242, 396 282,035152, 030116, 850 301, 894123, 845 78,117133, 273104,859 226, 817 Oct. 4 2,804,034 203,333 889, 582 243,158 290,613141, 637111, 309 304,602 93, 387 74,863122,390 99, 706 229,454 Oct. 11 _._. 2,783,711 201, 936 881, 924 241, 377 288, 610140, 948 11"I0,, 623 302, 666 92, 707 74, 428121, 780 99,096 227, 616 Oct. 18 2, 766,084 200, 43i 874, 799 239, 889 286, 950 140, 330 1110,^054 300, 992 92, 217 74,131121,460 98, 556 226, 267 Due from foreign banks: Sept. 27 176 13 65 18 22 3 2 5 5 13 Oct. 4 176 13 66 18 22 3 2 5 5 13 Oct. 11 22. 13 116 17 22 2 5 5 13 Oct. 18 308 13 199 17 22 2 5 5 13 Federal Reserve notes of other banks: Sept. 27 20, 799 779 4,216 814 1,579 1,527 1,786 2,225 2,569 1,520 487 2,414 Oct. 4 20, 583 492 4,529 904 1,727 1,608 1,783 2,418 1,543 1,274 1,841 511 1,953 Oct. 11 20, 836 752 5,290 813 1,017 1,894 1,611 2,918 1,379 1,091 2,195 394 1,482 Oct. 18 23,185 930 5,681 1,120 1,676 2,293 2,090 2,561 2,026 843 1,184 534 2,247 Uncollected items: Sept. 27 646, 638 68, 026 154, 978 45, 487 72,080 57, 282 22,900 91,474 29,429 18,451 28,361 24, 543 33, 627 Oct. 4 666, 514 68,133 162, 018 48, 644 74, 091 54,633 26,129 90, 896 31, 656 19, 32430, 728 33, 873 Oct. 11 667, 636 65, 324 156,452 45, 947 76, 313 59, 408 27, 304 95,856 31,462 18, 871 31,166 24, 871 34, 662 Oct. 18 802, 576 80,909 201,' 58, 904 87,180 67, 780 30, 352 107, 224 35, 220 23, 315 34, 923 31, 808 43,465 Bank premises: Sept. 27 42,140 4,604 5,906 2,564 2,044 3,8 2, 258 1,505 3,144 1,222 3,166 Oct. 4 42, 082 2,903 8,908 4,604 5, 906 2,564 2,044 3,8 2,256 1,503 3,132 1,216 3,166 Oct. 11 42, 082 2,903 8,908 4, 604 5,906 2,564 2,044 2,256 1,503 3,132 1,216 3,166 Oct. 18 42, 2,903 8,908 4,604 5, 906 2,564 2,044 2,256 1,508 3,132 1,216 3,166 Other assets: Sept. 27 67, 889 4,472 20,815 5, 895 7 27' 4,220 2,951 6,650 2,732 1,887 2,983 2,472 5,535 Oct. 4 68, 951 4,495 22,128 7, 5924,027 2,898 6,861 2,157 1,855 2,811 2,429 5,718 Oct. 11 71,118 4,551 22, 534 6,485 7,681 4,859 2,916 6,931 2,184 1,879 2,850 2,464 5,784 Oct. 18 68, 663 4,470 21, 975 5,945 7,565 4,028 2,894 6,870 2,141 1,853 2,807 2,412 5,703 Total assets: Sept. 27 18, 603,106 1,148, 7988,196, 3021, 050, 5011,260,173 616,358 458,5272, 900,840 568, 697365,2 533, 648 380, 5931,123, 375 Oct. 4 18, 632, 7151,167, 1118,180, 5851, 050, 9341, 263, 927609, 602 469, 515 2, 901, 388 570,173872,061528, 935 3T81 , 55—31,136, 926 Oct. 11 18, 635, 5041,148, 6438, 209,1131, 043, 7211, 263, 227618,061457,741 2,906,113 559,827366, 506 540, 589372, 3821,149, 581 Oct. 18 18, 814, 2691,167, 9038,330,1691,064, 8631, 276, 720617, 621443,183 2, 932,056 559, 302356, 736 528,448 371, 4141,165, 854 LIABILITIES Federal Reserve notes in actual circulation: Sept. 27 4, 683, 726 398, 8781,181, 959 329, 332 435, 250 207, 386155, 7201,031,010 1831,,113135, 908 17i5,, 50481, 783 367,883 Oct. 4 4, 732,133 402, 0451,196, 981 330,565 434, 547 208, 923158,0921,039, 533185, 613138,005178, 373 83, 451 376,005 Oct. 11 4, 757, 812 404,1301,199, 211 335,192 440, 672 214, 653159, 2191,041, 354186,183137, 705 1~78\! 095 83, 643 377, 755 Oct. 18 4, 756, 457 403,8371,195,041 331,883 438, 346 220, 692159, 479: 1, 043,461187,168137, 728178, 219 83, 821 376, 782 Deposits: Member bank—reserve account: Sept. 27 11,621,338 573, 6266, 275, 556 560, 539 626, 332270, 322207, 5081, 616, 769 279, 803 145, 472 263, 983 202, 547598,881 Oct. 4 11,671,66' 596, 2046, 283, 681 559, 247 627, 541274, 051210, 3671, 618,190 280, 749 146, 288 265, 723 202, 018607, 605 Oct. 11 11, 739,156 592, 8116, 314, 981 559, 791 625, 036274,124204, 7511, 621, 340 281,137 151, 951 281, 852 211, 007620, 375 Oct. 18 11, 906, 84' 605, 613\ 399, 065 582,181 644,078 76, 460196, 8221, 654, 233 281, 261 146,192 276,113 208, 868635, 961 U. S. Treasurer-general account: Sept. 27 551, 890 45, 977 99, 853 25, 542 36,494 46, 75438, 031 51,511 44,828 42, 440 40, 299 46, 676 33,485 Oct. 4 469,127 38, 993 60, 033 23,837 38, 303 38,882 39, 766 40, 900 39, 881 46,178 30, 940 44, 494 26, 920 Oct. 11 403, 535 25, 367 77, 339 13, 852 33, 039 35, 203 31, 276 40,178 29, 20736,806 27, 272 28,164 25, 832 Oct. 18 349,137 20,211 95, 951 11, 643 30,113 22, 083 24, 510 25, 642 24, 253 30, 543 17, 528 22, •"" 23, 672 Foreign bank: Sept. 27 467, 580 33,411 168,407 45,138 43, 277 20,010 16, 287 56, 30' 13, 495 10,703 13,49, 13,495 33, 555 Oct. 4 466,137 33, 398 167, 082 45,121 43, 260 20, 002 16, 281 56, 284 13, 490 10, 699 13, 490 13, 490 33, 540 Oct. 11 444, 207 32, 081 156, 940 43, 342 41, 555 19, 21415,639 54, 066 12, 958 10, 277 12,958 12, 958 32, 219 Oct. 18 414,705 29, 976 146, 22! 40, 506 38, 836 17, 956 14, 616 50, 528 12,110 9,605 12,11G 12,110 30,130 Other deposits: Sept. 27 303, 913 6,041 207, 44' 14,135 1,724 6,749 7,248 6,696 5, 56' 37' 2,174 33,113 Oct. 4 309, 403 6, 791 206, 772 12, 440 14,116 1,74' 6, 864 8,368 8,247 5,48; 391 1,509 36, 671 Oct. 11 297, 400 6,232 197, 361 13,117 13,150 1,607 7,682 7,497 8,048 4,508 434 1, 560 36, 204 Oct. 18 283, 540 6. 620 193, 399 9,480 7, 1,540 6,185 6,227 8,424 4,576 1,086 2,088 36,116 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

984 FEDERAL RESERVE BULLETIN NOVEMBER 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 - 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 y - Dallas F c S r is a a c n n o - LIABILITIES—Continued D eposits— C ontinued : Total deposits: Sept. 27 2, 944, 721 659, 055 6, 751, 263 643,861 720, 238338,810 268, 575 731, 835344, 822204,182318,154264, 892 699, 034 Oct. 4 .2, 916, 331 675, 3866, 717, 568 640, 645 723, 220334, 682273, 278 723, 742342, 367 208, 652310, 544261,511 704, 736 Oct. 11 ..... .2, 884, 298 656, 4916, 746, 621 630,102 712, 780330,148259, 348 , 723, 081331, 350 203;,, 543222,516253, 689 714, 630 Oct. 18 -2, 954, 229 662, 420", 834, 637 643, 810 720, 826318,039 242,133 736, 630326,048190, 916306, 837246,054 725,879 Deferred availability items: Sept. 27 622, 759 66, 490 141,159 44,513 71, 633 55,138 21, 370 92, 801 29, 906 15, 935 29, 701 22, 722 31,391 Oct. 4 633, 483 65, 419 145, 083 46, 927 73, 083 50,990 25,281 92, 935 31,435 16,135 29, 737 25, 398 31,060 Oct. 11 641,620 63, 746 142,158 45,130 76, 605 58,21f 26, 96,427 31, 518 15,977 29,693 23,851 32,015 Oct. 18 752, 250 77, 337 179, 280 56, 316 84, 371 63, 85' 28, 685 106, 717 35, 364 18, 819 33,133 30, 351 38, 020 Other liabilities including accrued dividends: r Sept. 27 4,970 419 2,371 379 323 100 165 315 268 13' 181 11 200 Oct. 4 3,815 323 1,328 383 349 101 168 338 170 146 183 116 210 Oct. 11 4,3: 323 1,344 844 363 110 172 409 174 149 163 103 217 Oct. 18 3,935 33' 1,356 404 377 105 177 369 154 153 168 106 229 Total liabilities: Sept. 27 .8, 256,176 124, 8428, 076, 7521, 018,0851, 227, 444601,434 445, 8302, 855, 961558,109356,162523, 540369, 5091, 098, 508 Oct. 4 _. 8, 285, 762 143,1738, 060, 9601, 018, 5201, 231,199594,696 456, 819 856,548559, 585362, 938518, 83'370, 4761,112,011 Oct. 11 :8, 288,101 ,124, 6908,089, 3341, 011, 2681, 230, 420603,126445, 0242, 861, 271549, 225357, 373530,467361, 2861,124, 617 Oct. 18 ,8, 466, 871 ,143,9318, 210, 3141, 032, 4131, 243, 920602, 693430, 474 37,177548, 734347, 616518, 357360,3321,140, 910 CAPITAL ACCOUNTS Capital paid in: Sept. 27.. 135,511 9,399 50,874 12,116 13,768 5,117 4,561 13, 799 3,995 2,91 4,299 4,048 10,618 Surp O O O lu c c c s t t t . . . ( 4 1 1 s 1 8 e _ c _ tion 7) : ~" 1 1 1 3 3 3 5 5 5 , , , 4 5 56 6 6 9 0 1 9 9 9 , , 3 3 8 3 8 ' 8 4 4 5 5 5 0 0 0 , , , 9 8 9 1 3 1 1 2 1 1 1 1 2 2 2 , , , 1 1 1 1 1 1 6 6 6 1 1 1 3 3 3 , , , 7 7 7 9 8 6 0 6 8 5 5 5 , , , 1 1 i 1 1 r 8 7 4 4 4 , , , 5 5 5 6 6 6 1 1 1 1 1 1 3 3 3 , , 8 8 8 0 0 0 ' 2 0 3 3 3 , , , 9 9 9 9 9 9 5 3 3 2 2 2 , , , 9 9 9 1 1 1 9 8 8 4 4 4 , , , 3 3 3 0 0 0 3 2 2 4 4 4 , , , 0 0 0 4 4 4 9 9 9 1 1 1 0 0 0 , , , 6 6 6 1 2 2 8 2 2 Sept. 27.. 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 Oct. 4 149,152 10,083 52, 463 13, 696 14, 323 4, "~ 5,630 22, 666 4,685 3,153 3,613 3,892 9,965 O O c ct t . . 1 11 8 V.lllllV 1 1 4 4 9 9 , , 1 1 5 5 2 2 1 10 0 , , 0 0 ! 83 5 52 2 , , 4 4 6 6 3 ! 1 1 3 3 , , 6 6 9 9 6 6 1 1 4 4 , , 3 3 2 2 3 3 4 4 , , 9 9 8 8 3 3 5 5 , , 6 6 3 3 0 0 2 2 2 2 , , 6 6 6 6 6 6 4 4 , , "- 3 3 , , 1 1 5 5 3 3 3 3 , , 6 6 1 1 3 3 3 3 , , 8 89 9 2 2 9 9 , , 9 9 6 6 5 5 Surplus (section 13b): S O O O e c c c p t t t . . . t . 4 1 1 2 1 8 7.. _ 2 2 2 2 7 7 7 7 , , , , 2 2 2 2 6 6 6 6 4 4 4 4 2 2 2 2 , , , , 8 8 8 8 7 ' 7 7 < 4 4 7 7 7 7 , , , , 4 4 4 4 5 5 5 5 ' ' 7 7 4 4 4 4 , , , , 4 4 4 4 1 1 1 1 6 6 6 6 1 1 1 1 , , , , 0 0 0 0 0 0 0 0 ' ' 7 7 3 3 3 3 , , , , 2 2 2 2 9 9 9 9 3 3 3 3 7 7 7 7 1 1 1 1 3 3 3 3 1 1 1 1 , , , , 4 4 4 4 2 2 2 2 9 9 9 9 5 5 5 54 4 4 4 , 5 5 5 1 1 1 1 , , , , 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 , , , , 1 1 1 1 4 4 4 4 2 2 2 2 1 1 1 1 , , , , 2 2 2 2 6 6 6 6 6 6 6 6 2 2 2 2 , , , , 1 1 1 1 2 2 2 2 1 1 1 1 Other capital accounts: Sept. 27 35, 002 1, 60C 8,756 2,188 3,63 1,531 1,793 6, 1,363 2,061 1,054 1,878 2,163 Oct. 4 35, 07' 1,59-" 8,873 2,186 3,63C 1,513 1,792 6,945 1,368 2,051 1,041 1,870 2,211 O O c c t t . . 1 1 1 8 IV.l.lll. 3 3 5 5 , , 4 4 2 1 6 3 1 1 , , 6 6 1 3 2 8 9 , , 9 0 4 2 8 4 2 2 , , 2 2 2 2 5 2 3 3 , ,6 6 8 9 C 1 1 , , 5 5 4 3 2 4 1 1 , , 8 " 1 " 3 " 6 6 , , 945 1 1 , , 3 3 7 4 9 5 2 2, , 0 0 6 4 1 " 1 1 , , 0 0 6 3 5 3 1 1 , , 8 8 8 7 9 5 2 2 , , 2 2 5 3 6 6 Total liabilities and capital' accounts: O S O O e c c c p t t t . . . t . 4 1 ll 2 . 8 _ 7.. 1 1 1 1 8 8 8 8 , , , , 6 8 6 6 1 3 3 0 4 2 5 3 , , , , 1 7 2 5 6 0 1 0 < 6 , ' 1 1 1 1 , , , , 1 1 1 1 4 6 4 6 8 7 8 7 , , , , 1 9 7 6 1 0 4 9 2 ? 88 8 8 "i , , , , 1 1 2 8 9 3 0 0 6 3 9 , , 0 , , 3 5 1 1 1 0 8 6 2 2 5 £ 1 1 1 1 , , , , 0 0 0 0 5 5 4 6 0 0 3 4 , , , , 5 9 7 8 2 3 0 6 : 4 2 1 1 1 1 , , , , 2 2 2 2 6 6 6 7 3 3 0 6 , , , , 9 1 "2 2 7 7 7 2 2 " 2 ' C 6 6 6 6 0 1 1 1 6 9 7 8 , , , , 0 3 6 6 6 2 5 0 ' : 8 2 4 4 4 4 5 6 4 5 8 9 7 3 , , , , 1 5 7 5 8 2 1 4 3 7 5 2 2 2 2 , , , , 9 9 9 9 0 0 3 0 6 1 2 0 , , , , 1 3 0 1 8 8 5 3 4 8 6 05 5 5 6 5 5 5 8 9 9 71 , , , 0, ,1 8 6 3 7 2 9 0 8 7 7 2 3 3 3 3 6 7 6 5 5 2 6 6 , , , , 2 0 5 7 9 6 0 3 4 1 6 6 5 5 5 5 2 4 2 3 8 0 3 8 ; , , , , , 9 6 4 5 3 4 4 8 5 8 8 9 3 3 3 3 8 7 8 7 0 2 1 1 , , . , 5 4 3 5 5 1 9 8 3 3 2 1 1 1 1 , , , , 1 1 1 1 2 4 3 6 3 6 9 5 , , , , 3 9 8 5 7 8 2 5 5 1 6 4 Contingent liability""on""bills purchased for foreign correspondents: Sept. 27. Oct. 4 Oct. 11 Oct. 18 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

985 NOVEMBER 1939 FEDERAL RESERVE BULLETIN INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO OCTOBER 18, 1939 [Amounts in thousands of dollars] Applications Applications approved to date by Federal Reserve banks (with and received by Applications under without conditions) Federal Reserve consideration by banks after con- Federal Reserve Federal Repaid, Financ- Date (last Wednesday of sideration by In- banks Federal Reserve expired, ing instieach month) dustrial Advisory Total Reserve bank Approved or with- tution Committees, net bank commit- but not drawn by particiadvances ments com- appli- pations out- out- pleted 2 cant, out- Number Amount Number Amount Number Amount standingi standing etc. standing 3 1934—Dec. 26.. 4,386 146,972 2,955 984 49, 634 13, 589 8,225 20, 966 5,558 1,296 1935—June 26 _ 6,325 237, 581 11, 349 1,646 88, 778 27, 518 20, 579 11, 248 24, 900 4,533 Dec. 31 4. 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 2,134 136, 696 12, 243 May 31. 9,296 394,970 400 2,713 179, 332 15, 305 11, 530 2,496 137,922 12,079 June 28. 9,308 395, 499 255 2,721 179, 778 15, 255 11,175 2,067 139, 281 12, 000 July 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. 27_ 9,366 402, 305 370 2,752 185, 234 14,454 10, 517 1,938 146,156 12,169 Oct. 18 s_ 9,384 402, 877 370 2,757 185, 663 14, 568 10, 236 1,723 147, 550 11, 586 i Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of condition of the Federal Reserve banks. 3 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 $1,520,611 October 18, 1939. 4 Tuesday. 5 October 25 not yet available. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Phila- Min- Kan- San Total Bos- New del- Cleve- Rich- Chi- St. neap- sas Dallas Franton York phia land mond lanta cago Louis olis City cisco Federal Reserve notes: Issued to F. R. bank by F. R. agent: Sept. 27 4, 991,190428,7531, 271, 572 347, 529 456, 702321,115 1681,,0541,059, 401195, 556 139, 572185, 506 90, 747 426, 682 Oct. 4 5, 002, 399431, 4051, 276,001 345, 571455^ 646 221, 461168, 4261, 061, 294195, 476 14., 620 185, 77591,157 428:8,,; 567 Oct. 11 5, 033, 080429, 2811, 285, 049 352,265 461, 738 224, 583169, ~'5-9 1, 064, 287198, 210 141,997 91, 639 42!77,, 1309 Oct. 18 5, 060, 226431, 7181, 284, 768 353, 234461, 042 231, 356170,1761, 081, 355 197, 839 142, 671886, 900 901,, 8 827 4:82,8 ,333 Held by Federal Reserve bank: Sept. 27 307, 464 29, 875 89,613 18,197 21, 453 13, 729 12, 334 28, 391 12, 443 10,002 58, 799 O O c c t t . . 4 11 2 2 7 7 0 5 , , 2 2 6 6 6 8 2 2 9 5 , , 1 3 5 6 1 0 8 7 5 9 , , 8 0 3 2 8 0 1 17 5 , , 0 0 0 7 6 3 2 2 1 1 , , 0 0 6 9 6 9 12 9 , , 9 5 3 3 0 8 1 1 0 0 , , 3 5 3 4 4 0 21, 761 12 9, , 1 027 3 4 , , 6 2 1 9 5 2 7,402 7 7 , , 7 9 0 9 6 6 5 4 2 9 , , 5 5 6 5 2 4 In ac O tu ct a . l 1 c 8 irculation l 303,769 27, 881 89, 727 21, 351 22, 696 10, 664 10, 697 3 22 7 , , 8 9 9 3 4 3 10, 671 4,950 8,681 7,006 51, 551 Sept. 27 4, 683, 7263981,, 8 87788 11,181, 959 329, 332 435, 250 2'0,7 ,386 155, 720, 0131,010183,113135, 175, 504 81, 783 367, 883 Oct. 4 4, 732,133402,045 1,196, 981330, 565 434, 547208, 923 158, 0921,039, 533185, 613138, 005178, 373 83,451 376,005 Oct. 11 4, 757, 812404,130 1,199, 211335,192 440, 672 214, 653 159, 219". ,1 041, 351486,183137, 705178, 095 83,643 377',,"7"5"5 Oct. 18 4, 756, 457403, 837 1,195, 041331,883 438, 346 220, 692 159, 479, 1 043,461187,168137, 728 178, 21983, 821 3;76, 782 Collateral held by bank as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Sept. 27 5,101,000 440,0001,290,000 350,000 460,000 225,000 169,000 1,080,000199,000141, 500 188,000 94, 500464,000 Oct. 4 5,108,000 440,000 1,,2 29900, ,000 350,000 460,000 225,000 174,"0"001,080,000 199, 000143, 500188, 000 94, 500 464,,000 Oct. 11 5,138,000 440,000 1,, 330055,,000 360,000 463,000 225,000 174, 000 1,080; 001099, 000143, 500190, 000 94, :,000 Oct. 18 5,162,000 440,000 1,305,000 360,000 463,000 235, 000 174,000 1,090,000 203,000143, 500190, 000 94, 500 464:!,000 Eligible paper: Sept. 27 2,022 225 1,247 90 216 55 183 Oct. 4 2,406 410 1,180 115 276 110 309 Oct. 11 2,440 420 1,129 115 340 110 320 Oct. 18 1,55: 85 344 90 365 110 513 Total collateral: Sept. 27 5,103,022 440, 225 1,,2 9219,1, 247 350, 090 460, 000 225, 216 169, 010,0 080, 000199, 055 141, 506188,183 94, 500 464,000 Oct. 4 5,110,406 440, 410 1,,2 9219,1,180 350,115 460, 000 225, 276 174, 0010, 080, 000199,110143, 506 188, 30994,500 46•44,, 0f0"0 Oct. 11 5,140, 440440,420 1, 306,129 360,115 463,000225, 340 -1~74-, 0'0"01,080, 000199,110143,506 190, 32094, 500 46144,,0100 Oct. 18 5,163, 557440,085 1,. 305, 344 360,090 463,000 235, 365 174,0010,090,000 203,110143, 550 190, 51394, 500 4644,,0100 1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank. 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986 FEDERAL RESERVE BULLETIN NOVEMBER 1939 RESERVE POSITION OF MEMBER BANKS, MEMBER BANK RESERVE BALANCES SEPTEMBER, 1939 BY CLASSES OF BANKS [Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars] Cl a a n s d se s d i o s f t r b ic a t n s ks p m G o d d a r s e e o n - i - s t d s s p m o N d d s a e e i e n - t - t s d i p T o d i s e m - it e s R F e R e - d e e se r b a r a v l n e R s k s e w se i r th v E e x- b m a b A n e e m l k r l s - l C Y N e c o e n i r w t t k r y a l b r a e n c C s k a e h g s r i o v - e b s c e a R i r n e t v y k - e s b C a t o n r u y k n s - i quired Held cess Total reserves held: All member banks._ 35,820 29, 353 11, 706 6,246 11,443 5,198 1938— S A e u p g te u m st ber 8 8 , , 1 1 9 1 6 9 3 3, , 6 5 6 2 9 3 8 86 7 1 5 2 2 , , 4 3 0 5 2 2 1 1, , 3 3 1 1 4 9 Cen N C tr h a e l w i c r a e Y g se o o r - r v k e city banks: 13 2 , , 7 3 5 4 5 6 12 2 , , 4 6 3 8 9 6 4 7 9 3 2 2 2,9 5 2 7 3 9 5 1, , 0 8 0 6 9 6 2,9 4 4 3 3 0 1939— N D O J o e c an t c v o e u e b m a m e ry b r b e e r r 8 8 8 9 , , , , 5 7 7 0 4 4 2 2 6 5 7 9 3 4 4 4 , , , , 4 1 9 0 0 3 7 3 9 9 5 9 780 2 2 2 2 , , , , 4 4 3 4 0 2 8 7 9 6 7 4 1 1 1 1 , , , , 3 3 3 3 1 6 2 3 7 6 2 8 Rese B N P R A C D S C K S M r a h t v o i l h e a t a . i e n c l i e w s i l n n a l v c h L l t a s n a o n F a c e m o a d s Y e n g i t l r s u a t a e a a o o y o d i n l p n d n C s r p i d d o d c k d i b s h i s i d i l i t t a s s i t i s d r y i d d s a t r n c i s t i r i c i i r o t s k i c s s d t i r c d d t t s t t c i r i t r r d : i c i i s t i i s s . c t i c t c t t s t r t t r r t i _ i i r c c c i t c t t . . t . . . . . 1 2 1 1 1 1 , , , , , , 1 2 6 1 3 0 2 7 8 4 7 7 7 6 9 7 0 5 1 6 0 3 3 2 7 4 6 3 4 1 0 2 4 5 0 0 1 1 1 1 , , , , 0 3 0 7 4 8 4 1 6 2 6 5 5 0 5 4 5 9 6 5 9 8 2 8 7 4 7 3 0 2 4 4 9 6 1 5 1,9 2 1 7 2 1 5 1 1 1 2 9 4 4 2 0 7 7 7 5 9 2 3 1 9 9 9 7 1 5 9 7 0 8 2 1 4 1 1 1 1 1 9 6 3 9 0 9 8 8 1 2 1 5 0 5 6 7 1 5 5 6 8 2 3 5 3 3 4 2 2 5 1 1 1 1 7 6 5 4 9 0 8 4 7 9 3 3 1 8 5 8 4 1 6 8 7 4 6 0 1 1 1 1 1 8 0 4 9 1 6 8 7 3 4 4 7 2 8 1 0 2 4 3 1 1 5 7 2 W 19 e 3 e 9 k — J J M A F A M S S S S S e S u u e e n e e e e p u e a n l a p b p p p p d y p r g r y e i t t r t t t i t c u l . . . . e n . u h s m g 8 a 2 2 1 1 t r 2 9 5 b y ( e F r riday): 1 1 1 1 1 1 1 1 1 8 9 9 9 0 0 1 0 0 1 1 1 1 , , , , , , , , , , , , , 0 9 6 9 6 0 3 4 6 9 0 4 5 2 2 2 9 4 2 8 4 5 3 8 9 9 1 5 4 7 0 1 5 3 9 0 0 3 7 4 4 4 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , , 8 4 4 1 0 0 3 8 9 8 7 9 8 8 7 9 9 4 6 6 6 1 9 3 2 9 2 2 5 4 9 6 6 5 9 9 5 5 2 1 1 1 , , , 0 0 0 6 7 8 9 9 9 0 4 9 9 7 7 2 8 1 9 4 9 3 8 1 3 8 1 2 2 2 2 2 2 3 2 3 3 2 2 3 , , , , , , , , , . , , , 5 4 4 6 7 8 8 0 1 8 8 0 0 4 0 3 7 2 2 8 0 8 8 0 0 5 4 5 0 5 8 7 3 1 9 8 9 0 7 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , 3 3 3 3 5 4 4 4 5 5 5 5 4 6 9 9 5 9 1 8 5 4 6 5 8 6 4 7 3 9 5 5 6 1 4 9 0 3 1 Total 12, 325 9,313 4,647 1,862 3,009 1,147 O O c c t t . . 6 13 1 1 1 1 , , 6 7 7 4 5 7 5 5, , 8 8 9 9 6 8 1 1 , , 0 0 9 9 0 4 3 3, , 1 1 6 0 6 7 1 1 , , 5 5 8 9 0 1 Country banks: Excess reserves: N P B A R C h o i l e t e c l i w s a l v h t a n o e m d Y n t l a e a o o l n d n p r d d d k i h i s s i t d d d t a r r i i i i s i c s s c d t t t t r t r r i i i i s c c c _ t t t t r ic „ t.. 1,3 8 6 4 6 5 2 7 5 1 3 8 7 0 8 4 6 1 6 9 4 4 3 2 4 8 4 2 1 8 2 0 9 7 8 7 1,3 8 5 6 3 2 9 6 7 6 4 2 0 4 4 8 9 5 1 1 0 9 8 4 8 5 5 8 4 6 7 7 3 1 1 1 7 6 7 9 7 4 9 6 2 6 3 3 1 4 7 7 2 7 5 4 0 9 4 7 9 1 1 9 9 3 3 8 9 — — N S O D F A J e e o c e a u p b t n c v g o t r e u e e u b u m a m m s e a r t b y r b r b y e e e r r r 3 3 2 2 3 3 3 , , , , , , , 1 9 9 2 4 2 3 4 2 5 7 8 2 7 3 0 5 6 4 6 3 2 1 1 1 1 1 1 , , , , , , , 0 5 7 7 3 9 3 4 8 1 3 2 9 8 7 9 2 4 0 6 2 3 3 3 3 3 2 1 7 7 7 6 7 6 6 9 5 4 0 6 1 4 6 7 7 7 6 7 6 1 9 1 6 5 3 6 0 8 2 9 8 4 2 4 4 4 4 4 4 4 8 7 6 9 9 5 9 0 9 7 5 4 7 5 Chicago district ___ _ 879 557 721 103 204 101 March 3,432 1,986 179 741 526 St. Louis district 375 235 241 40 68 27 April 3,926 2,302 299 794 531 Minneapolis district._ 318 198 272 37 61 23 May 4,212 2,465 360 858 529 Kansas City district._. 469 283 157 42 70 29 June 4,246 2,394 362 944 546 Dallas district 526 324 104 44 75 31 July 4,402 2,504 305 1,013 581 San Francisco district. 340 217 270 39 52 12 August 4,607 2, 587 363 1,046 611 Total 7,394 4,916 5,836 882 1,559 678 Week S e e n p d t i e n m g b ( e F r riday): 5,198 2,943 430 1,147 Sept. 1 4,786 2,797 360 1,045 583 c (e a x 1 s h c G e i p r t o t e s m s p s r d i e i v n m a t p a e r n o d b c a e d n s e s k p s o o f s a i c t n s o d l m le A i c n m t u io s e n r d . ic e a m n an b d ra b n a c l h a e n s c e o s f w fo it r h e i d gn o m b e a s n ti k c s ) b a a n n k d s S S S e e e p p p t t t . . . 2 8 1 2 5 4 5 5 , , , 3 9 2 1 0 3 7 6 9 2 2 2 , , , 9 9 8 8 9 5 2 2 6 4 4 3 6 0 4 6 8 3 1 1 1 , , , 1 0 1 8 4 3 0 6 8 6 7 6 6 8 0 1 8 1 to N b O e T h E e . l — d S as ee r e ta se b r l v e e a s t . foot of p. 997 for percentages of deposits required O S O e c c p t t . . t . 6 1 2 3 9 P P 5 5 5 , , , 3 4 3 5 0 6 2 6 4 2 2 2 , , , 9 9 9 2 3 5 7 6 6 5 5 5 0 0 0 4 4 3 1 1 1 , , , 2 2 2 2 6 2 4 5 3 P P 7 7 6 Q 1 6 0 0 9 p Preliminary. ^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] All member banks Member banks in larger centers Member banks in smaller centers (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Sept. Aug. Sept. Aug. Sept. Aug. Sept. Aug. Sept. Aug. Sept. Aug. Boston 2,050 1,987 651 658 1,914 1,855 522 528 136 132 129 130 New York 14,876 14, 297 2,275 2,271 i 1,227 i 1,196 i 1,042 i 1,042 302 300 501 500 Philadelphia 1,932 1,894 1,123 1,128 1,692 1.663 670 673 240 231 453 455 Cleveland 2 280 2,209 1 397 1,397 2,047 1,985 1,098 1,101 233 224 299 296 Richmond 1,298 1,240 556 555 1,110 1,062 362 362 189 178 194 194 Atlanta 1,201 1,193 400 400 1,052 1,042 314 313 149 150 86 86 Chicago 4 939 4,796 1,784 1,781 i 1, 858 i 1 819 i 999 i 997 326 320 293 293 St. Louis 1 210 1,169 420 421 988 956 303 304 222 213 117 117 Minneapolis... 722 697 362 361 536 518 177 177 186 179 185 184 Kansas City 1, 520 1,487 315 314 1,176 1,149 200 200 343 338 115 114 Dallas 1,256 1,209 232 232 966 931 186 187 290 277 46 46 San Francisco 2,537 2,490 2,193 2,204 2,416 2,375 2,095 2,107 121 115 98 98 Total 35, 820 34, 668 11, 706 11, 724 116, 981 116, 553 i 7, 968 i 7, 992 2,737 2,658 2,515 2,512 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. 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987 NOVEMBER 1939 FEDERAL RESERVE BULLETIN KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Treas- Subsid- Federal Na- Gold Silver Silver ury iary Minor United Federal Reserve tional End of month Total certifi- dollars certifi- notes silver coin States Reserve bank bank cates cates of 1890 coin notes notes notes notes 1938—September .. 6,622 77 40 1,292 1 348 147 264 4,215 29 208 October 6,700 76 41 1,297 1 351 148 269 4,282 28 206 November 6,787 76 41 1,312 1 356 151 269 4,349 28 203 December __. . 6,855 75 42 1,339 1 357 151 257 4,405 28 201 2939—January 6, 653 75 41 1,269 1 348 149 244 4,301 27 198 February 6,731 74 41 1,327 1 350 150 246 4,320 27 195 March 6,817 74 41 1,378 1 352 151 251 4,350 27 193 April 6,905 73 42 1,385 1 354 152 255 4,426 26 191 May - _ 6,967 72 42 1,417 1 358 154 259 4,449 26 189 June _ _ 7,047 72 42 1,454 1 361 155 266 4,484 26 186 July 7,049 71 43 1,446 1 362 156 264 4,496 25 184 August . 7,171 71 43 1,465 1 365 157 267 4,595 25 182 September 7,293 71 43 1,488 1 369 159 269 4,688 25 180 Back figures—See Annual Report for 1937 (table 35). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Total Coin and small denomination currency in cir- End of month culation ' Total Coin $13 ' $2 1938—September 6,622 4,970 536 501 32 October 6,700 5,021 540 505 32 November 6,787 5,096 548 511 33 December..- . 6,856 5,147 550 524 34 1939—January 6,653 4,953 538 492 32 February 6,731 5,011 541 498 March 6,817 5,049 544 503 April _ 6,905 5,069 548 505 May 6,967 5,109 554 513 June... -_ _ 7,047 5,164 558 514 July 7,049 5,169 561 514 August 7,171 5,253 566 521 September 7,293 5,329 571 532 ococ OC OC 2 Large denomination currency 2 Unassort- $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10, OOC ed * 912 1,556 1,434 1,656 396 744 156 317 17 25 4 923 1,572 1, 450 1,683 400 754 157 321 18 33 4 936 1,599 1,469 1,696 404 761 158 323 17 32 5 946 1,611 1,481 1,714 409 770 160 327 17 32 5 904 1,546 1,440 1,705 403 768 160 329 17 28 6 919 1,574 1,446 1,721 406 774 161 335 17 28 1 928 1,594 1,448 1,770 411 799 165 349 17 28 2 32 929 1,602 1, 453 1,838 418 829 170 370 18 33 3 33 937 1,614 1,458 1,861 422 836 172 380 17 33 3 33 947 1,638 1,473 1,887 428 848 176 388 17 29 3 33 947 1,644 1,470 1,885 426 847 175 391 17 28 4 34 966 1,681 1,487 1,922 433 857 180 405 17 30 4 34 980 1,706 1,507 1,965 440 876 185 413 20 30 1 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Rasar^e banks. 2 Includes unassorted currency held in Treasury and Federal Reserve banks and currency of unknown denominations reported by the Treas ury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures—See Annual Report for 1937 (table 36). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED [Held by Treasury and Federal Reserve banks and in circulation, In STATES PAPER CURRENCY millions of dollars] [By selected banks and financial institutions in New York City. In millions of dollars] Silver Feddollars Sub- eral Naand sid- Minor United Re- tional Ship- Receipts Net End of month Total silver iary coin States serve bank Year or month ments to from ship- Net bul- silver notes bank notes Europe Europe ments receipts lion ! coin notes 1936 .. 34.8 26.2 8.6 1938—September. 2,739 1,618 376 158 347 29 212 1937 21.5 47.6 26 1 October 2,751 1,634 376 158 347 29 208 1938 ... 33.1 34.4 1.3 November. 2,773 1,657 376 158 347 29 206 December. . 2,798 1,685 376 159 347 28 203 1938—September 14.7 1.0 13.7 October.. 10.6 .6 10.0 1939—January 2,816 1,705 376 159 347 28 201 November 3.4 1.0 2.4 February__ 2,824 1,717 376 160 347 27 198 December .7 2.2 1.5 March 2,839 1,733 377 160 347 27 196 April... _ 2,849 1,746 376 160 347 27 193 1939—January 6.7 2.0 4.7 May 2,862 1, 759 377 161 347 26 191 February 3.0 1.0 2.0 June . 2,881 1,778 380 161 347 26 189 March 27.3 .9 26.4 July 2,895 1,794 381 162 347 26 186 April 46.1 .3 45.8 August 2,907 1,804 383 162 347 25 185 May ___ 3.8 .7 3.1 September . 2,919 1,814 386 164 346 25 183 June 2.9 1.1 1.8 July _._. _ 2.2 1.0 1.2 August 4.7 .9 3.8 i Includes silver held against silver certificates amounting to $1,724,- September .8 .1 .7 000,000 on September 30, 1939 and $1,580,000,000 on September 30, 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

988 FEDERAL RESERVE BULLETIN NOVEMBER 1939 ANALYSIS OF CHANGES IN GOLD STOCK OF MOVEMENT OF GOLD TO AND FROM UNITED STATES UNITED STATES i [In millions of dollars] [In thousands of dollars] Net Year or month T G e o n o t d l a d l o s f t o p a c i e c n k r c a i o o c a t d u t iv n e t c s t g r t o I e i o o n n t a c l a - d s k l e im g N o p e l o d t rt l m a t o g h c t s a r a r t e a s o i i r a o n k n u r ( n i s - g n o - - s h ) g r m g d p t D t i o u r e i o o o c l c s n d - - - - From or to— I S m ep - temb E e x r - Im- Au 19 g 3 u 9 s E t x- I J m a - n.-Sep •^ t E . xports ports ports ports ports ports 1934 i_ 8,238 4, 202.5 1, 133.9 82.6 96.0 1935... 10,125 1,887. , 739.0 .2 110.7 Belgium 165,122 1936... 11, 258 26.5 1,132. 51,116. 6 -85.9 131.6 France 3,770 1937— 12, 760 1, 227. 1, 502. , 585. 5 -200.4 143.9 Germany 10 14, 512 1, 751. , 973. 6 -333. 5 148.6 Netherlands.. 22, 640 298, 320 215 594 1937—June 12, 318 l,08i 327. 262.0 -15.9 11.2 Sweden 3,860 July 12, 446 1, 214.1 127.3 175.4 -35.5 12.7 Switzerland 1,482 78, 945 August 12, 567 , 335. 7 121.6 104.8 -5.3 16.9 United Kingdom... 162, 451 163, 739 1, 787, 303 54 September 12, 741 ., 210.0 174.3 145.5 9.3 12.2 Canada. 120, 850 34,311 229, 310 142 October 12, 803 ,271.9 62.0 90.5 -8.0 14.9 Mexico 653 3,956 24, 604 206 November 12, 774 , 242. 5 -29.3 22.1 -20.1 13.8 Central America... 445 473 4,453 December 12, 760 ., 227. 9 -14.0 18.0 -101.6 11.9 Argentina 4,506 Chile 816 7,291 1938—January __ 12, 756 ., 223. 2 -4. 2.1 —1.1 11.0 Colombia 2,102 2,120 19, 006 February 12, 776 ., 200. 6 20.7 8.0 -18.2 10.0 Ecuador 143 207 2,101 A M p a r r i c l h 1 1 2 2 , , 8 7 6 9 9 5 1,183. 0 7 1 4 8 . . 3 5 7 5 1 2 . . 1 9 — - . 1 6 .2 1 1 0 0 . . 6 7 V Pe e r n u ezuela 1,3 3 5 7 7 5 3 2 3 6 7 6 3 3, ,1 • 7 " 8 May 12, 919 49.8 52.8 -53.9 11.5 Australia 5,474 5,689 46, 853 June 12, 963 44.2 55.3 -15.5 9.6 British India 4,065 9,259 30,524 July. -___ 13,017 54.5 63.8 -20.9 14.2 China and Hong August 13,136 118.3 166.0 -28.8 14.7 Kong 5,157 1,912 16,431 September 13, 760 623.8 520.9 -13.3 14.1 Japan 16, 425 10, 931 123, 520 October 14,065 305.0 562.4 -110.2 13.5 Philippine Islands. 3,948 2,775 27,161 November 14, 312 247.5 177.8 -7.4 15.5 All other countries2. 258 238 5,015 December 14, 512 199. 240.5 -62.4 13.3 Total 326, 089 15 259, 934 13 2, 885, 745 472 1939—January 14, 682 170.0 156.3 14.1 12.2 February 14, 874 192.7 223.3 -48.6 10.4 March 15, 258 383.8 365.4 10.7 11.0 Figures represent customs valuations which, with some exceptions, A M p a r y il ___. 1 1 5 5 , , 9 7 5 9 7 1 5 1 3 6 2 6 . . 3 2 4 6 2 0 9 5 . . 4 8 - -2 1 5 1 1 4 . .8 6 1 12 3 . . 6 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. June 16,110 153.3 240.4 -102.6 10.6 Back figures.—See table, p. 1019, and Annual Report for 1937 (tables July 16, 238 128.0 278.6 -166.2 13.1 31 and 32). August 16, 646 407. 259.9 152.1 14.0 September 16, 932 285.9 326.1 2.8 P12.8 Oct. 1-25 P 17,039 107.2 45.6 63.0 BANK DEBITS p Preliminary. i 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] » Gold held under earmark at Federal Reserve banks for foreign account on September 30, 1939, in millions of dollars: 1,132. 6. NOTE.—Figures for domestic production of gold are those published 140 133 in table, p. 1019, adjusted to exclude production in Philippines. Ad- New other other justment based on annual figures reported by Director of Mint and Year and month York lead- reportmonthly imports of gold to U. S. from Philippines. For back figures City ing ing see Annual Report for 1937 (table 29). cities i cities ' 1929 603,089 331, 938 47, 504 BANK SUSPENSIONS^ 1935 184, 006 190,165 28, 547 1936 208, 936 219, 670 33, 283 Member Nonmember 1937 197,836 235, 206 36, 421 banks banks 1938 168, 778 204, 745 32, 406 Total, all 1938—August 12, 247 16, 023 2,528 banks ti N on a a - l State su I r n e - d2 in N su o r t ed S O e c p to te b m er ber. 1 1 3 5 , , 0 1 8 4 5 0 1 1 6 8, , 0 4 9 4 6 0 2 2 , , 6 8 6 9 6 5 November. 12, 425 17,039 2,760 December. 18, 879 21,087 3,243 Number of banks suspended: 1934 57 1 8 48 1939—January ... 14, 533 17, 860 2,786 1935 34 4 22 8 February.. 12, 380 15, 201 2,392 1936 44 1 40 3 March 16, 274 18,211 2,837 1937 59 4 2 47 6 April 13,311 16, 832 2,679 1938 . 55 1 1 47 6 May 14,165 17, 763 2,728 1939_jan -Sept. 36 4 2 20 10 J J u u l n y e 1 12 5 , , 3 7 1 9 2 4 1 17 8 , , 6 6 8 7 3 6 2 2 , , 8 76 9 8 5 Deposits of suspended banks August 13,118 17, 496 2,701 (in thousands of dollars):3 September. 15,138 18, 526 2,930 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 -Sept. 34, 564 1,357 25, 634 5,106 2,467 rep 2 o C r i t t e i d es . (o T t h h e er n t u h m an b e t r h e h 1 a 4 s 1 c c h e a n n t g e e rs d ) v fo e r r y w l h i i t c tl h e b s a in n c k e d 1 e 9 b 3 i 4 t s a a n r d e h c a u s r r n e u n m tly - 1 Represents licensed banks suspended; does not include nonlicensed bered 133 since 1936. banks placed in liquidation or receivership. Back figures.—See 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 3 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

NOVEMBER 1939 FEDERAL RESERVE BULLETIN 989 ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve Bulletin for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS* Member banks Nonmember [In millions of dollars] banks Member banks Nonmeniber banks Call date Total Other Total ti N on a- al State M s b a a u v n t in u k g s al s m n b o e e m n r - - Call date ba A n l k l s Total ti N on a- al State M sav u i t n u g a s l no O n t m he e r mbanks banks ber banks 1929—June 29 25,110 8, 707 7,530 1,177 611 15, 792 1929—June 29. __ 53, 852 32, 284 19, 411 12, 873 8,983 12, 584 Dec. 31 24, 630 8,522 7,403 1,119 609 15, 499 Dec. 31... 55, 289 33, 865 20, 290 13, 575 8,916 12. 508 1933—June 30 14, 519 5, 606 4,897 709 576 8,337 1933—June 30._. 37, 998 23,338 14, 772 8,566 9,713 4,946 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30__. 38, 505 23, 771 15, 386 8,385 9,708 5,026 1934—June 30 15, 835 6,375 5,417 958 578 8,882 1934—June 30.. _ 41, 870 26, 615 17, 097 9,518 9,780 5,475 Dec. 31 16, 039 6,442 5,462 980 579 9,018 Dec. 31... 44, 770 28, 943 18, 519 10, 424 9,828 6,000 1935—June 29 15, 994 6,410 5,425 985 571 9,013 1935—June 29 45, 766 29,496 19, 031 10, 465 9, 920 6,350 Dec. 31 15, 837 6,387 5,386 1,001 570 8,880 Dec. 31___ 48, 964 32,159 20, 886 11, 273 9,963 6,842 1936—June 30 15, 752 6,400 5, 368 1,032 566 8,786 1936—June 30__. 51,335 34, 098 21, 986 12,112 10, 060 7,178 Dec. 31 15, 628 6,376 5,325 1,051 565 8,687 Dec. 31___ 53, 701 35, 893 23,107 12, 786 10,143 7,666 1937—June 30 15, 527 6,357 5,293 1,064 564 8,606 1937—June 30.._ 53, 287 35,440 22,926 12, 514 10, 213 7,635 Dec. 31 15, 393 6,341 5,260 1,081 563 8,489 Dec. 31_._ 52, 440 34, 810 22, 655 12,155 10, 257 7,373 1938—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, 992 38, 027 24, 534 13, 493 10, 521 7,444 For footnotes see table below. For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Call date Mutual savings banks Other nonmember banks Invest- Invest- Total Loans ments Total Loans ments Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s t t s - 1929—June 29 58, 474 41, 531 16, 943 35, 711 25, 658 10, 052 9,556 5,892 3,664 13, 207 9,981 3,227 Dec. 31 58, 417 41, 918 16, 499 35, 934 26,150 9,784 9,463 5,945 3,518 13, 020 9,823 3,197 1933—June 30 40,076 22, 203 17, 872 24, 786 12, 858 11, 928 10,044 5,941 4,103 5,246 3,404 1,841 Dec. 30 40, 319 21, 977 18, 342 25, 220 12, 833 12, 386 9,985 5,906 4,079 5,115 3,238 1,877 1934—June 30 42, 502 21, 278 21, 224 27, 175 12, 523 14, 652 9,904 5,648 4,256 5,423 3,108 2,315 Dec. 31 43, 458 20, 473 22, 984 28, 150 12, 028 16, 122 9,782 5,491 4,291 5,526 2, 955 2,571 1935—June 29 44, 416 20, 272 24,145 28,785 11,928 16, 857 9,852 5,341 4,511 5,779 3,003 2,777 Dec. 31 45, 717 20, 329 25, 388 29, 985 12,175 17, 810 9,804 5,210 4,594 5,927 2,944 2,983 1936—June 30. 48, 458 20, 679 27, 778 32, 259 12, 542 19, 717 9,961 5,105 4,856 6,238 3,032 3,206 Dec. 31 49, 524 21, 449 28, 075 33, 000 13, 360 19, 640 10, 060 5,027 5,034 6,464 3,062 3,402 1937—June 30 49,696 22, 514 27,182 32, 739 14, 285 18,454 10,180 5,002 5,178 6,778 3,227 3,550 Dec. 31 48, 566 22, 198 26, 368 31, 752 13, 958 17, 794 10,187 4,996 5,191 6,627 3,244 3,383 1938—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. 31 2 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 30 2 49,611 21,314 28, 297 32, 603 13,141 19, 462 10, 342 4,931 5,411 6,665 3,242 3,423 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 Beginning December 1938 figures of loans and investments exclude approximately $50,000,000 and $100,000,000, heretofore reported as loans and investments, respectively, which indirectly represent bank premises or other real estate and are now classified in condition reports among "Other assets." Back figures.—See Annual Report for 1937 (tables 48-49). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

990 FEDERAL RESERVE BULLETIN NOVEMBER 1939 CONDITION OF ALL MEMBER BANKS [In millions of dollars] Loans 1 Investments l Loans for U. 3. 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 1 ments and paper brok- an- ical agri- ers To Total Bills Notes Bonds teed subcul- and others3 divitural 2 deal- sions ft ers TOTAL—ALL MEMBER BANES 1929—Dec. 31_. 35, 934 26,150 583 2,463 7,685 3,191 714 11,515 9,784 3,863 6 249 520 3,094 1,393 4,528 1933—June 30_.24, 786 12, 858 595 953 3,752 2,372 330 4,857 11, 928 6,887 61,113 2,049 3,725 1,744 3,297 1934—Dec. 31 28,150 12,028 751 1,030 3,110 2,273 155 4,708 16,122 9,906 61,030 4,217 4,659 989 1,965 3,262 1935—Dec. 31_. 29, 985 12,175 651 1,243 2,893 2,284 98 5,006 17,810 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—Dec. 31..32, 070 13, 208 5*448" 442 973 7 775 2,716 125 7 2, 728 18,863 10, 882 286 3,389 7,208 2,340 2,448 3,192 1939—Mar. 29..32,095 13, 047 5,531 427 838 733 2,749 99 2,671 19,048 10, 691 303 2,604 7,783 2,660 2,555 3,142 June 30.. 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 Oct. 2P_ 33,070 13, 465 19, 605 2,762 3,031 NEW YORK CITY 3 1929—Dec. 31 8,774 6,683 195 1,257 2,145 169 322 2,595 2,091 1,112 6 58 166 889 222 758 1933—June 30.. 7,133 3,424 364 758 1,044 157 162 937 3,709 2,551 6 638 987 926 478 680 1934—Dec. 31 7,761 3,159 396 716 820 139 63 1,024 4,602 3,246 758 1,664 824 278 446 632 1935—Dec. 31.. 8,418 3,434 286 1,078 793 140 42 1,096 4,985 3,425 865 1,810 749 401 507 653 1936—Dec. 31__ 9,280 3,855 216 1,173 753 144 42 1,527 5,425 3,739 718 1,559 1,462 470 426 790 1937—Dec. 31. 8,313 3,673 198 761 733 141 29 1,811 4,640 3,207 495 1,536 1,175 388 342 704 1938—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 Oct. 2P_. 9,044 3,115 5 928 662 708 CITY OF CHICAGO 3 1929—Dec. 31 1,757 1,448 19 251 533 21 88 535 309 116 fl3 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—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 Oct. 2P._ 2,050 562 1 487 147 168 RESERVE CITY BANKS 1929—Dec. 31 12,029 9,084 168 664 2,775 1,538 258 3,679 2,944 1,368 6 91 165 1,112 448 1,128 1933—June 30_. 8,492 4,482 126 108 1,340 1,131 99 1,678 4,011 2,483 «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—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 Oct. 2P._ 11, 879 5,127 6,752 897 856 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 8 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—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 Oct. 2P_. 10,098 4,660 5,438 1,057 1,299 p Preliminary figures. 1 Classifications indicated were revised as of Dec. 31,1938; for explanation see BULLETIN for January 1939, pp. 22-23, and the April BULLETIN, pp. 259-264. 2 Not reported separately prior to December 1938 except for weekly reporting banks in leading cities. 3 Figures in this column prior to Dec. 31,1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks and to brokers and dealers. 4 This is a residual item and because of the revised loan classifications figures beginning Dec. 31, 1938, are not comparable with earlier figures. 5 Includes obligations of territorial and insular possessions when reported separately. 8 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. « 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

NOVEMBER 1939 FEDERAL RESERVE BULLETIN 991 CONDITION OF ALL MEMBER BANKS—Continued [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic with ances mand vid- States Certi- vid- States banks Cap- Call date Fed- Cash with de- uals, and fied uals, and Bor- ital eral in do- posits part- polit- and U. S. part- polit- Posta] row- ac- Re- vault mesti< ad- ner- ical offi- Gov- ner- ical sav- For- ings counts serve banks justed ships, sub- cers' ern- ships, sub- ings4 eign banks and divi- checks ment4 and divi- De- Time banks cor- sions etc. cor- sions mand pora- porations tions TOTAL—ALL MEMBER BANKS 1929—Dec. 31__ 2,374 558 2,168 16, 647 17, 526 1,335 1,681 143 12, 267 595 122 3,517 95 879 6,709 1933—June 30_. 2,235 405 2,008 12,089 11, 830 1,087 657 806 7,803 300 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 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 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 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 5,436 129 464 12 5,371 1E38—June 30__ 8,004 712 4,084 20, 893 19, 816 2,314 662 543 10,874 454 6,096 135 331 11 5,368 Dec. 31__ 746 4,240 22, 293 21,119 2,386 547 790 10, 846 462 6,510 132 511 6 5,424 1S39—Mar. 29_. 9,112 777 4,403 22, 364 20,845 2,467 533 775 10, 940 461 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 7,097 142 607 5 5,496 NEW YOKK CITY 6 1929—Dec. 31__ 827 179 4,750 5,847 128 1,180 20 1,112 18 1,198 597 179 2,105 1933—June 30__ 846 101 4,358 4,676 96 461 332 671 110 1,255 128 1,582 1934—Dec. 31__ 1,576 103 5,069 5,370 229 540 792 591 56 1,798 133 1,565 1935—Dec. 31— 2,541 111 6,193 6,479 323 524 224 591 3 2,338 414 1,573 1936—Dec. 31— 2,658 133 6,929 7,274 285 457 225 679 2,493 397 1,585 1937—Dec. 31— 2,738 120 6,111 6,507 189 404 382 696 2,108 423 1,606 1938—June 30__ 3,517 119 6,698 6,900 273 367 123 694 2,514 291 1,587 Dec. 31— 4,104 109 7,168 7,273 280 195 139 652 2,687 442 1,593 1939—Mar. 29.. 4,582 156 7,605 7,677 260 272 135 655 2,731 553 1,592 June 30_. 4,975 112 8,012 8,281 472 84 653 2,992 524 1,586 CITY OF CHICAGO s 1929—Dec. 31. _ 169 133 957 1,041 42 332 310 33 316 1933—June 30.. 232 203 912 870 87 358 259 204 1934—Dec. 31 _. 415 207 1,189 1,073 182 381 445 226 1935—Dec. 31__ 511 209 1,401 1,301 208 413 522 229 1936—Dec. 31_. 558 188 1,554 1,495 191 449 599 244 1937—Dec. 31.. 596 179 1,438 1,354 207 445 528 255 1938—June 30.. 936 208 1,523 1,386 221 443 16 688 249 Dec. 31— 884 235 1,688 1,597 181 452 658 257 1939—Mar. 29.. 705 178 1,250 1,182 141 452 834 261 June 30-. 897 235 1,666 1,565 197 471 746 270 RESERVE CITY BANKS 1929—Dec. 31. . 751 156 947 5,229 5,547 423 300 76 4,433 371 1,604 30 292 2,029 1933—June 30.. 705 122 1,002 3,764 3,708 349 108 312 2,941 208 1,315 59 16 1,533 1934—Dec. 31_. 1,268 207 1,543 5,136 4,919 585 169 620 3,494 206 186 1,984 117 1,614 1935—Dec. 31- 1,594 256 1,779 6,161 6,001 707 204 385 3,796 266 79 2,422 134 1,657 1936—Dec. 31_. 2,108 285 1,816 7,126 7,023 843 230 407 4,026 203 2,826 137 1,697 1937—Dec. 31- 2,310 200 1,470 6,870 6,743 777 192 256 4,161 266 34 2,389 107 1,735 1938—June 30.. 2,289 300 1,951 6,934 6,668 812 146 266 4,238 262 2,514 113 1,753 Dec. 31.. 2,354 321 1,940 7,214 7,034 796 170 424 4,233 269 2,719 108 1,777 1939—Mar. 29.. 2,459 342 2,106 7,326 6,899 123 420 4,276 243 22 2,813 108 1,795 June 30__ 2,735 318 2,210 7,654 7,331 160 415 4,320 233 2,920 115 1,812 COUNTRY BANKS 1929—Dec. 31 _. 627 321 5,711 5,091 742 169 39 6,390 133 61 405 367 2,258 1933—June 30_. 452 203 702 3,054 2,576 555 72 116 3,833 86 285 228 167 1,517 1934—Dec. 31.. 822 275 1,296 4,292 3,589 804 106 178 4,554 84 210 342 13 1,650 1935—Dec. 31.. 927 305 1,676 5,047 4,254 901 127 137 4,879 83 136 415 6 1,687 1936—Dec. 31_. 1,247 319 1,929 6,039 5,177 1,011 167 178 5,275 80 69 483 3 1,750 1937—Dec. 31__ 1, 361 307 1,645 5,968 5,143 959 149 78 5,504 158 61 412 12 1,775 1938—June 30.. 1,263 316 1,806 5,738 4,863 1,080 126 68 5,499 144 52 380 11 1,778 Dec. 31__ 1, 353 322 1,956 6,224 5,215 1,128 154 143 5,509 147 44 446 6 1,798 1939—Mar. 29.. 1,367 350 1,963 6,183 5,087 1,176 114 137 5,557 153 46 438 5 1,818 June 30. _ 1,403 307 2,117 6,255 5,272 1,130 135 136 5,619 145 40 439 5 1,828 * Prior to Dec. 31, 1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25, 1933, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets". 2 Demand deposits other than interbank and U.S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less cash items reported on hand but not in process of collection. 3 Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reservebanks (deferred credits)" prior to Dec. 31, 1935. 4 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 5 Central reserve city banks. Back figures.See Annual Report for 1937 (tables 52-58). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

992 FEDERAL RESERVE BULLETIN NOVEMBER 1939 CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments Loans for U. S. Government obligations Com- purchasing Total mer- or carrying loans cial, securities Direct Date or Month m v a i e e n n s n d - t t - s Total t d a r i u i n n a s d - l - , p O m k a p a e p e r t e - n r br T o o k- e l R o st a e a n a t l s e L ba o t n o a k n s s O lo t a h n e s r Total G a u n a - r- O r s i e t t c i h e u e s - r a c g u r l i - - a e n r d s ot T h o ers Total Bills1 Notes Bonds1 teed tural dealers TOTAL—101 CITIES 1938—September 21,078 8,268 3,893 338 675 578 1,161 114 1,509 .2, 810 7,957 1,668 3,185 1939—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 3,839 303 678 539 1,151 58 1,523 .3,602 8,296 398 2,033 5,865 2,033 3,273 June 21, 887 8,094 3,830 304 671 541 1,159 52 1,537 3, 793 8,383 422 2,106 5,855 2,119 3,291 July 22,046 8,146 3,888 312 648 532 1,163 64 1,539 3, 900 8,499 461 2,132 5,906 2,158 3,243 August 22, 327 8,179 3,930 313 642 521 1,171 62 1,540 .4,148 8,537 2,149 5,900 2,265 3,346 September 22,384 8,322 4,166 316 511 1,178 38 1,545 .4, 062 8,467 2,144 5,873 2,226 3,369 1939—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 A, 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__ " \ 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 Sept. 27. 22,419 8,350 4,229 316 533 510 1,180 35 1,547 i4,069 8,437 419 2,137 5,881 2,232 3,400 Oct. 4... 22, 498 8,375 4,251 318 538 505 1,179 36 1,548 A, 123 8,503 492 2,130 5,881 2,240 3,380 Oct. 11__ 22, 568 8,408 4,288 318 530 504 1,182 37 1,549 A, 160 8,559 553 2,128 5,878 2,240 3,361 Oct. 18._ 22, 563 8,423 4,286 316 548 501 1,181 36 1,555 ^4,140 8,574 571 2,126 5,877 2,224 3,342 NEW YORK CITY 1938—September 7,797 2,969 1,455 138 543 195 119 429 4,828 2,931 800 1,097 1939—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 September 8,393 2,869 1,620 116 435 177 117 377 5,524 3,196 233 801 2,162 1,105 1,223 1939—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 3,217 261 789 2,167 1,107 1,213 Sept. 27. 8,477 2,871 1,652 117 406 177 117 377 5,606 3,228 255 787 2,186 1,120 1,258 Oct. 4_._ 8,525 2,875 1,655 117 412 173 117 375 5,650 3,280 320 786 2,174 1,128 1,242 Oct. 11_. 8,508 2,881 1,665 116 411 171 117 374 5,627 3,285 342 776 2, 167 1,125 1,217 Oct. 18__ 8,507 2,891 1,662 113 430 170 114 377 5,616 3,305 358 776 2,171 1,120 1,191 OUTSIDE NEW YORK CITY 1938—September 13, 281 5,299 2,438 200 132 383 1,042 1,080 7,982 5,026 2,088 1939—March 13, 801 5,309 2,428 190 156 339 1,028 1,151 8,492 5,443 319 1,399 3,725 974 2,075 April 13, 717 5,332 2,469 188 142 342 1,034 1,144 8,385 5,279 196 1,270 3,813 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 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 September 13, 991 5,453 2,546 200 133 334 1,061 1,168 8,538 5,271 217 1,343 3,711 1,121 2,146 1939—Aug. 2... 13, 935 5,360 2,449 196 154 340 1,052 1,159 8,575 5,314 279 1,314 3,721 1,114 2,147 Aug. 9— 13, 942 5,349 2,453 196 147 336 1,054 1,153 8,593 5,313 274 1,320 3,719 1,126 2,154 Aug. 16.. 13, 951 5,340 2,441 196 151 335 1,054 1,153 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 1,164 8,648 5,346 286 1,319 3,741 1, 133 2,169 Aug. 30- 14,063 5,353 2,451 197 141 336 1,056 1,162 8,710 5,410 308 1,335 3,767 1,139 2,161 Sept. 6__ 14,048 5,413 2,502 199 141 336 1,056 1,166 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 8,571 5,298 249 1,341 3,708 1,124 2,149 Sept. 20. 13, 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 Sept. 27. 13, 942 5,479 2,577 199 127 333 1,063 1,170 8,463 5,209 164 1,350 3,695 1,112 2,142 Oct. 4__. 13, 973 5,500 2,596 201 126 332 1,062 1,173 8,473 5,223 172 1,344 3,707 1,112 2,138 Oct. ll._ 14, 060 5,527 2,623 202 119 333 1,065 1,175 8,533 5,274 211 1,352 3,711 1,115 2,144 Oct. 18__ 14, 056 5,532 2,624 203 118 331 1,067 1,178 8,524 5,269 213 1,350 3,706 1,104 2,151 NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, which may be obtained from the Division of Research and Statistics, and BULLETIN for June 1937 (pp. 530-531). For back figures see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Rsports. i Not reported separately prior to February 8, 1939. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1939 FEDERAL RESERVE BULLETIN 993 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 a R e e r n r i e a v t d k - h l e - s v C a a i u s n l h t b m a w a d n e n i o c s t - k h e ti s s c j m p u o a d s a s d t e n e i - - d t d s i s p p u v h n a c o a a i o e i n d r l p r r r d s a t - - - s - , - , S p s d s a i t i o u i c a o n v l b a t n d i i e - l t - s - s c C h c a o f e e e e i f n t e c f r r c d i d t k s - . i ' s - , m U G e e . r o n n v S - t - 2 . s p p u v n h a c o a a i e i o n d l r r p r r d s a t - - s - - , - , S p s d s a i t o i u c i a n o v l a b t d n i i e l - t - s - s P i s o n a g s v t s - a 2 l m D a e n - b d ank T s ime b e F a i o n g r k n - s r B i o n o w g r s - - i C o i a u t a c a p n - l - ts tions tions TOTAL—101 CITIES 1938—September. 6,712 416 2,413 15, 377 16, 275 409 491 5,200 5,863 111 419 3,661 1939—March 7,427 410 2,580 16, 032 15, 1,327 560 625 4,976 224 6, 395 116 587 3,687 April 7,973 424 2,596 6, 455 16, 000 1,372 428 620 4,974 235 6,473 116 638 3,695 May 8,361 423 2,644 16, 796 16, 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, 366 17, 008 1,317 406 541 5,006 216 6,763 127 620 3,716 August 8,951 440 2,808 17,717 17,168 1,436 438 532 5,021 220 6,991 127 652 3,722 September.. 9,643 2,951 18, 209 17, 904 1,331 528 5,016 210 7,447 126 732 3,716 1939—Aug. 2___ 424 2,793 17,462 16,908 1,492 532 537 5,019 218 6,884 128 623 3,718 Aug. 9— 8,791 446 2,777 17, 551 16, 899 1,438 369 536 5,028 217 6,924 127 629 3,721 Aug. 16.. 8,917 426 2,842 17, 641 17, 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 18,096 17, 479 1,447 394 528 5,017 224 7,040 127 683 3,724 Sept. 6... 9,368 463 2,813 18,040 17, 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 Sept. 27- 9,794 486 3,018 18, 333 17, 988 1,334 394 528 5,018 207 7,545 122 753 3,712 Oct. 4-._ 9,826 471 3, 034 18, 306 17, 926 1,328 392 528 5,028 203 7,711 123 762 3,714 Oct. 11.- 9,879 3,037 18, 451 18, 296 1,312 357 526 5,032 205 7,687 124 791 3,719 Oct. 18 __ 10,028 3,087 18, 567 18, 433 1,248 440 525 5,043 190 7, 760 123 797 3,720 NEW YORK CITY 1938—September.. 3,505 6,453 6,781 251 128 662 2,494 370 1,481 1939—March 4,309 7,075 242 395 114 587 2,743 517 1,483 April 4,651 7,287 7,348 257 110 583 2,785 561 1,483 May 4,895 7,467 7,495 304 85 578 2,814 560 1,488 June 4,866 7,608 7,636 280 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 September.. 5,631 8,152 8,268 249 278 49 601 3,300 657 1,475 1939—Aug. 2___ 4,953 7,715 7,701 343 361 55 597 2,987 545 1,481 Aug. 9___ 5,005 7,791 7,760 306 210 52 603 550 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 Sep't. 6.-, 5,547 8,151 8,228 257 341 49 597 3,179 638 1,479 Sept. 13_. 5,699 8,195 8,347 269 319 48 604 3,308 649 1,475 Sept. 20_. 5,636 8,091 8,227 214 223 49 599 3,359 666 1,473 Sept. 27__ 5,640 8,170 8,271 257 230 48 603 3,354 672 1,474 Oct. 4-__ 5,651 8,210 8,225 272 220 49 609 3,389 675 1,476 Oct. 11-_ 5,667 8,214 8,377 239 198 611 3,372 698 1,475 Oct. 18. _ 5,725 77 8,256 8,446 210 256 616 3,377 707 1,475 OUTSIDE NEW YORK CITY 1938—September, 3,207 2,340 8,924 9,494 158 363 4,538 3,369 111 2,180 1939—March 3,118 358 2,486 9,066 8,563 1, 165 511 4,389 186 3, 652 116 2,204 April 3,322 368 2,514 9,168 8,652 1,115 160 510 4,391 192 3,688 116 2,212 May 3,466 367 2,567 9,329 8,764 1,148 167 496 4,406 209 3,716 118 2,224 June 3,594 380 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 September.. 4,012 399 2,879 10, 057 9,636 1,082 170 479 4,415 165 4,147 126 2,241 1939—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 4,040 127 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 9,699 1,052 168 479 4,414 164 4,207 126 2,239 Sept. 27_. 4,154 406 2,945 10,163 9,717 1,077 164 480 4,415 163 4,191 122 2,238 Oct. 4___ 4,175 393 2,960 10,096 9,701 1,056 172 479 4,419 158 4,322 123 2,238 Oct. 11 __ 4,212 403 2,966 10, 237 9,919 1,073 159 477 4,421 159 4,315 123 2,244 Oct. 18._ 4,303 403 3,012 10, 311 9,987 1,038 184 476 4,427 153 4,383 122 2,245 1 Demand deposits other than interbank and U.S. Government, less cash items reported as in process of collection. 2 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

994 FEDERAL RESERVE BULLETIN NOVEMBER 1939 CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [In millions of dollars] Loans Investments Loans for U. £J. Government obligations Total Com- purchasing loans mer- or carrying Federal Reserve and cial, securities Direct distric ( t 1 9 a 3 n 9 d ) date m v i e e n s n - t t - s Total t d a r i u i n n a s d - - l, • p O m k a p p a e e r t e n - r br T o o k- e l R o st a e a n a t l s e L ba o t n o a k n s s O lo t a h n e s r Total G a u n a - r- O s i e t t c i h e u e s r r a c g u r l- i- a e n rs d ot T he o rs Total Bills Notes Bonds teed tural dealers BOSTON (6 cities) September 27 1,180 598 282 65 23 22 81 1 124 582 405 3 59 343 45 132 October 4 1,180 596 282 64 22 21 81 1 125 584 408 3 60 345 45 131 October 11 1,192 601 286 65 21 22 81 1 125 591 414 13 60 341 45 132 October 18 1,193 600 286 65 20 21 81 1 126 593 416 15 60 341 45 132 NEW YORK (8 cities)* f September 27 9,332 3,235 1,770 124 409 235 205 25 467 6,097 3,467 257 849 2,361 1,206 1,424 October 4 9,385 3,241 1,776 123 416 231 205 26 464 6,144 3,522 321 848 2,353 1,214 1,408 October 11 9,366 3,244 1,783 122 414 229 205 27 464 6,122 3,527 342 839 2,346 1 212 1 383 October 18 _ - 9,360 3,251 1,777 119 434 228 202 25 466 6,109 3,549 358 840 2,351 1,203 1,357 PHILADELPHIA (4 cities) September 27 1,151 417 194 24 18 31 55 1 94 734 363 38 325 94 277 October 4 _ _1,148 418 195 25 18 31 55 1 93 730 364 38 326 92 274 October 11 1,154 424 199 26 18 31 55 1 94 730 364 38 326 92 274 October 18 1,151 423 198 26 18 31 55 1 94 728 362 38 324 92 274 CLEVELAND (10 cities) September 27 1,885 682 259 6 21 25 172 3 196 1,203 809 6 222 581 109 285 October 4 1,883 683 260 6 22 25 172 3 195 1,200 806 9 216 581 111 283 October 11 1,886 682 263 6 20 25 171 3 194 1,204 809 6 219 584 113 282 October 18 1,888 680 260 6 21 25 173 3 192 1,208 813 8 219 586 114 281 RICHMOND (12 cities) September 27 695 250 109 12 3 15 38 73 445 326 199 127 52 67 October 4 699 253 112 12 3 15 38 1 72 446 327 199 128 52 67 October 11 704 257 114 13 3 15 38 1 73 447 329 2 199 128 51 67 October 18 696 260 116 13 3 15 38 1 74 436 322 3 193 126 47 67 ATLANTA (8 cities) September 27 585 290 156 3 5 11 31 1 83 295 141 8 35 98 62 92 October 4_ 593 293 157 3 5 11 31 1 85 300 142 7 37 98 62 96 October 11 599 296 159 3 4 11 32 1 86 303 143 7 38 98 64 °6 October 18 606 303 164 4 4 11 32 1 87 303 143 7 38 98 63 97 CHICAGO (12 cities)* September 27 3,142 876 513 34 33 76 106 1 113 2,266 1,495 118 435 942 290 481 October 4 3,138 871 511 35 30 76 106 113 2,267 1,498 123 435 940 291 478 October 11 3,171 877 515 35 29 76 109 113 2,294 1,520 143 435 942 290 484 October 18 3,167 875 512 35 29 76 109 114 2,292 1,512 138 434 940 291 489 ST. LOUIS (5 cities) September 27 682 321 190 6 5 14 51 3 52 361 196 49 140 66 99 October 4 683 327 195 7 5 14 51 3 52 356 192 3 49 140 65 99 October 11 691 330 197 7 5 14 52 3 52 361 198 51 140 65 68 October 18 696 332 200 7 4 13 52 3 53 364 200 8 52 140 65 99 MINNEAPOLIS (8 cities) September 27. _ 399 181 98 3 1 9 63 218 147 34 113 27 44 October 4 401 184 96 3 1 8 9 67 217 146 33 113 27 44 October 11 402 185 99 3 8 9 66 217 146 33 113 27 44 October 18 403 187 101 3 8 9 66 216 146 34 112 26 44 KANSAS CITY (12 cities) K September 27 652 281 170 18' 3 10 26 54 371 183 7 83 93 54 134 October 4 651 280 170 18 3 10 25 54 371 185 8 82 95 53 133 October 11 658 283 173 17 3 10 26 54 375 191 10 83 98 53 131 October 18 . 655 283 174 16 3 10 25 1 54 372 188 10 84 94 52 132 DALLAS (9 cities) September 27 516 263 173 2 2 14 22 50 253 142 13 49 80 55 56 October 4 __ _. 527 267 176 2 3 14 22 50 260 148 18 48 82 55 57 October 11 536 270 179 2 3 14 22 50 266 154 23 48 83 55 57 October 18 538 269 178 2 2 14 22 51 269 158 24 49 85 54 57 SAN FRANCISCO (7 cities) September 27 2,200 956 315 19 10 50 384 178 1,244 763 85 678 172 309 October 4 2,210 962 321 20 10 49 384 178 1,248 765 85 680 173 310 October 11 ... 2,209 959 321 19 10 49 382 178 1,250 764 85 679 173 313 October 18 2,210 960 320 20 10 49 383 178 1,250 765 85 680 172 313 CITY OF CHICAGO* September 27. 2,073 558 380 18 29 67 14 50 1,515 1,037 118 249 670 157 321 October 4___ 2,071 555 379 18 27 66 14 51 1,516 1,039 121 249 669 157 320 October 11 2,099 557 382 19 25 66 14 51 1,542 1,059 140 249 670 157 326 October 18 2,094 554 379 19 25 66 14 51 1,540 1,052 134 249 669 157 331 * 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

995 NOVEMBER 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 with ances mand vid- States Certi- vid- States banks Cap- Federal Reserve Fed- Cash with de- uals, and fied uals, and Bor- ital distric ( t 1 9 a 3 n 9) d date s e R e r r e a v - l e va in ult b m a d e n o s k - ti s c p u o a s s t d e i - t d s 1 s p n h a e i r p r t - s - , p s i o u c l a b i l t - - c a o e f n f r d i s - ' G U er . o S n v . - - s p n h a e i r p r t - s - , p s i o u c l a b i l t - - P i s n o a g s v s t - 2 al F e o ig r n - r i o n w gs - co a u c n - ts banks and divi- checks,ment 2 and divi- De- banks cor- sions etc. cor- sions mand Time pora- porations tions BOSTON (6 cities) September 27 466 143 147 1,152 1,133 14 236 315 27 245 October 4 481 142 156 1,167 1,140 15 236 324 30 244 October 11 481 142 159 1,179 1,149 15 235 325 33 245 October 18 490 144 1,191 1,155 17 234 328 33 245 NEW YORK (8 cities)* September 27 5,769 99 194 8,766 8,755 390 244 970 3,422 674 1,596 October 4 5,789 97 8,818 8,719 412 239 976 3,461 677 1,598 October 11 5,804 104 8,822 8,873 391 212 978 3,444 700 1,597 October 18 5,877 96 191 8,872 8,936 353 284 3,452 709 1, 597 PHILADELPHIA (4 Cities) September 27 - 19 210 908 905 57 53 273 374 12 222 October 4 395 18 220 897 909 52 53 272 387 13 222 October 11 395 20 217 905 910 53 53 272 385 13 223 October 18 420 18 224 917 931 49 53 272 400 13 223 CLEVELAND (10 cities) September 27 45 332 1,286 1,232 120 42 707 374 2 371 October 4 492 44 334 1,265 1,216 116 42 707 392 2 373 October 11 492 44 335 1,272 1,241 119 42 707 389 1 373 October 18 510 46 347 1,295 1,258 117 42 709 398 1 373 RICHMOND (12 cities) September 27 178 22 189 481 469 46 28 197 277 1 97 October 4 180 20 190 476 472 45 28 197 288 1 97 October 11 181 23 189 488 479 52 28 197 284 1 97 October 18 186 22 197 482 484 39 28 294 1 ATLANTA (8 cities) September 27 132 13 212 390 367 63 39 180 264 1 92 October 4 130 13 209 383 369 62 39 180 274 1 92 October 11 129 13 210 387 379 57 39 180 273 3 93 October 18 123 13 206 386 383 54 39 180 273 1 94 CHICAGO (12 cities) September 27 1,369 74 534 2,588 2,408 321 105 911 1,119 14 404 October 4 1,368 72 537 2,567 2,393 308 105 913 1,136 15 404 October 11 1,370 73 535 2,594 2,461 298 104 914 1,139 17 405 October 18 1,398 73 2,608 2,465 296 105 916 1,141 17 405 ST. LOUIS (5 cities) September 27 210 12 178 473 34 19 187 313 1 94 October 4 209 11 183 464 482 32 18 187 327 1 94 October 11 211 12 185 477 499 32 18 187 328 1 94 October 18 209 11 186 476 502 32 18 187 333 94 MINNEAPOLIS (8 cities) September 27 93 7 114 293 265 55 2 119 146 58 October 4 7 113 292 264 53 2 119 150 58 October 11 7 115 301 273 54 2 119 148 59 October 18 95 7 110 269 52 1 119 144 59 KANAS CITY (12 cities) September 27 189 17 333 525 510 71 22 141 409 102 October 4 191 15 334 512 508 65 22 141 423 101 October 11 206 16 330 537 533 62 22 142 418 101 October 18 199 16 356 539 536 62 22 142 431 102 DALLAS (9 cities) September 27 133 12 271 456 444 40 127 248 86 October 4 130 10 269 451 443 40 10 127 259 86 October 11 136 12 268 467 462 39 31 127 258 86 October 18 134 11 271 465 463 38 30 127 264 SAN FRANCISCO (7 cities) September 27 358 23 304 1,015 1,014 70 106 970 284 345 October 4 365 22 293 ,014 1,011 68 107 973 290 345 October 11 375 23 300 ,022 1,037 65 107 974 296 346 October 18 23 305 ,040 1,051 63 106 976 302 345 CITY OF CHICAGO* September 27 1,095 41 232 ,782 1,678 196 60 477 852 266 October 4 1,093 40 241 ,776 1,670 193 60 478 862 266 October 11 1,089 41 237 .,788 1,706 189 60 478 867 266 October 18 1,114 41 239 1,804 1,723 182 60 479 871 267 * See note on preceding page. i Demand deposits other than interbank and U. S. Government, less cash items reported^as in process of collection. 3 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

996 FEDERAL RESERVE BULLETIN NOVEMBER 1939 COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding By holders By classes Com- End of month s p m t o c a a u i e p n a t r e d l - - r - s T t o a o u n t t a d - l - Held b b y a n a k c s cepting H R e e ld se b rv y e F F b e o a d r n e k a r c a s - l Held Ba o s n ed o B n a s e e x d - Dollar s b to B e r t a e w s d e e i d e n n o o p n r o s g i h n o iD t o s d D i s n ed ing i ing Total O bi w ll n s bo B u il g ls ht o c w F o n u o n r a t c- c f s o c o p o u r o e r n n r i t g e d o n - - f ot b h y ers p U i o n . r to S ts . p U fr o . o r m S ts . ch e a x n - ge U. S. F c o o r u ei n g - n ents tries 1 1938—September 212 261 221 129 92 40 89 57 2 56 57 October 213 270 223 130 93 46 94 57 3 59 56 November 206 273 222 124 98 61 94 59 3 59 57 December 187 270 212 121 91 58 95 60 3 57 56 1 Q^Q Januarv 195 255 204 122 82 52 89 57 2 52 55 February 195 248 198 122 76 50 87 57 2 48 54 Miarch 191 245 191 117 74 54 87 58 2 42 56 April 192 238 189 118 72 49 86 56 1 38 57 189 247 192 124 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 September. __ 209 216 177 115 62 39 78 40 18 43 36 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' credit balances ! Debit Debit 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 p a a d v l c a a e c r n s t t o r n c t u a m e e n d s r e t i s s i n n ' n t g a i b n n a a d v l c a e c f n i s t o r r c t m u a m e n d s e t i s i n n n t g C a b h a n a s a d n h n k d i s o n n r M o b w o o n e r d e - y J Free 1937—March 1,549 61 175 223 1,172 346 June 1,489 55 161 214 1,217 266 September 1,363 48 128 239 1,088 256 December 985 34 108 232 688 278 IQQO March 831 29 95 215 576 239 June 774 27 88 215 495 258 August 864 29 84 200 571 272 September 823 29 76 213 559 October 905 32 85 196 617 November ___ 939 30 78 189 662 December 991 32 106 190 754 1939 January 971 34 75 192 713 February _ _ 967 29 83 168 709 March 953 27 84 174 699 April - - 831 26 83 190 579 M!ay 828 26 76 183 561 June 834 25 73 178 570 July 839 24 84 183 589 August 792 22 71 202 556 September __ 856 20 64 217 520 ot ot Other credit balances In In partners' firm In O (n th et e ) r m t i r n e a n v d t e i a s n t n g - d m t i r n e a v n d e t i n s a t g n - d a c c ( a c n p o e i u t t ) n al ts accounts accounts 115 29 18 419 92 25 13 397 96 26 12 385 85 26 10 355 81 25 9 315 89 22 11 298 77 20 9 301 68 20 7 300 73 20 8 304 252 65 20 8 303 247 60 22 5 305 235 60 22 12 298 222 62 20 5 294 225 59 20 9 294 236 60 20 7 290 230 69 21 6 284 230 70 21 6 280 238 67 20 6 278 235 58 20 6 275 305 87 22 11 283 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of 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 method 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

NOVEMBER 1939 FEDERAL RESERVE BULLETIN 997 FEDERAL RESERVE BANK DISCOUNT RATES [Per cent perannum] 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 Secured by direct and Federal Reserve Bank eligible guaranteed ob- All other To banks To others ligations of the U. S. Rate In Rate In Rate In Rate In Rate In Oct. effect Oct. effect Oct. effect Oct. effect Oct. effect 27 beginning- 27 beginning- 27 beginning- 27 beginning- 27 beginning— Boston 1 Sept. 1, 1939 1 Sept. 1, 1939 2 Sept. 2, 1937 1 Sept. 1, 1939 2K Apr. 29, 1938 New York . _. 1 Aug. 27, 1937 1 Aug. 27, 1937 2 Oct. 10, 1935 1 Aug. 25, 1939 3K Feb. 8, 1934 Philadelphia IK Sept. 4, 1937 IK Sept. 4, 1937 2 Sept. 4, 1937 IK Sept. 1, 1939 2K Sept. 1, 1939 Cleveland IK May 11, 1935 IK May 11, 1935 2 Oct. 19, 1935 >1K Sept. 1, 1939 3K May 11, 1935 Richmond IK Aug. 27, 1937 IK Aug. 27, 1937 2 Sept. 10, 1937 IK Sept. 1, 1939 Feb. 19, 1934 Atlanta 1 Sept. 16, 1939 IK Aug. 21, 1937 2 Aug. 21, 1937 Sept. 16, 1939 2K Apr. 23, 1938 Chicago.. 1 Sept. 1, 1939 IK Aug. 21, 1937 2 Aug. 21, 1937 1 Sept. 1, 1939 Oct. 16, 1933 St. Louis 1 Sept. 21, 1939 IK Sept. 2, 1937 2 Sept. 2, 1937 Sept. 16, 1939 4 Feb. 23, 1935 Minneapolis IK Aug. 24, 1937 IK Aug. 24, 1937 2 Aug. 24, 1937 IK Sept. 1, 1939 3 Oct. 8, 1938 Kansas City _ _ _ Sept. 16, 1939 IK Sept. 3, 1937 2 Sept. 3, 1937 Sept. 16, 1939 2K Apr. 16, 1938 Dallas 1 Sept. 16, 1939 IK Aug. 31, 1937 2 Aug. 31, 1937 1 Sept. 16, 1939 2K Apr. 16, 1938 San Francisco-_ m Sept. 3, 1937 IK Sept. 3, 1937 2 Sept. 17, 1937 IK Sept. 1, 1939 Oct. 19, 1933 i 2K 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, IK per cent. Back figures.—See Annual Report for 1937 (table 40). FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES [Per cent per annum] Maturity e R f O f a e c c t t e t . 2 i o n 7 n In g i e n f n fe in ct g — be- Pre ra v t i e ous 1-15 days i._. Oct. 20, 1933 1 16-30 days.— K .do. 1 31-45 days.... _do_. 1 46-60 days___. _do_. 1 61-90 days .do., 1 91-120 days... .do.. 1 121-180 days- _do_. 1 This rate also applies to acceptances bought under repurchase agree- ments, which agreements are always for a period of 15 days or less. NOTE.—Minimum buying rates at the Federal Reserve Bank of New York on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. The same minimum rates apply to purchases, if any, made by other Federal Reserve banks. Back figures—See Annual Report for 1937 (table 41). MAXIMUM RATES ON TIME DEPOSITS Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. [Per cent per annum] Nov. 1,1933 to Jan. 31, 1935 Savings deposits .__ Postal Savings deposits Other time deposits payable in: 6 months or more ... _ 90 days to 6 months Less than 90 days CO CO CO CO CO FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES Rates in effect, Oct. 27, 1939, on advances and commitments under Sec. 13b, of the Federal Reserve Act as amended June 19, 1934. [Per cent per annum except as otherwise specified] Advances to financing institutions— Advances direct to Commit- Federal Reserve Bank industrial On por- ments or com- tion for to make mercial or- which On re- advances ganizations institu- maining tion is portion obligated Boston 3K-6 3 3K K N Ph ew il a Y de o l r p k hia.. 4 4 - - 6 6 0) 2K 3 (2) 4-5 1-2 Cleveland 4K-6 3K 4 K-2 1 Richmond 6 4-6 4-6 1-2 Atlanta 5-6 5 5 K Chicago 5-6 0) 2K 5-6 1-2 St. Louis 4-5K 3K 4 K Minneapolis,. 6 4K-5 4K-5 Kansas City.. 4-6 4 4 K-2 Dallas 5-6 4 5-6 San Francisco 5-6 3-4 4-5 K-2 1 Authorized rate 1 per cent above prevailing discount rate. 2 Same as to borrower but not less than 4 per cent. 3 Flat charge. Back figures.—See Annual Report for 1937 (table 40). Feb. 1, 1935 In effect MEMBER BANK RESERVE REQUIREMENTS to beginning [Per cent of deposits] Dec. 31,1935 Jan. 1, 1936 June 21, Aug. 16, Mar. 1, May 1, Apr. 16, 2K Classes of deposits 1917- 1936- 1937- 1937- 1938- 2K 2K and banks Aug. 15, Feb. 28, Apr. 30, Apr. 15, and 1936 1937 1937 1938 after 2K 2K 2 2 K K 1 On d e n p e o t s i d t e s: m l and Central reserve city- 13 19K 22^ 26 Reserve city 10 15 17K 20 17K NOTE.—Maximum rates that may be paid by insured nonmember Country 7 10K 12M 14 12 banks as established by the Federal Deposit Insurance Corporation, effective February 1, 1936, are the same as those in effect for member On time deposits: banks. In some States the maximum rates established by the Board All member banks._ 3 4K 5lA 6 and the Federal Deposit Insurance Corporation are superseded by lower maximum rates established by State authority. 1 See footnote to table on p. 986 for explanation of method of computing net demand deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

998 FEDERAL RESERVE BULLETIN NOVEMBER 1939 MONEY RATES AND BOND YIELDS OPEN-MARKET RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGE OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Prevailing rate on- Average rate on- [Per cent per annum] Avermo Y w n e e t a e h r k , , or m P c e r o r i c m m ia - e l a b P c e a c r r n i e s m ' k p - t e - c S h ti t e a o m x n c - e g k e c S h c t e a o a x n l c - l g k e N U e . u w r S y . T bi r l e l 9 s a 1 s - - y T i U e u r a l . e g r d y a S e o s . - n 19 T c o i t t a ie l s Y N C o e it w r y k E e 7 N r c a n o o i s t r t t i a h e e t n h s e rn d - r 1 W 1 er c e n S i s t o i t a e e u n s r t d n hpaper, ances, loans, loan issues day 3-to-5 4 to 6 90 90 re- of- deal- year months days days new- fered ers' notes 1928 average 5.17 4.96 5.16 5.41 als within quo- 1929 average 5.83 5.76 5.82 5.93 period1 tation 1930 average 4.85 4.39 4.84 5.40 1931 average 4.30 3.82 4.26 4.90 1932 average 4.71 4.20 4.81 5.21 1936 average... .15 1.16 .91 .143 1.11 1933 average 4.27 3.43 4.46 5.04 1937 average ... .43 1.25 1.00 .447 1.40 1938 average... .44 1.25 1.00 .053 .83 1934 average 3.45 2.45 3.71 4.32 1935 av3rage 2.93 1.76 3.39 3.76 1938—Sept 7/16 IK 1.00 .096 .82 1936 average 2.68 1.72 3.04 3.40 Oct 7/16 IK 1.00 .023 .68 1937 average 2.59 1.73 2.88 3.25 Nov 7/16 IK 1.00 .024 .71 1938 average 2.53 1.69 2.75 3.26 Dec 7/16 IK 1.00 .007 .67 1938—January- 2.60 1.70 2.92 3.28 1939—Jan 7/16 1.00 .002 .65 February.. 2.49 1.70 2.65 3.21 Feb 7/16 IK 1.00 .004 .63 2.48 1.65 2.64 3.28 Mar 7/16 1.00 .005 .51 April 2.48 1.70 2.60 3.25 April 7/16 IK 1.00 .019 .50 May 2.48 1.70 2.64 3.20 May 7/16 1.00 .006 .42 June 2.56 1.70 2.78 3.31 June Vy 7/18 1.00 .006 .39 July 2.57 1.70 2.78 3.35 July 7/16 1.00 .017 .45 August 2.52 1.67 2.71 3.28 Aug IK 1.00 .046 .48 September.. 2.53 1.70 2.74 3.26 Sept IK 1.00 .102 1.07 October 2.57 1.70 2.90 3.21 November.. 2.49 1.70 2.68 3.20 Week ending: December.. 2.60 1.70 2.95 3.63 Sept. 30— 7/16 IK 1.00 .036 .99 Oct. 7 7/16 IK 1.00 .022 .95 1939—January- 2.64 1.73 2.97 3.32 Oct.14 7/16 IX 1.00 .033 February.. 2.52 1.70 2.69 3.36 Oct.21... . 7/16 1.00 .027 .70 Quarterly Figurei 1938—September.. 2.65 2.00 3.25 i Series comprises 273-day bills to October 15, 1937, bills maturing about March 16, 1938, from October 22, to December 10, 1937, and 91-day 1939—March 2.95 2.13 3.05 3.77 bills thereafter. June -_. 2.91 2.15 3.05 3.62 Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures September.. 2.68 2.04 2.78 3.31 for 91-day Treasury bills available on request. 1 Quarterly figures are on revised basis and are therefore not strictly comparable with the series of annual and monthly figures. For figures beginning January 1928 and description of figures see pp. 963-969 of this BULLETIN. BOND YIELDS1 [Per cent per annum] Corporate u. s. Year, month, or week Treas- M ip u a n l i 3 c- By ratings By groups ury 2 Total Aaa Aa A Baa In tr d i u al 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—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 September 2.65 3.29 3.95 3.25 3.49 4.05 5.00 3.57 4.58 3.70 Week ending: Sept. 30 2.74 3.29 3.97 3.31 3.53 4.07 4.96 3.60 4.57 3.73 Oct. 7 2.72 3.26 3.92 3.24 3.48 4.03 4.94 3.54 4.55 3.68 Oct. 14 2.66 3.17 3.88 3.20 3.41 3.98 4.92 3.48 4.54 3.62 Oct. 21 _ 2.55 3.02 3.82 3.14 3.33 3.94 4.88 3.42 4.51 3.55 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Average of yields of all outstanding bonds due or callable after 12 years; see BULLETIN for December 1938, pp. 1045-1046 for description. 3 Standard Statistics Co. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa group has been reduced from 10 to 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

999 NOVEMBER 1939 FEDERAL RESERVE BULLETIN BOND PRICES1 STOCK MARKET Corporate 3 Stock prices i Year, month, or date T u u r r . e y a s s 2 - . M ip u a n l i 3 c- Total In tr d ia u l s- R ro a a i d l- Utility Year, d m a o te nth, or Pre- Common (index, 1926=100) u t m V ra o e d l- - of ferred 2 ing3 Indus- Rail- Number of issues 15 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. _ 348 32 40 1938 average 103.4 113.7 78.9 82.9 58.6 95.3 1936 average 138.9 111 127 104 1,824 1938—September 103.0 111.7 78.7 84.2 55.7 96.3 1937 average 136.2 112 131 95 1,519 October 104.3 115.2 81.8 59.9 98.6 1938 average 135.6 83 73 1,100 November 104.0 116.6 82.1 60.2 99.3 December 104.1 116.5 81.1 58.6 98.7 1938—September. __ 137.9 104 72 1,054 1939—January 104.4 117.3 81.9 86.2 59.7 99.7 October 140.4 110 77 1,889 February 104. 8 117.3 82.1 86.4 59.0 100.7 November, __ 142.3 114 81 1,355 March 106.0 117.9 83.1 87.1 60.9 101.3 December 141.7 111 1,195 April 106.6 116.4 79.4 83.8 54.5 99.7 1939—January 141.7 109 1,114 May 108.3 118.1 80.2 84.8 54.8 101.0 February 141.8 106 708 June 109.1 118.6 81.4 86.2 56.2 101.6 March 142.3 108 999 July 108.9 118.3 81.6 86.3 56.4 102.1 April 140.4 96 964 August 108.2 116.5 81.0 85.8 55.5 101.7 May 141.8 97 548 September 101.9 107.1 85.0 59.0 98.6 June 143.9 101 507 July 143.7 101 821 Sept 27 100.5 107.1 82.6 85.9 63.2 August 142. 3 101 706 Oct. 4 100.9 107.6 82.2 85.5 61.5 99.7 September.. _ 136.2 92 109 2,595 Oct. 11 101.7 109.1 82.7 86.1 6L. 7 100.3 Oct. 18 103.6 111.6 83.3 62.3 100.9 Sept. 27 135.4 113 1,635 Oct. 4 136.1 111 1,044 Oct. 11 136.8 94 112 723 1 Monthly data are averages of daily figures except for municipal bonds, Oct. 18 138.6 113 1,151 which are averages of Wednesday figures. 2 Average prices of all outstanding bonds due or callable after 12 years, based on quotations from Treasury Department; see BULLETIN for 1 Standard Statistics Co. Monthly data are averages of Wednesday December 1938, pp. 1045-1046 for description. Prices expressed in figures. decimals. 2 Average prices of industrial high-grade preferred stocks, adjusted to a 3 Prices derived from average yields, as computed by Standard Sta- $7 annual dividend basis. tistics Co. 3 Average daily volume of trading in stocks on the New York Stock Back figures.—See Annual Report for 1937 (table 79); for U. S. Treasury Exchange, in thousands of shares. Weekly figures are averages for the bonds, see pp. 1045-1046 of BULLETIN for December 1938. week ending Saturday. Back figures.—For stock prices, 'see Annual Report for 1937 (table 79). CAPITAL ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic (new Y m e o a n r t o h r fu i a n r n n e g d d - ) - m T e ( a f i o d e o g n o t s r d n - a - t ) i l c Total S n m a p t i n a c a u d t i l - e - a c F e g ie e r e a s d n l - 2 - Total Co B n r a p o o n t n o d e d r s a s te Stocks e F ig o n r - i m T e a ( f i o d o e g n o r s t n d a - t - ) i l c Total S n m a p t i n a a c u d l t i - e - a c F e i g e e r e s a d n l - 2 - Total Co B n r a o p o n t n o e d d r s a s te Stocks e F i o g r n - 1 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—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 19 (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 i©s 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 9 15 Sept 174 41 41 15 10 16 14 2 0 133 133 8 51 74 74 0 0 1 Includes issues of noncontiguous U. S. Territories and Possessions. 2 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 3 Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject ,to revision. Back figures—See Annual Report for 1937 (table 78). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1000 FEDERAL RESERVE BULLETIN NOVEMBER 1939 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF DIRECT OBLIGATIONS [On basis of daily statements of United States Treasury. In millions of dollars] Interest-bearing Noninterestbearing Total :Publicly-offered i End of month g d r e o b s t s in T t o e t r a e l st Total Bonds Notes Bills s i j s e u A s r s u v t d e i e - c s d e s i c S s u s o s u r e c i e - i t a s y l 4 ot A h l e l r5 t d u M e r a e b - d t Other bearing Pre- Treas- U. S. war ury2 savings 1932—June 19,487 19,161 618, 816 753 13,460 1,261 616 105 240 60 266 1933—June 22, 539 22,158 621, 782 753 13,417 4,548 954 92 284 66 315 1934—June 27,053 26,480 626,006 753 15, 679 6,653 1,404 118 356 54 518 1935—June 28, 701 27, 645 26, 910 753 14, 019 62 10,023 2,053 156 580 231 825 1936—June 33, 779 32, 989 31, 297 79 17,168 316 11,381 2,354 1,071 19 601 169 620 1937—June 36,425 35,800 33, 734 79 19, 936 800 10, 617 2,303 926 579 560 119 506 1938—June 37,165 36, 576 33, 463 79 21,846 1,238 9,147 1,154 868 1,601 644 141 447 1938—September. 38, 393 37,850 34, 493 79 22, 712 1,334 9,067 1,302 830 1,788 739 106 437 October.._ 38, 423 37,897 34, 527 79 22, 712 1,367 9,067 1,302 826 1,807 736 94 433 November- 38, 603 38,068 34, 559 79 22, 712 1,399 9,067 1,303 827 1,937 745 105 431 December. 39,427 38, 899 35, 327 79 24,005 L, 442 8,496 1,306 827 2,002 743 101 427 1939—January _._ 39, 631 39,097 35,469 79 24,005 L, 580 8,496 1,309 826 2,046 756 109 425 February.. 39,859 39, 326 35, 533 79 24,005 1,643 8,496 1,310 825 2,207 761 112 421 March 39,985 39, 442 35, 579 79 25, 218 1,701 7,270 1,311 827 2,257 779 125 419 April 40,063 39, 525 35, 627 79 25, 218 L, 751 7,270 1,309 826 2,294 780 122 416 May 40, 282 39, 751 35, 680 79 25, 218 L, 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 September. 40, 858 40, 342 35, 886 79 25, 218 2,051 7,232 1,306 795 2,746 915 112 404 1 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System. 2 Includes Liberty bonds. 3 Includes adjusted service bonds of 1945 and special issues of adjusted service bonds and of notes to Government Life Insurance Fund series and of certificates to the adjusted service fund. 4 Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement account. * Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation. e Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000. MATURITIES OF PUBLICLY-OFFERED DIRECT OBLIGATIONS, SEPTEMBER 30, 1939 FULLY GUARANTEED OBLIGATIONS, BY AGENCIES i fin millions of dollars] [In millions of dollars] •Maturing Federal Home Recon- Com- u. s. Farm Owners' struction modity Hous- Da o t r e c m al a la tu b r le ing Bonds B c o a n ll d - s Month Total M Co o r r p tg o a ra g - e Co L r o p a o n ra- C F o in rp an or c a e - C C o r rp ed o i r t a- Au in th g or- Total Bills Notes able i tion tion 2 tion tion ity U. S. Sav- Other ings 1934—June 681 312 134 235 Dec. 3,063 980 1,834 249 1939—Oct 1-Dec. 31. 1,832 1,306 526 1935— D Ju e n c e . 4 4 ,4 1 9 2 4 3 1 1 , , 2 3 2 8 6 7 2 2 , , 6 8 4 5 7 5 2 2 5 5 0 2 1940—Jan. 1-Mar. 31 ._ 1,378 1,378 1936—June 4,718 1,422 3,044 252 Apr. 1-June 3O.__ 738 738 353 Dec 4 662 1 422 2,988 252 July 1-Sept. 30 . 1937—June 4,665 1,422 2,987 255 1 19 9 4 4 2 1 Oct. 1-Dec. 31 _ 2 1, , 0 2 7 0 1 3 1 9 7 1 1 , , 0 3 7 0 8 3 1 5 7 834 1,379 1938— D Ju e n c e 4 4 ,8 6 5 4 3 5 1 1 ,4 4 1 1 0 0 2 2 , , 9 93 3 7 7 2 2 9 9 9 7 206 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 4 6 3 7 5 __ __ _ _ 2 2 1 1 , , , , 9 8 1 8 4 4 4 1 2 1 8 2 8 2 6 1,0 4 5 1 0 6 4 3 1 2 2 7 3 3 6 2 1 1 , 3 8 5 9 9 9 1 4 9 8 9 1 2 2 1 1 1 , , , 4 8 5 3 7 6 5 5 7 5 0 5 5 2 5 1 1 9 93 3 8 9 — — N D O S Ja e o e c n p c v t. . t 4 4 4 5 5 , ,0 9 9 9 0 0 8 9 9 0 1 7 2 3 9 1 1 1 1 1 , , , , 3 3 4 3 3 8 8 0 9 8 8 3 4 5 8 2 2 2 2 2 , , , , , 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 5 5 5 5 5 0 0 1 1 1 9 9 1 1 1 2 2 2 2 2 0 0 0 0 0 6 6 6 6 6 1 1 9 9 4 4 9 8 1 1 , , 4 9 3 9 6 8 2 5 6 1 1 1 7 1 8 4 1 8 9 7 2 1 2 6 7 7 8 4 F M e a b r . . . _ _ 5 5 , , 4 4 1 1 0 0 1 1 , , 3 3 8 8 1 1 2 2 , , 8 8 8 8 8 8 8 8 1 1 9 9 2 2 0 0 6 6 1 1 1 1 4 4 1 1 9 9 5 5 0 1 __ 1,223 I 223 2 1 ,1 3 8 8 6 2 A M p a r y ._ ._ _ 5 5, , 4 4 1 0 0 9 1 1, , 3 3 7 8 9 0 2 2, , 8 8 8 8 8 8 8 8 2 1 0 9 2 20 0 6 6 1 1 1 1 4 4 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 4 2 3 6 5 -- -- -- 2 2 1, , , 7 4 6 4 7 8 3 6 8 5 6 6 3 9 5 2 2 1, , , 7 6 4 4 7 8 3 6 8 5 6 6 3 9 5 2,6 9 1 8 1 2 J J A S u u e u n l p e g y _ t . . . . _ . . . 5 5 5 5 , , , , 4 4 4 5 5 5 8 8 0 8 0 3 1 1 1 1 , , , , 3 3 3 2 7 7 7 7 9 9 9 9 2 2 2 2, , , , 8 9 9 8 3 2 5 5 1 8 8 8 8 8 8 8 2 2 2 2 0 0 0 0 2 2 4 4 0 0 0 0 6 6 9 9 1 1 1 11 1 1 1 4 4 4 4 1958 - -- - 919 1959 982 982 1 Principal amount of obligations guaranteed as to interest and princi- 1960 2,611 2,611 1,485 pal. Excludes obligations held by U. S. Treasury and reflected in the 1961 50 50 50 public debt. The total includes guaranteed debentures of the Federal 1963 919 919 Housing Administrator, amounting to $2,787,000 on September 30, 1939. 1965 1,485 1,485 2 Excludes obligations guaranteed as to interest only. Total 35, 886 1,306 7,232 2,051 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. 2 Includes unclassified U. S. savings bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1001 NOVEMBER 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 Trust Increase or de- Receipts Expenditures 1 ac- crease during counts, period Period Total c ta I o x n m e - e s t S s a e o i x c t c y u e ia r s - 3 l O i r n n e n u t t v h a e e e l e r * - - r o A th l e l r Total I e d n s e t te b o r t - n G t e f i V N a e n o d n n e e e n a - s d r t - a e - a l l o A th l e l r r c a R e e o n l r e i v y d - e - f f ( v u n R i o n n e e l t g d - v ) s - & T f a e t e c r t r r c c u a s . t n s s t t 6 s o ., - E p ( c t o + e x e u e f n i ) c r x p e d e r - t e o s s i s - - s r p ( e c t o + e x e u e e f t c n i ) r x c p e e d r . - o s t e 7 s i s 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 2,187 697 8,442 1,436 1,994 3,073 204 -3,149 +374 -128 +2, 646 June 1938 6,242 2,635 755 2,285 567 7,626 1,556 2,178 2,238 121 607 -1,384 +306 -338 +740 June 1939 5,668 2,182 2,238 507 9,210 941 1,627 2,761 3,105 92 685 -3, 542 +890 +622 +3, 275 3 months ending: Sept. 1937 1,651 594 164 708 185 1,912 192 381 520 531 241 -261 +117 +306 +450 Sept. 1938 1,509 577 166 638 128 2,196 176 410 660 695 227 -687 +222 +763 +1, 228 Sept. 1939 1,447 408 182 717 2,413 185 470 748 711 283 -967 -112 -661 +418 1938—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 Q -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 66 -402 -44 -216 +230 September.. 719 328 27 312 784 151 154 254 170 50 -65 +46 -53 -34 Details of trust accounts, etc. Details of general fund balance (end of period) Ol r m d a - i a e l g n r e o t a r a d e c s c e r o e rv t u i e n r e t a s - nd Un t e r m us p t l o fu y n m d ent G c N h o e e v t c e k e r i x n n p m g e e n a n c d t c i t o a u u g r n e e n s ts c i o i n e f s ot A h l e l r, Period excess Inof re- In- cre- Workce R i e p - ts m v I e e n s n - t t - s m B p e e f a i n n y t e t - s - ce R i e p - ts m v I e e n s n - t t - s d W S ra t b a w i y t t h e a s l - s s C F t R r o i t u n e r i c c p a o o t o n n i n r c o a - e n - C m C o C t o r r i o p e o d m d o n it i r - y t a- o A th l e l r d ( e c ( + i x — e t p ) i u ) p e r o t n 1 e s 0 s - r Total a g c o ti l v d e m g o o e n l n d t S io e r i a g g n e - a b i n a n l c g - e Fiscal year ending: June 1937 267 267 294 293 1 9 329 9 112 127 +60 2,553 1,087 141 356 970 June 1938 550 461 85 763 560 191 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 3 months ending: Sept. 1937 168 143 12 155 146 9 69 9 60 42 +8 2,860 1,209 141 382 1,128 Sept. 1938 152 109 28 202 78 129 9 226 68 9 36 +16 2,978 142 460 2,376 Sept. 1939 181 139 31 225 96 122 67 9 75 166 +28 2,178 142 554 1,481 1938—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 96 +19 2,569 142 467 1,960 November __ 49 34 10 125 96 26 21 18 9 11 +13 2,447 142 478 1,828 December 49 34 10 37 32 19 18 16 94 +8 3,084 142 492 2,449 1939—January 39 34 10 51 10 33 9 15 10 9 20 +2 2,933 142 503 2,288 February... 50 50 10 148 111 36 9 326 9 112 -1 3,343 142 508 2,693 March 68 50 11 34 44 96 2 937 +14 3,389 142 515 2,732 April 55 50 10 34 9 13 41 9 60 5 9 27 +11 3,044 142 522 2,380 May . 50 40 11 137 108 32 3 94 12 +23 2,924 142 528 2,254 June. 85 83 11 32 41 9 86 92 +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 September 50 43 10 13 9 19 40 22 5 9 74 +10 2,178 142 554 1,481 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. 8 Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account and railroad retirement account; except for the adjusted service certificate fund, these appear as receipts under "Trust accounts, etc." 7 Details given in lower section of table. 8 Less than $500,000. 9 Excess of credits. i° Includes other trust accounts, increment resulting from reduction in weight of the gold dollar, expenditures chargeable against increment on gold (other than retirement of national bank notes) and receipts from seigniorage. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1002 FEDERAL RESERVE BULLETIN NOVEMBER 1939 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, AUGUST, 31, 1939 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Recon- Ho h m ou e s i m ng o r a tg g a e g n e c i a es nd Farm credit agencies Total struction Ten- F i A C P W s r i a t d n a u o r t o m n a a r b i p r o d n t l i k i o i n c n o c s - e - n O C H r L a w o o o t r i n m a p o e n o n e r - s' O m a g c g t a o i h e e g r n e s e t - - r U t S H h A n t i o o a n i r u u t t g i e e - s t s d y - m F a g c g a a o i e r e g r m n s e t- - p a C o n b A O F r d a r a t d a e n h r t c m d m k i e o o i s r . t r n - s m C C r C a o r o t o e r i d m p d o i o n i - t t y - Other t V n A h l s i e e t e o a u y s y e l r - - - - a a s c I g n u i n e e c r - s - n e - Other A 1 3 9 u 1 3 g , 9 . J 1 3 u 9 1 l 3 y , 9 A 1 3 9 u 1 3 g , 8 . ASSETS Loans and preferred stock: Loans to financial institutions. _ 212 159 0) 57 428 435 473 Preferred stock, etc. 517 211 40 76 (i) 844 864 860 Loans to railroads _ 462 30 492 493 491 Home and housing mortgage loans _ __ 2,060 186 91 2,337 2,332 2,340 Farm mortgage loans 2,637 2,637 2,647 2,786 Other agricultural loans 21 291 614 203 0) 1,128 1,084 705 All other loans __ 2441 CO 3 323 1,033 1,007 821 Total loans and preferred stock _ _ _ 1,653 2,271 385 91 2,637 366 614 526 57 299 8,900 8,861 8, 476 Cash 1 86 44 40 121 31 1 26 14 39 14 418 385 326 U. S. Govt. direct obligations 48 35 2 78 171 397 4 735 731 677 Obligations of Government credit agencies: Fully guaranteed by U S 13 21 106 141 140 160 Other « 8 * 2 35 45 47 36 Accounts and other receivables 23 10 6 1 211 7 81 1 5 63 43 450 378 394 Business property 0) 4 0) 130 6 0) 0) 289 1 100 531 483 438 Property held for sale 36 543 0) 121 0) 2 1 704 709 666 Other assets 2 4 0) 7 0) (0 5 1 2 73 95 90 145 Total assets other than interagency 6 1, 772 2,917 485 264 3,183 632 696 558 308 668 534 12,01711, 82311,317 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States 820 2,765 114 1,379 409 3 5,489 5,291 5,001 Other B 0) 134 997 196 8 (0 9 1,345 1,349 1,372 Other liabilities (including reserves). 155 106 35 8 103 11 187 183 7 203 54 1,052 867 755 Total liabilities other than interagency6 975 2,870 169 122 2,480 207 596 183 15 206 63 7,886 7,507 7,129 Excess of assets over liabilities, excluding interagency transactions.. 797 46 316 142 703 425 100 375 293 462 471 4,131 4,316 4,189 Privately owned interests 49 199 3 139 391 390 374 U. S. Government interests 797 46 267 142 504 421 100 375 293 323 471 3,739 3,926 3,815 1 Less than $500,000. 2 Includes $58,000,000 loans of Public Works Administration. 3 Includes $256,000,00) loans of Farm Security Administration. 4 Includes $146,000,000 loans of Rural Electrification Administrati m. 5 Excludes Federal land bank bonds held by Fedaral Farm Mortgage Corporation. 6 Includes, however, investments in securities of agencies (other than mentioned in footnote 5) and deposits of agencies with Recanstruction; 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] Sept. 30, Mar. 31, Apr. 30, May 31, June 30, July 31, Aug. 31, Sept. 30, 1938 1939 1939 1939 1939 1939 1939 1939 Loans to financial institutions 216, 859 196, 679 193, 967 190, 447 183, 943 181, 502 178, 833 177,011:. Loans on preferred stock of banks and insurance companies. 37,154 33,626 33, 583 33,494 33, 444 33, 349 33,181 33,162 Preferred stock, capital notes, and debentures 523, 605 524, 343 528,024 528, 573 529, 270 526, 876 517,125 515,157 Loans to railroads (including receivers) 419, 364 439, 560 443, 840 436, 612 439,199 438, 863 438, 837 438, 836. Loans for self-liquidating projects 193,078 186, 978 111,391 113,450 44, 683 68,106 73, 844 85, 264 Loans to industrial and commercial businesses 92,137 112, 048 112,531 114, 498 117, 079 121, 804 123,042 125, 753- Loans to drainage, levee, and irrigation districts 79, 601 82, 757 82, 966 83, 084 83,109 83, 358 83,462 83, 502 Other loans 14, 456 27,067 27,129 28, 640 27, 393 25,196 23,812 23, 847 Securities purchased from Public Works Administration._. 137, 697 131,090 130, 313 128, 865 116, 577 119, 705 122, 986 124, 476' Total loans and investments, other than interagency. 1, 713, 950 1, 734,1481, 663, 744 1, 657, 663 1, 574, 697 1, 598, 759 1, 595,121 1, 607,006 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 53,948 56, 698 61,148 146,498 146, 498 146, 498 146, 498. Capital stock of, and loans to R. F. C. Mortgage Co 42, 595 53, 258 55,066 55, 625 57,094 55, 219 54, 903 54, 629 Capital stock of, and loans to Fed. Natl. Mtge. Assn 23,185 24, 21" 29, 398 33, 796 37,996 41, 776 44, 438 46, 500 Loans to Tennessee Valley Authority 2,000 3,000 3, 000 3,000 8,300 8,300 8,300 8,30Q Total loans and investments 1,848,228 1,913,569 1,852,906 1,856,232 1,869,585 1,895,551 1, 894, 260 1,907, 932 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

NOVEMBER 1939 FEDERAL RESERVE BULLETIN 1003 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Farm mo b r y tg - age loans F c e re d d e i r t a l b a in n t k e r l m oa e n d s i a to te Loans to cooperatives byand discounts for— End of month la F nd e d b e a ra n l ks C s o L B i m o a a n n n m e d k r is- p s c p c R r o r c o o r e c u e e r a d d i g a l d a g i u t t i i t t u r i o c t i i o r o c n t - a a n i o n a s o l s r s l - n , - , f c i i n e o n t O x i a o s o t n c p t h n i e c e t e s p i r u n r , a t - g - ti P a o s r t n s i o o o d c n c u r i s e a c d - - it t R i u a t r r e a g c a g t r o l i i i o c o r c p u n n r o l s e a - - d l - c d r E g r l o o o e m p a n u e n a c g r s y n h - d t m F b c i e e n r a d d e t n e e d i k a r r i - s a t te l B in C c a a c B o n t e l i o a u n k v p n s d t e r e k i s f a r n o , - l g r i M A i n r n e g t g g a u v r r o r i f A k c a u l e u v l n c t l - d t - and banks tives for cooperatives ! 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—September. 2, 003,810 771,988 189, 937 40,808 170,806 13, 374 179, 398 256 82, 544 27, 370 October 1, 997, 561 766, 502 174, 626 36,121 154, 560 12, 354 174, 574 744 86,931 27, 917 November. 1, 990, 475 760,326 166, 549 34, 537 148, 430 11,592 172,043 851 86, 221 25, 313 December. 1, 982, 224 752,851 168,392 33, 545 148,037 11,081 170,891 920 87, 496 23, 723 1939—January... 1, 973,179 745, 631 163,815 33, 077 148, 416 10, 863 169,707 834 80, 266 23, 948 February- 1,968, 790 740, 870 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 September 1, 922, 577 703, 840 179, 674 37, 645 174, 032 9,127 175, 060 778 65,160 21, 663 i Soite of the loans made by the regional agricultural credit corporations (prior to October 1935) and by the banks for cooperatives and most of the[<lqans 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 o n a n m t e C io e r o s n r ' - N c o l i u f o a m t a 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 s o a m n t n n i s s b t k u t 2 e o - r an ba c l e - si 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 t o t i a g e o b u n e a l n a d - - i r s - - f s u e e r t n e r c d - v .* s e , 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—September 2, 221, 417 1,365 994, 218 189, 548 1938—August 1,252 1,291 99 1,113 947 166 79 October _ . 2, 203,896 1,370 1,011,087 189, 217 September 1,248 1,287 98 1,118 952 166 71 November 2,186,170 1,374 1,020, 873 189, 685 October 1,250 1, 289 96 1,118 952 166 75 December 2,168, 920 1,368 1,034,162 198, 840 November 1,250 1,291 87 1,128 961 167 76 1939—January 2,149,038 1,370 1,040, 770 178, 852 December 1,252 1,291 86 1,132 965 167 73 February 2,134, 261 1,375 1, 051,109 170, 614 1939—January 1,259 1,299 83 1,137 971 166 79 March 2,117, 598 1,375 1,067,887 161,614 February 1,263 1,304 81 1,144 978 166 79 April _ 2,105,824 1,381 1,089,879 157,176 March 1,266 1,309 80 1,153 986 167 76 May 2,091, 324 1,383 1,117, 228 157, 911 April. _ 1.264 1,306 76 1,154 988 166 76 June — 2, 080, 512 1,386 1, 136, 289 168, 962 May. _ . 1,261 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 1,268 1, 310 58 1,172 1,026 146 80 September __ 2, 054, 865 1,394 1, 206, 887 163, 687 August P] 271 September __ n, 267 1 Federal Home Loan Bank Board estimates for all Federal savings and loan associations. p Preliminary. 2 Excludes loans to other than member institutions which are negli- 1 Outstanding principal, represented by certificates of deposit. Does gible in amount. not include accrued interest nor outstanding savings stamps. 2 Includes working cash with postmasters, 5-per cent reserve fund and miscellaneous working funds with the Treasurer of the United States, accrued interest on bond investments, and accounts due from late postmasters. Back figures—See BULLETIN for August 1935, p. 502. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1004 FEDERAL RESERVE BULLETIN NOVEMBER 1939 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production i * Construction contracts awarded (value)2 Fac- Factory em- tory Freight-car Department Year Total Manufac- Minerals Total Residential All other ployment3 pay- loadings * * store sales * month ures rnllo 3 Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadustedjusted justedjusted ustedjusted justed justed justedjusted ustedjustedjustedjusted 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 76 1935 90 90 91 37 21 50 91 74 64 79 1936 105 105 105 65 37 70 99 86 75 88 1937 110 109 '•lie 59 41 74 109 103 78 92 1938 86 84 98 64 45 80 90 78 62 85 1936 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 51 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 70 Mar..... 118 122 117 122 128 119 56 56 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 60 July.... 114 111 114 110 112 '116 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 ••113 56 50 32 31 76 65 104 104 93 71 72 91 101 Dec 84 80 79 75 115 '109 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 51 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 §3 65 Sept 00 91 89 89 97 102 78 79 56 56 96 97 '89 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 '84 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 ••100 100 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 Aug 103 99 104 99 91 96 73 76 67 66 78 84 96 96 90 70 71 89 69 Sept.... Pill Pill Pill P110 P110 P118 P79 P79 P73 P73 P83 P84 P97 P100 P94 77 85 91 97 p Preliminary. r Revised. c Corrected. * Average per working day. 1 For indexes of groups and separate industries see pp. 1005-1006; for description see BULLETIN for February and March 1927. 2 3-month moving average of F. W. Dodge Corporation data, centered at second month; for description see p. 358 of BULLETIN for July 1931. 3 The indexes for factory employment and payrolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description of the seasonally adjusted index of factory employment compiled by F. R. Board of Governors see BULLETIN for October 1938, pp. 835- 837, and for October 1939, pp. 878-887. For current indexes of groups and separate industries see pp. 1007-1010. Underlying figures are for payroll period ending nearest middle of month. * For indexes of groups see p. 1012. 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

NOVEMBER 1939 FEDERAL RESERVE BULLETIN 1005 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average=100] 1938 1939 Industry Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Manufactures—Total 87 95 103 104 100 97 92 91 97 100 104 Durable 64 83 94 92 88 83 80 76 71 82 88 92 P103 Nondurable 107 106 110 114 110 109 110 105 108 110 110 115 P118 IRON AND STEEL 70 90 108 101 93 88 83 79 73 100 105 121 Pig iron 51 67 76 74 72 73 75 66 55 81 91 101 Steel ingots 72 92 112 104 95 89 84 75 102 107 123 TRANSPORTATION EQUIPMENT: Automobiles2 105 '89 85 Locomotives 12 19 NONFERROUS METALS: Tin deliveries l 76 102 97 Zinc 89 98 Lead 82 71 CEMENT AND GLASS: Cement 67 84 82 69 80 90 75 79 76 78 Glass, plate 155 155 153 147 133 131 124 121 165 COKE: Byproduct 81 89 105 106 105 106 94 77 103 110 120 130 Beehive 5 '5 6 5 5 2 2 5 5 5 7 TEXTILES 109 103 100 112 117 109 109 110 97 104 111 111 120 Cotton consumption ••114 107 104 112 120 rill 111 114 105 110 115 117 128 129 Wool 106 93 91 107 116 107 111 105 85 105 116 114 123 P119 Consumption 133 107 101 123 134 114 117 119 91 120 138 136 150 PUO Machinery activity 1 91 86 87 101 112 113 113 91 80 98 105 105 103 P102 Carpet and rug loom activity 55 66 67 69 72 77 87 84 78 73 70 64 79 pm Silk deliveries 102 111 104 123 116 107 97 108 76 84 87 107 LEATHER AND PRODUCTS 109 103 101 107 123 124 124 121 115 113 108 116 Tanning 82 78 81 90 103 105 95 97 94 91 98 P107 Cattle hide leathers 86 86 94 100 104 93 91 91 87 106 Calf and kip leathers 77 72 89 109 119 118 103 101 89 91 74 Goat and kid leathers 75 65 70 77 85 97 97 95 106 104 102 106 103 Boots and shoes 126 119 114 118 138 137 137 138 127 126 119 131 128 P113 FOOD PRODUCTS: Slaughtering and meat packing __ 95 94 87 83 90 94 87 92 100 Hogs 74 92 88 74 67 73 81 84 73 77 84 95 Cattle 103 106 94 96 97 100 106 99 104 103 102 100 102 Calves 115 118 108 112 106 111 108 110 105 108 104 107 104 111 Sheep 153 152 149 152 137 150 157 156 135 142 143 145 139 146 Wheat flour. 87 88 91 86 92 92 94 97 100 95 100 96 103 Sugar meltings 106 103 100 108 106 70 78 94 72 66 81 TOBACCO PRODUCTS 161 160 150 164 179 165 162 164 164 170 170 158 168 164 Cigars 73 75 74 76 76 79 77 78 77 75 75 73 76 76 Cigarettes 232 229 211 233 258 237 231 236 236 246 247 227 241 235 Manufactured tobacco 81 84 78 95 97 78 78 80 81 85 84 80 85 PAPER AND PRINTING: Newsprint production 53 57 58 61 61 61 62 63 65 63 63 63 65 Newsprint consumption 123 130 132 128 128 125 127 126 130 127 132 126 130 142 PETROLEUM REFINING 203 206 201 205 201 202 209 211 215 212 218 Gasoline l 264 265 259 262 256 256 265 269 276 273 280 Kerosene 104 109 102 104 107 112 113 122 122 124 122 117 123 Fuel oil i 134 141 143 140 142 145 138 140 143 143 144 139 140 Lubricating oilx 108 113 110 109 100 106 117 111 115 119 121 115 128 RUBBER TIRES AND TUBES I 90 95 100 112 110 109 114 104 102 112 111 122 123 Tires, pneumatic l 93 103 104 116 115 114 119 108 106 117 116 127 128 Inner tubes J 72 75 79 76 71 76 73 77 77 84 Minerals—Total 95 97 102 109 110 110 110 95 104 106 P110 Bituminous coal3 64 71 72 76 78 75 79 77 31 46 71 75 77 Anthracite 38 50 49 58 67 69 61 61 80 73 59 53 53 P71 Petroleum, crude 167 158 161 165 169 171 169 173 174 175 170 174 127 P162 Iron ore 37 41 50 42 55 67 74 78 97 Zinc 74 75 80 87 90 91 90 91 93 98 Lead 46 50 50 73 71 70 68 71 71 Silver 105 102 102 100 101 107 70 79 1 Without seasonal adjustment. v Preliminary. r Revised. 2 Automobile production seasonal factors revised as follows: August 32, September 70, October 118, November 120, December 112. 3 Revised figures for bituminous coal 1937, February 99, March 113, April 73, May 81, July 80, August 79, December 80. NOTE.—Descriptive material and tables giving back figures may be obtained upon request from the Division of Research and Statistics. Series on shipbuilding, silk-loom activity, and on production of book paper, wrapping paper, fine paper, boxboard, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, included in the total index, are withheld from publication pending revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1006 FEDERAL RESERVE BULLETIN NOVEMBER 1939 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average^lOO] 1938 1939 Industry Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Manufactures—Total 85 89 95 103 98 98 98 100 96 94 97 95 99 P110 Durable 63 66 79 92 85 84 83 86 84 78 85 83 85 Nondurable 104 109 109 113 108 111 111 111 106 107 108 105 111 ^119 IRON AND STEEL 69 75 88 100 89 90 92 93 87 79 89 93 103 120 Pig iron _ _ _ _ __ 49 57 67 77 73 71 75 79 70 56 72 77 87 98 Steel ingots 71 76 90 103 90 92 93 95 89 81 90 95 105 122 TRANSPORTATION EQUIPMENT: Automobiles __ _._ _____ 26 26 63 115 117 105 98 105 106 88 91 66 28 59 Locomotives 5 4 5 8 12 11 12 14 13 15 14 15 20 NONFERROUS METALS: Tin deliveries _ _ _ _ _ 65 71 81 73 59 66 72 76 92 102 93 87 99 97 Zinc 69 71 78 88 96 94 93 96 94 90 87 84 87 93 Lead 44 48 52 69 58 71 75 70 70 80 71 65 68 67 CEMENT AND GLASS: Cement 87 86 91 83 64 42 48 65 79 88 98 100 98 98 Gla^s plate 89 107 155 155 153 147 133 138 91 93 112 78 121 165 COKE: Byproduct 79 88 98 107 107 107 108 109 95 76 101 107 116 128 Beehive1 _ _ _ __ 4 5 '5 6 7 7 7 6 2 2 5 4 4 7 TEXTILES _ _ 103 103 103 116 111 114 115 112 100 104 105 103 112 Cotton consumption 103 104 107 117 111 119 119 113 114 111 106 115 125 Wool _ _ _ — 101 96 96 113 117 109 116 106 84 100 109 106 118 P123 Consumption 123 113 111 134 135 118 128 122 88 111 124 121 139 P147 Machinery activitv 91 86 87 101 112 113 113 91 80 98 105 105 103 P102 Carpet and rug loom activity- 55 66 67 69 72 77 87 84 78 73 70 64 79 Silk deliveries 106 116 104 127 103 122 104 104 87 75 75 80 91 113 LEATHER AND PRODUCTS __ 121 119 111 102 104 115 126 125 112 105 104 112 129 Tanning 84 84 86 88 95 98 108 94 94 88 90 88 100 Cattle hide leathers 85 90 92 93 96 101 111 94 91 87 86 86 104 Calf and kip leathers 93 83 82 85 94 98 108 91 91 85 88 89 Goat and kid leathers _ 74 68 73 76 92 92 101 97 105 96 102 98 101 Boots and shoes 145 143 128 112 109 125 138 145 124 115 113 128 147 ^136 FOOD PRODUCTS: Slaughtering and meat packing.__ 77 90 94 104 101 101 83 84 81 92 86 84 80 91 Hogs 56 66 79 97 103 100 74 74 72 81 76 69 64 71 Cattle. _ _ __ 101 118 110 111 94 98 88 92 87 101 96 101 98 114 Calves 106 113 113 114 100 104 100 111 114 122 108 104 96 107 Sheep 154 176 163 151 135 151 147 142 127 139 140 145 140 170 Wheat flour 94 104 102 93 88 90 91 91 91 90 88 94 94 122 Sugar meltings 97 114 98 78 62 70 69 92 109 81 78 98 86 102 TOBACCO PRODUCTS. _ _ _ 172 177 161 167 145 157 147 156 151 172 186 171 180 181 Cigars 76 86 90 90 57 61 67 71 72 78 81 76 80 87 Cigarettes _ __ 250 252 222 231 212 232 211 224 215 248 272 249 261 259 Manufactured tobacco 84 91 81 92 79 79 79 81 78 85 86 80 91 93 PAPER AND PRINTING: Newsprint production 52 57 58 63 61 62 61 61 64 66 64 62 61 64 Newsprint consumption 110 128 140 137 132 120 125 131 139 131 131 112 116 139 PETROLEUM REFINING 203 206 209 208 202 205 202 201 208 211 215 211 217 Gasoline 264 265 269 269 259 262 256 256 265 269 276 273 280 Kerosene __ 99 111 107 113 115 115 115 119 121 119 113 108 116 Fuel oil 134 141 143 140 142 145 138 140 143 143 144 139 140 Lubricating oil 108 113 110 109 100 106 117 111 115 119 121 115 128 RUBBER TIRES AND TUBES 90 95 99 100 112 110 109 114 104 102 112 111 122 123 Tires, pneumatic __ 93 98 103 104 116 115 114 119 108 106 117 116 127 128 Inner tubes .__ 69 71 72 75 79 76 71 76 73 68 77 77 84 85 Minerals—Total.._ _. . 97 102 106 105 103 105 105 102 88 97 105 107 96 Bituminous coal2 62 76 79 86 82 83 83 77 26 40 63 68 75 m Anthracite 38 51 63 60 66 74 66 50 83 73 51 44 53 P72 Petroleum, crude _ __ 170 163 163 163 164 164 16G 171 174 177 173 178 129 P167 Iron ore 76 78 86 35 82 132 150 159 187 Zinc 69 71 78 88 96 94 93 96 94 90 87 84 87 93 Lead . _ ___ 44 48 52 69 58 71 75 70 70 80 71 65 68 67 Silver 104 97 101 55 86 86 108 94 102 69 105 59 78 p Preliminary. r Revised. 1 Revised figures for beehive coke 1938, April 6, June 4. 2 Revised figures for bituminous coal 1937, January 97, February 105, March 113, July 73, September 93, October 93, November 88. NOTE.—Descriptive material and tables giving back figures may be obtained upon request from the Division of Research and Statistics. Series on shipbuilding, silk-loom activity, and on production of book paper, wrapping paper, fine paper, boxboard, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, included in the total index, are withheld from publication pending revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1939 FEDERAL RESERVE BULLETIN 1007 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total i '87. 9; '89.4 90.2 92.8 94.4 94. 94.3 94.0 93.3 94.3 '95.3 '96.0 97.4 Durable goods1 •-73.il '75.6 78.3 82.1 83.7 84.4 84.2 83.7 83.9 82.9 83. '84. 7 '85. 88.9 Nondurable goods.. 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. 9 105.5 IRON, STEEL, PRODUCTS 83.6 85. 90.9 90.7 90.7 90.5 90.3 90.6 92.5 95.6 Blast furnaces, steel works. _ 87 88 89 93 95 95 94 95 94 96 96 97 101 Bolts, nuts, washers, rivets.. 83 87 90 95 97 96 97 94 93 93 94 98 101 Cast-iron pipe 66 69 70 73 72 72 73 73 73 71 72 73 74 Cutlery, edge tools 82 84 85 88 90 90 90 90 86 91 91 94 97 Forgings 48 49 52 54 56 54 55 54 55 55 54 56 56 59 Hardware 65 71 83 89 91 89 87 87 84 80 72 70 78 84 Plumbers' supplies 74 75 73 74 74 74 74 74 74 75 76 77 78 80 Stamped, enameled ware 129 135 139 146 147 144 143 147 144 142 147 147 157 157 Steam, hot-water heating.... 76 74 75 74 74 74 74 75 75 74 75 78 79 80 Stoves 79 79 81 79 82 82 84 85 84 85 89 88 85 Structural, ornamental 57 58 59 60 62 63 66 67 67 67 67 69 71 Tin cans, tinware 95 93 88 91 93 94 95 95 96 95 95 95 98 98 Tools 73 76 76 80 83 83 84 84 84 84 84 81 85 87 Wirework 105 125 137 154 162 154 152 151 148 142 135 128 121 150 MACHINERY 84.6 85.1 91.7 92.3 94.0 94.8 94.9 94.4 95.4 96.1 97.3 Agricultural implements 110 100 104 104 110 114 123 124 122 119 118 115 121 123 Cash registers, etc 133 134 134 133 134 132 131 131 127 126 128 127 125 127 Electrical machinery 75 78 81 83 85 84 85 86 87 87 87 88 92 T E M T R F y e o n a a x g p d u c t i e i n h i n o w l d i e e s n r , r s y e m i , p t , e t t h a u o m r c o s o r h n a b l i s c o i n n h g e e i r r n s a y e , p - e h s t h s c . o . p products. 1 1 8 9 7 5 1 2 2 1 5 9 8 0 1 1 8 8 2 7 6 2 2 9 0 5 3 3 1 1 8 7 9 6 2 2 5 5 8 4 6 2 1 1 1 2 1 8 2 7 6 4 7 7 7 7 6 1 1 1 2 2 2 8 7 6 6 3 7 8 9 9 1 1 1 2 2 9 2 8 6 6 8 2 7 0 9 1 1 1 2 3 9 2 8 7 9 2 1 8 1 1 1 1 12 9 3 3 8 7 9 1 4 0 2 2 1 1 1 3 2 9 8 2 7 8 9 1 2 4 3 1 1 1 2 8 4 2 7 1 1 0 6 5 1 1 1 9 8 4 2 7 2 5 3 4 6 5 2 1 1 1 9 8 3 7 4 2 5 3 1 7 9 2 1 1 1 9 8 2 1 4 7 7 5 6 9 6 8 1 1 1 5 2 2 8 9 7 5 7 2 6 9 9 TRANSPORTATION EQUIPMENT I.__. '59.6 '69.8 80.3 90.6 93.2 94.1 92.9 91.1 87.2 88.9 '90. 0 '89. 6 101.4 Aircraft 776 798 824 837 868 900 966 1,075 1,169 1,267 1, 385 1,414 1,512 Automobiles i '59 '72 86 99 102 102 97 96 89 89 '90 '90 104 L S C h o a i c r p s o , b m u e o l i e l t d c iv i tr n e i g s c-, steam-railroad. 2 9 1 6 5 7 3 1 1 6 9 2 1 4 8 5 10 2 1 0 9 6 10 3 1 3 3 7 10 3 1 6 5 9 11 1 3 7 11 3 1 1 6 6 11 3 1 2 4 8 1 3 2 1 4 1 8 1 3 2 2 3 5 7 1 3 2 2 2 8 8 1 3 2 2 1 9 5 12 3 2 9 4 8 NONFERROUS METALS, PRODUCTS 84.1 91.9 93.1 93.4 93.4 93.2 92.! 92.8 >-94.6 96.2 98.9 Aluminum 128 131 132 131 131 135 140 143 142 145 153 157 151 Brass, bronze, copper 95 98 101 106 106 105 104 104 103 104 105 106 109 114 Clocks, watches 80 79 81 79 79 84 84 84 85 84 82 84 85 85 J L e i w gh e t l i r n y g equipment 8 6 4 7 8 7 4 1 8 7 4 7 8 8 6 2 8 9 5 1 8 9 6 0 8 9 4 1 92 9 7 3 7 9 7 0 6 9 7 1 3 9 7 4 5 9 7 5 7 9 9 1 0 Silverware, plated ware 61 61 64 65 68 68 68 68 70 70 71 Smelting, refining 70 71 76 78 77 78 77 77 76 75 77 LUMBER, PRODUCTS 61.5 62.8 62.4 64.0 65.7 65.1 63.2 64.2 64.8 65.3 66.0 66.4 67.2 Furniture 79 80 79 80 83 84 85 85 85 84 85 86 86 87 L Lu u m m b b e e r r , , s m a i w ll m w i o l r ls k . . . . 5 5 4 6 5 5 5 8 5 5 5 7 5 5 7 9 57 58 5 5 7 9 5 5 6 6 5 5 7 7 5 5 6 9 5 5 9 9 5 6 9 0 6 6 0 0 6 6 1 1 STONE, CLAY, GLASS PRODUCTS.. 69.2 70.7 73.2 76.8 77.8 79.6 77.4 77.4 77.9 75.4 77.5 78.4 78.1 78.3 Brick, tile, terra cotta 50 52 53 56 57 61 59 58 58 55 57 58 57 58 Cement 64 63 67 64 66 66 67 '63 66 67 67 67 Glass 84 87 92 100 95 95 97 96 98 98 99 100 Marble, granite, slate 46 45 46 47 49 49 48 53 53 52 50 51 50 48 Pottery 80 81 82 84 85 87 85 84 84 87 88 87 86 TEXTILES, PRODUCTS 100.3 98.9 100.0 102.2 101.9 101.8 101.0 99.6 99.8 101. 2 '104.1 104. 103.4 Fabrics 89.1 89.0 88.1 90.5 92.3 91.9 91.7 91.0 90. 91.0 92.0 '94. 5 95.4 94.0 Carpets, rugs 63 67 71 74 76 78 77 77 77 74 73 74 76 78 Cotton goods 85 85 84 85 85 85 86 85 85 85 86 89 91 91 Cotton small wares 73 76 77 80 83 82 82 80 78 80 79 83 84 ! 86 Dyeing, finishing textiles.. 118 118 116 118 121 122 122 122 121 124 120 128 129 129 Hats, fur-felt 91 94 96 91 89 90 90 87 86 84 89 93 90 87 Hosiery 147 147 148 148 151 153 153 154 154 153 152 154 155 149 Knitted outerwear 71 71 72 71 77 64 68 70 67 68 72 75 80 73 Knitted underwear 69 69 69 70 71 72 71 70 70 73 74 77 79 78 Knitted cloth 133 131 135 139 144 134 134 134 133 128 138 138 140 140 Silk, rayon goods 63 64 62 64 65 64 64 65 65 66 63 63 62 61 Woolen, worsted goods 79 78 75 84 88 88 84 81 77 81 86 89 85 83 Wearing apparel 119.2 121.4 119.0 116.9 120.0 119.5 120.2 119.2 116. 4 115.2 117.5 121.1 121. 4 120.1 Clothing, men's 104 106 104 104 106 103 104 104 103 102 104 107 107 106 Clothing, women's 173 177 171 167 173 171 173 171 165 161 169 174 174 171 Corsets, allied garments... 103 103 104 105 106 107 107 107 109 111 114 '115 117 116 Men's furnishings 135 141 142 138 140 132 136 132 128 125 129 135 140 135 Millinery 79 84 84 72 77 79 84 84 81 80 74 73 77 80 Shirts, collars 122 119 117 117 119 130 123 121 119 120 120 123 121 121 ' Revised. i Seasonal factors for automobiles revised as follows: 1938, July ,90, August 82, September 90; 1939, July 85, August 80, September 97, October 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1008 FEDERAL RESERVE BULLETIN NOVEMBER 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] 1938 1939 Industry and group Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept LEATHER, MANUFACTURES 95.5 97.2 96.5 97.6 98. 1 98.9 99.0 99.2 97.7 93.7 97.1 98. 97.2 Boots, shoes 95 97 96 96 97 98 98 98 97 92 98 95 Leather 80 81 83 85 87 87 85 87 87 87 FOOD, PRODUCTS 127.7 126.7 123.4 127.4 128.8 128.8 125.' 127.3 127.0 128.4 129.4 127.9 129.7 127.4 Baking 144 144 143 144 144 144 144 144 144 146 147 147 146 146 Beverages 266 263 263 276 274 276 275 270 270 272 275 269 269 269 Butter 99 96 96 95 96 96 94 94 95 96 95 95 96 95 Canning, preserving 164 153 129 149 151 150 143 158 157 159 162 150 161 143 Confectionery 82 83 82 83 86 84 83 82 81 81 80 82 86 81 Flour 78 76 76 78 79 79 77 78 77 80 81 81 79 82 Ice cream 76 75 77 78 78 79 78 78 77 77 75 75 76 Slaughtering, meat packing 97 98 99 100 100 98 96 96 98 100 101 101 102 Sugar, beet 95 116 108 108 152 212 120 107 103 107 104 99 105 131 Sugar refining, cane 95 95 94 96 102 87 94 90 TOBACCO MANUFACTURES 64.3 65.7 64.4 65.0 65.6 65.9 64.8 61.4 64.5 65.1 65.5 65.7 65.2 64.2 Tobacco, snuff 63 65 59 63 63 61 61 62 63 62 62 61 62 62 Cigars, cigarettes 64 65 65 66 67 65 62 65 65 66 65 PAPER, PRINTING 108.7 109.0 109.2 110.6 111.1 111.0 111.1 111.4 111.5 111.5 111.1 111.8 112.0 112.5 Boxes, paper 104 105 105 108 110 111 111 112 111 111 111 113 115 116 Paper, pulp 103 104 105 106 106 106 106 106 106 107 106 106 107 109 Book, job printing 98 98 99 100 100 99 100 100 99 101 99 98 Newspaper, periodical printing. 114 113 114 114 113 114 114 114 114 114 115 116 CHEMICAL, PETROLEUM, AND COAL PRODUCTS 112.5 112. 112.6 113.3 113.7 113.6 112.9 113.4 114.2 114.4 113.1 113.6 111.7 116.2 Petroleum refining 122 121 120 120 119 119 119 119 118 119 120 121 122 122 Other than petroleum 110.1 110. 110. 111.8 112.4 112.3 111.4 112.2 113.3 113.4 111.4 111. 109.2 114.8 Chemicals 112 113 115 119 120 119 120 120 118 117 117 115 119 122 Cottonseed oil, cake, meal. 112 100 99 101 104 97 88 96 103 110 88 85 81 85 Druggists' preparations 112 109 108 108 108 109 107 108 109 111 112 111 109 110 Explosives 85 87 84 85 86 86 86 87 90 92 93 98 Fertilizers 107 103 102 100 103 97 110 115 107 105 103 112 Paints, varnishes 118 118 118 118 119 119 118 120 121 119 120 122 125 124 Rayon, allied products 280 299 300 297 297 297 301 299 309 302 295 298 254 297 Soap 82 81 77 81 81 80 79 78 79 84 87 RUBBER PRODUCTS 73.2 75. 76.5 81.4 82.9 81.4 81.4 82.2 81.3 81.1 79.7 83.6 Rubber boots, shoes 52 54 56 60 60 58 60 60 60 61 59 47 58 58 Rubber tires, inner tubes 60 61 63 67 67 66 67 67 67 66 67 68 70 Rubber goods, other 119 125 123 137 133 133 134 131 129 131 134 138 143 NOTE.—Figures for September 1939 are preliminary. For description and back data see the BULLETIN for October 1938, pages 835-866, and for October 1939, pages 878-887. Underlying figures are for payroll period ending nearest middle of month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1939 FEDERAL RESERVE BULLETIN 1009 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 Aug. Sept. May June July Aug. Sept. Aug. Sept. May June July Aug. Sept. Total 92.0 93.0 93.4 93.5 96.4 100.1 77.3 81.6 85.0 84.4 89.8 93.7 Durable goods 72.4 75. 84.0 84.6 83.0 84.1 89.7 63.1 68.1 78.8 76.0 81.6 87.8 Nondurable goods. 104.4 107.3 101.6 101.8 103.5 108.1 109.9 93.2 96.7 91.9 93.0 93.1 99.0 100.2 IRON, STEEL, PRODUCTS 82.1 84.3 90.2 90.4 92.3 70.1 80.2 82.6 78. ( 87.8 91.3 Blast furnaces, steel works. _ 88 95 96 95 97 101 67 70 82 86 82 93 95 Bolts, nuts, washers, rivets. 83 87 94 93 93 97 100 73 81 90 90 83 104 109 Cast-iron pipe 68 70 73 73 75 75 75 56 57 68 66 66 68 62 Cutlery, edge tools 81 84 87 90 92 97 65 72 76 82 '72 80 85 Forgings 47 49 55 54 56 59 42 46 57 56 55 59 63 Hardware 64 70 80 72 76 83 60 68 78 74 65 80 91 Plumbers' supplies 74 74 75 76 77 78 79 57 59 67 68 65 71 72 Stamped, enameled ware 125 133 145 147 144 152 154 123 134 143 146 137 153 151 Steam, hot-water heating 75 76 74 75 76 78 81 59 57 61 63 60 68 71 Stoves 80 84 87 88 '86 90 91 67 76 75 77 73 78 81 Structural, ornamental 59 60 67 67 69 72 74 50 48 57 59 59 64 64 Tin cans, tinware 105 103 94 98 100 107 107 109 105 98 103 103 115 120 Tools 72 75 84 84 80 84 86 61 66 79 79 72 79 81 Wirework 100 121 146 136 '126 116 145 91 122 139 138 124 116 162 MACHINERY 85.4 94.9 95.6 95.7 96.8 100.3 75.2 77.8 94.0 95.4 94.0 100.7 Agricultural implements 104 94 123 119 113 114 117 102 93 135 127 123 124 126 Cash registers, etc 133 134 127 128 127 125 127 122 122 122 125 123 119 124 Electrical machinery 75 78 87 87 87 88 93 71 76 91 92 91 93 99 E T T F M R o n e y a a x g u p d c t i e n i h i n o w l d i e e s n r , r s y e m i , p t , e t t h a u o m r c o s o r h n a b l i s c o i n n h g e e i r n r a s y e , p - h e s t s h c op products. 1 1 8 9 5 7 1 1 2 8 9 5 9 3 1 1 1 8 6 7 0 2 2 3 2 5 3 3 1 1 1 1 9 8 7 4 0 2 7 2 5 1 7 7 1 1 1 8 9 7 2 4 2 3 9 5 0 5 5 1 1 1 9 8 7 2 3 4 6 3 7 1 0 7 1 1 1 8 9 7 3 1 4 4 7 8 6 8 0 1 1 1 9 8 7 4 2 5 9 6 7 7 2 6 1 8 8 6 4 9 0 3 7 3 9 7 5 1 1 9 5 1 1 2 3 4 7 1 1 1 9 7 7 1 6 2 2 5 0 4 1 7 1 1 1 1 6 1 7 7 1 0 6 4 7 3 3 5 1 1 1 1 6 7 7 1 1 1 6 5 5 0 3 4 1 1 1 1 7 7 6 2 1 1 8 5 1 3 4 7 1 1 1 1 8 7 1 3 8 2 0 3 6 6 2 2 TRANSPORTATION EQUIPMENT 51.8 64.4 91.2 90.8 '79. 76.3 49.7 87.3 88.9 '76.6 79.2 102.1 Aircraft 776 774 1,204 1,305 1,399' 1,414 1,466 709 726 1,155 ,299 1,338 1,381 1,361 Automobiles 48 65 93 92 '76 72 101 47 66 88 89 '73 76 106 Cars, electric-, steam-railroad._ 26 30 37 35 32 32 33 21 24 32 30 25 27 28 Locomotives 17 16 22 26 29 29 28 13 11 20 25 27 27 26 Shipbuilding 92 93 122 126 124 122 130 93 95 131 136 132 128 136 NONFERROUS METALS, PRODUCTS.. 82.7 92.0 91. '91.3 94.6 100.1 71.8 78. 84.0 84.0 '83.4 89.8 97.4 Aluminum 120 142 144 150 154 151 122 135 153 157 148 164 168 J B C S S L e i m i r l w l g o a v e s c h e e l s k t l r t , i r i s w n y n , b g a g w r r , o e e a n r , q t e z c u p f e h i i l , n p e a i c s t m n e o g d e p n p w t er are 8 9 6 7 7 0 3 2 1 0 1 8 8 6 0 7 7 2 3 9 5 6 7 1 8 8 6 0 7 7 0 5 8 4 1 7 1 ' 8 6 0 7 7 8 0 3 4 1 6 7 1 8 9 6 0 7 7 3 4 9 8 3 5 1 1 8 9 7 1 0 6 0 2 4 0 8 4 6 4 6 6 7 8 7 8 7 3 9 7 7 5 6 5 3 5 8 8 5 5 1 7 6 5 7 0 5 8 6 9 2 4 9 1 7 7 5 5 7 0 6 0 6 8 2 3 1 7 6 5 5 7 0 6 9 4 1 1 7 1 8 7 5 1 5 7 5 7 8 3 9 1 1 8 8 7 6 2 7 9 4 6 6 5 1 77 LUMBER, PRODUCTS 65. 65.0 66. '66.' 68. 69.9 57.9 59.6 58.0 60.1 '56.3 62.9 63.4 Furniture 84 81 83 '84 88 91 66 72 67 '68 76 79 Lumber, millwork. 55 56 60 60 61 62 45 45 44 45 50 50 Lumber, sawmills.. 59 61 61 63 63 54 55 54 56 50 57 56 STONE, CLAY, GLASS PRODUCTS.. 71.6 78. 79. 80.8 81.1 59.5 61.5 67.7 70.6 65.9 71. 71.1 Brick, tile, terra cotta 54 58 61 62 62 62 40 42 44 50 46 50 49 Cement 70 72 73 73 72 64 62 63 68 68 70 68 Glass 84 87 99 96 99 100 83 87 96 101 92 103 105 Marble, granite, slate- 49 49 54 52 54 53 52 35 34 44 40 40 40 38 Pottery 78 87 86 82 85 62 67 77 73 66 75 75 TEXTILES, PRODUCTS 98.0 '98.1 103.5 104.3 82.3 86.4 79.9 79.6 '79.3 86.5 Fabrics 87.0 90.3 89.6 '91.1 93.1 93.4 74.5 75.8 75.3 75.6 '76. 80.8 Carpets, rugs 63 74 73 74 76 78 49 54 58 57 57 64 69 Cotton goods 81 83 85 84 87 90 69 71 72 71 73 75 79 Cotton small wares 70 75 80 77 81 84 63 72 70 73 76 81 Dyeing, finishing textiles... 112 114 124 117 '119 122 125 103 97 98 103 108 Hats, fur-felt 95 97 82 86 90 94 90 94 63 74 82 84 73 Hosiery 145 148 153 149 149 152 150 158 163 150 148 144 161 156 Knitted outerwear 70 75 68 71 72 78 77 53 58 54 57 64 61 Knitted underwear 68 69 74 75 73 77 78 57 59 65 65 68 67 Knitted cloth 133 133 128 135 136 140 143 113 115 100 111 114 117 121 Silk, rayon goods 64 66 61 59 60 63 63 53 53 49 48 48 52 52 Woolen, worsted goods 80 77 80 85 86 86 82 66 61 65 71 73 72 68 Wearing apparel 119.8 125.9 115.6 112.6 109.5 122.1 124.4 92.2 101.5 83. £ 82.3 '79. 92.1 Clothing, men's 107 110 99 100 105 110 110 77 83 69 74 78 79 Clothing, women's 173 184 166 158 144 174 178 132 142 114 106 97 133 118 Corsets, allied garments... 100 103 113 113 112 114 116 92 103 120 117 '113 112 120 Men's furnishings 127 137 127 127 '124 131 132 108 123 103 111 '106 120 121 Millinery 80 93 82 68 56 78 89 66 102 58 45 37 67 82 Shirts, collars 120 121 121 119 118 120 123 91 95 91 103 102 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1010 FEDERAL RESERVE BULLETIN NOVEMBER 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 Aug. Sept May June July Aug. Sept Aug. Sept. May June July Aug. Sept LEATHER, MANUFACTURES.. 92.5 94.1 99.7 100. i 82.8 79.5 68. ( 74.6 83.6 85.1 77.1 Boots, shoes 100 91 93 100 83 78 64 70 73 Leather 79 80 83 85 76 77 79 82 84 FOOD, PRODUCTS 145.5 150.2 120.5 127.2 135.0 147.1 149.7 129.9 135.8 118. f 123.8 128. 6 135.1 138.7 Baking 145 146 146 147 148 147 148 133 137 137 138 139 135 139 Beverages 292 281 277 298 301 295 288 346 320 324 355 359 350 336 Butter 106 100 98 103 104 103 99 89 85 82 87 89 87 84 Canning, preserving 295 317 108 141 197 289 296 221 257 93 110 154 251 254 Confectionery 75 92 74 72 70 79 91 70 92 70 69 64 77 91 Flour 79 78 78 79 83 80 84 76 72 74 80 77 Ice cream 91 82 85 92 93 89 82 76 71 75 77 74 Slaughtering, meat packing.. 96 97 97 99 101 100 101 102 106 105 107 109 106 108 Sugar, beet 80 107 52 54 57 88 121 73 105 56 59 r54 86 117 Sugar refining, cane 97 100 91 99 91 83 73 77 81 81 TOBACCO, MANUFACTURES.. 65.7 67.8 64.2 65.2 65.4 66.6 66.4 61.1 63.1 57.7 61.5 61.8 62.7 Tobacco, snuff 62 64 61 61 61 61 66 71 65 65 67 67 67 Cigars, cigarettes 68 65 67 67 60 62 57 61 62 62 PAPER, PRINTING 107.6 109.4 111.2 109.8 110.1 110.( 112.! 102.4 105.1 103.5 102.0 103.7 108.6 Boxes, paper 103 107 109 108 110 114 119 109 118 116 118 117 125 133 Paper, pulp 103 104 107 106 106 107 109 102 102 106 105 101 108 113 Book, job printing 98 99 97 99 98 98 81 83 86 84 86 83 85 Newspaper, periodical printing... 114 115 114 112 112 116 100 105 108 106 102 102 109 CHEMICAL, PETROLEUM, AND COAL PRODUCTS 109.3 114. 112. 109.8 110.4 109.1 117.6 116.0 118.1 119.1 118.7 117.8 118.9 124.4 Petroleum refining 123 122 118 121 122 123 123 138 135 132 134 132 136 135 Other than petroleum 106.0 112.7 111.7 107.2 107.6 105.7 116.2 109.2 112.9 115.' 113.9 113.6 113.6 121.2 Chemicals 112 115 117 117 117 119 124 123 124 131 132 131 136 140 Cottonseed oil, cake, meal 79 131 75 54 49 57 110 63 106 58 45 42 48 91 Druggists' preparations 110 111 108 108 106 107 112 117 118 118 119 118 119 123 Explosives 86 89 86 90 91 93 100 98 96 101 103 109 114 Fertilizers 77 92 124 79 73 74 100 78 106 65 63 63 88 Paints, varnishes 115 117 123 124 122 122 123 113 117 130 129 124 126 127 Rayon, allied products 282 302 296 286 297 255 300 265 282 273 272 283 247 287 Soap 81 83 78 82 95 94 97 99 102 107 RUBBER PRODUCTS 72.3 75.8 81.2 78. 82.6 67.7 74.8 80.0 82.1 ••81. 5 86.0 91.4 Rubber boots, shoes 52 56 59 56 45 59 60 49 56 55 55 43 58 62 Rubber tires, inner tubes. 60 61 67 66 67 68 70 59 66 72 75 77 79 83 Rubber goods, other 115 123 131 129 131 133 141 106 114 122 122 121 127 135 r Revised. NOTE.—Figures for September 1939 are preliminary. Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are for payroll period ending nearest middle of month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1011 NOVEMBER 1939 FEDERAL RESERVE BULLETIN CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the RockyMountains, as reported by the F. VV. Dodge Corporation. Value of contracts in millions of dollars.] Nonresidential building Month Total Re b s u i i d l e d n in ti g al Factories Commercial Educational * Other i P a u u n b t d l i i l c i p ti u w e b s o l r i l c kg 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 1 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.] Month 1934 1935 January 186 100 February 97 75 March. 178 123 April 131 May _ 134 June . . 127 July 120 August ___ . 120 September 110 October 135 November 112 93 Year 1,543 Ot 3S Total Publicly-financed' Privately-financed i 1936 1937 1938 1939 1934 1935 1936 1937 1938 1939 1934 1935 1936 1937 1938 1939 215 243 192 252 157 55 149 112 118 148 29 45 66 130 75 104 140 188 119 220 65 38 79 69 51 111 31 37 62 119 68 109 199 231 227 301 126 68 96 66 95 128 52 55 103 165 132 173 235 270 222 330 78 53 105 74 99 160 53 71 130 195 123 170 216 244 283 308 72 47 94 93 144 135 63 80 122 151 139 174 148 233 318 251 288 73 64 116 137 108 128 54 84 116 180 143 161 159 295 322 240 300 52 67 153 131 98 137 67 93 141 191 142 163 169 275 281 313 312 69 92 153 104 171 158 51 76 122 178 142 154 167 234 207 301 323 69 97 116 80 160 144 41 70 119 127 141 179 201 226 202 358 79 114 101 78 203 57 87 125 124 154 188 208 198 302 74 118 89 93 179 38 70 119 106 123 264 200 209 389 61 196 82 115 279 32 68 117 94 110 1, 845 2,675 2,913 3,197 975 1,007 1,334 1,152 1,705 568 837 1,341 1,761 1,492 i Back figures —See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY COMMERCIAL FAILURES, BY DISTRICTS DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of [Figures for 37 States east of the Rocky Mountains, as reported by the dollars.] F. W. Dodge Corporation. Value of contracts in thousands of dollars.] Number Liabilities 1939 1938 Federal Reserve district Federal Reserve 1939 1938 1939 1938 Sept. Aug. Sept. district Sept. Aug. Sept. Sept. Aug. Sept. Boston 21, 288 22, 639 19, 449 N P A C R C S M K D h t l h i e t a a i e c l i w i n n l a l v h c L l a n s a n a e m d o a e Y s g t l s a a u e a o o o n l i p n C p s r d o d k h i li t i _ s a y _ . _ - . _ _ _ _____ _ ___ 3 5 1 3 2 6 2 2 1 8 4 4 7 8 3 1 8 2 1 , , , , , , , , , , 0 9 8 4 9 2 8 4 2 9 5 0 2 0 7 6 0 3 8 8 8 9 3 7 4 5 6 2 3 2 2 3 3 7 1 5 1 1 2 5 2 9 7 2 9 8 1 9 , , , , , , , , , , 5 2 7 1 2 5 8 9 7 6 1 6 8 4 0 1 3 9 5 7 3 3 8 7 3 3 7 3 9 3 3 2 7 1 2 2 5 1 1 1 7 0 1 7 3 3 0 3 0 1 , , , , , , , , , , 8 9 4 2 9 8 5 4 7 3 1 7 1 7 8 4 5 1 8 9 4 1 5 4 0 8 5 0 5 9 N P A M B K R C S C h t o h e i l a t . i c e i l s w i n n l c L a v h t a n s o a n e m o a d e Y g n l s t u a e o a o a o i p l n C s n . p r o . k d h d i l _ t . i . i _ . y s a _ _ _ _ _ _ _ _ _ _ _ _ 2 1 4 2 2 6 1 3 3 3 2 5 2 1 0 7 2 8 1 3 6 2 2 1 4 4 2 5 3 2 4 6 4 5 3 4 0 0 5 9 8 7 6 7 2 1 4 4 0 8 7 5 3 2 7 1 3 1 0 1 5 4 8 6 6 7 2 1 1 1 , , , , 1 2 0 4 3 3 2 3 7 1 9 6 7 4 2 8 0 0 8 7 8 2 7 8 8 3 1 4 1 1 2 3 , , 2 3 4 4 2 7 7 3 5 2 6 9 0 8 5 4 0 1 2 4 8 5 3 1 1 6 7 0 5 6 4 2, , 1 8 4 6 9 9 4 7 7 1 0 7 1 3 2 8 4 9 5 8 2 1 2 0 9 7 8 3 5 5 Total (11 districts) 323, 227 312, 328 300, 900 D Sa a n ll a F s rancisco 9 2 5 1 2 9 3 7 9 1 9 6 2 99 5 2 7 1,5 3 8 4 7 0 2,0 2 2 0 6 3 Total 758 859 866 9,402 11,259 14, 341 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1012 FEDERAL RESERVE BULLETIN NOVEMBER 1939 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Merchandise imports2 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 r202 —5 9 5 109 47 June _ 170 186 265 233 236 157 191 146 179 13 -5 -21 87 57 July_. 173 180 268 228 230 177 195 141 169 -3 -15 3 87 61 August 172 179 277 231 251 169 193 166 176 3 -14 31 65 75 September 199 221 297 246 P289 162 216 168 P181 37 5 63 79 October 221 265 333 278 189 213 178 32 52 108 100 November 270 226 315 252 169 196 223 176 100 30 92 76 December 223 230 323 269 187 245 209 171 37 -15 115 98 Year 2,283 2,456 3,349 3,094 2,047 2,423 3,084 1,960 235 33 265 1,134 v Preliminary. r Revised. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Scvrce- Bureau of Foreign and Domestic Commerce. Back figures.—Bee BULLETIN for January 1931, p. 18, for July 1933, p. 431, and for February 1937, p. 152. FREIGHT-CAR LOADINGS, BY CLASSES DEPARTMENT STORES—SALES, STOCKS [Index numbers; 1923-25 average=100] [Index numbers based on value figures; 1923-25 average=100] 1939 Sales i Stocks (end of month) Sept. May June July Aug. Sept. Adjusted Without Adjusted Without Month for seasonal seasonal for seasonal seasonal variation adjustment variation adjustment Adjusted for seasonal variation 1938 1939 1939 1938 1939 1938 1939 Total 64 62 67 69 70 Coal 68 51 68 76 78 Coke 51 42 51 62 69 January. __ 60 Grain and grain products___ 74 81 90 80 75 February. 87 65 Livestock 39 40 36 39 37 March Forest products 40 40 40 43 42 Ore 41 58 64 59 67 April. Miscellaneous 69 70 71 72 74 May.. 85 Merchandise i 61 61 61 62 62 June._ 83 64 July Without seasonal adjustment August 65 September.. 97 71 Total 71 62 67 70 71 85 October Coal 71 44 58 64 69 89 November. Coke 49 40 47 52 57 78 December. _ 156 62 Grain and grain products.__ 83 73 89 111 90 99 Livestock 50 36 30 34 37 57 Year.. 85 Forest products 43 41 42 43 44 49 Ore 72 81 108 112 125 149 Miscellaneous 78 73 74 74 75 92 r Revised. Merchandise 1 64 61 61 61 62 65 i Based on daily average sales—with allowance for changes from month to month in number of Saturdays and in number of Sundays and holidays. Adjustment for seasonal variation makes allowance in March i In less-than-carload lots. and April for the effects upon sales of changes in the date of Easter. NOTE.—For description and back data see pp. 522-529 of BULLETIN Back figures.—Department store sales, see BULLETINS for August for June 1937. Based on daily average loadings. Basic data compiled 1936, p. 631, and October 1938, p. 918; department store stocks, see BULby Association of American Railroads. Total index compiled by com- LETIN for March 1938, p. 232. bining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1939 FEDERAL RESERVE BULLETIN 1013 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926=100] Other commodities All Farm Year, month, or week m c t o o ie m d s i - - p u r c o t d s - Foods Total H p l i r e d o a e d t s h u a e c r n ts d p T ro e d x u ti c le ts F m li u g a e h t l e t r i a n i n a g 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 g a s n i d - i f n H u g r o n g u i o s s o e h - - ds l M an is e c o e u l s - 1929 95 3 104 9 99 9 91 6 109 1 90.4 83 0 100 5 95.4 M ?, 94.3 82 6 1930. 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 39.1 92.7 77.7 1931 __ 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64 8 48.2 61.0 70.2 72 9 54.9 70 3 80.2 71.4 73 5 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.6 75.8 62.5 1934 74 9 65.3 70.5 78.4 86 6 72.9 73 3 86 9 86.2 75 9 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 30.5 80.6 68.3 1936 80 8 80.9 82 1 79 6 95 4 71.5 76 2 87 0 86.7 W 4 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 S3. 9 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.6 86.8 73.3 1938—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 fi 85.8 73.0 December 77.0 67.6 73.1 80.3 93.1 65.8 73.2 94.6 89.4 76.7 86.0 73.1 1939—January ._ 76.9 67.2 71.5 80.2 93.1 65.9 72.8 94.4 89.5 76.7 85.4 73.2 February 76.9 67.2 71.5 80.2 91.9 66.1 73.0 94.3 89.6 76.3 85.2 73.5 March 76.7 65.8 70.2 80.4 91.8 66.6 73.1 94.3 89.8 76.5 85.2 74.1 April 76.2 63.7 68.6 80.5 90.9 66.9 73.4 94.0 89.6 76 0 85.4 74.4 May 76.2 63.7 68.2 80.6 91.6 67.5 73.9 93.5 89.5 75.9 85.5 74.2 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. 6 93.2 89.6 74.6 85.6 73.3 September. _ __ 79.1 68.7 75.1 82.1 98.5 71.7 72.8 94.8 90.9 77.3 86.6 76.6 Week ending— 1939—July 1 75.5 62.9 67.4 80.5 93.1 66.9 73.7 93.3 89.7 74.9 87.0 73.6 July 8 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.fi 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 74.9, 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 '96.0 68.4 74.0 94.6 90.1 75.9 87.0 76.1 September 16 79.3 69.7 75.5 82.4 -98.3 71.4 74.1 94.9 90.7 77.1 87.1 76.1 September 23 ._ 79 5 69.5 75.1 83.0 '100.4 72.3 74.2 95.3 91.0 77.9 88.8 76.6 September 30 79.5 69.3 74.4 83.3 '•104.1 73.4 74.4 95.2 91.2 78.5 89.1 76.7 October 7___ 79 0 66.8 72.9 83.7 105.2 73.8 74.8 95.1 91.8 77.9 89.1 77.1 October 14 78 9 66.7 72.7 83.7 105.0 74.2 74.4 95.3 92.5 77 6 89.2 77.0 October 21. 79.4 67.5 73.2 84.1 105.4 74.8 74.6 96.3 92.5 78.0 89.2 77.2 1938 1939 1938 1939 Subgroups Subgroups Sept. June July Aug. Sept. Sept. June July Aug. Sept. FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains 530 58.2 52 3 51. 5 65.1 Agricultural implements. 95.5 93.4 93.4 93.5 93.5 Livestock and poultrv 81 0 69.4 69. 7 66 0 76.: Farm machinery _ _ __ _ 96.9 94.6 94.7 94.7 94.7 Other farm products 64 0 58 8 60 7 60 1 64 f Iron and steel 97.3 95.2 95.1 95.1 95.5 FOODS: Motor vehicleS l 96.2 93.0 93.0 92.5 92.1 D Ce a r i e ry a l p p r r o o d d u u c c ts ts _ 7 7 1 6 1 1 6 75 0 .0 9 6 7 4 1 . . 6 9 6 7 7 1 .9 9 7 7 4 8 . t I P N l o u n m fe b r i r n o g u s a m nd B h ta e l a s ting 7 7 8 3 . . 5 5 7 7 2 9 . . 9 3 7 7 3 9 . . 3 3 7 7 4 9 . . 6 3 8 7 4 9 . . 7 3 Fruits and vegetables 555 62.5 62.0 58.5 62. £ BUILDING MATERIALS: Meats... _ 87R 75. 7 75.3 73 7 81. C Brick and tile _. 90.9 91.1 90.6 90.5 91.0 Other foods fiQ 60 8 60 4 60 3 71 " Cement 290.7 91.5 91.5 91.3 91.3 HIDES AND LEATHER PpnmirTs- Lumber 90.4 90.7 91.8 91.8 93.7 Shoes 100 8 101 3 100.8 100 8 101 I Paint and paint materials 80.4 82.4 82.2 82.1 84.7 Hides and skins 75 n 75.3 76. 9 77 2 97.^ Plumbing and heating 78.5 79.3 79.3 79.3 79.3 Leather 82 \ 83 8 84 1 84 0 92 C Structural steel 107.3 107.3 107.3 107.3 107.3 Other leather products 96 9 95 6 95.6 97 1 97 1 Other building materials 91.3 89.5 89.6 89.5 90.3 TEXTILE PRODUCTS: CHEMICALS AND DRUGS: Clothing 81 6 81 7 81.2 81 5 81." Chemicals __ __81.0 79.2 78.2 77.5 81.2 Cotton goods 64.1 64. 1 65. 1 65.5 70.4 Drugs and Pharmaceuticals. 74.8 71.9 71.8 71.7 72.8 Hosiery and underwear 59.9 60.1 60.2 61.5 62. £ Fertilizer materials 67.2 69.5 67.5 67.2 69.2 Silk and rayon 29 5 39 1 40.2 39 5 43 4 Mixed fertilizers 73.4 71.7 72.6 72.9 72.6 Woolen and worsted Ejoods 76.3 75.6 75.4 75.5 84. C HOUSEFURNISHING GOODS: Other textile product=! 65 0 64 2 64 1 63 7 69 £ Furnishings 90.2 90.0 90.0 90.0 91.7 FUEL AND LIGHTING MATERIALS: Furniture _ __ 82.1 81.0 81.0 81.1 81.3 Anthracite 79 1 75.5 72.6 72. 1 72., MlSCELLANEOUS: Bituminous coal Q84 95. 6 95.8 96 0 96." Auto tires and tubes 57.4 60.5 60.5 60.5 60.5 Coke 1fMo 104 2 104. 2 L04 2 104 S Cattle feed 67.6 81.5 72.4 68.4 93.4 Electricity 81 8 77 8 78.1 75 8 Paper and pulp _ 81.9 79.9 79.9 80.0 81.8 Gas s«7 88 9 89 0 86 7 Rubber, crude 33.3 34.4 34.7 34.9 47.7 Petroleum products 56 4 52. 5 52.2 51.7 53. C Other miscelkmeous ._ 81. 1 81.3 81.3 81.3 82.8 1 r Revised. 1 Preliminary revision. 1 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

1014 FEDERAL RESERVE BULLETIN NOVEMBER 1939 OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of October 1, 1939] [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Oct. 1, tion Oct. 1, tion Oct. 1, tion Oct. 1, 1938 1939 1938 1939 1938 1939 1938 1939 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,633 7,615 68 63 New York 29, 317 26, 665 8,324 6,876 108 74 Philadelphia _.. 52, 521 49, 782 19, 810 17, 067 139 165 Cleveland 199, 591 203, 740 52, 956 41, 692 120 87 Richmond 1,048 1,397 138, 232 139, 235 27, 263 24,092 Atlanta. 2,623 2,497 194, 289 149, 775 6,572 5,521 Chicago 1,038, 749 1, 091, 903 67, 734 56, 474 1, 847 1,922 St. Louis _ __. i 3, 386 i 3, 338 332,179 333, 400 66,081 55, 903 143 97 Minneapolis 227,136 260,169 30, 268 24, 788 189, 588 152, 933 Kansas City 467 419 224, 284 168, 328 287, 758 223,169 10,148 4,918 Dallas _ 3,819 3,684 91, 577 94, 985 36,020 30, 402 102 97 San Francisco 600 593 6,730 6,820 83, 851 64, 726 41, 901 28, 379 Total 11, 943 11, 928 2, 542, 238 2, 532, 417 686, 637 550, 710 244,164 188, 735 Oats Tame hay Tobacco White potatoes Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Oct. 1, tion Oct. 1, tion Oct. 1, tion Oct. 1, 1938 1939 1938 1939 1938 1939 1938 1939 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 6,326 6,765 3,523 3,339 22,847 35,016 47,316 49, 749 New York 27, 708 27, 380 5,737 4,470 1,842 2,053 32,123 27, 692 Philadelphia 19, 222 16, 723 2,376 1, 954 32,110 35, 270 22, 996 21,011 Cleveland 49, 425 46, 240 5,478 5, 013 105, 694 117, 562 20, 554 19, 248 20, 949 21, 848 3,729 3,471 746,014 969,170 27, 261 22, 968 Atlanta 15, 276 14, 606 3,419 3,198 188,189 196, 579 15, 466 14, 703 Chicago 430, 768 368, 452 18, 379 17, 396 33, 239 33, 356 53, 457 49, 941 St. Louis 51, 571 42, 659 6,825 7,103 241, 254 257, 902 13, 978 12,047 Minneapolis 235, 287 253,130 10, 745 9,868 2,733 2,730 43, 347 43, 625 Kansas City 134, 530 76, 908 7,002 6,433 4,612 4,536 26,160 26,168 Dallas 39, 563 35, 363 1,403 1,351 3,778 3,380 San Francisco 23, 214 31,156 11, 683 11, 427 65,181 68,157 Total 1,053, 839 941, 230 80, 299 75, 023 1, 378, 534 1, 654,174 371, 617 358, 689 i Includes 16,000 bales grown in miscellaneous territory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1939 FEDERAL RESERVE BULLETIN 1015 STATISTICS FOR FEDERAL RESERVE CHART BOOK Chart Chart book book page Se 2 p 0 t. Sept. O 4 ct. O 1 c 1 t. O 1 c 8 t. July Aug. Sept WEEKLY FIGURES Wednesday figures; in billions of MONTHLY FIGURES Index numbers RESERVES, GOLD, AND dollars BUSINESS CONDITIONS 1923-25=100 CURRENCY Wholesale commodity prices:4 Reserve bank credit—totaL. 3, 5 2.88 2.85 2.84 2.81 2.82 United States: Bills discounted 5 .01 .01 .01 .01 .01 All commodities 31, 32 75.4 75.0 79.1 Bills bought 5 0) 0) (0 (0 (0 Farm products 31 62.6 61.0 68.7 U. S. Gov't securities 5 2.83 2.80 2.79 2.77 2.75 Foods 31 67.5 67.2 75. 1 Gold stock 3 16.90 16.93 16.96 16.97 17.00 Other commodities.__ 31 80.2 80.1 82.1 Money in circulation 3, 9 7.24 7.24 7.31 7.35 7.33 England 32 79.2 79.2 P84. 9 Treasury cash 3 2.27 2.26 2.25 2.24 2.22 France 32 97.6 97.0 Treasury deposits 3 .62 .55 .47 .40 .35 Germany 32 79.6 79.7 Member bank balances 3,6 11.55 11.62 11.67 11.74 11.91 Industrial production * 35 101 103 Pill Required reserves e 6 6.27 6.29 6.31 6.34 6.40 Manufacturing production:5 Exce N ss e w re s Y e o rv rk e s C — it t y o t 2 a l2 7 7 2 5 . . 9 3 8 2 2 5 . . 9 3 6 5 P5 2 . . 9 3 4 6 P5 2 . . 9 4 3 1 3.00 T D o u t r a a l b le8 3 3 7 7 1 4 0 1 0 1 4 0 3 4 Pi P4 l 8 l Chicago 2 7 .47 .50 .50 .50 .51 Nondurable6 37 59 62 P63 Reserve city banks 2 7 1.18 1.22 1.22 1.27 Factory employment 43 93 5 96.4 P100.1 Country banks 2 7 .69 .67 P. 70 P. 71 Factory payrolls 43 84^4 89.8 P93.7 Freight-car loadings 5 45 69 70 77 REPORTING MEMBER BANKS Department store sales * 47 86 89 91 Department store stocks 5 47 67 '67 Total, 101 cities: Loans and investments. 14 22.34 22.42 22.50 22.57 22.56 In millions of dollar* Investments 14 14.02 14.07 14.13 14.16 14.14 Loans 14 8.32 8.35 8.38 8.41 8.42 Construction contracts awarded:7 Adjusted demand Total 41 275 299 P323 deposits 15 18.18 18. 33 18.31 18.45 18.57 Residential 41 115 123 P134 Time deposits 15 5.23 5.23 5.24 5.24 5.24 Other 41 160 176 P188 U. S. Gov't deposits 15 .54 .54 .54 .54 .54 Exports and imports: Domestic bank balances 15 7.69 7.67 7.83 7.81 Exports (incl. re-exports). 49 230 251 Foreign bank balances._ 15 .74 .75 .76 .79 General imports 49 169 176 P181 New York City: Excess of exports 49 61 75 P107 U. S. Gov't obligations.. 16 4.32 4.35 4.41 4.41 4.43 Income payments:» Other securities 16 1.21 1.26 1.24 1.22 1.19 Totals 50 5,695 5811 P5, 906 B C r o o m k m er e s r ' c lo ia a l n l s o ans 1 1 6 6 1 . .6 4 4 1 1. . 6 4 5 1 1. . 6 4 6 1 1 . .6 4 7 1 1 . . 4 6 3 6 T Sa o l t a a r l i e u s n a ad nd ju w st a e g d e s 5 5 5 0 0 5 3 , , 6 6 9 1 5 3 3 5 6 4 6 0 5 0 P P6 3 , , 6 0 7 1 8 2 100 c U C O it o . t i h m e S e s . m r o G s e u e o r t c c v s u i i ' a t d r l i e o t l i b o N e l s a i e n g w s a ti Y o o n r s k .. : 1 1 1 7 7 7 2 6 2 . . . 1 5 3 5 6 3 6 2 2. . . 5 3 1 8 2 4 6 2 2. . . 6 1 3 0 4 4 6 2 2 . . . 1 6 3 4 2 9 6 2 2 . . . 3 6 1 7 2 5 ash T O C o f r t a o h t r a p e m l s r s income: 5 5 5 0 1 1 2,0 2 5 8 1 7 2 3 0 2, 6 1 2 4 4 9 6 3 3 P2, 2 8 4 2 4 4 8 7 4 MONEY RA M T A E R S K A E N T D S SECURITY Averages o p f e r d ail a y n n fi u g m ures*; per cent L G i o v v e e st r o n c m k en a t n d p a p y r m od e u n c ts t . s . . _ . 5 5 1 1 32 3 1 6 3 4 0 2 8 33 6 7 6 F.R.bankdiscountrate,N.Y. 19 1.00 1.00 1.00 1.00 1.00 OTHER In billions of dollars Commercial paper 19 .69 .69 .69 .69 .69 Bankers' acceptances 19 .44 .44 .44 .44 .44 sntral gold reserves: U. S. Treasury bills 21 .13 .08 .05 .05 .05 United States 8 16.24 16.65 16.93 U. S. Treasury notes 21 1.09 .99 .95 .86 .70 England 8 1.16 1.16 0) U. S. Treasury bonds 21, 25 2.74 2.74 2.72 2.66 2.55 France 8 2.57 2.71 P2.71 Corporate Aaa bonds 25 3.28 3.31 3.24 3.20 3.14 Netherlands 8 .77 .77 P. 75 Corporate Baa bonds 25 4.98 4.96 4.94 4.92 4.88 U. S. Gov't interest-bearing debt—total 20 40.11 40.35 40.34 Wednesday figures; in unit indicated Bonds 20 27.25 27.31 27.35 Stock prices, total4 27, 29 94 96 94 94 96 N Bi o l t ls e s 2 2 0 0 7 1 . . 2 3 4 1 7 1 . . 2 3 4 1 7 1. . 3 2 1 3 Industrial 27 112 113 111 112 113 Special issues 20 4.32 4.49 4.46 Railroads 27 31 34 33 33 33 Public utilities 27 84 85 85 85 Volume of trading 2 (mill, Jan.- Apr.- Julyshares) 29 1.79 1.64 1.04 .72 1.15 QUARTERLY FIGURES Mar. June Sept. Brokers' loans (mill, dollars) 29 532 533 538 530 548 1939 1939 1939 BUSINESS CONDITIONS Figures for week s,- in unit indicated In millions of dollars Wholesale commodity prices:4 Domestic corporation security All commodities 33 79.5 79.5 79.0 78.9 79.4 issues, total 28 276 661 640 Farm products 33 69.5 69.3 66.8 66.7 67.5 New 28 82 129 91 Foods 33 75.1 74.4 72.9 72.7 73.2 Refunding 28 193 532 549 Other commodities 33 83.0 83.3 83.7 83.7 84.1 Steel plant operations (% of capacity) 38 79.3 83.8 87.5 88.6 90.3 Per cent per annum A El u ( e t t c o h t m o ri u c o s b . p i o c le a w r e s p ) r r o p d r u o c d t u io c n tion 38 54.0 62.8 76.1 75.9 70.1 Cust N o e m w e r Y s' o r r a k t e C s: i 9 ty 23 2.13 215 2.04 (mill. kw. hrs.) 39 2,449 2,470 2,465 2,495 2,494 7 other Northern and Total freight-car loadings Eastern cities 23 3.05 305 2.78 (thous. cars) 39 814.8 834.6 834.7 845.0 861.2 11 Southern and Western cities 23 3.77 3.62 3.31 p Preliminary. r Revised. • Estimated. * * 1 > A I L F n e v i d s g e e s u r x a r t g e h n s e a u s n a m r o $ e b f 5 e s d ,0 h r a 0 s o i , 0 l w y , 1 0 n 9 0 f 2 0 i u g 6 . n u = d r 1 e e 0 s r 0 , . t s h e e e W fo e o d tn n o e t s e d 3 a . y date included in the weekly period. 8 8 7 T R Po h e i v r n e is t e s e - d m i n o s e t n o r t i t h e a s s l . m in o B d v e a i x c n k g o f f a i g v m u e a r re a n s g u e f a a v a c a d t i j u l u a r s i b n t l e g e d a p f t o r D o r d i s v u e i a c s s t i i o o o n n n a . o l f v R ar e i s a e t a io rc n h . « Adjusted for seasonal variation. and Statistics. 9 Revised series. See pp. 963-969 of this BULLETIN. 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 p. 816 of the September 1939 BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS 1017 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1018 FEDERAL RESERVE BULLETIN NOVEMBER 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 St n a i t t e e s d U K d n i o i n m t g e - d France g B iu e m l- N la e e n r t d - h s - ti N on a- al B.I.S. g t A i e n r n a - - Brazil I B n is r d h i i t a - g B a u ri l a - C a a d n a - Chile China Bank 1934—December 21,051 8,238 1,584 5,445 590 573 624 403 275 134 7 1935—December 21, 604 10,125 1,648 4,395 611 438 454 444 275 189 10 1936—December 22, 630 11, 258 2,584 2,995 632 490 655 501 275 188 1937—December 23, 964 12, 760 2,689 2,564 597 930 648 469 274 184 1938—October...! 24, 997 14, 065 2,690 2,428 562 1,008 695 434 274 188 18 November 25, 287 14,312 2,690 2, 435 584 1,008 699 434 274 186 18 December 25, 468 14, 512 2,690 2,435 581 995 699 431 274 192 18 1939—January 24, 003 14, 682 1,042 2,435 582 995 699 431 274 197 19 February 24,175 14,874 1,042 2, 435 588 974 680 431 274 206 20 March 24, 387 15, 258 1,066 2,435 518 909 640 428 274 210 21 April 24,964 15, 791 1,066 2,574 520 834 428 274 212 21 May 25, 140 15,957 1,067 2,574 524 823 428 274 214 21 June 25, 290 16,110 1,067 2,574 540 800 428 274 213 21 July 25, 512 16, 238 1,162 2,574 573 769 595 427 274 212 21 August P26, 098 16, 646 1,162 2,714 614 769 585 431 P274 218 September P25, 203 16, 932 1 P2, 714 ^752 585 P274 P218 Other countries—Continued E m n o d n th of lo C m o b - ia C v z s a e l k c o h - ia o- m D a e r n k - Egypt m G a e n r y - 2 Greece H ga u r n y - Italy s Japan Java M ic e o x- N l Z a e e n a w d - N w o a r y - Peru l P a o n - d 1934—Dec.. _ 112 40 518 394 19 1935—Dec.. _ 112 34 270 425 20 84 1936—Dec.. _ 91 26 208 463 20 75 1937—Dec.. _ 92 24 210 261 82 20 83 1938—Oct.... 83 27 210 164 19 82 Nov... 83 27 210 164 19 Dec... 83 27 193 164 20 1939— J J A S M A M F J u u e u e a p n a l a p n g b e r y r y t i . _ . . . . . . l - . _ . . . . . . . . . . . . . . . . 8 8 6 6 6 6 6 5 6 3 3 7 6 5 0 0 8 2 ' P 2 2 3 2 2 2 3 3 2 9 9 1 8 7 7 1 0 8 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 3 P1 1 1 1 1 1 1 1 6 6 6 6 6 6 6 6 4 4 4 4 4 4 4 4 1 1 1 1 1 1 0 0 0 0 0 0 7 7 7 7 7 7 P1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 8 8 8 8 8 8 8 5 5 5 4 4 4 4 Government gold reservesl 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- S A o fr u ic th a Spain * S d w e e n - 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 6 - 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 ed - France Bel- 1934—Dec. . 104 184 740 159 53 154 1934—Dec. _ _ 31 1935—Dec. . 109 212 735 185 43 158 1935—Dec. _ 53 1936—Dec. . 114 203 718 240 48 175 1936—Dec... 2 934 1937—Dec.. 120 189 718 244 51 169 1937—Dec... 3 1, 395 81 1938—Oct.. 132 219 525 321 56 127 1938—Mar.._ 1,489 N De o c v . . 1 1 3 3 2 3 2 2 2 2 0 0 5 5 2 2 5 5 3 3 2 2 1 1 69 5 5 7 7 1 1 2 2 5 5 J S O u e c n p t e t . . . _ . . . . . 4 44 759 * 103 ~62 1939— J J A M A F M S J u u e e u p a b a a l n p g n . r y _ r y e t i . . . . . l _ . . . 1 1 1 1 1 1 1 3 3 3 3 3 3 3 4 3 4 7 7 6 5 P 2 2 2 2 2 2 2 2 2 2 1 1 2 1 1 1 2 2 0 9 9 1 8 9 8 2 2 5 5 5 5 5 5 5 5 5 2 2 2 2 2 2 2 2 2 5 5 5 5 5 5 5 5 5 ^ 3 3 3 3 3 3 3 3 3 5 3 3 3 4 4 5 3 4 5 1 1 2 6 8 5 9 4 68 P 5 5 5 5 5 5 5 5 5 7 7 7 7 7 7 7 7 7 P P 1 1 1 1 1 1 1 1 1 3 3 2 3 3 2 2 2 2 6 6 6 3 5 6 6 4 7 1939— A N M J D F M J u J u e o p e a n a b a l v n c r y r e . y . . . . . . _ _ . . . . . _ . . _ _ _ _ _ _ . 154 1 ( ,7 ) 32 3 3 4 4 1 4 5 8 6 3 7 3 5 5 1 5 1 7 0 5 9 Sept. . I p Preliminary. 1 Reported at infrequent intervals or on de- 1 Data reported monthly incomplete. For additional data see section at end of table. layed basis: U. S.—Exchange Stabilization Fund 2 Figure for May 1939 officially reported and carried forward. (Special A/c No. 1); U. K.—Exchange Equaliza- • Figure for Mar. 1937 officially reported as of 20th of month and carried forward through tion Account; France—Exchange Stabilization Nov. 1937. Figures for Dec. 1937 through Mar. 1938 officially reported and carried forward Fund and Rentes Fund; Belgium—Treasury. through Nov. 1938. Figure for Dec. 1938 officially reported and carried forward. Gold in stabilization funds of Switzerland and < Figure for Aug. 1, 1936, carried forward through Mar. 1938; Apr. 1938 figure officially re- Netherlands and certain other gold of central ported and carried forward. banks and governments not reported. 6 These 16 countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian 2 Figure for Mar. 1937, first date reported. Congo, Bolivia, Danzig, Ecuador, El Salvador, Estonia, Guatemala, Finland, Latvia, Lithuania, s Figure for Sept. 1937. Morocco, and Siam. 4 First date reported. NOTE.—For back figures and description of table see BULLETIN for June 1933, pp. 368-372, 5 $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,- 1037, p. 1262. 000,000 transferred back on Mar. 1, and $94,000,- 000 on July 12,1939; and $1,162,000,000 transferred from Bank to account on Sept. 6, 1939. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1019 NOVEMBER 1939 FEDERAL RESERVE BULLETIN GOLD PRODUCTION Outside U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month pr t o i d on uc- Africa North and South America 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 fin•e i. e., an ounce of fine gold=$20.67 1929_. 382, 532 352, 237 215, 242 11, 607 4,297 2,360 45, 651 39, 862 13,463 2,823 683 8,712 7,508 1930_. 401, 088 365, 258 221, 526 11,476 4,995 2,699 47, 248 43, 454 13,813 3,281 428 9,553 6,785 426, 424 386,293 224,863 11,193 5,524 3, 224 49, 527 55, 687 12, 866 4,016 442 12,134 6,815 1932_. 458, 102 413, 459 238, 931 12,000 5,992 3,642 50, 626 62, 933 12, 070 5,132 788 14, 563 6,782 1933. 469, 257 411, 208 227, 673 13, 335 6, 623 3,631 52, 842 60,968 13,169 6,165 3,009 16, 873 6,919 $1=15-5/21 grains of gold 9/10 fine; i. e., an ounce of fine gold=$35 1933.. 794, 498• 696, 218 385, 474 22, 578 11,214 6,148 89, 467 103,224 22, 297 10,438 5, 094 28, 568 11,715 1934.. 823, 003 707,288 366, 795 24,264 12,153 6, 549 108,191 104,023 23,135 12,045 8,350 30,559 11,223 1935.. 882, 533 751, 979 377, 0S0 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, 266 20, 784 8,018 168,159 143,367 29, 591 15, 478 9,544 46, 682 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, 2S0 54, 264 11,247 1938—June 91, 428 78,136 35, 509 2,394 2,020 726 12, 949 13, 762 3,024 1,365 901 4,577 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 1019 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. 98, 787 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 1033 5,393 995 1939—January 94, 835 80,159 36,188 2,287 2,230 753 14,919 14,396 1,762 1,953 655 4,076 940 February 90, 964 76, 749 34, 505 2,069 2,221 688 13,153 13, 684 3,421 1,562 568 4,016 863 March 97, 627 82, 656 37, 558 2,202 2,346 767 14,364 14, 498 2,542 1,752 1,198 4,492 938 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 98, 099 83,415 37, 970 2,355 2,323 779 15,167 15,133 1,794 1,614 696 4,649 936 June 99, 345 83, 541 37. 065 2,369 2,277 756 14, 460 15,287 3, 216 1,551 968 4,684 910 July P102, 048 P86,417 37, 952 2,395 P2, 365 739 16. 099 15, 402 P3, 636 1,551 P968 4,399 P910 August P103, 503 ?87, 688 38, 494 P2, 395 P2, 365 P731 10, 796 PI5, 750 P2, 796 1, 735 pi 003 H, 749 P875 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of jpercentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production, in millions of dollars, as follows—at $20.67 per fine ounce: 1929, $15; 1930, $31; 1931, $34; 1932, $40; 1933, $56; at $35 per fine ounce: 1933, $95; 1934, $135; 1935, $158; 1936, $185; 1937, $180; 1938 (preliminary), $184. P Preliminary. 1 Includes production in the Philippines. NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETINS for March 1939, p. 227, February 1939, p. 151, June 1938, pp. 539-540, and April 1633, 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 l e a e t n r d - h s - S d w e e n - S l z a w e n r i d - t- C a a d n a - M i e c x o - Co b l i o a m- P Is p h l i i a n l n i e p d - s t A ra u l s i - a Japan B I r n i d ti i s a h c o t o A r th i u e l e n l s r - 1934 i 1,131, 994 499,870 260, 223 8,902 94, 348 12, 402 86, 829 30, 270 16, 944 12, 038 1,029 76, 820 32, 316 1935.. 1, 739,019 315, 727 934, 243 3 227, 185 968 95, 171 13, 667 10, 899 15, 335 3,498 75, 268 47, 054 1936.. 1,116, 584 174, 093 573, 671 3,351 71, 006 7,511 72, 648 39, 966 11,911 21,51323, 280 77, 892 39, 743 1937. 1, 585, 503 891, 531-13,710 90,859 5,461 54, 452 111,480 38, 482 18, 397 25, 427 34, 713 246, 464 50, 762 30,179 1938.. 1,973,5 1, 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—July 63, 815 4,976 962 11, 123 1 2,422 3,434 28, 669 1,148 2,495 August 165, 973 91, 227 4,721 3,213 15, 360 14,333 3,183 2,113 1,772 2,748 23, 497 3,806 September- 520,896 377, 984 47, 21911,521 38,148 1,446 4 2,721 3,775 35, 095 2,982 October 562, 366 443, 403 42, 959 41, 832 3,840 1 10, 810 2, 236 4 2, 720 3,294 5, 740 760 4,768 November- 177, 768 99,145 17 27, 242 1,136 7,171 3, 457 11 2, 943 7,888 5, 788 3,822 2 19,150 December _ 240, 526 101, 707 37, 395 1,979 46,185 731 2,550 2,107 2,655 6,788 14, 425 1,797 * 22, 207 1939—January..._ 156, 345 52, 050 1,438 33, 678 2 10, 842 2,342 2,089 2,754 6,585 37, 819 1 5,124 February.. 223, 281 165, 377 1,400 29, 256 3,840 4, 220 2, 496 2,719 3, 953 5,446 175 4,398 March 365, 384 250, 042 816 37,179 27, 098 8,227 6, 852 3,822 4,234 3,326 4,303 11,410 3,685 4,391 April 605, 797 384, 92J" 21 84,603 44, 564 55, 680 7,665 1,649 2,114 2,179 4,844 5,528 4,944 3 7, 073 May 429, 404 302, 667 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 5,628 15,196 4, 150 2,123 3,022 5, 034 10,938 2,760 6,416 Ausmst 259, 921 163. 738 2 22, 640 34, 299 3, 956 2,120 2, 77.* 5, 689 10.931 9,259 4, 512 September. 326, 074 162, 450 88 1 1, 482 120,837 653 2,102 3, 947 5,474 16,425 4,065 8,552 i Differs ffrrcom official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce, for November and December 1938 include imports from Argentina of $14,112,000 and $17,710,000, respectively. 8 JIT n1^c, HIl tu3o dlOei si i$u 4Y ,^5.ii0ii 3KJ\J,±0. 0Ci0iUV l frEo * \mJ\~- V XJLA1 KJ\rgentina. NOTE.—For gross import and export figures and for additional countries see table on p. ( Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1020 FEDERAL RESERVE BULLETIN NOVEMBER 1939 GOLD MOVEMENTS—Continued [In thousands of dollars at approximately $35 a fine ounce] United Kingdom Net imports from or net exports (—) to: Total Y m e o a n r t o h r n p et o r i t m s - A S f o r u ic th a, Other o A th l e l r e o x r ( p ) o n r e t t s U S n ta i t t e e s d France m G a e n r y - * g B iu e m l- N la e n th d e s r- U.S.S.R. Au li s a tra- d W R e h s e o i s a - t , B In ri d ti i s a h B c t o r r i i u e t n i s s - h S d w en e- e S r w la i n tz d - c t o ri u e n s - Africa 1934 716, 269 -497,166 348,190 121,017 -13,585 32, 575 41, 790 335, 253206, 693 62, 397 -9,123 2 88, 228 1935 369, 722 -435, 502 142,137 -4, 726 -17,476 10,796 37,981 404, 295181, 602 32, 754-50,661 53,465 14,126 1936 1,169, 931 -276,830 756, 215 23, 292 -15,133 -21,215 26, 723 488, 814 128, 421 28, 067-10,129 3,998 37, 708 1937 420, 427 -834, 009 541,187 46,14 -21,993 -16,572 199, 965 24,165 464, 837 66, 330 22, 079 -81 -16,5963-55,032 1938 -285,638 -1,050,395 38, 899 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 -5, 726 6, 164 -258 -10,041 "57665 2,102 31,192 10, 356 3, 035 -11,151 -10,498 -312 Sept. -261,143 -360, 016 685 14, 358120, 075 -7,498 2,839 16, 831 3,023 -4, 750 -22, 763 -21, 980 -1,955 Oct._ -210, 171 -308, 528 69, 604 4. 077 33, 982 535 705 6,530 4,204 -20, 792 -4, 671 2,831 1,353 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, 371 758 2,057 9, 990 5,649 528 7,358 1, 815 531 1,511 1,347 1939—Jan.. -36, 514 -50,814 -3 -33 211 -253 5,672 681 5,671 304 1,374 -3, 790 704 3,762 Feb.. -148,005 -160,218 -68 11 396 779 5, 613 736 3, 451 151 -1,101 — 1 399 1,847 Mar. -259,984 -306, 839 -183 88 23, 477 1,039 16, 866 5,559 1,417 -1,148 -32 -3, 845 3,618 Apr.. -121,188 -357, 518 -1,431 29 176, 451 19,164 12, 656 4,8054-47, 875 -437 73, 394 -425 May -294, 077 -287, 762 -262 4,018 2,008 49, 004 5,631 143 45, 394 2,975 -145, 856 -3, 793 32, 921 1,504 June -51,591 127 293 -412 -38 415 22, 968 52, 636 2,388 911 -2 153 -3,318 July. -147,332 -182'145 -330 ^ 196 8,856 38, 423 3,078 697 -1,138 -575 -14,393 Aug. -318,511 -223, 370 2,691 1 -7,491 -11,275 "55 49,120 4,606 -114, 284 -4, 966 -4, 618 Germany Switzerland British India Net imports from or net exports (—) to: Increase in India: Y m e o a n r t o h r e n o x T p e ( r p t o o ) o n r t i r t a m e s t l s t - 1 i e m o T x ( r n p p o ) e o n o t t a r e r t l t t s s U S n ta i t t e e s d U K d n i o i n m t g e - d France g B iu e m l- Italy N la e e n r t d - h s - m G a e n r y - 1 c o t o A r th i u l e e l n s r - i e m o T x r ( n p o p ) e n o o t t a r e r t l t t s s p t I i G r n o o o d n d l i u d i a n c- s d e I r I r i e n n v a - - n es e f a e o r g d r m I o e n f i l a o g d 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 12,874-45, 955 -29, 235 18, 397 19, 431 2,580 -43 1, 543 -230,720 11, 223 173 -219,670 1935.. 42, 969 -230, 788 647-54,858 -181,725 -13,940 25, 542 342 -9, 607 s 2, 812 -161,872 11, 468 -6 -150,398 1936.. -1,!"" 122, 278 -9,127 -1,714 39, 305 14,531 51, 299 4,600 -2, 990 9 26, 368 -121,066 11, 663 -109,403 1937.. -3,718 -56, 946 -51,608 11, 940 -45,061 27, 739 -657 6,553-16,461 10, 609 -61, 723 11, 607 -41 -50,075 1938.. -35, 224 -1,245 -1,128 76, 620 -74, 375 -1,067 11,314 25, 125-32, 745 -4,1 -54,661 11, 247 12, 078 -55,494 1938—July... 1,468 -8, 83' -2 16,128 -14,071 -6, 041 -142 3,962 -8, 893 222 -10,988 951 -10,037 Aug.... -6, 864 -1,338 -2 10, 464 -8, 382 -1,283 -3: 3,824 -6,267 342 -7, 082 958 -6,124 Sept... -36, 626 9,024 -7 15, 940 418 117 -2 924 1,884 -10,251 -957 946 -11 Oct.__. -16,134 1,454 -1,140 907 -616 -158 -38 2,551 -56 3 -7,622 956 1,909 -8, 575 Nov.... -10,129 913 228 13 33 -117 -4 994 -265 31 -2,283 930 5,690 -7,043 Dec.__. -3, 765 -5, 690 -1,854 -139 -166 -438 -209 211 995 4,479 -3, 273 1939—Jan.. _ 33 -3, 786 -680 549 -149 1-2, 294 -1,274 —7 -125 940 11,423 -10,608 Feb.... -11,940 -2,112 -21 -763 24 -213 556-1,581 -97 -15 -3, 288 863 7,749 -10,174 Mar.... 9,999 -37, 332 -10,786 1,547 -1,990 -1,509 -576 -8, 327 -14,830 -860 -5,113 938 -3 4,812 -8,984 Apr.... 9,967 -162,645 -54, 266 104, 650 -4, 805 -864 10, 819-3, 876 -2, 431 -2, 573 -3, 394 912 5,197 -7, 679 May... -5,807 8,059 -2, 329 -5,419 -1,609 73 19, 585 -718 -1,138 -239 -4, 202 937 1,839 -5,104 June... -10,696 -8, 589 93 269 6 -8 725 -3,116 -76 -2,049 910 5,749 -6, 888 July... 7,765 -2, 856 1, 033 -1,153 2 10, 800 355 -171 -244 p-8, 744 Aug.... 5, 275 2 4,334 -1,929 —91 2,815 1,234 -887 -204 Sept.p. -2, 745 -1,372 —1,144 -229 P Preliminary. 1 Beginning April 1938 figures refer to Greater Germany. 2 Includes $17,465,000 exported to Rumania and unspecified net imports of $95,937,000. 3 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. 6 Includes net exports to Canada of $115,515,000. 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. 8 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

NOVEMBER 1939 FEDERAL RESERVE BULLETIN 1021 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States] TABLE 1.—TOTAL CAPITAL MOVEMENT Increase in foreign banking funds in U. S. Decrease Foreign Domestic in U. S. securities: securities: Inflow in From Jan. 2, 1935, through— Total Total C f b e u a n n n t d k r s al Other b a 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 , 436. 2 550.5 646.7 1,180. 6 63.9 June 28 _______ 4, 595. 6 2, 048. 3 361.8 , 686. 5 609.5 664.5 1,199. 3 74.0 July 5 4, 613. 7 2,049. 7 306.9 , 742. 9 610.1 678.5 1,199. 3 76.1 July 12 4, 590. 9 2,031.2 293.6 , 737. 5 609.9 677.1 1,194. 4 78.4 July 19 _ _ 4, 593.1 2, 042. 5 288.6 , 753.9 606.5 677.0 1,185. 0 81.9 July 26 _ _ 4,615.4 2, 066. 2 301.2 , 765. 0 609.0 678.0 1,180. 0 82.3 Aug. 2 4, 637. 2 2, 093. 9 327.1 , 766. 8 598.8 680.2 1,182. 2 82.1 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 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 July 5 4, 613. 7 1, 330. 5 455.3 400.9 603.2 150.3 30.5 615.5 3, 586. 2 248.9 498.4 221.4 58.8 July 12 4, 590. 9 1, 307.1 451.8 409.1 603.2 149.6 30.8 617.8 3, 569. 5 237.7 496.7 223.5 63.6 July 19 4, 593.1 1, 309.1 451.5 408.4 600.4 151.5 30.4 617.7 3, 569.1 235.5 500.1 224.5 63.9 July 26 4,615.4 1,312.9 441.9 407.6 607.0 150.1 30.9 616.9 3, 567.1 248.8 512.3 224.1 63.2 Aug. 2 4, 637. 2 1, 337. 7 441.9 405.7 606.8 151.5 31.2 617.3 3, 592. 0 259.1 516.1 207.2 62.7 TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r 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 ll er 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 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 July 5 2, 049. 7 506.1 264.3 133.4 229.8 — 15.1 -6.2 330.5 1, 442. 8 192.1 239.8 136.9 38.1 July 12 2,031.2 484.1 261.5 140.1 232.3 -15.9 -5.4 332.9 1, 429. 7 182.8 238.5 137.5 42.7 July 19 2, 042. 5 492.1 260.7 141.0 230.1 -14.5 -6.2 332.5 1, 435. 6 181.6 243.2 138.8 43.3 July 26 2, 066. 2 495.3 252.1 139. 9 235.1 -15.9 -6.0 332.7 1, 433. 2 193.5 254.5 142.6 42.4 Aug. 2 2, 093. 9 517.0 252.1 138.9 234.9 -15.3 -5.5 332.8 1, 454. 9 205.4 258.6 133.8 41.2 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 A L m a e t r i i n ca E F a a s r t o A th l e l r 1935—Dec. 31 361.4 208.8 48.1 -.4 1.6 29.7 13.7 8.8 310.2 -4.6 20.1 37.3 -1.6 1936—Dec. 30 431.5 178.0 62.0 -3.3 2.7 66.0 16.3 22.0 343.7 36.9 24.9 30.4 -4.4 1937—Dec. 29 449.1 207.4 65.3 -4.4 2.6 105.1 6.5 26.9 409.3 -21.7 51.6 18.7 -8.7 1938—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 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 July 5 610.1 236.0 71.4 -3.0 4.7 155.2 18.2 40.3 523.0 44.6 55.9 -9.6 -3.8 July 12 609.9 236.0 70.9 -3.0 4.9 155.7 17.5 40.4 522.4 44.1 54.9 -8.2 -3.3 July 19 606.5 233.8 71.4 -4.1 4.5 156.3 17.9 41.5 521.3 42.7 53.5 -7.6 -3.4 July 26 609.0 237.0 71.5 -3.0 4.9 156.5 17.9 40.7 525.4 43.6 54.1 -11.1 -3.1 Aug. 2 598.8 239.3 70.3 -4.4 4.9 157.5 17.9 40.6 526.1 39.6 54.1 -18.7 -2.3 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

1022 FEDERAL RESERVE BULLETIN NOVEMBER 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 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. 31 125.2 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.'3O 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 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 July 5 678.5 127.8 28.2 29.5 41.8 35.9 23.8 180.8 467.9 -13.4 176.3 37.2 10.4 July 12 677.1 127.1 28.3 29.6 41.7 35.9 24.0 180.8 467.3 -14.5 176.6 37.6 10.2 July 19 677.0 126.5 28.2 29.6 42.2 35.9 24.1 179.9 466.5 -14.1 176.9 37.7 9.9 July 26 678.0 126.4 28.3 29.5 42.3 35.9 24.3 179.9 466.5 -13.7 177.2 38.1 10.0 Aug. 2_ 680.2 126.7 28.3 29.7 42.3 36.0 24.3 180.6 468.0 -13.5 177.5 38.2 10.0 TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t o A th l e l r 1935—Dec. 31 316.7 149.8 23.4 50.5 55.1 -5.4 i 12.9 286.2 2.8 3.7 21.4 2.6 1936—Dec. 30 917.4 367.7 64.7 157.6 200.2 -7.5 -3! 3 38.5 818.0 32.6 15.5 44.1 7.1 1937—Dec. 29_._ 1,162.0 448.7 70.3 213.8 275.3 -17.4 -4.9 55.7 1,041.6 37.6 18.2 54.7 9.8 1938—Dec. 28 1, 210.9 472.6 76.5 212.9 301.7 -22.7 -5.4 56.6 1,092. 3 27.8 23.4 56.4 11.0 1939—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 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 July 5.. 1,199. 3 442.1 74.2 231.2 315.1 -25.5 -5.5 57.1 1,088. 6 16.3 25.4 55.4 13.5 July 12 1,194. 4 441.7 74.3 231.1 312.6 -25.9 -5.5 56.6 1,085.0 15.1 25.7 55.2 13.6 July 19 1,185. 0 437.3 73.3 230.2 311.2 -26.1 -5.5 56.4 1, 076. 7 15.3 25.5 53.9 13.6 July 26 1,180. 0 434.2 72.6 229.0 312.0 -26.3 -5.5 56.0 1, 072. 0 16.5 25.3 52.6 13.4 Aug. 2 1,182. 2 434.7 73.5 229.5 311. 3 -26.5 -5.6 56.0 1, 072. 9 18.9 25.2 51.9 13.3 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 r t o a 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 -.2 .1 1.4 7.6 -4.5 1.0 2.9 -.9 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 -.7 .3 .4 22.6 -7.6 -4.2 2.1 8 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 0) 1 5.0 44.0 3.5 -.5 .5 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 2 .2 6.6 57.4 5.6 .1 .6 .3 June 28 74.0 18.1 16.8 9.6 11.9 -!3 . 1 7.0 63.2 9.3 .8 .4 .3 July 5 76.1 18.4 17.2 9. 7 11.8 — .2 . 1 6.8 64.0 9.2 1.0 1.4 .5 July 12 78.4 18.3 16.8 11.2 11.8 _ 2 .1 7.1 65.2 10.3 1.0 1.4 .4 Julv 19 81.9 19.4 17.9 11.6 12.6 _ 2 . 1 7.4 68.9 9.9 1.0 1.6 .5 July 26 82.3 20.0 17.5 12.2 12.7 — .2 .2 7.6 70.0 8.9 1.1 1.9 .5 Aug. 2 82.1 19.9 17.7 12.0 13.4 -.2 2 7.3 70.2 8.8 . 7 1.9 .5 1 Inflow less than $50,000. ' Outflow less than $50, COO. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1939 FEDERAL RESERVE BULLETIN 1023 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [Outstanding amounts in millions of dollars] TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES Date Total U K d n o i i n m t g 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 99.1 105.2 204.5 157.4 373. 3 2,162. 8 241.8 188.2 49.0 31.0 1930—Dec. 31.. 2, 335. 0 214.5 799.4 122.2 222.2 161.0 111.2 281.3 1,911.7 216.8 130.8 38.2 37.5 1931—Dec. 30.. 1, 303. 5 104.9 549.2 44.6 66.0 41.1 33.2 122.2 961.2 148.3 103.3 69.0 21.6 1932—Dec. 28.. 745.6 169.7 71.1 11.9 78.0 32.9 39.8 66.2 469.6 98.2 121.7 43.5 12.6 1933—Dec. 27 _ 392.0 48.9 27.0 8.0 11.5 17.5 11.7 31.1 155.7 86.1 96.7 42.7 10.9 1934—Nov. 28 1 466.7 59.1 32.7 12.7 9.7 25.8 14.3 41.7 196.0 91.9 106.6 60.3 11.9 Reported by Banks in United States 1934—Dec. 5 «__ 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 1, 432. 7 236.6 300.7 250.9 43.4 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 July 5___. 2, 620. 9 578.3 296.4 147.3 243.5 14.6 12.6 377.4 1, 670. 0 292.2 360.7 247.9 50.1 July 12__. 2, 602. 4 556.2 293.6 154.0 246.0 13.8 13.4 379.8 1, 656. 9 282.9 359.4 248.5 54.7 July 19.. 2, 613. 7 564.2 292.8 154.9 243.7 15.1 12.5 379.4 1, 662. 8 281.8 364.1 249.8 55.2 July 26__ 2, 637. 4 567.5 284.2 153.8 248.8 13.8 12.8 379.6 1, 660. 4 293. 6 375.5 253.6 54.4 Aug. 2__ 2, 665. 1 589. 1 284.2 152.9 248.5 14.3 13.3 379. 7 1, 682. 1 305.5 379.5 244.8 5?. 2 TABLE 9—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES Date Total U K d n i o i n m t g ed - France N la e e n r t d - h s - e S r w la i n tz d - m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t o A th ll er Reported by Banks in New York City 1931—Dec. 30 1,103.3 166. 2 29.5 20 9 12.6 467.2 18.7 149.2 864.3 58.1 136.5 41.8 2.6 1932—Dec. 28 937.9 87.3 62.9 13.0 6.2 434.9 11.8 97.0 713.1 42.2 155.2 24.0 3.5 1933—Dec. 27 898.8 192.5 66.9 184 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 94.1 159 8. £ 178. 8 10.7 60.2 569.5 84.4 124.4 46.2 2.6 Reported by Banks in United States 1934—Dec. 5 2__ 1,137. 8 266.4 108. 2 1 19.2 8.3 239.6 26.5 81.3 749.5 91.2 170.7 118.1 8.3 1935—Jan. 2_._. 1,139. 9 296.9 80.5 18.6 8.2 231.7 27.2 80.0 743.2 96.3 174.6 117.4 8.5 Dec. 31.. 778.6 88.1 32.5 19.0 6.6 202.0 13.5 71.2 433.0 100.9 154.5 80.1 10.1 1936—Dec. 30__ 672.6 114.1 16.8 21.9 5.4 165.1 10.9 57.8 392.1 59.4 141.1 67.2 12.9 1937—Dec. 29.. 655.0 84.8 13.5 23.0 5.5 126.1 20.8 52.9 326.5 118.0 114.4 78.9 17.2 1938—Dec. 28_. 626.0 87.7 13.3 25.5 5.4 90.9 13.3 46.7 282.8 65.7 99.2 162.6 15.7 1939—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 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 July 5. „ 494.0 56.1 7.4 21.6 3.3 75.9 9.0 39.4 212.8 51.6 110.1 107.2 12.3 July 12. _ 494.2 56.1 7.9 21.6 3.2 75.5 9.7 39.4 213.4 52.2 111.0 105.8 11.8 July 19 __ 497.6 58.3 7.4 22.7 3.6 74.9 9.3 38.3 214.5 53.6 112.5 105.2 11.9 July 26.. 495.1 55.2 7.3 21.7 3.2 74.7 9.3 39.1 210.3 52.7 111.8 108.7 11.6 Aug. 2._ 505.3 52.8 8.5 23.1 3.1 73.7 9.3 39.2 209.7 56.7 111.8 116.3 10.8 1 Last report date on old basis. * First report date on new basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1024 FEDERAL RESERVE BULLETIN NOVEMBER CENTRAL BANKS Assets of issue dept. Assets of banking department Liabilities of banking department Bank of England Note (Figures in millions of Cash reserves Dis- circula- Deposits pounds sterling) Gold Other counts Securi- tion Other assets 1 and ad- ties liabili- Coin Notes vances Bankers' Public Other ties 1929—Dec 25 145.8 260.0 ? 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17 9 1930—Dec. 31 147.6 260.0 6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec 30 120.7 275.0 6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18 0 1932—Dec. 28 119.8 275.0 ,8 23.6 18.5 120.1 371.2 102.4 8 9 33.8 18.0 1933—Dec 27 190.7 260.0 1 0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18 0 1934—Dec. 26 192.3 260.0 5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—x)ec 25 200.1 260.0 6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18 0 1936—Dec 30 313.7 200.0 6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29 _ _ _ 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36 6 18.0 1938—Oct. 26 326.4 200.0 1.4 43.9 4.2 129.2 482.5 100.4 25. 0 35 5 17.7 Nov. 30 326.4 200.0 1 2 45.6 17.6 110.8 480.8 97.1 ?3 1 37.2 17.8 Dec 28 326.4 230.0 8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Jan 25 2 126. 4 400.0 7 62.6 18.8 103.9 463.8 118.2 12.9 36.7 18.1 Feb. 22 126.4 400.0 1.0 53.7 17.5 100.6 472.7 103.1 16.3 35.1 18.2 Mar 29 3 226. 2 300.0 1 1 44.2 4.8 124.8 482.0 98.5 21.8 36 3 18 2 April 26 226.2 300.0 .9 37.1 6.2 129.5 489.1 91.4 ?,7.0 37.6 17.7 May 31 226.2 300.0 6 26.4 8.0 140.7 499.8 82.4 38.3 37.1 17.8 June 28 - - 226.4 300.0 .7 27.4 6.8 136.7 499.0 101.4 15 4 37.0 17.9 July 26 4 246. 4 300.0 6 35.5 8.0 128.0 510.9 91.4 26.0 36.7 18 1 Aug. 30 263.0 300.0 .7 33.5 6.4 137. 8 529.5 90.1 31 1 39.0 18.2 Sept. 27 5.1 580.0 .7 38.3 2.5 144.2 541.8 107.1 19.8 40.5 18.3 Assets Liabilities Domestic bills Loans on— Deposits Bank of France Ad- For- vances Note Other (Figures in millions of francs) Gold6 eign to Short- Other circula- liabilich e a x n - ge m O ar p k e e n t7 c S i p a e l - 8 Other G er o n v - - G t o e v r e m rn- s O ec th u e ri r - assets tion G m ov e e n r t n- Other ties ment 9 ment se- ties curities 1929—Dec 27 41,668 25,942 5,612 8,624 2,521 5,603 68, 571 11, 737 7,850 1,812 1930—Dec 26 53, 578 26,179 5,304 8,429 2,901 6,609 76,436 12, 624 11, 698 2,241 1931—Dec 30 68,863 21,111 7,157 7,389 2,730 8,545 85, 725 5,898 22,183 1,989 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—Oct 27 55,808 763 6,802 1,550 14, 694 48,134 1,600 3,865 7,427 110, 446 3,642 23, 827 2 727 Nov. 24 _ 87, 264 888 7,032 1,611 11,021 20, 627 1,559 3,739 14,185 106, 798 6,169 31, 955 3,004 Dec 29 87, 265 821 7,422 1,797 7,880 20, 627 443 3,612 14, 442 110,935 5,061 25, 595 2,718 1939—Jan. 26 87, 266 761 8,004 1,996 6,193 20, 627 136 3,389 14, 099 109, 378 5,445 24,935 2,713 Feb. 23 87, 266 759 7,801 2,014 5,462 20, 627 73 3,317 14,308 111, 162 5,079 22, 556 2,830 Mar. 30 87, 266 758 8,631 2,054 5,733 20, 627 172 3,332 14, 558 119, 748 3,955 16, 702 2 726 April 27 __ 1092, 266 756 8,609 2,165 6,012 20, 577 127 3,362 14, 452 124, 666 3,755 17, 255 2,649 May 25 92, 266 754 8,164 2,276 4,774 20, 577 78 3, 401 14, 264 121, 391 4,573 17, 570 3,020 June 29 92, 266 722 8,074 2,279 5,009 20, 577 374 3,471 14, 753 122, 611 5,188 16, 909 2,816 July 27 ___ 92, 266 722 8,316 2,275 5,000 20, 577 472 3, 461 14. 458 123, 239 5,468 16,058 2,781 Aug. 31 i»97, 266 218 9,396 1,708 15,009 20, 577 2,412 3,805 16,016 142, 359 3,304 18, 038 2,708 Sept. 28P _._ _ _ 97, 266 211 1,957 14,830 20, 577 929 3,661 144, 561 2,340 18, 022 9 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. Since Sept. 6, 1939, however, an increase in fiduciary issue (and securities held as cover) to £580,000,000 has been authorized by British Treasury under Section 8 of Currency and Bank Notes Act, 1928 (see BULLETIN for August 1928, pp. 567-569). For status of fiduciary issue before Mar. 1, 1939, 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, s On Sept. 6, 1939, £279,000,000 transferred from Bank of England to Exchange account. 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. 7 Negotiable bills of Caisse Autonome and bills bought under authority of decree of June 17, 1938 (see BULLETIN for Aug. 1938, p. 650) s Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for Oct. 1936, pp. 785-786), and bills rediscounted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for Oct. 1936, p. 788). 9 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). !• On April 20, and again on Aug. 3, 1939, 5,000,000,000 francs of gold transferred from Stabilization Fund to Bank of France. 11 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

NOVEMBER 1939 FEDERAL RESERVE BULLETIN 1025 CENTRAL BANKS—Continued Assets Liabilities Reichsbank Reserves of gold andBills (and Securities (Figu r r e e i s c h in m m ar i k ll s i ) ons of re f T s o e o r r e t v a ig e l n s exch G an ol g d e * i T n ch c r b e e lu i a c l d k s ls u i s n ) r , g y Se lo c a u n ri s ty E a c s li o g n v i e o b r t l e e Other a O s t s h e e ts r ci N t r i c o o u n t l e a- Deposits l O ia t t i b h e i s e l r i- 1929—Dec. 31 2,687 2,283 2,848 251 92 656 5,044 755 736 193Q—Dec. 31 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec 31 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932 Dec 31 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30 _ _ 396 386 3,226 183 259 322 735 3, 645 640 836 1934—Dec 31 84 79 4,066 146 445 319 827 3,901 984 1,001 1935_Dec. 31 __ _ 88 82 4,552 84 349 315 853 4, 285 1,032 923 1936—Dec. 31 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—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 MavSl 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 Sept 30 77 10,105 24 1,324 393 1,963 10, 995 1,602 1,287 i Not shown separately on Reichsbank statement 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] Sept. Aug. July Sept. date of month] Sept. Aug. July Sept. National Bank of Albania (thou- National Bank of Belgium (millions sands of francs): of belgas): Gold 7,568 7,577 Gold reserve 3, 622 3,381 3 180 33, 634 19, 689 Other gold and foreign exchange 932 857 1,031 Loans and discounts 4, 393 5,672 Discounts 374 188 548 Other assets 8,650 4,850 Loans 273 53 179 Note circulation 22, 416 11,361 Other assets 472 409 452 Other sisht liabilities 18, 321 13, 794 Note circulation 5 299 4 565 5 100 Other liabilities 13, 507 12, 633 Demand deposits—Treasury.._ 4 8 6 Central Bank of the Argentine Other 247 251 165 Republic (millions of pesos): Other liabilities 124 124 119 Gold reported separately 1, 224 1,224 1,224 Central Bank of Bolivia (thousands Other gold and foreign exchange. 105 99 111 of bolivianos): Negotiable Government bonds 282 263 37 Gold at home and abroad 61, 763 55, 953 Other assets 238 229 267 Foreign exchange _ 68, 657 104 538 Note circulation 1,135 1,119 1,107 Loans and discounts 53 763 23 836 Deposits—Member bank 430 379 327 Securities—Government _ _ 401,911 402,133 Government 169 209 106 Other 5 123 4 033 Other 3 2 2 Other assets- 36 437 36 509 Foreign exchange sold forward 60 56 43 Note circulation 311,041 275, 152 Other liabilities 52 51 54 Deposits.. . „ _ 251 927 291 364 Commonwealth Bank of Australia Other liabilities 64 687 60 486 (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 2 003 Securities _ _ 41, 500 41, 002 38, 301 Foreign exchange . . 804 649 Banking department: Loans and discounts 941 1 187 Coin, bullion, and cash 1, 467 1,411 1,395 Government debt . 3 417 3 468 London balances 15, 874 16, 424 23, 047 Other assets 1 278 1 207 Loans and discounts... 17,620 18, 093 14, 206 Note circulation _ 3 038 3 137 Securities 59, 550 58, 602 54, 153 Deposits. _. 3 117 Deposits _ __ _ 87, 262 87, 840 87, 305 Other liabilities 2 292 2 153 Note circulation 48 525 48, 025 49, 030 Bank of Canada (thousands of Ca- Bank of Belgian Congo (millions of nadian dollars): Belgian francs): Gold 225, 675 209, 775 205, 159 181,033 Gold 166 Sterling and United States ex- Loans and discounts 448 change 44, 448 52, 860 43, 960 31, 349 Other assets 450 Canadian Gov't securities: Note circulation 369 2 years or less _ _ _ . 155 054 111 018 112 550 155 569 Deposits 559 Over 2 years 63, 588 52, 078 51,391 48,169 Other liabilities 136 Other assets . 7 234 7 125 6 970 5 839 Note circulation 212, 490 179, 704 169, 714 175,422 Deposits-Chartered banks 221,127 201,318 206, 916 211,485 Dominion Government 38,228 30, 695 29, 054 23. 045 Other... 11,380 11,216 4,649 '878 Other liabilities 12, 774 9,923 9,698 11,129 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1026 FEDERAL RESERVE BULLETIN NOVEMBER 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] Sept. Aug. July Sept. date of month] Sept. Aug. July Sept. Central Bank of Chile (millions of Central Reserve Bank of El Salvapesos): dor (thousands of colones): Gold 146 146 145 Gold . . 13, 208 13, 208 13, 206 Discounts for member banks 67 7 37 Foreign exchange. _ __ __ 5,172 6,074 3,513 Loans to government 754 754 766 Loans and discounts 837 725 936 Other loans and discounts 231 254 150 Government debt and securities. _ 5,104 5,108 5,511 Other assets 43 40 47 Other assets 1,092 996 956 Note circulation 845 844 750 Note circulation. _ _ 14, 490 14, 771 13, 375 Deposits- Deposits 7,374 7,744 6,316 Bank 157 162 202 Other liabilities 3,550 3,595 4,431 Other 86 46 47 Bank of Estonia (thousands of Other liabilities 153 148 146 krooni): Bank of the Republic of Colombia Gold3 40, 904 40, 906 34, 288 (thousands of pesos): Foreign exchange (net) 9,454 9,034 16, 211 Gold 35, 453 36, 109 40, 426 Loans and discounts 31,476 27, 497 25, 565 Foreign exchange 7,543 3,865 4,867 Other assets 40, 293 41,413 31,191 Loans and discounts 19, 434 18, 455 15 684 Note circulation. 56, 981 53, 086 52, 791 Government loans and securities, 37,167 36, 820 46, 404 Demand deposits 28, 027 27, 326 32, 728 Other assets 31 787 30, 337 26 892 Other liabilities 37,119 38, 438 21, 737 Note circulation 53,628 55, 365 52 716 Bank of Finland (millions of mark- Deposits 45, 786 38, 547 39,634 kaa): Other liabilities 31, 969 31, 674 41 923 Gold* 1,183 1,128 620 National Bank of Czecho-Slovakia ' Foreign assets _ _ _ . _ _ 2,487 2,598 2,325 (millions of koruny): Loans and discounts... 1,155 1,151 1,515 Gold 1,698 1,721 2, 653 Domestic securities. 332 333 233 796 821 87 Other assets.. _ _ 304 248 292 1,855 1,713 4 425 Note circulation. . _ _ 2,262 2,179 2,166 804 875 1,605 Deposits—Treasury. . 242 217 129 Other 8>SSPtS 4,354 4,187 1,719 Other 906 991 1,070 6,056 6,391 8,115 Other liabilities.. _ 2,050 2,070 1,620 Demand deposits 702 811 433 Bank of Greece (millions of drach- Other liabilities 2,750 2,116 1,941 mas): Bank of Danzig (thousands of Gold and foreign exchange (net) 3,097 3,289 3,246 gulden) • Loans and discounts _ _ 12, 388 10,606 8,655 Gold 22, 862 23, 612 31,219 Government obligations 4,211 4,211 4,305 Foreign exchange of the reserve 1,165 1,199 5,520 Other assets 2,164 1,943 1,968 Other foreisn exchange 197 166 475 Note circulation 9,980 7,912 7,726 31,661 20, 525 21 444 Deposits 9,993 10, 264 8,387 Other assets 2,263 2,572 2,810 Other liabilities 1,887 1,873 2,061 Note circulation 54,190 48, 614 41,134 National Bank of Hungary (mil- Demand deposits 25, 900 17,179 22 117 lions of pengo): Other liabilities 19 010 19, 010 19 015 Gold* 124 124 124 84 National Bank of Denmark (mil- Foreign exchange reserve 98 101 93 135 lions of kroner): Discounts 627 576 418 567 Gold 117 117 117 118 Loans—To Treasury.._ 342 343 298 193 39 89 99 111 Other 32 43 29 19 26 25 20 21 Other assets._. _ 331 352 360 262 Loans—To Government agencies 101 97 89 196 Note circulation 1,087 1,038 879 853 Other 182 150 138 74 Demand deposits.. _ ._ 148 181 143 164 Securities 218 189 186 132 Certificates of indebtedness _ 99 99 99 70 86 108 110 105 Other liabilities 220 221 201 173 Note circulation _ _ 480 452 425 429 Reserve Bank of India (millions of Deposits 118 127 135 153 rupees): Other liabilities 169 195 199 174 Issue department: Central Bank of Ecuador (thou- Gold at home and abroad 444 444 sands of sucres): Sterling securities 595 655 Gold 38, 378 33, 223 Indian Gov't securities 374 324 7,760 5,460 Rupee coin 730 702 56, 630 '50, 790 Note circulation 1,784 1,757 Other assets 20, 884 r20, 322 Banking department: Note circulation 64, 974 65, 920 Notes of issue department 359 369 43, 262 27, 566 Balances abroad 36 46 Other liabilities 15,416 16,310 Treasury bills discounted 2 National Bank of Egypt2 (thou- Loans to Government 19 3 sands of pounds): Investments 75 63 Gold 6,545 6,545 Other assets. 13 13 Foreign exchange 1,572 830 Deposits 387 379 Loans "and discounts 5,375 6,710 Other liabilities 115 116 British, Egyptian, and other Bank of Japan (millions of yen): Government securities 24, 900 32,213 Gold 501 501 501 Other assets 8,414 6,802 Special foreign exchange fund- 300 300 300 Note circulation 19, 774 23, 091 Discounts 387 414 466 DeDosits—Government 3,304 3,427 Loans—Government 3 3 3 Other 15, 257 18,054 Other __ 58 85 48 Other liabilities 8,472 8,529 Government bonds 1,850 1,686 1,254 Other assets 447 376 266 Note circulation 2,461 2,446 1,931 Deposits—Government 652 501 471 Other 83 112 124 Other liabilities 351 306 311 r Revised. i Name changed to National Bank of Bohemia and Moravia, Prague, by decree of March 31, 1939. J 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. 6 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

NOVEMBER 1939 FEDERAL RESERVE BULLETIN 1027 CENTRAL BANKS—Continued Central bank 1939 1938 Central bank 1939 1938 [Figures as of last report [Figures as of last report date of month] Sept. Aug. July Sept. date of month] Sept. Aug. July Sept. Bank of Java (millions of guilders): Bank of Portugal (millions of Gold 129 117 117 escudos): Foreign bills 9 11 2 Gold 920 920 918 Loans and discounts 67 61 65 Other reserves (net) 456 432 481 Other assets 91 104 105 Non-reserve exchange- 219 210 151 Note circulation 193 199 188 Loans and discounts 413 399 425 Deposits 77 69 74 Government debt 1,036 1,036 1 040 Other liabilities 25 25 26 Other assets 1 250 1 241 1 319 Bank of Latvia (millions of lats): Note circulation 2,230 2,079 2,178 Gold 98 98 98 83 Other sieht liabilities 1 040 1 149 1 071 Foreign exchange reserve 35 35 36 38 Other liabilities 1,024 1,009 1 083 Loans and discounts 176 153 143 135 National Bank of Rumania (mil- Other assets 47 52 51 61 lions of lei): Note circulation 118 89 81 74 Gold 18 805 17 641 DeDosits 187 204 204 194 Special exchange accounts 4,424 4,111 Other liabilities 51 45 43 49 Loans and discounts 14,027 11 350 Bank of Lithuania (millions of litu): Special loans • 1,469 1,868 Gold 60 62 73 Gnvftm mfint dpbt 10,174 10,404 Foreign exchange 6 8 3 Other assets 12,893 10, 950 Loans and discounts 132 119 116 Note circulation 38, 980 34, 242 Other assets 43 37 33 10 517 11 005 Note circulation 173 153 148 Other liabilities 12, 295 11 079 Deposits 39 42 53 South African Reserve Bank (thou- Other liabilities 30 30 24 sands of pounds): Netherlands Bank (millions of guil- Gold 26,910 26, 638 26, 709 ders) : Foreign bills 6,421 5,500 6,977 Gold 1,129 1,129 1,481 Other bills and loans 2,719 1,714 822 Silver (including subsidiary coin) 17 24 15 Other assets 15, 848 16,144 15, 989 Foreign bills 2 2 4 Note circulation 16, 712 18,464 18,437 Discounts 48 10 12 Deposits 31, 676 28, 329 28 512 Loans 260 224 290 Other liabilities 3,511 3,203 3,548 Other assets 68 69 64 Bank of Sweden (millions of Note circulation 1,132 1,037 1,053 kronor): Denosits Government 46 159 Gold 782 767 684 Other 344 327 608 Foreign assets 608 627 992 Other liabilities 48 48 46 Discounts. _ 11 11 12 Reserve Bank of New Zealand Loans 60 59 26 (thousands of pounds): Domestic securities 186 166 76 Gold • 2,802 2,802 Other assets 545 520 460 Sterling exchange reserve 5,577 11,449 Note circulation 1,126 1,025 1,083 Advances to State or State un- Demand deposits 884 963 998 dertakings 18,938 7,659 Other liabilities 183 163 169 Investments 3,748 2,732 Swiss National Bank (millions of Other assets 460 431 francs): Note circulation 15, 693 13, 735 Gold 2,419 2,419 2,461 2,851 T) em and dfvnosits 13,833 9,681 Foreign exchange '285 288 274 306 Other liabilities 1,999 1,657 Discounts 94 63 49 139 Bank of Norway (millions of Loans 49 43 27 31 kroner): Other assets 684 684 682 712 Gold 237 236 236 211 Note circulation 2,082 2,024 1,741 1,933 Foreign assets 78 128 151 219 Other sight liabilities 802 828 1,106 1,465 Total domestic credits and Other liabilities 648 646 647 642 securities 384 309 281 212 Central Bank of the Republic of Discounts. (0 136 122 78 Turkey (thousands of pounds): Loans 0) 47 36 33 Gold 36, 906 36, 906 36, 870 Securities- 0) 126 123 101 Foreign exchange—Free 11 2 13 Other assets 0) 43 52 41 In clearing accounts 3,556 3,536 11,079 Note circulation 538 505 480 471 Loans and discounts 154,080 145, 754 81, 353 Demand deposits—Government. 21 21 15 31 Securities 193,539 192, 732 190,005 Other 81 109 139 101 Other assets 28,053 38, 340 39,649 Other liabilities 0) 81 87 81 Note circulation 229, 521 229,521 196, 691 Central Reserve Bank of Peru Deposits 65,461 71,426 58, 770 (thousands of soles): Other liabilities 121,165 116,325 03, 510 Gold and foreign exchange 48,888 Bank of the Republic of Uruguay Discounts 24,025 (thousands of pesos): 83,454 Issue department: Other assets 8,812 Gold and silver 103, 585 Note circulation 106,110 Note circulation 87, 353 Deposits 39, 875 Banking department: Othor liftbilitifts 19 194 Gold 2,045 Bank of Poland (millions of zlotys): Notes and coin 48, 927 Gold 444 437 Loans and discounts 99,406 Foreign exchange 11 13 Other assets 71, 584 Loans and discounts 886 1,167 Deposits 82, 345 Securities 161 128 Other liabilities 139, 617 Special gov't debts 515 National Bank of the Kingdom of Other assets 350 346 Yugoslavia (millions of dinars): Note circulation 1,883 1,548 Gold 1,924 1,922 1,886 Other sight liabilities 152 181 Foreign exchange 509 503 478 Other liabilities 332 363 Loans and discounts 2,132 1,860 1,948 2,231 2,230 2,243 Other assets 3,332 3,273 3,540 Note circulation 7,986 7,354 7,404 Other sight liabilities 1,350 1, 712 1,636 Other liabilities 791 721 1,053 i Figures not yet available. * Not reported separately on bank statement; included with loans and discounts. 8 Agricultural and urban loans in process of liquidation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1028 FEDERAL RESERVE BULLETIN NOVEMBER 1939 BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs *] 1939 1938 1939 1938 Assets Liabilities Sept. 30 Aug. 31 Sept. 30 Sept. 30 Aug. 31 Sept. 30 Gold in bars 16, 523 28, 588 19, 181 Demand deposits (gold) 10, 688 14, 112 9,248 Cash on hand and on current account with banks 27, 337 26, 582 40,516 Short-term deposits (various curren- Sight funds at interest 11,536 12, 980 17,415 cies) : Central banks for own account 40,169 53, 823 100, 089 Rediscountable bills and acceptances Other . . ._ _. 3,002 2,463 10, 524 (at cost)... ... . 176,062 177, 241 197, 132 Time funds at interest 32, 979 35, 627 51, 456 Long-term deposits: Special accounts,__ 250, 906 253,512 255, 530 Sundry bills and investments 226, 008 229, 588 237, 653 Other liabilities . 188,706 188, 265 201, 232 Other assets 3,027 1, 570 13, 270 Total liabilities _ 493, 472 512,176 576, 623 Total assets 493, 472 512, 176 576, 623 i See BULLETIN for December 1936, p. 1025. MONEY RATES IN FOREIGN COUNTRIES [Per cent per annum] United Kingdom (London) Germany (Berlin) Netherlands (Amster dam) Month ac 3 B c a m e n p o k t n a e n t r h c s s e ' s T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n ll a o d n w e k p a e o n r s c s i e t ' s d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y o -t n o e - y day d P is r r c i a v o t a e u t n e t M 1 o m n o ey n t ( h or 1929—September. 5.63 4.39 7.18 9.48 7.86 5.36 5.32 1930—September. 2.05 1.68 1 3.30 4.54 3.78 1.96 1.84 1931—September 4.57 4.04 2^-4 7.99 9.18 9.15 1.30 1.21 1932—September .55 .67 4.25 5.55 5.55 .37 1. 00 1933—September. .31 .63 3.87 5.50 5.00 .77 1.00 1934—September .61 .78 3.81 5.13 4.71 .61 1 00 1935—September. .55 .75 3.02 3.07 3.21 5.48 5. 65 1936—September .53 .75 3.00 2.89 3.01 1.23 1.29 1937—September. .50 .75 2.88 2.73 3.07 .14 .50 1938—September .86 .75 2.88 2.88 2.59 .32 .70 1939—March .63 .70 .75 2. 88 2.88 2.70 .29 .50 April 1.40 1.36 .76 2.88 2.88 2.36 1.11 1.24 May .73 .70 .75 2.77 2.53 2.46 .72 .80 June .75 .76 .77 2.79 2.50 2.71 .49 .75 July .79 .77 .75 2.75 2.50 2.65 .51 .75 August i: 58 1.92 1.35 Y2-2 2.75 2.50 2.50 1.03 1.53 September. 3.51 3.23 2.72 1-2 2.94 3. P6 Sweden Switzer- Belgium France Italy Hungary (Stock- Japan (Tokyo) land (Brussels) (Paris) (Milan) holm) Month d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a u e t n e t d P i r s r c i a v o t a u e t n e t c c i o a P m l r p i m m a e p e r e - r Da m y- o t n o e -d y ay 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 r o n a n l i e l g y ht 1929—August... 3.33 4.93 3. 50 6.85 5.48 3.10 1930—August___ 1. 75 2.44 2.10 5.50 3^ 5.48 3.83 1931—August___ 1.98 2.41 1.50 5.25 4-6 4. 93-5. 48 3.65 1932—August... 1.50 3. 12 1.02 5.50 -4-6 5. 84-6. 21 4.02 1933—August. __ 1. 50- 2.31 1.45 4.00 5.11-5.48 2.37 1934—August... 1. 50 2.31 1. 75 3.00 5.11 2.79 1935—August... 2.47 1.88 3.06 4.17 H 5.11 2.60 1936—August... 2.25 1.38 3.00 4.50 4.75 2.69 1937—August. _. 1.00 1.00 4. 11 5.00 2% 4.75 2.85 1938—August-.. 1.00 2.89 2.50 5.00 2V 4.56 2.44 1939—February. 1.00 1.98 1.96 5.00 4.47 2.56 March 1.00 3.28 1.94 5.00 4.47 2.54 April 1.00 4.28 1.88 5.00 4.47 2.47 May 1.00 3.99 1.94 5.00 4.47 2.37 June. 1.00 2.79 1.88 5.00 4.47 2.39 July 1.00 2.30 1.88 5.00 August... 1.00 1.95 1 No quotation available. r Revised. NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736; May 1930, p. 318; and September 1938, p. 757. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBEE 1939 FEDERAL RESERVE BULLETIN 1029 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 O 2 a c 6 t t e . ef D fec a t t i e ve b C an e k n tr of a — l R O 2 a c 6 t t e . ef D fec a t t i e ve J I J S S O O O n u u e e c c c 1 p l l p t t t 9 e y y . t t 3 f . 7 1 f 2 1 6 9 2 e 9 6 0 c 5 t June 30, 2 4 3 3 5 m 4 2 2 VA 3.29 A A B B C C B B C Cz u h e o o r a r lb i e g l n l i l l t g g l i o c a i a e v e i s h a n m u d n i h o r i a m a i t a b - I a i n i n a d a . i . _ a . . 3-4 4 3 3 6 2 6 H H V2 J J A J A D N M M u u u u e p o l a l a l c y y g r y v r r i . . . . . l 2 1 1 1 1 6 8 5 1 6 1 8 5 1 , , , , , , , , , 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 3 9 5 3 5 7 6 5 6 2 J N N J L N P L M a a e a i e o e l p e v t r a t w t r x h a v u a n h w i n u i . e d c a a a r o y l n a Z i n e a d a . - s .. 4 4 3 ^ 3 3 6 3. H A 29 J A J J N S M M A u a a e u o p n n l a a p g y v r . y . r t . . . . . 1 2 1 1 2 2 4 0 1 9 1 5 7 9 2 , , , , , , , , , 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 3 9 9 7 2 9 8 7 6 9 J N D O a c e o n t c v . . 2 2 3 2 8 0 6 , 1937 4 2 2 1H D D Ec a e s u n l n o a z m d v ig o a a r k rk ia . . _ _ _ 3 4 &A J N J O a a o c n n t v . . . . 3 1 0 2 1 0 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 2 7 9 6 P P R S o o o u l u r m a t t u n h a g d n A a i l a frica ^ 6 V A A A D M M u e a a c g y y . . 1 1 1 5 1 5 8 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 7 8 3 7 J J A N M M S M S u u e e u o a a a n l p p g v y y y y e t t 7 4 3 1 1 1 2 1 3 0 3 0 3 5 8 , 1938 6 4 5 V 2 3 3 H A 4 3 E E F F H I G G t r i s l a r u e n a e t l S r n o n l y e m a a g n c c n l a i e e a v a d r n a y d y o . r __ 4 4 4 6 3 2 4 4 H H J D S J M A O M a a e e c u n n a a p c t g . . y r . t . . . . 3 2 1 2 4 4 0 3 9 8 1 2 , , , , , , , , 1 1 1 1 1 9 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 7 2 9 9 4 6 5 5 T S S S U U Y w p w u u n . d a r g o e i i S i k t t d o n m e z . e e s e d S y n l r a K l . a v R i n i n a d . . g . _ - . V 2 4 5 2 D 5 y 4 A 2 J J J N D O F u u u e c e o l l l b t c y y y v . . . . 2 1 2 6 1 1 5 1 1 6 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 3 3 6 6 5 3 9 8 5 Oct 27 2H Nov. 25 2# Changes since Sept. 28: Denmark—Oct. 10, up from 4^ 1o 5H per cent; Jan 4 1939 2 United Kingdom—Oct. 26, down from 3 to 2 per cent. Apr 17 4 May Jl 3 July 6' 2H Aug. 24 4 Aug 29 3 Sept. 28.... _. 3 Oct. 26 2 In effect Oct. 26, 1939 2 2 4 2H 3 3.29 COMMERCIAL BANKS [Figures as of end of month, except those for United Kingdom, which are averages of weekly figures] Assets Liabilities United Kingdom Cash M ca o l n l a ey 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 i r c t e counted ties ers assets Total Demand i 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—D ecember _ _ 235 150 244 606 940 250 2,172 254 11 London clearing banks J 1936—December. 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—December. 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—July 244 302 633 085 242 2,309 1,254 1,055 255 August 241 153 305 642 974 239 2,298 1,248 1,050 256 September. 234 148 289 646 973 242 2,269 1,236 1,033 262 October. __ 234 149 268 645 973 256 2,256 1,247 1,009 270 November. 149 272 642 966 255. 2,249 1,244 1,004 260 December. 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 235 150 249 600 257 2,219 1,232 987 265 July 235 155 278 597 251 2,240 1,241 263 August P.. 233 152 279 599 269 2,245 273 p Preliminary. 1 Through December 1937 excludes deposits in offices outside England and Wales, which are included in total. Figures for 10 banks not available beginning 1936. * District Bank included beginning in 1936. NOTE.—For other back figures and explanation of tables see BULLETIN for October 1933, pp. 639-640. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1030 FEDERAL RESERVE BULLETIN NOVEMBER 1939 COMMERCIAL BANKS—Continued [Figures as of end of month] Assets Liabilities France (4 large banks. fr F a i n g c u s r ) es in millions of re C se a r s v h es D b u a e n f k r s om B co il u ls n d te i d s- Loans Other Total Demand Time a a c O n c w c e e p n s t- lia O b t i h li e t r ies 1930—December... 2,419 4,675 20,448 10,743 2,361 36,681 35,284 1,397 921 4,357 1931—December... 11,311 2,168 18,441 9,274 2,130 38,245 37,023 1,222 576 4,503 1932—December... 9,007 1,766 22,014 7,850 1,749 37,759 36,491 1,268 295 4,331 1933—December... 5,870 1,416 19,848 8,309 1,827 32,635 31,773 862 273 4,362 1934—December.. _ 5,836 1,421 18,304 8,159 1,717 30,943 904 193 4,301 1935—December... 3,739 2,484 16,141 8,025 1,900 27,553 26,859 694 337 4,399 1936—December.. _ 3,100 2,975 17,582 7,631 1,957 28,484 27,955 529 473 4,289 1937—December... 3,403 4,116 18,249 7,624 2,134 30,348 29, 748 600 661 4,517 1938—October 3,152 4,238 18,940 7,613 2,088 30,952 30,449 503 775 4,304 November. _. 3,357 4,318 18, 522 7,956 1,976 30,971 30,460 511 746 4,411 December... 3,756 4,060 21,435 7,592 1,940 33, 578 33,042 537 721 4,484 1939—January 3,329 3,985 22,100 7,079 1,339 33,444 32,863 581 643 3,745 February 3,433 3,824 23,024 6,927 1,250 34,243 33, 619 624 538 3,677 March 3,604 3,519 23, 945 6,654 1,310 34,793 34,127 667 541 3,697 April 3,522 3,745 25, 667 6,414 1,353 36,368 35, 700 667 558 3,775 May 5,148 3,769 25,102 7,061 1,409 38,120 37, 444 676 519 3,849 June.. 3,538 3,857 25, 263 6,538 1,472 36, 231 35, 547 684 486 3,951 July* 3,464 3,580 25, 717 6,850 1,532 36, 650 35, 991 659 430 4,063 Assets Liabilities Germany i (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 t d e i d s- Loans Se t c ie u s ri- Other Total D D e e p m o a s n it d s Time o C b b f r t a r e a o n 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 9,091 3,857 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 2,968 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 6,816 2,731 3,085 485 1,432 1935—November.. 139 316 2,162 2,884 1,027 983 5,376 2,435 2,941 686 1,449 1936—November.. 137 269 2,567 2,729 1,112 851 6,751 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 3,311 424 1,400 October 179 261 3,620 2,743 1,183 895 7,031 3,373 3,668 422 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 3,765 401 1,418 April.. 189 271 4,364 2,761 1,082 891 7,745 3,870 3,875 1,414 May. 237 292 4,537 2,772 1,073 852 7,981 3,996 3,985 1,385 June. 214 306 4,108 1,080 829 7,793 3,793 390 1,342 Assets Liabilities Deposits payable in Can- Canada Entirely in Canada S l e o c a u n r s ity ada exclu d d ep in o g s its interbank abroad Note Other (10 chartered banks. Figures in mil- and net Securi- Other circula- liabililions of Canadian dollars) Other due ties tion ties Cash S l e o c a u n r s ity an lo d a d ns is- fo fr r o ei m gn Total Demand Time counts banks 1930—December. 207 205 1,275 171 604 602 133 2,115 1,426 816 1931—December. 201 135 1,253 146 694 510 129 2,058 1,360 762 1932—December. 211 103 1,104 155 778 439 115 1,916 538 1,378 760 1933—December. 197 106 1,036 134 861 432 121 1,920 563 1,357 725 1934—December. 228 103 977 155 967 449 124 2,035 628 1,407 718 1935—December. 228 83 945 141 1,155 485 111 2,180 694 1,486 745 1936—December. 240 114 791 161 1,384 507 103 2,303 755 1,548 790 1937—December. 255 76 102 1,411 510 96 2,335 752 1,583 785 1938—October. _. 291 66 147 1,409 470 94 2,480 824 1,656 795 November. 277 64 970 192 1,426 471 92 2,499 844 1,655 808 December. 263 65 940 166 1,463 474 88 2,500 840 1,660 782 1939—January... 276 63 919 167 1,454 459 85 2,457 789 1,667 796 February.. 267 60 921 171 1,490 450 2,471 780 1,691 800 March 259 56 943 192 1,499 458 2,492 791 1,700 821 April 260 54 956 203 1,509 449 2,509 812 1,697 833 May_. 266 55 963 217 1,505 452 2,524 846 1,678 850 June 255 53 957 226 1,525 494 2,542 862 1,680 875 July 266 51 947 202 1,520 468 2,520 822 1,697 849 August 265 49 957 245 1,507 461 2,524 822 1,702 873 p 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

NOVEMBER 1939 FEDERAL RESERVE BULLETIN 1031 FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. 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 u a u s l - i n a d) O B ff r i a c z ia il l (m m i F l a r r r e e k i e s e ) t ( B I ru r n i p d t e i i s a e h ) g ( B l a e u r v i l a - ) C (d a o n ll a a d r a ) Off C ic h ia il l e (p E e x so p ) ort S ( C y h h h u a a i a n i n ) n g a - - Co b l i o a m- ( C pe u s b o a ) 1929. 95.127 13.912 11.8072 36. 202 .7216 99. 247 12.0601 41.901 96. 551 99. 965 1930. 83. 505 458. 60 13. 952 10.7136 36.067 .7209 99.842 12.0785 29.917 96. 493 99. 952 1931. 66. 738 351. 50 13. 929 7.0290 33.690 .7163 96. 326 12. 0669 22.437 96. 570 99. 930 1932. 58. 443 279. 93 13.914 7.1223 26. 347 .7193 88.090 7. 9079 21. 736 95. 275 99. 941 1933. 72.801 337.07 17.900 7.9630 31.816 1. 0039 91. 959 7. 6787 28. 598 81. 697 99. 946 1934. 33. 579 400. 95 23. 287 8. 4268 37. 879 1. 2852 101.006 10.1452 34.094 61. 780 99. 936 1935. 32. 659 388.86 18. 424 8. 2947 36.964 1. 2951 99. 493 5. 0833 36. 571 56.011 99. 920 1936. 33.137 395.94 16. 917 8. 5681 5. 8788 37. 523 1. 2958 99. 913 5.1240 29. 751 57. 083 99. 909 1937. 32.959 393. 94 16. 876 8. 7190 6.1806 37.326 1. 2846 100.004 5.1697 4.0000 29. 606 56. 726 99. 916 1938. 32. 597 389. 55 16. 894 5. 8438 36. 592 1. 2424 99. 419 5.1716 4.0000 21. 360 55. 953 99. 925 1939—January 31.126 372.06 16.893 5.8598 34.881 1.2156 99.194 5.1739 4.0000 16. 256 57.055 99. 932 February 31. 236 373. 33 16.860 5. 8602 35.014 1. 2130 99. 502 5.1736 4. 0000 15. 885 56. 990 99. 933 March 31. 234 373. 27 16. 823 5. 8647 35.057 1. 2103 99. 583 5.1733 4.0000 16. 016 56. 983 99. 932 April 31.207 372. 86 16. 838 5. 8595 34.962 1. 2089 99.483 5.1735 4.0000 16.015 56.982 99. 936 May ___ 31. 210 372.89 17.016 34. 916 1. 2101 99. 620 5.1733 4.0000 15. 987 57.009 99. 942 June 31. 217 373.12 17.008 6. 0585 5.1038 34. 924 1. 2077 99. 773 5.1737 4.0000 13. 434 57.169 99. 949 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 September.. 318. 38 17.028 6. 0594 5.0162 29. 928 91. 255 5.1776 4.0000 57.068 Year or month ( s C k lo o ze v r c u a h n k o a ia - ) ( m D k e r a o n r - n k e) p E o g u y n p d t ) ( k l F m k a i a a n n r ) d - - F ( r fr a a n n c c e ) ( m m G r a e a e i r r n c k - h y ) s- G ( r m d e r a e a ) c c h e - ( H d K o o o l n n la g g r) (p H g e a u n r g n y 6 - ) ( I l t i a r l a y ) J ( a y p e a n n ) M (p e e x s i o c ) o ( N g l u e a 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. Ill 31. 850 40. 295 320.19 3. 8232 19.071 434. 39 1. 8708 5. 0313 30. 518 .7233 29. 452 22. 360 6. 7094 25. 646 28.103 51. 721 340.00 1934... 4. 2424 22. 500 516. 85 2. 2277 6. 5688 39. 375 .9402 38. 716 29. 575 8. 5617 29. 715 27. 742 67. 383 402. 46 1935... 4.1642 21. 883 502. 60 2.1627 6. 6013 40. 258 .9386 48. 217 29. 602 8. 2471 28. 707 27.778 67. 715 391. 26 1936... 4.0078 22.189 509. 68 2.1903 6.1141 40. 297 .9289 31. 711 29. 558 7. 2916 29.022 27. 760 64. 481 398.92 1937... 3. 4930 22.069 506.92 2.1811 4.0460 40. 204 .9055 30. 694 19. 779 5. 2607 28. 791 27. 750 55.045 396.91 1938... 3. 4674 21. 825 501.30 2.1567 2. 8781 40.164 .8958 30. 457 19. 727 5. 2605 28. 451 22.122 55.009 392.35 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 September. 19. 317 432.04 1. 9000 2. 2651 39. 500 .7575 24. 863 5.1445 23. 459 19.023 53.182 319. 75 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 fr u u i n t c h d a ) (p S e p s a e i t n a) ( S S m d e t o r e t l a t n l l i a t e t s r s - ) (k S d r w o e n n e a - ) ( e S f r w r l a a i n t n c z d ) - ( T p u ou rk n e d y ) ( U p K d o n i o u i n t m 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 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 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. 2506 .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 September 22. 655 3. 6564 394. 57 10. 492 46. 712 23. 763 22. 576 79. 500 399. 51 52. 595 38. 180 NOTE.—Developments affecting averages since July 1939 have been as follows: no rates certified for following days: Argentina—Aug. 26-Sept. 30; Brazil—Sept. 1; Bulgaria—Aug. 30-Sept. 30; Cuba—Aug. 11-Sept. 30; Denmark—Aug. 26-31; Egypt—Sept. 2-30; Finland—Aug. 26-Sept. 1 and Sept. 3-5; Germany—Sept. 1 and Sept. 3 30; Hungary, Poland, Rumania, and Yugoslavia—Aug. 26-Sept. 30; Norway—Aug. 26-29; and Turkey— Aug. 25-28, and Sept. 2-30; quotations on following countries partly or wholly nominal since August 24:Australia, British India, Denmark, Finland, Germany, Hong Kong, Italy, Japan, Norway, Poland, Portugal, South Africa, Straits Settlements, Sweden, and Yugoslavia. For further information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the basis of quotation, see BUL- LETINS 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

1032 FEDERAL RESERVE BULLETIN NOVEMBER 1939 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U S n ta i t t e e s d Canada K U in n g i d te o d m France Germany Italy (O Ja c p to a b n er N l e a t n h d e s r, Sw la it n z d er- (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) (1926-30= (July 1914 100) =100) 1926 100 100 1 124 695 134 237 106 144 1929 95 96 627 137 95 220 100 141 1930 86 87 100 554 125 85 181 90 126 1931 _ 73 72 88 500 111 75 153 76 110 1932 65 67 86 427 97 70 161 65 96 1933 66 67 86 398 93 63 180 63 91 1934 75 72 88 376 98 62 178 63 90 1935 80 72 89 338 102 68 186 62 90 1936 81 75 94 411 104 76 198 64 96 1937 86 85 109 581 106 89 238 76 111 1938 79 79 101 653 106 95 251 72 107 1938—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 72 98 674 107 272 71 107 September 79 P105 288 p Preliminary. 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—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 90 102 616 726 109 P92 95 126 September 69 75 82 P101 P108 ?95 P126 p Preliminary. Sources —See BULLETIN for March 1931, p. 159; March 1935, p. 180; October 1935, p. 678; March 1937, p. 276; and April 1937, p. 372. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1033 NOVEMBER 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- Ger- Nether- Switz- Year or States land France many lands erland Year or States land France 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 i 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-August 78 141 677 124 129 129 1938-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 i 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 February.. 77 138 744 122 129 February 155 122 126 113367 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 82 153 127 136 137 July 77 139 741 125 132 Julv 156 127 138 August. __ 75 137 749 125 131 August 155 127 137 September 79 September ^155 p Preliminary. i Revised index from March 1936 (see BULLETIN for April 1937, p. 373) Sources.—See BULLETIN for April 1937, p. 373, and October, 1939, p. 943. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926=100) Year or month United States England France Germany Nether- Nether- ( p a r v i e c r e a ) g i e ( 1 D 9 e 2 c 1 e = m 10 b 0 e ) r (1913=100) (a p v r e ic r e a ) ge lands - U St n a i t te e d s England France Germany (19 l 3 a 0 n = d 1 s 00) 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 3 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 4 101. 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—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 82.9 99.0 92.6 86.3 75.3 94.0 99.2 88.6 September. _ 80.9 106.9 92.4 72.0 93.2 1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. * Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 per cent. For new index beginning January 1937, January-March 1937=100; average yield in base period was 3.39 per cent. 3 Exchange closed from July 13 to Sept. 2, 1931, and from Sept. 19, 1931, to Apr. 11, 1932. Index for 1931 represents average of months January- June; index for 1932 represents average of months May-December. 4 New index. See note 2. Sources.See BULLETIN for February 1932, p. 121; June 1935, p. 394; April 1937, p. 373; July 1937, p. 698; and November 1937, p. 1172. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DIRECTORY 1035 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 Vice-President M. J. FLEMING District No. 4 (CLEVELAND) T. J. DAVIS GEORGE H. HAMILTON HUGH LEACH District No. 5 (RICHMOND) ROBERT M. HANES WM. MCC. MARTIN District No. 6 (ATLANTA) EDWARD BALL JOHN K. MCKEE District No. 7 (CHICAGO) EDWARD E. BROWN RONALD RANSOM District No. 8 (ST. LOUIS) WALTER W. SMITH M. S. SZYMCZAK President CHESTER MORRILL, Secretary District No. 9 (MINNEAPOLIS) JOHN CROSBY S. R. CARPENTER, Assistant Secretary District No. 10 (KANSAS CITY) JOHN EVANS WALTER WYATT, General Counsel District No. 11 (DALLAS) R. E. HARDING J. P. DREIBELBIS, Assistant General Counsel District No. 12 (SAN FRANCISCO)__.PAUL S. DICK E. A. GOLDENWEISER, Economist JOHN H. WILLIAMS, Associate Economist WALTER LICHTENSTEIN, Secretary ALLAN SPROUL, Manager of System Open Market Account 1036 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SENIOR OFFICERS OF FEDERAL RESERVE BANKS Fed B e a ra n l k R o e f— serve Cha R irm es a e n rv a e n A d g F 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 > Atlanta _ F H Neely R S Parker W. S. McLarin, Jr.. . H. F. Connifl M. H. Bryan Chicago R. E. Wood i G. J. Schaller H. P. Preston C. S. Young W. H. Snyder 3 J. H. Dillard St. Louis W. T. Nardin W McC Martin F G Hitt 0. M. Attebery CM. Stewart > Minneapolis W. C. Coffeyi 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 R. B. West 1 Deputy chairman. ' 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. Gentrv 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. 1037 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS HH BOUNDARIES OF FEDERAL RESERVE DISTRICTS .MM BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES (APPROXIMATE IN THE ST. LOUIS DISTRICT) ® FEDERAL RESERVE BANK QTIES. • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis