Federal Reserve Bulletin, 1940-01

FEDERAL RESERVE BULLETIN JANUARY 1940 Review of the Month—Banking and Treasury Finance in 1939 Regulation G on Noncash Collections From the Board's Correspondence—Deficit Financing and Bank Reserves The Gold Problem Today BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Contents PAGE Review of the Month—Banking and Treasury Finance in 1939 1-8 From the Board's Correspondence—Deficit Financing and Bank Reserves.... 9-10 The Gold Problem Today, by E. A. Goldenweiser . 11-14 From a Legal Standpoint: Regulation G—Regulation G on Noncash Collections . . 15-16 National Summary of Business Conditions 17-18 Financial, Industrial and Commercial Statistics, United States , . . 21-58 International Financial Statistics.... 60-76 Federal Reserve Publications.... 77 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 78 Senior Officers of Federal Reserve Banks; Managing Directors of Branches.... 79 Subscription Price of Bulletin The FEDERAL RESERVE BULLETIN is issued monthly by the Board of Governors of the Federal Reserve System and is sent to member banks without charge. The subscription price in the United States, Canada, Mexico, and insular possessions is $2.00 per year or 20 cents per single copy; elsewhere, $2.60 per year or 25 cents per single copy. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Tin I rd< ful l\<>< i !<• I'm ildiiii:. <>n ('(institution i r m ur at 20th >'/.. is open to the puhlic dnrinii oilier ho •>rs arr nrelclcooin Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 26 JANUARY 1940 No. 1 Hanking and Tteaiutu 7inance in 1939 Banks were purchasers of Government further substantial growth in 1939, reflectsecurities on a large scale in 1939 and their ing in large part additions to bank reserves, combined holdings of direct and arising from gold imports, but also an in- Banking guaranteed obligations rose above crease in bank loans and investments. The trends ° . & . . gold inflow in the first instance added to dethe previous maximum reached in posits and reserves of New York City banks 1936. The growth in bank holdings dur- and most of the increase in loans and investing the year corresponded closely to the ments during the year also occurred at these increase in the outstanding amount of pub- banks. Treasury operations and other finanlicly-offered direct and guaranteed obliga- cial and commercial transactions, however, tions of the United States Government redistributed the funds throughout the counother than United States Savings bonds, try, with the consequence that deposits and which are purchased by banks only to a reserves of banks outside New York City also limited extent. Most of the increase in hold- increased. ings of United States obligations was at During the calendar year 1939 expendimember banks in New York City, which tures by the Treasury exceeded its receipts added substantially to their holdings of Treas- by $3,200,000,000. Of this amount ury bonds and bills and also of guaranteed Treasury j ^j j jf obtained through ess ian la was obligations. Member banks outside New finance . . -i -t. i •*» York, as a group, reduced their holdings of an increase in the publicly-offered direct obligations but purchased additional direct debt of the United States Government, amounts of guaranteed obligations. about one-third was financed by net receipts Federal Reserve bank holdings of United in various trust funds and other accounts of States bonds and notes were substantially in- the Treasury, and the remainder by a reduccreased during the period following outbreak tion in tiie Treasury's working balance. Notof the European war when prices of these withstanding the fact that the deficit of $3,obligations decreased abruptly, but subse- 200,000,000 was $1,300,000,000 larger than quently, when prices began to recover, some in 1938, the increase in the Government's of these securities were sold. After the mid- publicly-offered direct debt was about the dle of June the Federal Reserve banks did same as it had been in either of the two preceding years. Obligations guaranteed by the not always replace Treasury bills in their Government, however, increased somewhat portfolio as they matured and by December more in 1939 than in 1937 or 1938. Govern- 6 the System's bill portfolio, which had been ment agencies which issued these obligations $477,000,000 in June, was entirely liquidated. used the proceeds in part to finance their As a net result of all these operations, Reoperations and in part to repay their debts serve bank holdings of Government obligato the Treasury, thus providing the Treasury tions showed a small reduction for the year. with additional funds. Banking resources as a whole showed a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month Fiscal operations of the Treasury during |000,000 in 1939 over 1938. As shown in the the calendar years 1936 to 1939 are shown table below, outlays for the Agricultural Adin the following table. Ex- justment Program, national defense, and de- Treasuiy receipts ditures in 1939 were partmental and other expenditure items inpen and expenditures f cluded in the "all other" category increased larger than m any other substantially. These increases were partly year shown, while receipts were smaller than offset by a decline of about $170,000,000 in in 1937 and 1938. The deficit in budget ac- combined expenditures for the Works Progcounts, excluding transfers to trust accounts ress Administration and the National Youth and debt retirements, amounted to $3,200,- Administration. 000,000 in 1939, an amount considerably larger than in the two preceding years and TREASURY EXPENDITURES BY QUARTERS, 1938-1939 * slightly larger than in 1936. This budget [In millions of dollars] deficit, however, was offset to a larger extent than in other years by aggregate net receipts Agricul- Na- tural Social WPA In- All of $1,000,000,000 in various trust funds and Total tional Adjust- Secur- and ter- other de- ment ity NYA est other Treasury accounts. The growth in fense program these net receipts outside the regular budget 1938 reflected largely repayments by the Recon- Jan. -March ___ 1,626 255 106 69 353 186 657 Apr.-June 8 2,023 272 178 73 470 308 722 struction Finance Corporation of its obliga- July-Sept 1,969 283 116 78 559 176 757 Oct.-Dec _ 2,167 292 187 87 621 249 732 tions to the Treasury out of funds obtained Jan.-March___ 2,068 285 208 78 546 167 782 from the sale of its own guaranteed securi- Apr.-June 2,320 303 276 82 513 349 797 July-Sept. a.._ 2,011 331 169 96 401 185 829 ties. Treasury requirements in excess of Oct.-Dec 2,171 358 317 83 371 271 771 these amounts were financed by an increase General and special accounts on basis of Daily Statement of U. S. of $1,500,000,000 in the publicly-offered direct Treasury. Debt retirements and transfers to trust accounts are excluded. 3 Exclude Treasury payments to the Commodity Credit Corporation debt and by a decrease of $680,000,000 in the for restoration of capital impairment, amounting to $94,000,000 in June 1938 and $120,000,000 in August 1939. Treasury's working balance, which was about On a quarterly basis expenditures were at $1,770,000,000 at the end of 1939. their highest point during the April-to-June When debt retirements and transfers to quarter of 1939, when large Agricultural Adtrust accounts are excluded, Treasury exjustment payments and interest disbursependitures show an increase of about $800,ments were made. Expenditures during that TREASURY FINANCIAL OPERATIONS, 1936-1939 quarter totaled $2,300,000,000. During the first, third, and fourth quarters of the cal- [In millions of dollars] endar year, expenditures averaged nearly Calendar years $2,100,000,000 per quarter, or about the same 1936 1937 1938 1939 as during the last three quarters of the calendar year 1938. Work relief expenditures Budget accounts: Keceipts 4,372 6,312 5,993 5,485 were substantially reduced during the course Expenditures * __ 7,468 7,090 7,880 8,689 of the year, while those for national defense Deficit —3 096 -778 -1,887 -3,204 Other accounts, net receipts (+) or were gradually increased. net expenditures (-) -1,033 +260 +597 +1,024 Change in publicly-offered debt +3, 751 +1, 521 +1, 309 +1, 449 Treasury receipts during 1939 declined Change in working balance a_ _ -378 +1,003 +19 -681 somewhat from the high levels of 1938 and i Excluding debt retirements and transfers to trust accounts largely for 1937, but were still about 25 per cent above investment in special debt issues. In 1936, the latter included large transfers to the adjusted service certificate fund in connection with the those for 1936. The decline in 1939 was due payment of adjusted service certificates. The Treasury's cash needs for these payments are reflected in the net expenditures of "other accounts." to the falling off of income tax receipts, which a The working balance has been adjusted to include gold held in an inactive account by the Treasury during the period December 1936 to were collected on the incomes of corporations April 1938. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month and individuals for the year 1938, when busi- the sale in the open market of direct and guarness activity was low. The higher level of anteed obligations, excluding United States business activity during 1939 will be reflected Savings bonds, aggregated about $1,320,000,in the income tax collections of 1940. Re- 000 in 1939, compared with $1,180,000,000 in ceipts from other sources of revenue, which 1938. Changes in the debt structure during react more promptly to improvements in 1939 are shown in the following table: business conditions, were somewhat larger UNITED STATES GOVERNMENT INTEREST-BEARING in 1939 than in 1938, partially offsetting the OBLIGATIONS* DIRECT AND GUARANTEED decline in income tax receipts. The yields of [In millions of dollars] social security taxes and internal revenue during 1939 were considerably larger than Dec. 31, Dec. 31, Change 1938 1939 in year in 1938. Publicly-offered direct obligations: TREASURY RECEIPTS BY QUARTERS, 1938-1939x U Tr . e S a . s u S r a y v i a n n g d s b pr o e n - d w s ar bonds 24 1 , , 0 4 8 4 3 2 2,209 +2 + ,8 7 7 6 6 7 Treasury notes 8,496 6,203 -2, 293 [In millions of dollars] Treasury bills 1,306 1,455 +149 Securities issued to Gov't agencies and Total Income S S ec o u ci r a it l y in O te th rn er al Cus- All Ot t h ru er s t d f i u re n c d t s obligations 1 3,1 4 5 1 6 5 4,231 +1, - 0 2 7 7 5 taxes taxes 2 revenue toms other Total direct obligations.. 41, 445 +2, 546 Guaranteed obligations 4,992 5,700 +708 1938 J J A u a p n ly r . i - - l M S -J e a u p r n t c e h 1 1 1 , , , 4 5 6 2 0 4 2 9 3 8 6 5 3 4 7 8 0 7 1 1 1 7 6 7 1 6 0 5 5 63 0 0 8 9 5 77 sa 1 v i I n n g c s l u b d o e n s d a s d f j o u r s m te e d r ly se i r s v s i u c e e d b t o o n d d e s p o o f s i 1 t 9 o 4 r 5 s i i n ss t u h e e d p t o o s v ta e l t e sa ra v n in s g a s n s d y p s o te s m ta . l Oct.-Dec 1,418 558 167 565 1939 Jan.-March 1,463 610 228 498 In addition to new issues for cash the Treas- April-June 1,278 438 180 537 July-Sept 1,447 408 182 717 ury refunded its note maturities from June Oct.-Dec 1,298 389 195 563 1939 through March 1940. These refunding 1 General and special accounts on basis of Daily Statement of U. S. operations included offerings of both bonds Treasury. 2 Includes taxes under Social Security Act and on carriers and their and notes for the June 1939 and March 1940 employees. note maturities, while notes maturing in Sep- Treasury cash requirements during 1939 tember and December 1939 were refunded were financed to the extent of $1,380,000,000 entirely by exchange for other notes. A total by sales of direct obligations to the of $3,500,000,000 of the maturing notes were Treasury public. This figure excludes about turned in for exchange and the holders exfn ai939S $120,000,000 of publicly-offered is- changed $2,200,000,000 for the bond offerings sues of Treasury bonds sold directly and $1,300,000,000 for new notes. to Treasury trust and investment accounts. As a result of these offerings, there was a About $770,000,000 of the public sales repre- further increase in the amount of long-term sented United States Savings bonds which debt outstanding, thus continuing a trend were issued throughout the year. The re- which has been in progress since late in 1935. mainder consisted of an increase during Octo- As shown in the table, the amount of Treasber and November of $150,000,000 in the ury notes outstanding was reduced by about amount of Treasury bills outstanding, and the $2,300,000,000 in 1939 to $6,200,000,000, public offering for cash in December of 2 per which compares with a maximum of about cent Treasury bonds of 1948-50 in the amount $12,000,000,000 outstanding early in 1936. of $520,000,000, while about $60,000,000 of Treasury bonds, excluding United States maturing Treasury notes were paid off in Savings bonds, showed a further increase of cash. Obligations of Federal agencies guaran- nearly $2,900,000,000 in the year to a total of teed by the United States Government in- about $27,000,000,000, compared with less creased by $710,000,000. New cash raised by than $15,000,000,000 outstanding at the be- JANUARY 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month ginning of 1936. Treasury bills, which had the Home Owners' Loan Corporation for been reduced by about $1,000,000,000 in 1937 about $1,200,000,000 of bonds maturing or and 1938, showed a slight increase in 1939. callable in the year, of which $1,000,000,000 The increase in bonds and decrease in were exchanged for bond issues maturing in Treasury notes outstanding lengthened the one, two, and eight years, and the remainder average maturity of the public debt, but had been mostly redeemed in cash by the end this effect was offset somewhat by the gradof the year. Also $200,000,000 of notes of ual approach to maturity of bonds issued the Commodity Credit Corporation maturing in earlier years. As shown in the chart, the in November were exchanged for new 2-year dollar amount of the debt maturing or callnotes. About $100,000,000 of Federal Farm able within five years has shown little change Mortgage Corporation bonds were retired in since 1935. The growth of the debt has been the year. principally in obligations maturing after five Under the pressure of heavy demand from years. banks and other investors prices of United States Government bonds ad- PUBLICLY-OFFERED UNITED STATES GOVERNMENT Government vanced substantially during OBLIGATIONS OUTSTANDING securityy market ^ ^ ^ BILLIONS OFDOLLARS BILLIONS OF DOLLARS Qf 40 highest levels on record. In July and August irregular changes occurred, 35 35 accompanying increased political disturb- 30 / 30 ances abroad. With the outbreak of war TCTAL > in Europe, bond prices broke sharply and -s/ 25 25 f at the low point reached on September 21, long-term United States Government bonds 20 20 showed a total decline of about 9 points from A— 15 15 the peak of June 5. > «. MATURING OR CALLABLE —•»« 1 . WITHIN 5 YEARS During this decline, in pursuance of the 10 10 System's policy of endeavoring to maintain 5 5 orderly conditions in the market, Federal Reserve bank holdings of United States Gov- 0 0 ernment bonds and notes were increased by about $475,000,000. Subsequently bond prices Figures are for June 30 from 1929 to 1932, for end-of-quarter dates from December 1932 to December 1936, and for end-ofmonth dates thereafter. Include publicly-offered Treasury bonds, advanced rapidly and by the end of the year Liberty bonds, Treasury notes, certificates of indebtedness, and Treasury bills; exclude special issues, Savings bonds, and pre- had recovered about 7 points of previous war issues. Guaranteed issues not included. losses. In this period the Reserve authorities In contrast to direct debt offerings, new sold $70,000,000 of Government bonds and issues of guaranteed obligations by Federal notes and in addition let holdings of bills agencies consisted entirely of comparatively run off without replacement. short-term securities. Sales of new issues At the peak level of prices on June 5, the for cash aggregated about $1,000,000,000 and yield on the longest-term Treasury bond outwere made by the Reconstruction Finance standing was 2.26 per cent. At the low in Corporation, the Commodity Credit Corpora- prices in September, this yield increased to tion, the United States Housing Authority, 2.78 per cent but by the end of the year it and the Home Owners' Loan Corporation. had declined to 2.35 per cent, well below the Refunding operations were carried out by level prevailing at the beginning of the year. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month Yields on 3- to 5-year Treasury notes showed ligations throughout the year, with the result similar movements during 1939, with an aver- that total Government security holdings at age of 0.35 per cent on June 5 and 0.46 per member banks in New York showed a growth cent on December 30, 1939. of about $1,000,000,000 in 1939 to a level The amount of United States Government above the previous peak reached in 1936. obligations, both direct and fully guaranteed, held by all commercial GOVERNMENT SECURITY HOLDINGS OF BANKS IN LEADING CITIES Increase in Gov- banks in the United States M 7 IL 0 LIO 0 NS 0 OF DOLLARS WEDNESDAY FIGURES ernment security may be estimated to be holdings at banks about $16,200,000,000 at J\fv \ 1 100 OTHER CITIES 6000 the end of 1939. This represents an increase of about $2,200,000,000 since the summer of 5500 / 1938, mostly at city banks. In 1937 there had 5000 been a substantial decrease, following 6 years 1 of almost uninterrupted growth from about 4500 A 4500 $5,000,000,000 in 1930 to over $15,000,000,- 4000 J 4000 V NEW YOR< CITY 000 in 1936. The proportion that commercial / 3500 banks held of outstanding publicly-offered direct and guaranteed obligations of the United 3000 3000 States Government increased from about 2500 33 per cent in 1930 to 42 per cent in 1936, 2000 and at the end of 1939 was about 38 per cent. The proportion of total earning assets of Figures include both direct and fully guaranteed obligations banks held in the form of United States Gov- of United States Government. Latest figures for December 20. ernment securities increased from about 10 At member banks in 100 other leading cities per cent in 1930 to about 40 per cent at the holdings remained close to the 1936 level; for end of 1936 and has since continued at close the year as a whole increases in Treasury to that level. bond holdings and additions to guaranteed Most of the changes in bank holdings of obligations exceeded reductions in Treasury United States Government securities in re-notes by nearly $300,000,000; a large part of cent years have been at city banks. The this growth came in the week ending Decemchart shows these holdings for banks in New ber 27. Country bank holdings of direct York City and for banks in 100 other leading obligations declined by about $250,000,000 cities since 1934. These banks have accounted in the first nine months of the year, while for over $1,900,000,000 of the increase of guaranteed obligations increased by $100,- $2,200,000,000 estimated for all commercial 000,000. Information regarding country banks since June 1938. banks for last quarter of the year is not yet New York City banks increased their hold- available. ings of Treasury bonds in the first half of The sharp increase in business activity in 1939, reflecting in part exchanges for matur- the latter half of 1939 brought a growing ing notes but to a larger extent additional need for funds to finance purchases. In the second half of the year, Increase m ^he enlarged inventories as when Federal Reserve bank holdings of commercial loans 71 Treasury bills were declining, New York City well as the expansion of banks obtained additional amounts of bills. current operations, with the result that city They purchased Government guaranteed ob- banks experienced a livelier demand for loans from commercial and industrial borrowers. JANUARY 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month In this period commercial loans at banks in EXCESS RESERVES OF MEMBER BANKS WEEKLY AVERAGES OF DAILY FIGURES 101 leading cities rose by nearly $600,000,000, IILLIONS OF DOLLARS BILLIONS OF DOLLARS or 13 per cent. About half of this increase was in New York City. Taking the year as a whole, commercial loans increased at city banks in each Federal Reserve district, except the San Francisco district. During the first three quarters of the year, it appears that there was a moderate increase in commercial, industrial, and agricultural loans at member banks outside the leading cities. No reports are yet available from these banks for the final quarter of the year. Notwithstanding these increases, the aggregate volume of I 1 RESEWE CITY BANKS such loans at all member banks is still only about half of the level prevailing in the 1920's. 0 COUNTRY BANKS3*^***^" 1935 1936 1938 1939 While the volume of both United States Latest figures are for week ending December 22. Figures for Government securities and commercial, in- last four weeks are preliminary estimates. dustrial, and agricultural loans at banks has Total bank deposits, excluding interbank risen considerably, changes in holdings of deposits, at all commercial and savings banks other types of securities and in other types in the United States and curof loans have been small, except for short- Growth in rency outside of banks were at time fluctuations in loans to security brokers bank deposits and dealers in response to market conditions a new high record at the close and offerings of new issues. of 1939. As shown by the chart, total de- The increase of about $1,800,000,000 in posits and currency now amount to about total loans and investments of member banks $64,400,000,000, indicating an increase of during 1939, represented a minor about $5,300,000,000 in 1939 and of $9,000,- Rise in part of the growth in total resources 000,000 above the peak levels of 1929. eXeerves of theSe banks* M e m b er b a nk re" Although increases in deposits during the reserves ^^ balances increased by about past year have been general throughout the $3,000,000,000 in the year, reflecting princi banking system, the most rapid increase has pally the inflow of gold to the United States been at New York City banks and at banks Early in 1939 reserves of member banks in other financial centers where funds arising reached a record level of $3,500,000,000 in from the capital inflow from abroad are first excess of legal requirements. In the au- placed on deposit. Increased purchases of tumn excess reserves rose to $5,500,000,000 Government securities by New York City and at the end of the year were at a level of banks, the net withdrawal of funds by the $5,200,000,000. Banks in New York City Treasury from New York for expenditure showed the largest gains in reserves during elsewhere, and the net balance of payments the year, but, as shown in the chart, there on business and other financial accounts have were also increases at other groups of banks together drawn funds from New York and In addition country banks showed substantia distributed them throughout the country. As increases in their balances on deposit witl a result both city and country banks in all city correspondents. districts have shown increases in deposits. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month Most of the growth in deposits has been in idle funds of interior banks. The total of demand deposits of individuals, partnerships, these balances at member banks reached a and corporations. After adjustment for items new high of over $8,400,000,000 toward the in process of collection these deposits inend of the year, compared with an average of less than $4,000,000,000 in the 1920's. Bal- TOTAL DEPOSITS AND CURRENCY ances in this country of foreign banks also ALL BANKS IN THE UNITED STATES increased during 1939, reflecting the inflow CALL REPORT DATES BILLIONS OF DOLLARS BILLIONS OF DOLLARS 70 70 of short-term capital from abroad. Although total deposits at all banks in- / creased to a new high level in 1939, the vol- 60 60 ume of checks drawn against \. T A O N T D A L CU D R E R P E O N S C IT Y S >/ ??icrejse !? these deposits increased at a 50 50 y idle deposits * / much slower rate. As a result, / 40 40 there was a further decline in the rate of turnover or activity of deposits, as measured by the ratio of the volume of checks to the 30 ;- 30 total volume of deposits. From 1933 to 1937 TME I5EPO5>ITS \ ""^^ ."' the estimated rate of turnover for deposits in S 20 20 all commercial banks in the United States N ^DEVAND DEPOSITS ADJUSTED was at the unusually low level of about 16 times a year. As shown by the chart, the 10 10 •;URRENCY OUTSIDE BANKS estimated turnover rate declined further in 0 RATE OF TURNOVER OF DEPOSITS AT COMMERCIAL BANKS 1928 1930 1932 1934 1936 1938 TIMES PER ANNUM ANNUAL AVERAGES TIMES PER ANNUM Figures are partly estimated; deposit figures cover all com- 2001 1—|—|—|—|—| 1 1—| | |—| |—|—|—|—| 1—| | 1200 mercial and savings banks in the United States and Postal Savings System. Demand deposits are adjusted for cash items in process of collection. Interbank deposits are excluded throughout and U. S. Government deposits are excluded from "demand 100 100 deposits adjusted" but included in "total deposits and currency." Deposits in Postal Savings System and in mutual savings banks 80 80 are included in time deposits. V NEW YORK CITY 60 \ \BANKS 60 \ creased by over $4,000,000,000 during the 40 year, while time deposits increased by $600,- 3 000,000. United States Government deposits "Vs— ALhL -BAFNKSfi y \ N at commercial banks showed little net change. I U+***\ The volume of currency in circulation outride BANKS OUTSIDE"*s YEW YORK banks showed an increase of $700,000,000, about half of which was in coin and small denomination currency used for customary I92O 1922 1924 !926 1928 1930 1932 1934 1936 1938 day-to-day cash needs and the other half in Plotted on ratio scale. Based on ratio of estimated debits at all commercial banks to total deposits at these banks, excluding large denomination currency demanded in interbank deposits and items in process of collection. part for special purposes, including exports and hoarding. 1938 to 14; and in 1939 it dropped to a new There was a further sharp growth in bal- low of about 13V2 times a year. This comances held for domestic banks during the pares with an average of about 22 for the year, reflecting the continued increase in theyears 1922-1926. JANUARY 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month This decline in the turnover rate, which Appointment of Class C Directors at Federal Reserve Banks compares the volume of payments by check The Board of Governors has appointed: with the volume of deposits, indicates that Warren F. Whittier, farmer, dairyman and an increasing amount of deposits is being cattle breeder, Douglassville, Pennsylvania, a held relatively idle. The big decline in turn- Class C director of the Federal Reserve Bank over during 1938 and 1939 has taken place of Philadelphia for the unexpired portion of mainly at New York City banks where the the three-year term ending December 31, volume of deposits has shown the largest 1940. Clifford V. Gregory, associate publisher, increase. The annual turnover rate in New Wallaces9 Farmer and Iowa Homestead, Des York City has dropped since 1936 from 30 to Moines, Iowa, a Class C director of the Fed- 20; while the rate at banks outside New York eral Reserve Bank of Chicago for the three- City has shown little net change. Some of the year term beginning January 1, 1940. decline in turnover at New York City banks Douglas W. Brooks, president, Union Comreflects decreased activity in financial mar- press & Warehouse Company, Memphis, Tenkets, which ordinarily account for a large nessee, a Class C director of the Federal Reportion of all check payments, but the in- serve Bank of St. Louis for the unexpired portion of the three-year term ending Decemcreased volume of deposits accompanying the ber 31,1941. Mr. Brooks served as a director lower turnover rate indicates also that in of the Memphis Branch of the Federal Relarge part the growth in deposits at New serve Bank of St. Louis under appointment York City banks has been the accumulation of by the Board of Governors from June 3,1937, balances held idle and available for invest- to December 31, 1939. ment or other use. Roger B. Shepard, president, Finch, Van Slyck & McConville, St. Paul, Minnesota, a Class C director of the Federal Reserve Bank of Minneapolis for the unexpired portion of the three-year term ending December 31, Selection of Manager of System Open Market 1941. Account Clarence Roberts, editor, The Farmer- On December 13, 1939, the Federal Open Stockman, Oklahoma City, Oklahoma, a Class Market Committee approved the selection of C director of the Federal Reserve Bank of Robert G. Rouse, Vice President of the Fed- Kansas City for the three-year term beginning January 1, 1940. Mr. Roberts served as eral Reserve Bank of New York, as Manager a director of the Oklahoma City Branch of of the System Open Market Account to sucthe Federal Reserve Bank of Kansas City ceed Allan Sproul, who will devote his entire under appointment by the Board of Govertime to his duties as First Vice President of nors from August 20, 1937, to December 21, the Federal Reserve Bank of New York. 1939. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

*Ttom the 5 (zoitelpondence character and volume of inquiries addressed to the Board in recent years reflect the public*s growing interest in problems related to money and banking. The inquiries cover a wide range of subjects representing many points of view, and it is believed that some of the questions raised, together with the Board's replies, may be of interest to the readers of the BULLETIN. Selected questions and answers from the Board*s correspondence will be published in the BULLETIN. Selections will be made on the basis of frequency of inquiry, timeliness, and importance of subject matter. Tinancinf and JSanlc "I have seen a good many statements emphasizing that the increase of gold in the country has inflated bank reserves. Why don't you devote some space to the way in which reserve balances have also been influenced by large deficit financing?" C ONTRARY to popular belief, an increase course of a, relatively brief period, it draws in the public debt does not operate to in-checks on its balances at the Federal Reserve crease the total supply of bank reserves. To banks; these checks flow into the hands of the extent that deficit financing by the Gov- individuals and corporations and are deernment increases the volume of bank de- posited in various banks, and as the banks posits, on the other hand, it actually absorbs in turn deposit the Treasury's checks with some of the existing excess reserves. The the Federal Reserve banks, member bank following analysis, tracing the process from reserve balances in the aggregate are rethe point of view of the entire banking sys- stored to their former level. The net result tem rather than that of the individual banks, of this borrowing and spending operation, presents in sequence the changes produced in therefore, is that bank deposits have inthe reserve situation as new Government creased, while total reserve holdings of all securities are bought and paid for by banks banks have remained unchanged. Since an and their depositors. increase in deposits calls for a larger volume Let us first consider the case in which of required reserves,1 the required portion banks do the purchasing. The banks payof total reserve balances has increased and for these securities in one of two ways: the portion carried as excess reserves has either by drawing checks on their reserve declined. balances at the Federal Reserve banks, or If instead of making payment in cash the by giving the Government deposit credit on banks pay for new securities by giving the their books. In so far as the banks make Government deposit credit on their books, as payment immediately "in cash/' that is, inthey frequently do, the net result is the same checks drawn on reserve balances, the deb- although the order of events is somewhat difiting of the checks to these accounts results ferent. Total bank deposits immediately rise in a diminution of the total reserves of memas the banks credit the Treasury's account, ber banks. But the decrease is only temporary. When the Government disburses the 1 Among their assets member banks are required to hold proceeds of the loan, as it usually does in the balances with the Federal Reserve banks equal to specified percentages of their deposit liabilities. See table on page 22, JANUARY 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From the Board's Correspondence required reserves increase fractionally, and has been a decrease in bank deposits and in since total reserves remain unchanged, ex- member bank reserve balances. When the cess reserves decline. Subsequently, when Treasury disburses the funds derived from the Treasury calls on the banks for these the sale of its securities by drawing checks funds, and they are drawn into the Federal on the Federal reserve banks, those receiv- Reserve banks, member bank reserves teming the checks deposit them with their own porarily decline. But after the funds have banks; the banks in turn deposit these checks been disbursed by the Treasury, the end rewith the Federal reserve banks, and thus sult of the entire operation is an increase in banks' deposits and reserves are increased. the public's deposits and an increase in re- All factors in the reserve situation—deposquired reserves; total member bank reserve its, required reserves and total reserves— balances have been restored to their former are restored to their former level. level, and excess reserves have been diminished. It is apparent, therefore, that deficit financing does not in the end change the Let us now consider the case in which the public buys new securities. Certain indi- total volume of bank reserves, in spite of viduals and corporations exchange a portion the shifts in the ownership of reserve and deof their spendable funds for Government posit balances. In so far as banks buy the securities by drawing checks on their bank new securities, deposits and required reaccounts. The Treasury deposits these checks serves are increased and excess reserves are in the Federal reserve banks, which in turn reduced; if the public buys, reserves may be charge them to the member banks' reserve redistributed but the total for the country is accounts. Up to this point, therefore, there not altered. We Must Open Our Thoughts ". . . There is a sense in which a democratic country forces statesmanship upon every man of initiative, every man capable of leading anybody; and this I believe to be the particular period when statesmanship is forced upon bankers and upon all those who have to do with the application and use of the vast accumulated wealth of this country. We should, for example, not only seek the best solution for our currency difficulties, not only the safest and most scientific system of elastic currency to meet the convenience of the country in which the amount of cash needed at different times fluctuates enormously and violently; but we should also seek to give the discussions of such matters such publicity and such general currency and such simplicity as will enable men of every kind and calling to understand what we are talking about and take an intelligent part in the discussion. We cannot shut ourselves in as experts to our own business. We must open our thoughts to the country at large, and serve the general intelligence as well as the general welfare." —WOODROW WILSON, The New Freedom 10 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

by E. A. GOLDENWEISER Director, Division of Research and Statistics N OTWITHSTANDING the departure of expanded, both by revaluation and by inthe world from a rigid gold standard, creased production, and that the United gold continues to be the principal if not States now holds a much greater part of the the only international currency and the expanded total. only universally accepted medium for settling balances between countries. Its un- What Has Brought Gold Here? usual behavior in recent years has made gold Why has so much gold come to this counan even more interesting subject of discustry? It is not, as it is sometimes stated, sion than it was when its sight was much because we pay more for it than do other more familiar than it is today, while its countries. As a matter of fact, when there powers to bring about economic equilibrium are no artificial restrictions on the free movewere believed to be little short of magical. ment of gold, as there have been in the bel- In this country today gold constitutes a probligerent countries since last September, the lem and this article attempts to present a price of gold expressed in dollars or any other brief and matter of fact discussion of this currency is the same the world over. This problem. means that an ounce of gold can be bought (and sold) in England or France for as many Our Stock of Gold pounds or francs as will exchange for $35— the price of an ounce of gold in the United Monetary gold in this country today has States. If this were not so, arbitrageurs mounted to the unprecedented total of $17.6 throughout the world would buy gold in the billions. It has increased by about $13.6 bilcheaper market and sell it in the dearer marlions since the beginning of 1934. Of the ket until the spread was eliminated. increase $2.8 billions represent the result of the revaluation from $20.67 to $35 an ounce The gold has come to this country as the of the $4 billions in gold which we had at result of complex economic influences which that time, and $.2 billion was gold acquired have been constantly shifting during the past under the gold buying program before re- half dozen years. Some of these factors were valuation. The remaining $10.6 billions have business developments in the United States been added to the gold stock since January and abroad, political uncertainties in Europe, 1934. A little less than $.9 billion of the rearmament programs, and the general rise increase represents production and return in the currency prices of gold throughout the of coin and scrap gold in this country and world. These higher prices for gold are im- $9.7 billions are the result of imports from portant because they have resulted in inabroad. In January 1934 our stock of gold creased production of gold, and have made it was about 30 per cent of the world stock, possible for foreign countries to send great counting central reserve holdings only, while quantities of gold to the United States withtoday it is in the neighborhood of 60 per cent, out suffering reductions in their gold reserves so that our proportion of the holdings of the to a point where they had to impose exchange effective monetary gold of the world has restrictions. doubled in the period of approximately six Of the $9.7 billions of gold from abroad, years. it is estimated that $3.1 billions came out of The chart on the next page shows for 1933 central bank reserves of other countries, and 1939 the world total of monetary gold mostly France and England, and $6.1 billions and the amount held in the United States. out of foreign mines, largely from South It brings out graphically the fact that during Africa. A half billion dollars more on balthe six year period the dollar value of the ance has come from other sources, principally gold reserves of the world has been greatly private holdings in India. JANUARY 1940 11 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Gold Problem Today The nature of the forces behind the gold chases and in addition foreign countries have flow to the United States is suggested by built up balances and bought securities in analysis of the transactions which have this country. brought the gold. Of the $9.7 billions of gold Broadly speaking, there are two phases to and $1 billion of silver that have come to us the gold problem that confront us as the from abroad in the past six years, $2.2 bil-result of the great increase in our holdings: lions represent our favorable balance of (1) the growth of member bank reserves, trade and services, in other words, payments which has created the possibility of unconfor goods and services sold to foreign coun- trollable credit expansion if a runaway situatries in excess of goods and services which tion should develop, and (2) the accumulawe bought from them. This figure, though tion in this country, in exchange for our prodconsiderable, nevertheless represents less ucts and other forms of wealth, of an asset than one-fourth of the total. Of the re- which is of little value now and whose value mainder, $5.5 billions are identified as being in the future is unpredictable. MONETARY GOLD - WORLD AND UNITED STATES WORLD - § 28.5 BILLIONS AT 4^5 AN OUNCE WORLD — $ 12.5 BILLIONS AT 4 20.67 AN OUNCE 1933 1939 the result of a capital flow to this country due The Problem of Reserves to uncertainties abroad, while $3 billions1 of From the point of view of member bank the gold and silver movement are the result reserves, through which monetary authorities of unidentified transactions, although this endeavor to regulate credit expansion and also, presumably, is in large part the result contraction, the vast amount of gold imports of capital movements. The fact is that we has placed the banks largely beyond the reach have sold to the world over $2 billions in of ordinary instruments of credit policy, as they exist under the law today. The Federal goods and services in excess of our pur- Reserve System's powers in this field are limited to a relatively small amount. It can 1 Capital figures are only through September 1939. 12 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Gold Problem Today absorb about $.9 billion, through an increase ways of doing business. It would involve in reserve requirements, and it can make sales more supervision and regulation than would out of its portfolio of United States Govern- an adequate control of the supply of money ment securities. Both of these powers could without too much control of the uses to which be exhausted without effecting a solution of money is put. the problem. The power of the Treasury to The Government has many other ways of reduce reserves or to sterilize gold can be influencing business conditions by action in made effective only at the cost of increasing fields that are not usually considered as monethe public debt for the purpose. There is, tary, such as taxation, retirement or expantherefore, no existing mechanism that is both sion of the public debt, labor policies, and practical and acceptable for handling an ex- price regulation. Coordinated action in all cess reserve situation like the present one, these fields is necessary to achieve effective in which member banks have more than $5 results but ability of monetary authorities to billions of reserves above legal requirements. control bank reserves is a necessary part of Before the reserves created by the inflow of such a program. gold are brought under control new means for exercising such control will have to be What Is the Gold Worth to Us? devised and adopted. Another phase of the gold problem is the Strictly monetary actions can, of course, question raised by the $17.6 billions of gold be supplemented by other measures some of which is of little or no use to us now. The which are now available and some may have question is, what good has this gold done us to be developed. and what problems is it likely to raise in the The Board of Governors can change mar- future? Does it possess any current or gin requirements on certain loans on securi- future attributes that may be set off against ties which should make it possible to control its effects on member bank reserves ? Analyan important element in stock market specu- sis of the transactions that have brought the lation. This course of action affects not the gold throws some light on these questions. supply but the demand for credit because it To the extent of $2.2 billions our gold aclimits the amount of credit that a holder of a quisitions represent an exchange of goods and given amount of securities can apply for in services for gold. This is not, however, the order to speculate in securities. The Board way the matter looks to the people who sold under the law has full discretion in determin- the goods and services. They did not get ing margin requirements. gold in exchange but received bank balances. A temporary psychological influence on the At the same time the production of the goods market may also be exerted through the use and services exported resulted in increased of the System portfolio. A sale of Govern- employment, wage payments, and profits. In ment bonds in substantial amounts when an final effect, the purchase of gold by the Treasexpansion is under way might have an effect ury amounted to an encouragement of our on the situation quite out of proportion to the business activity through the issuance of gold relatively unimportant change it would make certificates by the Government in exchange in excess reserves. That effect, however, for goods and services sold by this country would be only temporary because long-time to foreigners. The differences between paydevelopments reflect not market psychology ing for goods exported through issuing gold but underlying conditions. It may be pos- certificates against gold bought from forsible by this means to prick a particular eigners and spending the money domestically speculative bubble, but it is not possible in is that in the former case the Government this way to affect longer-term developments. acquires the gold while the goods go abroad, If credit could not be controlled through re- while in the latter case the Government acserves, the only way that the authorities could quires no gold—but the goods remain in this control bank expansion would be through country. Even if goods were produced and more stringent regulation of bank assets. retained here it is not altogether clear that However, any method that could be devised it would be a net advantage to the country for controlling the situation without con- to have goods rather than gold. For example, trolling reserves and deposits would require if we had sold less cotton and wheat, and a departure from our habits of mind and our kept it in storage, this would presumably JANUARY 1940 13 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Gold Problem Today have complicated the problem of our agricul- Foreign deposits in American banks and tural surplus. We would have surplus cotton American securities held by foreigners are and wheat instead of surplus gold, and it is now largely available for use in this market not certain under present circumstances that by European belligerents. The British Govthis would be an advantage. If, on the other ernment, for example, has nationalized such hand, we could have built low-cost houses holdings; short-term assets must be offered with the materials and labor we have ex- to the Government, securities cannot be sold ported, to use a timely illustration, the ad- without its consent, and, if sale is authorized, vantage would have been apparent. the proceeds must be relinquished. These The choice between enabling the foreigner amounts, in addition to gold, are being used to buy our goods and services in exchange for in paying for purchases by the British and gold and refusing to buy the gold but creating French in this country. purchasing power for domestic purposes in- When the war is over, if it lasts for any stead is not one that can be made without length of time, the $17.6 billions of gold which considering the effects of increased domestic we now have, and that which we may receive expenditures on our budget nor without refer- from now on, is likely to be without large ence to the effect of gold operations on the for- foreign claims against it. eign exchange market. An abrupt cessation of American gold purchases would create cha- Ultimate Disposition of the Gold otic conditions in the exchange market with serious repercussions on domestic business It is interesting to speculate about the conditions and prices. The desire to preserve ultimate fate of our $17.6 billions of gold. as much stability in the international ex- The most satisfactory way to reduce the pile change structure as is compatible with shiftwould be through the development of a world ing international conditions has been the chief situation in which the United States would factor in this country's purchases of gold. lose gold as the result of excess purchases of goods and services from abroad. The Capital Inflow It is too optimistic, however, to think that Much the largest part of our gold acquisi- much gold would flow out in this way, partly tions, however, was the result not of our for the reason that few countries after the export surplus but of transfers of capital war will be in a position to acquire gold and, except for swelling member bank re- rather than goods from abroad. They will serves, has had little economic effect. The be in need of materials and capital for reidentifiable amount in this category is $5.5 construction and the fulfillment of deferred billions. Of this total $2.6 billions were placed demands will probably occupy their own proin this country on a highly liquid basis, ductive resources fully and also create a need mainly as deposits in our banks. So long as for foreign-made goods. these deposits remain unused they are of no Under such circumstances a flight of capparticular consequence. Another $1.7 bil- ital from the United States, which is hard lions of the $5.5 billions represent repatria- to conceive, or investment abroad, which is tion of American capital—mainly short- and not likely to assume large proportions, would long-term foreign obligations that had been offer the only occasion for losing gold. Some held in this country and were bought back post-war stabilization loans may conceivably by foreigners, largely at reduced prices. To be made, but the amounts involved are not this extent we as a nation hold gold rather apt to be large. than foreign debts, although it should be It seems, therefore, that the problem of our mentioned again that individuals who sold huge gold stock is likely to stay with us for the obligations received dollars, not gold. In- a long while, and that it may even increase— vestments by foreigners in American securi- if gold continues to flow into this country. ties have amounted to $1.2 billions in the six No simple solution to the problem can be deyears 1934-1939. In this way foreigners vised. The ultimate solution will have to be have given us gold in exchange for income- a part of the answer to the much broader yielding securities and in the process have problems of restoration of world stability and perhaps tended at times to bid up the price international trade. It will also be bound of American securities. up with rationalization of our own economy. 14 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

7tam G JlejaLStandpoint Administrative interpretations of banking laws, new regulations issued by the Board of Governors and other similar material of interest to bankers. Regulation G on Noncash Collections which are redeemed by Federal Reserve banks as fiscal agents) ; There is published below the text of a regu- (5) State and municipal warrants, including lation governing the collection by Federal both orders to pay addressed to officers of States Reserve banks of notes and bills and other and political subdivisions thereof and any spe- "noncash items" for member banks and non- cial or general obligations of States and political subdivisions thereof; member clearing banks, which was adopted (6) All other evidences of indebtedness and by the Board of Governors on December 26, orders to pay, except checks and bank drafts 1939, effective February 1, 1940. This regu- handled under the provisions of Regulation J1 lation has been issued by the Board in order and checks and bank drafts drawn on or paythat the principal terms and conditions re- able by a nonmember bank which cannot be collected at par in funds acceptable to the Federal lating to the collection of noncash items may Reserve bank of the district in which such nonbe published in the Federal Register and re- member bank is located.2 quires no change in the existing practices of the Federal Reserve banks. Other provisions SECTION 2. RECEIPT OF ITEMS FOR COLLECTION regarding the collection of noncash items will Each Federal Reserve bank may receive for collecbe contained, as heretofore, in the circulars tion noncash items from member and nonmember clearing banks in its district, from other Federal of the individual Federal Reserve banks. Reserve banks, and from all member and nonmember clearing banks in other Federal Reserve districts which are authorized to route direct for the credit REGULATION G of their respective Federal Reserve banks, subject to Effective February 1, 1940 the terms and conditions of this regulation. COLLECTION OF NONCASH ITEMS SECTION 3. TERMS OF COLLECTION AUTHORITY FOR REGULATION (1) Agreement of sending bank.—Each member and nonmember clearing bank which sends noncash This regulation is based upon and issued pursuant to the provisions of subsection (i) of section 11, the items to any Federal Reserve bank for collection first paragraph of section 13, and the 14th and 15th shall by such action be deemed: (a) to authorize the paragraphs of section 16, and other relevant pro- Federal Reserve banks to handle such items subject visions of the Federal Reserve Act. to the terms and conditions of this regulation; (b) to warrant its own authority to give the Federal Reserve banks such authority; (c) to agree to in- SECTION 1. DEFINITION OF NONCASH ITEMS demnify any Federal Reserve bank for any loss or As used in this regulation, the term "noncash expense sustained (including but not limited to atitems" means any items of the following classes torneys' fees and expenses of litigation) resulting when payable within the continental United States: from the failure of such sending bank to have such (1) Maturing notes, acceptances, bankers* ac- authority, or resulting from such Federal Reserve ceptances, certificates of deposit, bills of ex- bank's guaranty of prior endorsements, or resulting change, and drafts with or without securities, from any action taken by the Federal Reserve bank bills of lading, or other documents attached; within the scope of its authority for the purpose of (2) Drafts and orders on savings deposits collecting such noncash items; and (d) to guarantee with pass books attached; all prior endorsements on such items whether or not (3) Checks, drafts, and other cash items a specific guaranty is incorporated in an endorsewhich have previously been dishonored or on ment of the sending bank. which special advice of payment or dishonor is (2) Federal Reserve bank as agent.—A Federal required ;x Reserve bank will act only as agent of the bank from (4) Maturing bonds and coupons (other than obligations of the United States and its agencies 3 Checks and bank drafts drawn on or payable by a nonmember bank which cannot be collected at par in funds acceptable to the 1 Any check, draft, or other item which is normally handled as Federal Reserve bank of the district in which such nonmember a cash item will not be handled as a noncash item unless special bank is located, and which may not be received under the terms conditions require that this be done, and the Federal Reserve of Regulation J, likewise may not be received as noncash items bank will decide whether such special conditions exist. under the terms of this regulation. JANUARY 1940 15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint which it receives such noncash items and will assume tance authorized herein, nor for the nonpayment of, no liability except for its own negligence and its or failure to realize upon, any bank draft or other guaranty of prior endorsements. medium of payment or remittance which may be accepted from any bank or any collecting agent. (3) Presentation of items by Federal Reserve bank.—A Federal Reserve bank may present such (6) Collection of remittances for noncash items.— noncash items with any accompanying documents for Bank drafts and other forms of payment or remitpayment direct to the person, firm, or corporation on tance received by a Federal Reserve bank in payment which they are drawn or by or through which they of or in remittance for noncash items handled under are payable or collectible, or may present them for the terms of this regulation will be collected, at the payment or forward them for collection direct to the option of the Federal Reserve bank, either under the bank on which they are drawn, at which they are terms and conditions of this regulation or under the payable, or through which they are payable or col- terms and conditions of Regulation J of the Board of lectible; or, in its discretion, may forward them to Governors of the Federal Reserve System. another agent with similar authority to present them (7) Suspension or closing of paying or remitting for payment or forward them for collection. The bank.—No draft, authorization to charge, or other bank upon which any such noncash item may be order, upon any reserve balance, clearing account, drawn, or at which the same may be payable or deposit account, or other funds of a paying, remitting, through which the same may be payable or collectible or collecting bank in the possession of a Federal shall be deemed to be a proper agent for collection Reserve bank, issued for the purpose of settling within the meaning of this regulation. items handled under the terms of this regulation will (4) Items payable in other districts.—Noncash be paid, acted upon, or honored after receipt by such items received by a Federal Reserve bank payable in Federal Reserve bank of notice of suspension or closother districts will be forwarded for collection to the ing of such paying, remitting, or collecting bank. Federal Reserve bank of the district in which such (8) Items sent direct to Federal Reserve bank in items are payable; except that, when in the judgment another district.—With respect to any noncash item of the Federal Reserve bank the size or character of sent direct by a member or nonmember clearing bank the items or other special circumstances justify such in one district to a Federal Reserve bank in another action, any such items, in the discretion of the Federal district, the relationships and the rights and liabilities Reserve bank, may be forwarded for collection direct existing between the member or nonmember clearing to the bank on which they are drawn, at which they bank, the Federal Reserve bank of its district, and are payable, or through which they are payable or colthe Federal Reserve bank to which the noncash item lectible, or may be forwarded for collection to another is sent will be the same, and the relevant provisions agent with authority to present them for payment of this regulation will apply, as though the member direct to the person, firm, or corporation on which or nonmember clearing bank had sent such noncash they are drawn or by or through which they are item to the Federal Reserve bank of its district with payable or collectible or to present them for payment its endorsement and guaranty of prior endorsements direct to the bank on which they are drawn, at which and such Federal Reserve bank had sent the noncash they are payable, or through which they are payable item to the other Federal Reserve bank with its enor collectible. dorsement and guaranty of prior endorsements. (5) Forms of payment accepted by Federal Reserve bank.—A Federal Reserve bank may, in its dis- SECTION 4. OTHER RULES cretion and at its option, accept from any bank in Each Federal Reserve bank may also promulgate payment of or from any collecting agent in remit- rules not inconsistent with the terms of the law or tance for such noncash items, cash, checks, bank of this regulation, governing the details of its noncash drafts, transfers of funds or bank credits, or other collection operations. Such rules may be set forth forms of payment or remittance, acceptable to the by each Federal Reserve bank in circulars to its memcollecting Federal Reserve bank. The Federal Re- ber and nonmember clearing banks and shall be bindserve bank shall not be liable for the failure of any ing upon any member or nonmember clearing bank bank or any agent to collect, or to pay, or to remit which sends any noncash item to such Federal Refor, such noncash items, nor for any loss resulting serve bank for collection or to any other Federal from the acceptance from any bank or any agent, in Reserve bank for the account of such Federal Reserve lieu of cash, of any other form of payment or remit-bank for collection. 16 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A/atlonat Summalu ofi £u5ine55 Condition* Compiled December 16 and released for publication December 19 FOLLOWING a rapid rise after the out-in November and at the end of the month m break of the European war industrial dealers' stocks of new cars apparently were activity continued at a high level in Novem- smaller than at the corresponding time in ber and the first half of December. There other recent years. Lumber production dewas a considerable increase in distribution of clined less than seasonally in November but commodities to consumers while prices of plate glass production, which had reached a basic commodities, which had been steady high level in October, showed a reduction. during November, rose somewhat in the first Output of nondurable goods continued at a two weeks of December. high level in November. At cotton and woolen mills activity increased somewhat further Production and was close to the record levels reached three years ago. Rayon production advanced The Board's seasonally adjusted index of to new high levels but at silk mills there was industrial production advanced from 121 to a sharp decline following substantial in- 124 per cent in November, reflecting suscreases earlier this fall. Output of flour and tained activity at a period of the year when sugar declined further from the levels reached a decline is usual. Production of durable in September while changes in activity at goods, which had advanced rapidly for sevshoe factories and meat-packing establisheral months, showed a further expansion. ments were largely seasonal in character. Record production of steel ingots continued Coal production in November declined in November and was followed by a less somewhat from the high level reached in than seasonal decline in the first half of October. Output of crude petroleum increased further and iron ore shipments con- INDUSTRIAL PRODUCTION tinued in exceptionally large volume until the 1PE4R0 CENT 140 Great Lakes' shipping season closed in the latter part of the month. 130 Value of construction contracts, as reported 120 J / 120 by the F. W. Dodge Corporation, increased in 110 / \ , J110 November following a sharp decline in October. In both months changes in total 100 1 / V 100 awards reflected principally fluctuations in 90 \ / 90 the volume of contracts for public construc- A 1 80 80 tion. Private residential awards declined V somewhat less than seasonally in November, 70 70 while awards for other private projects 60 showed little change. Contracts for private 1934 1935 1936 1937 1938 1939 work, both residential and nonresidential, Index of physical volume of production, adjusted for seasonal were larger than a year ago, while those for variation, 1923-1925 average = 100. public projects were below the high level of December. Automobile production increased that time when contracts under the Public in November, notwithstanding the fact that Works Administration program were being plants of one important company remained awarded in large volume. closed pending settlement of an industrial dis- Employment pute. After this was settled at the end of November assemblies rose sharply. Retail Factory employment and payrolls consales of new automobiles were in large volume tinued to increase in November, reflecting JANUARY 1940 17 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions chiefly further sharp advances in industries under the recovery peak reached in the early producing steel, machinery, and other dur- part of 1937. Shipments of ore and miscelable goods. laneous freight declined less than is usual in November, while loadings of coal decreased Distribution more than seasonally from the relatively high In November distribution of commodities October level. to consumers increased considerably. The Commodity Prices Board's seasonally adjusted index of depart- Prices of both industrial materials and DEPARTMENT STORE SALES AND STOCKS foodstuffs advanced from the latter part of PER CENT PER CENT November to the middle of December. Wheat 110 and silk prices rose considerably and there 100 were smaller increases in cotton and hides. Prices of steel scrap and nonferrous metals, 90 90 on the other hand, showed declines. 80 80 Government Security Market 70 70 Prices of United States Treasury bonds advanced sharply during the last half of No- 60 60 vember to a level not far below the all-time 50 50 high point of last June and remained steady during the first half of December. 40 1935 1936 1937 Bank Credit Indexes of value of sales and stocks, adjusted for seasonal variation, 1923-1925 average = 100. Total loans and investments at reporting member banks in 101 leading cities rose subment store sales, which had been around 90 stantially during November and the first half in the three preceding months, advanced to of December, reflecting largely purchases of 94, a level about the same as at the peak in 1937 when prices of commodities sold at de- MONEY RATES IN NEW YORK CITY partment stores were generally somewhat higher than at present. FREIGHT-CAR LOADINGS PER CENT PER CENT 110 110 100 100 90 90 /A 80 80 70 V \ V 70 60 60 1934 1938 1939 50 50 Minimum rate on rediscounts for and advances to member banks by Federal Reserve bank; weekly averages of daily yields 40 40 o 1 n 2 y 3 e - a t r o s , 5 a -y nd ea r a v T e r r e a a g s e u r d y is c n o o u te n s t a o n n d n T ew re a is s s u u r e y s b o o f n d 9 s 1 - c d a a l y la b T le re a a s f u te r r y 1934 1935 1936 1937 1938 1939 bills offered within week. For weeks ending January 6, 1934, to December 16, 1939. Index of total loadings of revenue freight, adjusted for seasonal variation, 1923-1925 average = 100. new United States Government securities. Freight-car loadings showed less than the Commercial loans, which had been increasusual seasonal decrease from October to No- ing since August, continued to rise until the vember and the Board's adjusted index in- third week in November. Deposits increased creased from 80 to 82, which was only slightly further. 18 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve bank credit, and related items 21 Federal Reserve bank discount rates; rates on time deposits, reserve requirements. . 22 Federal Reserve bank statistics 22-27 Reserve position of member banks; deposits in larger and smaller centers 28 Money in circulation 29 Gold stock and gold movements; bank suspensions; bank debits 30 All banks in the United States, number, deposits, loans and investments 31 Condition of all member banks 32-33 Weekly reporting member banks 34-37 Bankers' commercial paper, acceptances, and brokers' balances 38 Money rates and bond yields 39 Security markets 40 Treasury finance 41-42 Governmental corporations and credit agencies; Postal Savings System 43-44 Production, employment, and trade 45-53 Wholesale prices 54 Crop report 55 Statistics for Federal Reserve chart book 55-56 Member Bank Call Report, October 2, 1939 57-58 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. Current figures compiled by the Board are generally released prior to publication In the BULLETIN and press statements will be sent without charge to those wishing them. For a list of current releases see FEDERAL RESERVE PUBLICATIONS at the back of this BULLETIN. JANUARY 1940 19 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES <iapews OF DPI TREASURY DEPOSITS AT F. R BANKS 1934 1935 1936 1937 1938 1939 Latest figures for December 20. See page 21. 20 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 s ll t - s ed bo B u il g ls ht s m U G e e c r e o . u n S n v r - . t - i- R c O b e re a s t e h d n r e i k v t r l e Total s G to o c ld k T s r t o e c u r i a n u n u e r n y r g a t c d - - s y - - M i c n 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 a y d h s s - - T d R F b e r e e w e a p d s a n i o e e t s k s r h r u v i s a t r e l s y b p m N e o r e o s m n i d t - 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 E m l ( a x a e n c s t c e e ti e s d - s s ) ties Monthly averages of daily figures: 1938—Sept 2,572 30 2,610 13, 441 2,733 6,570 2,717 704 340 258 8,196 2,920 Oct 2,564 26 2,598 13,940 2,745 6,668 2,782 665 361 261 8,546 3,143 Nov 2,564 20 2,592 14,162 2,760 6,750 2,728 526 524 259 8,727 3,276 1939—Sept.—. 2,732 56 2,794 16, 823 2,911 7,249 2,253 611 729 243 11,443 5,198 Oct 2,763 63 2,832 17,002 2,926 7,328 2,239 358 732 240 11,862 5,490 Nov 2,651 63 2,722 17, 217 2,939 7,413 2,314 454 766 241 11, 688 5,259 End of month figures: 1938—Sept. 30 ... 2,563 29 2,600 13, 760 2,739 6,622 2,810 853 356 260 2,869 Oct. 31 2,564 14 2,586 14,065 2,751 6,700 2,770 535 424 260 8,713 3,227 Nov. 30___ 2,564 13 2,584 14, 312 2,773 6,787 2,689 484 574 259 8,876 3,383 1939—Sept. 30.._ 2,804 68 2,879 16,932 2,919 7,293 2,244 545 753 240 11, 655 5,352 Oct. 31 2,736 59 2,801 17, 091 2,932 7,342 2,254 286 728 241 11,973 5,553 Nov. 30___. 2,552 89 2,650 17, 358 2,947 7,483 2,367 419 819 241 11, 628 5,160 Wednesday figures: 1938—Dec. 7 2,564 20 2,591 14,367 2,775 6,844 2,681 407 576 258 8,966 3,442 Dec. 14___. 2,564 29 2,600 14,380 2,784 6,858 2,651 413 551 258 9,034 3,476 Dec. 21.... 2,564 84 2,656 14,454 2,788 6,943 2,677 1,025 514 267 8,472 2,979 Dec. 28.... 2,564 39 2,610 14, 508 2,790 6,912 2,707 941 505 8,577 3,072 1939—Jan. 4. 2,564 35 2,604 14, 565 2,800 6,839 2,725 891 436 258 8,819 3,298 Jan. 11 2,564 23 2,592 14, 577 2,805 6,716 2,712 873 459 258 8,956 3,436 Jan. 18 2,564 18 2,588 14, 615 2,810 5,666 2,726 800 435 256 9,130 3,559 Jan. 25 2,564 14 2,583 14,640 2,812 6,623 2,754 767 470 256 9,166 3,597 Feb.1 2,564 13 2,582 14, 694 2,817 6,663 2,770 887 469 256 9,047 3,478 Feb. 8 2,564 12 2,584 14, 732 2,818 6,673 2,768 931 488 255 9,018 3,459 Feb. 15.... 2,564 17 2,587 14,772 2,819 6,695 2,771 1,250 500 254 8,707 3,166 Feb. 21.... 2,564 23 2,592 14,818 2,821 6,708 2,752 1,181 495 254 8,841 3,298 Mar. 1 2,564 19 2,586 14,888 2,827 6,739 2,716 1,168 484 253 8,942 3,382 Mar. 8 2,564 -3 2,565 14,923 2,829 6,751 2,716 1,102 510 253 8,985 3,407 Mar. 15—. 2,564 27 2,595 14,983 2,832 6,751 2,712 1,059 552 259 9,077 3,443 Mar. 22.... 2,564 5 2,573 15,075 2,834 6,758 2,743 1,222 511 258 8,989 3,364 Mar. 29—. 2,564 10 2,578 15,160 2,837 6,765 2,722 1,201 505 257 9,125 3,519 Apr. 5 2,564 17 2,584 15, 292 2,838 6,855 2,712 1,103 470 257 9,318 3,708 Apr. 12.... 2,564 17 2,584 15,430 2,842 6,835 2,707 1,015 515 256 9,528 3,879 Apr. 19.... 2,564 23 2,591 15,605 2,844 6,858 2,723 951 509 256 9,743 3,998 Apr. 26.... 2,564 12 2,580 15,714 2,849 2,693 913 516 256 4,124 May 3 2,564 4 2,572 15,801 2,851 6,915 2,691 554 255 9,872 4,084 May 10.... 2,564 7 2,575 15,856 2,854 6,904 2,678 521 255 9,967 4,186 May 17.... 2, 564 2,576 15,892 2,857 6,913 2,683 927 543 255 10,005 4,244 May 24.... 2,564 2,576 15,927 2,859 2,646 915 558 254 10,097 4,304 May 31.... 2,564 2,573 15, 957 2,862 6,967 2,636 920 253 10,029 4,218 June 7 2,564 2,576 15,987 2,864 2,571 935 253 10,053 4,279 June 14 2,564 2,605 16,027 2,868 6,936 2,570 928 714 253 10,101 4,264 June 21 2,564 2,584 16,060 2,873 6,934 2,566 941 714 263 10,099 4,227 June 28 2,551 2,567 16,093 6,962 2,559 962 677 263 10,116 4,243 July 5 2,551 2,569 16,136 7,100 2,577 820 678 257 10,151 4,292 July 12 2,535 2,569 16,174 2,885 7,041 2,552 791 638 257 10,350 4,447 July 19 2,515 2,537 16,191 2,890 7,022 2,530 764 634 257 10.412 4,485 July 26 2,488 2, 512 16,227 2,893 7,002 2,506 742 690 257 10,436 4,485 Aug. 2 2,453 2,476 16, 248 2,895 7,054 2,370 662 257 10.413 4,462 Aug. 9 2,443 2,462 16,270 2,897 7,070 2,354 844 597 256 10,509 4,533 Aug. 16 2,423 2,453 16,335 2,900 7,091 2,366 776 565 256 10,633 4,590 Aug. 23.... 2,423 2,441 16, 501 2,903 7,098 2,334 724 604 256 10,829 4,741 Aug. 30 2,426 2,448 16, 638 2,905 7,141 2,327 709 255 10,951 4,799 Sept. 6 2,594 2,643 16, 726 2,908 7,261 2,264 676 247 11,141 4,969 Sept. 13 2,824 2,873 16,808 2,911 7,235 2,227 615 755 234 11, 526 5,271 Sept. 20.... 2,826 2,883 16,902 2,915 7,236 2,272 619 781 242 11, 549 5,275 Sept. 27_— 2,804 2,846 16,925 2,914 7,238 2,260 552 771 242 11,621 5,332 Oct. 4 2,785 2,837 16,958 2,920 7,309 2,250 776 239 11,672 5,359 Oct. 11 2,765 2,810 16,973 2,924 7,346 2,238 404 742 238 11,739 5,399 Oct. 18 2,748 2,817 16,997 2,927 7,330 2,216 349 698 241 11,907 5,509 Oct. 25 2,736 2,771 17,039 2,929 7,302 2,230 326 692 240 11,950 5,534 Nov. 1 2,721 38 2,765 17,099 2,932 7,352 2,250 349 790 241 11,814 5,376 Nov. 8 2,687 28 2,721 17,132 2,935 7,409 2,263 348 779 241 11,749 5,354 Nov. 15 2,649 60 2,715 17,235 2,939 7,384 2,341 564 772 241 11, 587 5,166 Nov. 22.... 2,593 44 2,645 17, 257 2,942 7,434 2,357 466 727 241 11,619 5,171 Nov. 29.._. 2,552 45 2,605 17, 347 2,947 7,462 2,359 441 776 241 11,620 5,135 Dec. 6. 2,512 47 2,568 17, 408 2,949 7,545 2,391 346 785 241 11,617 5,154 Dec. 13 2,512 23 2,543 17, 464 2,954 7,564 2,398 753 719 240 11, 288 4,849 Dec. 20 2, 496 140 2,645 17, 576 2,959 7,679 2,411 765 253 11,378 4,900 * Less than $500,000. 1 Includes industrial advances. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. JANUARY 1940 21 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Rediscounts and advances under sections Advances secured by direct obligations 13 and 13a of the Federal Reserve Act of the United States (last paragraph of except last paragraph of Section 13 Advances under Sec- Section 13 of the Federal Reserve Act) tion 10(b) of the Federal Reserve Act 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 Jan. effect Jan. effect Jan. effect Jan. effect Jan. effect 3 beginning- 3 beginning- 3 beginning- 3 beginning— 3 beginning- Boston 1 Sept.1, 1939 Sept. 1, 1939 Sept. 2, 1937 Sept. 1, 1939 Apr. 29, 1938 New York 1 Aug.27, 1937 Aug. 27, 1937 Oct. 10, 1935 Aug. 25, 1939 Feb. 8, 1934 Philadelphia.. Sept.4, 1937 Sept. 4, 1937 Sept. 4, 1937 Sept. 1, 1939 Sept. 1, 1939 Cleveland U? May 11, 1935 May 11, 1935 Oct. 19, 1935 Sept. 1, 1939 May 11, 1935 Richmond Aug.27, 1937 Aug.27, 1937 Sept. 10, 1937 Sept. 1, 1939 Feb. 19, 1934 Atlanta _. Sept.16, 1939 Aug.21, 1937 Aug. 21, 1937 Sept.16, 1939 Apr. 23, 1938 Chicago 1 Sept. 1, 1939 Aug.21, 1937 Aug. 21, 1937 Sept. 1, 1939 Oct. 16, 1933 St. Louis Sept.21, 1939 Sept.2, 1937 Sept. 2, 1937 Sept.16, 1939 Feb. 23, 1935 Minneapolis.. Aug.24, 1937 Aug.24, 1937 Aug. 24, 1937 Sept. 1, 1939 Oct. 8, 1938 Kansas City.. Sept.16, 1939 Sept.3, 1937 Sept. 3, 1937 Sept.16, 1939 Apr. 16, 1938 Dallas l Sept.16, 1939 Aug.31, 1937 Aug. 31, 1937 Sept.16, 1939 Apr. 16, 1938 San Francisco Sept.3, 1937 Sept.3, 1937 Sept. 17, 1937 Sept. 1, 1939 Oct. 19, 1933 1 %H 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 FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES [Per cent per annum] Rates in effect, Jan. 3, 1940, 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] Maturity e R ff a ec te t i o n n In g i e n f n fe in c g t — be- Pre ra v t i e ous Advances to financ- Jan. 3 ing institutions— Advances direct to Commit- 1-15 days i._ Oct. 20, 1933 1 Federal Reserve bank industrial On por- ments 16-30 days... ___do 1 or com- tion for to make 4 3 6 6 1 1 - - - 6 4 9 0 5 0 d d d a a a y y y s s s... . . . . . . . . . d d d o o o 1 1 1 m ga e n r i c z i a al t io or n - s i w t n io s h t n i i c tu i h s - m p O o a n r in t i r i o e n n - g advances 91-120 days.. ...do 1 obligated 121-180 days. —do IK Boston i This rate also applies to acceptances bought under repurchase agree- New York.... 4-6 ments, which agreements are always for a period of 15 days or less. Philadelphia- 4-6 NOTE.—Minimum buying rates at the Federal Reserve Bank of Cleveland 1 New York on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. The same minimum Richmond 4-6 4-6 1-2 rates apply to purchases, if any, made by other Federal Reserve banks. Atlanta 5-6 5 Chicago 5-6 0) 5-6 1-2 Back figures.—See Annual Report for 1937 (table 41) St. Louis 4 Minneapolis.. 1 Kansas City.. 4-6 Dallas 5-6 4 5-6 1 San Francisco 5-6 3-4 4-5 1 Authorized rate 1 per cent above prevailing discount rate. * Same as to borrower but not less than 4 per cent. MAXIMUM RATES ON TIME DEPOSITS 8 Flat charge. Back figures.—See Annual Report for 1937 (table 40). 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] MEMBER BANK RESERVE REQUIREMENTS Nov. 1, 1933 Feb. 1, 1935 In effect [Per cent of deposits] to to beginning Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 June 21, Aug. 16, Mar. 1, May 1, Apr. 16, Classes of deposits 1917- 1936- 1937- 1937- 1938- S P a o v s i t n al g s S a d v e i p n o g s s i ts deposits and banks Au 1 g 93 . 6 15, Fe 1 b 9 . 3 7 28, Ap 1 r 9 . 3 7 30, Ap 1 r 9 . 3 1 8 5, a a f n te d r Other time deposits payable in: On net demand 6 months or more deposits:» 9 L 0 e s d s a t y h s a t n o 9 6 0 m d o ay n s th s _ R C e e s n e t r r v al e r c e i s t e y rve city_. 1 1 3 0 1 19 5 K 2 17 2 H ^ 2 2 0 6 22K Country 7 10M 12M 14 12 * b e f a f N n ec k O t s i T ve a E s . — F e e s M b ta r a b u x l a i i s m ry h u e m d 1 , b r 1 a y 9 t 3 e 6 t s h , e t a h re F a t e t d h m e e r a a s y l a m b D e e e p p a o s a s i t d i h t o b I s n y e s u i i n n r a s e u n f r c f e e e d c t C n f o o o r r n p m o m r e a e m t m i b o b e n e r , r On A l t l i m m e e m de b p e o r si b t a s: nks.._ 3 4M 6 5 banks. In some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are superseded by i See footnote to table on p. 28 for explanation of method of comlower maximum rates established by State authority. puting net demand deposits. 22 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1939 1939 1938 Dec. 20 Dec. 13 Dec. 6 Nov. 29 Nov. 22 Nov. 15 Nov. 8 Nov. Oct. Nov. Assets Gold certificates on hand and due from U. S. Treasury __ 15,134,61915,024,619 14,986,122 14,966,121 14,871, 655 14,866,65414,858,21014,966,12414,829,20611,601,717 Redemption fund—F. R. notes___ 9,973 10,413 9,866 9,866 9,414 10,253 9,139 9,866 8,846 10,815 Other cash __ 254,429 302,708 302,947 320,766 330,931 353,716 323,888 319,383 339,670 357,940 Total reserves. 15,399,02115,337,740 15,298,93515, 296, 75315, 212,000 15,230, 623 15,191, 23715, 295, 37315,177, 72211,970,472 Bills discounted: For member banks 3,419 3,007 3,222 3,172 3,144 '3,161 '3,151 3,048 2,848 7,081 For nonmember banks, etc.. 5,045 5,045 4r- 4,854 4,844 '3,324 '3,324 4,854 3,309 Total bills discounted 8,464 8,052 8,076 8,026 6,485 6,475 7,902 6,157 7,081 Bills bought: Payable in foreign currencies 547 Industrial advances. 11,139 11,143 11,387 11, 393 11, 568 11, 561 11, 623 11, 364 11, 744 15,821 U. S. Government securities, direct and guaranteed: Bonds 1, 263,197 1,278,947 1,278,947 1, 283,447 1,283,447 1,305,442 1,313,942 1,283,447 1, 315,942 787,327 Notes __ 1,233,225 1,233,225 1,233, 225 1, 233, 225 1, 233, 225 1,239,172 1, 247,497 1, 233, 225 1,245,497 1,164, 565 Bills __ 35,425 76, 705 104, 705 125,380 35,425 174, 320 612,123 Total U. S. Government securities, direct and guaranteed 2,496,422 2, 512,172 2, 512,172 2, 552,097 2, 593,377 2,649, 319 2, 686,819 2, 552,097 2, 735, 759 2, 564,015 Other Reserve bank credit 129,049 12,113 36,354 33, 780 32,284 47, 950 16,104 78, 227 47,361 -3,234 Total Reserve bank credit outstanding _ 2,645,074 2,543,480 2, 567,989 2,605, 296 2,645,217 2, 715, 315 2,721,021 2, 649, 590 2,801,021 2, 584,230 Liabilities F. R. notes in actual circulation 4,979,850 4,905,433 4,899,500 4,845,292 4,825, 953 4,805, 254 4,817,094 4,861, 559 4, 772,822 4,384,882 Deposits: Member bank—reserve account.__ 11,378,16411, 287, 608 11,616, 517 11, 619, 749 11,619,188 11, 587,156 11, 748,66011, 627, 50211,972, 848 8,876,481 U. S. Treasurer—general account- 693, 565 752,580 346,191 440,949 465,987 564,123 347,622 419, 216 286, 371 483,982 Foreign bank _ 412,759 375,090 398,444 407,274 403,249 454,277 456,231 411, 643 415, 699 208,097 Other deposits. 351,923 343,578 386,416 368,357 323,255 317,728 322,911 312,658 366,168 Total deposits.. 12,836,41112, 758,856 12, 747, 568 12,836,329 12,811, 679 12, 923,1 228,8475,42412,865,34312, 987, 576 9,934,728 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) _ 86.4 86.8 86.7 86.5 16.2 85.9 85.9 85.5 ;3.6 • Revised. MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total W 15 i d th a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 m 91 o t o d n a 6 th y s s 6 l m y t o e o n ar ths 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: Nov. 22 7,988 1,853 3,493 202 173 2,217 50 Nov. 29. _ 8,026 3,275 2,088 220 1,706 690 47 Dec. 6 8,076 5,133 158 255 1,710 787 33 Dec. 13 8,052 2,375 131 266 3,323 1,489 468 Dec. 20 _. 8,464 2,048 169 605 4,550 1,068 24 Industrial advances: Nov. 22 11, 568 1,502 301 1,166 353 954 2,091 2,855 2,346 Nov. 29. 11,393 1,282 469 956 442 827 2,225 2,850 2,342 Dec. 6 11, 387 1,532 964 357 347 833 2,342 2,813 2,199 Dec. 13 11,143 1,551 734 395 280 822 2,361 2,803 2,197 Dec. 20 11,139 2,136 209 274 271 870 2,373 2,846 2,160 U. S. Government securities, direct and guaranteed: Nov. 22.._ 2, 593,377 76,705 161, 705 136,783 342, 221 685,387 1,190, 576 Nov. 29 2, 552,097 35,425 161, 705 136, 783 342,221 685,387 1,190, 576 Dec. 6 2, 512,172 161, 705 136, 783 342, 221 682,887 1,188, 576 Dec. 13 2, 512,172 161, 705 136, 783 342, 221 682, 887 1,188,576 Dec. 20 2,496,422 161, 705 136, 783 105,974 280, 315 638,818 1,172,827 JANUARY 1940 23 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS fin 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 Gold certificates on hand and due from U. S. Treasury: Nov. 22 14,871,655 838, 556 77,,014,940 799, 694 938,998 388,,4,1 2 272, 39,8 2,,1 54211 426, 267 243, 428 345, 645 232, 486849, 690 Nov. 29 14, 966,121 834, 7,070, 591 804,481 946, 701 339988, 991155 227799,119900 22 , 553399,101423,155 246, 514 345,444 229, 216 848,091 Dec. 6 14, 986,122 845, 576 77,,021, 215 820, 542 960,046 401,095 279, 289 2, 549, 208 422,484 252, 772 345, 943 230, 704857,248 Dec. 13 15,024, 619 858; 268 6,930, 265 820, 706 974, 402 413, 531298,333 2, 602, 889 418, 552 261, 318 358, 641 244, 441843, 273 Dec. 20 15,134,619 875,348 6,945,211 836,0441,005,974414,197 299,0612,667, 779 425,814 257, 616 349, 528 238,924819,123 Redemption fund — Federal Reserve notes: Nov. 22 9,414 1,014 976 1,; 841 266 767 802 233 504 389 1,375 Nov. 29 9,866 1,014 976 1,234 841 800 767 802 233 504 381 1,375 D D D e e e c c c . . . 2 6 1 0 3 1 9 9 0 , , , 9 8 4 7 1 6 3 3 6 1, 9 0 9 1 2 6 4 4 9 1 1 , , ' 9 61 7 9 6 1 1 1 , , , 2 1 1 3 5 5 4 7 8 8 8 1 8 6 2 8 9 9 0 4 0 9 1 9 8 7 7 0 4 7 0 5 0 6 6 7 2 9 6 4 7 7 8 7 7 0 8 7 2 7 2 2 2 2 1 3 2 9 3 5 4 4 5 9 7 0 1 8 4 3 3 3 8 7 7 1 3 3 1 1 1 , , , 3 3 3 3 5 7 6 5 5 Other cash: Nov. 22 330, 931 31, 222 77, 769 27,024 25,106 22,198 17,969 40,908 15,008 9,726 16, 249 17,063 30, 689 Nov. 29 320, 766 26, 315 74, 373 25, 768 21, 366 22, 718 19, 248 39, 404 15, 228 8,850 17, 469 16, 201 33, 826 Dec. 6 --.. 302, 947 26, 060 74,806 24,432 18, 799 18,166 16,326 39, 591 13, 667 8,587 15,029 16,096 31, 388 Dec. 13 302, 708 26, 476 73, 240 23,223 17,366 17,290 36,195 15, 746 9,562 16, 714 16,022 32,005 Dec. 20 254,429 24,104 63, 774 21, 726 12,509 13, 596 11,438 32,143 13, 214 7,774 14,008 13, 574 26, 569 Total reserves: Nov. 22 15, 212,000 870, 792 7,093, 685 828,026 965,043 411, 451290, 633 2, 5«2,816 442,077 253, 387 362, 398 249, 938881, 754 Nov. 29 15, 296, 753 862,051 7~,145,940 831, 483 969,006 422,474 299; 238 %, h57%9 ,2724 43399,,118855 2 25555,, 5 59977 3 36633,, 4 41177 2 24455,, 798883, 292 D D D e e e c c c . . . 6 2 1 0 3 1 1 1 5 5 5 , , , 3 3 2 3 9 9 7 9 8 , , , 0 7 9 2 4 3 1 0 5 8 8 9 7 8 0 2 5 0) , , ,, 6 7 3 5 1 7 0 3 6 ^ • 7 7 ' ' ; \ , , , 0 0 0 9 0 1 6 5 0 , , , 9 6 3 9 0 0 7 4 3 8 8 8 4 5 4 6 8 5 , , , 0 9 2 8 2 0 6 8 8 1, 9 9 0 9 1 7 2 9 9 , , , 7 6 2 8 5 9 4 0 9 4 4 4 2 2 3 8 0 3 ; , , 1 7 3 0 0 0 2 2 9 2 3 3 9 1 1 6 i 6 , ; , 4 3 2 1 9 4 5 3 4 2 2 { , 2 ,, 6 , 5 3 8 9 7 9 0 , , 0 5 ' 7 6 , 8 6 1 5 4 4 4 3 3 6 5 6 4 , , 3 9 0 5 9 8 , 3 5 8 2 2 0 6 7 0 1 1 , , 2 1 6 5 5 0 9 , 5 2 6 3 0 3 7 9 6 5 1 , 3 , 8 6 4 4 4 7 , 6 6 0 2 1 2 6 4 4 0 7 2 , , 5 8 1 2 3 8 , 6 1 871 8 8 8 7 9 4 6 0 7 , , , 0 0 6 1 2 3 1 8 3 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Nov. 22 1,540 75 774 148 193 95 15 100 4 15 Nov. 29 1,817 205 780 223 188 100 133 15 70 4 15 Dec. 6 1,657 80 755 190 188 70 126 65 70 4 25 Dec. 13 1,565 45 660 190 168 70 114 145 70 4 25 Dec. 20 1,677 130 538 270 168 120 120 90 10 4 35 Other bills discounted: Nov. 22 6,448 200 3,058 321 406 186 180 448 166 151 997 97 238 Nov. 29 6,209 2,183 468 550 250 271 629 210 179 980 141 348 Dec. 6 6,419 125 2,149 488 548 243 290 626 210 179 1,073 140 348 Dec. 13 6,487 2,355 503 553 243 286 626 210 175 1,048 140 348 Dec. 20 6,787 2,320 646 582 295 286 649 216 223 1,063 146 361 Total bills discounted: Nov. 22 7,' 275 3,832 599 247 240 543 181 251 997 101 253 Nov. 29 8,026 205 2,963 691 738 334 371 762 225 249 980 145 363 Dec. 6 8,076 205 2,904 678 736 327 360 752 275 249 1,073 144 373 Dec. 13 8,052 45 3,015 693 721 317 356 740 355 245 1,048 144 373 Dec. 20 8,464 130 2,858 916 750 406 748 336 313 1,073 150 396 Industrial advances: Nov. 22 11, 568 1,418 1,974 3,138 326 1,007 672 444 7 183 510 1,081 Nov. 29 11, 393 1,416 1,974 3,135 317 995 671 444 7 804 183 509 938 Dec. 6 11,387 1,414 2,026 3,108 315 984 671 499 7 757 183 508 915 Dec. 13 11,143 1,388 2,025 3,079 315 942 681 321 767 183 507 929 Dec. 20 11,139 1,36] 2,025 3,077 324 948 703 323 767 183 505 917 U. S. Government securities, direct and guaranteed: Bonds: Nov. 22 1, 283,447 93,024 402,163 110,089 133, 761 65,800 51, 494 140, 658 43, 273 34, 541 57, 233 46,167 105, 244 Nov. 29 1, 283,447 93,086 400,850 110,013 133,820 66,083 51, 631 140,826 43, 361 34, 652 57, 504 46, 298 105, 323 Dec. 6 1, 278, 947 92,820 109, 553 133, 410 66,134 51, 585 140, 50043, 296 34, 641 57, 572 46, 264 105,033 Dec. 13 1, 278, 947 92, 820 398,139 109, 553 133, 410 66,134 51, 585 140, 500 43, 296 34, 641 57, 572 46, 264 105,033 Dec. 20 1, 263,197 91, 701 392, 715 108,174 131, 791 65,431 51,004 138,837 42, 798 34, 258 56,970 45, 746 103, 772 Notes: Nov. 22 1, 233, 225 89, 384 386, 426 105, 781 128, 52563, 225 49,478 135,155 41, 579 33,190 54, 994 44, 361 101,127 Nov. 29 1, 233, 225 89, 442 385,165 105, 709 128, 58363, 498 49,610 135, 316 41, 663 33, 297 55, 254 44, 485 101, 203 Dec. 6 1, 233, 225 89, 501 383, 906 105, 636 128, 640 49, 742 135, 478 41, 748 33, 403 55, 512 44, 611 101, 279 Dec. 13 1, 233, 225 89, 501 105, 636 128, 640 63, 769 49, 742 135, 478 41, 748 33,403 55, 512 44, 611 101, 279 Dec. 20 1, 233, 225 89,525 383, 398 105, 607 128, 663 63, 880 49, 795 135, 54241, 782 33,445 55, 618 44, 661 101,309 Bills: Nov. 22 76, 705 5,560 24,035 6,579 7,994' 3, 9333,078 8,406 2,586 2,064 3,421 2,759 6,290 Nov. 29 35, 425 2,569 11,064 3,037 3,694 1,824 1,425 3,887 1,197 956 1,587 1,278 2,907 Total U. S. Government securities, direct and guaranteed: Nov. 22 2, 593, 377 187, 968 812, 624 222, 449 270, 280132, 958104,050 284, 219 87, 438 69, 795115, 648 93, 287 212, 661 Nov. 29 2, 552, 097 185,097 797,079 218, 759 266,097 131,405 102,666 280,029 86, 221 68,905114, 345 92,061 209, 433 Dec. 6 2, 512,172 182, 321 782,045 215,189 262, 050 129, 903 101, 327 275, 978 85,044 68,044113,084 90, 875 206,312 Dec. 13 2, 512,172 182, 321 782,045 215,189 262,050 129, 903101,327 275, 978 85,044 68,044113,084 90, 875 206, 312 Dec. 20 2, 496,422 181, 226 776,113 213, 781 2"6"0", 4'5"4' 129,311100,799 274,379 84, 580 67, 703112, 588 90,407 205,081 24 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—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 la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S o t u . is n M o e i l a n i p s - - K C s a a i n t s - y Dallas F c S r is a a c n n o - Assets—C ontinued Total bills and securities: Nov. 22 2, 612, 933 189, 66: 818, 43C 226,056 271, 20i134, 21 104, 965 285, 206 87,626 70,854116,828 93,898 213,995 Nov. 29 2, 571, 51C 186, 718 802,01' 222, 585 267,15i 132, 734103, 708 281, 235 86,453 69,958115, 508 92, 71, 210, 734 Dec. 6 2, 531, 635 183, 940 786, 975 218,97£ 263,101131,21 102, 358 277, 22S 85,326 69,050114,340 91, 527 207,600 Dec. 13 2, 531,367 183, 754 787,085 218,96: 263,086131,16:102,364 277,03S 85,40£ 69,056114,315 91, 526 207, 614 Dec. 20 2,516,025 182, 71 780, 996 217,77' 261, 528130,64 101, 908 275,45C 84,922 68,783113,844 91,062 206,394 Due from foreign banks: Nov. 22 4! 1, 4 Nov. 29 4' II 4 Dec. 6 4: li 4 Dec. 13 A: 1! 4 Dec. 20 4: li 4 Federal Reserve notes of other banks: Nov. 22 21,446 488 3,30: 1,67' 3,394 1,70c 2,507 1,728 796 1,245 437 3,182 Nov. 29 20, 728 524 2,06( 1,026 1,583 2,606 1, 3,01 1,320 1,194 1,258 466 3,806 Dec. 6 21, 614 736 3,34c 848 1,719 1,814 1,845 2,334 2,16: 928 1,748 653 3,479 Dec. 13 23, 69S 783 3,715 1,054 1,79" 2,613 2,363 3,04" 1,840 860 1,904 578 3,145 Dec. 20 25,916 74 3,665 1,003 1,914 2,613 2,380 3,44i 2,722 1,233 2,138 686 3,375 Uncollected items: Nov. 22 166,332 54, 26$ 79,145 59, 634 28,35: 93, 856 29, 966 18,410 32,482 25,285 34,785 Nov. 29 678,04J 69, 250 171, 33C 50,18: 84, 637 55,590 23, 309 90,848 27,329 16,983 29,290 23, 64" 35, 649 Dec. 6 656, 49: 66,864 159, 791 49,034 74,025 58, 285 28,946 87, 235 28,465 18, 57.r 29,079 23,650 32, 542 Dec. 13 774,11: 76, 742 196,24C 59,278 98,870 64,631 30, 773 91, 629 33, 77J 20,078 35,019 28, 231 38,847 Dec. 20 877, 902 77, 749 220,04r 70,822 105,195 75,401 34,980 117,484 39,931 22, 526 37,340 31,393 45,034 Bank premises: Nov. 22 42,051 2,898 8,888 4,594 5,881 2,557 2,037 3,871 2,251 1,500 3,119 1,266 3,189 Nov. 29 42,016 2,894 4,583 5,881 2,551 2,037 3,871 2,246 1,498 3,119 1,259 3,189 Dec. 6 41,975 2,894 4,583 5,88: 2,551 2,037 3,862 2,248 1,498 3,106 1,259 3,189 Dec. 13 41,97( 2,894 4,583 5,881 2,551 2,037 3,862 2,248 1,498 3,106 1,259 3,189 Dec. 20 42,18£ 2,894 4,573 5,881 2,551 2,266 3,862 2,248 1,498 3,106 1,259 3,180 Other assets: Nov. 22 70,396 4,617 22,354 6,078 7,746 4,176 2,98' 7,126 2,198 1,925 2,914 2,449 5,826 Nov. 29 71,470 4,664 22, 627 6,275 7,840 4,114 3,057 7,180 2,243 1,959 3,003 2,496 6,012 Dec. 6 71,96£ 4,696 22, 534 6,604 7,909 4,123 3,038 7,264 2,260 1,965 3,022 2,479 6,071 Dec. 13 76,430 4,758 22,924 10,169 7,992 4,246 3,054 7,302 2,286 1,987 3,042 2,530 6,140 Dec. 20 59,644 3,921 18,847 5,091 6,711 3,567 2,347 5,984 1,858 1,648 2,485 2,092 Total assets: Nov. 22 :8, 651,19: 138, 2618,113,010 120,009 ,330,701 15, 426=30, 6812,955, 388565,84:346,872 18, 987373, 274 142, 735 N D D e e o c c . . v . 6 1 2 3 9 .8 \ , i , 7 6 6 8 8 2 5 0 2 , , , 3 5 6 7 7 6 1 3 2 1 1 1 5 3 2 4 1 6 , , , 1 6 7 0 4 8 4 " 38 8 8 , , , 0 1 0 7 5 2 8 2 4 , , , 8 1 5 7 5 3 9 2 1 1 1 1 2 3 1 6 9 6 , , , 1 1 2 3 3 5 6 8 7 , 3 3 7 3 3 0 2 3 , , 6 4 , 2 2 1 8 3 0 0 3 6 3 " 3 1 2 8 8 0 , , , 0 0 5 9 7 1 1 1 4 t : : 3 3 5 3 4 6 , , , 6 2 9 4 2 8 1 0 6 2 2 3 , , , 0 9 9 2 6 6 2 7 5 , , , 6 4 4 6 2 9 8 6 6 5 5 5 6 5 5 0 7 8 , , , 6 4 77 1 4 : 4 0 3 3 3 3 6 5 4 5 4 3 7 3 , , , , 1 6 5 8 8 0 9 4 8 3 1 1 3 5 2 3 , , , 5 7 2 9 7 3 6 2 3 3 3 3 6 8 6 6 4 6 , , , 9 3 7 6 8 5 1 2 0 1 1 14 3 4 2 5 2 , , , 6 8 5 8 9 7 6 6 2 Dec. 20 120,740 168,401 043,044 158,196 400, 532543,483 :55,127 i, 106, 77"8.71,482 ~3"6 1,297522,928379,364 110,108 Liabilities Federal Reserve notes in actual circulation: Nov. 22 4,825,953 399, 645., 212,146339,944 449, 993229,140 59,015 , 058, 268 .39,001L80, 56583,187 386,113 Nov. 29 4,845, 292 405,489 ., 224,651341,013 450, 834228, 306L58, 816 , 059, 595.89,351.39,446L80,958 83,114 383, 719 Dec. 6 4,899, 500 409, 483 , 239,879 345,177 453,846231,854 .61,090 , 069, 356.90, 638.41,001,83, 25583,929 389,992 D D e e c c . . 2 1 0 3 4 4 , , 9 9 7 05 9 , , 4 8 3 5 3 0 4 41 0 1 8 , , 7 8 7 1 5 2 , , 2 2 6 4 3 5 , , 8 0 8 9 7 6 3 3 4 5 7 2 , , 7 5 1 6 9 1 4 4 7 5 0 8, , 4 0 9 8 3 8 2 2 3 3 0 4 , , 9 6 9 7 4 3. . 6 6 0 5 , , 2 9 9 5 3 3 0 07 8 0 5 , , 5 2 9 0 6 0. .9 9 3 1 , , 8 0 9 3 5 3 . 4 4 0 1 , , 6 5 5 6 2 2 L . 8 8 2 4 , , 3 2 1 2 7 58 8 2 5 , , 2 9 5 4 1 4 3 38 9 6 0 , , 4 7 7 9 3 1 Deposits: Member bank-reserve account: Nov. 22 1, 619,188 572,168 135, 394 591, 217 651,766 81L,, 800201, 329 635,049292,150 55,137264, 77015, 783 622,625 Nov. 29 1, 619, 749 535,942 132,689 592, 334 651, 5852755,,993300 220022,, 663366 685, 732286, 56252, 959264, 73514, 958 623, 687 Dec. 6 1,616, 5r 546,893 098,109 594,642 658,850282,468203,188 687,190283, 737.57, 227266,164 14,087 623,962 Dec. 13 1, 287, 608 536, 635 838, 525 570,066 638,456 228855,,449966 220088,, 228811 701, 205272, 278 55,866261, 39218, 789 600, 619 Dec. 20 1,378,164 542,942 850,974 588,367 648,680 287,196204,964 765,495279, 28955, 770261,018 09,647 583,822 U. S. Treasurer-general account: Nov. 22 _ 465,987 38, 546 113,433 53,007 74,320 8,209 8,275 69,832 18, 903 13, 304 21, 746 21, 732 24, 680 Nov. 29. 440,949 39, 318 119, 560 51, 255 65, 332 22,121 14,307 29, 531 24,150 15,150 17,047 18,014 25,164 Dec. 6 346,191 37, 325 60,648 55, 702 64, 783 10,747 10, 578 20,938 23, 539 14,109 12, 670 15,140 20^012 Dec. 13 752, 580 74, 869 258, 873 72,830 100,934 23,072 25, 719 42,881 33, 742 27,078 27,638 28, 205 36, 739 Dec. 20 693, 565 80, 703 202,389 75,899 111, 718 25,057 20, 766 50,024 "1,421 20,914 20,777 25,967 25, 930 Foreign bank: Nov. 22 403,249 28, 364 149,844 38, 214 16,940 13, 789 47, 670 11,425 9,061 11,425 11,425 28,453 Nov. 29 407, 274 29, 514 143, 601 39, 764 38,124 17, 627 14, 348 49, 602 11,888 9,428 11,888 11,888 29, 602 Dec. 6 398,444 28, 635 142, 624 38, 579 17,102 13, 920 48,124 11, 534 9,148 11, 534 11, 534 28, 722 Dec. 13 375, 090 27, 598 128, 495 37,182 35, 649 16,483 13, 416 46, 382 11,116 8,816 11,116 11,116 27, 721 Dec. 20 412, 759 29,434 149,649 39,674 38,038 17, 587 14,315 49,490 11, 861 9,407 11,861 11,861 29, 582 Other deposits: Nov. 22 323, 255 6,827 229,864 12,909 7,963 7,396 4,948 13, 520 5,217 453 5,018 22, 454 Nov. 29 . 368, 357 24, 268 261, 693 10, 746 11, 890 4,348 7,485 4,187 8,514 6,504 468 4,708 23, 546 Dec. 6 386,416 20, 951 271, 278 12,405 15, 283 3,773 6,102 8,537 8,382 6,573 1,325 7,126 24,681 Dec. 13 343, 578 7,116 252, 369 16,139 9,480 3,509 6,270 5,299 7,603 6,199 911 6,957 21,726 Dec. 20 351,923 6,922 265,325 13,441 8,410 3,106 6,131 6,508 7,155 921 7,652 19, 966 * Less than $500. JANUARY 1940 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o ew rk P p d h h e i l i l - a a- C l l a e n v d e- m Ri o c n h d - la A n t t - a Jhicago L S ou t. is n M o e l a i i n s p - - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Liabilities—Continued Deposits—Continued: Total deposits: Nov. 22 2,811,679 645, 905 628,535 695,347 770,688 113,635 230, 789 757,499335,998 82,719 298,394253,958 698,212 Nov. 29 2,836,329 629,042 657, 543 694,099 766,931 120,026 238,776 769,052331,114184,041294,=,138249.568 701,999 Dec. 6 .2, 747, 568 633,804 572,659 701,328 775,904314,090 233,788 764,789327,192L87,057291,693247,887 697,377 Dec. 13 .2,758,856 646,218 478,262 696,217 784,519328,560 2253,686 795, 767324,739.97,959 301,057265,067 686, 805 Dec. 20 .2,836,411 660,001 468,337 717,381 806,846332,946246,431 871,140331,079 93,246 294, 577255,127 659,300 Deferred availability items: Nov. 22.... 660,081 68,231 149,975 51,604 76, 565 57,497 27,893 94,817 30,070 15,843 29,674 24,858 33,054 Nov. 29 644,310 67,085 147,470 47,777 84,801 56,560 22,634 91,905 27,485 14,394 30,124 22,441 31, 634 Dec. 6 620,184 63, 970 142,872 46,116 69,132 56,955 26,752 88,237 28,725 16,225 27,437 23, 647 30,116 Dec. 13 762,047 75,066 178,050 58,169 93,649 64,052 29,324 111, 41134,015 16, 63139,530 25, 639 36, 511 Dec. 20 _ 748,900 71,989 187,851 54,871 89,910 60,300 30,411 104,643 35,683 17,133 33,607 27,659 34,843 Other liabilities, including accrued dividends: Nov. 22 _.._ 4,848 373 1,850 477 454 138 208 443 181 140 185 129 270 Nov. 29— 5,980 383 2,646 636 470 148 211 548 157 149 211 136 285 Dec. 6 6,124 406 2,456 960 489 154 213 493 188 151 194 139 281 Dec. 13. 9,237 412 2,018 4,471 504 159 210 510 163 155 198 143 294 Dec. 20 5,260 434 1,988 491 519 150 206 526 129 158 204 149 306 Total liabilities: Nov. 22 18,302,561 114,154 , 992, 506087, 372 ,297,700600,410 17,905 911,027555,185337, 703508,818362,132 ,117,649 Nov. 29 18, 331, 911 101, 999 , 032, 310083,5251, 303,036 605,040,20,437% 921,100548,107338,030505,431355, 259 , 117,637 Dec. 6 18,273,376 107, 663 , 957,866, 093, 581299,371603,053 =21,843 ,922,875546, 743344,434502, 579355, 602 , 117, 766 Dec. 13 _ 18,435, 573 130, 508 , 903,426, 106, 418, 337,165623,44< =44,1732,977,888549,950355,397523,010373,793 ,110,401 Dec. 20. 18,570,421 144,199 , 922,063, 125,462, 367,363628,390 =42,3413,061,905560,786352,099 >12,705368,186 ,084,922 Capital Accounts Capital paid in: Nov. 22... 134,919 9,383 50,917 12,115 13,823 5,11 4,568 13,060 4,035 2,926 4,303 4,051 10, 621 Nov. 29 134,935 9,383 50,919 12,115 13,823 5,118 4,566 13,065 4,039 2,927 4,308 4,051 10,621 Dec. 6.... 135,251 9,383 50,951 12,115 13,823 5,142 4,566 13,320 4,040 2,927 4,308 4,051 10,625 Dec. 13 135, 361 9,383 50,952 12,115 13,827 5,146 4,568 13,403 4,048 2,927 4,314 4,052 10, 626 Dec. 20 135,434 9,383 50,955 12,115 13,830 5,149 4,576 13,445 4,058 2,930 4,314 4,052 10,627 Surplus (section 7): Nov. 22... 149,152 10,083 52,463 13, 696 14,323 4,983 5,630 22, 666 4, 3,153 3,613 9,965 Nov. 29 149,152 10,083 52,463 13, 696 14,323 4,983 5,630 22, 666 4, 3,153 3,613 3,892 9,965 Dec. 6 149,152 10,083 52,463 13, 696 14,323 4,983 5,63C 22,666 4,685 3,153 3,613 3,892 9,965 Dec. 13 149,152 10,083 52,463 13, 696 14, 323 4, """ 22, 666 4, "~ 3,153 3,613 3,892 9,965 Dec. 20 149,152 10,083 52,463 13, 696 14,323 4,983 5,630 22,666 4,685 3,153 3,613 9,965 Surplus (section 13b): " Nov. 22.. 27,264 2,874 7,457 4,416 1,007 3,293 713 1,429 545 1,001 1,142 1,266 2,121 Nov. 29... 27,264 2,87- 7,457 4,416 1,007 3,293 713 1,429 545 1,001 1,142 1,266 2,121 Dec. 6.. 27,264 2,874 7,45' 4,416 1,007 3,293 713 1,429 545 1,001 1,142 1,266 2,121 Dec. 13_. 27, 264 2,874 7,457 4,416 1,007 3,292 712 1,429 545 1,001 1,142 1,266 " 2,121 Dec. 20 II_IIIIII 27, 264 2,874 7,45" 4,416 1,007 3,292 712 1,429 545 1,001 1,142 1,266 2,121 Other capital accounts: Nov. 22.... 37, 29i 1,767 2,41! 3,848 1,623 1,865 7,206 1,397 2,089 1,111 1,933 2,379 Nov. 29 37,311 1,765 9,730 2,386 3,914 1,637 1,874 7,168 1,401 2,078 1,102 1,914 2,342 Dec. 6__._ 37, 619 1,780 9,794 2,449 3,899 1,620 1,889 7,206 1,401 2,093 1,130 1,939 2,419 D D e e c c . . 2 1 0 3 IIIIII 3 3 8 8, , 4 0 6 2 £ 1 1 1 , , 7 8 9 6 9 2 1 9 0 , , 8 10 5 6 4 2 2 , ,5 4 0 9 ' : 4 3 , , 0 9 0 5 S 8 1,648 1,902_ 7 7 , , 2 3 8 3 0 3 1 1 , , 4 4 1 0 2 8 2 2 , , 1 11 06 1 1 , , 1 15 5 4 4 1 1 , , 9 9 6 5 8 8 2 2 , , 4 4 5 7 9 3 Total liabilities and capital accounts: Nov. 22 18, 651,19 1,138,26 8,113,0101,120,00S 330,701615,42C430,6812,955,388565,847 346,872 518,987 373, 274 1,142, 735 Nov. 29 18, 680, 57;1,126,1048,152,8781,116,138 336,102620,071433,22C2,965,428558, 777 347,189 515, 596 366,382 1,142, 686 Dec. 6 18, 622, 6621,131,7788T3 "8,,078,53:1,126,257 332,423 618,09:434,6412,967,496557,414 353,608 512,772 366, 750 1,142, 896 Dec. 13 18, 785,3711,154,64'8,024,1521,139,136 370,28C638, 51-456,98C3,022, 666560,640 364, 584 533, 233 384,961 1,135, 572 Dec. 20 18,920,74C 1,168,40:8,043,044 1., 158,196400, 535643,482455,127 3,106,778571,482 361,297 522,928 379,364 1,110,108 Commitments to make industrial advances: Nov. 22.. 9,80C 48C 1,90: 922 1,33' 41 3,170 Nov. 29 9,645 47, 1,88: 922 1,248 825 409 3,168 Dec. 6 9,492 47, 1,81: 922 1,194 816 398 3,161 Dec. 13 9,34* 47, 1,81 920 1,194 77! 388 3,075 Dec. 20 _._ 9,27< 422 1,80! 92C 1,187 77: 3,072 26 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Repaid, Date ( e la a s c t h W m e o d n n th e ) sday of Ap r p ec li e c i a v t e i d ons App co li n c s a i t d io er n a s t i u o n n der A a p p p p li r c o a v ti e o d ns ( A s a t d m a o v n o u a d u t n i - n n c t e g ) s 1 ( C s a t m o a m o m n e u o d n m t u i - t n s n i g t t - ) A ( b a p p m u c p l o t e r o m t o n e u v d - o n e t t 2 d ) d c e o r a x a a r n p p w w t p i , n r i e l e t i t - d h b c , - y . s ( P p a ta a a m o n t r u i o t d o i t u i c - n n n i s - g t) 3 Number Amount Number Amount Number Amount (amount) 1934—Dec. 26.. 4,386 146,972 2,955 49,634 13, 589 8,225 20,966 5,558 1,296 1936—June 26.. 6,325 237, 581 11,349 1,646 88,778 27,518 20, 579 11,248 24,900 4,533 Dec. 314. 7,437 293,084 2,823 1,993 124,493 32,493 27,649 11, 548 44,025 8,778 1936—June 24.. 8,006 314,471 1,880 2,183 133,343 30,484 24,454 9,381 61,425 7,599 Dec. 30.. 8,247 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 12,780 107,384 7,238 1938—Mar. 30.. 8,708 358,936 1,299 2,464 154,918 19,371 13,110 3,419 111, 193 7,825 June 29. 8,976 369, 583 476 2,566 161,158 18,444 13, 649 3,084 117, 555 8,426 Sept. 28.. 9,102 378,974 146 2,617 168,380 17, 567 13, 597 5,737 122,447 9,032 Dec. 28.. 9,188 387,490 247 2,653 175,013 17,345 14,161 1,946 128,839 12, 722 1939—Jan. 25... 9,203 389,176 999 2,660 175,651 16,811 13,004 1,293 132,009 12, 534 Feb. 21«. 9,221 389, 554 964 2,671 175,902 16,474 12,907 1,105 133,001 12,415 Mar. 29.. 9,249 392, 230 344 2,683 177,895 15, 798 12, 647 1,975 135,004 12,471 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. 402, 305 370 2,752 185,234 14,454 10, 517 1,938 146,156 12,169 Oct. 25_. 402,944 70 2,763 186,034 14, 545 10,156 1,764 148,037 11, 532 Nov. 29.. 9,401 404,226 92 2,772 187,257 14,051 9,643 2,548 149, 911 11,104 Dec. 20 s. 9,415 405,158 74 2,779 188,184 13, 698 9,274 2,801 151,425 10,986 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. * Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. 8 Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to $1,424,650 December 20, 1939. 4 Tuesday. 6 Latest date for which figures are available. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS7 ACCOUNTS, BY WEEKS [In thousands of dollars] Total B t o o s- n Y N o ew rk P p d h h e i l i - l a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t i . s n M o e i l a n i p - s - K C s a a it n s y - Dallas F c S i r s a a c n n o - Federal Reserve notes: Issued to F. R. bank by F. R. agent: Nov. 22 5,100,435422, 275 1, 296,194 357, 591 470,478 239, 783 170,823 1,083,111979,196 142, 521188, 76290,480 439, 215 Nov. 29 5,122,948424,805 1, 305,335 360, 289 471,061 240,980 170,903 1,085,807 20l| 181143,563 189,424 90,864 438,736 Dec. 6 5,176, 588429,182 1,331,026 362,789 474,344 243,151 "~ 191,220 90,891 4< 41,112" Dec. 13 5, 203, 595426,732 1, 339,419 366, 300 479,135 242,326 192, 280 91, 539 4'"4.1,,522 Dec. 20 5, 259,180431,518 1,349,165 368,156 488,843 246,398 177,715 1, US, 347 204J 465 146,177 192^ 92992,108 443,359 Held by Federal Reserve bank: Nov. 22 274,482 22, 630 84,048 17,647 20,485 10,643 11,808 24,849 10, 260 3,520 8,197 7,: 53,102 Nov. 29 277, 656 19, 316 80,684 19,276 20,227 12,674 12,087 26,212 11,830 4,117 7,750 55,017 Dec. 6 277,088 19, 699 91,147 17,612 20,498 11, 297 11, 375 23,475 11,802 4,136 7,965 6,962 51,120 Dec. 13 298,162 17, 920 94, 323 18,739 20,642 11,653 12,050 32,917 11, 571 4,966 10,055 8,595 54,731 Dec. 20 279,330 19,743 85,278 15,437 18,755 11,404 12,422 32,751 10, 570 4,615 8,612 6,857 52,886 In actual circulation: * Nov. 22 4,825, 953399, 645 1, 212,146 339,944 4.4.9.,.9.93 22,9, 140159,,0 15 1,058,268 18.8.,.9.3.6. 139,001180, 56583,187 386,113 Nov. 29 4,845, 292405,489 1.,. 2 2"4",'651 341,013 450,834 228, 306 158,816 1,059, 595 189, 351139,446 180,958 83,114 383,719 Dec. 6 4,899, 500409,483 1L, 239,8—7 9 "3 45,177 453; 846 231,854161,009900 11,,069,356 119900,,663388 141,001183,255 83,929 389,992 Dec. 13 _- 4,905,433 408,812 1,245,096 347, 561458,493 230, 673160,953 1,070,200 191,033 140', 652 182', 22582,944 386,791 Dec. 2O...__ 4,979,850 411,7751,263,887 352, 719 470,088 234,994165, 293 ,li 085, 596 193,895 141, 562 184,31785,251 390,473 Collateral held by bank as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Nov. 22 5, 205,000440,000 1, 315,000 370,000 474,000 245,000174,000 1,090,000 203,000 145,500190,000 94, 500 464,000 Nov. 29 5,224,000440,000 1, 325,000 370,000 ~47-4,000 245,000174,000 1,100,000 203,000 145, 500 190,00093,500 464,000 Dec. 6 5, 287,000440,0001,355,000 370,000 476,000 245,000 177,000 1,,1 15,,0 00 209,,0 00 14.7.,, _5.0.01 9.5.,.0.0.0.93, 500 464,000 Dec. 13 5,298,000440,0001, 355,000 370,000 481,000 250,000 177,000 1,115,000 209,000 147, 500 195,00094, 500 464,000 Dec. 20 5,354,000440,000 1,370,000 375,000 489,000 250; 000 180,000 1, UQ, 000 209^ 000 U7,501095,000 94,500 464,000 Eligible paper: Nov. 22____ 2,432 275 148 105 85 155 825 Nov. 29 2,402 205 871 223 127 85 123 768 Dec. 6. 2,446 180 210 119 135 126 873 Dec. 13 2,297 45 723 220 110 215 122 Dec. 20 _ _ 2,487 130 644 300 172 190 165 Total collateral: Nov. 22 5, 207,4324401,,275 1,315,839 370,148 474,000 245,105 174,000 1,090,000 203,085 145,655190,825 [, 500 464,000 Nov. 29 5, 226,402440,2""0"5> 1,325,871 370,223 474,000 245,127 174,000 1,100,000 203,085 145,623190,768 93,500 464,000 Dec. 6. 5, 289,446440,180 i; 355; 803 370; 210 476; 000 245; 111797,000 1,115,000 209,135 147,626195,873 93, 500 464,000 Dec. 13 5,300, 297440,045 1,355, 723 370,220 481,000 250,110 177; 000 1,115', 000 209; 215 147; 622 195;' 8\6, 2500 464,000 Dec. 20 5,356,487440,130 1,370,644 375,300 489,000 250,172 180,000 1,140,000 209,190 147,665195,886 94,500 464,000 1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank. JANUARY 1940 27 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, NOVEMBER, 1939 MEMBER BANK RESERVE BALANCES BY CLASSES OF BANKS [Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars] Reserves with Central reserve Gross Net Federal Reserve All city banks Re- Classes of banks de- de- Time banks mem- serve Counand districts mand mand de- ber city try de- de- posits banksi New Chi- banks banks* posits posits i Re- Ex- York cago quired Held Total reserves held: All member banks..37,243 30,268 11, 754 6,428 11, 688 5,259 1938—October 8,546 3,939 884 2,409 1,317 November 8,727 4,075 2,426 1,338 Central reserve city banks: December 8,745 4,139 2,387 1,322 New York 13, 749 13,045 753 3,005 5, 759 2,753 1939—January 9,029 4,409 780 2,474 1,366 Chicago ___ 2,849 2,521 496 598 1,115 February 8,925 4,482 673 2,405 1,364 March 9,021 4,472 681 2,475 1,393 Reserve city banks: April.. 9,624 4,889 794 2,544 1,397 Boston district 1,218 1,094 87 196 390 194 May.... 9,997 5,094 878 2,630 1,395 New York district 224 178 154 39 47 8 June 10,085 5,049 893 2,728 1,415 Philadelphia district.. 1,375 1,131 245 210 426 216 July 10, 321 5,195 848 2,827 1,451 Cleveland district 1,768 1,357 725 274 508 235 August 10,659 5,366 923 2,883 1,486 Richmond district 797 596 209 115 188 73 September 11,443 5,866 1,009 3,009 1,559 Atlanta district 762 517 178 99 127 28 October 11, 862 5,958 1,112 3,203 1,588 Chicago district 1, 336 914 580 189 328 140 November 11, 688 5,759 1,115 3,229 1,585 St. Louis district 898 665 180 125 227 102 Week ending (Friday): Minneapolis district __ 419 304 90 58 91 33 1939—Oct. 27 12,001 6,023 1,129 3,265 1,583 Kansas City district 1,074 673 158 126 192 67 Nov. 3 11, 920 5,930 1,137 3,263 1,590 Dallas district 777 479 128 90 134 43 Nov. 10 11, 759 5,760 1,119 3,271 1,609 2,281 1,822 1,919 415 570 155 Nov. 17 11, 603 5,704 1,098 3,209 1,591 San Francisco district- Nov. 24 11,648 5,756 1,111 3,210 1,571 12, 928 9,729 4,652 1,935 3,229 1,294 Dec. 1 11, 681 5,783 1,136 3,203 1,559 Total. _ Dec. 8 11,587 5,690 1,151 3,161 1,585 Dec. 15 11, 324 5,501 1,156 3,123 1,543 Country banks: 923 651 557 106 191 85 Excess reserves: Boston district 1, 391 990 1,386 188 354 165 1938—October 3,143 1,589 375 712 467 New York district 673 446 873 97 172 74 November 3,276 1,712 374 710 480 Philadelphia district.. 626 412 679 83 147 63 December _ 3,226 1,734 376 658 457 Cleveland district 576 337 351 58 96 38 1939—January 3,484 1,996 260 734 495 Richmond district 506 301 226 47 75 28 February 3,373 2,047 164 669 494 Atlanta district 903 551 731 103 209 106 March 3,432 1,986 179 741 526 Chicago district 387 237 243 41 69 29 April 3,926 2,302 299 794 531 St. Louis district 334 208 274 39 63 25 May 4,212 2,465 360 858 529 Minneapolis district.. 477 283 157 42 71 29 June 4,246 2,394 362 944 546 Kansas City district 563 327 104 44 84 39 July 4,402 2,504 305 1,013 581 Dallas district 357 230 272 41 55 14 August 4,607 2,587 363 1,046 611 San Francisco district. September 5,198 2,943 430 1,147 678 Total 7,717 4,972 5,854 1,585 October.. __. 5,490 2,974 518 1,295 704 November 5,259 2,753 516 1,294 Weekending (Friday): * Gross demand deposits minus demand balances with domestic banks 1939—Oct. 27 5,590 3,020 1,342 (except private banks and American branches of foreign banks) and Nov. 3 5,501 2,924 535 1,339 703 cash items in process of collection. Nov. 10 5,355 2,772 522 1,340 720 5 NOTE.—See table at foot of p. 22 for percentages of deposits required Nov. 17 5,193 2,715 500 1,276 702 to be held as reserves. Nov. 24 5,206 2, 741 511 1,273 681 Dec. 1 5,211 2,748 537 1,257 669 Dec. 8 5,127 2,661 552 1,225 689 Dec. 15 4,868 2,495 554 1,171 648 i Weekly figures of excess reserves of all member banks and of country banks are estimates. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Member banks m larger centers Member banks in smaller centers All member banks (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Nov. Oct. Nov. Oct. Nov. Oct. Nov. Oct. Nov. Oct. Nov. Oct. Boston 2,142 2,128 644 647 2,003 1,989 514 518 139 138 131 129 New York 15, 364 15,162 2,293 2,295 11, 311 11, 272 11,041 i 1,048 304 302 499 502 Philadelphia- 2,048 2,001 1,117 1,120 l| 803 1,755 665 667 245 246 452 453 Cleveland 2,394 2,358 1,404 1,397 2,161 2,123 1,101 1,097 233 235 303 300 Richmond 1,372 1,337 560 558 1,171 1,143 364 363 202 195 196 195 Atlanta 1,268 1,241 404 400 1,112 1,089 317 314 156 151 86 87 Chicago 5,088 5,064 1,807 1,795 11,906 i 1,901 il 015 i 1,006 333 332 295 294 St. Louis 1,286 1,255 423 420 1,054 1,026 '305 303 232 229 118 117 Minneapolis.. 753 732 364 362 557 541 178 178 196 191 185 185 Kansas City__ 1, 551 1, 545 316 315 1,202 1,199 201 201 348 346 115 114 Dallas 1,340 1,306 232 231 1,028 1,004 186 186 312 302 46 46 San Francisco. 2,638 2,602 2,191 2,194 2,510 2,477 2,092 2,096 128 125 99 98 Total... 37,243 36, 732 11, 754 11,735 U7, 818 117, 520 17,981 17,976 2,827 2,792 2,525 2,520 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. 28 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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— November 6,787 76 41 1,312 1 356 151 269 4,349 28 203 December... . _. 6,856 75 42 1,339 1 357 151 257 4,405 28 201 1939—January 6,653 75 41 1,269 348 149 244 4,301 27 198 February _ _ . _ _ _ _. 6,731 74 41 1,327 350 150 246 4,320 27 195 March 6,817 74 41 1,378 352 151 251 4,350 27 193 April _ 6,905 73 42 1,385 354 152 255 4,426 26 191 May 6,967 72 42 1,417 358 154 259 4,449 26 189 June . _ . .. 7,047 72 42 1,454 361 155 266 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 October __ _ _ 7,342 70 44 1,485 1 373 161 267 4,739 24 178 November 7,483 70 44 1,530 1 379 163 269 4,826 24 177 Back figures.—Bee Annual Report for 1937 (table 35). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Total Coin and small denomination currency * Large denomination currency 2 in cir- Un- End of month cula- assorttion i Total Coin $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 ed* 1938-November 6,787 5,096 548 511 936 1,599 1,469 1,696 404 761 158 323 December 6,856 5,147 550 524 946 1,611 1,481 1,714 409 770 160 327 1939—January __ 6,653 4,953 538 492 904 1,546 1,440 1,705 403 768 160 329 February 6,731 5,011 541 498 919 1,574 1,446 1,721 406 774 161 335 March 6,817 5,049 544 503 928 1,594 1,448 1,770 411 799 165 349 April 6,905 5,069 548 505 929 1,602 1,453 1,838 418 829 170 370 May __. 6,967 5,109 554 513 937 1,614 1,458 1,861 422 836 172 380 June. 7,047 5,164 558 514 947 1,638 1,473 1,887 428 848 176 388 July—. 7,049 5,169 £61 514 947 1,644 1,470 1,885 426 847 175 391 August 7,171 5,253 566 521 966 1,681 1,487 1,922 433 857 180 405 September 7,293 5,329 571 532 £80 1,706 1,507 1,965 440 876 185 413 October 7,342 5,363 577 535 982 1,710 1,526 1,981 445 884 186 415 November 7,483 5,478 586 545 1,004 1,752 1,557 2,007 452 896 188 420 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks. 2 Includes unassorted currency held in Treasury and Federal Reserve banks and currency of unknown denominations reported by the Treasury as destroyed. * Paper currency only; $1 silver coins reported under coin. Back figures.See Annual Report for 1937 (table 36). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES [Held by Treasury and Federal Reserve banks and in (nrculation. In [By selected banks and financial institutions ir millions of dollars] In millions of dollars] Silver Fed- Ship- Receipts dollars Sub- eral Na- Year or month ments to from and sid- Minor United Re- tional Europe Europe End of month Total silver iary coin States serve bank bul- silver notes bank notes lion i coin notes 1936 34.8 26.2 1937 _ 21.5 47.6 1938 33.1 34.4 1938—November. 2,773 1,657 376 158 347 29 206 December 2,798 1,685 376 159 347 28 203 1938—November . 3.4 1.0 December .7 1939—January 2,816 1,705 376 159 347 28 201 February.. 2,824 1,717 376 160 347 27 198 1939—January 6.7 March 2,839 1,733 377 160 347 27 196 February 3.0 April 2,849 1,746 376 160 347 27 193 March .. 27.3 May 2,862 1,759 377 161 347 26 191 April 46.1 June 2,881 1,778 380 161 347 26 189 May 3.8 July.. 2,895 1,794 381 162 347 26 186 June 2.9 August 2,907 1,804 383 162 347 25 185 July 2.2 September 2,919 1,814 386 164 347 25 183 August 4.7 October 2,932 1,825 390 166 347 25 181 September .8 November 2,947 1,835 394 167 347 25 179 October 1.8 November 4.5 i Includes silver held against silver certificates amounting to $1,755,- 000,000 on November 30, 1939 and $1,572,000,000 on Novmber 30, 1938. ot ot.ot o = PAPER CURRENCY i New York City. Net ship- Net merits receipts 8.6 26.1 1.3 2.4 1.5 4.7 2.0 .9 26.4 .3 45.8 .7 3.1 1.1 1.8 1.0 1.2 .9 3.8 .1 .7 .2 1.6 1.3 3.2 Back figures—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. JANUARY 1940 29 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES MOVEMENT OF GOLD TO AND FROM UNITED STATES l [In millions of dollars] [In thousands of dollars] Period T G e o n o t d l a d l o s f t o p [ a c e n c k r a i c o c o a d t u i t v n e t c s t g r t o I e i o o n n t a l c a - d s k l e im g N o p e l o d t rt m a l g ; o c t h a a s r N t e r a s i i r o a n o k n e r u n i ( t - s o g n s - - r h g ) m g d p t D t i o u r e i o o o c c l s n - d - - - From or to— N Im ov - embe E r x- Im O - c 1 t 9 o 3 b 9 e E r x- I J m an - .-Nov E . xports ports ports ports ports ports 1934 L. 4,202.5 133.9 82.6 96.0 1935— 10,125 1,887.21', 739. 0 .2 110.7 Belgium 165,122 1936— 11,258 26.5 1,132.5 l"i, 116. 6 -85.9 131.6 France 28 3,798 1937— 12,760 1,227.9 1,502. 5 1.,, 585. 5 -200.4 143.9 Italy 3,770 6,363 10,133 1938— 14,512 1, 751. 5" 1',,973.6 -333. 5 148.6 Netherlands 8,781 2,990 310,092 Sweden— 5,113 8,973 1937—August 12, 567 1,335. 7 121.6 104.8 -5.3 16.9 Switzerland 2,990 81, 935 September 12, 741 1,210.0 174.3 145.5 9.3 12.2 United Kingdom 18, 558 10,182 1, 816,042 56 October 12, 803 1,271. 9 62.0 90.5 -8.0 14.9 Canada 65,074 9,954 304, 338 163 November 12, 774 1,242. 5 -29.3 22.1 -20.1 13.8 Mexico 3,445 1,794 29, 843 206 December 12, 760 1,227.9 -14.0 18.0 -101. 6 11.9 Central America. _. 677 394 5,524 Argentina 4 4,509 1938—January 12, 756 1, 223. 2 -4.6 2.1 -1.1 11.0 Chile __._ 673 962 8,926 February 12,776 1,200.6 20.7 8.0 -18.2 10.0 Colombia 2,117 21,123 March 12, 795 1,183.0 18.5 52.9 -.6 10.7 Ecuador 444 2,545 April 12,869 74.3 71.1 -1.2 10.6 Peru 192 785 4,846 May 12,919 49.8 52.8 -53.9 11.5 Venezuela 455 423 4,056 June _ 12, 963 44.2 55.3 -15.5 9.6 Australia 12, 505 8,420 67, 777 July 13,017 54.5 63.8 -20.9 14.2 British India 12,049 2,703 45, 276 August 13,136 118.3 166.0 -28.8 14.7 China and Hong September 13, 760 623.8 520.9 -13.3 14.1 Kong 2,708 4,087 23, 225 October 14, 065 305.0 562.4 -110. 2 13.5 Japan 9,487 12,497 145, 504 November 14, 312 247.5 177.8 -7.4 15.5 Philippine Islands. 2,643 3,188 32, 991 December 14, 512 199.6 240.5 -62.4 13.3 South Africa 10,449 2.142 12, 977 All other countries2- 5,832 2,854 13, 919 1939—January.— 14, 682 170.0 156.3 14.1 12.2 February 14,874 192.7 223.3 -48.6 10.4 Total __. 167, 991 10 69, 740 15 3,123,476 497 March 15,258 383.8 365.4 10.7 11.0 J A M J u u p n a l r y y e il 1 1 1 1 5 6 5 6 , , , , 9 1 7 2 1 5 9 3 0 7 1 8 5 1 1 1 5 3 6 2 3 2 6 8 . . . . 3 2 0 4 6 2 2 2 7 4 0 8 9 0 5 . . . . 6 4 4 8 - - - - 1 1 2 1 0 6 5 1 2 6 1 4 . . . . 6 8 6 2 1 1 1 1 2 3 0 3 . . . . 6 6 1 1 are » I F a n i t c g r l u u a r t d e e e s s o r f e a p $ ll 3 r e 5 m s a e o n v f t i e n m c e u e o s n t u t o n s m c o e s f . v u a n l r u e a p t o io r n te s d w o h ri i g ch in , w or i t d h e s s o ti m na e t i e o x n c . eptions, August 16,646 407.6 259.9 152.1 14.0 Back figures.—See table, p. 61, and Annual Report for 1937 (tables September 16,932 285.9 326 1 2.8 15.6 31 and 32). October __. 17,091 159.9 69.7 79.5 18.4 November. 17,358 267.1 168.0 90.9 P19.0 Dec. 1-27P 17,620 261.9 402.1 -173.3 p Preliminary. BANK DEBITS 1 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a fine ounce thereafter. [Debits to individual deposit accounts, at banks in principal cities.] 2 Gold held under earmark at Federal Reserve banks for foreign ac- [In millions of dollars] count on November 30, 1939, in millions of dollars: 962.2. NOTE.—Figures for domestic production of gold are those published in table, p. 61, adjusted to exclude production in Philippines. Ad- Total, 140 133 justment based on annual figures reported by Director of Mint and all New other other monthly imports of gold to U. S. from Philippines. For back figures Year and month report- York lead- reportsee Annual Report for 1937 (table 29). ing City ing ing centers cities i cities * BANK SUSPENSIONS1 1929_ 982,531 331,938 47,504 1935 402, 718 184,006 190,165 28,547 1936 461,889 208,936 219,670 33,283 Member Nonmember 1937 469,463 197,836 235,206 36,421 banks banks 1938_ 405,929 168, 778 204, 745 32,406 Total, • all 1938—October.._ 15,140 18,096 banks Na- State In- Not November. 32, 224 12,425 17,039 2,760 tional sured* insured December. 43,209 18,879 21,087 3,243 1939—January 35,180 14, 533 17,860 2,786 Number of banks suspended: February.. 29,973 12,380 15,201 2,392 1934 57 1 g 48 March 37,322 16, 274 18,211 2,837 1935 34 4 22 8 April 32,822 13, 311 16,832 2,679 1936 44 1 40 3 May 34, 656 14,165 17, 763 2,728 1937 59 4 2 47 6 June. 36, 883 15,312 18, 676 1938 55 1 1 47 6 July. 33, 245 12, 794 17, 683 2,768 1939—Jan.- Nov. 39 4 3 22 10 August 33,314 13,118 17,496 2,701 September. 36, 594 15,138 18, 526 2,930 De (i p n o t s h it o s u o s f a n su d s s p o e f n d d e o d ll a b r a s n ): k 3 s N O o c v to e b m e b r e .. r . . 3 3 5 4 , , 8 6 3 6 0 6 1 1 3 3 , , 6 0 8 4 3 1 1 18 9 , , 0 6 2 3 9 6 3 2 , , 1 9 1 9 9 0 1934 . ... 36,937 40 1,912 34,985 1935 10,015 5,313 3,763 939 1936 11,306 '507 10,207 592 i 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.-Nov. 35, 213 1,357 25,736 5,653 2,467 J Cities (other than the 141 centers) for which bank debits are currently reported. The number has changed very little since 1934 and has num- » 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 » Federal deposit insurance became operative January 1, 1934. a definition of bank debits. Figures for individual reporting cities and 1 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.—Bee Annual Report for 1937 (table 76). 30 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 indus trial 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 ox nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS In millions of dollars] Member banks Nonmember banks Member banks Nonmember banks All Call date Total Other Call date banks Mutual Other Total ti N on a- al State M sa u v t in u g a s l m no em n- - Total ti N on a- al State s b a a v n in k g s s b n e o r n b m a e n m ks banks ber banks 1929—June 29__. 53,852 32,284 19,411 12,873 8,983 12,584 Dec. 31— 55,289 33,865 20,290 13,575 8,916 12.508 1929—June 29 25,110 8,707 7,530 1,177 611 15,792 Dec. 31 24,630 8,522 7,403 1,119 609 15,499 1933—June 30 37,998 23,338 14,772 8,566 9,713 4,946 Dec. 30^.. 38,505 23,771 15,386 8,385 9,708 5,026 1933—June 30 14,519 5,606 4,897 709 576 8,337 Dec. 30_ 15,011 6,011 5,154 857 579 8,421 1934—June 30— 41,870 26,615 17,097 9,518 9,780 5,475 Dec. 31— 44,770 28,943 18,519 10,424 9,828 6,000 1934—June 30 15,835 6,375 5,417 958 578 8,882 Dec. 31 16,039 6,442 5,462 980 579 9,018 1935—June 29___ 45,766 29,496 19,031 10,465 9,920 6,350 Dec. 31— 48,964 32,159 20,886 11,273 9,963 6,842 1935—June 29 15,994 6,410 5,425 985 571 9,013 Dec. 31 15,837 6,387 5,386 1,001 570 8,880 1936—June 30... 51,335 34,098 21,986 12,112 10,060 7,178 1936—June 30 15,752 6,400 5,368 1,032 566 8,786 Dec. 31— 53,701 35,893 23,107 12,786 10,143 7,666 Dec. 31 _ 15,628 6,376 5,325 1,051 565 8,687 1937—June 30... 53,287 35,440 22,926 12, 514 10,213 7,635 Dec. 31— 52,440 34,810 22,655 12,155 10, 257 7,373 1937—June 30_ 15, 527 6,357 5,293 1,064 564 8,606 Dec. 31_ 15,393 6,341 5,260 1,081 563 8,489 1938—June 30.._ 52,195 34,745 22, 553 12,193 10,296 7,153 Dec. 31— 54,054 36,211 23,497 12,714 10,365 7,478 1938—June 30 15,287 6,338 5,242 1,096 563 8,386 Dec. 31 15, 206 6,338 5,224 1,114 556 8,312 1939—June 30,._ 55,992 38,027 24, 534 13,493 10,521 7,444 1939—June 30 . 15,082 6,330 5,203 1,127 553 8,199 Oct. 23.... 39, 287 25, 248 14,039 Oct. 23 6,339 5,196 1,143 For footnotes see table below. For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Call date Mutual savings banks Other nonmember banks Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- 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. 312 48,929 21,354 27,575 32,070 13,208 18,863 10,255 4,930 5,325 6,604 3,217 3,387 1939—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 Oct. 2«3 33,075 13,470 19,605 i 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. a 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 coonndditiition reports among "Other assets." 3 Figures of all banks not available. Back figures.—See Annual Report for 1937 (tables 48-49). JANUARY 1940 31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans i Investments i Call date m T l v o a o i e e n a n t s n d n - a t t s - l s Total i C t m d c a r i o i u i n n e a a m s d - r l l - - , , - p O m k a p a p e e r t e n - r b p o r T L s o r u o e o k r c c c - a a u h n r r a s r i t y s i f i i e o n n s r g g 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 l O o t a h n e s r * Total U. £>. Go D v i e re r c n t ment obligatio G n a s u n a - r- g S p O a t a i o a t c o b n i l t a o f l d i e l i t n s - - s O i e t t c i h e u s e r r - i a c g u r l i - - a e n r d s oth T e o rs? Total Bills Notes Bonds teed d su iv b i - tural 3 deal- sions 6 ers Total—All MemberBanks 1920—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 1,928 6,88761,113 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 9,90661,030 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 7,810 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 '775 2,716 125 '2,728 18,863 10,882 286 3,389 7,208 2,340 2,448 3,192 1939—Mar. 29.. 32,095 13,047 5,531 427 838 733 2,749 99 2,671 19,048 10,691 303 2,604 7,783 2,660 2,555 3,142 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. 2... 33,075 13,470 (8) (8) (*) (8) (8) (8) (8) 19, 605 rlO, 891 (8) (8) (8)" '2,920 2,764 3,030 New York City* 1929— Dec. 31.. 8,774 6,683 195 1,257 2,145 169 322 2,595 2,091 1,112 8 58 166 889 222 758 1933—June 30. _ 7,133 3,424 364 758 1,044 157 162 937 3,709 2,551 •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. 2... 9,044 3,116 (8) (8) (8) (8) (8) (8) (8) 5,928 3,401 (8) (8) (8) 1,157 662 708 City of Chicago9 1929—Dec. 31.. 1,757 1,448 19 251 533 21 88 535 309 116 93 19 94 96 96 1933—June 30_. 1,287 677 70 61 251 30 30 237 610 384 6 206 82 97 87 138 1934—Dec. 31.. 1,581 532 77 55 170 18 11 202 1,049 743 164 299 279 78 129 100 1935—Dec. 31.. 1,868 476 28 29 149 15 6 249 1,392 1,061 213 604 243 88 141 103 1936— Dec. 31. 2,100 633 22 51 140 13 6 402 1,467 1,107 198 375 533 94 143 124 1937— Dec. 31.. 1,901 635 25 41 129 12 1 426 1,266 916 32 366 518 94 135 121 1938—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 June3(L_ 2,052 544 348 14 39 71 11 59 1,507 1,040 185 234 621 135 154 179 Oct. 2... 2,050 563 (8) (8) (8) (8) (8) (8) (8) 1,487 1,017 (8) (8) C8) 155 147 168 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 6 205 681 1,597 598 930 1934—Dec. 31. 10,028 4,312 179 195 1,124 1,090 55 1,671 5,715 3,809 95 1,692 2,022 279 649 978 1935— Dec. 31. 10, 780 4,347 195 117 1,057 1,094 34 1,851 6,432 4,076 85 2,267 1,724 656 723 977 1936—Dec. 31.. 11, 795 4,794 209 159 1,048 1,124 23 2,231 7,000 4,426 120 1,904 2,403 697 774 1,102 1937—Dec. 31.. 11,414 5,203 201 123 1,066 1,176 27 2,610 6,211 3,961 106 1,589 2,267 637 691 921 1938—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. 2... 11,880 5,127 (8) (8) (8) (8) (8) (8) (8) 6,752 '4,089 (8) (8) (8) '909 897 856 Country Banks 1929—Dec. 31.. 13,375 8,936 201 291 2,231 1,462 45 4,705 4,439 1,267 897 171 999 627 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 L, 549 1934—Dec. 31. 8,780 4,025 101 64 996 1,026 27 1,810 4,756 2,108 •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 L, 633 1936—Dec. 31. 9,825 4,078 187 29 843 1,123 14 1,881 5,747 2,368 17 689 1,662 645 883 L,851 1937—Dec. 31. 10,124 4.446 216 25 824 1,219 13 2,149 5,677 2,490 29 786 1,675 678 879 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. 2... 10,102 4,665 (8) (8) (8) (8) (8) (8) (8) 5,437 2,383 (') (8) (8) 699 1,058 1,297 'Revised. 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. Beginning June 30, 1939, detailed classifications available on June and December dates only. » 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. 6 Includes obligations of territorial and insular possessions when reported separately. • Includes Treasury certificates of indebtedness. 7 For estimated figures for Dec. 31,1938, on basis comparable with earlier figures see p. 332 of the April BULLETIN. 8 Not reported separately. 9 Central reserve city banks. Back figures.—See Annual Report for 1937 (tables 52-58). 32 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES [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- Fed- Cash with de- uals, and fied uals, and Bor- ital Call date eral in do- posits part- polit- and U. S. part- polit- Postal row- ac- Re- vault mestic ad- ner- ical offi- Gov- ner- ical sav- For- ings counts serve banks1justed 2 ships, sub- cers' ern- ships, sub- ings4 eign banks and divi- checks ment4 and divi- De- TiTnft banks cor- sions etc.3 cor- sions mand i line pora- porations tions Total—All Member Banks 2,374 558 2,168 16,647 17,526 1,335 1,681 143 12,267 595 122 3,517 95 698 879 6,7091929—Dec. 31 2,235 405 2,008 12,089 11,830 1,087 657 806 7,803 300 788 3,057 89 146 191 4,837 1933—June 30 4,082 609 3,149 15,686 14,951 1,799 838 1,636 9,020 294 452 4,569 134 154 13 5,0541934—Dec. 31 5,573 665 3,776 18,801 18,035 2,139 882 844 9,680 361 218 5,696 151 449 6 5,145 1935—Dec. 31 6,572 697 4,066 21,647 20,970 2,329 881 882 10,429 296 104 6,402 153 438 15 5,2751936—Dec. 31 7,005 589 3,414 20,387 19,747 2,132 767 781 10,806 482 95 5,436 129 464 12 5,371 1937—Dec. 31 8,694 746 4,240 22,293 21,119 2,386 547 790 10,846 462 61 6,510 132 511 6 5,4241938—Dec. 31 9,112 777 4,403 22,364 20,845 2,467 533 775 10,940 461 68 6,816 133 629 7 5,4671939—Mar. 29 10,011 712 4,674 23, 587 22,448 2,532 790 694 11,063 441 59 7,097 142 607 5 5,496 June 30 11,617 774 •5, 304 25,118 23,983 2,390 666 675 11,104 418 51 •8,243 «142 •757 5 5,530 Oct. 2 New York City6 827 68 179 4,750 5,847 128 1,180 20 1,112 33 18 1,198 40 597 179 2,1051929—Dec. 31 846 46 101 4,358 4,676 96 461 332 671 4 110 1,255 22 128 8 1,5821933—June 30 1,576 86 103 5,069 5,370 229 540 792 691 4 56 1,798 1 133 L, 5651934—Dec. 31 2,541 65 111 6,193 6,479 323 524 224 591 12 3 2,338 414 ,5731935—Dec. 31 2,658 61 133 6,929 7,274 285 457 225 679 13 2,493 397 12 1,5851936—Dec. 31 2,738 56 120 6,111 6,507 189 404 382 696 49 2,108 423 1,6061937—Dec. 31 4,104 68 109 7,168 7,273 280 195 139 652 36 2,687 442 L, 5931938—Dec. 31 4,582' 63 156 7,605 7,677 260 272 135 655 53 2,731 553 :L, 5921939—Mar. 29 4,975 61 112 8,012 8,281 288 472 84 653 46 2,992 524 L, 586 June 30 5,929 85 •109 8,676 8,812 321 349 72 683 52 63,568 6670 1 L. 587 Oct. 2 City of Chicago * 169 13 133 957 1,041 42 32 8 332 58 2 310 19 33 41 3161929—Dec. 31 232 34 203 912 870 87 16 46 358 1 g 259 2 2041933—June 30 415 40 207 1,189 1,073 182 23 46 381 1 445 2 2261934—Dec. 31 511 39 209 1,401 1,301 208 27 98 413 522 4 2291935—Dec. 31 558 32 188 1,554 1,495 191 27 72 449 599 5 244 1936—Dec. 31 596 27 179 1,438 1,354 207 23 64 445 g 528 6 2551937—Dec. 31 884 35 235 1,688 1,597 181 29 83 452 9 658 9 2571938—Dec. 31 705 22 178 1,250 1,182 141 26 83 452 12 834 10 2611939—Mar. 2 897 26 235 1,666 1,565 197 22 60 471 17 746 12 270 June 30 1,080 37 6237 1,747 1,632 195 27 60 469 21 3 6853 614 270 Oct. 2 Reserve City Banks 751 156 947 5,229 5,547 423 300 76 4,433 371 41 1,604 30 64 292 2,029 1929—Dec. 31 705 122 1,002 3,764 3,708 349 108 312 2,941 208 388 1,315 59 15 16 1,533 1933—June 30 1,268 207 1, 543 5,136 4,919 585 169 620 3,494 206 186 1,984 117 18 1,614 1934—Dec. 31 1,594 256 1,779 6,161 6,001 707 204 385 3,796 266 79 2,422 134 29 1,657 1935—Dec. 31 2,108 285 1,816 7,126 7,023 843 230 407 4,026 203 35 2,826 137 34 1.697 1936—Dec. 31 2,310 200 1,470 6,870 6,743 777 192 256 4,161 266 34 2,389 107 34 1,735 1937—Dec. 31 2,354 321 1,940 7,214 7,034 796 170 424 4,233 269 17 2,719 108 57 1,777 1938—Dec. 31 2,459 342 2,106 7,326 6,899 889 123 420 4,276 243 22 2,813 108 64 2 1,7951939—Mar. 29 2,735 318 2,210 7,654 7,331 917 160 415 4,320 233 19 2,920 115 69 L, 812 June 30 3,053 323 82,485 8,017 7,803 801 158 410 4,319 198 14 83,307 «116 •71 L821 Oct. 2 Country Banks 627 321 908 5,711 5,091 742 169 39 6,390 133 61 405 6 3 367 2,258 1929—Dec. 31 452 203 702 3,054 2,576 555 72 116 3,833 86 285 228 7 1 167 1,517 1933—June 30 822 275 1,296 4,292 3,589 804 106 178 4,554 84 210 342 16 2 13 1,650 1934—Dec. 31 927 305 1,676 5,047 4,254 901 127 137 4,879 83 136 415 16 1 6 1,687 1935—Dec. 31 1,247 319 1,929 6,039 5,177 1,011 167 178 5,275 80 69 483 16 2 3 1,750 1936—Dec. 31 1,361 307 1,645 5,968 5,143 959 149 78 5,604 158 61 412 21 1 12 1,775 1937—Dec. 31 1,353 322 1,956 6,224 5,215 1,128 154 143 5,509 147 44 446 23 2 6 1,798 1938—Dec. 31 1,367 350 1,963 6,183 5,087 1,176 114 • 137 5,557 153 46 438 25 2 5 1,818 1939—Mar. 29 1,403 307 2,117 6,255 5,272 1,130 135 136 5,619 145 40 439 26 2 5 1,828 June 30 1,555 329 82, 473 6,677 5,736 1,073 131 133 5,632 148 35 «515 «26 62 4 1,852 Oct. 2 i Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25,1933, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets". > 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. 8 Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31,1935. 4 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. « Central reserve city banks. 6 Partly estimated. Back figures—See Annual Report for 1937 (tables 52-58). JANUARY 1940 33 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS-NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [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 p a e e r t e n - r b T ro 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- s O r e it t c i h u e e s - r a c g u r l- i- a e n rs d ot T h o ers Total Bills iNotes Bonds* teed tural dealers Total—101 Cities 1938—November 21,347 8,319 3,884 343 715 571 1,166 113 1,527 13,028 8,130 1,681 3,217 1939—May _ 21,693 8,091 3,839 303 678 539 1,151 58 1,523 13,602 8,296 2,033 5,865 2,033 3,273 June.. — 21,887 8,094 3,830 304 671 541 1,159 52 1,537 13,793 422 2,106 6,855 2,119 3,291 July 22,046 8,146 3,888 312 648 532 1,163 64 1,539 13,900 8,499 461 2,132 5,906 2,158 3,243 August 22,327 8,179 3,930 313 642 521 1,171 62 1,640 14,148 8,537 488 2,149 5,900 2,265 3,346 September 22,384 8,322 4,166 316 568 511 1,178 38 1,545 14,062 8,467 450 2,144 5,873 2,226 3,369 October.. _.22, 571 8,421 4,279 317 552 505 1,181 35 1,552 14,150 8,566 561 2,132 5,873 2,232 3,352 November 22,966 8,573 4,354 314 613 501 1,187 37 1,567 14,393 8,714 706 2,167 5,841 2,338 3,341 1939—Oct. 4... 22,498 8,375 4,251 318 505 1,179 1,548 14,123 8,503 492 2,130 5,881 2,240 3,380 Oct. 11__ 22, 568 8,408 4,288 318 530 504 1,182 1,549 14,160 8,559 553 2,128 5,878 2,240 3,361 Oct. 18.. 22,563 8,423 4,286 316 548 501 1,181 1,555 14,140 8,574 571 2,126 5,877 2,224 3,342 Oct. 25.. 22,657 8,479 4,292 318 593 510 1,180 1,554 14,178 629 2,145 5,854 2,226 3,324 Nov. 1... 22,728 8,521 4,310 317 603 612 1,184 1,559 14,207 667 2,159 5,858 2,232 3,291 Nov. 8... 22,835 8,521 4,330 316 594 500 1,184 1,560 14,314 8,720 702 2,169 5,849 2,250 3,344 Nov. 15.. 23,014 8,549 4,362 312 588 497 1,187 1,564 14,465 8,725 720 2,179 5,826 2,402 3,338 Nov. 22. 23,092 8,617 4,388 315 620 497 1,189 1,572 14,475 8,726 731 2,166 5,829 2,401 3,348 Nov. 29. 23,159 8,656 4,381 312 660 499 1,189 36 1,579 14,503 8,713 711 2,160 5,842 2,408 3,382 Dec. 6... 23,162 8,646 4,378 313 650 503 1,187 1,582 14,516 8,724 726 2,149 5,849 2,415 3,377 Dec. 13.. 23,523 8,871 4,416 319 818 504 1,189 1,582 14,652 713 2,134 6,016 2,413 3,376 Dec. 20.. 23,465 8,932 4,406 322 852 510 1,189 1,587 14,533 8,762 653 2,110 5,999 2,404 3,367 New York City 1938—November 7,737 2,957 1,422 138 573 201 119 4,780 2,895 800 1,085 1939—May 7,958 2,759 1,372 120 529 198 111 5,199 3,024 170 727 2,127 1,034 1,141 June 8,103 2,758 1,375 121 523 201 113 5,345 3,139 168 808 2,163 1,060 1,146 July. 8,138 2,765 1,408 120 497 191 115 5,373 3,174 146 821 2,207 1,098 1,101 August ___ 8,349 2,828 1,483 117 493 184 117 5,521 3,197 205 826 2,166 1,137 1,187 September 2,869 1,620 116 435 177 117 377 5,524 3,196 233 801 2,162 1,105 1,223 October 8,538 2,895 1,661 115 430 173 116 375 5,643 3,314 358 788 2,168 1,123 1,206 November 8,847 2,972 1,688 114 483 171 114 376 5,875 3,512 528 841 2,143 1,177 1,186 1939—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... 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 Oct 25.. 8,614 2,936 1,663 115 467 179 114 375 5,678 3,385 411 814 2,160 1,119 1,174 Nov. 1... 8,679 2,955 1,672 117 472 180 114 376 5,724 3,458 462 835 2,161 1,121 1,145 Nov 8... 8,771 2,939 1,674 115 467 170 114 373 5,832 3,508 515 844 2,149 1,132 1,192 Nov 15.. 8,858 2,943 1,682 110 463 168 115 376 5,915 3,517 541 846 2,130 1,213 1,185 Nov. 22. 8,930 3,003 1,710 114 494 168 115 376 5,927 3,527 555 841 2,131 1,206 1,194 Nov. 29. 3,022 1,704 112 519 169 114 378 5,976 3,550 565 840 2,145 1,214 1,212 Dec. 6... 9,003 1,703 112 507 172 112 375 6,000 3,571 571 833 2,167 1,222 1,207 Dec. 13- 9,228 3,165 1,711 115 638 175 113 379 6,063 3,625 564 837 2,224 1,229 1,209 Dec. 20.. 9,156 3,204 1,697 114 179 113 378 5,952 3,533 837 2,198 1,224 1,195 Outside New York City 1938—No vember 13, &10 5,362 2,462 205 142 370 1,047 1,113 8,248 5,235 881 2,132 1939—May 13,735 5,332 2,467 183 149 341 1,040 1,138 8,403 5,272 228 1,306 3,738 999 2,132 June 13,784 5,336 2,455 183 148 340 1,046 1,151 8,448 5,244 254 1,298 3,692 1,059 2,145 July _ 13,908 5,381 2,480 192 151 341 1,048 1,159 8,527 5,325 315 1,311 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 October 14,033 5,526 2,618 202 122 332 1,065 1,177 8,507 5, 252 203 1,344 3, 705 1,109 2,146 November 14,119 5,601 2,666 200 130 330 1,073 1,191 8,518 5,202 178 1,326 1,161 2,155 4 1939-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. 11_. 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 Oct 25.. 14,043 5,543 2,629 203 126 331 1,066 1,179 8,500 5,243 218 1,331 3,694 1,107 2,150 Nov 14,049 5,566 2,638 200. 131 332 1,070 1,183 8,483 5,226 205 1,324 3,697 1,111 2,146 Nov 14,064 5,582 2,656 201 127 330 1,070 1,187 8,482 5,212 187 1,325 3,700 1,118 2,152 Nov, 14,156 5,606 2,680 202 125 329 1,072 1,188 8,550 5,208 179 1,333 1,189 2,153 Nov, 14,162 5,614 2,678 201 126 329 1,074 1,196 8,548 5,199 176 1,325 1,195 2,154 Nov 14,161 5,634 2,677 200 141 330 1,075 1,201 8,527 5,163 146 1,320 1,194 2,170 Dec. 6... 14,159 5,643 2,675 143 331 1,075 1,207 8,516 5,153 155 1,316 3,682 1,193 2,170 Dec. 13.. 14, 295 5,706 2,705 180 329 1,076 1,203 5,238 149 1,297 3,792 1,184 2,167 Dec. 20.. 14,309 5,728 2,709 186 331 1,076 1,209 8,581 5,229 155 1,273 3,801 1,180 2,172 i Not reported separately prior to February 8,1939. NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, which may be obtained from the Division^ 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 Reports. 34 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE RESERVES AND LIABILITIES [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 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 i a n u s l h t b m a w a d n e n o i c s t - k e h ti s s c j p m u o s a d a t e d s e n - i - t d d s 1 p p u v n c a o a a o i n e r d l r r r d a s t - - - - , - S p s d s a i i t o u c i o a n v b l a n t i d - i e l t s - - s c C h c o e a f e e e t i f n c f c e r r i . d s t k d - i ' s - , m U G e e . o r n v n S - - t . 2 s p p u v n h a c o a a o i e n i r d l r p r r d a s t - - - s - , - , S p s d s a i i t o u i c o a n v l b a t n i d i e l - t s - - s P i s n o a g s v t s a - 2 l m D a e n - b d ank T s ime b F e a o i n r g k - n s r B i o n o w g r s - - c C o i a a t u c a p n - - l ts Date or month tions tions Total 101 Cities 7,170 438 2,467 15,825 16,856 448 536 5,124 6,120 113 486 3,6771938—November 8,361 423 2,644 16,796 16,259 1,452 441 581 4,984 251 6,530 118 639 3,7121939—May 8,460 447 2,727 17,182 16,633 1,470 419 545 4,996 229 6,607 121 606 3,721 June 8,645 448 2,765 17,366 17,008 1,317 406 541 5,006 216 6,763 127 620 3,716 July 8,951 440 2,808 17,717 17,168 1,436 438 532 5,021 220 6,991 127 652 3,722 August 9,643 477 2,951 18, 20917,904 1,331 448 528 5,016 210 7,447 126 732 3,716 September 9,957 482 3,062 18, 51118,277 1,302 411 526 5,040 197 7,722 123 793 3,719 October 9,803 484 3,103 18, 742 18, 392 1,465 448 523 5,062 181 7,847 122 720 3,721 November 9,826 471 3,034 18,306 17,926 1,328 392 528 5,028 203 7,711 123 762 3,7141939—Oct. 4 9,879 489 3,037 18,451 18, 296 1,312 357 526 5,032 205 7,687 124 791 3,719 Oct. 11 10,028 480 3,087 18, 56718,433 1,248 440 525 5,043 190 7,760 123 797 3,720 Oct. 18 10,094 487 3,090 18, 72118,453 1,320 456 526 5,057 190 7,729 123 820 3,722 Oct. 25 9,885 458 3,111 18, 556 18,273 1,460 510 525 5,063 181 7,832 122 727 3,728 Nov. 1 9,852 500 3,089 18, 66018,184 1,481 415 523 5,067 178 7,829 123 721 3,733 Nov. 8 9,698 475 3,166 18, 60418, 520 1,431 407 521 5,070 182 7,997 122 711 3,731 Nov. 15 9,790 483 3,079 18, 91818,479 1,467 422 522 5,067 180 7,808 122 711 3,707 Nov. 22 9,792 504 3,072 18, 97218, 503 1,484 484 523 5,043 184 7,772 122 731 3,707 Nov. 29 9,748 504 3,030 18,824 18, 317 1,381 388 522 5,040 192 7,815 122 735 3,716 Dec. 6 9,506 539 3,081 18, 981 1,341 651 568 5,042 205 7,825 121 745 3,713 Dec. 13 9,577 3,081 18, 92318, 766 1,302 479 5,036 214 7,855 123 746 3,713 Dec. 20 New York City 3,910 6,669 7,048 281 115 604 2,589 426 1,4881938—November 4,895 7,467 7,495 304 274 85 578 2,814 560 1939—May 4,866 7,608 7,636 280 269 60 580 2,845 529 1!»,•4'"88 June 4,995 7,660 7,773 225 231 59 589 2,928 540 1,479 July 5,184 7,905 7,913 304 274 51 597 3,052 575 1,482 August 5,631 8,152 8,268 249 278 49 601 3,300 657 1,475 September 5,701 8,259 8,394 240 240 49 615 3,381 702 1,475 October 5,504 8,330 8,406 328 265 49 626 3,438 650 1,479 November 5,651 8,210 8,225 272 220 49 609 3,389 675 1,476 939—Oct. 4 5,667 8,214 8,377 239 198 49 611 3,372 698 1,475 Oct. 11 5,725 8,256 8,446 210 256 49 616 3,377 707 1,475 Oct. 18 5,761 8,356 8,526 237 285 48 625 3,386 729 1,476 Oct. 25 5,560 8,212 8,365 330 315 49 628 3,439 651 1,480 Nov. 1 5,486 8,265 8,299 328 256 49 629 3,415 648 1,480 Nov. 8 5,449 8,256 8,393 317 231 48 630 3,465 645 1,479 Nov. 15 5,509 8,458 8,466 334 242 48 629 3,429 644 1,479 Nov. 22 5,514 8,459 8,507 329 282 49 616 3,444 662 1,477 Nov. 29 5,452 8,416 8,444 258 194 50 620 3,414 669 1,482 Dec. 6 5,244 8,447 8,654 251 443 49 624 3,411 679 1,481 Dec. 13 5,241 8,378 8,577 212 287 50 617 3,400 679 1,483 Dec. 20 Outside New York City 3,260 373 2,392 9,156 167 421 4,520 3,531 113 2,1891938—November 3,466 367 2,567 9,329 8,764 1,148 167 496 4,406 209 3,716 118 2,2241939—May 3,594 380 2,651 9,574 8,997 1,190 150 485 4,416 188 3,762 121 2,233 June 3,650 383 2,688 9,706 9,235 1,092 175 482 4,417 172 3,835 127 2,237 July 3,767 377 2,734 9,812 9,255 1,132 164 481 4,424 170 3,939 127 2,240 August 4,012 399 2,879 10,057 9,636 1,082 170 479 4,415 165 4,147 126 2,241 September 4,256 402 2,989 10, 252 9,883 1,062 171 477 4,425 156 4,341 122 2,244 October 4,299 403 3,027 10,412 9,986 1,137 183 474 4,436 143 4,409 121 2,242 November 4,175 393 2,960 10,096 9,701 1,056 172 479 4,419 158 4,322 123 2,238 :9—Oct. 4 4,212 403 2,966 10,237 9,919 1,073 159 477 4,421 159 4,315 123 2,244 Oct. 11 4,303 403 3,012 10,311 9,987 1,038 184 476 4,427 153 4,383 122 2,245 Oct. 18 4,333 409 3,018 10,365 9,927 1,083 171 478 4,432 153 4,343 122 2,246 Oct. 25 4,325 384 3,039 10,344 9,908 1,130 195 476 4,435 143 4,393 121 2,248 Nov. 1 4,366 415 3,018 10,395 9,885 1,153 159 474 4,438 141 4,414 122 2,253 Nov. 8 4,249 399 3,086 10,348 10,127 1,114 176 473 4,440 142 4,532 121 2,252 Nov. 15 4,281 400 3,000 10,460 10,013 1,133 180 474 4,438 142 4,379 121 2,228 Nov. 22 4,278 417 2,992 10,513 9,996 1,155 202 474 4,427 147 4,328 121 2,230 Nov. 29 4,296 419 2,950 10,408 9,873 1,123 194 472 4,420 154 4,401 121 2,234 Dec. 6 4,262 445 2,991 10, 534 10,215 1,090 208 519 4,418 167 4,414 120 2,232 Dec. 13 4,336 444 2,996 10, 545 10,189 1,090 192 522 4,419 180 4,455 122 2,230 Dec. 20 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. JANUARY 1940 35 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Loans for U. £5. Government obligations Total Com- purchasing loans mer- or carrying Federal Reserve and cial, securities Direct distric (1 t 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 a p e e t r e n - r br T o o k- e l R o st a e a n a t l s e L ba o t n a o 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 h ie u e s - r a c g u r l- i- a e n rs d ot T h o ers Total Bills Notes Bonds teed tural dealers Boston (6 cities) November 22 1 191 605 291 63 22 21 81 1 126 586 414 22 57 335 50 122 November 29 _ 1,201 611 292 61 28 21 81 1 127 590 417 25 57 335 50 123 December 6 1 192 609 290 62 27 21 81 1 127 583 412 19 57 336 50 121 December 13 1,204 615 293 63 30 21 81 1 126 589 418 19 54 345 50 121 December 20 1,197 620 297 64 29 21 81 1 127 577 404 14 49 341 55 118 New York (S cities)* November 22 _. 9,786 3,358 1,823 119 498 225 202 26 465 6,428 3,762 555 897 2,310 1,303 1,363 November 29 9,848 3,377 1,816 117 523 226 201 26 468 6,471 3,785 565 897 2,323 1,305 1,381 December 6 9,860 3,361 1,816 117 512 229 199 22 466 6,499 3,810 571 895 2,344 1,314 1,375 December 13 10,092 3,524 1,825 120 643 232 200 34 470 6, 568 3,876 564 901 2,411 1,318 1,374 December 20 10,022 3,566 1,813 119 672 236 200 57 469 6,456 3,781 498 897 2,386 1,313 1,362 Philadelphia (4 cities) November 22 1,166 427 196 24 21 31 56 1 98 739 362 39 323 102 275 November 29 1,164 428 195 24 22 31 56 1 99 736 358 39 319 102 276 December 6 1,160 428 195 24 22 31 56 1 99 732 354 38 316 102 276 December 13 1,164 432 200 25 23 31 56 1 96 732 357 37 320 101 274 December 20 1 165 434 200 25 25 32 56 1 95 731 357 37 320 99 275 Cleveland (10 cities) November 22 _. 1,903 679 253 6 20 26 174 3 197 1,224 824 11 214 599 121 279 November 29 1,911 681 253 7 21 26 174 3 197 1,230 826 11 214 601 122 282 December 6 1,912 684 255 7 21 26 174 3 198 1,228 824 11 211 602 120 284 December 13 1,928 692 264 7 22 26 173 2 198 1,236 832 11 199 622 120 284 December 20 1,921 685 257 8 23 26 172 3 196 1,236 833 11 201 621 120 283 Richmond (12 cities) November 22 697 260 117 14 2 15 39 73 437 316 3 184 129 55 66 November 29 704 262 117 15 3 15 39 73 442 319 3 185 131 55 68 December 6 713 265 118 15 3 16 39 74 448 323 4 190 129 56 69 December 13 713 264 118 15 3 15 39 74 449 325 3 190 132 56 68 December 20 _. 727 266 118 16 3 15 40 74 461 337 3 205 129 56 68 Atlanta (8 cities) November 22 624 315 174 4 5 11 32 1 88 309 141 5 39 97 72 96 November 29 631 320 176 4 5 11 32 1 91 311 139 3 39 97 72 100 December 6 626 319 176 3 5 11 32 1 91 307 137 3 37 97 71 99 December 13 _ 633 321 177 3 5 11 32 1 92 312 143 2 36 105 70 99 December 20 631 321 176 3 5 11 32 1 93 310 141 2 34 105 70 99 Chicago (12 cities)* November 22 3,147 907 540 35 30 76 110 116 2,240 1,437 82 427 928 311 492 November 29 3,106 900 531 34 32 76 111 116 2,206 1,402 51 423 928 310 494 December 6 . 3,099 900 529 34 33 76 111 117 2,199 1,396 54 419 923 309 494 December 13 3 137 931 531 34 62 76 112 116 2,206 1.403 47 412 944 308 495 December 20 3 137 937 533 34 65 76 112 117 2,200 1,394 60 386 948 306 500 St. Louis (5 cities) November 22 701 338 204 8 4 13 52 3 54 363 193 3 55 135 70 100 November 29 704 341 205 8 5 13 52 3 55 363 190 3 53 134 72 101 December 6 705 340 204 8 5 13 51 3 56 365 190 6 53 131 72 103 December 13 714 343 206 8 5 13 52 3 56 371 197 6 55 136 71 103 December 20 720 345 206 9 5 13 52 2 58 375 201 6 54 141 71 103 Minneapolis (8 cities) November 22 407 193 104 3 1 7 9 69 214 146 33 113 25 43 November 29 409 195 106 3 1 g 9 68 214 145 32 113 25 44 December 6 405 192 102 3 1 8 10 68 213 145 32 113 25 43 December 13 405 193 103 3 1 7 10 69 212 146 31 115 23 43 December 20 405 194 102 3 1 8 10 70 211 145 31 114 23 43 Kansas City (12 cities) November 22 691 292 179 17 3 10 26 1 56 399 209 27 83 99 57 133 November 29 __ 692 296 183 17 3 10 26 1 56 396 206 26 82 98 57 133 December 6 689 297 183 18 3 10 26 1 56 392 202 28 78 96 58 132 December 13 694 299 184 18 4 10 26 1 56 395 205 27 82 96 58 132 December 20 694 299 184 18 4 10 26 1 56 395 204 27 80 97 58 133 Dallas (9 cities) November 22 __ 541 276 185 2 2 14 22 51 265 155 23 54 78 52 58 November 29 544 277 185 2 2 14 22 52 267 156 24 54 78 53 58 December 6 547 279 186 2 2 14 22 53 268 156 24 54 78 53 59 December 13 560 285 190 2 5 14 22 52 275 165 27 50 88 52 58 December 20 559 289 193 2 4 14 22 54 270 164 26 50 88 49 57 San Francisco (7 cities) Nnvftmbpr 22 2 238 967 322 20 12 48 386 179 1,271 767 84 683 183 321 November 29 2,245 968 322 20 15 48 386 177 1.277 770 85 685 185 322 December 6 2,254 972 324 20 16 48 386 1 177 1,282 775 6 85 684 185 322 December 13 ___ 2,279 972 325 21 15 48 386 177 1.307 796 7 87 702 186 325 December 20 2,287 976 327 21 16 48 386 178 1,311 801 6 86 709 184 326 City of Chicago* November 22. 2,077 578 401 19 26 66 14 52 1,499 989 79 244 666 173 337 November 29 2,038 571 393 18 27 67 14 52 1,467 956 48 241 667 173 338 December 6 2,034 570 389 19 28 67 14 53 1,464 953 50 234 669 173 338 December 13 2,055 598 390 19 57 66 14 52 1,457 944 43 221 680 173 340 December 20. . 2,063 601 390 18 60 66 14 53 1,462 942 57 203 682 175 345 * 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. 36 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS RESERVES AND LIABILITIES [In millions of dollars] Demand deposits3, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic with ances mand vid- States Certi- vid-" States banks Cap- Fed- Cash with de- uals, and fied uals, and Bor- ital Federal Reserve 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 j p u o a s d s te i - t d s 1 s p n h a e ip r r t s - - , p s i o u c b l a i - l t- c a o e f n f r d i s - ' G U er . o S n v . - - s p h n a e ip r r t s - - , p s i o u c b l a i - l t- P in s o a g s v s t - a 2 l F ei o g r n - r i o n w gs - co a u c n - ts distric ( t 1 9 a 3 n 9 d ) date banks and divi- checks,ment2 and divi- De- banks cor- sions etc. cor- sions mand Time pora- porations tions Boston (6 cities) 469 143 167 1,187 1,133 109 18 13 233 3 1 324 24 1 246 November 22 433 141 174 1,181 1,126 108 20 13 232 3 1 310 24 1 247 November 29 440 145 162 1,164 1,111 99 17 13 232 2 1 320 21 1 247 December 6 433 146 164 1,176 1,137 96 22 13 232 2 1 316 21 1 247 December 13 444 147 159 1,171 1,148 81 24 14 231 2 1 318 24 1 246 December 20 New York (8 cities)* 5,639 102 203 9,109 8,958 510 270 67 995 44 3,503 17 646 1 602 November 22 5,645 107 208 9,109 9,004 505 299 67 983 43 3,518 17 664 1,600 November 29 5,596 106 201 9,082 8,939 444 214 68 987 44 3,488 17 671 1,605 December 6 5,368 117 215 9,119 9.167 434 459 69 990 44 3,481 17 681 1 604 December 13 5,377 120 218 9,078 9,088 412 311 70 984 40 3,468 16 680 1,606 December 20 Philadelphia (4 cities) 433 19 214 953 945 71 10 52 270 8 1 394 12 6 222 November 22 434 22 224 967 961 65 11 52 270 8 1 390 12 6 223 November 29 437 22 219 953 946 61 14 52 269 8 1 399 12 6 223 December 6 417 23 217 945 969 50 9 54 270 7 1 390 11 6 223 December 13 429 24 229 952 975 46 11 54 271 7 1 401 15 6 222 December 20 Cleveland (10 cities) 518 44 351 1,321 1,287 110 17 41 713 18 2 394 39 1 372 November 22 520 49 349 1,330 1,294 110 21 42 711 18 2 398 39 1r 373 November 29 523 47 332 1,315 1,264 107 19 42 713 17 2 395 39 373 December 6 507 53 340 1, 335 1,325 104 20 47 714 17 2 390 39 373 December 13 522 52 342 1,332 1,315 103 19 47 712 17 2 398 39 374 December 20 Richmond (12 cities) 188 22 215 491 482 48 12 28 198 3 305 6 97 November 22 180 23 209 486 479 46 12 28 197 3 303 6 97 November 29 183 23 202 485 479 47 12 28 194 3 311 6 97 December 6 193 25 207 500 494 47 15 33 194 3 310 6 96 December 13 192 24 189 492 492 44 11 33 194 3 309 6 96 December 20 Atlanta (8 cities) • 124 13 201 394 376 64 6 39 183 7 2 275 3 1 95 November 22 128 14 203 410 378 76 9 40 182 7 2 273 3 95 November 29 125 14 200 395 382 61 5 40 181 7 2 278 3 95 December 6 131 15 202 404 396 60 5 43 180 6 2 284 3 94 December 13 127 15 203 398 391 63 6 44 180 6 2 284 3 94 December 20 Chicago (12 cities)* 1,387 73 544 2,611 2,481 286 33 105 923 22 6 1,144 9 9 383 November 22 1,426 79 549 2,627 2,482 288 40 105 923 22 6 1,136 9 10 384 November 29 1,427 77 555 2,614 2,457 280 42 105 925 22 6 1,145 9 10 385 December 6 1,461 84 571 2,650 2,554 270 51 127 925 22 6 1,182 9 9 384 December 13 1,499 86 569 2,678 2,572 264 38 128 926 22 6 1,183 9 9 384 December 20 St. Louis (5 cities) 220 11 186 479 496 34 7 17 187 3 2 345 6 96 November 22 215 12 190 488 491 43 8 16 187 3 2 339 6 96 November 29 210 12 193 481 483 42 7 15 186 3 2 348 6 96 December 6 203 13 196 485 503 41 7 16 186 3 2 349 6 96 December 13 207 13 186 481 498 41 6 16 186 3 2 354 6 95 December 20 Minneapolis (8 cities) 103 7 114 310 273 59 6 2 119 1 145 3 1 59 November 22 101 6 113 311 273 61 8 1 118 1 145 3 1 59 November 29 102 7 117 306 271 56 7 2 118 1 150 3 1 59 December 6 101 8 120 308 279 54 7 2 118 1 150 3 1 60 December 13 104 7 116 304 275 55 7 2 119 1 152 2 1 60 December 20 Kansas City (Unities) 189 16 319 539 533 63 11 22 142 3 1 418 7 102 November 22 190 15 307 540 526 64 14 22 141 3 407 7 101 November 29 193 16 304 530 517 61 11 22 141 2 415 7 103 December 6 190 18 306 540 539 62 11 23 140 3 410 7 103 December 13 190 17 311 535 532 66 11 23 141 3 419 7 103 December 20 Dallas (9 cities) 135 11 279 471 452 48 10 30 129 8 269 87 November 22 137 11 273 468 446 50 11 30 128 8 269 87 November 29 136 12 266 458 439 49 10 30 128 8 274 87 December 6 139 13 264 474 463 49 10 33 127 8 272 87 December 13 132 12 269 462 452 45 12 33 127 9 1 278 87 December 20 San Francisco (7 cities) 385 22 286 1,053 1,063 65 22 106 975 61 292 20 22 346 November 22 383 25 273 1,055 1,043 68 31 107 971 66 284 20 23 345 November 29 376 23 279 1,041 1,029 74 30 105 966 76 292 20 23 346 December 6 363 24 279 1,045 1,043 74 35 108 966 90 291 20 24 346 December 13 354 24 290 1,040 1,028 82 23 108 965 102 291 20 23 346 December 20 City of Chicago • 1 114 41 246 1,820 1,742 177 18 60 481 20 3 875 8 244 November 22 1,151 44 243 1,826 1,747 177 19 60 481 20 3 867 8 245 November 29 1,161 43 242 1,820 1,725 174 24 60 482 20 3 874 9 245 December 6 1,186 46 "256 1,837 1,782 166 33 80 482 20 3 901 8 244 December 13 1,212 47 259 1,871 1,812 162 22 80 483 20 3 897 8 245 December 20 * See note on preceding page. i Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. * U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. JANUARY 1940 37 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding By holders By classes Com- End of month p m c a i e p a r e l - r Total Held b b y a n a k c s cepting H R e e ld s e b rv y e F b e a d n e k r s al sto B r a e s d e i d n o o n r s g h o i o p d p s ed st o a u n t d - - st o a u n t d - - For ac- Held on o B n a s e e x d - Dollar between points in ing 1 ing Total O bi w lls n bo B u il g ls ht o c w F o n u o r n a t c- c f s o c o p o u r o e r n n i r t g e d n o - - f ot b h y ers p U i i o n m . 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 re u i n g - n ents tries 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 (2) 51 94 59 3 59 57 187 270 212 121 91 W 58 95 60 3 57 56 1939—January 195 255 204 122 82 52 89 57 2 52 55 February 195 248 198 122 76 50 87 57 2 48 54 March 191 245 191 117 74 54 87 58 2 42 56 April 192 238 189 118 72 49 86 56 1 38 57 May 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 8 44 79 40 18 40 59 September 209 216 177 115 62 39 78 40 18 43 36 October 205 221 179 111 67 42 85 40 18 46 32 November 214 223 172 103 69 51 96 37 16 50 24 i As reported by dealers; includes some finance company paper sold in open market. > 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' Other credit balances credit balances 1 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 1 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 n i n ' n t g a b in n a a d v l c a e f c n i s t o r r c t m u a m e n d s e t i s n i n n t g C a b h a n a s a d n h n k d i o s n n r M o b w o o n e r d e - y 2 Free O (n th et e ) r m p i t a e n r r a n v t I d t e n n i s a e n t n r - g s d ' m t i r n e f a v n i I d r n e t m i s n a t g n - d a c c ( a c n p I o n e i u t t n ) al ts accounts accounts 1937—March 1,549 61 175 223 1,172 346 115 29 18 419 June 1,489 55 161 214 1,217 266 92 25 13 397 SeDtember 1,363 48 128 239 1,088 256 96 26 12 385 D ecember 985 34 108 232 688 278 85 26 10 355 1938—March 831 29 95 215 576 239 81 25 9 315 June 774 27 88 215 495 258 89 22 11 298 SeDtember 823 29 76 213 559 257 68 2Q 7 300 November 939 30 78 18y 662 252 65 20 8 303 December ._ 991 32 106 190 754 247 60 22 5 305 1939—January - - 971 34 75 192 713 235 60 22 12 298 February 967 29 83 168 709 222 62 20 5 294 March 953 27 84 174 699 225 59 20 9 294 April 831 26 83 190 579 236 60 20 7 290 May - 828 26 76 183 561 230 69 21 6 284 June 834 25 73 178 570 230 70 21 6 280 July _ 839 24 84 183 589 238 67 20 6 278 August 792 22 71 202 556 235 58 20 6 275 September 856 20 64 217 520 305 87 22 11 283 October. 894 21 72 200 577 289 76 21 9 284 November 914 20 77 195 623 272 67 21 8 282 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the 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). 38 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES 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 e a h r k , , or m P p 4 c a r e o t i p r o m m c e i - r 6 e a , la a b P c n e a c r 9 r c n i e s 0 m e k p ' s t - e , - c l S h t o i e t a 9 a m o x n n 0 c - e g s k , e c S h l c o e t r a o e a x a n - l c - n l g k e i N s U s o . e u u f S w - e r . y s b T i r d l d e 9 l e s a a 1 a - y s l - - y T i 3 U y e u r a - . l e t e g r d S o a y a e . - r s o 5 - n 19 T c o i t t a ie l s N Y C e o it w r y k E e 7 N r a n o o s t r t a h e t n h e r d n r - 1 W e 1 r c n e S i s t o i t a e e u n s r t d n hmonths days days n a e l w s - w fe it r h ed in q e u r o s' - notes 1 1 9 9 3 3 5 4 a a v v e e r r a a g g e e 3 2 . . 4 9 5 3 2 1. . 7 4 6 5 3 3 . . 3 7 9 1 3 4 . . 7 3 6 2 period* tation 1936 average 2.68 1.72 3.04 3.40 1937 average 2.59 1.73 2.88 3.25 1938 average 2.53 1.69 2.75 3.26 1936 average... .75 .15 1.16 .91 .143 .17 1.11 1937 average.— .95 .43 1.25 1.00 .447 .28 1.40 1938—January 2.60 1.70 2.92 3.28 1938 average.— .81 .44 1.25 1.00 .053 .07 .83 February 2.49 1.70 2.65 3.21 March 2.48 1.65 2.64 3.28 1938—Nov 7A« IX 1.00 .024 .04 .71 April _. 2.48 1.70 2.60 3.25 Dec % 7/l6 IX 1.00 .007 .03 .67 J M un ay e 2 2. . 5 4 6 8 1 1 . . 7 7 0 0 2 2 . . 6 7 4 8 3 3 . . 2 3 0 1 1939—Jan 7/18 IX 1.00 .002 .03 65 July 2.57 1.70 2.78 3.35 Feb V2-H Vie IX 1.00 .004 .03 !63 August.. 2.52 1.67 2.71 3.28 Mar Vie IX 1.00 .005 .03 .51 September 2.53 1.70 2.74 3.26 April Vie IX 1.00 .019 .03 .50 October 2.57 1.70 2.90 3.21 May Vie IX 1.00 .006 .03 .42 November 2.49 1.70 2.68 3.20 June %-% Vl6 IX 1.00 .006 .03 .39 December 2.60 1.70 2.95 3.63 July xA-y% Vie IX 1.00 .017 .04 .45 Aug Vie IX 1.00 .046 .05 .48 1939—January. 2.64 1.73 2.97 3.32 Sept Vie IX 1.00 .102 .14 1.07 February 2.52 1.70 2.69 3.36 Oct. y«-% Vie 1% 1.00 .028 .05 .77 Nov YT-% Vie IX 1.00 .018 .05 .64 Quarterly Figures: 1938—September. .. 2.65 2.00 2.75 3.25 Week ending: Nov. 25____ % Vie IX 1.00 .015 .05 .60 1939—March _. 2.95 2.13 3.05 3.77 Dec. 2 V2-bA Vie IX 1.00 .016 .05 .60 June 2.91 2.15 3.05 3.62 Dec. 9 X-H Vie IX 1.00 .019 .05 .56 September 2.68 2.04 2.78 3.31 Dec. 16____ VT-V% Vie IX 1.00 .018 .04 .50 Dec. 23____ 7/16 IX 1.00 .007 .04 .49 1 Quarterly figures are on revised basis and are therefore not strictly comparable with the series of annual and monthly figures. For figures i Series comprises 273-day bills to October 15, 1937, bills maturing beginning January [1928 and description of figures see pp. 963-969 about March 16,1938, from October 22, to December 10,1937, and 91-day of the November 1939 BULLETIN. bills thereafter. Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures for 91-day Treasury bills available on request. BOND YIELDS [Per cent per annum] Corporate4 U. S. Year, month, or week T u r r e y a s a - M ip u a n l i 3 c- By ratings By groups Indus- Rail- Public Aaa Aa A Baa trial road utility 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 193g—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 Octob er 2.60 3.08 3.83 3.15 3.35 3.94 4.88 3.43 4.51 3.57 November 2.46 2.69 3.70 3.00 3.16 3.78 4.85 3.25 4.44 3.41 Week ending: Nov. 25 2.40 2.65 3.68 2.98 3.14 3.76 4.84 3.23 4.43 3.39 Dec. 2 2 38 2 57 3 69 2 97 3 15 3.76 4.88 3.23 4.45 3.39 Dec. 9 ._ _ _ 2.40 2.58 3.70 2.96 3.16 3.75 4.92 3.23 4.47 3.40 Dec. 16 2.37 2.58 3.69 2.95 3.15 3.76 4.92 3.22 4.47 3.39 Dec. 23 _ 2.32 2.55 3.69 2.93 3.13 3.74 4.94 3.20 4.48 3.38 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Average of yields of all outstanding bonds due or callable after 12 years; see BULLETIN for December 1938, pp. 1045-1046 for description. Figure for week ending October 21 should be revised to 2.54. * 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. JANUARY 1940 39 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOND PRICES1 STOCK MARKET Corporate3 Stock prices * U.S. Year, month, or date T u r r e y a 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 ing' Indus- Rail- Number of issues 2-6 15 60 20 20 20 Total trial road Utility 1936 average 103.7 110.8 97.5 92.2 94.7 105.4 1937 average 101.7 110.3 93.4 90.1 89.6 100.4 Number of issues. _ 20 420 348 32 40 1938 average 103.4 113.7 78.9 82.9 58.6 95.3 1936 average 138.9 111 127 51 104 1,824 1938—November 104.0 116.6 82.1 86.9 60.2 99.3 1937 average 136.2 112 131 49 95 1,519 December 104.1 116.5 81.1 86.0 58.6 98.7 1938 average 135.6 83 99 26 73 1,100 1939—January __ _ 104.4 117.3 81.9 86.2 59.7 99.7 February 104.8 117.3 82.1 86.4 59.0 100.7 1938—November... 142.3 95 114 30 81 1,355 March 106.0 117.9 83.1 87.1 60.9 101.3 December 141.7 92 111 29 78 1,195 April 106.6 116.4 79.4 83.8 54.5 99 7 1939—January . 141.7 92 109 30 81 1,114 May 108.3 118.1 80.2 84.8 54.8 101.0 February 141.8 90 106 28 84 708 June _. _ _ _ _ 109.1 118.6 81.4 86.2 56.2 101.6 March 142.3 92 108 30 86 999 July 108.9 118.3 81.6 86.3 56 4 102 1 April 140.4 82 96 25 80 964 August 108.2 116.5 81.0 85.8 55.5 101.7 May 141.8 83 97 25 82 548 September 101.9 107.1 80.9 85.0 59.0 98.6 June 143.9 86 101 26 85 507 October 102.6 110.7 82.9 86.4 61.6 100. 5 July 143.7 86 101 26 85 821 104.6 117.5 83.0 87.0 60.2 101.8 August 142.3 86 101 25 87 706 September.-- 136.2 92 109 30 84 2,595 Nov. 22 105.5 118.2 83.1 87.2 60.2 102.1 October 137.7 95 113 33 86 1,050 Nov. 29 106.1 119.8 82.6 86.9 59.0 101.9 November. _. 140.7 94 111 32 87 907 Dec. 6 105.3 119.5 82.5 86.7 59.0 101.7 Dec. 13 105.9 119.5 82.1 86.8 58.0 101.5 Nov. 22 141.8 94 110 31 88 677 Dec 20 106.6 120.1 81.9 86.7 57.6 101.5 Nov. 29 141.8 92 108 30 87 674 Dec. 6. 141.4 93 109 30 87 713 Dec. 13 141.4 92 108 30 87 772 i Monthly data are averages of daily figures except for municipal bonds, Dec. 20 141.4 92 108 29 87 774 which are averages of "VWednesday figures. > Average prices of all outstanding Donds due or callable after 12 years, based on quotations from Treasury Department; see BULLETIN for i 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 * 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 Year or ( a n n e d w Total Total month fu i r n n e g - d ) - m e a f i e o g n s r n d - t ) ic Total S n m a p t i n a c a u d t i l - e - a c F e i g e e r e a s d n l - * - Total Co B n r a o p o n t o n d e r d s a s te Stocks e F ig o n r - i m e ( a f i d e o g n o s r n d - - t ) ic Total S n m a p t i n a a c u d i l t - - e a c F e i g e e r e a s d n l - 2 - Total Co B n r a o o p n t n o d e d r s a s te Stocks e F ig o n r- * 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 4,446 2,359 2,323 971 481 872 807 65 35 2,087 2,060 129 665 1,265 1,234 31 28 1938—Nov 386 226 196 152 0 43 37 6 31 160 135 6 22 108 89 18 25 Dec 514 241 241 126 55 60 44 16 0 273 271 15 20 235 225 11 3 1939—Jan 257 200 200 76 118 6 5 1 0 57 57 27 19 10 10 (3) 0 Feb 561 398 378 44 310 24 17 7 20 163 163 10 17 136 101 35 u Mar 240 162 162 105 4 53 43 10 0 78 75 13 15 47 46 (8) 3 357 144 143 63 2 78 48 31 213 161 11 21 129 106 23 53 May 1,313 117 117 94 2 22 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 590 318 318 66 203 50 40 10 0 272 272 18 74 180 143 38 0 Aug 450 103 83 57 0 26 23 3 20 347 332 13 18 301 292 9 15 Sept 174 41 41 15 10 16 14 2 0 133 133 8 51 74 74 0 0 Oct 740 336 336 42 276 18 14 4 0 404 402 10 235 157 157 2 Nov 218 93 93 71 0 21 15 6 0 125 125 8 26 91 88 3 0 i Includes issues of noncontiguous U. S. Territories and Possessions. »Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. »Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures —See Annual Report for 1937 (table 78). 40 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 Publicly-offered i Total End of month g d r e o b s t s Total Bonds s j e u A r s v d t i e - c d e c S u o s r e c i - i t a y l ot A h l e l rs t M ur a e - d Other interest Total Notes Bills issues* issues4 debt bearing Pre- Treas- U. S. war ury* savings 1932—June t. 19,487 19,161 «18,816 753 13,460 1,261 616 105 240 60 266 1933—June 22,539 22,158 »21,782 753 13,417 4,548 954 92 284 66 315 1934—June 27,053 26,480 «26,006 753 15,679 6,653 1,404 118 356 54 518 1935—June 28,701 27, 645 26,910 753 14,019 62 10,023 2,053 156 580 231 825 1936—June 33, 779 32,989 31,297 79 17,168 316 11,381 2,354 1,071 19 601 169 620 1937—June 36,425 35,800 33,734 79 19,936 800 10,617 2,303 926 579 560 119 506 1938—June 37,165 36, 576 33,463 79 21,846 1,238 9,147 1,154 868 1,601 644 141 447 1938—November. 38,603 38,068 34,559 79 22,712 1,399 9,067 L, 303 827 1,937 745 105 431 December. 39,427 38,899 35,327 79 24,005 1,442 8,496 1,306 827 2,002 743 101 427 1939—January... 39, 631 39,097 35,469 79 24,005 1,580 8,496 L, 309 826 2,046 756 109 425 February.. 39,859 39,326 35, 533 79 24,005 1,643 8,496 L, 310 825 2,207 761 112 421 March 39,985 39,442 35,579 79 25,218 1,701 7,270 L, 311 827 2,257 779 125 419 April 40,063 39, 525 35,627 79 25,218 1,751 7,270 L,309 826 2,294 780 122 416 May __ 40,282 39, 751 35,680 79 25,218 1,806 7,270 L, 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 L, 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 October 41,036 40, 526 36,026 79 25, 218 2,092 7,232 1,405 791 2,796 912 109 401 November. 41, 305 40,807 36,123 79 25,218 2,140 7,232 L, 454 791 2,981 911 98 400 * Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System. 2 Includes Liberty bonds. 8 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. 6 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, NOVEMBER 30, 1939 FULLY GUARANTEED OBLIGATIONS, BY AGENCIES' [In millions of dollars] [In millions of dollars] Maturing Federal Home Recon- Com- U. S. Date maturing Bonds B c o a n ll d - s M En o d n o th f Total M C F o o r a r p t r g o m a ra g - e C O o L w r o p n a o e n r r a s' - s C F tr o i u n r c p a t o n i r c o a e n - C m C o o r rp e d d o it i r y t a- A H u i o n th u g o s- ror callable able i tion tion 2 tion tion ity Total Bills Notes U. S. Sav- Other 1934—June.. 681 312 134 235 ings Dec... 3,063 980 1,834 249 1935—June.. 4,123 1,226 2,647 250 Dec... 4,494 1,387 2,855 252 1939—December _.- 412 401 11 1936—June.. 4,718 1,422 3,044 252 1940—Jan. 1-Mar. 31 2,430 1,052 1,378 Dec... 4,662 1,422 2,988 252 Apr. 1-June 30 738 738 353 1937—June.. 4,665 1,422 2,987 255 July 1-Sept. 30 .. Dec... 4,645 1,410 2,937 297 Oct. 1-Dec. 31 737 737 1938—June.. 4,853 1,410 2,937 299 206 1941 2,219 1,385 834 1,379 1942 __ 1,001 1,001 1938—Nov. . 4,993 1,388 2,888 511 206 1943 1,948 1,050 898 1,855 Dec— 4,992 1,388 2,888 509 206 1944 931 931 2,555 1939—Jan. _. 4,987 1,383 2,888 509 206 1945 _ 2,117 176 1,941 1,755 Feb... 5,410 1,381 2,888 819 206 114 1946 1,841 322 1,519 2,372 Mar.. 5,410 1,381 2,888 819 206 114 1947 2,818 421 2,399 1,460 Apr... 5,410 1,380 2,888 819 206 114 1948 1,995 508 1,487 1,674 May.. 5,409 1,379 2,888 820 206 114 1949_ 1,532 2 713 819 2,278 June.. 5,450 1,379 2,928 820 206 114 1950 „ 1,186 July.. 5,480 1,379 2,958 820 206 114 1951 1,223 1,223 2,382 Aug... 5,583 1,379 2,858 820 409 114 1952 2,436 2,436 Sept. _ 5,456 1,279 2,831 820 409 114 1953 . 1,786 1,786 Oct... 5,448 1,279 2,823 820 409 114 1954 2,663 2,663 Nov... 5,707 1,269 2,817 1,096 407 114 1955 755 755 2,611 1956 489 489 982 1958 919 J Principal amount of obligations guaranteed as to interest and princi- 1959 982 982 pal. Excludes obligations held by U. S. Treasury and reflected in the I960 2,611 2,611 1,485 public debt. The total includes guaranteed debentures of the Federal 1961 50 50 50 Housing Administrator, amounting to $3,390,000 on November 30, 1939. 1963 919 919 2 Excludes obligations guaranteed as to interest only. For August 1939 1965 1,485 1,485 and subsequent months includes matured bonds not presented for retirement amounting to $86,000,000 on November 30. Total 36,123 1,454 7,232 2,140 25, 297 25, 297 i 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. JANUARY 1940 41 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. In millions of dollars] General and special accounts Receipts Expendituresl c T o a r u c u n - s t t s, I c n r c e r a e p s a e e s n e c ) o L d o ur r i n d g e- General Excess e e x t c c e ' ss of re- of re- Period Total c ta I o x n m e - s e t S s a e o i x c t c e y u i s a r l - 2 O i r n n e n u t t v h a e e e l e r 1 - - r o A th l e l r Total e I d n st e t e b o r t n - t f i V N a e o d n n e e n a s d - t a - e - l o A th l e l r r c a e R e o n l r e i v y e d - - f f ( v n u R i o e n n e l t g d v - ) s - 6 T a f e t e c r r t r c c u a s . t n s s t t s • . o , - p ( c t + e u e ( e n i - r x ) p ) e d o - t s i s r - ( p c t + e e u ( e n i - r ) x p ) e d o - t s i s r - b G a f e l u a n n n e d c r e a 7 l G d r e o b s t s erans' Adm.« Fiscal year ending: June 1937 5,294 2,158 253 2,187 697 8,442 866 1,436 1,994 3,073 204 868 -3,149 +374 -128 +2,646 June 1938 6,242 2,635 735 2,285 567 7,626 926 1,556 2,178 2,238 121 607 -1,384 +306 -338 +740 June 1939 - - 5,668 2,182 710 2,238 507 9,210 941 1,627 2,761 3,105 92 685 -3, 542 +890 +622 +3,275 5 months ending: Nov 1937 2,311 671 276 1,079 285 3,012 269 635 863 851 38 351 -702 +88 +55 +669 Nov. 1938 2 223 654 329 1,022 217 3,643 252 684 1,138 1,206 44 319 -1,420 +213 +231 +1,439 Nov 1939 ~ 2,715 478 347 1,108 242 3,868 265 754 1,361 1,068 31 389 -1,683 +154 -673 +866 1938—No vember _ _ _ 382 36 129 175 41 678 9 137 228 249 7 49 -296 -6 -122 +180 December 704 481 3 181 40 862 173 136 190 309 4 49 -157 " -31 +636 +824 \ 939—j anuary 308 48 43 173 45 693 30 140 221 258 5 39 —385 +30 -151 +204 February 417 56 182 143 37 • 662 17 122 209 254 10 50 —245 +428 +410 +227 March 737 506 4 183 45 870 120 136 243 297 6 68 -132 +52 +46 +127 April 268 40 30 156 42 785 66 133 258 266 8 55 -517 +93 -346 +78 May 397 43 124 187 42 744 10 136 279 262 7 50 -348 +9 -119 +219 June 613 355 25 193 39 951 272 140 223 252 8 56 -339 +95 —86 +158 July 308 42 36 187 43 807 15 145 259 220 1 167 -499 -113 -391 +222 August 420 37 119 218 46 822 18 152 254 321 11 66 -402 -44 -216 +230 September.^. 719 328 27 312 52 784 151 147 261 170 5 50 -65 +46 -53 -34 October 322 37 36 199 50 764 68 154 305 175 9 53 -442 -264 +178 No vember _._ 407 34 130 192 52 691 12 157 282 182 5 53 -284 +267 +252 +269 Details of trust accounts, etc. Details of general fund balance (end of period) Ol r d m a - i a e l g n ro e t a r a d e c s c r e o e r t v u i e n re 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 g u r e n e n t s s c i i o e n f s o A th l e l r, Period e o x f c e re ss - In- c I r n e - - Workce R i e p - ts m v I e e n s n - t t - s m B p e f e 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 - ls s C F t R r o i t u n e r i c c p o a o t n o 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 r i - y t a- o A th l e l r d ( e c ( + x i _ e t ) p ) 1 u ip 0 e r o t n e s 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 n a c l g - e Fiscal year ending: June 1937 267 267 (8) 294 293 1 9 329 9 112 127 +60 2,553 1,087 141 356 970 June 1938 550 461 85 763 560 191 99 9 184 911 +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 5 months ending: Nov. 1937.. _ 278 245 23 275 262 1 9 46 9 34 42 +27 2,608 1,243 141 394 831 Nov. 1938 244 176 47 365 160 195 9 187 109 9 54 +49 2,447 142 478 1,828 Nov. 1939 287 225 51 423 245 176 9 214 9 28 151 +50 2,166 143 561 1.462 r 1938—No vember 49 34 10 125 96 26 21 18 9 11 +13 2,447 142 478 December 49 34 10 37 32 19 18 16 94 +8 3,084 142 492 1,828 1939— F J e a b nu ru ar a y ry 3 5 9 0 3 5 4 0 1 1 0 0 1 5 4 1 8 11 1 1 0 3 3 3 6 9 9 3 2 1 6 5 (8) 10 9 9 1 2 1 0 2 + -1 2 2 3 , , 9 3 3 4 3 3 1 1 4 4 2 2 5 5 0 0 8 3 2 2 , , 4 2 4 8 9 8 March 68 50 11 34 44 96 2 9 37 +14 3,389 142 515 2,693 April. _ 55 50 10 34 9 13 41 960 5 9 27 +11 3,044 142 522 2,732 May 50 40 11 137 108 32 3 »4 12 +23 2,924 142 528 2,380 June. 85 83 11 32 9 13 41 » 86 <»)<•) 92 +11 2,838 142 536 2,254 July 65 45 10 58 9 14 42 16 6 144 +13 2,447 142 544 2,160 August 66 51 10 154 129 41 29 9 86 96 +5 2,231 142 549 1,761 September 50 43 10 13 9 19 40 22 5 9 74 +10 2,178 142 554 1,539 October 53 43 10 54 7 24 15 19 4 +15 1,913 143 558 1,481 November. _ 53 43 10 144 142 29 9 297 27 9 19 +6 2,166 143 561 1,213 1,462 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." 6 Includes revolving funds of Public Works Administration and Farm Credit Administration. • 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." »Details given in lower section of table. 8 Less than $500,000. 9 Excess of credits. 10 Includes other trust accounts, increment resulting from reduction in weight of the gold dollar, expenditures chargeable against increment on gold (other than retirement of national bank notes) and receipts from seigniorage. 42 FEDERAL RESERTE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, OCTOBER 31, 1939 on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Recon- Home mortgage and Farm credit agencies Total struction housing agencies Ten- Finance nes- In- A i W C P s r t a d a u o r t o m n a b r io p r t d l i k i i o n o n c s - n - O C H r L a w o o o t r i m n a p o e n o n e r - s' O m a g c g a t o i e h e g r n e s t e - - r U t S H h A n t i o o n a i r u u t t g i e e - s t s d y - m F a g c g a a o i e e r g r n m s t e - - p a C o n b A O F r a d r a a d t n e h r t m c d k m 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 o p d i o n i t - t y - Other t V A h l i s e t e o a u y y e r l - - - a a s c g n u ie e c r s n - e - Other O 1 3 9 1 c 3 , t 9 . S 1 3 9 e 0 3 p , 9 t. 1 O 3 9 1 c 3 , t 8 . ASSETS Loans and preferred stock: Loans to financial institutions._ 209 ---- 169 56 433 430 468 Preferred stock, etc. 513 40 76 0) 840 842 859 Loans to railroads 459 30 489 492 502 Home and housing mortgage loans 2,049 193 121 2,363 2,347 2,330 Farm mortgage loans 2,616 2,616 2,626 2,764 Other agricultural loans 20 270 636 196 0) 1,122 1,118 730 All other loans 2 475 0) 3 322 <295 1,093 1,068 854 Total loans and preferred stock 1,676 2,261 401 121 2,616 346 636 518 56 326 8,956 8,923 8,507 Cash 1 171 31 4 84 70 1 24 14 39 14 452 336 367 U. S. Govt. direct obligations 48 37 2 78 170 399 4 738 738 698 Obligations of Government credit agencies: Fully guaranteed by U. S. 13 C1) 21 107 141 141 146 Acco O u t n h t e s r a s nd other receivables 2 8 5 9 6 2 2 5 1 3 1 3 7 0 56 0) 6 61 42 4 4 2 0 6 44 4 6 1 35 3 6 5 Business property _ _ _ 0) 3 8 130 6 0) 5 294 1 101 542 535 451 Property held for sale 38 529 118 0) 3 1 689 695 673 Other assets 3 3 0) 8 0) 0) 5 1 10 90 121 111 125 Total assets other than inter- 0) agency 6 1,800 2,976 489 259 3,123 644 697 547 316 675 578 12,10511,96711, 359 LIABILITIES Bonds, notes, and debentures: G O u th a e r r a n 6 teed by United States 820 2 0 ,8 ) 23 134 114 1 5 ,2 9 8 9 0 7 208 409 8 3 1 9 5 1 , ,3 4 5 4 7 9 5 1, , 3 3 5 5 7 6 5 1 , ,3 0 5 0 2 1 Other liabilities (including reserves) . 125 97 31 4 119 10 189 197 8 203 57 1,039 1,054 722 Total liabilities other than interagency6 _ 945 2,921 165 118 2,396 218 597 197 16 205 66 7,845 7,768 7,075 Excess of assets over liabilities, excluding interagency transactions. 856 56 324 141 727 426 100 349 300 469 512 4,261 4,199 4,284 Privately owned interests 50 202 4 139 395 393 379 U. S. Government interests 856 56 274 141 526 423 100 349 300 329 512 3,866 3,806 3,905 1 Less than $500,000. 2 Includes $68,000,000 loans of Public Works Administration. 3 Includes $255,000,000 loans of Farm Security Administration. < Includes $168,000,000 loans of Rural Electrification Administration. « Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation. 8 Includes, however, investments in securities of agencies (other than mentioned in footnote 5) and deposits of agencies with Reconstruction Finance Corporation. NOTE.—For explanation of table, see BULLETIN for October 1938, p. 882. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] Nov. 3C May 31, June 30, July 31, Aug. 31, Sept. 30, Oct. 31, Nov. 30, 1938 1939 1939 1939 1939 1939 1939 Loans to financiali nstitutions 212,213 190,447 183,943 181, 502 178,833 177,011 175, 795 173, 363 Loans on preferred stock of banks and insurance companies. 37,083 33, 494 33,444 33,349 33,181 33,162 33,127 33,094 Preferred stock, capital notes, and debentures 520, 550 528, 573 529,270 526,876 517,125 515,157 513,200 490,099 Loans to railroads (including receivers) 428,041 436,612 439,199 438,837 438,835 436, 650 444, 314 Loans for self-liquidating projects ... 194,748 113,450 44,683 68,106 73,844 85,264 89,872 93,068 Loans to industrial and commercial businesses. _ 103, 598 114,498 117,079 121,804 123,042 125, 753 126,863 130, 026 Loans to drainage, levee, and irrigation districts 80,836 83,084 83,109 83,358 83,462 83,482 83, 750 Other loans 19,215 28,640 27,393 25,196 23,812 23,847 23, 274 4,046 Securities purchased from Public Works Administration... 138, 607 128,865 116,577 119, 705 122,986 124,476 126,649 127, 290 Total loans and investments, other than interagency.. 1, 734, 8931, 657,6631, 574,6971, 598, 7591, 595,1211, 607,0061,608, 9111, 579,050 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 61,148 146,498 146,498 146,498 146,498 146,498 146,498 Capital stock of, and loans to R. F. C. Mortgage Co 48,644 55,625 57,094 55, 219 54,903 54,629 55,102 56,047 Capital stock of, and loans to Fed. Natl. Mtge. Assn 40,868 33,796 37,996 41, 776 44,438 46,500 50, 323 54, 538 Loans to Tennessee Valley Authority _ 2,000 3,000 8,300 8,300 8,300 8,300 8,300 8,300 Total loans and investments 1,892,902 1,856,232 1,869, 5851,895, 5511,894,260 1,907,932 1,914,133 1,889, 433 NOTE.—For explanation of table and back figures,s ee BULLETIN for April 1936, p. 220. 43 JANUARY 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Federal intermediate Farm mo b r y tg - age loans c a r n e d d it d i b s a c n ou k n l t o s a f n o s r— to Loans to cooperatives by- Regional Regional Emeragri- Produc- agricul- gency End of month lan F d ed b e a ra n l ks C s o B L i m o a a n n n m e d k r is- p a s c p c o r n r c o r o e c d u e r d d i a d l a u i t b t i t t u i c t i a o o r t c n a a n i n o o s k l s s r - n s , - , f c i i e o n n O t t x i o i s a o t v c p t n h n i e e e t c e s p s u r i r , a t - n - g ti a o s t n s io o c n c r i s e a d - it tu i r t r a a c t o l i o r c p n r o e s - d c d r r o lo o p a u n g a s n h d t m F b c i e n e r a d e d t n e e d i k r a r i - a s t t e l B in C c a a c B o t n e l i o u a n v k p n d t e s e r k i s a r n f , - o l g r i A M i n r n e t g g g a u v r r r o i f k c A a u l u e v l n c l t - d - - t for cooperatives i 1934—December. 1,915, 792 616,825 99,675 55, 672 60,852 87,102 111, 182 33,969 27,851 54,863 1935—December. 2,071,925 794, 726 104, 706 47,162 94,096 43,400 172,489 2,731 50,013 44,433 1936—December. 2,064,158 836, 779 129,872 41,017 105,212 25, 288 164,887 1,641 69, 647 53,754 1937—December. 2,035,307 812, 749 165,194 40, 464 138,169 15, 592 172,130 1,813 87,633 1938—November. 1,990,475 760,326 166, 549 34, 537 148,430 11, 592 172,043 851 86, 221 25,313 December. 1,982, 224 752,851 168,392 33,545 148,037 11,081 170,891 920 87,496 23,723 1939—January... 1,973,179 745, 631 163,815 33,077 148,416 10,863 169, 707 834 80, 266 23,948 February- 1, 968, 790 740,870 166,996 34,115 155,409 10, 689 170,400 1,152 73,692 23,631 March 1,960, 357 733, 647 175,362 35,318 167,867 10,399 175, 509 1,528 65, 783 23,305 April 1, 954, 677 728,489 182, 643 36,483 177, 792 10, 298 179,156 1,256 61,363 23,190 May 1,947,944 723,187 186, 588 38,124 183, 351 10, 286 179,834 596 60,465 23,061 June 1,940, 586 717, 622 190, 359 39, 794 187, 712 10, 235 179, 565 359 59, 577 22, 592 July _ 1, 934,013 712, 823 189,044 40, 657 187, 844 10,003 178, 754 263 62,124 22,189 August 1,928,166 708, 426 187, 968 41, 661 185, 215 9,599 177, 668 127 61,404 22,422 September. 1,922, 577 703,840 179, 674 37,645 174,032 9,127 175,060 778 65,160 21, 663 October 1,916,431 699, 274 169,731 33, 996 162, 703 8,351 171,211 1,493 70,422 21, 582 November. 1,910,336 695,101 165, 368 33, 417 156, 526 8,042 168,847 1,696 73,120 20, 589 i Some of the loans made by the regional agricultural credit corporations (prior to October 1935) and by the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended. FEDERAL HOME LOAN BANK BOARD POSTAL SAVINGS SYSTEM LOANS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [Loans in thousands of dollars] Assets Home mortgage loans by- Federal U. S. Government home Depos- securities Federal savings and loan End of month itors Cash Cash End of month L p O o o H a w r n o a n m t C e io r e o s n r ' - N c o l i u f o a m a t a i n s o b s n o e a s - r ssoc L ia o ti a o n n s s i m l i o t n b i e a o s a m n t n n i s t s b k u t e * o - r an ba c l e - s1 Total b i p n t a o o n r s d y k i e ' s - Total t o r i D g e o b a i c l n - - i t s - G o t a g e b u n a e l a - - d i r - - f s e u e r t n e r c v - d .* e s, tions 1934—December. 2,379,491 81,300 86, 651 1935—June... 1,205 1,236 385 777 630 147 74 1935—December. 2,897,162 348,000 102,791 1936—June.. 1,232 1,265 203 967 800 167 95 1936—December. 2, 765,098 586,700 145,394 1937—June. . 1,268 , 307 136 1,100 933 167 71 1937—December. 2, 397, 647 853,500 200,092 1938—June. . 1,252 ,290 115 1,103 936 167 72 1938—November. 2,186,170 020,873 189, 685 1938—October _. 1,250 ,289 96 1,118 952 166 75 December. 2,168, 920 034,162 198,840 November 1,250 ,291 87 1,128 961 167 76 1939—January... 2,149,038 040, 770 178,852 December 1,252 ,291 86 1,132 965 167 73 February _. 2,134, 261 051,109 170, 614 1939—January 1,259 ,299 83 1,137 971 166 79 March 2,117, 598 067,887 161, 614 February 1,263 ,304 81 1,144 978 166 79 April 2,105, 824 089,879 157,176 March... 1,266 ,309 80 1,153 167 76 May. 2,091, 324 117,228 157, 911 April 1,264 ,306 76 1,154 166 76 June 2,080, 512 136, 289 May 1,261 ,305 73 1,157 1,011 146 75 July 2,067,844 157, 536 161, 537 June... _ 1,262 ,304 68 1,157 1,011 146 79 August 2,059, 792 186, 784 159, 470 July 1,268 .,310 58 1,172 1,026 146 80 September. 2,054,865 206, 887 163, 687 August 1,271 ,314 . 56 1,174 1,028 146 84 October __. 2,049,421 231, 685 168, 654 September 1,267 1,307 55 1,182 1,036 146 70 November. 2, 043,288 252, 559 168,822 October l 270 November , 274 '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 post masters. Back figures—See BULLETIN for August 1935, p. 502. 44 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average==100. The terms "adjusted"and "unadjusted" refer to adjustment for seasonal variation] Industrial production * * Construction contracts awarded (value) 2 Fac- Factory em- tory Freight-car Department Year Total Manufac- Minerals Total Residential All other ployment 3 pay- loadings * * store sales * and tures rolls s (value) month Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjustedjusted justedjusted justedjustedjusted justed justedjustedjustedjustedjustedjusted justedjustedjusted justedjusted 1919 83 84 77 63 44 79 107 98 84 78 1920 87 87 89 63 30 90 107 117 91 94 1921 67 67 70 56 44 65 82 76 78 87 1922 85 86 74 79 68 88 91 81 85 88 1923 101 101 105 84 81 86 104 103 100 98 1924 95 94 96 94 95 94 96 96 98 99 1925 104 105 99 122 124 120 100 101 103 103 1926 108 108 108 129 121 135 102 104 107 106 1927 . . 106 106 107 129 117 139 100 102 104 107 1928 111 112 106 135 126 142 100 104 104 108 1929 119 119 115 117 87 142 106 110 107 111 1930 96 95 99 92 50 125 92 89 92 102 1931 81 80 84 63 37 84 78 68 74 92 1932 64 63 71 28 13 40 66 47 55 69 1933 76 75 82 25 11 37 73 50 58 67 1934 79 78 86 32 12 48 86 65 62 75 1935 90 90 91 37 21 50 91 74 64 79 1936 105 105 105 55 37 70 99 86 75 88 1937 110 109 116 59 41 74 109 103 78 92 1938 — 86 84 98 64 45 80 90 78 62 85 1936 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 •JQ07 Jan. 114 112 115 113 111 107 63 51 45 37 77 63 107 105 95 80 73 93 72 Feb 116 117 116 118 116 112 62 54 47 42 75 64 108 108 100 82 76 95 76 Mar 118 122 117 122 128 119 66 56 45 47 64 63 110 110 106 83 80 93 90 April. „ 118 122 118 125 115 105 63 61 44 51 61 68 111 111 110 84 79 93 89 May 118 122 118 123 117 118 56 68 44 62 66 81 112 112 110 80 80 93 95 June 114 115 114 114 115 118 61 72 42 47 77 92 111 110 108 78 79 93 90 July— 114 111 114 110 112 116 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 66 56 37 37 71 72 110 112 105 78 87 94 100 Oct 102 102 100 99 113 123 62 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 '81 79 76 75 108 '104, 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 '93 92 54 63 42 46 64 76 85 84 71 58 58 82 79 July — 83 81 82 79 93 93 59 65 49 49 68 78 86 85 71 61 62 83 58 Aug 88 87 87 85 95 97 66 69 53 52 77 84 88 89 77 62 63 83 65 Sept.... 90 91 89 89 97 102 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 '110 103 96 77 57 48 128 100 94 94 87 69 64 89 156 1939 Jan 101 100 100 '99 110 105 86 70 55 45 111 90 95 92 84 69 63 88 69 Feb 99 99 97 98 110 105 73 63 58 61 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.- — 111 112 111 110 114 123 73 73 68 68 76 77 88 100 94 77 85 91 97 Oct 121 124 121 122 121 132 76 72 68 66 82 77 101 104 102 80 89 90 99 Nov P124 P124 P124 P123 P124 P126 P84 P75 P64 P62 PIOO P86 P103 P104 P102 82 83 95 106 Preliminary. p Revised. * Average per working day. i For- indexes of groups and separate industries see pp. 46-47; for description see BULLETIN for February and March, 1927. * 3-month moving average of F. W. Dodge Corporation data, centered at second month; for description see p. 358 of BULLETIN for July 1931. 8 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, p. 878. For current indexes of groups and separate industries see pp. 48-51. Underlying figures are for payroll period ending nearest middle of month. 4 For indexes of groups see p. 53. 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, and for October 1939, pp. 879-887. JANUARY 1940 45 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors 1923-25 average=100] 1938 1939 Industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Manufactures—Total 95 103 104 100 97 96 92 91 97 100 104 Ill 121 P124 Durable 83 94 92 88 84 80 76 71 82 88 92 103 123 P130 Nondurable 106 110 114 110 109 110 105 108 110 110 115 117 119 Iron and Steel 90 108 101 93 88 83 79 73 89 100 105 121 157 167 Pig iron 67 76 74 72 73 75 66 55 73 81 91 101 119 125 Steel ingots 92 112 104 95 89 84 80 75 90 102 107 123 160 171 Transportation Equipment: Automobiles 84 96 99 105 100 91 87 73 81 87 89 85 78 90 Locomotives 5 8 12 12 12 14 14 15 15 15 19 23 Nonferrous Metals: Tin deliveries L- — 81 73 59 66 72 76 92 102 93 87 99 97 95 119 Zinc 80 88 94 89 87 90 91 89 90 91 93 98 110 117 Lead 50 66 67 70 73 69 71 82 70 68 71 71 70 83 Cement and Glass: Cement 80 84 82 69 80 90 81 75 79 82 76 78 87 91 Glass, plate 155 155 153 147 133 131 83 89 124 87 121 165 222 191 Coke: Byproduct2 98 105 '105 106 105 106 94 77 103 110 120 130 143 Beehive 5 6 6 6 5 5 2 2 5 5 5 7 23 28 Textiles 100 112 117 109 109 110 97 104 111 111 120 121 125 P125 Cotton consumption 104 112 120 111 111 114 105 110 115 117 128 129 129 135 Wool 91 107 116 107 111 105 85 105 116 114 123 118 125 Consumption 101 123 134 114 117 119 91 120 138 136 150 138 138 P139 Machinery activity 1 87 101 112 113 113 91 80 98 105 105 103 103 120 Carpet and rug loom activity *_ 67 69 72 77 87 84 78 73 70 64 79 84 94 PS7 Silk deliveries 104' 123 116 107 97 108 88 76 84 84 87 107 120 96 Leather and Products 101 107 123 124 124 121 115 113 108 114 117 108 Tanning 81 90 98 103 105 95 97 94 91 88 98 '87 93 Cattle hide leathers 89 94 99 100 104 93 91 91 87 89 106 97 Calf and kip leathers 69 89 109 119 118 103 101 89 91 69 73 71 73 Goat and kid leathers 70 77 85 97 97 95 106 104 102 106 103 87 103 Boots and shoes 114 118 138 137 137 138 127 126 119 131 130 rll5 118 P124 Food Products: Slaughtering and meat packing 95 94 86 87 83 89 90 94 87 89 92 100 99 100 Hogs 92 88 79 74 67 73 81 84 73 77 84 95 99 100 Cattle 94 96 89 97 100 106 99 104 103 102 100 102 95 94 Calves 108 112 106 111 108 110 105 108 104 107 104 111 110 110 Sheep 149 152 137 150 157 156 135 142 143 145 139 146 144 154 Wheat flour... 91 86 92 92 94 97 100 95 100 96 88 103 91 82 Sugar meltings 103 100 108 106 70 78 94 72 66 81 77 96 91 85 Tobacco Products 150 164 179 165 162 164 164 170 170 158 168 164 166 172 Cigars _. 74 76 76 79 77 78 77 75 75 73 76 76 75 74 Cigarettes 211 233 258 237 231 236 236 246 247 227 241 235 240 250 Manufactured tobacco 78 95 97 78 78 80 81 85 84 80 89 85 83 87 Paper and Printing: Newsprint production 58 63 61 61 61 62 63 65 63 63 63 65 63 64 Newsprint consumption _ _ 132 128 128 125 127 126 130 127 132 126 130 142 137 131 Petroleum Refining 208 208 201 205 201 202 209 211 215 212 218 221 232 Gasoline 1 269 269 259 262 256 256 265 269 276 273 280 284 296 Kerosene 102 104 107 112 113 122 122 124 122 117 123 118 118 Fuel oill .._ 143 140 142 145 138 140 143 143 144 139 140 148 155 Lubricating oilx 110 109 100 106 117 111 115 119 121 115 128 123 149 Rubber Tires and Tubes i 99 100 112 110 109 114 104 102 112 111 122 123 126 118 Tires, pneumatic l 103 104 116 115 114 119 108 106 117 116 127 128 131 122 Inner tubes 1 72 75 79 76 71 76 73 68 77 84 86 90 84 77 Minerals—Total 98 102 110 110 110 110 95 98 106 91 114 121 P124 104 Bituminous coal .._ 72 r77 78 75 79 77 31 46 75 77 84 94 Anthracite 49 58 67 69 61 61 80 73 7519 53 53 71 58 pfifl Petroleum, crude3 161 ••164 169 171 169 173 174 175 170 174 127 174 181 P188 Iron ore 50 42 55 67 74 78 97 128 155 Zinc 80 88 94 89 87 90 91 89 90 91 93 98 110 117 Lead .. 50 66 57 70 73 69 71 82 70 68 71 71 70 83 Silver 102 51 85 86 100 86 101 71 107 70 79 104 91 1 Without seasonal adjustment. v Preliminary. » Revised. 2 Revised figure for byproduct coke Jan. 1938, 86. 3 Revised figure for crude petroleum May 1938,157. 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. 46 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Unadjusted for Seasonal Variation) {Index numbers of tbe Board of Governors 1923-25 average=100] 1938 1939 Industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Manufactures—Total _ . 95 103 98 99 98 100 96 94 97 95 99 110 122 *>123 Durable . 79 92 85 84 84 86 84 78 85 83 85 99 123 P125 Nondurable _ __ 109 113 108 111 111 111 106 107 108 105 111 119 122 P122 Iron and Steel 88 100 89 90 92 93 87 79 89 93 103 120 152 155 Pig iron 67 77 73 71 75 79 70 56 72 77 87 98 119 126 Steel ingots. 90 103 90 92 93 95 89 81 90 95 105 122 156 158 Transportation Equipment: Automobiles 63 115 117 105 100 105 106 88 91 66 28 59 93 108 Locomotives _ 6 8 12 11 12 14 13 15 14 15 20 24 Nonferrous Metals: Tin deliveries 81 73 59 66 72 76 92 102 93 87 99 97 95 119 Zinc 78 88 96 94 93 96 94 90 87 84 87 93 106 117 Lead 52 69 58 71 75 70 70 80 71 65 68 67 72 86 Cement and Glass: Cement _- 91 83 64 42 48 65 79 88 98 100 98 98 99 90 Glass, plate 155 155 153 147 133 138 91 93 112 78 121 165 222 191 Coke: Byproduct1 98 107 107 108 109 95 76 101 107 116 128 143 Beehive _ _ 5 6 7 7 7 6 2 2 5 4 4 7 22 29 Textiles. 103 116 111 114 115 112 100 104 105 103 112 121 129 P130 Cotton consumption 107 117 111 117 119 119 113 114 111 106 115 125 133 140 Wool 96 113 117 109 116 106 84 100 109 106 118 122 132 P133 Consumption 111 134 135 118 128 122 88 111 124 121 139 145 151 Machinery activity . 87 101 112 113 113 91 80 98 105 105 103 103 120 P127 Carpet and rug loom activity . 67 69 72 77 87 84 78 73 70 64 79 84 94 Silk deliveries 104 127 103 122 104 104 87 75 75 80 91 113 120 98 Leather and Products.- 111 102 104 115 126 125 112 105 104 112 130 '120 119 Tanning 86 88 95 98 108 94 94 88 90 88 100 '92 99 Cattle hide leathers 92 93 96 101 111 94 91 87 86 86 104 100 Calf and kip leathers. . . 82 85 94 98 108 91 91 85 88 81 88 82 86 Goat and kid leathers 73 76 92 92 101 97 105 96 102 98 101 91 107 Boots and shoes 128 112 109 125 138 145 124 115 113 128 149 '138 132 P118 Food Products: Slaughtering and meat packing 94 104 101 101 . 83 84 81 92 86 84 80 91 97 111 Hogs 79 97 103 100 74 74 72 81 76 69 64 71 84 110 Cattle _._ 110 111 94 98 88 92 87 101 96 101 98 114 111 108 Calves 113 114 100 104 100 111 114 122 108 104 96 107 116 112 Sheep 163 151 135 151 147 142 127 139 140 145 140 170 158 152 Wheat flour 102 93 88 90 91 91 91 90 88 94 94 122 102 89 Sugar meltings 98 78 62 70 69 92 109 81 78 98 86 102 87 66 Tobacco Products 161 167 146 157 147 156 151 172 186 171 180 181 179 175 Cigars 90 90 57 61 67 71 72 78 81 76 80 87 92 88 Cigarettes 222 231 212 232 211 224 215 248 272 249 261 259 252 247 Manufactured tobacco 81 92 79 79 79 81 78 85 86 80 91 93 86 85 Paper and Printing: Newsprint production 58 63 61 62 61 61 64 66 64 62 61 64 63 63 Newsprint consumption 140 137 132 120 125 131 139 131 131 112 116 139 146 140 Petroleum Refining _ 209 208 202 205 202 201 208 211 215 211 217 221 233 Gasoline ___ 269 269 259 262 256 256 265 269 276 273 280 284 296 Kerosene 107 113 115 115 115 119 121 119 113 108 116 121 124 Fuel oil 143 140 142 145 138 140 143 143 144 139 140 148 155 Lubricating oil 110 109 100 106 117 111 115 119 121 115 128 123 149 Rubber Tires and Tubes 99 100 112 110 109 114 104 102 112 111 122 123 126 118 Tires, pneumatic 103 104 116 115 114 119 108 106 117 116 127 128 131 122 Inner tubes . 72 75 79 76 71 73 68 86 90 76 77 77 84 84 Minerals—Total 106 105 103 105 105 88 97 123 132 102 105 107 96 P127 Bituminous coal _. _ . 79 86 82 83 83 26 40 90 104 Anthracite 63 60 66 74 66 7570 83 73 6531 4648 7553 72 74 P102 Petroleum, crude2 163 163 164 164 166 171 174 177 173 178 129 179 183 P186 Iron ore _ . .. 86 35 82 132 150 159 187 218 130 Zinc 78 88 96 94 93 96 94 90 87 84 87 93 106 117 Lead 52 69 58 71 75 70 70 80 71 65 68 67 72 86 Silver 101 55 86 86 108 94 102 69 105 59 78 98 90 p Preliminary. »• Revised. 1 Revised figures for byproduct coke 1938: Jan. 87, Mar. 84, Apr. 79, June 67, Sept. 87. 2 Revised figure for crude petroleum: Mar. 1937,171. 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 lumoer, included in the total index, are withheld from publication pending revision. JANUARY 1940 47 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total 90.2 92.8 94.4 94.6 94.3 94.0 93.8 93.3 94.3 95 3 '95 9 '97.5 101 2 103.4 Durable goods 78.3 82.1 83.7 84.4 84.2 83.7 83.9 82.9 83.9 84.7 85.3 '88.9 94.5 97.2 Nondurable goods 101.5 103.1 104.7 104.4 103.9 103.8 103.3 103.3 104.2 '105.3 105.9 105.7 107.6 109.2 Jron.Steel, Products 85.8 89.1 90.9 90.7 90.4 90.7 90.5 89.6 90.3 90.6 92.5 '96.4 105.9 110.6 Blast furnaces, steel works._ 89 93 95 95 94 94 95 94 96 96 97 101 115 122 Bolts, nuts, washers, rivets 90 95 97 96 96 97 94 93 93 94 98 '102 113 118 Cast-iron pipe 70 73 72 72 73 73 73 73 71 72 73 74 77 79 Cutlery, edge tools 85 88 90 90 89 90 90 86 91 91 94 97 102 107 Forgings 52 54 56 54 55 54 55 55 54 56 56 59 66 70 Hardware 83 89 91 89 87 87 84 . 80 72 70 78 '95 99 106 Plumbers' supplies 73 74 74 74 74 74 74 75 76 77 78 80 81 83 Stamped, enameled ware . 139 146 147 144 143 147 144 142 147 147 157 158 161 166 Steam, hot-water heating 75 74 74 74 74 75 75 74 75 78 79 80 84 85 Stoves. _ _ 81 79 82 82 84 85 84 85 86 89 88 86 90 90 8t.rnfit.nrfO, ornfl.mp.ntn.1 59 60 62 63 66 67 67 67 66 67 69 71 75 76 Tin cans, tinware 88 91 93 94 95 95 96 95 95 95 98 97 104 103 Tools 76 80 83 83 84 84 84 84 84 81 85 87 90 94 Wire work 137 154 162 154 152 151 148 142 135 128 121 149 164 167 Machinery 86.8 89.2 91.7 92.3 94.0 94.8 94.9 94.4 95.4 96.1 97 3 '99.8 105 7 110.7 Agricultural implements 104 104 110 114 123 124 122 119 118 115 121 123 125 128 Cash registers, etc. 134 133 134 132 131 131 127 126 128 127 125 127 126 127 Electrical machinery 81 83 85 84 85 86 87 86 87 87 88 92 97 100 Engines, turbines, etc. 85 87 88 92 91 91 91 93 95 95 97 99 108 119 Foundry, machine-shop products- 75 77 79 80 81 82 82 81 83 83 85 86 91 95 Machine tools 122 124 126 128 132 134 138 140 144 149 146 155 170 183 Radios, phonographs 98 117 123 126 129 130 124 121 122 131 126 129 145 161 Textile machinery 64 66 69 69 71 72 73 75 75 77 78 78 81 85 Typewriters 126 127 127 127 128 129 129 126 126 122 119 122 123 126 Transportation Equipment ... 80.3 90.6 93.2 94.1 92.9 91.2 91.1 87.2 88.9 90.0 88.3 '99.3 105 3 100.7 Aircraft 824 837 868 900 966 968 1,075 1,169 1,267 1,385 1,414 1,512 1,605 1,747 Automobiles 86 99 102 102 98 97 96 89 89 90 88 '102 • 107 99 Cars, electric-, steam-railroad 28 29 33 35 38 36 34 34 33 32 31 34 42 48 Locomotives 15 16 17 19 17 16 18 21 25 28 29 28 25 26 Shipbuilding 94 100 103 106 113 111 112 118 127 128 125 128 132 132 Nonferrous Metals, Products 88.4 91.9 93.1 93.3 93.4 93.4 93.2 92.8 92.8 94.6 96.3 99.2 107 0 109.8 Aluminum 131 132 131 131 135 140 143 142 145 153 157 152 166 170 Brass, bronze, copper 101 106 106 105 104 104 103 104 105 106 109 115 130 137 Clocks, watches 81 79 79 84 84 84 85 84 82 84 85 85 87 87 Jewelry 84 86 91 90 91 92 93 90 91 94 95 91 92 95 Lighting equipment 77 82 85 86 84 80 77 76 73 75 77 88 95 88 Silverware, plated ware _ _ _ 64 65 67 68 68 69 68 68 68 70 70 71 70 72 Smelting, refining 71 76 77 78 78 77 78 77 77 76 75 77 83 85 Lumber, Products 62.4 64.0 65.0 65.7 65.1 63.2 64.2 64.8 65.3 66.0 66.4 67.4 69 4 72.3 Furniture 79 80 83 84 85 85 85 84 85 86 86 87 89 92 Lumber, millwork 55 57 57 58 57 56 57 56 59 59 60 61 63 64 Lumber, sawmills __ 57 59 59 60 59 56 57 59 59 60 60 61 63 66 Stone, Clay, Glass Products 73.2 76.8 77.8 79.6 77.4 77.4 77.9 75.4 77.5 78.4 78.1 79.0 82 0 85.2 Brick, tile, terra cotta 53 56 57 61 59 58 58 55 57 58 57 59 61 64 Cement 67 68 68 64 66 66 67 63 66 67 67 '66 68 70 Glass . 92 98 99 100 95 95 97 96 98 98 99 100 106 110 Marble, granite, slate 46 47 49 49 48 53 53 52 50 51 50 48 50 49 Pottery 82 84 85 87 86 85 84 84 87 88 87 '86 90 93 Textiles, Products 98.9 100.0 102.2 101.9 101.8 101.0 99.6 99.8 101.2 104.1 104.9 103.6 106.2 107.8 Fabrics _. . 88.1 90.5 92.3 91.9 91.7 91.0 90.2 91.0 92.0 94.5 95.4 '94.1 97.8 99.9 Carpets, rugs 71 74 76 78 77 77 77 74 73 74 76 78 83 85 Cotton goods _ _ 84 85 85. 85 86 85 85 85 86 80 91 91 94 96 Cotton small wares 77 80 83 82 82 80 78 80 79 83 84 86 91 93 Dyeing, finishing textiles 116 118 121 122 122 122 121 124 120 128 129 129 133 132 Hats, fur-felt 96 91 89 90 90 87 86 84 89 93 90 87 86 90 Hosiery 148 148 151 153 153 154 154 153 152 154 155 149 151 151 Knitted outerwear 72 71 77 64 68 70 67 68 72 75 80 75 76 76 Knitted underwear.. 69 70 71 72 71 70 70 73 74 77 79 78 79 80 Knitted cloth 135 139 144 134 134 134 133 128 138 138 140 140 148 155 Silk, rayon goods 62 64 65 64 64 65 65 66 63 63 62 61 65 67 Woolen, worsted goods 75 84 88 88 84 81 77 81 86 89 85 83 90 95 Wearing apparel 119.0 116.9 120.0 119.5 120.2 119.2 116.4 115.2 117.5 121.1 121.4 120.4 120.4 120.6 Clothing, men's 104 104 106 103 104 104 103 102 104 107 107 106 107 109 Clothing, women's... 171 167 173 171 173 171 165 161 169 174 174 172 171 171 Corsets, allied garments 104 105 106 107 107 107 109 111 114 115 117 116 117 117 Men's furnishings 142 138 140 132 136 132 128 125 129 135 140 136 138 129 Millinery. 84 72 77 79 84 84 81 80 74 73 77 80 80 74 Shirts, collars 117 117 119 130 123 121 119 120 120 123 121 121 121 123 48 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Factory Employment (Adjusted)—Continued [Index numbers of the Board of Governors; adjusted 1o Census of Manufactures through 1937. 1923-25 average=100] 1938 1939 Industry and group Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Leather, Manufactures 96.5 97.6 98.1 98.9 99.0 99.2 97.7 93.7 97.1 98.7 97.4 96.8 97.4 99.8 Boots, shoes 96 96 97 98 98 98 97 92 96 98 96 95 96 99 Leather 83 85 86 87 87 86 85 84 86 87 87 87 88 88 jFood, Products _ 123.4 127.4 128.8 128.8 125.7 127.3 127.0 128.4 129.4 127.9 129.7 128.1 126.8 129.4 Baking 143 144 144 144 144 144 144 146 147 147 146 146 146 145 Beverages.. ._ 263 276 274 276 275 270 270 272 275 269 269 269 271 278 Butter 96 95 96 96 94 94 95 96 95 95 96 95 95 97 Canning, preserving . 129 149 151 150 143 158 157 159 162 150 160 147 136 149 Confectionery 82 83 86 84 83 82 81 81 80 82 86 82 82 86 Flour 76 78 79 79 77 78 77 80 81 81 79 82 80 77 Ice cream 77 78 78 79 78 78 78 77 77 75 75 76 78 79 Slaughtering, meat packing 99 100 100 98 96 96 96 98 100 101 101 102 103 106 Sugar, beet 108 108 152 212 120 107 103 107 104 99 105 131 107 105 Sugar refining, cane 96 95 94 96 93 96 102 87 89 94 96 90 100 95 Tobacco Manufactures 64.4 65.0 65.6 65.9 64.8 61.4 64.5 65.1 65.5 65.7 65.2 64.4 63.5 63.1 Tobacco, snuff _ __ 59 63 63 61 61 62 63 62 62 61 62 62 62 60 Cigars, cigarettes 65 65 66 67 65 62 65 65 66 66 66 65 64 63 Paper, Printing 109.2 110.6 111.1 111.0 111.1 111.4 111.5 111.5 111.1 111.8 112.0 112.8 115.0 115.8 Boxes, paper __ ._ _ .. 105 108 110 111 111 112 111 111 111 113 115 116 121 122 Paper, pulp 105 106 106 106 106 106 106 107 106 106 107 109 114 115 Book, job printing 98 99 100 100 99 100 100 99 99 101 99 98 99 100 Newspaper, periodical printing.._ 113 114 114 113 114 114 114 115 114 114 115 116 116 115 Chemical, Petroleum, and Coal Products _ _ _ _ 112.6 113.3 113.7 113.6 112.9 113.4 114.2 114.4 113.1 113.7 111.9 116.2 119.7 121.0 Petroleum refining _ . 120 120 119 119 119 119 118 119 120 121 122 122 122 123 Other than petroleum 110.8 111.8 112.4 112.3 111.4 112.2 113.3 113.4 111.4 111.9 109.4 114.9 119.2 120.4 Chemicals 115 119 120 119 120 120 118 117 117 115 119 122 132 137 Cottonseed oil, cake, meal 99 101 104 97 88 96 103 110 88 85 81 87 92 86 Druggists' preparations 108 108 108 109 107 108 109 111 112 114 112 113 114 Explosives 86 84 85 86 86 86 86 87 90 92 93 98 102 104 Fertilizers 99 102 100 103 97 98 110 115 107 105 103 111 109 106 Paints, varnishes __ 118 118 119 119 118 120 121 119 120 122 125 123 125 127 Rayon, allied products 300 297 297 297 301 299 309 302 295 298 254 297 309 311 Soap _ 80 77 81 81 80 79 78 79 80 84 87 87 87 85 Rubber Products 76.5 81 4 82.9 81.4 81.4 82.2 81.3 81.1 80.8 79.7 83.6 86.1 91.2 93.1 Rubber boots, shoes 56 60 60 58 60 60 60 61 59 47 58 58 60 61 Rubber tires, inner tubes 63 66 67 67 66 67 67 67 66 67 68 70 74 75 Rubber goods, other 123 133 137 133 133 134 131 129 131 134 138 144 154 159 r Revised. NOTE.—Figures for November 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. JANUARY 1940 49 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average=100] Factory employment Factory payrolls Industry and group 1938 1939 1938 1939 Oct. Nov. July Aug. Sept. Oct. Nov. Oct. Nov. July Aug. Sept. Oct. Nov. Total 92.4 93.3 93.5 96.3 '100. 2 103.6 103.8 84.2 84.4 84.4 89.7 '93.8 101.6 101.8 Durable goods 79.7 82.9 83.0 83.9 '89.7 96.1 98.1 74.6 77.6 76.0 81.5 '87.9 99.7 101.2 Nondurable goods. 104.6 103.1 103.5 108.0 110.2 110.7 109.2 94.9 92.1 93.8 99.0 100.5 103.8 102.4 Iron, Steel, Products. 86.7 89.5 92.3 '97.1 106.8 110.9 76.7 81.0 78.6 88.0 '92.8 112.0 114.3 Blast furnaces, steel works.. 89 93 95 97 101 115 122 76 84 82 93 95 124 127 Bolts, nuts, washers, rivets. 90 95 93 97 rlOl 113 118 89 100 83 104 ••111 138 142 Cast-iron pipe 70 71 75 75 75 77 77 57 58 66 68 63 71 74 Cutlery, edge tools 87 90 87 92 97 104 109 78 80 72 80 85 95 103 Forgings 52 54 54 56 59 65 70 51 54 55 59 63 75 84 Hardware 84 89 69 76 '94 100 106 89 96 65 80 rll4 110 119 Plumbers* supplies 74 74 77 78 80 82 83 62 55 65 71 72 80 78 Stamped, enameled ware 141 146 144 '152 156 163 166 149 149 137 156 156 170 169 Steam, hot-water heating.__ 77 75 76 78 81 86 87 63 57 60 68 71 83 80 88 84 '86 90 92 97 96 83 69 73 78 '83 94 88 Structural, ornamental.. 61 60 69 72 74 76 76 49 49 59 64 63 68 67 Tin cans, tinware 91 89 100 107 107 106 101 91 89 103 115 117 111 105 Tools 77 81 80 84 86 91 95 70 74 72 79 82 92 97 Wirework 138 156 126 116 145 166 142 164 124 116 161 183 191 Machinery 87.3 95.7 96.8 100.3 106.6 111.2 81.1 83.2 94.0 96.9 100.9 111.0 117.3 Agricultural implements 98 101 113 114 116 118 125 99 102 123 124 125 131 141 E E C M F T T R l n o e y a a e a x g s u d p c c h t i i n e t h i n o r w l d r i i e e s e n c r , r s g y e a m i , p t l , i t t s e h a u o m m t r c o e o r s h n a a r b l s i s c c o i n , n h h g e e e i i r n r t n a s c y e , e p . - _ r e h s y t s h c op pro _ duc _ _ t _ s _ . . . 1 1 1 1 8 8 7 3 6 2 1 2 1 3 5 4 3 2 9 6 1 1 1 1 8 8 7 3 6 2 3 3 4 3 7 3 6 4 1 0 1 1 1 1 8 8 9 4 2 7 3 2 7 3 6 7 7 7 0 1 1 1 1 1 8 9 8 2 7 4 3 1 8 7 4 5 8 0 6 8 1 1 1 1 9 2 5 7 5 2 2 7 6 7 0 2 1 1 1 1 1 9 9 2 8 0 7 7 2 7 1 6 0 5 1 7 4 1 1 1 1 1 1 9 8 2 0 1 8 2 8 5 4 7 0 3 4 9 0 1 1 1 1 8 8 2 6 2 5 2 0 1 8 1 5 0 5 6 8 1 1 1 1 8 8 6 2 6 2 2 1 4 9 6 1 0 0 9 7 1 1 1 1 1 9 7 2 1 7 6 1 1 1 5 3 0 5 6 3 4 1 1 1 1 1 9 7 1 6 1 7 2 1 3 8 9 1 4 5 3 7 1 1 1 1 1 9 8 1 2 8 3 2 7 8 0 6 4 2 9 2 3 2 1 1 1 1 1 0 0 2 2 9 2 7 7 8 6 9 6 0 6 6 0 2 1 1 1 1 1 9 2 1 8 3 4 7 2 5 9 0 2 8 2 0 6 Transportation Equipment 92.3 79.9 75. '96.9 105.0 102.3 83.5 95.6 76.6 78.3 '99.9 110.6 107.7 Aircraft.— _ 799 829 ,399 1,414 1,467 1,556 1,730 774 792 338 1,381 ,362 ,512 ,687 Automobiles 86 102 76 70 '99 107 102 91 108 73 75 103 114 109 Cars, electric-, steam-railroad 28 29 32 32 33 41 47 22 22 25 27 28 38 42 L Sh o i c p o b m u o il t d iv in es g _ 9 1 5 6 1 1 0 6 0 1 2 2 9 4 1 2 2 9 2 1 2 2 8 9 1 2 3 6 4 1 2 3 6 2 9 1 8 1 9 1 7 3 1 2 3 7 2 1 2 2 7 8 13 2 5 6 14 2 4 5 1 2 4 5 0 Nonferrous Metals, Products.. 91. 94.9 91.3 94.7 '100.3 110.4 113.1 85.4 87.0 83.4 '88. 7 '96.5 113.6 115.0 Aluminum 133 134 150 154 151 168 173 144 144 148 163 167 191 194 Brass, bronze, copper 102 106 104 108 115 131 137 100 104 107 111 123 154 157 Clocks, watches.. 84 84 80 83 86 90 93 82 83 76 85 '88 99 99 Jewelry _ 97 87 94 100 107 107 88 79 69 77 84 93 91 Lighting equipment 80 97 71 73 88 98 92 65 69 54 58 75 82 77 Silverware, plated ware— 66 63. 69 '71 73 76 61 65 51 59 66 71 75 Smelting, refining 72 76 75 77 84 86 67 71 71 71 71 81 85 Lumber, Products 64. 66. '70.0 72.4 73.1 59. 55.9 56.3 62.9 '63.5 68.9 68.8 L Fu u r m n b it e u r r , e m ... i — llwork. 8 5 4 7 84 62 9 6 1 2 9 6 5 4 9 6 7 5 4 7 5 2 4 6 4 9 4 6 5 8 7 5 6 0 7 5 8 0 8 5 5 2 8 5 6 3 Lumber, sawmills.. 63 '63 54 50 50 57 '57 62 61 Stone, Clay, Glass Products.. 75. 77.3 79. '81. 84.8 85.8 66. 67.3 65.9 '71.6 '71.7 79.8 78.3 Brick, tile, terra cotta... 56 62 62 63 65 65 44 42 46 50 50 57 54 Cement _ 71 73 73 '71 72 70 64 63 68 70 68 71 67 Glass _ 93 96 99 101 107 110 98 104 92 103 105 121 121 Marble, granite, slate._. 48 48 54 53 52 52 50 33 33 40 41 39 40 39 Pottery 84 86 82 85 92 95 77 79 66 r74 '74 83 85 Textiles, Products 100.9 100.2 98.1 103. 5 104.5 108.3 108.0 85. 80.5 79.3 86.6 93.6 92.9 Fabrics 89.0 91.5 91.1 93.1 93.5 98.8 100. 77. 78.4 76.5 '80.2 81.0 88.0 91.6 Carpets, rugs 71 74 74 76 78 83 85 59 59 57 64 68 75 76 Cotton goods 84 86 86 87 '89 94 97 73 74 73 75 79 84 91* Cotton small wares _ 78 81 80 81 84 92 93 75 74 73 76 82 89 90 Dyeing, finishing textiles.. 116 120 119 122 125 133 134 101 102 98 103 108 116 115 Hats, fur-felt 96 89 90 94 90 86 89 77 69 82 84 74 61 74 Hosiery 151 152 149 152 150 154 155 171 169 144 162 156 174 171 Knitted outerwear 78 73 72 78 79 82 78 63 56 57 64 62 70 63 Knitted underwear 70 71 73 77 78 80 81 62 61 65 68 67 74 75 Knitted cloth 139 138 136 140 143 152 155 118 108 114 117 121 132 130 Silk, rayon goods 64 64 63 63 67 68 53 51 48 52 52 57 60 Woolen, worsted goods 76 83 86 82 91 95 62 68 73 72 68 77 82 Wearing apparel 123.3 115.3 109.5 122. 124.8 124. 118.8 94. 79. 79. 98.3 92. 98. 89.3 Clothing, men's 107 101 105 110 111 109 105 77 65 78 86 80 83 76 Clothing, women's _ 178 165 144 174 179 178 168 132 105 97 133 118 133 116 Corsets, allied garments... 105 104 112 114 116 118 117 112 107 113 112 120 127 122 Men's furnishings... 148 149 124 131 133 144 139 138 147 106 120 121 143 141 Millinery 87 65 56 78 89 82 67 70 45 37 67 81 62 49 Shirts, collars 122 121 118 120 123 127 127 96 101 91 103 102 115 116 50 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Factory Employment and Payrolls—Continued [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average=100] Factory employment Factory payrolls Industry and group 1938 1939 1938 1939 Oct. Nov. July Aug. Sept. Oct. Nov. Oct. . Nov. July Aug. Sept. Oct. Nov. Leather, Manufactures 95.4 90.4 99.7 100.7 97.8 96.2 92.5 74.5 66.4 83.6 84.6 76.6 76.5 71.7 Boots, shoes 95 88 99 100 97 94 90 71 60 82 83 72 71 65 Leather. 83 85 86 86 87 88 88 79 82 82 83 84 88 87 Food, Products 133.9 127.6 135.0 147.0 150.7 137.5 129.6 125.4 120.6 128.6 135.1 139.6 129.8 125.2 Baking 145 145 148 147 148 148 147 133 133 139 135 139 137 137 Beverages 263 258 301 295 287 271 260 293 284 359 350 336 309 293 Butter 96 93 104 103 99 95 94 81 78 89 87 84 82 79 Canning, preserving 172 121 197 289 304 181 120 141 93 154 251 264 154 101 Confectionery 97 95 70 79 91 97 98 93 86 64 77 92 96 96 Flour 78 79 83 80 84 82 78 77 71 80 77 93 82 70 Ice cream _ _ 72 69 93 89 82 73 69 60 57 77 74 69 62 58 Slaughtering, meat packing 99 102 101 100 101 103 108 107 107 109 106 108 108 113 Sugar, beet 288 293 57 88 121 287 287 246 296 54 86 117 245 284 Sugar refining, cane 96 94 98 99 91 101 93 82 78 81 81 86 87 77 Tobacco Manufactures __ 67.7 68.3 65.4 66.6 66.4 66.7 66.4 62.9 61.8 61.8 62.7 62.9 63.4 62.9 Tobacco, snuff _. 59 64 59 61 61 62 61 63 69 67 67 67 71 68 Cigars, cigarettes 69 69 66 67 67 67 67 63 61 61 62 62 62 62 Paper, Printing 110.6 112.3 110.1 110.9 113.2 116.5 117.5 105.1 104.5 102.0 103.7 109.3 113.8 114.1 Boxes, paper 112 114 110 114 119 128 129 126 123 117 125 133 151 145 Paper, pulp 105 106 106 107 109 114 115 107 103 101 108 113 126 125 Book, job printing 99 100 99 98 98 99 101 83 84 86 83 86 84 88 Newspaper, periodical printings. 114 116 112 112 116 117 117 107 108 102 102 110 110 109 Chemical, Petroleum, and Coal Products 114.9 114.6 110. 5 109.2 117.7 122.0 122.2 119.3 118.3 117.8 119.0 124. 5 133.1 133.0 Petroleum refining _ 121 120 122 123 123 123 124 133 134 132 136 135 140 138 Other than petroleum 113.5 113.2 '107". 8 105.9 116.4 121.8 121.8 115.1 113.5 113. 6 113.8 121. 3 131.0 131.5 Chemicals 117 119 117 119 124 134 138 130 130 131 136 140 158 162 Cottonseed oil, cake, meal. 140 134 49 57 113 131 113 115 111 42 48 94 113 107 Druggists' preparations 112 111 109 110 114 117 118 124 119 119 121 124 133 131 Explosives __ 88 86 91 93 100 104 107 101 96 103 109 114 125 129 Fertilizers 89 88 73 74 98 99 91 70 65 63 63 86 80 76 Paints, varnishes __ _ 118 117 122 122 122 125 125 119 116 124 126 128 135 132 Rayon, allied products 301 300 297 255 300 311 314 277 277 283 247 286 303 311 Soap 83 79 82 86 89 90 88 99 92 99 102 107 109 104 Rubber Products _ 77.6 82.3 78.7 82.6 86.0 92.4 94.0 77.7 83.0 81.5 86.3 '91.0 101.9 100.0 Rubber boots, shoes 58 61 45 59 60 62 62 59 58 43 58 62 64 66 Rubber tires, inner tubes 63 66 67 68 70 74 75 67 73 77 79 83 91 86 Rubber goods, other.. 125 136 131 133 142 158 161 120 128 121 127 135 161 163 ' Revised. NOTE.—Figures for November 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. JANUARY 1940 51 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION IFigures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Nonresidential building Total R b es u i i d ld e i n n ti g al P a u n b d li c p u w b o li r c ks Month Factories Commercial Educationall Other i utilities i 1938 1939 1938 1939 1938 1939 1938 1939 1938 1939 1938 1939 1938 1939 January 192.2 251.7 36.2 80.2 6.6 7.1 15.4 17.3 19.0 31.7 16.4 28.9 98.6 86.5 February 118.9 220.2 40.0 79.0 4.9 9.5 13.0 13.5 15.4 21.8 15.1 24.7 30.5 71.6 March 226.9 300.7 79.4 125.2 15.7 13.0 20.2 17.4 21.0 27.6 31.0 39.8 59.7 77.7 April 222.0 330.0 74.6 114.4 11.6 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 _ 300.9 323.2 99.6 129.7 10.7 20.7 14.0 26.6 33.9 10.1 33.4 24.9 109.3 111.1 October 357.7 261.8 112.7 118.3 13.8 16.8 24.2 22.6 47.0 9.5 46.0 23.8 114.0 70.8 November 301 7 95.3 10.5 13.7 49 0 42.8 90.4 December 389.4 91.5 7.0 14.0 73.3 45.2 158.4 Year 3,196. 9 985.8 121.1 215.8 334.1 401.2 1,139.0 i Not strictly comparable with data for earlier years due to changes in classification. CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING [Figures for 37 States east of the Rocky Mountains, as reported by the F. "W. Dodge Corporation, Value of contracts in millions of dollars.] Total Publicly-financed i Privately-financed i Month 1934 1935 1936 1937 1938 1939 1934 1935 1936 1937 1938 1939 1934 1935 1936 1937 1938 1939 January 186 100 215 243 192 252 157 55 149 112 118 148 29 45 66 130 75 104 February __ __ 97 75 140 188 119 220 65 38 79 69 51 111 31 37 62 119 68 109 March 178 123 199 231 227 301 126 68 96 66 95 128 52 55 103 165 132 173 April 131 124 235 270 222 330 78 53 105 74 99 160 53 71 130 195 123 170 May 134 127 216 244 283 308 72 47 94 93 144 135 63 80 122 151 139 174 June 127 148 233 318 251 288 73 64 116 137 108 128 54 84 116 180 143 161 July 120 159 295 322 240 300 52 67 153 131 98 137 67 93 141 191 142 163 August 120 169 275 281 313 312 69 92 153 104 171 158 61 76 122 178 142 154 September 110 167 234 207 301 323 69 97 116 80 160 144 41 70 119 127 141 179 October 135 201 226 202 358 262 79 114 101 78 203 92 57 87 125 124 154 170 November 112 188 208 198 302 300 74 118 89 93 179 144 38 70 119 106 123 156 December 93 264 200 209 389 61 196 82 115 279 32 68 117 94 110 Year 1,543 1,845 2,675 2,913 3,197 975 1,007 1,334 1,152 1,705 568 837 1,341 1,761 1,492 Back figures —See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS COMMERCIAL FAILURES, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures reported by Dun & Bradstreet. Amounts in thousands of F. W. Dodge Corporation. Value of contracts in thousands of dollars.] dollars.] 1939 1938 Number Liabilities Federal Reserve district Nov. Oct. Nov. Federal Reserve 1939 1939 1938 district Boston 22,906 16,478 20,822 Nov. Oct. Nov. Nov. Oct Nov. New York 65, 521 47, 226 44,981 Philadelphia 12, 551 16, 537 14,952 Cleveland 26, 401 29, 485 37, 276 Boston 90 1,183 1,608 1,067 Richmond 24,056 28,276 36,928 New York 260 3,549 4,239 Atlanta 55,063 27, 571 22, 741 Philadelphia 59 47 72 697 1,024 1,058 Chicago— 45, 833 44,670 57,161 Cleveland _. 47 52 64 710 1,348 844 St. Louis _ 18, 297 16, 523 23, 665 Richmond 30 47 51 289 750 320 Minneapolis 7,347 10,041 8,727 Atlanta ..- 28 65 55 245 1,137 694 Kansas City _ 9,200 10, 299 13, 392 Chicago 131 137 144 1,896 3,158 1,761 Dallas __ 12, 672 14, 690 21, 034 St. Louis 30 38 29 472 216 151 Minneapolis __ 23 13 15 276 155 194 Total (11 districts) 299, 847 261, 796 301, 679 Kansas City 44 38 42 348 350 379 Dallas 24 22 36 293 555 338 San Francisco 106 107 111 1,580 2,290 1,257 Total 916 984 11,877 16,140 12,302 52 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Merchandise imports % 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 165 201 290 257 249 171 192 285 148 202 —5 9 5 109 47 June . 170 186 265 233 236 157 191 286 146 179 13 -5 -21 87 57 July 173 180 268 228 230 177 195 265 141 169 -3 -15 3 87 61 August 172 179 111 231 251 169 193 246 166 176 3 —14 31 65 75 September 199 221 297 246 289 162 216 233 168 181 37 5 63 79 107 October 221 265 333 278 332 189 213 224 178 215 32 52 108 100 117 November 270 226 315 252 J>293 169 196 223 176 P235 100 30 92 76 P57 December 223 230 323 269 187 245 209 171 37 —15 115 98 Year 2,283 2,456 3,349 3,094 2,047 2,423 3,084 1,960 235 33 265 1,134 P Preliminary. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Bureau of Foreign and Domestic Commerce. Back figures.—See BULLETIN for January 1931, p. 18, for July 1933, p. 431, and for February 1937, p. 152. FREIGHT-CAR LOADINGS, BY CLASSES DEPARTMENT STORE—SALES AND STOCKS [Index numbers; 1923-25 average=100] [Index numbers based on value figures; 1923-25 average=100] 1938 1939 Sales i Stocks (end of month) Nov. July Aug. Sept. Oct. Nov. Adjusted Without Adjusted Without Month for seasonal seasonal for seasonal seasonal variation adjustment variation adjustment Adjusted for seasonal variation 1938 1939 1938 1939 1938 1939 1938 1939 Total 69 69 70 77 80 82 Coal _.._ 70 76 78 85 87 80 Coke 58 62 69 82 95 100 January 90 88 70 69 71 67 63 60 Grain and grain products- 81 80 75 88 87 83 February 88 87 70 69 70 68 67 65 Livestock. 44 39 37 45 44 41 March 86 88 77 82 70 68 71 69 Forest products 40 43 42 45 50 51 Ore 74 59 67 85 108 191 April.— 83 88 86 88 69 67 71 69 Miscellaneous 74 72 74 82 86 89 May 78 85 80 87 69 66 71 68 Merchandise J 61 62 62 63 62 63 June 82 86 79 83 68 67 65 64 July _ 83 86 58 60 67 67 61 60 Without seasonal adjustment August 83 89 65 69 67 67 65 65 September • 86 91 91 97 67 68 70 71 Total 70 70 71 85 89 83 October _ 84 90 92 99 67 69 74 77 Coal 76 64 69 89 96 87 November 89 95 99 106 67 71 78 82 Coke_ 58 52 57 78 95 100 89 156 66 62 Grain and grain products... 76 111 90 99 87 83 Livestock 53 34 37 57 62 50 Year 85 68 Forest products __ 39 43 44 49 52 50 O M r i e scellaneous 4 7 1 6 11 7 2 4 1 7 2 5 5 1 9 4 2 9 1 9 6 7 0 1 9 0 1 5 1 Based on daily average sales—with allowance for changes from Merchandise1 62 61 62 65 65 64 month to month in number of Saturdays and in number of Sundays and holidays. Adjustment for seasonal variation makes allowance in March and April for the effects upon sales of changes in the date of Easter. 1 In less-than-carload lots. Back figures.—Department store sales, see BULLETIN for August NOTE.—For description and back data see pp. 522-529 of BULLETIN 1936, p. 631, arid for October 1938, p. 918; department store stocks, see for June 1937, Based on daily average loadings. Basic data compiled BULLETIN for March 1938, p. 232. by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. JANUARY 1940 53 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926=100] Other commodities All 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 n r ts d p T ro e d x u ti c le ts F m li u g a e t h l e t r a i i n n a g d ls a p n M r d o e d m t u a e c l t s t a s l B m u a i t l e d r i i n a g ls c C a d l h r s e u m a g n s i d - i f n H u g r o n g u i o s s o h e- d - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 (H ?, 94.3 82.6 1930_ 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 ;59.1 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 64.9 70.3 80.2 71.4 re. 5 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 n 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 W 5 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 30.4 81.7 70.5 1937 86 3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 *3 9 89.7 77.8 1938 - _ 78.6 68.6 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.6 86.8 73.3 1938—October. 77.6 66.8 73.5 81.1 93.4 66.2 75.4 95.3 89.8 77.1 85.7 72.6 November 77.5 67.8 74.1 80.6 94.6 66.2 73.7 94.9 89.2 76.6 85.8 73.0 December _ __ __ 77.0 67.6 73.1 80.3 93.1 65.8 73.2 94.6 89.4 76.7 86.0 73.1 1939^-January. _ .. 76.9 67.2 71.5 80.2 93.1 65.9 72.8 94.4 89.5 76.7 85.4 73.2 February 76.9 67.2 71.5 80.2 91.9 66.1 73.0 94.3 89.6 76.3 85.2 73.5 March . 76.7 65.8 70.2 80.4 91.8 66.6 73.1 94.3 89.8 76 5 85.2 74.1 April.... 76.2 63.7 68.6 80.5 90.9 66.9 73.4 94.0 89.6 76.0 85.4 74.4 May 76 2 63.7 68.2 80.6 91.6 67.5 73.9 93.5 89.5 75 9 85.5 74.2 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 October... 79.4 67.1 73.3 83.8 104.6 75.5 73.9 95.8 92.8 78.1 87.8 77.6 November 79.2 67.3 72.3 84.0 104.0 76.4 74.1 96.0 93.0 78.0 88.4 77.0 Week ending— 1939—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. 79.6 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 74.3 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 October 28 79.2 67.2 72.3 84.2 105.5 75.2 74.6 96.3 93.0 77.9 89.3 77.4 November 4 __ 79.3 67.5 72.3 84.4 104.4 75.6 74.7 96.2 93.1 77 7 89.6 77.9 November 11 79.3 67.8 72.4 84.4 104.5 75.6 74.7 96.2 93.1 77.9 89.7 78.2 November 18 79.1 67.3 72.3 84.4 104.3 75.6 74.8 96.1 92.9 77.8 89.7 78.2 November 25_ 79.0 67.6 72.0 84.4 104.2 75.8 74.8 96.1 92.9 77 4 90.0 78.2 December 2 . 78.8 67.1 71.1 84.4 103.9 76.0 74.4 96.2 93.0 77.5 90.0 78.4 December 9 79.0 67.4 71.3 84.4 104.0 76.6 74.1 96.1 92.7 77 6 90.0 78.4 December 16 78 7 66.8 71.1 84.1 104.2 76.7 73.7 96.1 93.4 77 6 90.0 76.9 December 23 79.3 67.8 72.1 84.3 104.4 77.8 73.5 96.1 93.6 78.0 90.0 77.4 1938 1939 1938 1939 Subgroups Subgroups Nov. Aug. Sept. Oct. Nov. NTov. Aug. Sept. Oct. Nov. Farm Products: Metals and Metal Products: Grains 50.9 51.5. 65.1 61.6 64.1 Agricultural imDlements 93.7 93 5 93.5 93.4 93.3 L O i t v h e e s r t o f c ar k m a n p d r o p d o u u c l t t s ryj. _ 7 67 5 . . 4 2 6 6 6 0 . . 0 1 6 7 4 6 . . 6 3 7 6 0 6 . . 5 1 6 68 6 . . 3 1 Iro F n a r a m nd m s a te c e h l mery 9 9 6 5 . . 9 0 9 9 4 5 . . 7 1 9 9 5 4. . 7 5 9 9 4 6 . . 6 0 9 96 4 . . 0 6 Foods: Motor vehicles * 93.6 92.5 92.1 93.9 94.7 Dairy products 72.5 67.9 74.5 78.9 80.1 Nonferrous metals 77.6 74.6 84.7 85.3 85.1 Cereal products 74.0 71.9 78.8 78.0 78.0 Plumbing ancI heating 78.7 79.3 79.3 79.3 79.3 Fruits and vegetables 63.0 58.5 62.8 60.2 61.2 Building Materials: Meats „ 81.9 73.7 81.0 74.9 71.2 Brick and tile 91.5 90.5 91.0 91.5 91.6 Other foods 71 0 60 3 71 7 70 2 69.2 Cement 290.6 91.3 91.3 91.3 91.3 Hides and Leather Products: Lumber... 90.2 91.8 93.7 98.0 98.3 Shoes 100.4 100.8 101.8 05.7 107.2 Paint and naint materials 80.9 82.1 84.7 85.7 84.9 Hides and skins 85.5 77.2 97.4 12.4 104.3 Plumbing and heating 78.7 79.3 79.3 79.3 79.3 Leather __ 86.9 84.0 92.0 97.8 97.8 Structural steel _ L07.3 107.3 107.3 107.3 107.3 Other leather products 96.6 97.1 97.1 99.3 99.9 Otlier building material 89.7 89.5 90.3 91.9 92.9 Textile Products: Chemicals and Drugs: Clothing 81.6 81.5 81.7 83.2 83.8 Chemicals ^_ 80.2 77.5 81.2 82.1 81.4 Cotton goods 65.1 65.5 70.4 74.3 74.8 Druers and r»harmafifiutio,als 73.6 71.7 72.8 74,4 75.0 Hosiery and underwear 59.9 61.5 62.8 63.5 64.8 Fertilizer materials 67.7 67.2 69.2 . 70.6 73.0 Silk and rayon 30.3 39.5 43.4 46.2 47.7 Mixed fertilizers_ _ ___ _ 73.2 72.9 72.6 72.6 72.6 Woolen and worsted \?oods __ 76.4 75.5 84.0 91.3 90.5 Housefurnishing Goods: Other textile product 64.5 63.7 69.8 78.3 83.4 Furnishings 89.7 90.0 91.7 93.7 94.2 Fuel and Lighting Material: Furniture. 81.9 81.1 81.3 81.7 82.3 Anthracite 80.1 72.1 72.5 75 3 76.1 Miscellaneous: Bituminous coal 98.5 96.0 96.7 98.2 98.1 Auto tires amI tubes 58.8 60.5 60.5 60.5 55.6 Coke 104 2 104 2 104 2 108. 0 111.2 Cattle feed 70.5 68.4 93.4 82.9 91.5 Electricity 81.8 75.8 77.5 75.4 Paper and pulp.. . 81.5 80.0 81.8 86.3 88.0 Gas * 84.6 86.7 87.2 84 4 Rubber, crude. _ 34.3 34.9 47.7 42.7 42.5 Petroleum products.. 51.5 51.7 53.3 54.0 53.9 Other miscellaneous 81.2 81.3 82.8 85.4 86.0 1 Preliminary revision. 2 Revised series. Back figures—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937 (table 87). 54 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of December 1, 1939] [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Dec. 1, tion Dec. 1, tion Dec. 1, tion Dec. 1, 1938 1939 1938 1939 1938 1939 1938 1939 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,623 7,827 68 84 New York . 29,317 28,310 8,324 7,058 108 108 Philadelphia... 52, 521 51, 372 19,810 17, 263 139 150 Cleveland 199, 591 212,109 53,069 42,034 120 115 •Richmond 1,048 1,337 138,232 141, 280 27, 263 24, 270 Atlanta ... ... 2,623 2,353 194, 639 141, 510 6,572 5,506 Chicago 1,053,807 1,132, 703 66,070 56, 639 1,871 2,044 St. Louis i 3,386 2 3,431 335,912 342, 860 65, 579 57, 927 140 97 Minneapolis 227,136 285,022 29,163 25, 846 185,011 157,053 Kansas City- 4'67 432 225,145 182,105 290, 446 226, 488 10,493 4,514 Dallas 3,819 3,612 91, 564 87,166 36,020 28, 703 115 75 San Francisco 600 627 6,710 6,873 . 85, 817 71, 697 45,504 27,300 Total 11, 943 11,792 2, 562,197 2, 619,137 688,133 563, 431 243, 569 191, 540 Oats Tame hay Tobacco ^Vhite potatoes Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Dec. 1, tion Dec. 1, tion Dec. 1, tion Dec. 1, 1938 1939 1938 1939 1938 1939 1938 1939 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 6, .326 7,189 3,523 3,364 22,847 35,254 48,130 47,632 New York 27, 708 26, 957 5,737 4,428 1,842 2, 281 32,123 30,853 Philadelphia 19, 222 16,503 2,381 1,944 32,110 36, 239 22,996 21,638 Cleveland 49, 480 43, 759 5,496 5,094 105,119 118, 629 20, 554 20, 229 Richmond _ _ .. ' 20, 949 21,103 3,886 3,708 746, 221 1,074, 213 27, 316 23, 205 Atlanta 15,346 14, 594 3,427 3,172 188,019 200, 578 15, 646 14, 664 Chicago 442, 746 359, 529 18, 511 17,426 33, 239 32,173 53,396 46, 211 St. Louis ._ 52, 596 46,847 7,071 7,643 239, 729 263,010 13,941 12,048 Minneapolis 236,409 257, 914 10,880 10,182 2,733 2,724 43,347 42,607 Kansas City _ . .. 134, 712 76, 924 7,054 5,902 4,612 4, 538 26,250 29,194 Dallas 39, 563 31, 319 1,403 1,430 3,773 3,349 San Francisco. . ____ 23, 374 • 34, 577 11, 679 11, 433 66, 691 69,362 Total . 1,068,431 937, 215 81,048 75, 726 1, 376,471 1, 769, 639 374,163 360, 992 1 Includes 16,000 bales grown in miscellaneous territory. * Includes 19,000 bales grown in miscellaneous territory. NOTE.—1938 figures for all crops except cotton are as revised in December 1939. STATISTICS FOR FEDERAL RESERVE CHART BOOK—QUARTERLY BANKING SERIES [In billions of dollars] C hart 1937 1938 1939 book Mar. June Dec. Mar. June Sept. Dec. Mar. June Oct. page 31 30 31 7 30 28 31 29 30 2 All banks in the United States: Total deposits and currency _ . .. 10 56.79 57.42 56.83 56.78 56.74 P57.65 P59.12 P59. 15 P61.00 P63, 030 Tim ft deposits ' 10 25.69 25.96 26.26 26.34 26.27 P26.27 P26.38 P26. 58 P26.83 P26, 910 Demand deposits adjusted 10 25.23 25.26 24.05 24.13 24.39 P25. 10 P26.01 P26. 01 J>27.32 P29, 100 Currency outside banks 10 5.42 5.53 5.69 5.50 5.47 P5.50 P5.83 P5. 68 P6, 230 Member banks: Demand deposits adjusted _ 11 21.35 21.40 20.39 20.51 20.89 21.60 22.29 22.36 23.59 25.12 Time deposits 11 11.16 11.35 11.52 11.59 11.56 11.46 11.51 11.60 11.72 11.75 Interbank balances 11 5.75 5.30 5.44 5.62 6.10 6.09 6.51 6.82 7.10 *8.25 11 32.53 32.74 31.75 31.52 30.72 31.63 32.07 32.10 32.60 33.08 Investments, total 11 18.83 18.45 17.79 17.98 17.78 18.69 18.86 19.05 19.46 19.61 U S Government obligations, total 12 12.72 12.69 12.37 12.45 12.34 13.01 13.22 13.35 13.78 13.81 Direct obligations _. 13 10.86 10.87 10.57 10.63 10.22 10.71 10.88 10.69 10.95 10.89 Guaranteed obligations 13 1.86 1.82 1.80 1.83 2.13 2.30 2.34 2.66 2.83 2.92 Other securities, total 12 6.11 5.77 5.42 5.52 5.44 5.68 5.64 5.70 5.69 5.79 State and local government securities 13 2.33 2.13 2.03 2.19 2.13 2.30 2.45 2.55 2.55 2.76 Other domestic 13 3.53 3.40 3.21 3.15 3 13 3.19 3.01 2 96 2.94 (5) Foreign securities _ 13 .25 .23 .18 .18 .18 .18 .18 .18 .19 Loans, total 11 13.70 14.29 13.96 13.55 12.94 12.94 13.21 13.05 13.14 13.47 Security loans, total12 -— 12 4.28 4.37 3.70 3.54 3.32 3.30 2 1. 75 1.57 1.47 Brokers' loans 13 1.42 1.54 .95 .88 .70 .71 .97 .84 .73 (5) Loans on securities (excluding brokers' loans)2 __ 13 2.82 2.83 2.75 2.67 2.61 2.59 2.78 .73 .74 Real estate loans 12,13 2.44 2.51 2.55 2.56 2.61 2.66 2.72 2.75 2.83 (5) Other loans, total1 2 12 6.97 7.41 7.71 7.45 7.01 6.97 2 8.74 8.73 8.85 Commercial loans 2 _ __ . 13 6.22 6.66 7.00 6.75 6.40 6.36 2 5.45 5.53 5.57 (5) Opp/n-mflrkfit paper 13 .71 .64 .64 .61 .49 .48 .44 .42 .42 (5) Loans to banks . _ _ 13 .10 .12 .07 .10 .12 .13 .12 .10 .06 All other loans 8 32.73 2.67 2.80 p Preliminary. 1 In chart 12 loans to banks on securities are included in the total of "security loans" prior to June 30, 1937 and in the total of "other loans" since that date. 2 Figures are reported on somewhat different basis beginning December 31, 1938. For detailed explanation of the changes and for estimates on old basis as of December 31,1938, see BULLETIN for April 1939, page 332. s Not originally plotted in chart book. 4 Partly estimated. 6 Detailed breakdown of loans and investments now available on June and December dates only. JANUARY 1940 55 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS FOR FEDERAL RESERVE CHART BOOK—CURRENT SERIES Chart 1939 Chart 1939 book book page Nov. Nov. Dec. Dec. Dec. page Sept. Oct. Nov, 22 29 13 20 WEEKLY FIGURES Wednesday figures; in billions of MONTHLY FIGURES In 1 d 9 e 2 x 8 -2 n 5 u = m 1 b 0 e 0 rs RESERVES, GOLD, AND dollars BUSINESS CONDITIONS CURRENCY Wholesale commodity prices:4 United States: Reserve bank credit—total.. 3, 5 2.65 2.61 2.57 2.54 2.65 All commodities 31, 32 79.1 79.4 79.2 Bills discounted ' 5 .01 .01 .01 .01 .01 Farm products 31 68.7 67.1 67.3 Bills bought _ 5 .00 .00 .00 .00 .00 Foods 31 75.1 73.3 72.3 U. S. Gov't securities.,. 5 2.59 2.55 2.51 2.51 2.50 Other commodities— 31 82.1 83.8 84.0 Gold stock __ 3 17.26 17.35 17.41 17.46 17.58 England 32 '85.2 P94.6 T M r o e n as e u y ry in c c a i s rc h u .. l ation 3, 9 3 7 2 . . 4 3 3 6 7 2 . . 4 3 6 6 7 2 . . 5 3 5 9 7 2 . . 5 4 6 0 2 7 . .6 4 8 1 F G r e a r n m ce a ny : 3 3 2 2 79.5 79.7 T M r e e m as b u e r r y b d a e n p k o s b it a s l ances 3,6 3 11 . . 4 62 7 11 . . 4 62 4 11 . . 3 62 5 11 . . 7 29 5 11 . . 6 3 9 8 [ M nd an u u st f r a i c a t l u p ri r n o g d u p c r t o io d n u c 5 t ion:"* 35 111 121 P124 R Ex e c q e u N R C C s i s e h o e r e s w i u r c d e e n a r s t v g Y e r r e o e y r o v s r c e 2 e k b r i s t a v — y C n e s k i t b o t s y a • t a n 2 l 2 k _ s 2 2 7 7 6 7 7 7 6 5 2 1 . . . . . . 4 2 5 7 6 2 5 1 4 7 1 8 6 5 2 1 . . . . . . 4 2 7 2 5 6 9 1 5 6 4 7 6 2 5 1 . . . . . . 4 1 6 6 5 2 6 3 6 2 9 5 4 2 6 1 . . . . . . 4 5 8 5 6 1 4 0 7 7 5 5 P 6 2 P 1 4 . . . . . 4 5 4 9 6 1 8 7 8 1 7 9 F F Fr a a e c c i t t T D N g o o h o r o r u y y t t n r - a a c d e p l a b u m a . r l . r y . e p a l r o * l b o o - a l l y e l d s 8 m i n _ e g n s t B 4 3 3 4 4 3 5 7 7 3 3 7 1 9 0 1 3 0 4 6 1 7 . . 8 2 8 3 1 7 1 1 0 0 1 3 1 6 8 5 2 . . 6 6 4 0 7 1 P P 1 1 0 0 P 3 1 P P 1 . . 6 6 2 8 0 3 4 8 2 8 Department store sales B 47 91 90 95 REPORTING MEMBER BANKS Department store stocks * 47 71 Total, 101 cities: Loans and investments. 14 23.09 23.16 23.16 23.52 23.47 In millions of dollars Adju I L s n t o v e a d e n s s t . m d e e m nt a s n d _ 1 1 4 4 1 8 4 . . 6 4 2 8 1 8 4 . . 6 5 6 0 1 8 4 . . 6 5 5 2 1 8 4 . . 8 6 7 5 1 8 4 . . 9 5 3 3 ion T st o r t u a c l tion contr _ a cts awarded:7 41 297 310 P344 deposits 15 18.92 18.97 18.82 18.98 18.92 Residential 41 125 125 P118 New T U D F o Y i . o m r m o S e e r i . e k g s G d n t e i o C c p b v i o a t ' b t s n y i a k : t d n s e k b p a o b l s a a i n l t c a s e n s c — es 1 1 1 1 5 5 5 5 5 7 . . . . 2 9 5 7 5 3 3 1 5 7 . . . . 2 8 7 5 3 9 3 4 5 7 . . . . 5 2 7 9 4 4 3 4 5 7 . . . . 2 7 9 5 5 5 5 8 5 7 . . . . 2 5 7 9 6 8 5 8 Exp E o O E G r x x e t t c s p h n e o e e a s r r r s n a t . s d l o . . f i ( . i m i m e n x p c p p o l o . o r r r t r t e s t s s - : exports). 4 4 4 4 9 1 9 9 2 1 1 1 8 8 7 0 9 1 2 7 3 2 1 1 3 1 8 1 2 5 5 7 P P P P 2 2 2 5 9 3 2 7 3 5 5 U. S. Gov't obligations.. 16 4.73 4.76 4.79 4.85 4.76 Income payments: 100 c B C O it r o t i o h e m k e s m r e o r e s s u r e ' t c c s l i u i o a d r l a e i n t i l s e N o s a e n w s Yor _ k _ : 1 1 1 6 6 6 1 1 . . . 1 7 4 9 1 9 1 1 . . . 2 7 5 1 0 2 1 1 . . . 5 2 7 1 0 1 1 1 . . . 2 7 6 1 1 4 1 1 . . . 2 7 6 0 0 7 T T S O a o t o l h t a t a e r a l r i e l u 6 s s n . a a — n d d ju w st a e g d e s B 5 5 5 5 0 0 0 0 ' ' » ' " 6 5 2 3 , , , , 0 9 2 6 2 0 8 2 0 7 2 5 3 6 2 5 , , , , 7 2 9 2 8 1 9 0 3 2 5 4 P P P P 5 3 2 6 , , , , 0 8 2 8 4 2 1 1 3 5 8 7 U. S. Gov't obligations- 17 6.39 6.36 6.35 6.42 6.41 !ash farm income: Other securities 17 2.15 2.17 2.17 2.17 2.17 Total 51 847 894 740 Commercial loans._ 17 2.68 2.68 2.68 2.71 2.71 L C i r v o e p s s t ock and products _. 5 5 1 1 4 3 4 3 4 7 4 3 7 3 4 8 3 3 4 1 7 8 MONEY RATES AND SECURITY Averages of daily figures*; per cent Government payments— 51 66 82 75 MARKETS per annum F.R.bankdiscountrate,N.Y. 19 1.00 1.00 1.00 1.00 1.00 OTHER In billions of dollars Commercial paper 19 .63 .56 .56 .56 .56 Bankers'acceptances 19 .44 .44 .44 .44 .44 lentral gold reserves: U. S: Treasury bills 21 .05 .05 .05 .04 .04 United States 8 16.93 17.09 17.36 U. S. Treasury notes 21 .60 .60 .56 .50 .49 England _ 8 0) 0) 0) U-. S. Treasury bonds 21, 25 2.40 2.38 2.40 2.37 2.32 France... 8 2.71 2.71 P2.71 Corporate Aaa bonds 25 2.98 2.97 2.96 2.95 2.93 Netherlands „_ 8 .75 .75 .70 Corporate Baa bonds _ 25 4.84 4.88 4.92 4.92 4.94 U. S. Gov't interest-bearing debt—total 20 40.34 40.53 40.81 Wednesday figures; in unit indicated Bonds 20 27.35 27.39 27.44 Notes 20 7.23 7.23 7.23 Stock prices, total«.__ 27, 29 94 92 93 92 92 Bills.- 20 1.31 1.41 1.45 Industrial 27 110 108 109 108 108 Special issues 20 4.46 4.50 4.68 Railroads... 27 31 30 30 30 29 Public utilities 27 88 87 87 87 87 Jan.- Apr.- July- Volume of trading 2 (mill, QUARTERLY FIGURES Mar. June Sept. shares) 29 .68 .67 .71 .77 .77 1939 1939 1939 Brokers' loans (mill, dollars) 29 620 660 650 818 852 BUSINESS CONDITIONS Figures for week»; in unit indicated In millions oj dollars Who A F F le o a ll s o r a m c d l o e s m p c r o m o m d o u d m c i o t t i s d e s it y prices: * 3 3 3 3 3 3 7 6 7 9 2 7 . . . 0 0 6 6 7 7 7 1 8 . . . 1 1 8 7 6 7 7 9 1 . . . 4 0 3 7 6 7 8 6 1 . . . 7 8 1 7 6 7 7 9 2 . . . 8 3 1 Do is m s N R u e e e e s s w f t , u i c n t o c d t o i a n r l g p oration security 2 2 2 8 8 8 2 1 8 7 9 2 6 3 6 5 1 6 3 3 2 2 0 6 5 9 4 5 2 8 6 Other commodities 33 84.4 84.4 84.1 84.3 Steel plant operations 84.4 Per cent per annum (% of capacity) 38 93.9 94.4 91.2 90.0 Automobile production 92.8 Customers' rates:8 p, M (thous. cars) 38 72.5 93.6 117.8 118.4 New York City 23 2.13 2.15 2.04 Electric power production 115.5 7 other Northern and To ( t m al i l f l. r e k ig w h . t- h c r a s r . ) loadings 39 2,482 2,539 2,586 2,605 2,641 11 E S a o s u te th rn e rn ci t a ie n s d Western 23 3.05 3.05 2.78 (thous. cars) 39 676.5 688.9 687.3 681.2 654.8 cities 23 3.77 3.62 3.31 p Preliminary. • Estimated. r Revised. 1 Less than $5,000,000. 5 Adjusted for seasonal variation. 2 Averages of daily figures, see footnote *. 6 Points in total index of manufacturing production. 8 Figures are shown under t" 7 Three-months moving average adjusted for seasonal variation. * Index numbers, 1926=100. « Revised series. See pp. 963-969 of the November 1939 BUL- LETIN. NOTE.—Copies of this chart book can be obtained from the Board at a price of 50 cents each. 56 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS-CONDITION ON SELECTED CALL DATES OCTOBER 17,1934, TO OCTOBER 2,1939 [Amounts in thousands of dollars] 1934 1935 1936 1937 1938 1939 Oct. 17 Nov. 1 June 30 June 30 Sept. 28 June 30 Oct. 2 Assets Loans (including overdrafts) i 12,292, 533 11,841, 427 12, 541, 845 14, 284, 875 12,937, 437 13,141, 068 13,470,421 United States Government direct obligations 9,186,237 10,080, 383 11, 721, 475 10,870, 404 10, 712,818 10, 946, 242 10,890, 726 Obligations guaranteed by United States Government... 709,035 1, 764,071 1, 950,457 1,818, 530 2, 298,477 2, 830, 819 2, 919, 672 • Obligations of States and political subdivisions 1,971,890 2, 224,050 2,279,877 2,150,039 2, 317,492 2, 554, 213 2, 764, 373 Other bonds, notes, and debentures, including obligations of Government corporations and agencies not guaranteed by United States 12 2, 857, 273 2,885, 729 3,219,839 3,081,416 2, 822, 289 2, 681,893 2, 582,455 Corporate stocks (including Federal Reserve bank stock) 542, 344 505,411 545, 317 533, 297 538,376 449,184 447,483 Total loans and investments 1 _ __. 27,559,312 29,301,071 32,258,810 32, 738,561 31,626,889 32,603,419 33,075,130 Reserve with Federal Reserve banks 3, 976,077 5, 662, 320 5, 607,119 8,192, 978 10,010, 744 11, 616, 524 Cash in vault 550,471 541,119 713, 421 629,305 774,887 712,132 773, 514 Demand balances with banks in United States (except private banks and American branches of foreign banks). 2,823, 375 3, 645,830 3,792,738 3,100,171 3,817,382 4, 542, 241 5,147, 234 Other balances with banks in United States and foreign countries2. 7 291,526 7168, 568 202, 472 158, 780 193,018 174,899 197,020 Due from own foreign branches •__ 120, 930 6,845 2,502 4,592 1,261 5,776 12,135 Cash items in process of collection 81,407,102 81,755,500 2,147,493 2, 200,829 1, 460,367 2,183,072 1, 921,302 Bank premises owned and furniture and fixtures 995, 998 996, 738 994, 921 980, 375 968, 380 933, 703 931, 929 Other real estate owned ___ 303, 904 361, 963 379, 457 353, 714 335, 567 305, 475 298,196 Investments and other assets indirectly representing bank premises or other real estate 1 _ 146,910 144, 948 Customers' liability on acceptances _ __. 257, 919 161,172 156, 954 187,143 112, 965 101, 672 80, 663 I O n t c h o e m r e a s a s c e c t r s u . e -. d but n . o .. t yet collec __ te _ d 328,161 260,447 267, 760 202,168 207, 832 f [ 1 8 0 5 2 , , 4 5 9 9 1 5 10 9 8 3 , , 9 6 9 1 9 5 Total assets.. 38,614, 775 42,861,573 46,523,647 47,452,301 3 47,691,526 51, 908,129 54, 401,209 Liabilities Demand deposits—Total 22,464,297 26,832,527 29,918,691 30,142, 898 30,308,304 34,153, 939 36, 702, 798 Individuals, partnerships, and corporations 14,449,000 17, 327,043 19, 321, 998 20, 272,432 20,438,710 22, 448,169 23, 983, 218 United States Government4. _ —_ 1,142, 847 649, 526 1,036, 575 628,125 707,267 694,001 674, 652 States and political subdivisions 1, 680, 285 2, 251, 209 2, 320, 453 2, 577,445 2,079,830 2, 531, 570 2,390,422 Banks in United States and foreign countries2 4, 602, 663 5,918, 398 6, 450, 528 5, 913, 282 6, 544, 610 7, 690,046 Certified and officers' checks, cash letters of credit and travelers' checks, etc... 589, 502 686,351 789,137 751, 614 537,887 790,153 665, 652 Time deposits—Total _ _ 9,821,146 10,345,461 10, 786,873 11,347,148 11,462,315 11,719,315 11, 726,788 Individuals, partnerships, and corporations2 8, 915, 650 9, 671,464 10,099,195 10, 817,882 10, 788, 660 11,063, 229 11,103,802 Postal savings4 472, 232 226, 586 152, 234 99, 736 69, 605 59,135 51, 423 States and political subdivisions 294, 275 309, 590 377,998 292, 280 464, 427 441, 200 417, 849 Banks in United States and foreign countries2 138,989 137,821 157, 446 137, 250 139, 623 155, 751 153, 714 Total deposits _ 32,285,443 37,177,988 40, 705, 564 41,490, 046 41, 770, 619 45,873,254 48,429,586 Due to own foreign branches 61,145 101,159 143,498 117, 432 188, 399 127, 731 Bills payable, rediscounts, and other liabilities for borrowed money . .. 30, 299 27, 076 19, 547 17, 391 14, 001 4,662 4,722 Acceptances outstanding 277, 988 175,167 178, 221 211, 799 121, 414 120,164 99, 248 Dividends declared but not yet payable5 7,796 11, 402 43, 999 44,099 35,817 35, 832 6,365 Income collected but not yet earned _ 51,880 55,046 Expenses accrued and unpaid. 893, 269 237,005 239, 790 206, 673 222, 359 78, 451 88, 743 Other liabilities 59, 261 59, 342 Total liabilities _.. 33,494, 795 37,689,783 42,113,506 42,281, 642 46,411, 903 48,870,783 Capital Accounts Capital 2, 651, 542 2, 652, 967 2, 567,197 2, 444, 249 2,425, 628 2, 390,023 2,385, 745 Surplus __ 1, 677,190 1, 680, 924 1,806, 516 1, 971,464 2,046,844 2, 111, 569 2,120,960 Undivided profits» 427, 714 492, 600 520, 283 587,495 645, 543 678,033 700, 545 Reserves for contingencies and other capital accounts25.. 363, 534 345,299 341,371 335, 587 291,869 316,601 323,176 Total capital accounts 5,119,980 5,171, 790 5,235,367 5,338,795 5,409, 884 5,496,226 5,530, 426 Total liabilities and capital accounts *__ 3 38,614,775 3 42,861,573 3 46,523,647 3 47,452,301 47,691,526 51, 908,129 54, 401,209 Net demand deposits subject to reserve (see page 15) 18, 408,369 21, 435, 510 23, 985,757 24, 844,886 25,038, 348 27,440, 926 29, 652, 240 Demand deposits—adjusted • 15,311, 685 18, 509,103 20, 284,095 21,400, 662 21, 596,060 23, 586,820 25,117,990 Number of banks 6,400 6,400 6,357 6,341 6,330 1 Figures of loans and investments beginning December 31, 1938 are not entirely comparable with prior call dates because investments and other assets (principally loans) indirectly representing bank premises' and other real estate are now reported separately. Such investments and other assets amounted to $94,569,000 and $49,939,000, respectively, on December 31, 1938. 2 This is a combination of two or more items shown separately on June and December call dates. 3 Revised to exclude acceptances of other banks and bills sold with endorsement, now reported as contingent liabilities. 4 United States Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 6 Reserves for dividends payable in common stock, $5,544,000 on December 31,1938, were formerly published as part of undivided profits. Reserves for undeclared cash dividends on capital stock and for accrued interest on capital notes and debentures, $10,691,000 on December 31, 1938, were formerly reported in combination with dividends declared but not yet payable. Beginning December 31,1938 these two reserves are included in "Other capital accounts." 6 Demand deposits other than interbank and United States Government, less cash items reported as in process of collection. 7 Balance with private banks and American branches of foreign banks were not reported separately on these dates and are included in "Other assets." s Includes some cash items not in process of collection. JANUARY 1940 57 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS-CONDITION ON OCTOBER 2,1939 BY CLASSES OF BANKS [Amounts in thousands of dollars] m b e a A m n l k b l s er m n b a e a t A m i n o l k b n l s e a r l A m b l e l a m n S k b ta s e t r e Ce m nt e r m al b r e e r s e b r a v n e k c s i l ty m R ba e e c s n m i e t k y r b v s e 1 e r C m b o a e n u m k n b s tr e y 1 r New York Chicago Assets Loans (including overdrafts) __ — 13,470,421 8, 742,984 4, 727,437 3,115, 803 562,561 5,127,316 4, 664, 741 United States Government direct obligations. 10,890,726 6,813,079 4,077, 647 3,401,426 1,017, 361 4,089, 311 2,382, 628 Obligations guaranteed by United States Government- 2,919,672 1, 921, 340 998,332 1,156, 757 154,648 909, 260 699,007 Obligations of States and political subdivisions 2, 764,373 1, 791,210 973,163 661, 786 146,908 897, 261 1,058,418 Other bonds, notes, and debentures, including obligations of Government corporations and agencies not guaranteed by United States 2 2, 582, 455 1, 796,855 785,600 542, 398 139,083 700, 517 1,200,457 Corporate stocks (including Federal Reserve bank stock). 447,483 224,670 222,813 165, 745 29,129 155,942 96,667 Total loans and investments 33,075,130 21,290,138 11, 784,992 9,043,915 2,049,690 11,879,607 10,101,918 Reserve with Federal Reserve banks 11, 616, 524 6, 533,074 5,083,450 5, 928, 909 1,080,197 3,052,878 1, 554, 540 Cash in vault 773, 514 558, 996 84,763 36,755 323,444 328, 552 Demand balances with banks in United States (except 214, 518 private banks and American branches of foreign banks).. 5,147,234 3, 967, 775 106,910 223,163 2,409,087 2, 408, 074 Other balances with banks in United States and foreign 1,179,459 countries2 197,020 124, 658 25,531 15, 730 87,189 68,570 Due from own foreign branches 12,135 5,327 72,362 6,808 5,327 Cash items in process of collection 1, 921, 302 1,177,199 744,103 805, 929 107,074 744, 930 263, 369 Bank premises owned and furniture and fixtures 931, 929 606,056 325,873 208,023 20,553 323, 694 379,659 Other real estate owned 298,196 137, 567 160, 629 30,154 4,692 110, 553 152, 797 Investments and other assets indirectly representing bank premises or other real estate _ _ 144,948 69, 218 75,730 20,359 95, 252 28,451 Customers' liability on acceptances _ 80, 663 42,290 38, 373 57,054 2,486 19, 581 1,542 Income accrued but not yet collected 108,999 65, 255 43, 744 34,041 9,941 44,999 20,018 Other assets _ _ 93, 615 46,039 47, 576 24,055 7,277 36, 678 25, 605 Total assets... 54,401,209 34, 623,592 19, 777, 617 16,376,451 3,558,444 19,133,219 15,333,095 Liabilities Demand deposits—Total 36, 702, 798 22,808,252 13,894,546 13,790, 725 2, 781,228 12,546,392 7,584,453 Individuals, partnerships, and corporations 23,983, 218 14, 613, 795 9,369,423 8,811,717 1,632,067 7,803,391 5,736,043 United States Government8— 674, 652 484,009 190,643 71, 777 59,587 409,944 133,344 States and political subdivisions 2, 390,422 1, 774,898 615, 524 321, 403 195,176 800,690 1,073,153 Banks in United States and foreign countries8 8,988,854 5, 570, 626 3,418, 228 4, 236, 534 867,346 3, 374, 471 510, 503 Certified and officers' checks, cash letters of credit and travelers' checks, etc _ _ 665, 652 364,924 300,728 349, 294 27,052 157,896 131,410 Time deposits—Total. _ 11, 726,788 8,119,385 3,607,403 740, 709 492, 996 4,650,463 5,842,620 Individuals, partnerships, and corporations2 11,103,802 7, 649, 582 3,454, 220 682,910 469,391 4,319,045 5,632,456 Postal savings 3 _ 51,423 44, 761 6,662 3,000 13, 582 34,841 States and political subdivisions 417,849 315,830 102,019 51, 783 20, 605 197, 575 147,886 Banks in United States and foreign countries 2 153, 714 109, 212 . 44,502 6,016 120,261 27, 437 Total deposits _ _ 48,429,586 30,927,637 17,501,949 14,531,434 3,274,224 17,196,855 13,427,073 Due to own foreign branches 127, 731 111, 210 16, 521 127, 731 Bills payable, rediscounts, and other liabilities for borrowed money 4,722 2,997 1,725 607 102 4,013 Acceptances outstanding 99,248 51,811 47,437 70, 621 3,022 24,055 1,550 Dividends declared but not yet payable 6,365 5,561 804 231 30 5,186 918 Income collected but not yet earned 55,046 37,072 17,974 10,036 1,687 27, 324 15,999 Expenses accrued and unpaid _ 88,743 55,466 33,277 14,368 9,355 43, 070 21,950 Other liabilities ,_ 59, 342 19,898 39,444 34,388 104 15, 641 9,209 Total liabilities 48, 870, 783 31,211, 652 17, 659,131 14, 789, 416 3,288,422 17,312,233 13,480,712 Capital Accounts Capital 2, 385, 745 1, 555, 636 830,109 548,193 126, 500 791, 787 919,265 Surplus. 2,120,960 1,178, 687 942, 273 808, 553 73, 908 660, 788 577, 711 Undivided profits 700, 545 467,078 233,467 168, 624 37, 737 237, 973 256, 211 Reserves for contingencies and other capital accounts a 323,176 210, 539 112, 637 61, 665 31, 877 130, 438 99,196 Total capital accounts. 5, 530, 426 3,411,940 2,118, 486 1,587,035 270,022 1, 820, 986 1,852,383 Total liabilities and capital accounts 54, 401, 209 34,623,592 19, 777, 617 16,376,451 3,558, 444 19,133,219 15,333,095 Net demand deposits subject to reserve (see page 15) 29, 652, 240 17, 672, 253 11, 979, 987 12,877,886 2, 452, 423 9, 396, 964 4, 924, 967 Demand deposits—adjusted 4 25,117, 990 15, 576, 418 9, 541, 572 8, 676, 485 1, 747, 221 8, 017,047 6, 677, 237 Number of banks _ 6,339 5,196 1,143 36 13 345 5,945 1 Excluding member banks in outlying sections of some cities authorized to carry lower reserves. 2 This is a combination of two or more items shown separately on June and December call dates. 3 United States Treasurer's time deposits, open account, are combined with postal savings (time) deposits. * Demand deposits other than interbank and United States Government, less cash items reported as in process of collection. 58 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments. . 60 Gold production 61 Gold movements 61-62 International capital transactions of the United States 63-66 Central banks 67-70 Bank for International Settlements. , 71 Money rates 71 ; Discount rates of central banks 72 Commercial banks 72-73 Foreign exchange rates 74 Price movements: Wholesale prices 75 Retail food prices and cost of living 76 Security prices 76 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins; some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. Daily and monthly press releases giving daily and monthly average foreign exchange rates will be sent without charge to those wishing them. Other data on the following pages are not regularly released prior to publication. JANUARY 1940 59 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Countries in Tripartite Accord Other countries Total i Switzerland End of month c tr o ( i 5 u e 2 s n ) - U S n ta i t t e e s d U K d n i o i n m t g ed - France g B i e u l m - N la e e n r t d - h s - ti N on a- al B.LS. g t A i e n r n a - - Brazil I B n is r d i h i t a - g B a u r l i - a C a a d n a - Chile Bank 1934—December.. 21,051 8,238 1,584 5,445 590 573 624 403 275 19 134 29 7 1935—December.. 21,604 10,125 1,648 4,395 611 438 454 444 275 19 189 29 10 1936—December.. 22,630 11, 258 2,584 2,996 632 490 655 501 275 20 188 29 8 1937—December.. 23, 964 12, 760 2,689 2,564 597 930 648 469 274 24 184 30 16 1938—December.. 25,468 14, 512 2,690 2,435 581 995 431 274 24 192 30 18 1939—January 24,003 14, 682 1,042 2,435 582 995 431 274 24 197 30 19 February... 24,175 14,874 1,042 2,435 588 974 680 431 274 24 206 30 20 March 24, 387 15, 258 1,066 2,435 518 909 640 428 274 24 210 30 21 April 24,964 15, 791 1,066 2,574 520 834 598 428 274 24 212 30 21 May 25,140 15,957 1,067 2,574 524 823 598 428 274 24 214 30 21 June. 25,290 16,110 1,067 2,574 540 800 598 428 274 24 213 30 21 July... 25, 512 16, 238 1,162 2,574 573 769 595 427 274 24 212 30 21 August 26,118 16,646 1,162 2,714 614 769 585 431 274 24 218 30 21 September.. 25, 254 16, 932 1 2,714 615 752 585 449 274 24 218 30 21 October 25, 289 17,091 1 2,714 611 754 579 P449 274 P24 212 30 21 November.. P25,487 17, 358 1 P2, 714 P611 700 559 P449 P274 P24 213 P30 21 Other countries—Continued End of month lo C m o b - ia C v z s a e lo k c - h ia o- m D a e r n k - Egypt m G a e n r y - * Greece H ga u r n y - Italy « Japan Java M ic e o x- N l Z a e e n a w d - N w o ay r- Peru l P a o n - d 1934—Dec... 112 55 40 23 518 394 25 19 96 1935—Dec... 112 55 34 23 270 425 23 20 84 1936—Dec. _ 91 55 26 25 208 463 23 20 75 1937—Dec. . 92 55 24 25 210 261 23 20 83 1938—Dec. . 83 55 27 37 193 164 23 20 85 1939—Jan.... 83 55 27 24 193 164 23 19 85 Feb... 83 55 27 24 193 164 23 19 85 Mar... 67 55 29 24 193 164 23 96 19 85 April.. 66 55 29 24 193 164 23 107 19 84 May.. 65 55 31 24 193 164 23 107 19 84 June- 62 55 31 24 193 164 23 107 19 84 July... 60 55 30 24 193 164 23 107 19 84 Aug... 60 55 28 24 193 164 23 107 '20 84 Sept... 58 55 28 24 193 164 23 107 20 84 Oct.... 57 P55 28 24 193 164 23 103 P20 Nov.__ P57 P55 P28 P24 193 164 P23 103 P20 Government gold reserves1 not included Other countries—Continued in previous figures for SZ countries End of month Po g r a t l u- Ru n m ia a- A So fr u ic th a Spain 5 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 - c o o t 1 h u 6 e n r - E m n o d n t o h f U S n ta i t t e e s d U K d n i o i n m t g ed - France g B i e u l m tries « 1934—Dec 104 184 740 159 22 154 1934—Dec. 31 1935—Dec _ 109 212 735 185 24 158 1935—Dec. 53 1936—Dec 114 203 718 240 26 175 1936—Dec. 2 934 93 1937—Dec 120 189 718 244 29 169 1937—Dec. 31,395 81 1938—Dec _ 133 220 525 321 29 125 1938—Mar- 1,489 1939— F M Ja e a n b r 69 1 1 1 3 3 3 3 4 4 2 2 2 2 2 1 0 1 9 5 5 5 2 2 2 5 5 5 3 3 3 3 3 3 1 1 2 2 3 3 9 0 0 1 1 1 2 2 2 6 4 7 J S O u e c n p t e t .. . . . . 444 759 <103 62 April.... 135 218 525 339 30 126 Nov.. 130 May 136 218 525 344 30 126 Dec. 80 331 44 June 137 219 525 346 30 133 1939—Jan... 381 J A u u ly g 1 1 3 4 7 8 2 2 1 2 9 2 5 5 2 2 5 5 3 3 4 5 8 5 3 3 0 0 1 13 3 6 5 Feb.. "154* 1, ( 7 ) 32 4 5 6 5 5 9 Sept 149 234 525 357 29 131 Mar.. 455 Oct 150 P234 525 332 29 P131 M^yl 477 Nov. P69 P150 P234 525 333 P29 P131 June. "85" 17 July. Sept. p Preliminary. e Corrected. 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 Mar. 1939 officially reported and carried forward. (Special A/c No. 1); U. K.—Exchange Equaliza- 8 Figure for May 1939 officially reported and carried forward. tion Account; France—Exchange Stabilization * Figure for Dec 1938 officially reported and carried forward. Fund and Rentes Fund; * Belgium—Treasury. » Figure for Aug. 1, 1936, carried forward through Mar. 1938; Apr. 1938 figure officially re- Gold in Swiss and Dutch Funds and in some ported and carried forward. other central reserves 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 through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Guatemala, 3 Figure for Sept. 1937. Finland, Latvia, Lithuania, Morocco, and Siam. 4 First date reported. NOTE.—For back figures and description of table see BULLETIN for June 1933, pp. 368-372, * Transferred: from Bank to Account, $1,648, and July 1936, pp. 544-547; also see footnotes to table in BULLETIN for Aug. 1936, p. 667, and Dec 000,000 on Jan. 6, and $1,162,000,000 on Sept. 6, 1937, p. 1262. 1939; from Account to Bank, $26,000,000 on Mar. 1, and $94,000,000 on July 12, 1939. 60 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION Outside U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or mouth pr t o io d n uc- Africa North and South America Far East U o . u S t . s S id .R e . Total A So fr u ic th a Rho- A W fr e ic st a B C e o l n g g ia o n U St n a i t t e e s d i Canada Mexico Co b l i o a m- Chile Au li s a tra- B In ri d ti i s a h $1=26-8/10grains of gold 9/10 fine; i. e., an ounce of fine gold=$20.67 1929_. 382, 532 352, 237 215, 242 11, 607 4,297 2,390 45,651 39,862 13,463 2,823 683 8,712 7,508 1930_. 401,088 365, 258 221, 526 11,476 4,995 2,699 47, 248 43,454 13,813 3,281 428 9,553 6,785 426,424 386, 293 224,863 11,193 5,524 3,224 49, 527 55,687 12,866 4,016 442 12,134 6,815 1932.. 458,102 413,459 238,931 12,000 5,992 3,642 50, 626 62,933 12,070 5,132 788 14, 563 6,782 1933_. 469, 257 411, 208 227, 673 13, 335 6,623 3,631 52,842 60, 968 13,169 6,165 3,009 16,873 6,919 $1=15-5/21 grains of gold 9/10 fine; i. e., an ounce of fine gold=$S5 1933_. 794, 498 696, 218 385,474 22, 578 11,214 6,148 89,467 103, 224 22,297 10,438 5,094 28,568 11,715 1934_. 823,003 707/288 366, 795 24, 264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 30, 559 11, 223 1935.. 882, 533 751, 979 377,090 25,477 13, 625 7,159 126,325 114,971 23,858 11,515 9,251 31, 240 11,468 1936.. 971, 514 396, 768 28,053 16, 295 7,386 152, 509 131,181 26,465 13, 632 9,018 40,118 11,663 1937. . 1, 041, 987 892, 535 410, 710 28, 296 20, 784 8,018 168,159 143, 367 29, 591 15,478 9,544 46,982 11, 607 1938_. 1,118,480 957,175 425, 649 28, 532 24,670 8,470 178,143 165,379 32,306 18, 225 10,290 54,264 11, 247 1938—August 84,140 36, 622 2,415 2,053 716 16, 590 14, 571 2,941 1,515 4,771 958 September. 97,439 83, 275 36, 237 2,365 2,048 743 16,937 14, 291 2,062 1,812 1,019 4,816 946 October 96, 938 82, 954 36,449 2,445 2,174 725 16,320 14,449 2,265 1,622 906 4,642 956 N De o c v e e m m b b e e r r . . _ 9 98 8 , , 7 8 8 4 7 5 8 8 4 4 , , 8 23 0 4 2 3 3 5 6 , , 8 0 4 0 2 7 2 2, , 3 3 1 8 8 1 2 2 , , 2 2 4 0 0 4 7 75 2 1 8 1 1 8 6 , , 0 5 6 7 8 9 1 1 4 5 , , 4 2 4 3 5 1 2 2 , , 7 3 0 5 0 3 1 1 , , 4 6 9 2 9 8 1, 9 03 30 3 4 5, , 3 7 9 8 3 3 9 9 9 3 5 0 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, 540 79, 728 35, 613 2,252 2,349 729 15, 260 14,238 1,733 1,513 830 4,301 912 May 98,484 83,415 37, 970 2,355 2,323 779 15,167 15,133 1,794 1,614 4,649 936 June 99,450 83, 541 37,065 2,369 2,277 756 14,460 15,287 3,216 1,551 4,684 910 July 102, 762 »-87,089 37, 952 2,395 2,395 739 16,099 15,402 ^3, 638 1,551 1,583 4,399 936 August J>107,196 P91, 355 38,494 P2, 431 2,379 731 16, 796 15, 722 6,519 1,735 777 4,849 923 September.. P106, 710 *89, 753 37,817 P2, 345 P2, 412 705 19,576 14, 752 2,302 1,803 1,012 6,140 P888 October P107, 991 P91, 629 38, 459 P2, 380 P2, 412 21, 633 P15, 330 P% 392 1,677 P1,012 P4,530 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production, in millions of dollars, as follows—at $20.67 per fine ounce: 1929, $15; 1930, $31; 1931, $34; 1932, $40; 1933, $56; at $35 per fine ounce: 1933, $95; 1934, $135; 1935, $158; 1936, $185; 1937, $180; 1938 (preliminary), $184. p Preliminary. r Revised. i Includes production in the Philippines. NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETINS for March 1939, p. 227, February 1939, p. 151, June 1938, pp. 539-540, and April 1933, pp. 233-35. For annual figures of world production back to 1873 (including Russia-U.S.S.R.), see Annual Report of Director of Mint for 1936, pp. 108-109,1937, pp. 104-105 and 1938, pp. 102-103. Figures for Canada beginning January 1939 are subject to official revision. GOLD MOVEMENTS [In thousands of dollars at approximately $35 a fine ounce] United States Total Net imports from or net exports (—) to: net Year or month i e m o x r p p o o n r r e t t t s s U K d n i o i n t m e g d - France g B iu e m l- N la e e n r t d - h s - S d w en e- S l z a w e n r i d - t- C a a d n a - M i e c x o - Co b l i o a m- P Is p h l i i a n l n i e p d - s A tra u l s i - a Japan B I r n i d ti i s a h c o t o r A th i u e l e n l s r - 1934 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30, 270 16,944 12,038 1,029 76,820 32,316 1935 1,739,019 315,727 934,243 3 227,185 968 95,171 13, 667 10,899 15,335 3,498 75, 268 47,054 1936 1,116,584 174,093 573,671 3,351 71,006 7,511 72, 648 39, 966 11,911 21, 513 23| 280 77,892 39, 743 1937 1, 585, 503 891, 531-13,710 90,859 6,461 54,452 111, 480 38, 482 18, 397 25,427 34, 713246,464 50,762 30,179 1938 1,973, 569 , 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 ! 68, 376 1938—September. 520,896 377,984 47, 219 11,521 38,148 1, 446 4 2,721 3,775 35,095 2,982 October.... 562, 366 443,403 42,959 41,832 3,840 1 10,810 2,236 4 2,720 3,294 5,740 760 4,768 November. 177,768 99,145 17 27, 242 1,136 7,171 3,457 11 2,943 7,888 5,788 3,822 *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,. 1,6 33,678 2 -67 10,842 2,342 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 250,042 816 37,179 27,098 8,227 6,852 3,822 4,234 3,326 4,303 11,410 3,685 4,391 April 605, 797 384,925 21 84, 603 44, 564 55,680 7,665 1,649 2,114 2,179 4,844 5,528 4,944 » 7,073 May __ 429,404 302,667 3 41,651 40,449 2,284 12,066 2,050 2,117 2,594 5,295 10,931 3,390 3,909 June 240,430 128,196 2 55,081 5,644 17,191 3,280 2,107 3,843 5,677 14,093 2,244 3,072 July 278, 636 177,805 1 45,554 5,628 15,196 4,150 2,123 3,022 5,034 10, 938 2,760 6,416 August 259,921 163,738 2 22, 640 34, 299 3,956 2,120 2,775 5,689 10,931 9,259 4,512 S O e c p to te b m er ber. 3 6 2 9 6 , , 0 7 7 2 4 6 16 1 2 0 , , 4 1 5 8 0 2 86 2,990 1 1,482 120 9 , , 8 9 3 4 7 0 1,7 6 9 5 4 3 2,102 3 3 , , 1 9 8 4 8 7 8 5 , , 4 4 2 7 0 4 1 1 6 2 , , 4 4 2 9 5 7 4 V ,f" •1 * 8 8 , , 0 1 5 2 52 November. 167,980 18, 556 8,781 5,113 ~2~990 65,067 3,445 2,117 2,64312, 505 9,487 12,049 6 25, 200 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Figures for November and December 1938 include imports from Argentina of $14,112,000 and $17,710,000, respectively. 3 Includes $4,503,000 from Argentina. * Includes $5,158,000 from Hong-Kong. 5 Includes $6,363,000 from Italy; $4,087,000 from Hong-Kong. 6 Includes $10,449,000 from South Africa. NOTE.—For gross import and export figures and for additional countries see table on p. 30. JANUARY 1940 61 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Gold Movements—Continued [In thousands of dollars at approximately $35 a fine ounce] United Kingdom Net imports from or net exports (—) to: Year or Total month net im- South All ports Africa, Other other e o x r p n or e t t s U S n ta i t t e e s d France m G an er y - * g B iu el m - N la e n th d e s r- U.S.S.R.Au li s a trad R e h s o ia - , B In ri d ti i s a h B co ri u t n is h S d w en ee S r w la i n tz d - c t o ri u e n s - () West tries Africa 1934 716,269 -497,166 348,190 121,017-13,585 32, 575 41,790 335,253 206,693 62,397 -9,123 1935 369,722 -435, 502 142,137 -4,726-17,476 10,796 931 37,981 404, 295 181,602 32,754 -50,661 53,465 14,126 1936 1,169,931 —276,830 756,215 23,292-15,133 -21,215 26,723 488,814 128,421 28,067 -10,129 3,998 37, 708 1937 420,427 -834,009 541,187 46,147-21,993 -16, 572 199,965 24,165 464,837 66,330 22,079 -81 -16, 596 -55,032 1938 -285,638 -1,050,395 33,173 348,000 -46,463 115,540 27,831 333, 750 55, 744 20,761 -89,371 -78,029 4,922 1938—June 89,580 -20,811 -6,137 57 56, 764-12,037 28,104 2,024 40, 623 3,725 9,929 -7,673 -5,407 July. 24,119 -10, 529 -997 47 23,212 -5,750 2,490 31, 516 6,418 6,581 -11,429 -16, 521 Aug. -73,132 -93,660 -5,726 6,164 -258 -10,041 ~~5~ 665 2,102 31,192 10,356 3,035 -11,151 -10,498 Sept. -261,143 -360,016 685 14,358 120,075 -7,498 2,839 16,831 3,023 —4,750 -22,763 -21,980 Oct.. -210,171 -308, 528 69,604 4,077 33,982 535 705 6,530 4,204 -20, 792 -4,671 2,831 Nov. -96, 508 -105,220 -66 6,005 -2,328 -5, 245 155 2,695 4,260 618 1,017 Dec. -66, 726 -97,371 758 2,057 9,990 5,649 528 7,358 1,815 531 1,511 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 -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 <-47,875 -437 73,394 -425 May. -294,077 -287,762 -262 4,018 2,008 49,004 5,631 143 45,394 2^9751-145,856 -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 -1 196 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 -4,618 Germany Switzerland British India Net imports from or net exports (—) to: Increase in India: Year or Total Total month e n o x p e r p ( t o ) o n r i r t m e t s s t - ^ i e m o x r n p p e n o o t r e r t t t s s U S n ta i t t e e s d U K d n o i i n m t g ed - France g B iu el m - Italy N la e e n r t d - h s - m G a e n r y - ! c o t o A r th i u e l e n l s r - i e m o T x r ( n p p o ) 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 n e n v a - - n es e f a e o r g d r m I o e n i l f a g d o r n r k- p i h r n o i I g l v n s d a 7 t - e account 1934.. -90, 920 -46,065 -12,784-45,955 -29, 235 18,397 19,431 2,580 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 « 2,812-161,872 11,468 -150,398 -1,868 122,278 -9,127 -1,714 39,305 14, 531 51,299 4,600 -2,990 -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 4f" -54, 661 11, 247 12.078 -55,494 1938—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 13 33 —117 994 -265 31 -2,283 930 5,690 -7,043 Dec... -3, 765 -1,854 -139 -166 -2,884 -209 211 995 4,479 -3,273 1939—Jan.... -3, 786 549 -149 1 -2,294 -1,274 -7 -125 940 11,423 -10,608 Feb.... -11,940 -2,112 -21 -763 24 -213 556 -1,581 -97 -15 -3, 288 7,749 -10,174 Mar.... 9,999 -37,332 -10,786 1,547 -1,990 -1,1 -576 -8,327 -14,830 -860 -5,113 -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... -284 -10,696 -8,589 93 269 6 -8 725 -3,116 -76 -2,049 910 5,749 July... 7,765 -2,856 1,033 -1,153 2 10,800 355 -171 -244 -10,264 936 942 -10,270 Aug.... 5,275 2 4,334 -1,929 —91 2,815 1,234 -887 -204 -5,274 923 2, 512 -6,863 Sept... -2, 730 -1,506 -1,030 -1 -25 89 -243 -11 -5, 213 6,096 - 10,421 Oct -2,855 -r~ 44 -541 -5 -4, 583 -1,463 1,617 2,965 NOV.P. -15,323 -915 -6,175 -1,601 -2, 744 -3,8 p Preliminary. i Beginning April 1938 figures refer to Greater Germany. i Includes $17,465,000 exported to Rumania and unspecified net imports of $95,937,000. s Includes $67,655,000 exported to Central and South America. < Figures for April and May include exports to Canada of $45,972,000 and $144,910,000 respectively. «Includes net exports to Canada of $115,515,000. • Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred. ' Figures derived from preceding columns; gold movement plus production minus increases in Indian reserves and gold earmarked for foreign account in India. • Includes net import of $19,926,000 from Czecho-Slovakia and net export of $15,374,000 to Austria. »Includes net import of $26,555,000 from Czecho-Slovakia. NOTE.—Switzerland.—In some cases annual aggregates of official monthly figures differ somewhat from revised official totals published for year as a whole. 62 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 From Jan. 2, 1935, through- Total in U. S. securities: securities: Inflow in Central banking Return Inflow of brokerage Total bank Other funds of U.S. foreign balances funds abroad funds funds 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—Jan. 4... 3, 798. 7 1, 387. 9 201.0 1,186.9 510.1 641.8 1,211.4 47.6 Jan. 11. 3,788. 6 "., 386. 5 1,192. 9 494.3 645.1 1,213.3 49.4 Jan.18. 3,813. 5 ,411.1 180.5 1, 230. 6 503.3 641.8 1,204.8 52.5 Jan.25. 3, 812. 6 ., 421. 4 187.3 1,234. 2 500.9 644.7 1,188. 4 57.2 Feb. I... 3,852. 6 ., 478. 2 197.5 1,280. 7 496.5 634.6 1,181.4 61.9 Feb. 8... 3,876. 0 , 507. 8 243.3 1,264. 5 484.3 635.3 1,187.0 61.7 Feb. 15_ 3,912. 9 , 512. 9 278.1 1,234.8 514.7 1,189.0 61.4 Feb. 22. 3, 940. 7 , 517. 8 239.6 1,278. 2 535.0 637.5 1,190. 6 59.8 Mar. 1.. 3.986.0 , 544.9 265.1 1,279. 7 548.5 641.3 1,192. 6 58.8 Mar. 8_. 3, 997. 4 , 560.5 281.1 1,279.3 543.3 644.5 1,190.0 59.2 Mar. 15 4,015. 6 ., 568.1 287.3 1,280.8 553.4 643.6 1,189. 5 61.1 Mar. 22. 4.083.1 ., 648. 3 247.2 1,401.1 549.5 644.3 1,174. 5 66.5 Mar. 29. 4,134.7 1,693.0 256.8 1,436. 2 550.5 646.7 1,180. 6 63.9 Apr. 5... 4,241.8 1,759.6 251.3 1,508.3 572.0 652.6 1.191.7 65.9 Apr. 12. 4, 317. 6 1, 819. 8 278.6 1, 541. 2 582.2 652.9 1.193.8 Apr. 19. 4,402. 9 1,892. 9 243.8 1,649. 0 587.5 655.3 1,194.3 72.9 Apr. 26. 4,479. 6 1,934. 4 240.9 1, 693. 5 611.8 657.5 1,202. 9 73.0 May 3__ 4,523. 7 2,019.6 245.9 1,773.6 596.1 621.8 1,211.9 74.4 May 10. 4, 544. 5 2,030. 7 264.5 1, 766. 2 591.3 637.1 1, 210.2 75.3 May 17. 4, 567. 6 2,042.8 292.8 1,750.0 597.3 642.3 1,211.8 73.4 May 24. 4, 570.0 2,046. 3 299.1 1, 747. 3 596.0 644.1 1, 209. 3 74.2 May 31. 4, 570.8 2,041. 5 302.1 1, 739. 5 599.8 647.6 1,209. 2 72.7 June 7._ 4, 550.0 2,008. 2 327.8 1,680. 4 601.3 658.4 1, 210.6 71.6 June 14, 4, 555.9 2,019.8 364.4 1,655. 5 593.7 661.5 1,208.3 72.6 June 21. 4, 586. 2 2,031. 7 364.5 1, 667. 3 610.7 664.3 1, 205. 6 73.8 June 28. 4, 595. 6 2,048. 3 361.8 1, 686. 5 609.5 664.5 1,199.3 74.0 July 5... 4, 613.7 2,049. 7 306.9 1, 742. 9 610.1 678.5 1,199. 3 76.1 July 12.. 4, 590.9 2,031.2 293.6 1,737. 5 609.9 677.1 1,194.4 78.4 July 19.. 4, 593.1 2,042. 5 288.6 1, 753. 9 606.5 677.0 1,185.0 81.9 July 26.. 4, 615. 4 2,066. 2 301.2 1, 765. 0 609.0 678.0 1,180.0 Aug. 2.. 4, 637. 2 2,093. 9 327.1 1, 766. 8 598.8 680.2 1,182. 2 82.1 Aug. 9- 4,664.8 2,139.1 323. 2 1,815. 8 612.0 652.8 1,176. 5 84.5 Aug. 16. 4, 711. 8 2,182. 2 305.5 1, 876. 7 624.8 654.5 1,164.9 85.4 Aug. 23. 4, 830.0 2, 287. 3 352.5 1,934.9 635.1 656.9 1,165.1 85.5 Aug. 30. 4,865. 3 2, 334. 2 371.6 1,962. 6 622.6 657.8 1,165. 7 85.0 Sept. 6. 4,884.4 2,341. 5 409.0 1,932. 5 625.6 661.7 1.171.3 84.2 Sept. 13. 4,943. 7 2, 389. 3 464.7 1, 924. 6 625.0 668.9 1,181. 3 79.2 Sept. 20. 4,979. 3 2,434.6 510.7 1,923. 9 615.8 674.4 1,173. 4 81.1 Sept. 27 4, 958. 7 2, 412.4 485.1 1, 927. 3 621.8 676.9 1.164.4 83.1 JANUARY 1940 63 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

International Capital Transactions—Continued [In millions of dollars. Minus sign indicates net movement from United States] 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 Aug 30 4,865. 3 1, 326. 3 473.4 412.1 647.2 148.8 26.1 665.1 3, 699.1 291.8 536.1 259.4 78.9 Sept. 6 4,884.4 1,351.8 486.3 413.6 651.7 149.9 24.7 665.3 3, 743. 3 261.2 547.0 250.0 82.9 Sept. 13 4,943. 7 1, 369. 7 488.0 426.4 658.2 151.6 24.8 676.0 3, 794. 6 271.6 540.6 262.8 74.0 Sept. 20 4,979.3 1,413.4 478.5 442.3 665.0 151.4 31.3 676.6 3, 858. 5 253.6 530.7 261.6 74.9 Sept. 27 4, 958. 7 1, 368.1 459. 6 448.4 671.1 151.1 32.9 686.0 3,817. 2 260.9 528.0 276.4 76.2 TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t o A th l e l r 1935—Dec. 31 603.3 128.6 129.6 55.7 72.4 -.8 7.3 60.7 453.5 46.0 33.5 58.8 11.5 1936—Dec. 30 930.5 163.5 144.2 65.9 109.8 2.7 23.0 79.7 588.9 86.8 149.3 90.4 15.2 1937—Dec. 29 1,168. 5 189.3 111.8 76.3 288.4 9.6 6.9 109.4 791.7 76.3 166.3 126.2 8.0 1938—Dec. 28 1, 432. 7 366.7 158.8 84.4 203.7 -9.8 3.8 203.0 1,010. 6 135.1 134.0 132.7 20.4 1939—Mar. 29 1, 693. 0 401.8 187.4 129.9 233.4 -10.9 -3.9 267.8 1, 205. 5 136.5 179.8 139.9 31.3 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 Aug. 30 2, 334. 2 522.3 283.7 144.8 270.0 -18.5 -7.4 384.1 1, 579.0 256.1 268.9 172.8 57.5 Sept. 6 2, 341. 5 547.4 290.2 144.8 273.7 -21.6 -8.5 378.2 1, 604. 2 230.2 279.2 167.1 60.9 Sept. 13 2, 389. 3 575.7 292.0 152.2 276.7 -21.4 -8.3 388.9 1, 655. 9 236.4 270.4 174.9 51.8 Sept. 20 2,434. 6 624.8 283.0 166.1 281.2 -21.7 -2.4 389.6 1, 720. 7 219.5 263.8 177.2 53.4 Sept. 27 2, 412. 4 584.5 263.8 172.0 286.2 -21.9 -1.6 399.5 1, 682. 5 225.2 262. 0 • 188.5 54.3 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 Aug. 30 622.6 225.2 70.0 8.4 5.6 158.2 14.6 35.1 517.2 52.3 61.9 -5.7 -3.0 Sept. 6 625.6 228.1 71.0 8.4 5.2 162. 5 14.1 40.5 529.9 47.2 61.1 -9.9 -2.7 Sept. 13 625.0 223.0 70.8 8.8 5.6 164.0 14.0 40.3 526.5 46.1 60.9 -5.9 -2.7 Sept. 20 615.8 224.5 69.6 9.5 5.3 164.3 14.4 39.7 527.3 43.6 57.8 -9.6 -3.3 Sept. 27 621.8 226.1 70.0 9.1 5.2 164.1 15.1 38.2 527.7 46.6 57.4 -6.4 -3.6 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. 64 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

International Capital Transactions—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 Q a e n r y - - Italy E O u t r h o e p r e E T u o ro ta p l e Canada Am La e t r i i n ca E F a a s r t o A th l e l r 1935—Dec. 31 125.2 67.8 6.8 7.4 -1.2 lS. 3 2.9 46.1 143.1 -39.7 12.7 7.9 1.1 1936—Dec. 30 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17.0 3.5 1937—Dec. 29 583.2 136.8 22.8 21.2 30.4 26.6 13.5 115.2 366.4 10.5 175.0 24.5 6.8 1938—Dec. 28 610.0 129.1 26.2 27.3 37.1 33.1 20.5 165.9 439.1 -38.9 166.3 33.8 9.7 1939—Mar. 29 - 646.7 127.6 26.3 28.7 38.4 34.9 23.1 174.9 453.8 -25.8 172.6 36.2 9.9 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 Aug. 30 - 657.8 127.4 28.3 29.7 43.2 36.4 24.4 181.8 471.2 -41.5 178.8 38.8 10.5 Sept. 6 661.7 125.6 33.2 29.7 42.6 36.3 24.6 182.1 474.0 -40.7 179.0 38.8 10.6 Sept. 13 668.9 125.1 33.4 29.9 43.0 36.4 24.6 181.8 474.1 -34.6 179.7 39.0 10.7 Sept. 20 674.4 124.9 33.7 29.8 43.3 36.4 24.8 182.5 475.2 -30.8 180.0 39.3 10.7 Sept. 27 676.9 124.9 33.8 29.7 43.4 36.4 24.8 183.1 476.0 -29.5 180.4 39.3 10.7 TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th r J o a u n g . h 2 — , 1935, Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t o A th l e l r 1935-Dec. 31 316.7 149.8 23.4 50.5 55.1 -5.4 -.1 12.9 286.2 2.8 3.7 21.4 2.6 1936—Dec. 30 917.4 367.7 64.7 157.6 200.2 -7.5 -3.3 38.5 818.0 32.6 15.5 44.1 7.1 1937—Dec. 29 1,162.0 448.7 70.3 213.8 275.3 -17.4 -4.9 55.7 1,041. 6 37.6 18.2 54.7 9.8 1938—Dec. 28 1,210.9 472.6 76.5 212.9 301.7 -22.7 -5.4 56.6 1,092.3 27.8 23.4 56.4 11.0 1939—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 Aug. 30 1,165. 7 433.5 72.2 220.6 313.4 -27.1 -5.7 56.7 1,063. 6 13.0 24.7 50.6 13.7 Sept. 6 1,171. 3 433.1 73.0 222.0 314.5 -27.2 -5.6 57.4 1,067.1 12.0 25.6 52.7 13.9 Sept. 13 1,181. 3 426.0 73.4 228.4 318.5 -27.3 -5.6 58.4 1,071.8 11.9 27.3 56.3 14.1 Sept. 20 1,173. 4 417.1 73.7 227.6 320.3 -27.4 -5.6 58.2 1,063. 8 10.9 27.1 57.4 14.1 Sept. 27 1,164. 4 408.4 73.7 228.2 320.9 -27.4 -5.5 58.3 1, 056. 7 8.9 26.1 58.5 14.1 TABLE 7.—BROKERAGE BALANCES1, 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 6.0 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 22.6 -7.6 -4.2 2.1 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 .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 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 Aug. 30 85.0 17.8 19.1 8.6 15.0 -.2 .2 7.4 68.0 - 11.9 1.9 3.0 .3 Sept. 6 84.2 17.7 19.0 8.7 15.7 -.1 .2 7.1 68.2 12.4 2.1 1.2 .3 Sept. 13 79.2 19.8 18.4 7.1 14.5 -.1 .2 6.5 66.3 11.7 2.4 -1.4 .1 Sept. 20 81.1 22.1 18.5 9.3 14.9 -.2 .2 6.5 71.4 10.4 1.9 -2.6 Sept. 27 83.1 24.2 18.4 9.4 15.3 -.1 .2 7.0 74.3 9.7 2.1 —3. 6 1 For explanation see BULLETIN for May 1937, pp. 395-396. 2 Inflow less than $50,000. s Outflow less than $50,000 JANUARY 1940 65 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS—Continued OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [Outstanding amounts in millions of dollars] TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES Date Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S er w la it n z d - m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t o A th l e l r Reported by Banks in New York Citv 1929—Dec. 31___ 2,672.7 301.5 923.7 99.1 105.2 204.5 157.4 371.3 2,162.8 241.8 188.2 49.0 31.0 1930—Dec. 31___ 2, 335.0 214.5 799.4 122.2 222.2 161.0 111.2 281.3 1,911.7 216.8 130.8 38.2 37.5 1931—Dec. 30___ 1, 303. 5 104.9 549.2 44.6 66.0 41.1 33.2 122.2 961.2 148.3 103.3 69.0 21.6 1932—Dec. 28. __ 745.6 169.7 71.1 11.9 78.0 32.9 39.8 66.2 469.6 98.2 121.7 43.5 12.6 1933—Dec. 27___ 392.0 48.9 27.0 8.0 11.5 17.5 11.7 31.1 155.7 86.1 96.7 42.7 10.9 1934—Nov. 28i. 466.7 59.1 32.7 12.7 9.7 25.8 14.3 41.7 196.0 91.9 106.6 60.3 11.9 Reported by Banks in United States 1934—Dec. 5'_. 584.8 79.6 36.1 13.5 12.1 28.4 16.8 40.6 227.1 103.3 117.4 125.1 12.0 1935—Jan. 2..... 597.0 76.9 33.9 12.9 13.7 29.9 18.8 46.8 232.9 99.3 122.8 130.1 12.0 Dec. 31... 1, 200.2 205.5 163.5 68.6 86.1 29.0 26.1 107.5 686.3 145.3 156.3 188.9 23.4 1936—Dec. 30__. 1,491.6 235.7 176.3 78.8 123.5 32.0 41.7 126.3 814.3 186.1 263.9 200.2 27.1 1937—Dec. 29__. 1, 729. 6 261.5 143.9 89.1 302.1 39.0 25.7 156.0 1,017.1 175.6 280.9 236.0 20.0 1938—Dec. 28... 2,003.9 438.8 190.9 98.4 217.4 19.9 22.6 249.9 1,237.8 235.2 254.9 243.7 32.4 1939—Mar. 29.. 2, 264. 2 473.9 219.5 143.9 247.1 18.7 14.8 314.7 1,432.7 236.6 300.7 250.9 43.3 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 Aug. 30- 2, 905.4 594.5 315.9 158.7 283.6 11.1 11.4 431.0 1,806. 2 356.2 389.8 283.7 69.4 Sept. 6... 2,912. 7 619.5 322.3 158.8 287.3 8.1 10.3 425.1 1,831. 4 330.4 400.1 278.1 72.9 Sept. 13.. 2,960. 5 647.8 324.1 166.2 290.4 8.3 10.5 435.8 1,883.1 336.5 391.3 285.9 63.8 Sept. 20.. 3,005.8 697.0 315.1 180.0 294.9 7.9 16.4 436.5 1,947.9 319.6 384.7 288.2 65.4 Sept. 27.. 2,983. 6 656.7 295.9 186.0 299.9 7.8 17.1 446.4 1,909. 7 325.3 383.0 299.5 66.2 TABLE 9—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES Date Total U K d n i o i n t m g ed - France N la e e n r t d - h s - e S r w la i n tz d - m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t o A th l e l r Reported by Banks in New York City 1931—Dec. 30 1,103.3 I 166.2 29.5 20.9 12.6 467.2 18.7 149.2 I 864.3 58.1 136.5 41.8 2.6 1932—Dec. 28 937.9 87.3 62.9 13.0 6.2 434.9 11.8 97.0 713.1 42.2 155.2 24.0 3.5 1933—Dec. 27 898.8 192.5 66.9 18.4 12.3 260.9 16.7 83.2 651.0 32.3 159.7 49.7 6.2 1934—Nov. 281.— 827.1 | 201.3 94.1 15.9 8.5 178.8 10.7 60.2 569.5 84.4 124.4 46.2 2.6 Reported by Banks in United States 1934— Dec. 5 »__. 1,137.8 266.4 108.2 19.2 8.3 239.6 26.5 81.3 749.5 91.2 170.7 118.1 8.3 1935—Jan. 2 1,139.9 296.9 80.5 18.6 8.2 231.7 27.2 80.0 743.2 96.3 174.6 117.4 8.5 Dec. 31... 778.6 88.1 32.5 19.0 6.6 202.0 13.5 71.2 433.0 100.9 154.5 80.1 10.1 1936—Dec. 30. _. 672.6 114.1 16.8 21.9 5.4 165.1 10.9 57.8 392.1 59.4 141.1 67.2 12.9 1937—Dec. 29... 655.0 84.8 13.5 23.0 5.5 126.1 20.8 62.9 326.5 118.0 114.4 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 Aug. 30. .. 481.4 66.9 8.7 10.3 2.5 73.0 12.6 44.7 218.6 44.0 104.1 103.3 11.5 Sept. 6... 478.5 64.1 7.7 10.2 2.8 68.7 13.1 39.3 205.9 49.0 104.9 107.5 11.2 Sept. 13.. 479.1 69.1 8.0 9.8 2.5 67.2 13.2 39.5 209.2 50.2 105.0 103.5 11.2 Sept. 20.. 488.3 67.7 9.1 9.1 2.8 66.9 12.8 40.1 208.4 52.7 108.1 107.2 11.8 Sept. 27.. 482.3 66.0 8.7 9.6 2.9 67.1 12.2 41.6 208.1 49.7 108.5 104.0 12.1 1 Last report date on old basis. 8 First report date on new basis. 66 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 and ad- ties liabili- Coin Notts vances Bankers' Public Other ties 1929—Dec. 25. 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31. 147.6 260.0 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30. 120.7 275.0 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28. 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27. 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26. 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25. 200.1 260.0 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30. 313.7 200.0 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29. 326.4 220.0 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Nov. 30. 326.4 200.0 1.2 45.6 17.6 110.8 480.8 97.1 23.1 37.2 17.8 Dec. 28. 326.4 230.0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Jan. 25.. 2126.4 400.0 .7 62.6 18.8 103.9 463.8 118.2 12.9 36.7 18.1 Feb. 22. 126.4 400.0 1.0 53.7 17.5 100.6 472.7 103.1 16.3 35.1 18.2 Mar. 29. 3 226.2 300.0 1.1 44.2 4.8 124.8 482.0 98.5 21.8 36.3 18.2 April 26. 226.2 300.0 .9 37.1 6.2 129.5 489.1 91.4 27.0 37.6 17.7 May 31. 226.2 300.0 .6 26.4 8.0 140.7 499.8 82.4 38.3 37.1 17.8 June 28. 226.4 300.0 .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 Oct. 25.. .2 580.0 .9 53.0 4.6 127.7 527.1 116.8 12.6 39.2 17.7 Nov. 29. .2 580.0 1.1 51.6 4.5 132.1 528.7 103.5 27.8 40.2 17.8 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- liabiliex- Open Spe- Gov- term Other tion Govern- ties change market' cial' Other ern- Govern- securi- ment Other ment9 ment se- ties curities 1929—Dec. 27_ 41, 668 25,942 5,612 8,624 2,521 5,603 68,571 11,737 7,850 1,812 1930—Dec. 26. 53, 578 26,179 5,304 8,429 2,901 6,609 76,436 12,624 11,698 2,241 1931—Dec. 30_ 21, 111 7,157 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—Nov. 24 87.264 7,032 1,611 11,021 20,627 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 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. 1097,266 218 9,396 1,708 15,009 20,577 2,412 3,805 16,016 142, 359 3,304 18,038 2,708 Sept. 28 97, 266 212 9,734 1,958 14,830 22,777 930 3,661 16,482 144, 562 2,342 18,022 2,926 Oct. 26. 97,266 85 10,038 2,007 25,473 336 3,576 17,100 144.379 2,004 14, 790 3,006 Nov. SQP 97, 266 110 (u) 1,625 5,206 30,472 454 3,581 <") 149,369 1,952 12,393 (") p Preliminary. i Securities and silver coin held as cover for fiduciary issue, which has been fixed at £580,000,000 since Sept. 6, 1939; for information concerning previous status of fiduciary issue see BULLETINS for December 1939, p. 1140 and April 1939, p. 339. » On Jan. 6, 1939, £200,000,000 of gold transferred to British Exchange Equalization Account. • 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. « On Sept. 6, 1939, £279,000,000 transferred from Bank of England to Exchange Account. • By decree of Nov. 12,1938 (see BULLETIN for January 1939, p. 29), gold revalued on basis of 27.50 milligrams gold 0.900 fine per franc; gold also revalued in October 1936 and July 1937. For further details concerning these revaluations see BULLETINS for December 1939, p. 1140 and December 1938, p. 1091. i Negotiable bills of Caisse Autonome and bills bought under authority of decree of June 17, 1938 (see BULLETIN for Aug. 1938, p. 650). I 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). • 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; and under authority of Convention of Sept. 29,1938, approved by decree of Sept. 1, 1939 (see BULLETINS for July 1936, p. 536; Aug. 1937, p. 720; June 1938, p. 452; Aug. 1938, p. 650; Jan. 1939, p. 30, and Nov. 1939, p. 976). i° On April 20, and again on Aug. 3, 1939, 5,000,000,000 francs of gold transferred from Stabilization Fund to Bank of France II Figures not yet available. NOTE.—For further explanation of table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. JANUARY 1940 67 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Assets Liabilities Reichsbank Reserves of gold andBills (and Securities (Figu r r e e i s c h i s n m m ar i k ll s io ) ns of f T o o re t i a g l n exchange i T n ch c re e lu a c d k su i s n ) r , g y Se lo c a u n ri s ty E as li g n i o b t l e e Other a O s t s h e e ts r ci N t r i c o o u t n l e a- Deposits l O ia ti t b e h i s e li r reserves Gold* bills cover 1929—Dec. 31 . _ 2,687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec 31 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec. 31 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec 31 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31 76 71 6,131 60 106 286 861 5,493 1,059 97(1 1938—Nov. 30 77 71 7,514 48 548 298 1,494 7,744 1,141 1,093 Dec. 31 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 1939—Jan. 31.. 76 71 7,160 52 592 298 1,848 7,816 1,119 1,091 Feb. 28 76 71 7,361 60 660 288 1, 710 7,939 1,105 1,112 Mar. 31 .. 77 71 8,180 58 677 292 1,489 8,311 1,249 1,212 Apr. 29 77 71 7,726 55 668 476 1,928 8,519 1,122 1,289 May 31 77 71 7,547 40 922 285 2,182 8,525 1,292 1,234 June 30 77 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 Oct 31 77 9,358 35 1,440 366 2,375 10, 820 1,520 1,312 Nov. 30 77 10,148 36 997 365 2,257 10, 974 1,574 1,332 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] Nov. Oct. Sept. Nov. date of month] Nov. Oct. Sept. Nov. National Bank of Albania (thou- National Bank of Belgium (millions sands of francs): of belgas): Gold 7,567 7,575 Gold reserve 3,603 3,628 3,446 Foreign assets 52, 631 19,161 Other gold and foreign exchange 845 942 912 Loans and discounts 5,106 5,491 Discounts 552 440 290 Other assets 7,993 4,494 Loans 126 171 38 Note circulation 26, 247 10,608 Other assets _ 549 553 466 Other sight liabilities 32, 372 13, 233 Note circulation 5,370 5,401 4,450 Other liabilities 14,679 12,880 Demand deposits—Treasury 1 4 136 Central Bank of the Argentine Other 181 206 447 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 126 135 94 of bolivianos): Negotiable Government bonds. _ 256 277 80 Gold at home and abroad 57, 593 Other assets 193 220 239 Foreign exchange 106, 981 Note circulation 1,151 1,163 1,059 Loans and discounts 26, 227 Deposits—Member bank 487 497 363 Securities—Government 401,829 Government. __ 85 93 125 Other __ 4,034 Other 6 8 1 Other assets 47, 369 Foreign exchange sold forward 15 40 33 Note circulation 280, 621 Other liabilities 56 55 55 Deposits 300,876 Commonwealth Bank of Australia Other liabilities 62, 536 (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 44,488 43, 995 37, 268 Foreign exchange. 705 1,105 Banking department: Loans and discounts... 2,409 1,083 Coin, bullion, and cash 1,790 1,869 1,317 Government debt 3,417 3,468 London balances 11,042 15, 640 21, 785 Other assets . 1,386 1,171 Loans and discounts 19, 311 18,060 14,843 Note circulation 4,426 2,938 Securities 60, 540 62, 250 58,037 Deposits 3,206 3,604 Deposits 89,061 91, 355 91,412 Other liabilities ... _ 2,291 2,287 Note circulation 51, 525 51,025 48,030 Bank of Canada (thousands of Ca- Bank of Belgian Congo (millions of nadian dollars): Belgian francs): Gold . 225, 675 225, 675 225, 675 181,033 Gold.... 166 Sterling and United States ex- Loans and discounts 479 change 60,707 46, 564 44,448 45,157 Other assets 415 Canadian Gov't securities: Note circulation 365 2 years or less _ 199,347 193,862 155,054 154,875 Deposits 557 Over 2 years. 46, 282 55,039 63, 588 41, 018 Other liabilities 139 Other assets 5,530 7,893 7,234 5,425 Note circulation 222, 301 224,401 212,490 170, 724 Deposits-Chartered banks 223, 596 234,102 221,127 215,195 Dominion Government 52,404 39,089 38, 228 29,988 Other 26,137 18,432 11, 380 1,844 Other liabilities 13,105 13,008 12, 774 9,759 68 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central bank 1939 1938 Central bank 1939 1938 [Figures as of last report [Figures as of last report date of month] Nov. Oct. Sept. Nov. date of month] Nov. Oct. Sept. Nov. Central Bank of Chile (millions of Central Reserve Bank of El Salvapesos): dor—Cont. Gold 146 146 145 Deposits 6,590 6,842 6,575 Discounts for member banks 76 81 18 Other liabilities 3,625 3,627 3,702 Loans to government 754 754 766 Bank of Estonia (thousands of Other loans and discounts 244 240 172 krooni) : Other assets 60 47 Gold8 40, 907 40, 904 34,295 Note circulation 742 Foreign exchange (net) 2,506 7,370 16, 386 Deposits- Loans and discounts 50, 613 45,048 26, 516 Bank 192 191 202 Other assets 41, 208 38,115 36, 627 Other 65 54 52 Note circulation 70,176 69, 461 51, 903 Other liabilities 156 157 151 Demand deposits 26, 250 26, 774 34,454 Bank of the Republic of Colombia Other liabilities 38, 808 35, 203 27,467 (thousands of pesos): Bank of Finland (millions of mark- Gold 37,438 37, 233 37, 383 42,000 kaa): Foreign exchange 6,161 4,944 5,544 6,025 Gold4 1,180 1,181 620 Loans and discounts 21, 661 22,040 21,131 18, 526 Foreign assets 2,085 2,214 2,374 Government loans and securities. 36,463 37,087 37,105 38,167 Loans and discounts 2,059 1,269 1,247 Other assets 32,876 31, 986 31,018 27, 392 Domestic securities 328 331 310 Note circulation 54,061 53, 795 54,069 54, 423 Other assets 343 274 367 Deposits 48, 352 47, 641 46,060 '43, 318 Note circulation 3,378 2,547 2,042 Other liabilities 32,183 31,855 32,052 '34, 370 Deposits—Treasury 132 152 National Bank of Czecho-Slovakia 1 Other 553 561 1,039 (millions of koruny): Other liabilities 2,064 2,028 1,684 Gold 1,635 1,659 2,694 Bank of Greece (millions of drach- Foreign exchange 766 793 1,308 mas): Discounts 1,594 1,895 2,310 Gold and foreign exchange (net) — 3,343 3,126 3,375 Loans 1,050 1,019 835 Loans and discounts 13,018 13, 651 8,209 Other assets 4,978 4,585 1,702 Government obligations 4,207 4,207 4,315 Note circulation 6,339 6,438 6,870 Other assets 2,231 1,993 2,012 Demand deposits 1,051 851 403 Note circulation 9,883 10, 639 7,011 Other liabilities 2,632 2,661 1,575 Deposits 10,823 10,340 8,894 National Bank of Denmark (mil- Other liabilities 2,093 1, 996- 2,006 lions of kroner): National Bank of Hungary (mil- Gold 117 117 117 118 lions of pengo): Foreign exchange 8 39 118 Gold* 124 124 94 Discounts 28 26 23 Foreign exchange reserve 83 98 100 Loans—To Government agencies 128 101 151 Discounts 625 627 462 Other 198 210 182 116 Loans—To Treasury 343 342 267 Securities 213 214 218 148 Other 35 32 12 Other assets 105 112 Other assets 334 331 293 Note circulation 519 414 Note circulation 1,032 1,087 806 Deposits 118 94 118 192 Demand deposits 178 148 178 Other liabilities 161 164 169 179 Certificates of indebtedness 94 99 66 Central Bank of Ecuador (thou- Other liabilities 240 220 179 sands of sucres): Reserve Bank of India (millions of Gold 35, 282 rupees): Foreign exchange (net) 6,354 Issue department: Loans and discounts 55, 279 Gold at home and abroad 444 444 444 Other assets 19, 808 Sterling securities 745 645 622 Note circulation 68, 205 Indian Gov't securities 373 374 324 Demand deposits 32,490 Rupee coin 725 751 714 Other liabilities 16,029 Note circulation 2,103 2,029 1,789 National Bank of Egypt3 (thou- Banking department: sands of pounds): Notes of issue department.— 185 185 314 Gold 6,545 6,545 Balances abroad 142 136 3 Foreign exchange 1,653 2,039 Treasury bills discounted 20 6 1 Loans and discounts 8,615 8,586 Loans to Government 6 1 1 British, Egyptian, and other Investments 66 63 59 Government securities 30, 207 28, 279 Other assets 39 35 14 Other assets 9,060 6,905 Deposits 337 306 273 Note circulation 26, 263 21,087 Other liabilities 121 120 120 Deposits—Government 4, — 3,835 Bank of Japan (millions of yen): Other 18, 578 Gold 501 501 501 501 Other liabilities 8,715 8,854 Special foreign exchange fund 300 300 300 300 Central Reserve Bank of El Salva- Discounts 394 390 451 442 dor (thousands of colones): Loans—Government 3 3 3 3 Gold 13, 208 13, 208 13, 206 Other 191 138 140 49 Foreign exchange 3,429 3,901 3,153 Government bonds 2,215 2,044 1,805 1,412 Loans and discounts 1,588 1,261 1,202 Other assets 423 365 397 328 Government debt and securities- 5,085 5,100 5,686 Note circulation 2,736 2,687 2,634 2,132 Other assets 1,083 1,127 930 Deposits—Government 878 568 544 460 Note circulation 14,178 14,129 13, 901 Other 110 I 98 111 161 Other liabilities 302 388 308 282 r Revised. 1 Name changed to National Bank of Bohemia and Moravia, Prague, by decree of March 31, 1939. 2 Items for issue and banking departments consolidated. » Gold revalued in part on March 6, 1939 at 0.2802 gram fine gold per kroon. * In accordance with law of December 22,1938, gold revalued on December 31,1938, at approximately C x._ markka. * In accordance with law XXV of 1938 gold revalued on January 15, 1939, at 0.1754 gram fine gold per pengo and i [ting increment included in other assets. JANUARY 1940 69 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central bank 1939 1938 Central bank 1939 1938 [Figures as of last report [Figures as of last report date of month] Nov. Oct. Sept. Nov. date of month] Nov. Oct. Sept. Nov. Bank of Java (millions of guilders): Bank of Portugal—Cont. Gold 129 129 117 Note circulation 2,374 2,224 Foreign bills 13 9 8 Other sight liabilities— 952 1,108 Loans and discounts 70 70 62 Other liabilities 1,013 1,150 Other assets 95 92 112 National Bank of Rumania (mil- Note circulation 197 199 186 lions of lei): Deposits 84 75 87 Gold 20,581 20,393 18,125 Other liabilities 26 26 26 Special exchange accounts 4,417 4,762 4,071 Bank of Latvia (millions of lats): Loans and discounts 23,255 21,869 12,121 QQ QQ QO 1 332 1 382 1 831 Foreign exchange reserve 35 43 Government debt 10,200 10,197 10,499 Loans and discounts C197 176 150 Other assets _ _. 13, 743 13,700 11,009 Other assets C47 47 60 Note circulation 48, 382 47,977 33, 676 Note circulation _ __ _ _ C118 118 83 Demand deposits 10,162 8,933 13,075 Deposits C191 187 205 Other liabilities __ 14,984 15,393 10,905 Other liabilities 51 49 South African Reserve Bank (thou- Bank of Lithuania (millions of litu): sands of pounds): Gold 58 58 66 Gold 28,398 26, 722 Foreign exchange 4 9 4 Foreign bills 7,125 9,050 Loans and discounts 146 145 117 Other bills and loans 18 1,820 Other assets _ 41 42 35 Other assets 18, 225 15,072 Note circulation 160 170 143 Note circulation 20,545 16,547 Deposits 55 45 54 Deposits 29,880 33,033 Other liabilities 34 38 25 Other liabilities 3,341 3,084 Netherlands Bank (millions of guil- Bank of Sweden (millions of ders) : kronor): Gold 1 029 1 108 1,104 1,481 Gold _ 733 732 786 707 Silver (including subsidiary coin) 11 12 7 25 Foreign assets 406 452 529 874 Foreign bills 2 2 2 4 Discounts. __ _ 65 14 13 14 Discounts 76 43 90 16 Loans 150 111 78 33 Loans 238 240 249 321 Domestic securities 217 207 194 91 Other assets 88 86 74 68 Other assets __ _ 539 511 535 463 Note "circulation 1,143 1,126 1,142 1,005 Note circulation r 1,232 1,248 1,259 982 Deposits—Government 112 Demand deposits 632 573 703 1,029 Other 250 316 336 750 Other liabilities _ 246 207 173 171 Other liabilities 49 49 48 47 Swiss National Bank (millions of Reserve Bank of New Zealand francs): (thousands of pounds): Gold _ 2,310 2,395 2,419 2,890 Gold 2,802 2,802 2,802 Foreign exchange 342 291 285 286 Sterling exchange reserve 5,743 5,312 4,828 Discounts 95 95 94 115 Advances to State or State un- Loans 61 54 49 24 dertakings 23,237 20,843 13, 522 Other assets 683 686 684 709 Investments 3,620 3,816 3,509 Note circulation _ 2,012 2,036 2,082 1,696 Other assets 347 598 314 Other sight liabilities 828 835 802 1,686 Note circulation 17,372 16,648 14, 587 Other liabilities . 650 649 648 643 Demand deposits 16, 273 14, 710 8,696 Central Bank of the Republic of Other liabilities 2,104 2,014 1,693 Turkey (thousands of pounds): Bank of Norway (millions of Gold — 36,836 36,837 36,871 kroner): Foreign exchange—Free 18 3 22 Gold. _ 227 227 237 211 In clearing accounts 2,831 2,419 8,349 Foreign assets 92 79 78 217 Loans and discounts 218,159 205,985 92,018 Total domestic credits and Securities 196,632 197,852 189,861 securities. 403 395 384 212 Other assets 34,360 28,109 34,092 Discounts 198 182 71 Note circulation . __ 294,441 288, 521 196, 611 Loans 0) 71 75 32 Deposits 71,827 64,072 51, 981 Securities. 0) 126 126 108 Other liabilities. 122, 568 118, 612 112, 622 Other assets (i) 34 27 53 Bank of the Republic of Uruguay Note circulation _._ 528 534 538 448 (thousands of pesos): Demand deposits—Government. 31 19 21 48 Issue department: Other 90 87 81 98 Gold and silver 86, 235 103, 585 Other liabilities. _ 0) 96 86 97 Note circulation 87, 296 87, 593 Central Reserve Bank of Peru Banking department: (thousands of soles): Gold __. 21,003 2,579 Gold and foreign exchange 51, 419 Notes and coin 52, 327 49, 583 Discounts . 23, 683 Loans and discounts 112,004 100, 532 Government loans 84,987 Other assets . 106,349 68,584 Other assets 6,135 Deposits — 88,948 82,105 Note circulation 106,419 Other liabilities 202, 735 139,173 Deposits 43,177 National Bank of the Kingdom of Other liabilities 16,629 Yugoslavia (millions of dinars): Bank of Portugal (millions of Gold 1,987 1,987 1,906 escudos): Foreign exchange > . _ 616 582 512 Gold . 920 918 Loans and discounts... 2,573 2,494 1,781 Other reserves (net) 495 524 Government debt 2,835 2,400 2,244 Non-reserve exchange 225 178 Other assets ...___ _ __ 3,944 3,961 3,383 Loans and discounts __ 415 456 Note circulation 9,244 9,108 6,783 Government debt 1,036 1,039 Other sight liabilities 1,546 1,095 2,266 Other assets 1,249 1,366 Other liabilities 1,164 1,221 778 c Corrected. 1 Figures not yet available. 2 Agricultural and urban loans in process of liquidation. 70 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs *] 1939 1939 1938 Assets Liabilities Nov. 30 Oct. 31 Nov. 30 Nov. 30 Oct. 31 Nov. 30 Gold in bars.. __ 22,100 17, 532 33,969 Demand deposits (gold).. _ 10, 266 10, 664 Cash on hand and on current account with banks _ 28, 678 15,851 23,185 Short-term deposits (various curren- Sight funds at interest 12,356 13,814 19, 782 cies) : Central banks for own account 27, 675 20,175 131,345 Rediscountable bills and acceptances Other 2,777 3,148 7,620 (at cost) 159, 689 158,019 219,464 Time funds at interest 20, 653 26, 575 50,110 Long-term deposits: Special accounts... 229, 644 229,644 254,409 Sundry bills and investments 210, 582 214,265 246,367 Other liabilities _ 189,225 188, 659 194, 667 Other assets _ 5,531 6,233 4,544 Total liabilities. , 459, 587 452,290 597,421 Total assets 459, 587 452, 290 597, 421 i See BULLETIN for December 1936, p. 1025. MONEY RATES IN FOREIGN COUNTRIES [Per cent per anum] United Kingdom (London) Germany (Berlin) Netherla d n a d m s ) (Amster- Month a 3 c B c a m e n p o k t n a e n t r h c s s ' es T m b r i e o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n l l a d o n e w k p a e o n r s c s i e ' ts d P i r s r a i c t v o e a u 1 t n e t M 1 o m ne o y n f t o h r D m ay o - n to ey -d * ay d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or 1929—November. 5.35 5.30 5.15 4-3H 6.89 8.29 7.79 4.26 4.17 1930—November. 2.18 2.15 2.01 4.79 6.51 5.48 1.31 1.29 1931—November. 5.75 5.55 4.96 4 8.00 9.31 8.69 1.59 1.73 1932—November. .89 .82 .73 3.87 5.00 4.80 .37 1.00 1933—November. 1.05 .94 .75 3.87 5.50 5.18 .45 1.00 1934—November. .45 .29 .68 3.63 4.37 4.21 .63 1.00 1935—November. .57 .55 .75 3.01 3.10 3.07 3.15 3.00 1936—November. .56 .55 .75 3.00 2.84 2.79 .85 1.55 1937—November. .59 .58 .75 2.88 2.81 2.65 .13 .50 1938—November. .66 .67 .75 2.88 2.88 2.58 .14 .50 1939—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 1.58 1.92 1.35 2.75 2.50 2.50 1.03 1.53 September 3.51 3.23 2.72 1-2 2.75 2.51 2.94 3.66 October. _. 1.88 1.77 1.71 2.75 2.23 1.90 2.24 November. 1.96 1.18 1.00 Sweden Sw la it n z d er- ( B B e ru lg s i s u e m ls) F (P r a a r n i c s e ) (M It i a l l a y n) Hungary ( h S o to lm ck ) - Japan (Tokyo) Month d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t c c i o a P m l r i p m m ap e e r e - r Da m y o -t n o e - y day L m oa t o o n n s t 3 h u s p Dis b co il u ls nted ov m e C o rn a n l i e l g y ht 1929— October... 3.38 4.94 3.50 7.18 5.48 3.47 1930—October. __ 1.29 2.27 2.00 5.25 BV2T5V2 5.48-5.66 3.29 1931—October. __ 1.90 2.44 1.80 7.50 6-7H 4.93-5. 66 5.48 1932—October... 1.50 3.00 1.01 5.00 3H-5H 5.66-6.02 3.28 1 1 1 9 9 9 3 3 3 4 3 5 — — — O O O c c c t t t o o o b b b e e e r r r . . . _ _ .. _ _ 2 1 1 . . . 5 3 5 7 0 0 2 2 1 . . . 1 8 2 0 1 8 2 1 1 . . . 2 4 71 5 5 3 3 5 . . . 5 0 0 0 0 0 2 2^ ^ 3 - - - 5 5 4^ 5.11-5 5 5 . . . 4 1 1 1 1 8 2 2 2 . . . 5 6 5 2 9 6 1936— October. __ 1.69 1.29 2.52 4.50 2^-5 4.75 2.92 1937—October... 1.00 1.39 3.62 5.00 4.75 2.65 1938—October. __ 1.00 3.00 3.00 5.00 2H-5 4.56 2.31 1939—April 1.00 4.28 1.88 5.00 4.47 2.47 May 1.00 3.99 1.94 5.00 2M-5 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 2.24 1.95 September 1.25 3.22 2.70 October. __ 1.25 2.34 2K-5 i Beginning September 1939 figures are those published in the Wochenbericht des Instituts fur Konjunkturforschung. 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. JANUARY 1940 71 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 D 2 a e 8 t c e . ef D fe a ct t i e ve b C an e k n t o r f a — l R D 2 a e 8 t c e . ef D fec a t t i e ve J J J S I J J S O D A N S O O O n u u u u a e e e c u e c c c o 1 l l n l n p p p t c y t t y g t e y v 9 . t e t f t . . 3 1 2 1 f 7 2 . 7 2 9 3 4 e 2 9 1 2 6 0 0 6 8 3 c 5 6 . 5 , t . 1 J 9 u 3 n 7 e 30, 2 4 3 3 4 6 4 5 2 5 2 4 2 2 2 H 2 3.29 A D E E E F F C A B B B B C C C r l i s c z o h e u a r o r l e S n a t b u i e g l n l i l l n S o n t l l g i l g c a o a e a a i o e v a m n c i h a n s d m d n n u i v l e i r o h a i v o a a a d m t a i a b - l r a a i r k n n i d k a i d a o a . . i . . r . . a . . . . 4 2 4 3 4 3 3 6 6 2 J D J N J J M O J N A A M D M O a a u u u e o c u e o p c n n a l a l a l c t c y y g y t v r v . . r r r . . . . i . . . . . . l 3 1 3 2 1 1 1 1 4 0 6 1 0 0 8 5 3 1 1 6 8 5 1 1 , , , , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 2 5 9 3 9 5 9 9 6 4 5 6 6 5 2 7 N J N P R N J L L M P S T S S S a a e p w o o w a u u i o e e l e p v t r a a u r t w r t m r e x i u h v a t h a i n k w t t d u n i n h z u . i a d e c e a e g a e a n o r y n A y r a l Z n i l a l a f a i e n r a n i a d c d . - _ _ s . a . 4 3 3 3 4 3 6 3 .2 2 2 9 i A M J A N J S N J J M D M M A M u u u a a e u o e o p a n g a a n l a l a p c g y y v v r r y y . y r . . t . . . . . . . . . 1 2 2 1 2 1 1 2 2 1 1 4 5 5 6 9 1 9 0 1 1 7 5 2 9 1 5 , , , , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 9 9 7 9 8 7 3 6 2 8 6 7 9 9 9 8 N M M M o a a a v y y y 3 1 1 1 0 3 3 0,1938 3 2 H 2 4 3 I H G G ta r u e e l n r e y m g c . e a . a r n y y. _ .. 4 6 4 J S A M a e u n a p g . y t . . 2 1 2 4 8 9 2 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 7 2 6 5 U Y U. n u d i g S o t m o . e d s S l . K a R v in i . a g . - . - 2 4 5 J O F u e c l b t y . . 2 1 1 6 , , , 1 1 1 9 9 9 3 3 3 5 9 6 Sept 28 3 Oct. 27 i Not officially confirmed. Nov 25 Changes since Nov. 28: Sweden—Dec. 15 up from 2% to 3 per cent. Jan. 4, 1939 2 Apr 17 4 May 11 3 July 61 Aug. 24 4 Aug. 29 3 Sept. 28 3 Oct. 26 2 In 19 e 3 ff 9 e ct Dec. 28 _ , . 2 2 4 3 m 3.29 COMMERCIAL BANKS [Figures as of end of month, except those for United Kingdom, which are averages of weekly figures] Assets Liabilities Figures in U m ni il t l e io d n s K o i f n p g o d u o n m ds sterling) Cash M c n a o s l o h n l t o a e i r c y n t e d at B co il u ls n t d e i d s- Se t c ie u s ri- L cu oa s e t n r o s s m to - Other Total D D e e m po a s n it d s 1 Time 1 lia O b t i h li e t r ies 10 London clearing banks 1930—December. 208 144 322 285 933 240 1,876 992 847 254 1931—December. 184 119 246 297 905 222 1,737 868 846 237 1932—December. 207 127 408 472 778 208 1,983 991 963 216 1933—December. 213 119 311 565 740 237 1,941 1,015 900 244 1934—December. 216 151 255 594 769 247 1,971 1,044 910 251 1935—December. 221 159 322 605 784 231 2,091 1,140 924 231 1936—December. 236 187 316 630 864 238 2,238 232 1937—December. 236 155 295 605 954 242 2,250 237 1938—December. 235 150 244 606 940 250 2,172 254 11 London clearing banks a 1936—December 244 195 322 660 249 2,315 1,288 1,012 245 1937—December 244 163 300 635 984 256 2,330 1,284 ,026 252 1938—September- 234 148 289 646 973 242 2,269 1,236 L, 033 October 234 149 268 645 973 256 2,256 1,247 ,009 270 November- 233 149 272 642 966 255 2,249 1,244 ,004 269 December 243 160 250 635 971 263 2,254 1,256 997 1939—January 248 143 256 625 972 252 2,230 1,260 970 267 February. 243 138 212 617 982 253 2,176 1,213 964 268 March 232 141 190 611 992 249 2,152 1,186 966 264 April 229 145 184 611 997 256 2,155 1,185 970 267 May..- 236 144 201 605 992 258 2,167 1,194 973 268 June 235 150 249 600 993 257 2,219 1,232 987 265 July 235 155 278 597 986 251 2,240 1,241 999 263 August 233 152 279 599 985 269 2,245 1,239 1,007 273 September 3. 268 146 236 603 1,016 276 2,278 1,272 1,006 October 256 159 289 605 1,020 271 2,327 1,299 1,028 1 Through December 1937 excludes deposits in offices outside England and Wales, which are included in total. Figures for 10 banks not available beginning 1936. 2 District Bank included beginning in 1936. 3 Beginning in September figures combined from reports by banks for one or another of several days near end of month; averages of weekly figures discontinued. NOTE.—For other back figures and explanation of tables see BULLETIN for October 1933, pp. 639-640. 72 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banks—Continued [Figures as of end of month] Assets . Liabilities France (4 large banks. f F ra i n g c u s r ) es in millions of Cash D b u a e n f k ro s m B co il u ls n d te i d s- Loans Other Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- li O ab 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. 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—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 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 3,857 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 August P__ 6,357 3,718 18, 784 7,353 1,674 33, 293 32, 668 626 455 4,138 Assets Liabilities Germany i (5 large B li e o r n li s n o b f a r n e k ic s h . sm F a ig rk u s r ) es 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 ti c e 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 a r ta o e n i d m k n i e s ts d l O ia ti t b e h i s e li r - 1930—November.. 191 1,483 2,453 7,416 482 880 9,091 3,857 5,233 1,986 1,828 1931—November.. 173 817 1,431 5,377 807 1,127 6,062 3,252 2,810 1,328 2,341 1932—November.. 143 583 1,631 4,570 938 991 6,161 2,958 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 5,816 2,731 3,085 485 1,432 1935—November.. 139 316 2,162 2,884 1,027 5,376 2,435 2,941 686 1,449 1936—November.. 137 269 2,567 2,729 1,112 851 5,751 2,661 3,090 579 1,334 1937—November.. 148 299 3,205 2,628 1,020 812 6,264 2,912 3,352 513 l,33fi 1938—August 199 255 3,589 2,731 1,098 844 6,933 3,219 3,714 416 1,368 September- 270 295 3,384 2,817 1,097 876 6,915 3,311 3,603 424 1,400 October 179 261 3,620 2,743 1,183 7,031 3,373 3,658 422 1,427 November.. 195 270 3,643 2,685 1,406 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 2,798 1,145 902 7,377 3,576 3,801 410 1,427 March 219 308 3,904 2,833 1,112 901 7,458 3,693 3,765 401 1,418 April 189 271 4,364 2,761 1,082 891 7,745 3,870 3,875 398 1,414 May 237 292 4,537 2,772 1,073 852 7,981 3,996 396 1,385 June 214 306 4,108 2,988 1,080 829 7,793 3,793 3,999 390 1,342 Assets Liabilities Deposits payable in Can- Canada Entirely in Canada S l e o c a u n r s ity ada excl d u e d p in o g si ts interbank 10 cha li r o te n r s e d o f b C a a n n k a s d . ia F n ig d u o r ll e a s r s i ) n mil- Other a a n b d d r u o n e a e d t Se ti c e u s ri- Other ci N t r i c o o u t n l e a- l O ia t t i b h e i s e li r - Cash S l e o c a u n r s ity an lo d a n d s is- fo fr r o ei m gn Total Demand Time counts banks 1930—December 207 205 1,275 171 604 602 133 2,115 689 ]L, 426 816 1931—December... 201 135 1,253 146 694 510 129 2,058 698 1,360 752 1932—December... 211 103 1,104 155 778 439 115 1,916 538 1,378 760 1933—December. _. 197 106 1,036 134 861 432 121 1,920 563 L, 357 725 1934—December... 228 103 977 155 967 449 124 2,035 628 L,407 718 1935—December _ „ 228 83 945 141 1,155 485 111 2,180 694 L, 486 745 1936—December. __ 240 114 791 161 1,384 507 103 2,303 755 ,548 790 1937—December... 255 76 862 102 1,411 510 96 2,335 752 L, 583 785 1938—December... 263 65 940 166 1,463 474 2,500 840 L660 782 1939—January 276 63 919 167 1,454 459 2,457 789 L, 667 796 February 267 60 921 171 1,490 450 2,471 780 L, 691 800 March 259 56 943 192 1,499 458 2,492 791 L, 700 821 April 260 54 956 203 1,509 449 2,509 812 ,697 833 May _. 266 55 963 217 1,505 452 2,524 846 L, 678 850 June 255 53 957 226 1,525 494 2,542 862 L, 680 875 July 266 51 947 202 1,520 468 2,520 822 [,697 849 August- 265 49 957 245 1,507 461 2,524 822 ,702 873 September. _. 279 51 1,020 214 1,502 475 2,583 891 ,692 862 October 304 53 1,083 209 1,662 474 2,837 1,128 :,709 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. JANUARY 1940 73 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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) ( g b B i e u e lg m l- a) O B ff r i a c z ia il l (m m il F a r r e r e k is e e ) t ( B I r r u n i p d t e i i s a e h ) g ( B a le 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 - - C (p o b e l i o s a o m ) - ( C p u es b o a ) 1929 95.127 480.83 13.912 11.8072 36.202 .7216 99. 247 12.0601 41.901 96.551 99.965 1930 _ — 83.505 458.60 13.952 10.7136 36.067 .7209 99.842 12.0785 29.917 96.493 99.952 1931 66.738 351.50 13.929 7.0290 33.690 .7163 96.326 12.0669 22.437 96.570 99.930 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—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 6.696 57. 068 October 29. 770 319. 51 16.729 6.0575 5.0503 30.296 89.331 5.1713 4.0000 7.638 57.151 November 29.772 312. 66 16.490 6.0580 5.0322 30.127 87. 755 5.1714 4.0000 8.353 57. 206 Year or month ( C s k lo z o e 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 a i k n n a a - d r ) - F (f r r a an n c c ) e ( m m r G e a a e i r c n r k h - y ) s- G (d m r r e a a e c ) c h e - (d H K o o o l n l n a g g r) (p H g e u a n n r g - y 6) ( I l t i a r l a y ) J ( a y p e a n n ) 1M (p e e x s i o c ) o ( N g l e u a t i n h ld d e e s r r - ) Z (p e N a o e l u a w n n d d ) 1929 2.9609 26.680 498.07 2.5160 3.9161 23.809 1.2934 47.167 17.441 5. 2334 46.100 48.183 40.162 483.21 1930 2.9640 26.765 498.60 2.5169 3.9249 23.854 1.2959 33.853 17.494 5.2374 49.390 47.133 40.225 468.22 1931 2.9619 25.058 465.11 2.3875 3.9200 23.630 1.2926 24.331 17.452 5.2063 48.851 35. 492 40.230 415.29 1932 2.9618 18.832 359. 54 1.5547 3.9276 23.749 .8320 23.460 17.446 5.1253 28.111 31.850 40.295 320.19 1933 3.8232 19.071 434.39 1.8708 5.0313 30.518 .7233 29.452 22.360 6.7094 25.646 28.103 51.721 340.00 1934 4. 2424 22.500 516.85 2.2277 6.5688 39.375 .9402 38.716 29.575 8. 5617 29.715 27. 742 67.383 402.46 1935 4.1642 21.883 502.60 2.1627 6.6013 40.258 .9386 48.217 29.602 8.2471 28.707 27.778 67.715 391.28 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—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 October r 19.291 1.8943 2.2736 .7345 25.030 5.0465 23. 510 20.151 53 115 320 81 November 19. 294 1. 8964 2. 2246 40.132 .7244 24.491 17.602 5.0444 23.440 20.497 53.080 313. 96 Uruguay (peso) Year or month N (k o r r o w n a e y ) P (z o l l o a t n y d ) ( P es o g c r a u t l u do - ) R ( u n le m i u a a ) - (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 t e 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 - ) ( S e f r w r l a a i n t n c z d ) - ( T po u u rk nd ej7 ) ( U p K d o n o i u i n m t n e g 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 u a n v g a i o a r - ) 1929 26.683 11.194 4.4714 .5961 483.27 14.683 56.012 26. 784 19.279 48.411 485.69 98.629 1.7591 1930 26.760 11.205 4.4940 .5953 483. 79 11.667 55.964 26.854 19.382 47.061 486. 21 85.865 1 7681 1931 25.055 11.197 4. 2435 .5946 480. 76 9.545 52.445 25.254 19.401 47.181 453 50 55 357 1 7680 1932 18.004 11.182 3.1960 .5968 476. 56 8.044 40.397 18. 471 19.405 47.285 350.61 47.064 1.6411 1933 21.429 14.414 3. 9165 .7795 414. 98 10.719 49. 232 22.032 24.836 60.440 423 68 60. 336 1 7607 1934 25. 316 18.846 4.6089 1.0006 498 29 13.615 59.005 25.982 32 366 79 047 503 93 79 956 2 2719 1935 24.627 18.882 4. 4575 .9277 484. 66 13.678 57.173 25. 271 32. 497 80.312 490.18 80. 251 2 2837 1936 24.974 18.875 4. 5130 .7382 491.65 12. 314 58.258 25.61 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_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 38.180 October 22. 697 3. 6444 396.12 10.148 47.017 23. 792 22. 433 401.05 (i) 39.022 November. _ 22.703 3.6067 .7088 397.15 10.039 46. 246 23. 798 22. 428 392.47 65.830 37.063 2. 2649 i Previously published averages based on incorrect quotations; correct quotations not available. NOTE.—Developments affecting averages since July 1939 have been as follows: No rates certified for following days: Argentina—Aug. 26-Oct. 16; Brazil—Sept. 1; Bulgaria—beginning Aug. 30; Cuba—beginning Aug. 11; Denmark—Aug. 26-31; Egypt—beginning Sept. 2; Finland—Aug. 26- Sept. 1 and Sept. 3-5; Germany—Sept. 1 and Sept. 3-Nov. 5; Hungary—Aug. 26-Nov. 8; Norway—Aug. 26-29; Poland—beginning Aug. 26; Rumania and Yugoslavia—Aug. 26-Nov. 5; Turkey—Aug. 25-28 and beginning Sept. 2; Uruguay—controlled rate, Sept. 1-Nov. 28, and non-controlled rate, Oct. 17-Nov. 28. Averages based on nominal quotations for at least 5 days a month as follows: Aug.—Australia; Sept.—South Africa; Sept. and Oct.—British India, Hong Kong, Japan, and Straits Settlements; Nov.—British India, Germany, and Yugoslavia. For further information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the basis of quotation, see BULLETINS for March 1938, p. 244; March 1939, p. 236; September 1939, p. 831. 74 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES-ALL COMMODITIES [Index numbers] Nether, Year or month (19 U S 2 t n 6 a i = t t e e 1 s d 00) (19 C 2 a 6 n = a 1 d 0 a 0) ( K 19 U i 3 n n 0 g i = t d e 1 o d 0 m 0) (19 F 1 r 3 a = n 1 c 0 e 0) ( G 19 e 1 r 3 m = a 10 n 0 y ) (192 It 8 a = ly 100) 1 ( 9 O J 0 a c 0 p t = o a 1 b n 0 e 0 r ) (19 la 1 2 0 n 6 0 d - ) 3 s 0= 1926. 100 100 1124 695 134 237 106 1929 95 96 627 137 95 220 100 1930 86 87 100 554 125 85 181 90 1931_ 73 72 88 600 111 75 153 76 1932.. 65 67 86 427 97 70 161 65 1933 66 67 86 398 93 63 180 63 1934 75 72 88 376 98 62 178 63 1935 80 72 89 338 102 68 186 62 1936 81 75 94 411 104 76 198 64 1937 86 85 109 681 106 89 238 76 1938 _ . _ _ 79 79 101 653 106 95 251 72 1938—October 78 74 99 664 106 97 253 71 November 78 74 98 674 106 97 254 70 December 77 73 98 684 106 96 255 71 1939—January 77 73 97 689 107 97 259 70 February 77 73 97 685 107 97 264 70 March __ _ 77 73 97 683 107 98 265 70 April 76 73 97 675 106 98 266 70 May _ 76 74 98 684 107 97 270 70 June ______ _ 76 73 98 683 107 98 270 70 July 75 73 98 678 107 96 270 70 August— 75 72 98 674 107 272 71 September -_ 79 78 ••106 107 288 75 October _ 79 79 111 107 293 November 79 117 300 00 00 Switzerland (July 1914 =100) 144 141 126 110 96 91 90 90 96 111 107 106 106 106 106 105 105 106 107 106 107 107 117 120 r Revised. 1 Approximate figure, derived from old index (1913=100). WHOLESALE PRICES-GROUPS OF COMMODITIES [Indexes for groups included in total index above] United Kingdom United States (1926=100) (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—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 92 95 126 September 69 75 82 101 107 108 95 126 October 67 73 84 109 111 108 96 126 November 67 72 84 115 118 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. JANUARY 1940 75 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Price Movements—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 U32 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-October___ 78 139 725 130 130 1938-October_. 155 125 138 137 November 78 140 727 128 130 November 156 120 125 137 137 December. 79 139 742 130 130 December. 83 156 125 138 137 1939-January- 78 138 748 129 1939-January 155 126 137 February 77 138 744 129 February 155 122 126 136 March 76 135 742 123 130 128 March 82 153 126 138 136 April 77 135 734 122 129 April 153 126 136 May . 77 134 738 123 130 May... 153 123 126 137 June 76 134 739 124 124 132 June 82 153 127 136 137 July . 77 139 741 125 132 July 156 127 138 August 75 137 749 125 124 131 August 155 127 137 137 September 79 138 122 128 133 September 83 155 126 139 138 October... 78 154 122 136 October 165 126 140 November 78 November 169 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 Year or month United (1926=100) States England France Germany Nether- Nether- ( p av ri e c r e ag )l 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 2 U S n ta it t e 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 * 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—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 88.6 September.. 80.9 106.9 98.9 79.6 92.4 72.0 92." 8 92.1 October 82.9 109.5 98.9 80.3 95.3 74.9 92.3 87.7 November. . 83.0 112.3 94.2 76.0 0 Corrected. 1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. 2 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 per cent. For new index beginning January 1937, January-March 1937=100; average yield in base period was 3.39 per cent. 3 Exchange closed from July 13 to Sept. 2, 1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months January- June; index for 1932 represents average of months May-December. 4 New index. See note 2. Sources— See BULLETIN for February 1932, p. 121; June 1935, p. 394; April 1937, p. 373; July 1937, p. 698; and November 1937, p. 1172. 76 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Publications Copies of the publications and releases listed below may be obtained from Board of Governors of the Federal Reserve System, Washington, D. C. CURRENT RELEASES BOOKS AND PAMPHLETS DAILY A set of FEDERAL RESERVE CHARTS ON BANK CREDIT, Foreign Exchange Rates (for previous day) MONEY RATES, AND BUSINESS has been published by the Board and is for sale to the public at 50 cents WEEKLY a copy. Latest issue is November 9, 1939. Monday: Condition of Reporting Member Banks in 101 The FEDERAL RESERVE ACT AS AMENDED to October 1, 1935, with mimeographed supplements showing Leading Cities amendments to date, has been printed by the Board Bank Debits and will be supplied without charge. Tuesday: Money Rates—Open-Market Rates in New York DIGEST OF RULINGS—from 1914 to October 1,1937. Consists of two principal divisions: (1) Digests City of the published rulings of the Board of Gov- Wednesday: ernors, and (2) a compilation showing by italicized Weekly Review of Periodicals and canceled words the textual changes which have Thursday: been made in the Federal Reserve Act by all amend- Condition of Federal Reserve Banks ments to that Act. Includes digests of all reported Condition of Reporting Member Banks in New court decisions and opinions of the Attorney General York City and Chicago (Also a part of stateof the United States which involve a construction of ment of Condition of Reporting Member Banks the provisions of the Federal Reserve Act and diin 101 Leading Cities released on following gests of reported court decisions in cases in which Monday) a Federal Reserve Bank was a party to the litigation. Friday: Price $1.25 per copy. 683 pages. Department Store Sales THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND MONTHLY FUNCTIONS. Obtainable in cloth binding at 50 cents Federal Reserve Bulletin—released about the 4tha copy and in paper cover without charge. 128 pages. of the month (subscription price $2.00 per PROBLEMS OF BANKING AND BANK SUPERVISION. annum, single copies 20 cents; outside of theExcerpts from the 1938 Annual Report of the Board United States, Canada, Mexico, and the insular of Governors of the Federal Reserve System. 33 pages. possessions, annual subscription $2.60, single MONETARY MEASURES AND OBJECTIVES. Containing copies 25 cents) three statements by the Board on objectives of mone- Federal Reserve Inter-District Collection System tary policy, on proposals to maintain prices at fixed (Par List)—including list of State bank mem- levels through monetary action, and on legislative bers. Semi-annual issues, January-July, and proposals relating to monetary measures and objecmonthly supplements—released about 7th of the tives. 8 pages. July 1937, April 1939, and May 1939. month THE HISTORY OF RESERVE REQUIREMENTS FOR National Summary of Business Conditions—re- BANKS IN THE UNITED STATES. History of legislation leased about the 16th of the month on reserve requirements, of designation of central Business Indexes—released about the 16th of thereserve and reserve cities, and of changes in the month reserve position of banks, with special reference to Department Store Sales—released about the 10th period since passage of Federal Reserve Act. 20 of the month pages. November 1938. Bank Debits—released between the 6th and 12th SUPPLY AND USE OF MEMBER BANK RESERVE of the month FUNDS. An explanation of the method of analyzing Foreign Exchange Rates—-released about the 1stthe sources of member bank reserve funds and the of the month uses to which such funds are put as indicated by Money Rates—released about the 3rd of the month Federal Reserve and Treasury statements. 31 pages. July 1935. QUARTERLY MEMBER BANK STATISTICS. A discussion of the Member Bank Call Report (3 or 4.times a year statistics compiled and published by the Board covdepending upon number of calls for condition ering the operations and condition of member banks. reports) 28 pages. November 1935. List of Stocks Registered on National Securities REVISED INDEXES OF FACTORY EMPLOYMENT. Bu- Exchanges. Issued annually in February with reau of Labor Statistics indexes adjusted for seaquarterly supplements (subscription price 25 sonal variation by Board of Governors. 32 pages, cents for the List and three supplements; five or October 1938; 10 pages, October 1939. more copies on one order, 20 cents per copy; fifty ANALYSES • OF THE BANKING STRUCTURE—As of or more copies on one order, 15 cents per copy). December 31, 1935. The number, deposits, and loans and investments of banks by classes, by amount of ANNUALLY Bank Debits—released ordinarily in February deposits, by population of town in which located, and by other factors. 33 pages. Annual Report (covers calendar year) JANUARY 1940 77 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARBINER 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 E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Directory Division of Research and Statistics LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations 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 as of December 31, 1939 MARRINER S. ECCLES, Chairman GEORGE L. HARRISON, Vice Chairman Boston District THOMAS M. STEELE CHESTER C. DAVIS New York District LEON FRASER ERNEST G. DRAPER Philadelphia District HOWARD A. LOEB Vice-President M. J. FLEMING GEORGE H. HAMILTON Cleveland District T. J. DAVIS HUGH LEACH Richmond District ROBERT M. HANES WM. MCC. MARTIN Atlanta District EDWARD BALL JOHN K. MCKEE Chicago District EDWARD E. BROWN RONALD RANSOM M. S. SZYMCZAK St. Louis District WALTER W. SMITH President CHESTER MORRILL, Secretary Minneapolis District JOHN CROSBY S. R. CARPENTER, Assistant Secretary Kansas City District JOHN EVANS WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel Dallas District R. E. HARDING E. A. GOLDENWEISER, Economist San Francisco District PAUL S. DICK JOHN H. WILLIAMS, Associate Economist R. G. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 78 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SENIOR OFFICERS OF FEDERAL RESERVE BANKS Fed B e a ra n l k R o e f— serve Cha R irm es a e n rv a e n A d g F en ed t eral President First Vice President Vice Presidents Boston Frederic H Curtiss Roy A. Young William W Paddock William Willett 2 New York Owen D. Young George L. Harrison Allan Sproul Leslie R. Rounds Walter S. Logan John H. Williams Ray M. Gidney L. Werner Knoke Robert G. Rouse Philadelphia ,_ Thomas B. McCabe John S. Sinclair Frank J. Drinnen C. A. Mcllhenny 3 W. John Davis Ernest C. Hill Cleveland George C. Brainard Matthew J. Fleming Frank J. Zurlinden William H. Fletcher George H. Wagner William F. Taylor 3 Richmond , Robert Lassiter Hugh Leach John S. Walden, Jr John G. Fry George H. Keesee2 Atlanta Frank H. Neely Robert S. Parker W. S. McLarin, Jr Harry F. Connifl Malcolm H. Bryan Chicago Robert E. Wood George J. Schaller Howard P. Preston Clifford S. Young William H. Snyder 3 James H. Dillard St. Louis William T. Nardin William McC. Martin F. Guy Hitt Olin M. Attebery Clarence M. Stewart 2 Minneapolis Walter C. Coney John N. Peyton Oliver S. Powell Harry I. Ziemer3 Ernest W. Swanson Kansas City Robert B. Caldwell... George H. Hamilton Carroll A. Worthington H. G. Leedy James W. Helm 3 Dallas James H. Merritt Robert R. Gilbert Ethan B Stroud Robert B. Coleman William J. Evans Walter 0. Ford 2 San Francisco St George Holden1 William A. Day Ira Clerk William M. Hale C. E. Earhart 2 R. B. West t Deputy Chairman. 2 Cashier. 3 Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo Branch Robert M. O'Hara Helena Branch Robert E. Towle Cleveland: Kansas City: Cincinnati Branch Benedict J. Lazar Denver Branch Joseph E. Olson Pittsburgh Branch Percy A. Brown Oklahoma City Branch Cyrus E. Daniel Richmond: Omaha Branch Lloyd H. Earhart Baltimore Branch. W. Robert Milford Dallas: Charlotte Branch William T. Clements El Paso Branch.. Joseph L. Hermann Atlanta: Houston Branch.. William D. Gentry Birmingham Branch... Paul L. T. Beavers San Antonio Branch Miers Crump Jacksonville Branch _ George S. Vardeman, Jr. San Francisco: Nashville Branch Joel B. Fort, Jr. Los Angeles Branch W. N. Ambrose New Orleans Branch Lewis M. Clark Portland Branch D. L. Davis Chicago: Salt Lake City Branch... W. L. Partner Detroit Branch Ralph H. Buss Seattle Branch C. R. Shaw St. Louis: Little Rock Branch Arthur F. Bailey Louisville Branch Frank D. Rash Memphis Branch William H. Glasgow JANUARY 1940 79 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ir<>m a r<untint: on Wall of Hoard ]\oont. ICthral I\<s<rrr luiildinn. Udshin ^t Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis