Federal Reserve Bulletin, 1940-02

FEDERAL RESERVE BULLETIN FEBRUARY 1940 Review of the Month—Current Level of Economic Activity From the Board's Correspondence—Sources of a Bank's Lending Power Directors of Federal Reserve Banks and Branches Statistics of All Banks in United States Par Collection System of Federal Reserve Banks 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—Current Level of Economic Activity 81-88 American Farm Bureau Federation Honors Governor Davis 88 Par Collection System of Federal Reserve Banks, by George B. Vest 89-96 From a Legal Standpoint: Amendments to Regulation L 97 Section 32 Applies to "Secretary to Board of Directors" . 98 From the Board's Correspondence—Sources of a Bank's Lending Power 99-100 Foreign Banking Laws and Reports—New Law for the National Bank of Belgium 101-105 Directors of Federal Reserve Banks and Branches 106-113 Earnings and Expenses of Federal Reserve Banks During 1939.... 114-115 Durable Goods Expenditures in 1939, by George Terborgh , 116 National Summary of Business Conditions 117-118 Financial, Industrial and Commercial Statistics, United States 119-156 Number of Banks and Branches in United States . . 156-157 Statistics of all Banks in United States, October 2,1939 . . 158-162 International Financial Statistics 163-180 Federal Reserve Publications 181 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 182 Senior Officers of Federal Reserve Banks; Managing Directors of Branches. . 183 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

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FEDERAL RESERVE BULLETIN VOL. 26 FEBRUARY 1940 No. 2 (Zuttent Jlevel ofi Economic •flctirity Industrial production has declined some- and the service industries, approximately what in recent weeks from the peak levels the same number are employed now as ten reached in the closing months years ago, while in private construction Recent changes reflecting chiefly re- and on railroads employment is considerably of 1939> in Dusmess . # lower and in governmental activities more ductions in output of certain people are employed. The absence of addisemifinished manufactures and basic materitional employment since 1929 and the conals, which had increased most sharply after tinued growth in the number of persons availthe outbreak of war. In a number of other able for employment account for the present lines, such as the automobile, machinery, and large number of unemployed persons. shipbuilding industries, activity was main- National income payments in the last quartained at high levels in January. ter of 1939, as shown in the chart on the next In the last quarter of 1939 total output of page, were at a rate of about 72 billion dolindustrial products and of goods and services lars per year, as compared with 68 billions of all types taken together was at a higher in the second quarter. Much of the growth rate than in 1929. The increase in quantity in income in the latter part of the year was of goods produced has been accompanied by in wage payments at factories, where rising an improvement in their quality. In the industrial activity was reflected in increases meantime the population has increased by in both the number employed and the length 8 per cent, and per capita output in the last of the average work week. There were quarter of 1939 was probably not far above smaller increases in agricultural income and or below that of 1929. This is in contrast to in salaries and wages in the mining, transprevious decades in the country's history portation, trade, and service industries. Dividuring which increase in production has gendends showed a considerable rise. The higher erally far outstripped the growth in populalevel of income payments in recent months tion with a consequent rapid growth in per has been reflected in increased purchases of capita output. commodities by consumers, and retail sales The larger total volume of output curhave been large for durable goods, such as rently than in 1929 reflects continued techautomobiles and household equipment, as well nical progress during the decade; the numas for nondurable goods, such as clothing. ber of persons employed, excluding those Residential building has been well mainworking on relief projects, is slightly smaller tained for the season, although still below than ten years ago and those with jobs are the level of the 1920's. At the same time working much shorter hours. Employment there has been a considerable increase in in nonagricultural occupations at the end of the sale and manufacture of machinery and 1939 was about 35,000,000 persons, which is equipment for producers and some increase 8,000,000 more than in 1932 but 1,000,000 in private nonresidential construction. Estiless than in 1929. In manufacturing trade, 81 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month mates of total expenditures for durable goods to determine to what extent a higher level in 1939, published in this BULLETIN on page of inventories may need to be maintained in 116, indicate a total close to that for 1937. view of the higher level of output and sales Exports, which had increased sharply in and the existing international situation. September and October owing in large part Prices in wholesale markets, as indicated to seasonal influences, declined somewhat in on the chart, have generally shown little November, but rose further in December to change since the rapid rise early last autumn; the highest level in ten years. Imports like- currently prices of some industrial materials, wise showed some increase in the latter part such as steel scrap and copper, are below of 1939 but the rise was not so large as that their earlier peaks, and prices of livestock in exports. In December exports to Europe and products are down close to levels prevailincreased sharply to about the peak level ing before the war, while wheat, cotton, and some industrial products are higher than last SELECTED BUSINESS SERIES autumn. Prices of common stocks have generally declined since last September and in the latter part of January were at a point about midway between the level prevailing prior to the outbreak of war and the highest level reached in the autumn. Trading activity in the stock market is currently below the average for recent years. Prices of high-grade corporate bonds and of Government securities, which had declined sharply with the outbreak of war and had subsequently advanced, int92S«1 1926 «100 creased further in December and early Janu- 140 1 140 ary to a point not far from previous peak 120 levels. The volume of corporate security issues to obtain new capital has continued small. - COMMON STOCK PRICES - 100 Volume of output at factories and mines, according to the Board's adjusted index of in- WHOLESALE COMMODITY PRICES dustrial production, in the last 1936 1937 t939 Current level quarter of 1939 was 124 per cent Sources: Income payments series, Department of Commerce; prJdncUtional of the 1923-1925 average, an inindustrial production, Board of Governors of the Federal Reserve System, common stock prices, Standard Statistics Company; crease of 30 per cent above the wholesale commodity prices, Bureau of Labor Statistics. Latest figures shown are estimates for January. level of the second quarter of the year. A reached at the end of 1937 and shipments to number of important industries were increas- South America and Asia were the largest in ing operations as rapidly as possible in the many years. Exports to Canada declined but latter part of the year, with some approachcontinued substantially larger than in the ing capacity production, and did not curtail corresponding month of any other recent year. output as much in December as they generally In this period of many marked changes in do. As a result, the Board's seasonally adoutput and final disposition of products, it is justed index rose to 128 in December. In especially difficult to estimate how much of January operations were somewhat curtailed, the increased output may have gone into in- contrary to usual seasonal movements, and ventories of producers and distributors and the adjusted index for that month is esti- 82 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month mated at 120. The unadjusted index, which taken as a whole, it is an important business reflects average daily output without allow- indicator, since fluctuations in output of basic ance for usual seasonal variations, has shown goods not only comprise a large part of the much less fluctuation. In October and No- variation in the total but also reflect and invember it was 124, in December 120, and in fluence activity in other lines. Comparisons January probably 118. Changes in both the with more comprehensive series, including an adjusted and unadjusted indexes since the index of manufacturing production based beginning of 1936 are shown on the chart. upon biennial Census data and estimates of The nature of recent fluctuations in the the annual value of total commodity product Board's index of industrial production has adjusted for price changes, compiled by the given rise to many questions concerning the National Bureau of Economic Research, inindex and what it measures. This index dicate that the Board's index has been in the is compiled from such figures of output of past a reasonably accurate indicator of yearmanufactures and minerals as have been to-year changes and of longer-time moveavailable in physical volume terms on a ments both in industrial production and in monthly basis for a long period of years. It total commodity product. In recent years, reflects mostly production of basic materials however, it is likely that the Board's producand semifinished products, which, although tion index has somewhat understated the roughly representative of the manufacture volume of industrial output relative to earlier of finished products, is likely to fluctuate over periods. Revisions now being made in the short periods of time more widely than total index will partially adjust for these differproduction and over long periods may depart ences in level and will also improve the alsomewhat from the total because of changes lowances for working days and seasonal in the amount and kinds of finished goods variation. produced. Movements in industrial produc- The course of industrial output since 1936 tion as a whole, furthermore, are wider than is shown on the chart. From the low point those in trade, the service industries, and reached in the summer of most other lines of economic activity except Recent fluctuations 1938 there was a rapid adconstruction, and the timing of changes is in industrial vance in the latter part of activity also somewhat different. The nature of these that year as output rose to differences is indicated roughly for the period a level more nearly in line with consumption. since 1936 in a comparison of the curves for In the early part of 1939 there was a modindustrial production with those for national erate decline, reflecting suspension of activincome payments, as shown on the chart. ity at bituminous coal mines and some de- These figures for national income payments crease in output of other products, notably include salaries, wages, relief, interest, divi- steel, production of which had exceeded condends, the veterans' bonus, and other pay- sumption toward the end of 1938. During the ments, and as a rule fluctuate less widely than summer of 1939 volume of industrial producgeneral economic activity—that is, the pro- tion again advanced and this increase was duction and sale of goods and services. At greatly accelerated by the outbreak of war, times, moreover, there are broad movements which stimulated a large volume of buying, in income payments which reflect largely chiefly .from domestic sources. The most rechanges in prices. cent development has been some slackening Although the industrial production index in activity in certain lines, including steel, should not be considered as a measure of certain textile yarns and fabrics, and some short-term variations in economic activity minerals. FEBRUARY 1940 83 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month Steel and related products.—In the steel vious year, despite the fact that plants of industry ingot output has declined from the one major producer were closed in October exceptionally high rate of 90 per cent of and November pending settlement of an incapacity in the fourth quarter to about 77 dustrial dispute. Retail sales of new cars per cent toward the end of January. The were in large volume throughout the latter high rate of output in the fourth quarter was part of the year and, consequently, dealers' in response to a large volume of orders re- stocks of new cars increased much less than ceived in September and October mainly from usual. Exports of automobiles showed a domestic buyers wishing to assure themselves somewhat smaller rise than is customary at of ample supplies at existing prices. In No- this season. In January output continued at vember and December, when it became ap- the high rate reached in December and was parent that deliveries would not be delayed substantially in excess of retail sales, as is as much as had been anticipated earlier and usual at this time of year. that prices would not be advanced for first quarter delivery, incoming orders for steel MAN HOURS WORKED IN MACHINERY INDUSTRIES ADJUSTED TO CENSUS THROUGH 1937 slackened considerably and were much below 1935-37 AVERAGE «1OO the current rate of output. By the year end ^FOUNDRY AND MACHINE-SHOP PRODUCTS ELECTRICAL MACHINERY PEHCENT 1 the backlog of orders received earlier had 140 140 been reduced but was still large. Trade re- /v 120 / f p st o e r e t l s pr i o n d d u ic c a t t s e d in t t h h e a t h a i n n d v s e n o t f o r c i o e n s s u o m f e r s s o h m a e d 100 1 J \ \ / / r J 1 \ / / reached rather large proportions. 80 / \ ; /v h \\f Foreign orders for steel, which generally 60 1 comprise less than 10 per cent of the total, PERCENT AGRICULTURAL IMPLEMENTS TEXTILE MACHINERY increased sufficiently to bring about a con- 140 A f V / siderable expansion in exports of finished 120 I y / \ / steel mill products, such as sheets, plates, tin A .1 ^ > J \ r 100 \ v J \ \ 1 plate, and wire, and in November and De- \ (\I J \ 1 cember finished steel exports reached new 80 \ .f V \{ / 1 V V high levels. Exports of pig iron and steel 60 ingots, which usually are very small, also 1939 1936 1937 1938 1939 1935 1936 1937 1936 1939 showed substantial increases, and exports of M 16 .M 0 Hr MACHINE TOOLS Kn C 1 ENT —j steel scrap continued at a high level. Most of 140 7A the rise in exports of steel mill products at M —j- 120 1 the outset was to European countries and to Canada, but in November shipments to South 100 \ J \ J America also rose sharply. 80 f \f The rise in domestic orders for steel last 60 1— autumn was due in part to sharply increased 1938 1939 activity in the major steel-consuming indus- Derived from data on the number employed and average hours worked, as compiled by the Bureau of Labor Statistics. Latest tries. Automobile production rose rapidly figures shown are for December 1939. from September through December, the first In the machinery industries there were four months of new model production. marked increases in activity, continuing at a Output in this period amounted to 1,300,000 more rapid pace the advance that had begun units, or about the same as in the correspond- after the middle of 1938. The accompanying ing period of new model production the pre- chart indicates that, while the most spectacu- 84 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month lar growth has been in machine tools, in- lumber and cement industries, where activity creases in other machinery industries have ordinarily declines after August, output was been substantial. Orders on hand are suffi- maintained at a relatively high level in Sepcient to sustain output in many lines at recent tember and October and then showed less levels during the early part of 1940. than the customary sharp decrease during The railroads placed a large volume of the rest of the year. Orders for lumber rose orders for rolling stock and rails last autumn, sharply in September but subsequently deand there were sharp advances in activity in clined and by the year end unfilled orders had the aircraft and shipbuilding industries. At been reduced to a level only moderately shipyards over a million tons of commercial larger than at the end of 1938. vessels were under construction or under Activity at meat-packing establishments contract as of December 31, which was double increased in September to the highest level the tonnage of a year earlier. In addition an in the past three years, owing to a sharp rise extensive construction program by the United in hog slaughter, and in the last quarter of States Navy was underway. Airplane con- 1939 was maintained at this advanced level. struction was at capacity rates in most plants Shoe production was in large volume in the and numerous companies reported a volume of latter part of the year and output of tobacco orders sufficient to.maintain this level of oper- products rose to record levels. ations for some time to come. Exports of air- Minerals.—Output of petroleum and pecraft, which were large in September, declined troleum products advanced to new high levels temporarily in October and November but in in the latter part of 1939, reflecting mainly December rose sharply to new high levels. increases in domestic demand. Coal produc- In most other steel-consuming lines, ex- tion likewise advanced sharply, reaching a cept the construction industry, there were high level in October and November, when substantial increases in activity and in tak- consumers in this country were building up ings of steel, and considering the whole situa- their stocks. In December, however, output tion it appears that steel consumption rose was reduced as stocks reached levels consistrapidly last autumn but by a smaller amount ent with a high level of domestic consumpthan steel production. tion, and as exports declined. Mine output of Textiles.—Production of textiles, which nonferrous metals was at a high level at the had increased considerably during the sum- end of the year. mer, showed some further advance after the In the latter part of 1939 contract awards outbreak of war and continued in substantial for most types of private construction, acvolume through the last quarter of 1939. In Buildin cor(ling to figures compiled by the many lines it was reported that early this year F. W. Dodge Corporation, were in unfilled orders at mills, while reduced from larger volume than in any of the previous the high levels of last autumn, were fairly eight years. Contracts for public construclarge. At cotton mills activity was largely tion showed a sharp increase toward the end maintained in early January, and at rayon of 1939, owing to the inclusion of large plants production has continued at near- amounts for two dams under construction by capacity rates. Activity at woolen mills, how- the Tennessee Valley Authority. Exclusive ever, was considerably reduced in December of these projects awards for public construcfrom recent high levels, and at silk mills out- tion were at the lowest level of the year, put has been small since November, reflecting reflecting in part the continued decline in partly the high level of silk prices. awards for Public Works Administration Other manufacturing industries.—In the projects. Figures for contracts awarded FEBRUARY 1940 85 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month during recent periods are shown in the ac- 1938 Public Works Administration program. companying table. While four-fifths of the total volume of contracts have been awarded on this program, CONSTRUCTION CONTRACTS AWARDED IN 37 EASTERN not much more than three-fifths of the esti- STATES [Monthly averages in millions of dollars] mated expenditures for payrolls and materials have been made, according to the Bureau Privately-financed of Labor Statistics. Total Publiclyfinanced Resi- Fac- All Residential building.—During 1939 con- Total dential tories other struction was started on approximately 475,- 1936—Year 223 111 112 60 17 35 000 dwelling units in nonfarm areas, as com- 1937—Year . . 243 96 147 71 26 50 pared with 345,000 the year before and 295,- 1938—1st half..... 216 102 113 66 10 38 000 in 1937. The rise of 130,000 units over 2nd half.... 317 182 135 84 11 40 1938 reflected increases in both private and 1939—1st half..... 283 135 148 96 13 40 2nd half—. 309 150 159 95 17 47 public projects. Local authorities under the Source: F. W. Dodge Corporation. United States Housing Authority slum-clear- In terms of employment and payrolls, con- ance program started construction on 55,000 struction activity in recent months has been units, as compared with 10,000 the year besomewhat larger than it was a year ago, ex- fore, when most projects were in the planning cept for work relief projects which have stage. been in smaller volume. In private residential Private residential projects had been inbuilding there has been considerable activity creasing rapidly during 1938, partly as a rein the construction of single-family houses, sult of lower financing costs following amendboth by operative builders and on contract for ments to the National Housing Act, and with owner-occupants, while apartment construc- some further increase in projects during 1939 tion has declined somewhat. In the private the number of privately-financed units started nonresidential field, activity at the end of 1939 in the year was larger than in 1938 by about was higher than last year, reflecting moderate 85,000 units, totaling 420,000 for the country increases in industrial building, utility con- as a whole. Changes in each of the Federal struction, and some types of commercial Reserve districts are indicated by half-year building, but was not up to the 1937 level. periods in the accompanying chart which is In public construction, employment and based mainly on value of contract awards. payrolls on projects of the Public Works Ad- The increase in private residential buildministration, the Reclamation Bureau, and ing to 420,000 units for the year as a whole, the United States Housing Authority were and a somewhat higher rate at the end.of larger than at the end of 1938, while employ- the year, occurred without the stimulus of ment on work relief projects, though increas- any rise in rents and reflected principally ing somewhat with the coming of winter, was improvement in business conditions, further about a third less than at the end of 1938. declines in financing costs and the absence of Such figures as are available for construc- any marked rise in building costs. Prices tion activity on projects financed wholly by of certain materials, including lumber, paint, State and local agencies indicate that they and some metal products, increased immediwere in somewhat smaller volume than in ately following the outbreak of war but have earlier years. There is a considerable back- remained nearly unchanged since then, and log of work on public projects for which con- building material prices generally are below tracts were let some time ago. A substantial those reached in the 1936-1937 rise. Wage amount of work remains to be done under the rates in the building trades have continued FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month at about the 1937 level in most cities. Fore- increase in pipe line construction during closures in metropolitan communities during the latter half of 1939, and available data 1939 continued the irregular decline under indicate that construction by telephone comway since early in 1935, according to reports panies and railroads also was increasing. Contract awards for commercial building, PRIVATE RESIDENTIAL BUILDING which had increased in the first half of the BY FEDERAL RESERVE DISTRICTS MONTHLY AVERAGES BY 6-MONTH PERIODS year, showed only seasonal changes in the .LIONS OF DOLLARS second half and for the year were about 14 per cent above 1938. The bulk of the work 10 in 1939 as in other recent years was in store building and remodeling and warehouse con- 10 struction, in contrast with the 1920's when office building construction was much greater. Vacancies in office buildings declined slightly CLEVELAND. I r but at the end of 1939 were still at a high level. PHILADELPHIA KANSAS CITY Rapid expansion in the buying of goods 20 last autumn led to a sharp increase in freight traffic, which had already 10 Railroad traffic hown a considerable rise s and earnings . . . 1935 1936 1937 1938 1939 1935 1936 1937 1938 1939 with the reopening of bitumin- Based on contracts awarded, except in San Francisco District, ous coal mines in the spring. In the last quarwhere permit figures were used; data not adjusted for seasonal variation. ter of 1939 traffic was at a level approximatof the Federal Home Loan Bank Board, but ing that in the corresponding period of 1936, the volume of properties held by lending in- Largely as a result of these developments stitutions continued large, and this remained the current income position of the railroads a factor in the real estate market. was greatly improved, as is indicated in the Nonresidential building.—Factory con- accompanying chart showing railway revestruction increased irregularly throughout nues, expenses, and income on a seasonally most of 1939, but contract awards for the adjusted basis. The rise in revenues from year totaled little more than one-half as May to September was much greater than the much as in 1937. There was no sharp in- increase in expenses, so that net railway opercrease in factory construction after the out- ating income increased to a point about as break of war, in contrast with the rapid in- high as at any time since 1930. In the aucrease in orders and production of factory tumn the rise in expenses about kept pace equipment, in some cases to beyond 1937 with that in revenues, and operating income peak levels. Greatest increases in contracts continued around the advanced level reached for industrial construction during 1939 were in September. This level of about $70,for metal-working and machinery manufac- 000,000 a month on a seasonally adjusted turing plants and food processing plants. basis compares with monthly operating in- Electric utility construction increased in come of about $100,000,000 in the late 1920's the closing months of 1939 with additions to and, except for a short time at the end of present plants or construction of new plants 1936, is the highest since 1930. After allowbeing started at a number of places, particu- ance for interest and other fixed charges, a larly in the Middle Atlantic, East North Cen- considerable loss was shown by the railroads tral, and Southern States. There was some as a group early in 1939 but in the latter part of the year net income rose sharply and was FEBRUARY 1940 87 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month nearly as high as at any time in recent years srnors has terminated the designation of although much lower than before 1930. Oakland, California, as a Reserve city, ef- Practically the entire rise in revenues came fective February 1, 1940. from increased freight traffic, while passenger and other revenue showed little change. Most American Farm Bureau Federation Honors of the rise in expenses reflected increased out- Governor Davis lays for maintenance of equipment and On January 10, President Edward A. larger direct transportation expense. O'Neal of the American Farm Bureau Federa- Railroad purchases of equipment and rails, tion presented to Governor Chester C. Davis, for the most part not reflected in the expense a member of the Board of Governors of the curve, were also much higher in the last few Federal Reserve System, the 1939 award for months of 1939. Orders were particularly distinguished and meritorious service to agriheavy after the outbreak of war when it ap- culture. A similar award was presented to peared that freight-car capacity might be Dr. B. W. Kilgore, of North Carolina. taxed to handle increased traffic, that earn- In presenting the award to Governor Davis, ings would be at a higher level, and that President O'Neal said, in part, that Governor prices might advance. Davis had spent many years in the movement to attain an effective national policy for agri- REVENUES, EXPENSES, AND INCOME OF RAILROADS culture; that in the early 1920's he worked MILLIONS OF DOLLARS ADJUSTED FOR SEASONAL VARIATION MILLIONS OF DOLLARS with the Secretary of Agriculture, Congres- 400 sional leaders, and farm organizations in devising agricultural legislation, and that "his 350 keen intellect and broad, human understanding were invaluable aids" in formulating the 300 original AAA. Mr. Davis became Administrator of the Agricultural Adjustment Administration during its policy-forming days and remained in that position through the period of the Supreme Court decision and enactment of the Soil Conservation and Domestic Allotment IOC Act. Continuing, President O'Neal remarked, A NET RALWAY OPERATING INCOME "We all appreciate the fact that Federal Rer 50 serve Board policies have a very definite impact on the welfare of agriculture, and we are thankful that one of our own people helps V to make the policies of the Board." NET INCOME -50 -50 1935 1936 1937 1938 1939 Reserve Bank Branch Director Appointed Railway expenses include operating expenses, tax accruals, and to Senate rents. Net railway operating income is the difference between railway operating revenues and railway expenses. Net income is John Thomas of Gooding, Idaho, a director net railway operating income plus other income less interest and other fixed charges. Series derived from Interstate Commerce of the Salt Lake City Branch of the Federal Commission data. Latest figures shown are for November 1939, Reserve Bank of San Francisco, was appointed on January 26,1940, by the Governor Termination of Reserve City Designation of of Idaho to be United States Senator from Oakland, California Under the provisions of Section 11 of thethat State, filling the vacancy created by the Federal Reserve Act, the Board of Gov- death of Senator William E. Borah. 88 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

*Tke Pat Collection System ofi the by GEORGE B. VEST Assistant General Counsel T HE collection of checks is an important and when transportation facilities were in function of commercial banks and an im- a comparatively undeveloped state, considportant part of the facilities afforded by the erable time and expense were necessary in Federal Reserve System. Probably 90 per order to transmit funds from one part of the cent or more of all payments of money in the country to another. It was then that the United States are made by checks. Checks custom of making an exchange charge for the have supplanted currency as a means of set- remittance of funds had its origin. tling financial transactions to such an extent Under the common law (i.e., in the absence that their ready acceptance, certain payment, of statute or agreement to the contrary), a and speedy and economical collection at par bank is obligated to pay in cash checks drawn have come to be as essential to the free flow of upon it when presented at the bank, but is not commerce as currency itself. obligated to remit the proceeds to distant Checks must be collected by presenting or places. When checks were sent in through sending them to the banks on which they are the mails from distant places, therefore, it drawn in order that the funds which they rep- was generally felt that the banks in remitting resent may be made available for use. When the proceeds in cash to such places performed a person receives a check which is drawn on a service which they were not obligated to a bank other than one at which he customarily perform and for which they were entitled to deals, he will ordinarily deposit the check at compensation. It was for this service that they his own bank and the latter must then col- deducted the so-called "exchange charge". lect the check by presenting it or forwarding At about the time of the Civil War it apit directly or indirectly to the other bank, pears that the cost of domestic Exchanges was known as the drawee bank, for payment. sometimes as high as IV2 per cent, or $15 Usually the drawee bank will pay the full per thousand. ALS the transportation facilities amount of the check without any deduction, of the country improved, as the country bebut some banks make a practice of deducting came more thickly settled and the flow of a certain charge, known as an "exchange goods between the various sections became charge", for paying checks which are for- larger and more constant, it was possible to warded to them through the mails for pay- settle balances through the medium of bank ment. Unless absorbed by one of the banks drafts without involving the shipment of involved, this exchange charge ultimately currency in such large amounts, and exchange falls upon the person who deposited the check costs declined steadily. By 1913, when the for collection. Federal Reserve Act was enacted, $1 per Before considering the check collection thousand dollars was the maximum charge operations of the Federal Reserve banks and in some sections of the country where charges the problem of membership in the Federal were made, although in some of the less Reserve System created by the making of thickly populated sections higher rates obexchange charges, it may be well to outline tained. briefly the collection practices which were Regardless of the person upon whom such followed before the establishment of the Fed- a charge may ultimately fall, it is made in eral Reserve System. the first instance against the bank which sends the check to the drawee for payment, The Situation Prior to the Enactment of the and, if not absorbed by this bank, is passed Federal Reserve Act back to the person or bank from which it re- When banks were few in number and in- ceived the check. In order to avoid the necesdustrial centers relatively few and far apart, sity of paying such charges, many rural banks FEBRUARY 1940 89 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Par Collection System of the Federal Reserve Banks receiving checks for collection adopted the York City and from New York City to Sag practice of establishing credit balances with Harbor, a distance of only 93 miles. correspondent banks in the financial centers, Various other plans were adopted to avoid as it was the custom of many such banks in paying exchange. Some businesses made it the larger centers to absorb exchange charges a practice to require customers to pay their on items sent to them for collection by banks accounts by checks drawn on banks in large which maintained balances with them. As a centers, like New York, Chicago, St. Louis, result these larger banks became in effect or San Francisco, where checks were paid clearing houses for the country banks. Ar- at par and so could be converted promptly rangements were sometimes made between into money without deduction. This put to individual banks under which banks that cus- serious inconvenience the merchant in a tomarily charged exchange on checks sent small town, whose check on his own local to them for payment did not make such bank, however strong, would not be accepted charges when these checks were received at its face value by business men in distant from certain of their correspondent banking cites from whom he bought goods. To make institutions. Also, there were arrangements payments acceptable, the small town merby which a city correspondent would send chant had to keep money on deposit in banks to a country bank checks drawn on another in distant cities, or else buy from his local bank in the same town and these would be bank a draft on such cities, or had to add an presented by the country bank over the coun- amount to his check to cover exchange ter of the drawee bank for payment at par. charges. This, of course, caused him inconvenience and expense. As a result of these practices, many banks sought to route their checks through chan- Checks on country banks had a limited acnels which would avoid the payment of ex- ceptability. They were grudgingly received change charges. This brought about the cir- because they were not paid at face value. The cuitous routing of checks and a consequent acceptance of country checks not only inlengthening of the time required to make col- volved expense to the business man; it also lection. It also increased the hazard in- involved expense to the banks which handled volved, on account of the undue delay in pre- them. Unnecessary duplication in the hansenting the checks for payment. This practice dling of checks meant unnecessary clerk hire. of circuitous routing not infrequently caused And as the number of handlings increased, checks to travel a distance several times over due to indirect routing, the chances of error that between the bank of original deposit and also increased, and the volume of items in the drawee bank and to be delayed in present- process of collection multiplied. ment days beyond the period actually neces- As a result there was a large volume of sary. checks constantly afloat in the mails awaiting conversion into actual balances. Each check The following, although a somewhat exagdelayed in payment represented an incottigerated illustration, is reported as an actual pleted transaction and each day of delay beinstance of how circuitous routing of checks tween the drawing of a check and its presenwas resorted to in order to avoid the payment tation for payment increased the risk of ultiof exchange: mate nonpayment. A check on a Sag Harbor, New York, bank The practices described, with all of the delay was deposited in a Hoboken bank. The check and expense involved, were common in pracwas then sent to New York City, a distance tically all parts of the country, although in of 3 miles, then to Boston—200 miles, then to New England and one or two other sections Tonowanda—405 miles, to Albany—210 considerable progress had been made in elimmiles, to Port Jefferson—105 miles, to Far inating or minimizing the exchange charge. Rockaway—45 miles, to another bank in New It was in this situation that the Federal Re- York City—20 miles, to Riverhead—75 miles, serve Act was enacted by Congress late in to Long Island City—70 miles, and then to 1913. Sag Harbor—90 miles, a total distance of 1,223 miles. This process took 10 days. If the Collection System After Passage of Federal present Federal Reserve collection system Reserve Act were used by the banK in Hoboken, this check The Act as originally passed provided for would have to go only from Hoboken to New the collection of checks through the Federal 90 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Par Collection System of the Federal Reserve Banks Reserve banks. A number of practical dif- While the bill was pending in conference, ficulties had to be overcome, however, before President Wilson addressed the following a collection system could be inaugurated, and letter to Senator Owen, who later read it to while a partial system of collection was put the Senate: (Cong. Rec, Vol. 55, p. 3761) into effect during 1915, it was not until July "My dear Senator: I have been a good deal dis- 1916 that a uniform collection system at all turbed to learn of the proposed amendment to the of the Federal Reserve banks was established Federal reserve act which seems to contemplate pursuant to the authority contained in the charging the Federal reserve banks for payment of checks cleared by them, or charging the payee of law. Under the system thus established, such checks passing through the reserve banks with member banks were required to remit at par a commission. I should regard such a provision as for checks presented to them by the Federal most unfortunate and as almost destructive of the function of the Federal reserve banks as a clearing Reserve banks. house for member banks, a function which they have In September of 1916 the law was amended performed with so much benefit to the business of the so as to broaden the classes of checks which country. Federal Reserve banks were authorized to "I hope most sincerely that this matter may be adjusted without interfering with this indispensable accept, and on June 21, 1917, Congress again clearing function of the banks. amended the law relating to the collection "Sincerely yours, powers of the Federal Reserve banks. The "WOODROW WILSON." effect of the latter amendment was two-fold. The conferees added to the provision the First, it permitted nonmember banks to beclause that "no such charges shall be made come clearing members of a Federal Reserve against the Federal Reserve banks", and the bank, that is, such institutions were peramendment was adopted in this form. The mitted to avail themselves of the privileges clause added by the conferees, of course, in of the check collection system upon the mainlarge measure nullified the provision authortenance with the reserve bank of a deposit izing exchange charges as proposed by Sensufficient to offset items in transit, without ator Hardwick. becoming regular members of the Federal As the law was thus amended and as it Reserve System. Second, the amendment stands today, member banks and nonmember permitted both member and nonmember banks which collect their checks through the banks to make "reasonable charges to be de- Federal Reserve baxiks may make reasonable termined and regulated by the Federal Recharges not exceeding 10 cents per $100 for serve Board, but in no case to exceed 10 cents checks presented to them for collection or per $100 or fraction thereof, based on the payment but no such charges can be made total of checks and drafts presented at any against the Federal Reserve banks. Any one time, for collection or payment of checks check which is collected through a Federal and drafts and remission therefor by ex- Reserve bank, therefore, must be paid by the change or otherwise"—but it was expressly bank on which it is drawn without deduction provided that "no such charges shall be made of any charge or fee. This does not mean that against the Federal Reserve banks". This a member bank in which the check is first amendment permitting reasonable charges deposited may not charge its customer for for payment or collection is commonly re- sending it through for collection, but it does ferred to as the Hardwick Amendment. mean that no bank in the chain of collection As originally proposed by Senator Hard- subsequent to the Federal Reserve bank may wick and as first incorporated in the bill, the make any charge which falls upon the owner amendment authorized the making of charges of the check. A nonmember bank which does for the collection or payment of checks but not remit at par, however, may make any did not contain the provision that no such charge it wishes for paying its checks, so far charges shall be made against the Federal as Federal l&w is concerned, as it does not Reserve banks. The question whether ex- receive any checks from a Federal Reserve change charges should be permitted under bank. the bill became a matter of considerable dis- Shortly after the check collection system cussion and controversy and the point was a of the Federal Reserve banks was put into matter of disagreement between the Senate effect, the Reserve banks inaugurated a vigand the House. orous effort to bring into the par collection FEBRUARY 1940 91 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Par Collection System of the Federal Reserve Banks system all of the banks of the country, in (4) Federal Reserve banks are prohibited order that member banks might be enabled by law from paying exchange either to collect all of their checks through the Fed- on checks which they themselves own eral Reserve System. When banks declined or which they are handling as agents to remit at par for checks sent to them by mail for others; the Federal Reserve banks used local agents (5) A State statute authorizing State who presented these checks over the counters banks to charge exchange and to make of these banks, thus obtaining settlement payment in exchange drafts on their without deduction of exchange. There was reserve deposits for checks presented serious objection to this practice of the Fed- to them by or through any Federal eral Reserve banks on the part of some of Reserve bank or its agent is constithe nonpar institutions, and in 1923 the Fed- tutional; and eral Reserve banks, pursuant to instructions (6) The provision of the Federal Reserve of the Federal Reserve Board, discontinued Act which forbids member banks to this practice. They do not now handle for make exchange charges against Fedcollection any checks which are drawn on eral Reserve banks is constitutional. banks that are not on the Federal Reserve banks' par list, i.e., the list of banks which Present System of Check Collection and Its remit at par. Checks drawn on such banks Importance to the Country are not collected by the Federal Reserve banks but are still collected through commercial Under the law as amended in 1917 the banking channels. check collection system of the Federal Reserve banks was steadily expanded, and soon Court Decisions the large majority of all the banks in the As a result of the fact that many banks United States were included in the list of in the country did not welcome the f re? col- those which remit at par for checks drawn on lection system set up by the Federal Reserve themselves when presented to them by a banks pursuant to the law, a number of suits Federal Reserve bank. At the present time were brought in the courts and several de- approximately 82 per cent of all the banks in cisions of importance were rendered by the the country remit at par for checks presented Supreme Court of the United States and other or forwarded to them for payment by Federal courts with regard to the interpretation of Reserve banks and there has been little the provisions of the law in question. Prob- change in the last few years in this percentably the most important of these cases were age. American Bank & Trust Company V. Federal The Federal Reserve banks make no charge Reserve Bank of Atlanta (1923), 262 U. S. for their services in the collection of checks. 643; Farmers & Merchants Bank. V. FederalFor a brief period after the establishment Reserve Bank of Richmond (1923), 262 U. S. of the collection system, certain collection 649; and Pascagoula National Bank v. Fed- charges were made by the Federal Reserve eral Reserve Bank of Atlanta (1926), 3 Fed. banks but since 1918 they have made no (2nd) 465, 11 Fed. (2nd) 866, 271 U. S. 685. charges for the collection of such items drawn Among the principal points decided by these either upon member banks or upon nonmemcases are the following: ber banks which are on the par list. (1) Federal Reserve banks are authorized It is the purpose of the Federal Reserve to receive and collect checks drawn collection system to provide a method whereby upon nonmember banks, as well as checks may be presented to drawees as rapmember banks, if such checks can be idly as possible with a minimum of expense collected at par; to industry, commerce, and agriculture. As (2) Member banks are required by law to one means of expediting the collection of remit at par for checks drawn upon checks as much as possible it is the usual themselves and presented to them for practice of each Federal Reserve bank to payment by Federal Reserve banks; send checks direct to drawee banks located (3) If nonmember banks remit at all for in its own Federal Reserve district. In some checks forwarded to them by Federal cases also, member banks in a given Federal Reserve banks they must remit at par; Reserve district send direct to Federal Re- 92 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Par Collection System of the Federal Reserve Banks serve banks in other districts checks drawn another. This Fund, which is kept in Washon banks located in such other districts. ington, comprises the greater part of the Banks sending checks to a Federal Re- gold certificate reserve of each Federal Reserve bank are given immediate credit for serve bank, and there is a daily telegraphic checks drawn on banks in the city in which clearing conducted by the Board of Goverthe Federal Reserve bank is located and also nors of the Federal Reserve System for all for United States Government checks, but twelve Reserve banks and for their branches. with respect to other checks credit is given The amount of the fund is relatively stable on what is known as the "deferred avail- but its ownership varies from day to day acability" principle after one, two or three cording to the debits and credits to the difdays, depending somewhat upon the time re- ferent Reserve banks. Telegraphic transfers quired for collection. Since September 1, of funds are made by the Federal Reserve 1939, the maximum period for which credit banks for member banks and through them is deferred by Federal Reserve banks on any for others, through the facilities of the Settlechecks received by them for collection is three ment Fund. For example, a member bank days, regardless of the time actually required in California or Maine, having occasion to for collection. Banks collecting checks through transfer its funds or the funds of a customer the Federal Reserve banks are furnished with to any one of the twelve Federal Reserve "time schedules" which indicate the time at cities or the twenty-four cities where there which credit is available with respect to items are branch Federal Reserve banks, can do so drawn on any locality in the United States. almost instantaneously. The sum total of In 1939 checks handled by the Federal these transfers is settled daily through the Reserve banks (in addition to Government Interdistrict Settlement Fund. Transfers of checks) numbered 1,023,000,000, with a funds of member banks are made without dollar amount of nearly 240 billion dollars. charge. The cost to the Federal Reserve banks of In 1939 the aggregate amount of the daily handling these checks was about $3,450,000. settlements between the Federal Reserve This cost was borne by the Federal Reserve banks through the Interdistrict Settlement banks and does not represent any expense Fund was approximately 103 billion dollars. whatever to the member banks or their cus- The amount reached a peak in 1930 of more tomers. The number of checks handled has than 151 billion dollars. increased almost every year, and was greatest As has already been indicated, the exin 1939. The dollar value of these checks, change charge was originally made and justihowever, was greatest in 1929, when the fied because of the trouble and expense necesamount of the checks handled by the Federal sary in order to transmit funds from one part Reserve banks was in excess of 360 billion of the country to another. Under the check dollars. The immense number and amount collection system of the Federal Reserve of checks handled annually by the Federal banks, virtually all expense formerly in- Reserve banks, on none of which is there curred by banks in remitting to distant points made either by the drawee bank or by any for checks drawn on themselves has been elim- Federal Reserve bank any charge that falls inated. Member banks may remit in cash upon the owner of the check, demonstrate the without expense to themselves, as it is the value of the par collection system to the coun- practice of Federal Reserve banks to absorb try and indicate the tremendous savings to the costs of shipping currency to and from business effected by the system. In addition to member banks; and when they remit by draft, the saving of the exchange charges them- the expense is negligible. Moreover, since the selves, the system saves money for banks and establishment of the Federal Reserve collecfor business by reducing the number of times tion system most of the checks forwarded by checks have to be handled, by shortening the a Federal Reserve bank to a bank that time of collection, and by reducing the amount remits at par are sent to it in a single cash and distance of currency shipments. letter and can be paid with a single remit- The Interdistrict Settlement Fund of the tance draft. In this way the 'actual labor Federal Reserve banks provides a great sav- of paying checks received through the mails ing in the time and expense of transferring has been reduced to a minimum with a correbalances from one section of the country to sponding reduction in expense. FEBRUARY 1940 93 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Par Collection System of the Federal Reserve Banks Nonpar Banks—Their Number, Size and largest of these had deposits of about $16,- Location 000,000 and had numerous branches. There were only 13 nonpar banks located On December 31, 1939, there were 2,656 in places with a population of 25,000 or more, banks in the United States which did not and eight of these were in places with a popuremit at par for checks drawn on them (exlation of 50,000 or more. The deposits of these clusive of 65 private banks not under State 13 banks were relatively small, in no case supervision). These nonpar banks constiexceeding $2,000,000. tuted approximately 18 per cent of the total By reference to the accompanying map number of commercial banks (i.e., banks showing the location of each nonpar bank in other than mutual savings banks) on that the United States at the end of 1938, it will date. Deposits of the nonpar banks, $921,be observed that the nonpar banks are con- 000,000, on December 31,1938,* were approxcentrated in the Southern and Middle Western imately 2 per cent of the total deposits of all districts of the country. Of the total number commercial banks, exclusive of inter-bank of nonpar banks on December 31,1939, 52 per deposits. cent were in the Atlanta and Minneapolis Of all nonpar banks in the country at the Federal Reserve districts. Of the total numend of 1938, 90 per cent were banks insured ber, 94 per cent were located in 17 Southern by the Federal Deposit Insurance Corporaand Middle Western States, the highest numtion ; 83 per cent of them had deposits of less ber in any one State being 411 in Minnesota than $500,000 each; 85 per cent were located and the second highest being 260 in Georgia. in places with a population of less than 2500; 93 per cent had deposits of less than $1,000,- Membership of Nonpar Banks 000 and also were located in places with a population of less than 5,000. One of the most important reasons why There were only 23 nonpar banks with de- many State banks do not join the Federal posits of $2,000,000 or more. Each of the two Reserve System and why banks occasionally withdraw from the System is the fact that * Figures regarding the deposits of nonpar banks for December member banks are not permitted to make i, 1939, were not available at the time this was printed. 94 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Par Collection System of the Federal Reserve Banks exchange charges on checks forwarded to difficult of determination. In some cases there them for payment by the Federal Reserve are doubtless other means of revenue to banks. To many smaller banks, particularly which they might resort. For example, banks in the South and Middle West, exchange may make interest charges on checks for charges are a source of revenue which they which immediate credit is given or may make are reluctant to do without and which in many service charges dependent upon the number cases they state they can not do without and of checks drawn or on other factors. Nonpar continue to live. In recent years not a few banks that do riot now have an adequate sysbanks have withdrawn from membership in tem of service charges, if they found it feasthe Federal Reserve System giving as their ible to institute such charges, might obtain reason their desire to increase their earnings a source of income which in some cases, at by charging exchange on checks. least, would probably compensate in large The problem is a serious one and one of measure for the loss of exchange revenue. importance to the membership of the Fed- Exchange charges in the form of remiteral Reserve System. Reports received by tance deductions are, of course, only one type the Board of Governors indicate that member of service charges, except that other service banks in certain sections of the country are charges are generally imposed on customgreatly dissatisfied with the present situation. ers, whereas remittance deductions are usually paid by other banks or their custom- While no definite figures as to the earnings ers. An exchange charge is made by the bank of banks derived from exchange charges are for its service in remitting for a check preavailable, the revenue that is derived from sented to it for payment through the mails, such charges is said to be quite substantial in whereas the more usual form of service the case of the majority of nonpar banks, and charge, which has become so prevalent in rethis is the principal reason why most of cent years, is made against the depositor in them are not on the par list. From reorder to reimburse the bank for its general or ports submitted to the Board of Governors overhead expenses in connection with the by the Federal Reserve banks, it appears maintenance of an account and is based upon that in one Federal Reserve district a group the activity of the account. Both charges, of about 47 nonmember nonpar banks rehowever, are for services of the bank in concently reported receipts from exchange nection with the account. Although the paycharges of from $125 to $500 per month. One ment of a check by a bank is a transaction peror two nonpar banks reported income from formed primarily for the benefit of the owner this source equal to about 10 per cent of of the deposit, an exchange charge is usually capital. These are mentioned merely as illusimposed by a bank upon the person presenttrations of the revenue derived by some banks ing a check rather than upon the owner of the from exchange charges. These banks were deposit. The charge could, of course, be made not interested in the possibility of memberagainst the depositor, if desired. ship in the Federal Reserve System because they were not willing to give up these earn- Absorption of Exchange Charges by Banks ings from exchange charges in order to be members. In discussing the subject of exchange The earnings derived by banks from ex- charges it is appropriate to refer to the queschange charges do not, of course, represent a tion of absorption of such charges by banks net gain in revenue for the banking system for their depositors and correspondents and as a whole, for many of these charges are to the consideration which has been given this absorbed by the banks against which they question in the last few years both by the are made instead of being passed back to their Board of Governors of the Federal Reserve customers, and, to the extent to which they System and by the Federal Deposit Insurance are absorbed, the earnings derived by the Corporation. banks making the charges are offset by the The Banking Act of 1933 contained a procorresponding loss in revenue to the banks ab- vision which for the first time prohibited sorbing the charges. member banks of the Federal Reserve Sys- To what extent banks are dependent for tem from paying interest on demand detheir existence upon exchange charges is posits "directly or indirectly by any device FEBRUARY 1940 95 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Par Collection System of the Federal Reserve Banks whatsoever". One purpose of this provision poration contemplated issuing regulations rewas to discourage and eliminate as far as garding the payment of interest by insured possible unsound competition for bank de- nonmember banks, to become effective on the posits and the concentration of balances with same date, including a definition of interest correspondent banks in the larger centers.* which did not refer to the absorption of ex- The prohibition of the law applied only to change and collection charges; and the Board member banks and not to insured nonmem- deferred the effective date of the definition of ber banks and no power was given to the "interest" in its regulation so that an oppor- Board of Governors to define the term "in- tunity would be provided to consult with the terest". Under this law the Board was called Federal Deposit Insurance Corporation with upon to make a number of rulings as to its a view to harmonizing, if possible, the proviinterpretation of the term "interest" as used sions of the two regulations governing the in the law and as to whether or not the abpayment of interest on deposits by member sorption of exchange charges and of other banks and by insured nonmember banks. The out-of-pocket expenses by member banks for Federal Deposit Insurance Corporation liketheir depositors and correspondents constiwise deferred for a time the effective date of tuted a payment of interest. No satisfactory its interest regulation. solution of the problem was found, however, and the Board recommended to Congress cer- Subsequently the question was discussed in tain changes in the law which it was hoped its various aspects between representatives of might be helpful in connection with this and the Board and the Federal Deposit Insurance other questions regarding the payment of in- Corporation and also with bankers and memterest on deposits. bers of Congress. It was more than a year later before the two agencies announced an The Banking Act of 1935 amended the law on this subject and authorized the Board of agreement regarding the matter. Effective Governors to determine what shall be deemed February 11, 1937, the Board of Governors to be a payment of interest and to prescribe and the Federal Deposit Insurance Corporaregulations to effectuate the purposes of the tion amended their respective regulations law and to prevent evasions thereof. The 1935 simultaneously in order that the provision Act also required the board of directors of with respect to the meaning of interest in both the Federal Deposit Insurance Corporation regulations should read as follows: to prohibit by regulation the payment of in- "Within this regulation, any payment to or for terest on demand deposits in insured non- the account of any depositor as compensation for the member banks and to make such exceptions use of funds constituting a deposit shall be considered from the prohibition as are applicable to interest." member banks either by law or regulation of In a statement for the press, released the Board of Governors. jointly on February 12, 1937, by the Board Pursuant to the authority given by the of Governors and the Federal Deposit Insur- Banking Act of 1935, the Board of Governors ance Corporation, it was stated that the effect included in a revision of its regulations re- of the amendments to the respective regulagarding the payment of interest on deposits tions of these agencies was to declare existing a definition of the term "interest". This defi- law rather than to interpret and apply the nition provided that the absorption by a mem- law to particular practices, and that, henceber bank for a depositor of exchange and forth, under both regulations the question of collection charges which involved out-of- what, in a particular case, is a payment of pocket expenses was a payment of interest. interest on a demand deposit or a device to The regulations including this definition evade the prohibition against the payment of were adopted in November 1935 to become interest, becomes, for both agencies, a matter effective January 1,1936. However, it devel- of administrative determination under the oped that the Federal Deposit Insurance Cor- general law in the light of experience and as specific cases may develop. This is the status * See statements by Senator Glass, Vol. 77 Congressional Record,of the matter at present. pp. 3729, 4165 (May, 1933). 96 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

rtom a JLGGat .Standpoint Administrative interpretations of banking laws, new regulations issued by the Board of Governors and other similar material of interest to bankers. Amendments to Regulation L involving not more than two banks, to extend this time to August 1, 1939, this action being On February 1, 1940 the Board amended taken for the purpose of calling to the attensubsections 3 (a) and 3 (e) of its Regulation L tion of Congress when it convened the disrelating to interlocking bank directorates crimination between member banks and nonunder the Clayton Act, effective immediately, member banking institutions which results so as to extend until June 1, 1940, the time from the fact that the provisions of the law during which certain persons who have been do not apply alike to all banks under Federal serving member banks may continue to serve authority. No legislation was enacted to a member bank and not more than one other carry out this recommendation. A bill, bank. S. 2150, was introduced which would have ex- This final extension was made at the retended to February 1, 1944, the time until quest of Senator Wagner, Chairman of the which all existing relationships could con- Banking and Currency Committee of the Sentinue. On August 1, 1939, when the extenate, and of Senator Glass, senior member of sion granted by the Board would expire, this the Committee, and upon receipt of the folbill had been passed by Congress and was lowing letter from the President addressed to awaiting action by the President, and on that the Chairman of the Board: date the Board again extended the time, to "In view of my veto last year of the Bill ex- February 1, 1940. On August 5 the bill was tending the time for ending: interlocking; bank vetoed by the President. The President's veto directorships and in view of the apparent hope on the part of some of these directors that some message was as follows: method could be devised for a slight extension of "To the Senate: the final date, I am writing to you and the Board "I return herewith, without my approval, Sento tell you that I have no objection to a short ate bill 2150, 'An act to amend section 8 of the extension—say three months but no longer than act entitled "An act to supplement laws against four months. This will give ample time to make unlawful restraints and monopolies, and for other purposes," particularly with reference to the necessary arrangements. As I said in my interlocking bank directorates, known as the veto message, I honestly believe that the intent Clayton Act.' If it was in the public interest in of the law should be definitely put into effect, 1935 for the Congress to decide to terminate especially because so much time has already these relationships, it is in the public interest to terminate them now. Affected banks and elapsed." affected directorates have had over 4 years to make adjustments. That would seem to be a When the statute was revised by the Bankliberal time. ing Act of 1935, Congress provided that all "If the Congress wishes to reverse itself and allow interlocking directorships in the future, it interlocking relationships which were then can, of course, do so. But I do not think that lawfully existing could continue until Febru- the Congress should nullify its policy, declared in 1935, by extending interlocking directorships ary 1, 1939. However, on November 7,1938, for another 4 years on top of the 4 years' exthe Board of Governors exercised its discre- tension which has already been given. tion under the law, as to such relationships "FRANKLIN D. ROOSEVELT. "THE WHITE HOUSE, August 5, 1939." FEBRUARY 1940 97 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint The pertinent provisions of Regulation L Section 32 Applies to "Secretary to Board of as now amended read as follows: Directors" "SECTION 3. RELATIONSHIPS PERMITTED BY BOARD Section 32 of the Banking Act of 1933 "In addition to any relationships covered by makes it unlawful for an "officer, director, or the foregoing exceptions, not more than one of employee" of a member bank to be associated the following relationships is hereby permitted by the Board of Governors of the Federal Re- with a dealer in securities, and inquiries are serve System in the case of any one individual: received from time to time as to whether "(a) Any private banker or any director, officer, or employee of a member bank of the particular relationships are covered by the Federal Reserve System may be at the same words quoted. Recently the Board was asked time a director, officer, or employee of not more than one cooperative bank, credit union or other whether a dealer in securities might serve similar institution; and any private banker or as the "Secretary to the Board of Directors" any director, officer, or employee of a member bank of the Federal Reserve System who is law- of a member bank. It was stated that the fully serving as a director, officer, or employee "Secretary" would be without vote or official of a Morris Plan bank or similar institution on January 31,1939 may continue such service until status, and his only duties would be to attend June 1, 1940." the meetings of the board for the purpose of recording and reading the minutes, and to "(e) Any director, officer, or employee of any furnish certified copies of the minutes when member bank of the Federal Reserve System who, on August 23, 1935, was lawfully serving necessary. The purpose of this somewhat at the same time as a private banker or as a unusual arrangement was to "identify him director, officer, or employee of any other bank, banking association, savings bank, or trust com- with" the bank. pany and whose services in such capacities have The Board pointed out that, generally been continuous since such date, may continue, until June 1, 1940, to serve such member bank peaking, the term "employee" includes everyand not more than one other such bank, banking one performing services for a corporation association, savings bank, trust company or private banker." except an officer or director of the corporation or an independent contractor. Further- Effective January 2, 1940, the Board more, a person may be an employee even amended section 3 (c) of Regulation L so as though he does not receive money compensato permit any director, officer, or employee of tion for his services. In furnishing certified a bank which does not exercise trust powers copies of the minutes of the meetings of the to serve a trust company which does not reboard of directors the "Secretary" would be ceive deposits. performing a function usually performed by This amendment to section 3 of Regulathe secretary of a corporation or his assistant. tion L consisted in striking out paragraph (c) In recording and reading the minutes of which was obsolete, and substituting the folmeetings, he would be performing the duties lowing : usually performed by one of the directors, or (c) Any director, officer, or employee of a memthe secretary of the corporation, or a clerk. ber bank of the Federal Reserve System which does not exercise trust powers may be at the Therefore, it appeared that he, would be rensame time a director, officer, or employee of not dering services to the bank and, its board of more than one trust company which does not receive or hold deposits;* and any director, officer, directors similar to those usually performed or employee of a trust company which is a memby an officer or a clerical assistant to an ber of the Federal Reserve System and which does not receive or hold deposits* may be at officer, and since it seemed clear that the purthe same time a director, officer, or employee of pose of the statute, in using the words "offinot more than one bank, banking association, or savings bank which does not exercise trust cer, director, or employee" was to include powers. everyone who has a position with the bank, the Board felt that the proposed arrangement * For the purpose of this paragraph, the term "deposits" shall not include funds received and held in a fiduciary- would be within the prohibition of the statute. capacity. 98 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ttom the Is oat dt 5 C?otte5ponclence rTrHE 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. Selections for publication are made on the basis of frequency of inquiry, timeliness, and importance of subject matter. J?outce5 oj} a Hank* Jlendina "It is my understanding that a bank, on the basis of a small amount of money deposited with it, can lend several times that amount. If this is correct, then is it not true that a bank creates the money it lends?" I NDIVIDUAL banks derive their lending serves that the banks possess and the proporpower from the capital contributed by tion of reserves that they are required to hold stockholders, from deposits made by the pub- agajnst deposit liabilities. lic, and from undistributed earnings above To illustrate, let us. suppose that a bank expenses. From these sources a bank accu- receives a deposit of $15,000,000 arising out mulates cash and balances with other banks, of gold imports. The gold itself is sold to the including reserve balances with Federal Re- Treasury, as required by law, and the Treasserve banks—out of which it makes loans and ury's check received in payment is sent to buys securities. An individual bank can in- the Federal Reserve bank to be credited to crease its loans and investments only out of the depositing member bank's reserve acfunds accumulated in these ways, or by bor- count. A deposit arising in this way, as disrowing from the Federal Reserve banks or tinguished from one that arises out of shifts other banks. It cannot create the deposits in the ownership of existing funds, is not it wishes to lend merely by accepting a cus- only an addition to the reserves of this partomer's note and giving him in return a de- ticular bank; it is also an addition to the reposit credit on its books. A common miscon- serves of the banking system as a whole. ception in this respect is responsible for much The depositor's account is credited and the misunderstanding and agitation against the bank proceeds to lend and invest $12,750,000, banks. The customer who borrows money the difference between the amount of the defrom a bank does so for the purpose of using posit and the 15 per cent reserve that must it, and when he withdraws currency or writes be held against it. We may assume that the checks against his deposit, the bank must be borrower will pay out his funds by check and prepared to supply cash or its equivalent. that his checks will presently be deposited in The banking system as a whole, however, a second bank. The second bank's deposits can expand loans and investments and con- will be increased by $12,750,000, as will also sequently deposits to several times a given its reserves. After setting aside the required volume of reserve funds. This multiple ex- reserve the second bank has $10,837,500 to pansion is possible because a bank is required put into earning assets. These funds likewise to hold as reserves only a portion of the funds flow out, and are deposited in a third bank that come into its possession—about 15 per which, after allowance is made for additional cent, on the average—and may put the re- required reserves, has an excess of $9,211,875 mainder into earning assets. The extent to in usable funds. And so on through a fourth, which the banking system can expand credit fifth, and many more banks. depends, therefore, on the total volume of re- Assuming that each bank lends the full FEBRUARY 1940 99 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From the Board's Correspondence amount remaining after required reserves are against all time deposits, while the reserve deducted, the final result, as reserves spill against demand deposits may be 12, 17% or over from one bank to another, will be an ex- 22% per cent depending on the classification pansion of $85,000,000 in the deposits of the of the town or city where the bank is located. commercial banking system as a whole on the The extent to which the banking system may basis of the original deposit arising out of gold expand deposits on the basis of a given inimports. The steps in this process, beginning crease in reserves depends in part, therefore, with the first bank, may be indicated as fol- on the reserves required against the succeslows: sion of individual accounts into which the spillover of reserves is lodged. The percentage used in the illustration is an average, Additional Additional Additional arrived at by taking the ratio of total redeposits loans reserves received made retained quired reserves to all deposits subject to re- (100%) (85%) (15%) serves. The assumption that banks always lend or 1st bank $15,000,000 $12,750,000 $2,250,000 2nd bank 12,750,000 10,837,500 1,912,500 invest all available funds is, of course, far 3rd bank 10,837,500 9,211,875 1,625,625 4th bank 9,211,875 7,830,094 1,381,781 from reality today. Theoretically, as in the 5th bank 7,830,094 6,655,580 1,174,514 illustration, the limits of bank credit expan- 6th bank _ 6,655,580 5,657,243 998,337 7th bank 5,657,243 4,808,657 848,586 sion are set by the volume of available re- 8th bank . 4,808,657 4,087,358 721,299 9th bank 4,087,358 3,474,254 613,104 serves. However, since expansion occurs 10th bank 3,474,254 2,953,116 521,128 through the lending and investing process, All other banks _ 19,687,439 16,734,323 2,953,116 expansion to the maximum theoretical limit Total $100,000,000 $85,000,000 $15,000,000 can occur only when banks can find a sufficient volume of acceptable and legally authorized loans and investments. In this calculation the spilling-over process In the past, banks have usually been able is followed in detail only through the tenth to find uses for all their funds. Experience bank, and all the other banks that may be involved are taken together. In the end, total in recent years, however, with ever-mounting deposits will have expanded by about seven excess reserves without proportional expantimes the increment of reserves—seven be- sion of bank credit, has shown that this is cause 15 per cent (the average reserve require- not always so. At the end of December 1939, ment) is about one-seventh of one hundred. for example, total member bank balances For the sake of simplicity certain assump- with the Federal Reserve banks amounted to tions have been made in the above illustra- about $11,500,000,000, of which upwards of tion from which actual experience probably $5,000,000,000 were in excess of requirealways departs in some particular, although ments. These excess reserves, if fully utilized, without impairing the general validity of the would support a further expansion in bank argument. The departures may be noted deposits of approximately $35,000,000,000. briefly. It is safe to assume that no such expansion will It is not unusual for banks to require bor- occur in the immediate, predictable future. rowers to maintain a certain part of the pro- The principal conclusion to be drawn from ceeds of a loan, say 20 per cent, as a perma- this discussion is that an individual bank's nent deposit with the bank. To the extent power to make loans and buy investments is that a bank follows this practice, a smaller limited to the reserves above legal requirevolume of ready funds is required to meet ments that it has in its possession or may withdrawals from the deposits it creates in readily procure; but that the banking system lending. as a whole, at a time when there is a strong The borrower may draw checks in favor demand for funds, can make loans and investof certain individuals who carry accounts in ments that result in an expansion of deposits the lending bank, which in that case might to about seven times the amount of reserves not be asked immediately to pay for checks held by all the banks. The basic limiting facdrawn against it. tor, therefore, is the supply of reserves— Reserve requirements vary, depending on which are derived principally from the monthe nature of the deposit and the location of etary gold stock and from Federal Reserve the bank. A reserve of 5 per cent is required bank credit. 100 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

roteian Hanlclna Jiaw5 and A/aw Jlaw fiot ilia A/at Ion a. L Hank oj% Halgium A new law for the National Bank of Bel- classes of securities. Restrictions are placed gium, in the form of a royal decree, was on the Bank's use of interest received from signed by the King on August 24, 1939, and Government securities in excess of 3i^> per became effective upon its publication in the cent. Moniteur Beige on August 26. The King's The translation of the new decree which is action was taken under specific powers given herewith is based on the French text granted by the law of May 1, 1939, to amend published by the National Bank of Belgium the royal decree of July 23, 1937,1 governing in its monthly bulletin for September 1939 the National Bank. and the translation published by the Bank The new decree enlarges the permissible for International Settlements. scope of the Bank's open-market operations. The Bank is now authorized, in the ROYAL DECREE OF AUGUST 24, 1939, RELATIVE TO THE ACTIVITY, ORGANIZATION AND POWERS OF THE course of such operations, to hold Govern- NATIONAL BANK OF BELGIUM ment securities, including short, medium and In consideration of Article 1 of the law of May 1, long-term obligations, to a total amount of 1939, Sec. 1 h, empowering the King to modify, com- 5,000,000,000 francs2; in addition, the Bank plete or abrogate by decree deliberated upon by the may continue to hold Government securities Council of Ministers the royal decrees adopted in execution of the law of June 10, 1937, within the in various funds as provided by earlier legislimits fixed by the said law, any amendment to the lation. The former limit on holdings of Govmonetary laws being excluded; ernment securities acquired through open- After reconsideration of the law of May 5, 1850, market operations was 1,500,000,000 francs, prolonged by the laws of May 20, 1872, March 26, of which not more than 500,000,000 might 1900 and February 26, 1926, and by the royal decree of October 25, 1926, adopted in execution of the law consist of short-term and medium-term bills. of July 16, 1926 and by the royal decree of July 23, In view of the contraction of the volume of1937, adopted in execution of the law of June 10, commercial bills on the market it has become 1937; necessary, as stated in the official report ac- Upon the proposal of our Ministers, who have deliberated thereon in Council, companying the decree, extracts from which We have decreed and do decree: are presented on page 105, to enlarge the I Bank's scope of operations in Government se- ARTICLE 1. The National Bank of Belgium, insticurities. A new safeguard against the unre- tuted by law of May 5, 1850, prolonged by the laws stricted use of the open-market powers in sup- of May 20, 1872, March 26, 1900, and February 26, 1926, and by the royal decree of October 25, 1926, port of Government financing is provided by adopted in execution of the law of July 16, 1926, and the requirement that the Treasury shall pubby the royal decree of July 23, 1937, adopted in lish quarterly statements of the public debt, execution of the law of June 10, 1937, is henceforth showing separately the short, medium and governed by the following provisions. ART. 2. The principal office of the Bank shall be long-term obligations, and the Bank shall resituated in Brussels. port on the same dates its holdings of these The Bank shall open branches or agencies in the chief towns of the judicial districts and, in addition, 1 See BULLETIN for October 1937, pages 1003-1006. . in places within the territory of the Belgo-Luxem- 2 The Belgian franc is equal to one-fifth of a belga. FEBRUARY 1940 101 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Foreign Banking Laws and Reports burg Economic Union where the need of such a Payment of notes at provincial agencies may be branch or agency has been established, by agreement delayed until the necessary funds have been received. with the government concerned. The Government will accept bank notes for pay- A discount office or committee shall be attached to ments at public offices. each agency in places where the government con- ART. 11. The Bank's functions are: cerned considers it necessary, after having heard the 1) To discount or purchase and sell bills of ex- Administrative Council (conseil de regence) of the change and other paper arising out of commercial Bank. transactions. ART. 3. The term of the Bank's existence expires The operations which, for the purposes of this proon December 31, 1961. vision, are considered as commercial include pur- ART. 4. No bank of issue' may be constituted, exchases and sales, made by or to farmers, of livestock, cept by virtue of a (special) law. agricultural equipment, fertilizers, seed, crops, and, ART. 5. The capital of the Bank shall be 200 milin general, goods and products related to farming lion francs, divided into two hundred thousand regisactivity; tered or bearer shares of one thousand francs each. 2) To rediscount abroad bills held in portfolio; to ART. 6. The reserve is to be used: pledge such bills as security; to guarantee its bills 1) To make good any losses of capital; or the discount operations and advances in connection 2) To bring the annual dividend up to 6 per cent therewith; to acquire assets or obtain credits abroad, of the capital. and to effect foreign exchange operations; When the Bank's right of issue expires, three-fifths of the reserve shall belong to the State. 3) To discount, buy, and sell short or medium-term ART. 7. The Bank shall issue notes payable to bills issued or guaranteed by the Government of bearer. The amount of notes in circulation must be Belgium, by the Colony, or by the Grand Duchy of represented by easily realizable holdings. Luxemburg, or issued by public bodies whose com- The Bank must maintain a reserve in gold, or in mitments are guaranteed by the Belgian State; foreign exchange convertible into gold, equivalent to 4) To deal in gold and silver bullion on its own at least 40 per cent of the amount of its sight liabili- premises or through agents; ties. At least 30 per cent of this reserve must be in 5) To make advances on gold or silver bars or gold. coins; ART. 8. The design and text of the various de- 6) To undertake the collection of bills; nominations of bank notes to be issued shall be sub- 7) To receive sums on current account and to take mitted by the Bank for the approval of the Minister custody of securities, precious metals, and gold and of Finance. Absence of such approval may not be silver coins; invoked by third parties or used against them. 8) To make advances on current account and short- The text of the notes shall be in French and in term loans against public securities at short, medium, Flemish (neerlandais). or long term, issued or guaranteed by the Belgian ART. 9. Whenever a type of bank note is replaced State, by the Colony, or by the Grand Duchy of or discontinued, the Bank shall pay to the Treasury, Luxemburg, and preference shares of the Belgian upon the expiration of the time limit fixed in each National Railway Company issued to the public, case by special agreement, the value of the notes of within such limits and on such conditions as may be this type that have not been presented for redemp- fixed by the Administrative Council (conseil de tion. regence); Notes whose equivalent has been paid to the Treas- 9) To buy and sell Belgian Government securities ury are deducted from the total of the note circula- issued at long term and quoted on the stock exchange. tion; the redemption of any notes of this kind sub- ART. 12. The Bank may not undertake operations sequently presented to the Bank later will be effected other than those mentioned in Article 11. for account of the Treasury. However, when specially authorized thereto by the ART. 10. The notes are exchangeable on demand at Minister of Finance, the Bank may acquire securithe offices of the Bank in Brussels. The conditions ties representing the capital of financial institutions of payment of the notes shall be determined in ac- which are subject to special legal provisions or are cordance with Article 8 of the royal decree regardplaced under the guarantee or control of the State, ing monetary stabilization, adopted in virtue of the and of the Bank for International Settlements, prolaw of July 16, 1926, amended by royal decree of vided that the aggregate of such securities does not March 31, 1936, adopted in execution of the law of exceed an amount corresponding to its capital, its March 30, 1935.3 reserves, and its amortization funds. 8 See BULLS-TIN for December 1926, pp. 842-845, May 1935, p. The Bank may also acquire the real estate strictly 291, and May 1936, pp. 322, 323. 102 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Foreign Banking Laws and Reports necessary for its own business or for the welfare of ties guaranteeing the execution of obligations underits staff. taken by the Bank with respect to pensions. ART. 13. The total of the portfolio held by the Bank ART. 21. The annual profits shall be distributed as resulting from operations carried out in conformity follows: with Article 11, 3) and 9), shall not exceed 5,000,- 1) To the shareholders, a first dividend of 6 per 000,000 francs. cent; ART. 14. This limit shall be raised by amounts 2) Of the excess: equivalent to any redemption or realization of bills, a) 10 per cent to the reserve; annuities and bonds of the Belgian Treasury held by b) 6 per cent to the staff or to institutions the Bank in virtue of the laws of December 27, 1930,* for its benefit; and of July 19, 1932,5 and shown in the balance sheet 3) Of the balance then remaining: of June 25, 1937. The Bank may further acquire a) To the State, three-fifths; public securities up to an amount corresponding to its b) To the shareholders, an amount sufficient capital, its reserves, and its amortization funds. for the allotment of a second dividend ART. 15. Restrictions relating to public securities fixed by the Administrative Council; do not affect the securities guaranteeing the execution c) The balance to surplus. of the obligations undertaken by the Bank with re- ART. 22. The Bank shall be managed by a Govgard to pensions. ernor and administered by a Committee of Manage- ART. 16. Public securities held by the Bank may be ment (comite de direction) assisted by an Adminisbooked at their purchase price if this is equal to or trative Council (conseil de regence). It shall be less than the maturity value. under the supervision of a Board of Auditors. There ART. 17. The Bank shall act as cashier of the State is also a General Council of the Bank. under conditions fixed by law. At the head office there shall also be a Discount It may be entrusted, under conditions fixed by the Committee, the membership and duties of which shall b determined by the statutes. Minister of Finance, with the issue or conversion of public securities at short, medium and long term. ART. 23. The Committee of Management shall be composed of three managers with the Governor as ART. 18. The Bank performs banking services for presiding officer; one of the managers shall be apthe General Savings Bank (Caisse generate d'Epargne pointed by the King to act for the Governor when he et de Retraite) in conformity with the relevant legisis unable to be present. He shall have the title of lation and with the agreements reached with this in- Deputy Governor. stitution. Upon authorization by the Minister of The number of managers may be increased to four Finance it may also act for other financial instituby decision of the General Meeting and upon authoritions which are subject to special legal provisions or zation by the Minister of Finance. are placed under the guarantee or the control of the The powers of the Committee of Management shall State in conformity with the agreements reached be determined by the statutes. with these institutions. The Administrative Council shall consist of the ART. 19. In order to facilitate transfers of funds, Governor, the managers and nine administrators the Bank may issue bank drafts payable within a (regents). This Council may not include more than few days. two administrators chosen from among persons hold- ART. 20. Any profit resulting for the Bank from ing any office in one of the banks referred to in the difference between an interest rate of 3% per Article 1 of royal decree No. 185 of July 9, 1935, cent and the interest rate charged by it on its disincluding such persons as are eligible in virtue of the count operations, advances and loans, is assigned to fourth paragraph of Article 27 of the present decree the State. by derogation from the second paragraph of the same The yield in excess of ZVz per cent from Belgian article. Government securities acquired by the Bank may not The Administrative Council shall deliberate upon be included in the distributable profits, any excess the questions which are within its scope in virtue being entered to reserve or to redemption account. of the present decree or of the statutes, and upon This provision does not apply to bills and securities general questions relating to the Bank, to currency, acquired in respect of the capital, surplus or redemp- credit, and the economic development of the country. tion accounts, the yield from which is at the free The Board of Auditors is composed of eight to ten disposal of the Bank, nor does it apply to the securi- members and may not include more than two auditors chosen from among persons performing any func- * See BULLETIN for April 1931, p. 209. tions in one of the banks referred to in Article 1 of 6 See BULLETIN for April 1932, p. 242, for discussion of Government bill proposing legislation enacted by law of July 19, 1932. royal decree No. 185 of July 9, 1935, including FEBRUARY 1940 103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Foreign Banking Laws and Reports such persons as are eligible in virtue of the fourth |of such persons as administrator or auditor is subject paragraph of Article 27 of the present decree, by to the approval of the Minister of Finance. derogation from the second paragraph of the same ART. 28. The term of office of the managers, adarticle. The powers of the Board of Auditors shall be ministrators, and auditors and the order of their redetermined by the statutes. tirement shall be determined by the statutes. The Governor, the managers, the administrators, ART. 29. The Minister of Finance has the right to and the auditors form the General Council. This exercise control over all the operations of the Bank. Council shall deliberate upon matters which are He may oppose the execution of any measure which within its scope as set forth in the present decree would be contrary to the law, the statutes or the inand in the statutes. terest of the State. This control shall be entrusted ART. 24. The Governor shall be appointed by the to a Government Commissioner. King for a term of five years. ART. 30. The Government Commissioner shall be The managers, administrators, and auditors shall appointed by the King. He shall supervise all the be elected by the General Meeting of the Shareholders. operations of the Bank. He may suspend and report Three administrators and three auditors shall be to the Minister of Finance any decision which would chosen from double lists of candidates submitted by be contrary to the laws, the statutes or the interest the Supreme Advisory Councils of the State. of the State. The statutory deposit shall not be required from If the Minister of Finance has not given a ruling administrators and auditors so appointed. within a week from the date of the suspension, the ART. 25. The Governor, the Deputy Governor, and decision may be put into effect. the managers shall receive a remuneration fixed by The Government Commissioner shall make an anthe General Council, without sharing in the profits. nual report to the Minister of Finance on his mission. The administrators shall receive attendance fees The salary of the Government Commissioner shall and, where required, travelling expenses; the auditors be fixed by the Minister of Finance by agreement shall receive expenses. The amounts of these emolu- with the administration of the Bank. It shall be dements are fixed by the General Council. frayed by the Bank, as shall also the compensation of ART. 26. Members of the legislative chambers shall any technical advisers appointed as experts to assist not hold the offices of Governor, Deputy Governor, the Commissioner. manager, administrator, or auditor. ART. 31. The Governor shall submit to the Minister Candidates in the chambers elected while they are of Finance each week a comparative statement showholding the offices subject to the foregoing prohibiing the position of the Bank for the current week and tion shall not be eligible to take the oath until after that for the preceding week. they have resigned the legislative office. This statement, the form of which is subject to the ART. 27. The Governor, the Deputy Governor, and approval of the Minister of Finance, shall be pubthe managers may not be members of a board of lished in the "Moniteur". directors of any commercial company or similar or- The summary of the Bank's operations and the ganization, with the exception of financial instituapportionment of dividends shall be published semitions which are subject to special legal provisions or annually in the same publication. are placed under the guarantee or the control of the ART. 32. The National Bank and its branches, of- State, and of the Bank for International Settlements. The administrators and auditors may not hold any fices and agencies must observe the legal provisions office in a bank established in one of the forms pro- in force regarding the use of the [two] languages in vided for in Article 8 of Decree 185 of July 9, 1935. administrative matters. The same incompatibility exists in regard to per- ART. 33. The allowance of 0.25 per cent per annum sons holding any office in a commercial company or granted to the Bank, by the terms of the agreement similar organization which controls, directly or in- of July 19, 1919, for expenses of issue of notes, shall directly, 25 per cent of the capital of one of the be calculated on that part of the circulation which banks referred to in the preceding paragraph. corresponds to the advances granted to the State. Notwithstanding the provisions of the second para- ART. 34. A refund shall be made to the Bank of the graph of the present article, two administrators and annual stamp duty collected on the notes, up to the two auditors may perform advisory or supervisory average amount of the circulation corresponding to duties in one of the banks referred to in Article 8 the gold reserve and to the Bank's claim against the of royal decree No. 185 of July 9, 1935, to the ex- State. This amount shall be calculated on the basis clusion of any duties ^f current management or of the weekly condition statements published in the administration of the bank in question. The election "Moniteur". 104 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Foreign Banking Laws and Reports ART. 35. The statutes of the Bank shall be made to Ill conform to the present provisions.6 ART. 39. Our Minister of Finance is entrusted with They shall be submitted to the King for approval. the execution of the present decree. If the General Meeting of Shareholders, called to vote on the amendments to the statutes in accordance Given at Brussels, August 24, 1939. with the above provisions, does not represent the por- EXTRACTS FROM THE REPORT TO THE KING BY THE BELGIAN tion of the capital prescribed by Article 90 of the CABINET statutes in force at the time of the promulgation of The principal reform enlarges the field of the tl e present decree, a new meeting shall be called that Bank's operations on the open market. In a general will validly decide under Article 70 of the Consolisense, the Bank has been permitted since its estabdated Company Laws. lishment to undertake such operations, consisting of ART. 36. The present decree shall come into force purchases and sales of bills of all kinds, with the on the day of its publication. dual purpose of influencing the volume of credit and the rate of interest. But the contraction of the vol- TRANSITORY PROVISIONS ume of commercial bills reduced the possibility of intervention by the central bank, and it became nec- ART. 37. The provisions of the third paragraph of essary to permit it to enter the market for public Article 24 shall not come into force until after the securities. In 1937 Parliament put the Bank in a reorganization of the Supreme Advisory Councils of position to buy and sell public securities within limits State. The list of organizations called upon to predictated by a desire to avoid abuses which might sent double lists of candidates shall be announced in result from the unsound financing of public expendia royal decree adopted by the Council of Ministers. ture. This limitation has become too restrictive. It Temporarily, the double lists of candidates preis proposed to raise it to 5,000,000,000 francs, coversented on the occasion of a vacancy shall be drawn ing both short and long-term securities. up: The raising of the limit to 5,000,000,000 francs 1) By counsellors, members of groups elected by takes account of several factors: fluctuation in the class delegates of the Supreme Council of Industry volume of credit in recent years, extent of occasional and Commerce, and by members of the Supreme Coundemands on the money market, magnitude of the cil of Trades and Business (Conseil Superieur des portfolios of Treasury bills held by the banks, re- Metiers et Negoces), each of these Councils presentquirements of the Treasury, etc. ing one candidate; A new guarantee against any ill-considered financ- 2) By labor and clerical members of the Supreme ing of public expenditures will be furnished by the Labor Council; quarterly publication by the Treasury of the com- 3) By elected and co-opted members of the Suposition of the public debt, short, medium, and longpreme Council of Agriculture. term, and by the Bank of a statement of its holdings The statutory deposit is not required from the of short, medium, and long-term public securities. administrators and auditors so appointed. The fixing of a single limit for the total of public securities which the Bank may hold is justified by the II necessity for the Bank to enter at will the short, ART. 38. The following publications shall be issued medium, or long-term market, according to the conquarterly: ditions and unpredictable needs of each sector of the 1) By the Treasury, the situation of the short, market. medium and long-term debt on March 31, June 30, We may hope that the proposed reform will con- September 30 and December 31; tribute to the enlargement and improvement of the 2) By the Bank, a statement of its assets in the money market which, up to the present, has lacked form of public securities at short, medium and long an indispensable instrument: a suitable and to some term on the same dates. degree constant volume of Treasury bills. The op- These publications shall be drawn up for the first erations of the Bank will assure the liquidity of time as of December 31, 1939. profitable short-term investments and will help to bring about a state of affairs in which liquid funds, 6 Amendments to the Bank's statutes, as provided under this which sometimes have a tendency to seek investment article, were approved by the General Meeting of Shareholders held on September 23, 1939. These amendments are published in abroad in markets furnishing better facilities, can the Bulletin d'Information et de Documentation for September, find satisfactory employment at home. 1939. 105 FEBRUARY 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES • OLLOWING is a list of the directorates as at present constituted of the Federal Reserve banks and branches. The list shows, in addition to the name of each director, his business connection, the class of directorship, and the date when his term expires. Each Federal Reserve bank has nine directors: three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as chairman of the board of directors and Federal Reserve Agent and another as deputy chairman. Federal Reserve bank branches have either five or seven directors, of whom a majority, including the managing director, are appointed by the board of directors of the parent Federal Reserve bank and tbe others are appointed by the Board of Governors of the Federal Reserve System. Term , District No. 1—Boston Expires ni Class A: Dec. SI Lewis S. Reed President, Citizens and Mfg. Nat. Bank, Waterbury, Conn 1940 Allan Forbes President, State Street Tr. Co., Boston, Mass 1941 Leon A. Dodge President, First National Bank, Damariscotta, Me 1942 Class B: Edward S. French President, Boston & Maine R. R., Springfield, Vt 1940 Philip R. Allen Chairman, Bird & Son, Inc., E. Walpole, Mass 1941 Edward J. Frost Vice President, Treasurer, & Director, William Filene's Sons Co., Boston, Mass 1942 Class C.- Henry I. Harriman Director, New England Power Company, Boston, Mass. 1940 Frederic H. Curtiss 1. . . Retired, Boston, Mass 1941 Henry S. Dennison 2. . .. President, Dennison Mfg. Co., Framingham, Mass 1942 District No. 2—New York Class A: William C. Potter Chairman, Guaranty Trust Co., New York, N. Y 1940 Otis A. Thompson President, Nat. Bank & Tr. Co., Norwich, N. Y 1941 Neil H. Dorrance President, First Nat. Bank & Tr. Co., Camden, N. Y. 1942 Class B.- Thomas J. Watson President, International Business Machines Corp., New York, N. Y 1940 Walter C. Teagle Chairman, Standard Oil Co. of New Jersey, New York, N. Y 1941 Robert T. Stevens President, J. P. Stevens & Co., Inc., New York, N. Y.. . 1942 Class C.- Owen D. Young1 Honorary Chairman, General Electric Co., New York, N. Y 1940 Beardsley Ruml2 Treasurer, R. H. Macy & Co., Inc., New York, N. Y 1941 Edmund E. Day President, Cornell University, Ithaca, N. Y 1942 Buffalo Branch Appointed by Federal Reserve Bank: Robert M. O'Hara Managing Director, Buffalo, N. Y 1940 William A. Dusenbury. .President, First National Bank, Olean, N. Y 1940 Frank F. Henry Chairman, Washburn Crosby Co., Inc., Buffalo, N. Y.. . 1941 George F. Rand President, The Marine Trust Co., Buffalo, N. Y 1942 Appointed by Board of Governors: Howard Kellogg President, Spencer Kellogg & Sons, Inc., Buffalo, N. Y. 1940 Marion B. Folsom Treasurer, Eastman Kodak Co., Rochester, N. Y 1941 Gilbert A. Prole Genesee Farm Supply Co., Batavia, N. Y 1942 1 Chairman. 2 Deputy Chairman. 106 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directors of Federal Reserve Banks and Branches Term Expires District No. 3—Philadelphia Dec. SI Class A: John B. Henning President, Wyoming Nat. Bank, Tunkhannock, Pa 1940 Joseph Wayne, Jr President, Philadelphia Nat. Bank, Philadelphia, Pa.. . 1941 George W. Reily President, Harrisburg Nat. Bank, Harrisburg, Pa 1942 Class B: C. Frederick C. Stout. . .John R. Evans & Co., Camden, N. J 1940 Harry L. Cannon President, H. P. Cannon & Son, Inc., Bridgeville, Del.. . 1941 Ward D. Kerlin Secretary & Treasurer, Camden Forge Co., Camden, N. J 1942 Class C: Warren F. Whittier.... Farmer, Dairyman and Cattle Breeder, Douglassville, Pa 1940 Alfred H. Williams2. . . . Dean of Wharton School of Finance, University of Pennsylvania, Philadelphia, Pa 1941 Thomas B. McCabe1 President, Scott Paper Co., Chester, Pa 1942 District No. 4—Cleveland Class A: Harry B. McDowell.... President, McDowell Nat. Bank, Sharon, Pa 1940 Frank F. Brooks President, First National Bank, Pittsburgh, Pa 1941 Ben R. Conner President, First National Bank, Ada, Ohio 1942 Class B: Ross P. Wright Secretary-Treasurer, Reed Mfg. Co., Erie, Pa 1940 George D. Crabbs President, Philip Carey Mfg. Co., Cincinnati, Ohio 1941 John E. Galvin President, Ohio Steel Foundry Co., Lima, Ohio 1942 Class C.- George C. Brainard1. . . President, General Fireproofing Co., Youngstown, Ohio 1940 James C. Stone Tobacco Dealer, Lexington, Ky 1941 Reynold E. Klages2. . . .President, Columbus Auto Parts Co., Columbus, Ohio. . 1942 Cincinnati Branch. Appointed by Federal Reserve Bank: Benedict J. Lazar Managing Director, Cincinnati, Ohio 1940 John J. Rowe President, Fifth Third Union Tr. Co., Cincinnati, Ohio 1940 William H. Courtney President, First Nat. Bk, & Tr. Co., Lexington, Ky 1941 Appointed by Board of Governors: Frank A. Brown Farmer, Chillicothe, Ohio 1940 Stuart B. Sutphin President, I. V. Sutphin Co., Cincinnati, Ohio 1941 Pittsburgh Branch Appointed by Federal Reserve Bank: Percy A. Brown Managing Director, Pittsburgh, Pa 1940 Samuel W. Harper President, Wheeling Dollar Sav. & Trust Co., Wheeling W. Va 1940 Clarence Stanley President, Union Trust Company, Pittsburgh, Pa 1941 Appointed by Board of Governors: George T. Ladd........ President, United Engineering & Foundry Co., Pittsburgh, Pa 1940 Harry S. Wherrett President, Pittsburgh Plate Glass Co., Pittsburgh, Pa.. . 1941 District No. 5—Richmond Class A: James C. Braswell President, Planters Nat. Bank & Tr. Co., Rocky Mount, N. C 1940 Lewis E. Johnson Chairman, First National Bank, Alderson, W. Va 1941 Charles E. Rieman President, Western National Bank, Baltimore, Md 1942 Class B: John H. Hanna Chairman, Capital Transit Co., Washington, D. C 1940 Edwin Malloy President & Treasurer, Cher aw Cotton Mills, Inc., Cheraw, S. C 1941 Charles C. Reed Vice President & General Manager, Williams & Reed, Inc., Richmond, Va 1942 1 Chairman. 2 Deputy Chairman. FEBRUARY 1940 107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directors of Federal Reserve Banks and Branches Term Expires Dec. 31 Class C.- Robert Lassiter * Chairman, Mooresville Cotton Mills, Mooresville, N. C. 1940 Charles P. McCormick. . President, McCormick & Co., Inc., Baltimore, Md 1941 William G. Wysor2 General Manager, Southern States Cooperative, Inc., - Richmond, Va. 1942 Baltimore Branch Appointed by Federal Reserve Bank: W. Robert Milford Managing Director, Baltimore, Md 1940 James Dixon President, Easton National Bank, Eastern, Md 1940 George W. Reed President, National Marine Bank, Baltimore, Md 1941 James C. Fenhagen.... Chairman, Executive Committee, Baltimore National Bank, Baltimore, Md 1942 Appointed by Board of Governors: W. Frank Roberts President, Standard Gas Equipment Corp., Baltimore, Md 1940 W. Frank Thomas Construction Engineer and Real Estate Management, Westminster, Md 1941 Joseph D. Baker, Jr.. . Secretary & Treasurer, Standard Lime & Stone Co., Baltimore, Md 1942 Charlotte Branch Appointed by Federal Reserve Bank: William T. Clements.... Managing Director, Charlotte, N. C 1940 Torrence E. Hemby Executive Vice President, American Trust Co., Charlotte, N. C 1940 J. Gerald Cowan Vice President, Wachovia Bank & Trust Co., Asheville, N. C 1941 Byron M. Edwards Executive Vice President, South Carolina National Bank, Columbia, S. C 1942 Appointed by Board of Governors: George M. Wright President, Republic Cotton Mills, Great Falls, S. C 1940 George S. Harris Executive Vice President, Springs Cotton Mills, Lancaster, S. C. 1941 David W. Watkins Director of Extension, Clemson College, Clemson, S. C. 1942 District No. 6—Atlanta Class A.- William D. Cook Executive Vice President, First Nat. Bank, Meridian, Miss 1940 George J. White President, First National Bank, Mount Dora, Fla 1941 Thomas K. Glenn Chairman, Trust Co. of Georgia, Atlanta, Ga 1942 Class B: Fitzgerald Hall President, Nash., Chat., & St. Louis Ry., Nashville, Tenn. 1940 Ernest T. George President & Chairman, Seaboard Refining Co., Ltd., New Orleans, La 1941 John A. McCrary Vice President & Treasurer, J. B. McCrary Co., Inc., Atlanta, Ga 1942 Class C: Rufus C. Harris President, Tulane University, New Orleans, La 1940 Frank H. Neely1 General Manager, Rich's Inc., Atlanta, Ga 1941 Joe Frank Porter2 President, Tennessee Farm Bureau Federation, Columbia, Tenn 1942 Birmingham Branch Appointed by Federal Reserve Bank: Paul L. T. Beavers Managing Director, Birmingham, Ala 1940 John S. Coleman President, Birmingham Trust & Savings Co., Birmingham, Ala 1940 Frank M. Moody President, First National Bank, Tuscaloosa, Ala 1941 John C. Persons President, First National Bank, Birmingham, Ala 1942 1 Chairman. 2 Deputy Chairman. FEDERAL RESERVE BULLETIN 108 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directors of Federal Reserve Banks and Branches Term Expires Appointed by Board of Governors: Dec. SI Edward L. Norton Executive Vice President, Munger Companies, Birmingham, Ala 1940 Donald Comer Chairman, Avondale Mills, Birmingham, Ala 1941 Howard Gray Farmer, New Market, Ala 1942 Jacksonville Branch Appointed by Federal Reserve Bank: George S. Vardeman, Jr.. Managing Director, Jacksonville, Fla. 1940 Junius C. McCrocklin. . .Executive Vice President, First National Bank, Tarpon Springs, Fla 1940 William R. McQuaid.... President, Barnett National Bank, Jacksonville, Fla.. . 1941 Bert C. Teed First Vice President, First National Bank, Palm Beach, Fla 1942 Appointed by Board of Governors: Bayless W. Haynes President, Wilson & Toomer Fertilizer Co., Jacksonville, Fla 1940 Robert H. Gamble President, Florida Brick & Tile Corp., Jacksonville, Fla. 1941 Howard Phillips Executive Vice President, Dr. P. Phillips Co., Inc., Orlando, Fla 1942 Nashville Branch Appointed by Federal Reserve Bank: Joel B. Fort, Jr Managing Director, Nashville, Tenn. 1940 George N. Bass Cashier, First National Bank of Franklin County, Decherd, Tenn 1940 Edward B. Maupin Cashier, Peoples National Bank, Shelbyville, Tenn.. . . . 1941 Frank M. Farris President, Third National Bank, Nashville, Tenn 1942 Appointed by Board of Governors: . Elbridge W. Palmer. . . .President, Kingsport Press, Inc., Kingsport, Tenn 1940 Clyde B. Austin President, The Austin Co., Inc., Greeneville, Tenn 1941 William E. McEwen. . . .Farmer and Stock Raiser, Williamsport, Tenn 1942 New Orleans Branch Appointed by Federal Reserve Bank: Lewis M. Clark Managing Director, New Orleans, La 1940 Oliver G. Lucas President, National Bank of Commerce, New Orleans, La 1940 Herbert Holmes President, Delta National Bank, Yazoo City, Miss 1941 Emile E. Soulier Executive Vice President, First National Bank, Lafayette, La 1942 Appointed by Board of Governors: Eugene F. Billington. . . Vice President and Secretary, Soule Steam Feed Works, Meridian, Miss 1940 Alexander Fitz-Hugh. . . Vice President, P. P. Williams Co., Vicksburg, Miss.. . . 1941 Henry G. Chalkley, Jr.. . President and General Manager, Sweet Lake Land & Oil Co., Inc., Lake Charles, La 1942 District No. 7—Chicago Class A : Edward R. Estberg President* Waukesha National Bank, Waukesha, Wis.. 1940 Frank D. Williams Executive Vice President and Cashier, First Capital National Bank, Iowa City, Iowa 1941 Walter J. Cummings . . . Chairman, Cont'l. 111. Nat. Bank and Trust Co., Chicago, 111 1942 Class B: Charles B. Van Dusen. . Director, S. S. Kresge Co., Detroit, Mich 1940 Nicholas H. Noyes Secretary & Treasurer, Eli Lilly and Co., Indianapolis, Ind 1941 Max W. Babb President, Allis-Chalmers Mfg. Co., Milwaukee, Wis.. . . 1942 Class C.- Frank J. Lewis2 Chairman, F. J. Lewis Manufacturing Co., Chicago, 111. 1940 Robert E. Wood 1 Chairman, Sears, Roebuck & Co., Chicago, 111 1941 Clifford V. Gregory Associate Publisher, Wallaces' Farmer and Iowa Homestead, Des Moines, Iowa , 1942 1 Chairman. 2 Deputy Chairman. FEBRUARY 1940 109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directors of Federal Reserve Banks and Branches Term Detroit Branch Expires Dec. 31 Appointed by Federal Reserve Bank: Ralph H. Buss Managing Director, Detroit, Mich. 1940 Walter S. McLucas Chairman, The National Bank of Detroit, Detroit, Mich. 1940 Joseph M. Dodge President, The Detroit Bank, Detroit, Mich 1941 James E. Davidson President, Peoples Com. & Sav. Bank, Bay City, Mich.. . 1942 Appointed by Board of Governors: Alfred C. Marshall Vice President and General Manager, Detroit Edison Co., Detroit, Mich 1940 L. Whitney Watkins ... Farmer, Manchester, Mich. 1941 Harry L. Pierson President, Detroit Harvester Co., Detroit, Mich. 1942 District No. 8—St. Louis Class A: George R. Corlis Cashier, Anna National Bank, Anna, 111. 1940 Sidney Maestre President, Mississippi Valley Trust Co., St. Louis, Mo.. . 1941 Max B. Nahm Vice President, Citizens National Bank, Bowling Green, Ky 1942 Class B: Harvey C. Couch President, Ark. Power & Light Co., Pine Bluff, Ark 1940 John R. Stanley Secretary, Treasurer, Stanley Clothing Co., Evansville, Ind 1941 James W. Harris Chairman, Harris-Langenberg Hat Co., St. Louis, Mo. . 1942 Class C.- Oscar G. Johnston 2 President, Delta and Pine Land Co., Scott, Miss. 1940 Douglas W. Brooks President, Union Compress & Warehouse Co., Memphis, Tenn 1941 William T. Nardin1. . . . Vice President and General Manager, Pet Milk Co., St. Louis, Mo 1942 Little Rock Branch Appointed by Federal Reserve Bank: Arthur F. Bailey Managing Director, Little Rock, Ark. 1940 Arthur E. McLean . . . President, Commercial National Bank, Little Rock, Ark. 1940 Paul R. McCoy Chairman, Peoples National Bank, Stuttgart, Ark 1941 James H. Penick Vice President, W. B. Worthen Co., Little Rock, Ark. 1942 Appointed by Board of Governors: Ira N. Barnett, Jr. Manager, Barnett Bros. Mercantile Company > Batesville, Ark 1940 Henry H. Tucker President, Fones Bros. Hardware Company, Little Rock, Ark 1941 Romeo E. Short Farmer, Brinkley, Ark 1942 Louisville Branch Appointed by Federal Reserve Bank: Frank D. Rash Managing Director, Louisville, Ky. 1940 Phil E. Chappell . . Cashier, Planters Bank & Trust Co., Hopkinsville, Ky. 1940 Ralph C. Gifford President, First National Bank, Louisville, Ky 1941 James O. Sanders President, First National Bank, Huntingburg, Ind. ^ 1942 Appointed by Board of Governors: Perry B. Games Farmer and Stock Raiser, Carrollton, Ky 1940 James B. Hill President, Louisville & Nashville R. R., Louisville, Ky. . 1941 Vacancy 1942 Memphis Branch Appointed by Federal Reserve Bank: William H. Glasgow ... Managing Director, Memphis, Tenn 1940 Bert A. Lynch President, Farmers Bank & Trust Co.,Blytheville, Ark.. 1940 Oliver Benton. . . . President, National Bank of Commerce, Jackson, Tenn. 1941 Vance J. Alexander President, Union Planters National Bank & Trust Co., Memphis, Tenn 1942 1 Chairman. 2 Deputy Chairman. 110 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directors of Federal Reserve Banks and Branches Term Expires Dec. 31 Appointed by Board of Governors: Rufus C. Branch Cotton Farmer and Ginner, Pecan Point, Ark 1940 J. Holmes Sherard J. Holmes Sherard & Co., Sherard, Miss 1941 Jesse P. Norfleet President, Sledge & Norfleet, Memphis, Tenn 1942 District No. 9—Minneapolis Class A: . Vice President, First Nat. Bk. & Tr. Co., Minneapolis, Melvin 0. Grangaard. Minn 1940 James R. McKnight. . President, Pierre National Bank, Pierre, S. D 1941 Fred D. McCartney Vice President, First National Bank, Oakes, N. D 1942 Class B: William 0. Washburn. . President, W. 0. Washburn & Sons, St. Paul, Minn 1940 James E. O'Connell. . . President, Eddy's Bakeries, Inc., Helena, Mont 1941 Albert P. Funk President, La Crosse Rubber Mills Co., La Crosse, Wis. 1942 Class C.- William D. Cochran. . President, W. D. Cochran Freight Lines, Iron Mountain, Mich 1940 Roger B. Shepard . President, Finch, Van Slyke & McConville, St. Paul, Minn 1941 Walter C. Coffeyx. . Dean, College of Agriculture, University of Minnesota, St. Paul, Minn 1942 Helena Branch Appointed by Federal Reserve Bank: Robert E. Towle Managing Director, Helena, Mont 1940 Arthur R. McDermott. . Vice President, Montana National Bank, Billings, Mont. 1940 Peter Pauly President, Deer Lodge Bank and Trust Company, Deer Lodge, Mont . . 1941 Appointed by Board of Governors: Alex Cunningham Vice President and Treasurer, Western Life Insurance Co., Helena, Mont 1940 Hobart D. Myrick Farmer, Square Butte, Mont 1941 District No. 10—Kansas City Class A: Frank W. Sponable.. . President, Miami County Nat. Bank, Paola, Kan. 1940 Edward E. Mullaney. President, Farmers & Merchants Bk., Hill City, Kan. . 1941 Thomas A. Dines President, U. S. National Bank, Denver, Colo 1942 Class B: . Vice President, Burk Lumber Company, Dawson, N. M. 1940 Joseph M. Bernardin. Phillips Petroleum Co., Bartlesville, Okla 1941 Lee E. Phillips Vice President, John Deere Plow Co., Omaha, Neb. . 1942 Willard D. Hosford Class C.- McCune, Caldwell & Downing, Kansas City, Mo 1940 Robert B. Caldwell1. . Attorney-at-law, Seward, Neb. 1941 John J. Thomas 2 Editor, The Farmer-Stockman, Oklahoma City, Okla. 1942 Clarence Roberts Denver Branch Appointed by Federal Reserve Bank: Joseph E. Olson Managing Director, Denver, Colo 1940 William C. Kurtz President and General Manager, Independent Lumber Co., Grand Junction, Colo. 1940 Harold Kountze President, Colorado National Bank, Denver, Colo 1941 Roblin H. Davis President, Denver National Bank, Denver, Colo 1942 Appointed by Board of Governors: Albert K. Mitchell President and General Manager, T. E. Mitchell & Son, Albert, N. M 1940 James B. Grant ... Lewis and Grant, Denver, Colo. . 1941 Wilson McCarthy President, Denver & Salt Lake R. R. Co., Denver, Colo. 1942 1 Chairman. 2 Deputy Chairman. FEBRUARY 1940 111 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directors of Federal Reserve Banks and Branches Term Oklahoma City Branch Expires Appointed by Federal Reserve Bank: ^ec- $1 Cyrus E. Daniel Managing Director, Oklahoma City, Okla 1940 Samuel W. Hayes Hayes, Richardson, Shartel, Gilliland & Jordan, Oklahoma City, Okla 1940 Leroy D. Edgington. . . President, First National Bank, Ponca City, Okla 1941 Arthur E. Stephenson. . .President, Central National Bank, Enid, Okla 1942 Appointed by Board of Governors: Lee Clinton Realtor, Tulsa, Okla 1940 Neil R. Johnson Rancher and Farmer, Norman, Okla 1941 Thomas S. Hanna President, Baker, Hanna & Blake Co., Oklahoma City, Okla 1942 Omaha Branch Appointed by Federal Reserve Bank: Lloyd H. Earhart Managing Director, Omaha, Neb 1940 George A. Bible President, First National Bank, Rawlins, Wyo 1940 George W. Holmes President, First National Bank, Lincoln, Neb 1941 Thomas L. Davis President, First National Bank, Omaha, Neb 1942 Appointed by Board of Governors: William H. ScKellberg. . President, Union Stock Yards Co., Omaha, Neb 1940 Robert E. Campbell Chairman, Miller & Paine, Lincoln, Neb 1941 Harry L. Dempster President, Dempster Mill Mfg. Co., Beatrice, Neb 1942 . District No. 11—Dallas Cla88 A Pat E. Hooks President, First National Bank, Itasca, Tex 1940 Ford Seale President, Citizens National Bank, Denison, Tex 1941 Ed H. Winton Executive Vice President, Continental Nat. Bank, Fort ClassB: Worth> Tex 1942 James M. West Chairman, West Production Co., Houston, Tex 1940 John D. Middleton President, Texas Refining Co., Greenville, Tex 1941 Jesse R. Milam President, Cooper Company, Inc., Waco, Tex 1942 Class C.- Joseph B. Cozzo Womack and Cozzo, Dallas, Tex 1940 James H. Merritt1 Retired, McKinney, Tex 1941 Jay Taylor 2 Rafter O Cattle Company, Amarillo, Tex 1942 El Paso Branch Appointed by Federal Reserve Bank: Joseph L. Hermann ... Managing Director, El Paso, Tex 1940 Charles N. Bassett President, State National Bank, El Paso, Tex. 1940 Frank R. Coon President, Mimbres Valley Bank, Deming, N. M 1941 Homer A. Jacobs Vice President, El Paso National Bank, El Paso, Tex.. . 1942 Appointed by Board of Governors: Jack B. Martin President, Arizona Ice & Cold Storage Co., Tucson, Ariz. 1940 Franklin M. Hayner.... President, Las Cruces Lumber Co., Las Cruces, N. M.. . 1941 Ray E. Sherman President, Leavell and Sherman, Inc., El Paso, Tex.. . . . 1942 Houston Branch Appointed by Federal Reserve Bank: William D. Gentry Managing Director, Houston, Tex 1940 John W. Neal Chairman, Second National Bank, Houston, Tex 1940 Sam R. Lawder Vice President, First National Bank, Houston, Tex.. . . 1941 Preston B. Doty President, First National Bank, Beaumont, Tex 1942 Appointed by Board of Governors: George G. Chance Farmer, Bryan, Tex. 1940 Henry Renfert Renfert-Helmbrecht Co., Galveston, Tex. 1941 Sam Taub J. N. Taub & Sons, Houston, Tex 1942 San Antonio Branch Appointed by Federal Reserve Bank: Miers Crump Managing Director, San Antonio, Tex 1940 Claude M. Bartholomew. Vice President, Austin National Bank, Austin, Tex.. . . 1940 John K. Beretta President, National Bank of Commerce, San Antonio, Tex 1941 Ernest J. Miller President, South Texas National Bank, San Antonio, Tex 1942 1 Chairman. 2 Deputy Chairman. 112 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directors of Federal Reserve Banks and Branches Term Expires Appointed by Board of Governors: Dec. 31 Dolph Briscoe Stock Raiser, Uvalde, Tex 1940 Jamie M. Odom Contractor, Austin, Tex 1941 Edwin F. Flato .President, Corpus Christi Hardware Company, Corpus Christi, Tex 1942 Class A: District No. 12—San Francisco Charles K. Mclntosh. ... Chairman, Bank of California, N. A., San Francisco, Calif 1940 Reno Odlin President, Puget Sound Nat. Bank, Tacoma, Wash 1941 Carroll F. Byrd Vice President & Chairman, First National Bank, Wil- „. _ lows, Calif 1942 Class B: Elmer H. Cox. President, Madera Sugar Pine Co., San Francisco, Calif. 1940 William G. Volkmann. .. Vice President, A. Schilling & Co., San Francisco, Calif. 1941 Reese H. Taylor President, Union Oil Co., Los Angeles, Calif 1942 Class C: St. George Holden 2 President, St. George Holden Realty Co., San Francisco, Calif 1940 Vacancy 1941 Carlyle Thorpe General Manager, California Walnut Growers Assn., Los Angeles, Calif 1942 Los Angeles Branch Appointed by Federal Reserve Bank: W. Norman Ambrose. , Managing Director, Los Angeles, Calif 1940 Victor H. Rosetti President, Farmers & Merchants National Bank, Los Angeles, Calif 1940 Charles E. Brouse President, Citizens National Trust & Savings Bank, Riverside, Calif 1941 Appointed by Board of Governors: William S. Rosecrans. . . Land Management & Investments, Los Angeles, Calif.. 1940 Carl V. Newman President, Calavo Growers of California, Los Angeles, Calif 1941 Portland Branch Appointed by Federal Reserve Bank: David L. Davis Managing Director, Portland, Ore 1940 Nona A. Davis Vice President, Baker-Boyer National Bank, Walla Walla, Wash. 1940 Ernest B. MacNaughton. President, First National Bank, Portland, Ore 1941 Appointed by Board of Governors: Albert E. Engbretsen . .President, Engbretsen Seed Co., Astoria, Ore 1940 George T. Gerlinger.... President, Willamette Valley Lumber Company, Portland, Ore 1941 Salt Lake City Branch Appointed by Federal Reserve Bank: Winnie L. Partner Managing Director, Salt Lake City, Utah 1940 Orval W. Adams Executive Vice President, Utah State National Bank, Salt Lake City, Utah 1940 Frederick P. Champ . . . President, Cache Valley Banking Co., Logan, Utah.... 1941 Appointed by Board of Governors: John Thomas Livestock Raiser & Farmer, Gooding, Idaho 1940 Herbert S. Auerbach. . .President, Auerbach Company, Salt Lake City, Utah. . 1941 Seattle Branch Appointed by Federal Reserve Bank: Clarence R. Shaw Managing Director, Seattle, Wash 1940 Ned A. Telyea President, Old National Bank & Union Trust Co., Spokane, Wash 1940 Andrew Price President, National Bank of Commerce, Seattle, Wash. 1941 Appointed by Board of Governors: Fred Nelsen Dairy Farmer, Seattle, Wash 1940 Charles F. Larrabee.... Vice President, Pacific American Fisheries, Inc., Bellingham, Wash 1941 1 Chairman. 2 Deputy Chairman. , FEBRUARY 1940 113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1939 Total Boston New York d P e h lp il h a i - a Cleveland Richmond Atlanta Current Earnings Discounted bills.<. $2, 744 $15,448 $7,383 $4,068 $4,983 $2,145 Purchased bills 2,323 174 897 235 216 100 81 U. S. Government securities 36, 903,367 2, 707, 507 10,887,682 3,069, 558 3, 732, 788 1, 941, 562 1, 593,067 Industrial advances 615,169 77,168 117, 648 132, 954 18, 367 61,823 38, 564 Commitments to make industrial advances 128, 577 5,641 21, 312 2,035 14,199 9,335 635 All other 790, 331 15,807 168,077 52, 211 76, 203 27, 684 12, 376 Total current earnings 38, 500,665 2,809,041 11,211,064 3, 264, 376 3, 845,841 2,045, 487 1, 646,868 Current Expenses Operating expenses: Salaries: Officers 2, 210,856 117, 374 502,074 123,181 173, 774 141, 900 137,120 Employees 17,486,823 1,062,445 4,422,828 1, 273,482 1, 555, 965 953, 598 1,027,473 Retirement System contributions for current service. _ 964,849 55,820 241,968 69,110 83,025 54,820 56,857 Legal fees 64,765 10,367 14,803 4,946 6,116 498 2,000 Directors' fees and expenses 134, 268 6,571 12, 822 8,267 8,575 6,566 14,819 Federal Advisory Council, fees and expenses 16,102 1,157 930 750 1,105 575 1,382 Traveling expenses (other than of directors and members of Federal Advisory Council) 282,815 15,247 43,907 23, 369 25,872 23,143 22, 206 Postage and expressage 3, 356,450 363, 225 552, 584 289, 284 316, 413 269, 660 204, 927 Telephone and telegraph 459, 716 18, 633 82, 748 28, 910 46, 778 28, 778 44,987 Printing, stationery and supplies 782, 704 " 73,843 147,103 66, 659 77,987 44,835 60,581 Insurance on currency and security shipments 236, 389 35, 527 41,290 28,049 21, 937 17,024 13, 245 Other insurance 232,087 15, 655 32,167 18, 922 17,128 13, 971 15,420 Taxes on bank premises 1, 501,035 150,822 477,675 73, 567 140,338 69,103 60,804 Depreciation on bank building 1, 215, 582 55,832 236, 205 126, 532 152,055 76,189 42, 589 Light, heat, power, and water 388,167 27, 523 64,472 32,100 46,581 22, 664 34,100 Repairs and alterations to bank building 160,181 3,473 25, 663 13, 362 11, 647 1,613 26,956 Rent... 142,783 96 695 71,077 16,994 1,277 Furniture and equipment-. ...__.. _ 337, 710 17, 918 70, 779 26, 682 34,986 11, 752 63,172 All other 634, 707 36, 432 46,029 76, 544 56, 701 34, 602 58,174 Total operating expenses 30, 607, 989 2,067, 960 7,016,047 2, 284, 411 2,848,060 1, 788, 285 1,888, 089 Less reimbursements for certain fiscal agency and other expenses 4,939,082 185,886 654,206 204,131 255,428 248, 782 687, 576 Net operating expenses 25,668, 907 1,882,074 6, 361, 841 2,080, 280 2, 592, 632 1, 539, 503 1, 200, 513 Assessment for expenses of Board of Governors 1, 621,464 116, 514 577, 662 157, 586 150, 738 69, 373 56,546 Federal Reserve currency: Original cost 1,196, 535 103, 259 336,877 93,129 102, 936 69,000 38, 228 Cost of redemption 159, 949 10,053 35,156 10,315 14,182 12,157 10,675 Total current expenses 28, 646,855 2, 111, 900 7, 311, 536 2, 341, 310 2,860,488 1, 690,033 1, 305, 962 Profit and Loss Current net earnings 9,853,810 697,141 3,899, 528 923,066 985, 353 355,454 340,905 Additions to current net earnings: P A r l o l f o it t s h e o r n sales of U. S. Government securities 4,3 4 9 2 0 3 , , 8 9 6 3 9 3 31 5 9 0 , , 6 9 5 7 1 8 1, 2 9 6 4 1 , , 2 9 9 5 18 3 3 6 7 9 , ,9 5 5 3 1 0 4 2 3 4 2, , 8 6 7 3 6 6 22 2 9 1 , , 0 3 9 7 6 6 18 9 9 7 , , 8 2 0 9 5 5 Total 4,814,802 370,629 1, 356, 213 407,481 457, 512 250,472 287,100 Deductions from current net earnings: Losses and reserves for losses on industrial advances (net) 739,040 32,475 405,308 120,286 70,554 14,819 Special reserves and charge-offs on bank premises 1,417,404 321,838 231, 200 Allother 268, 803 18 19,048 5,198 224,363 " 12," 245" Total 2,425,247 32,493 424, 356 125,484 546, 201 82, 799 246,028 Net additions to current net earnings 2, 389, 555 338,136 931, 857 281,997 167, 673 41,072 Net earnings 12, 243, 365 1,035, 277 4,831, 385 1,205,063 896, 664 523,127 381,977 Paid U. S. Treasury (sec. 13b) 24, 579 51 14,810 Dividends paid 8,110,462 563,982 3,054,991 725, 380 823, 216 305, 414 272, 229 Transferred to surplus (sec. 13b) -425, 653 -348,859 -22, 527 -290 -46, 834 Transferred to surplus (sec. 7) 4,533,977 471, 244 2,125,253 502,210 73,738 264, 547 94,938 Surplus (sec. 7), Jan. 1, 1939 149,151,356 10,083, 351 52,462,949 13, 695, 587 14,322, 790 4,982,672 5, 629, 690 Addition, as above 4, 533,977 471, 244 2,125, 253 502, 210 73, 738 264, 547 94,938 Transferred to reserves for contingencies -1,964,919 -150,000 -1,261,918 -73, 737 Surplus (sec. 7), Dec. 31, 1939 151, 720,414 10, 404,595 53, 326, 284 14,197, 797 14, 322, 791 5, 247, 219 5, 724, 628 114 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Earnings and Expenses of Federal Reserve Banks During 1989—Continued Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Current Earnings $2,742 $1,992 $1,644 $8,456 $3,673 $5,620 Discounted bills 293 14 11 68 67 16 Purchased bills 4,044, 306 1, 585, 350 1,069, 782 1,798,964 1,422,670 3,050,13 U. S. Government securities 22, 677 333 50,206 10,459 32, 598 52,37 Industrial advances 1,068 5,511 1,295 12, 592 127 54,82 Commitments to make industrial advances 183, 516 16, 729 11, 662 164,920 7,076 54,07 All other 4, 254,602 1,609,920 1,134, 600 1, 995,459 1,466,211 3, 217,18 Total current earnings Current Expenses Operating expenses: Salaries: 247,690 160,327 108, 238 172,360 121, 768 205,050 Officers 2,219,840 988,646 591, 517 1,014,145 964,234 1,412,650 Employees 120,094 58,069 31,851 60,884 51,344 81,00 Retirement System contributions for current service 757 9,112 98 4,368 11, 700 Legal fees 6,524 10,731 9,173 23,011 9,796 17,413 Directors' fees and expenses 1,196 1,275 1,323 1,610 1,371 3,428 Federal Advisory Council, fees and expenses Traveling expenses (other than of directors and mem- 28,296 20,161 21, 726 16,734 13,301 28,853 bers of Federal Advisory Council) 411,864 160,717 132,970 216,124 162,681 276,00 Postage and expressage 32, 274 34,878 19,029 43,182 34,099 45,420 Telephone and telegraph 81, 525 45,840 30,179 44,639 42,010 67, 5& Printing, stationery and supplies 25,655 5,389 7,488 9,156 7,584 24,045 Insurance on currency and security shipments 20,075 20,853 17,707 21, 522 17,882 20,785 Other insurance 186,412 52,037 69, 567 88,853 33,613 98,244 Taxes on bank premises 110, 739 51,687 34,336 155,959 69,660 103, 791 Depreciation on bank building 40, 584 21, 722 19, 622 28, 537 24,202 26,060 Light, heat, power, and water 9,213 6,915 15,110 11,784 13,637 20,808 Repairs and alterations to bank building 3,120 4,112 1 751 43 661 Rent -• 44,466 13, 913 16,146 19,326 5,775 12,795 Furniture and equipment 80,624 52,797 35,181 42,127 44,756 70, 740 All other 3, 667, 828 1,709,077 1,170, 275 1,974,163 1, 623,832 2, 569,962 Total operating expenses Less reimbursements for certain fiscal agency and 775, 218 447, 582 269, 201 355, 713 509,981 345, 378 other expenses 2,892,610 1,261,495 901,074 1,618,450 1,113,851 2,224, 584 Net operating expenses 196,358 47, 914 36, 797 46,845 47,679 117,452 Assessment for expenses of Board of Governors Federal Reserve currency: 201,953 41,367 30, 752 38,004 31,931 109,099 Original cost 25,431 7,202 6,116 6,715 6,015 15,932 Cost of redemption 3,316,352 1,357, 978 974,739 1,710,014 1,199,476 2,467,067 Total current expenses Profit and Loss 938, 250 251, 951 159,861 285,445 266, 735 750,121 Current net earnings Additions to current net earnings: 487, 914 201,044 139,648 216,909 169,192 372, 768 Profits on sales of U. S. Government securities 33, 399 8,519 7,579 8,348 8,514 31, 561 All other 521, 313 209, 563 147,227 225, 257 177, 706 404,329 Total Deductions from current net earnings; Losses and reserves for losses on industrial advances 14,000 39 33,000 14,000 34 559 (net) 462, 500 100,000 78,000 223,866 Special reserves and charge-offs on bank premises 146 4,045 655 172 240 2,664 All other 476, 646 4,084 133,655 172 92, 240 261,089 Total 44,667 205,479 13, 572 225,085 85,466 143, 240 Net additions to current net earnings 982, 917 457,430 173,433 510, 530 352, 201 893,361 Net earnings 5,120 3 981 617 Paid U S Treasury (sec 13b) 819, 532 239,369 174,905 256,136 241,185 634,123 Dividends paid -6, 664 -479 Transferred to surplus (sec. 13b) 158, 265 224, 725 -993 250,413 110,399 259, 238 Transferred to surplus (sec. 7) 22,666,003 4,685,498 3,153,414 3,612, 681 3,891,870 9, 964,851 Surplus (sec. 7), Jan. 1, 1939 158, 265 224,725 -993 250,413 110,399 259, 238 Addition, as above -201,044 -250,413 -27,807 Transferred to reserve for contingencies 22, 824,268 4, 709,179 3,152,421 3, 612, 681 3, 974,462 10, 224,089 Surplus (sec. 7), Dec. 31, 1939 FEBRUARY 1940 115 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(foods Expenditures in 1939 p by GEORGE TERBORGH Senior Economist, Division of Research and Statistics T HE accompanying table gives preliminary larger increase over the previous year than estimates of 1939 expenditures for new those of producers (21 per cent against 14), durable goods, in continuation of the series but this was due largely to a greater relative for earlier years presented in the Bulletin gain in residential building than in business for last September. For definitions, sources, construction (plant). The increases in equipand methods, the reader is referred to that ment outlays were substantially the same in presentation. both cases. The very slight gain in producers' The total of public and private expendi- outlays for plant reflects in part their natural tures in 1939 appears to have exceeded that lag behind equipment expenditures on an upfor 1938 by something like 17 per cent, though turn, owing to the greater time required to falling short of the 1937 figure by a small mar- prepare and launch construction projects in gin. Public works expenditures made a new this field. high, surpassing 1938, itself a record year, by Considerable variation will be noted in the half a billion dollars, and gaining a full billion degree to which different classes of goods reover 1937. ** For privately owned durablecovered from the 1937-38 decline. Public goods, the year was less impressive. A sub-construction, residential building, construcstantial gain over 1938 (18 per cent) sufficed tion by non-profit institutions, and plant conto erase only a little over half of the 1937-38 struction by the transit industry were higher decline. It should be said, however, that the than in 1937 or 1938. Agriculture and the elecrate of private expenditure was rising during tric power industry showed outlays below 1939, so that by the end of the year it ap- these years for both plant and equipment. proximated the average for 1937. Other classes of goods surpassed 1938, but Consumers' expenditures in 1939 showed a fell short of 1937 by varying degrees. ESTIMATED EXPENDITURES FOR NEW DURABLE GOODS [All 1939 figures are preliminary. In millions of dollars] Plant and equipment Plant Equipment 1937 1938 1939 1937 1938 1939 1937 1938 1939 Public and private ___ 19,993 16, 378 19, 237 6,991 ••6,952 7,953 13,002 9,426 11,284 Public . 12, 789 13,359 1 3,832 Private 17, 204 13,019 15, 405 4,202 '3, 593 4,121 13,002 9,426 11,284 Producers'—Total 7,570 '5, 389 6,135 2,294 1,776 1,851 5,276 3,613 4,284 Railroads 525 238 362 188 117 152 337 121 210 Electric power _ _. 400 422 373 172 182 160 228 240 213 Telephones _,_ 348 318 333 100 88 90 248 230 243 Transit 101 83 107 39 41 54 62 42 53 Other utilities . . . 162 110 135 117 r72 90 45 38 45 Mining and manufacturing. 3,122 1, 995 2,425 1,053 ••755 775 2,069 1,240 1,650 Agriculture 919 764 695 222 182 175 697 582 520 Commercial and miscellaneous 1,993 1,459 1,705 403 ••339 355 1,590 1,120 1,350 Consumers'—Total ._ 9,634 7,630 9,270 1,908 1,817 2,270 7,726 5,813 7,000 Housing 1,740 1,618 2,060 Non-profit institutions 168 199 210 Passenger cars 2,726 1,613 2,300 Household goods _ _ _ 5,000 4,200 4,700 r Revised. 1 Includes work-relief construction. 116 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A/at tonal Summatu oj\ Iiu4ine55 Condition* Compiled January 16 and released for publication January 18. Later developments are discussed on pages 81-88 of this BULLETIN I NDUSTRIAL activity, after a rapid rise in In the nondurable goods industries, where recent months, declined less than seasonally production had been at high levels throughout in December. In the first half of January the autumn, changes in output in December activity did not show the usual seasonal in- were largely seasonal in character. At woolen crease. Distribution of commodities to con- textile mills, however, there was a considersumers was maintained in large volume. able reduction in activity, and activity at silk mills declined to a low level, reflecting in part Production continued high prices of raw silk. Output of crude petroleum continued at a high rate in Industrial output decreased in December, December, while coal production was reduced, but by a smaller amount than is usual at this following a large volume of output in the two season, with the consequence that the Board's preceding months. index, which allows for usual seasonal varia- In the first half of January steel ingot protions, advanced further from 124 to 128 per duction was at a somewhat lower level than in cent of the 1923-1925 average. As in other December, while automobile assemblies were recent months, the rise in the index continued maintained at about the same high rate as in to reflect mainly increased activity in industhe previous month. tries producing durable goods. Automobile Value of construction contracts awarded, production rose sharply in December owing as reported by the F. W. Dodge Corporation, to the reopening of plants of one large proincreased further in December, owing to the ducer which had been closed for almost two inclusion in the December figures of a large months. Plate glass production also increased. amount for a dam under construction by the At steel mills activity was maintained near Tennessee Valley Authority. Contracts for the high level that prevailed in October and private building, both residential and nonresi- November; fourth quarter production of steel dential, declined seasonally. ingots was greater than in any other threemonth period on record. Output of zinc and Employment deliveries of tin continued to increase in December, and lumber production declined less According to reports from leading industhan seasonally. trial States, factory employment decreased INDUSTRIAL PRODUCTION DEPARTMENT STORE SALES AND STOCKS PER CENT PER CENT PER CENT PER CENT 140 |~^ 1140 110 1 110 130 130 100 100 120 7 120 90 90 110 110 80 80 100 7 100 V 70 70 90 90 60 60 80 80 70 70 50 50 J 40 1934 1935 1938 1939 1934 1936 1937 1938 Index of physical volume of production, adjusted for se sonal Indexes of value of sales and stocks, adjusted for seasonal variation, 1923-1925 average = 100. variation, 1923-1925 average = 100. FEBRUARY 1940 117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions less than seasonally in December and payrolls Government Security Market showed a further advance. Prices of United States Government secur- Distribution ities continued to advance during December and were steady during the first two weeks of Distribution of commodities to consumers January. increased further in December. Sales at variety stores showed about the usual sharp Bank Credit rise and sales at department stores and mail- Total loans and investments of reporting order houses increased more than seasonally. member banks in 101 leading cities declined Freight-car loadings declined by more than in the four weeks ending January 10, followthe usual seasonal amount from November to ing an increase during the first half of De- December, reflecting chiefly a further reduccember. These changes reflected largely a tion in coal shipments and a decrease in loadtemporary rise and a subsequent decline in ings of ore, which had been at a high level in loans to security brokers and dealers in conthe previous month. nection with the Government's flotation of a new issue of bonds. Total holdings of United Commodity Prices States Government obligations at city banks Prices of wheat, which had advanced showed little net change during the period. sharply early in December and continued at As a result chiefly of further increases in the higher level during the rest of the month, gold stock as well as the post-holiday return declined considerably in the first half of Januof currency from circulation, excess reserves ary. Smaller decreases occurred in some of member banks increased sharply in the other commodities, including hides, tin, and four weeks ending January 10. zinc. Prices of most other basic commodities, such as cotton, wool, lead, and steel scrap, showed little change. MEMBER BANKS IN 101 LEADING CITIES BILLIONS OF DOLLARS BILLIONS OF DOLLARS 12 WHOLESALE PRICES PER CENT PER ENT 110 110 10 10 *** U.S. GOV'T OBLIGATIONS 100 100 8 90 90 6 COMMERCIAL LOANS> ' \ 80 80 4 - OTHER SECURITIES 70 70 2 1 . I ^^ LOANS TO BROKERS ^—1 60 60 0 AND DEALERS '34 1935 1936 1937 1938 1939 50 50 Wednesday figures for reporting member banks in 101 leading 1934 1935 1936 1937 1938 1939 cities, September 5, 1934, to January 17, 1940. Commercial loans, Index compiled by the United States Bureau of Labor Statistics, which include industrial and agricultural loans, represent prior 1926 = 100. By weeks, 1934 to week ending January 13, 1940. to May 19, 1937, so-called "Other loans" as then reported. 118 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 121 Federal Reserve bank discount rates; rates on time deposits, reserve requirements 122 Federal Reserve bank statistics 123-127 Reserve position of member banks; deposits in larger and smaller centers. . 128 Money in circulation 129 Gold stock and gold movements; bank suspensions; bank debits . 130 All banks in the United States, number, deposits, loans and investments. . • 131 Condition of all member banks 132-133 Weekly reporting member banks 134-137 Commercial paper, bankers' acceptances, and brokers' balances. . 138 Money rates and bond yields . 139-140 Security markets . 140 Treasury finance . . 141-142 Governmental corporations and credit agencies; Postal Savings System... . . 143-144 Production, employment, and trade 145-153 Wholesale prices 154 Statistics for Federal Reserve chart book 155-156 Number of banks and branches in United States, 1933-1939 156 Analysis of changes in number of banks and branches during 1939 . 157 Statistics of all banks in United States, October 2, 1939 158-162, 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. FEBRUARY 1940 119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS 16 TREASURY DEPOSITS AT F. R. BANKS 1934 1935 1936 1937 1938 1939 Latest figures for January 17. See page 121. 120 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 Treas- reserve balances Date to B d u i i n l s l - t s ed bo B u il g ls ht s U m G e e c r . e o u n S n v r - . i t - - R c O b r e e a s t d h e n r i e k t v r e * Total s G to o c ld k s r t c o e u i a u n n u r n r y c g t d - - 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 g l s a y d h s s - - T d R F b e r w e e e a p d s a n i o e e t s k s h r r u v i s a t r e l s y b p m N e o r e o s m n d it - e - s - R F c O e e o a d s t u c h e e n - r e r t v a r s e l Total Excess2 ties Monthly averages of daily figures: 1938—Oct — 2,564 2,598 13, 940 2,745 6, 668 2,782 665 361 261 8,546 3,143 Nov 2,564 2,592 14,162 2,760 6,750 2,728 526 524 259 8,727 3,276 Dec 2,564 2,618 14,416 2,783 2,673 723 526 263 8,745 3,226 1939—Oct 2,763 2,832 17,002 2,926 7, 2,239 358 732 240 11,862 5,490 Nov 2,651 2,722 17, 217 2,939 7,413 2,314 454 766 241 11,688 5,259 Dec 2,510 2,612 17, 518 2,956 7,609 2,402 616 739 248 11,473 5,011 End of month figures: 1938—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 6,787 484 574 259 8,876 3,383 Dec. 31..... 2,564 33 2,601 14, 512 2,798 6,856 2,706 923 441 260 8,724 3,205 1939—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 Dec. 30.— 2,484 102 2,593 17, 644 2,963 7,598 2,409 634 653 251 11, 653 5,209 Wednesday figures: 1939—Jan. 4 2,564 2,604 14, 565 2,800 6,839 2,725 891 258 8,819 3,298 Jan. 11 2,564 2,592 14, 577 2,805 6,716 2,712 873 459 258 8,956 3,436 Jan.18 2,564 2,588 14, 615 2,810 5,666 2,726 800 435 256 9,130 3,559 Jan.25 2,564 2,583 14, 640 2,812 6,623 2,754 767 470 256 9,166 3,597 Apr. 5 2,564 2,584 15,292 2,838 6,855 2,712 1,103 470 257 9,318 3,708 Apr. 12.... 2,564 2,584 15,430 2,842 6,835 2,707 1,015 515 256 9,528 3,879 Apr. 19.... 2,564 2,591 15, 605 2,844 6,858 2,723 951 509 256 9,743 3,998 Apr. 26.— 2,564 2,580 15,714 2,849 6,860 2,693 913 516 256 9,903 4,124 May 3 2,564 2,572 15,801 2,851 6,915 936 554 255 9,872 4,084 May 10.... 2,564 2,575 15, 856 2,854 6,904 2,678 959 521 255 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 6,893 2,646 915 558 254 10,097 4,304 May 31.— 2,564 2,573 15, 957 2,862 6,967 2,636 920 586 253 10,029 4,218 June 7 2,564 2,576 15,987 2,864 2,571 935 630 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 2,879 6,962 2,559 962 677 10,116 4,243 July 5 2,551 2,569 16,136 2,880 7,100 2,577 820 678 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 2,512 16, 227 2,893 7,002 2,506 742 257 10,436 4,485 Aug. 2 2,453 2,476 16, 248 2,895 7,054 2,370 863 257 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 45 2,837 16,958 2,920 7,309 2,250 469 776 239 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 2,216 349 241 11,907 5,509 Oct. 25 2,736 30 2,771 17,039 2,929 7,302 2,230 326 240 11,950 5,534 Nov. 1 2,721 2,765 17,099 2,932 7,352 2,250 349 790 241 11,814 5,376 Nov. 8 2,687 2,721 17,132 2,935 7,409 2,263 348 779 241 11, 749 5,354 Nov. 15 2,649 2,715 17, 235 2,939 7,384 2,341 564 772 241 11, 587 5,166 N N o o v v . . 2 2 9 2 ____ 2 2 , , 5 5 5 9 2 3 2 2 , , 6 6 0 4 5 5 1 1 7 7 , , 3 2 4 5 7 7 2 2 , , 9 9 4 4 2 7 7 7 , , 4 4 3 6 4 2 2 2 , , 3 3 5 5 7 9 4 4 4 6 1 6 7 77 2 6 7 2 2 4 4 1 1 1 1 1 1 , , 6 6 1 2 9 0 5 5 , , 1 1 3 7 5 1 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 2,411 694 765 253 11,378 4,900 Dec. 27 2,489 71 2,568 17, 620 2,963 7,663 2,417 646 678 255 11,493 5,046 1940—Jan. 3 2,484 73 2,564 17,697 2,963 7,581 2,367 651 653 251 11, 721 5,271 Jan.10 2,477 20 2,504 17,747 2,965 7,463 2,341 655 677 250 11.830 5,377 Jan.17 2,477 31 2,515 17, 805 7,405 2,361 575 678 250 12,020 5,502 Less than $500,000. i Includes industrial advances. 2 End of month and Wednesday figures estimated. NOTE.—For deespc riptiono fo f gfigeusr es in thitsa tbaeb laed anddc udsissciuosns ioofn tohfe itrh esiigr nsiifgincaifniccaen, csee,e sBeUe LBLUELTLINE TfIoNr fJourl yJ u1l9y3 1935, ppp. 4199-442299. . RReepprriinntsts o off aarrtitciclele togetthheerr wwiitthh aavvaaiillaabbllee bbaacckk ffiigguurreess, mmaayy bbee oobbttaaiinneedd uuppoonn rreeqquueesstt ffrroomm DDiivviissiioonn ooff RReesseeaarrchh aanndd SSttattiistit ics. BaBcakc k figfuirge s are l also hs howni in Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. FEBRUARY 1940 121 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 31 beginning- 31 beginning- 31 beginning- 31 beginning- 31 beginning- Boston 1 Sept.1, 1939 Sept. 1, 1939 Sept. 2, 1937 Sept. 1, 1939 Apr. 29, 1938 New York.... is 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 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 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 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 2^ 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, 1^ per cent. Back figure*.—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. 31, 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 J f a f a e n c t . e t 3 i o n 1 n In g i e n f n fe in c g t — be- Pre ra v t i e ous A in d g v a i n n c s e ti s t u to ti o fi n n s a — nc- Advances direct to Commit- 1-15 days ».. Oct. 20, 1933 Federal Reserve bank industrial On por- ments 4 6 1 3 6 1 6 1 - - - - 6 9 3 4 0 0 0 5 d d d d a a a a y y y y s s s s . . . . . . . . . . . . — — . . . . . . d d d d o o o o m ga o e n r r i c z c i o a a t m l i o o - n r- s t i w t i n i o o s h n t n i i c t f u i o h s - r m p O o a n r in t i r i o n e n - g a t d o v m an a c k e e s 91-120 days.. ...do obligated 121-180 days ...do. Boston i This rate also applies to acceptances bought under repurchase agree- New York.... 4-6 4-5 ments, which agreements are always for a period of 15 days or less. Philadelphia.. 4-6 0): NOTE.—Minimum buying rates at the Federal Reserve Bank of Cleveland New York on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. The same minimum Richmond 6 4-6 4-6 1-2 rates apply to purchases, if any, made by other Federal Reserve banks. Atlanta 5-6 5 5 Chicago 5-6 5-6 Back figures.—See Annual Report for 1937 (table 41). St. Louis 4 (») H Minneapolis. . Kansas City.. 4-6 Dallas 5-6 4 5-6 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 »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 a g l s S d av e i p n o g s s i ts d eposits __ 2 2 H K and banks Au 1 g 93 . 6 15, Fe 1 b 9 . 37 28, Ap 1 r 9 . 3 3 7 0, Ap 1 r 9 . 3 8 15, a a f n te d r Other time deposits payable in: 6 months or more __ On net demand 90 days to 6 months deposits:» Less than 90 days Central reserve city.. 13 19H 26 22K Reserve city 10 15 17H 20 Country 7 12X 14 12 NOTE.—Maximum rates that may be paid by insured nonmember banks as established by the Federal Deposit Insurance Corporation, On time deposits: effective February 1, 1936, are the same as those in effect for member All member banks- 3 6 5 banks. In some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are superseded by 1 See footnote to table on p. 128 for explanation of method of comlower maximum rates established by State authority. puting net demand deposits. 122 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 1940 1939 1939 1938 Jan. 17 Jan.10 Jan. 3 Dec. 27 Dec. 20 Dec. 13 Dec. Dec. Nov. Dec. Assets Gold certificates on hand and due from U. S. Treasury 15,433,121 15,384,025 15,304,12115,173,794 15,134,619 15,024,:, 619 14, 122 15,199,120 14,966,124 11, 787, 720 Redemption fund—F. R. notes 9,385 9,903 9,903 9,903 9,973 10,413 9,903 9,866 9,873 Other cash 386,451 370,419 315, 569 254,429 302,708 302,947 315,194 319,383 368, 213 Total reserves. 15,828,957 15, 764,347 15,629, 59315,453,025 15,399,02115, 337, 740 15, 298, 935 15, 524, 217 15, 295, 37312,165,806 Bills discounted: For member banks 1,866 1,812 1,778 3,006 3,419 3,007 3,222 1,720 3,048 3,971 For nonmember banks, etc. 5,030 5,030 5,030 5,045 5,045 5,045 4,854 5,045 4,854 Total bills discounted 6,896 6,842 6,808 8,051 8,464 8,052 8,076 6,765 7,902 3,971 Bills bought: Payable in foreign currencies. 549 Industrial advances 10,893 10,843 10,883 11,113 11,139 11,143 11, 387 11,044 11,364 15, 644 U. S. Government securities, direct and guaranteed: Bonds 1,344,045 1, 344,045 1, 351,045 1,356,197 1, 263,197 1, 278,947 1, 278, 947 1, 351,045 1, 283,447 840,893 Notes 1,133, 225 1,133, 225 1,133, 225 1,133, 225 1, 233, 225 1, 233, 225 1, 233, 225 1,133, 225 1, 233, 225 1,156, 947 Bills _. _ 35,425 566,175 Total U. S. Government securities, direct and guaranteed 2,477, 270 2,477, 270 2,484,270 2, 489,422 2,496,422 2, 512,172 2, 512,172 2,484,270 2, 552,097 2, 564,015 Other Reserve bank credit 20,093 9,044 62,065 59, 565 129,049 12,113 36,354 90,588 78, 227 16,804 Total Reserve bank credit outstanding 2, 515,152 2, 503,999 2,564,026 2, 568,151 2, 645,074 2, 543,480 2, 567,989 2, 592, 667 2, 649, 590 2, 600, 983 Liabilities F. R. notes in actual circulation. 4, 849, 757 4, 947, 763 4,977,654 4,979,850 4,905,433 4,899, 500 4,958, 546 4,861, 559 4,451,824 Deposits: Member bank—reserve account... 12,019, 594 11,, 829,930 11.., 720, 62211,493,118 11,378,164 11,., 287,608 11.,, 616, 51711, 653, 232 11.., 627, 502 8, 724,050 U. 8. Treasurer—general account.. 574, 794 655,434 651,075 646,014 693, 565 752, 580 346,191 634,270 419, 216 923, 225 Foreign bank 395, 767 409,375 402,425 407,840 412, 759 375,090 398,444 397, 443 411,643 199, 211 Other deposits - 282, 519 267, 376 251,072 269, 961 351, 923 343, 578 386,416 255,836 406,982 241, 512 Total deposits.. 13, 272, 674 13,162,115 13, 025,194 12, 816,933 12,836, 41112, 758,85612, 747, 568 12,940,78112,865,343 10,087,998 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) __ 87.3 87.3 86.8 16. 3 83.7 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 t y o s 30 31 d a t y o s 60 61 d a t y o s 90 m 91 t o o n d t a 6 h y s s6 1 m t y o o e n a t r hs 2 1 y t y e o e a a r r s 2 5 y y t e o e a a r r s s 5 O y v e e a r rs Bills discounted: Dec 27 8,051 1,807 230 1,598 3,787 606 23 Jan.3 6,808 743 145 1,703 3,741 459 17 Jan 10 6,842 796 205 1,563 3,814 446 18 Jan 17 6,896 821 135 5,199 376 347 18 Industrial advances: Dec. 27 11,113 2,043 190 205 266 895 2,395 2,969 2,150 Jan 3 10,883 1,471 164 187 511 1,111 2,873 2,416 2,150 Jan. 10 - 10,843 1,407 154 205 522 1,126 2,870 2,416 2,143 Jan.17 10,893 1,470 105 283 500 1,110 2,932 2,364 2,129 U. S. Government securities, direct and guaranteed: Dec 27 2,489,422 136,783 105, 974 280,315 696, 524 1, 269,826 Jan 3 2,484,270 136,783 105,974 280, 315 696, 524 1,264,674 Jan. 10 - - -- 2,477, 270 136,783 105,974 280, 315 696, 524 1, 257,674 Jan. 17 2,477, 270 136, 783 105,974 281, 368 695, 471 1, 257,674 FEBRUARY 1940 123 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS In thousands of dollars! Total Boston Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e i l a n i p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Assets Gold certificates on hand and due from U. S. Treasury: Dec. 27 15,173,794 866,180 072,466 846,837 024,275 18,848 304,3462,573,037412,310 257,059 350, 511 242,995 804,930 Jan. 3 15,304,121 883,846 331,603 862, 585 826 401,874 297,7052,451,904389,742 253,922 150,814236,947 809,353 Jan. 10 5,384,025 886,976 383, 927 866,402 012,103407,936 292, 9102,482,656389,832 248,769 i50, 311233,421 828,782 Jan. 17 - -- 5,433,121 866,224 543,917 843,954 984,788403,153 296, 5452,443,475 402,605 244,866 34< 000 230,658 828,936 Redemption fund—Federal Reserve notes: Dec. 27... 9,903 924 1,619 1,071 816 935 745 772 219 478 364 1,336 Jan. 3.- 9,903 924 1,619 1,071 816 935 745 624 772 219 478 364 1,336 Jan. 10.— 9,903 924 1,619 1,071 816 935 745 624 772 219 478 1,336 Jan. 17— 9,385 857 1,327 949 740 1,209 703 519 753 460 353 1,306 Other cash: Dec. 27- 269,328 24,122 68,458 23,142 12,692 16,367 12,241 32, 982 13,493 7,835 15,010 13,120 29,866 Jan. 3... 315,569 28,664 73,253 26,165 19,870 18,887 17,078 41,830 17,118 8,928 17,092 14,642 32,042 Jan.10,. 370,419 34,351 86,987 29,258 22,605 24,320 22, 517 47,729 19,100 9,698 20,119 16,083 37,652 Jan. 17- 386,451 36,418 89,040 31,531 26,181 25,001 21, 506 51,960 18, 712 9,788 19, 652 16,435 40,227 Total reserves: Dec. 27 .5,453,025 891,226 ', 142,543871,050 037,783436,150 17,3322,606,643 426,575 265,113365,999 156,479 836,132 Jan.3 .5,629, 593 913,434 ', 406,475889,821 054, 51—2 421, 15,5282,494,358 407,632 263,069368,384251,953 842, 731 Jan. 10 5, 764,347 922,251 ', 472,533896, 731 035| 524 433,191 16,1722,531,009 409,704 258,686370,908249,868 867, 770 Jan. 17 5, 828,957 903,499 ',634,284 876,434 011, 709 429,363 18,7542,495,954 422,070 254,863364,112247,446, 870,469 Bills discounted: Secured by XJ. S. Government obligations, direct and guaranteed: Dec. 27 1,515 110 435 185 113 273 194 15 35 Jan. 3 623 30 110 198 113 42 20 35 Jan. 10 606 135 143 113 41 20 35 Jan. 17 593 25 200 105 113 31 10 40 20 Other bills discounted: Dec. 27 6,536 2,258 513 581 335 346 646 186 217 947 146 361 Jan. 3 6,185 2,238 570 542 230 190 643 171 210 885 145 361 Jan. 10 6,236 2,228 561 542 261 231 196 194 151 Jan. 17 6,303 2,224 550 542 296 230 236 199 872 150 Total bills discounted: Dec. 27.— —- 8,051 110 2,693 694 608 540 201 307 967 150 396 Jan. 3 6,808 30 2,348 768 655 272 210 643 171 260 910 145 396 Jan. 10 6,842 2, 363 704 655 302 251 662 196 254 151 401 Jan. 17 6,896 25 2,424 655 655 327 240 638 236 239 917 154 Industrial advances: Dec. 27 - 11,113 1,377 2,025 3,076 320 948 324 753 181 505 Jan. 3 — 10,883 1,297 2,031 3,138 315 948 322 741 177 488 721 Jan. 10 10,843 1,296 2,041 3,123 295 947 694 323 737 169 487 720 Jan. 17 10,893 1,342 2,041 3,123 303 942 693 331 732 168 487 720 TJ. S. Government securities, direct and guaranteed: Bonds: Dec. 27 1,356,197 98,464 421,377 116,123 141, 504 70, 303 54,787 149,091 45,965 36,802 61,216 49,139 111,426 Jan. 3 1,351,045 96,616 410, 582 110,824 137,799 68,442 54,752 145, 594 60,530 39,948 63,167 51,433 111,358 Jan.10 1,344,045 96,123 408,181 110,221 137,084 68,135 54,495 144,872 60,273 39, 771 62,897 51,196 110,797 Jan. 17.." 1,344,045 96,123 408,181 110,221 137,084 68,135 54,495 144,87f 60,273 39, 771 62,897 51,196 110,797 Notes: Dec. 27.. 1,133, 225 82,275 352,100 97,032 118, 240 58,745 45, 778 124, 578 38,409 30,750 51,151 41,059 93,108 Jan. 3... 1,133, 225 81,039 344,387 92,95; 115, 581 57,407 45,924 122,122 50,771 33,508 52,984 43,139 93,406 Jan.10.. 1,133, 225 81,047 344,156 92,934 115, 581 57,44T 45,945 122,148 50,818 33, 533 53,031 43,167 93,418 Jan. 17.. 1,133,225 81,047 344,156 92,934 115,581 57,44' 45,945 122,148 50,818 33, 533 53,031 43,167 93,418 Total U. S. Government securities, direct and guaranteed: Dec. 27 2,489,422 180,739 773,477 213,155 259, 744129,048 100,565 273,669 84,374 67, 552112,367 90,198 204,534 Jan. 3 2,484,270 177,655 754,969 203, 781 253, 380125,849 100,676 267,716111, 301 73,456116,151 94, 572 204,764 Jan. 10 2,477,270 177,170 752,337 203,155 252, 665125,582 100,440 267,020111,091 73,304 115,928 94,363 204,215 Jan. 17. — 2,477, 270 177,170 752,337 203,155 252, 665125,582 100,440 267,020111, 091 73,304 1:15,928 94,363 204,215 Total bills and securities: Dec. 27 2, 508, 586 182,226 778,195 216, 929 260,758 1301,,604101,800 274.680 84,576 68,612113, 515 90,853 205,838 Jan. 3. _ 2, 501,96: 178,982 759,348 207,687 254,350127,069 110011, 580 268.681111, 483 74,457 117.,238 95,205 205,881 Jan. 10 2,494,955 178,466 756,74: 206,982 253,615126,831101,385 268,005111, 298 74,295 117,,000 95,001 205,336 Jan. 17 -.- 2,495,059 178,537 756,802 206,933 253,623126,851101,373 267,989111, 338 74,275117,013 95,004 205,321 Due from foreign banks: Dec. 27 - Jan.3 Jan. 10 - Jan. 17 Federal Reserve notes of other banks: Dec. 27 28,164 432 3,83C 1,10' 1,7H 2,852 2,388 3,899 3,013 1,726 1,971 4,498 Jan.3 29,790 780 4,14C 984 1,332 3,799 2,480 4,519 2,623 1,386 2,27! 4,818 Jan. 10 _ ._. 30,623 998 4,639 1,372 1,653 4,841 3,123 3,125 2,568 1,871 1,91 3,633 Jan. 17 —- 27,895 4,266 1,128 1,982 3,88? 2,646 3,446 1,669 1,94C 1,69' 64! 3,687 Less than $500. 124 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 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 a it n s y - Dallas F c S r is a a c n n o - Assets—Continued Uncollected items: Dec. 27 _ 787,478 71,245 192,149 50,436 103,349 67,859 33,304 104,274 39,789 19,795 36,645 28,171 40,462 Jan. 3 _ 841,095 75,946 204,611 62,803 97,687 75,426 35,572 114,716 37,448 18,968 39,387 30,957 47,574 Jan. 10 618,796 64,695 145,034 46,809 69,921 51,450 27,868 86,098 29,460 16,680 28,539 22,731 29,511 Jan. 17 731,253 74,935 185,131 53,052 87,664 57,735 28,940 99, 763 30,972 17,328 30,750 36,317 Bank premises: Dec. 27 42,164 2,894 8,867 4,573 5,869 2,545 2,265 3,862 2,246 1,498 3,106 1,259 3,180 Jan. 3 41,736 9,895 4,573 5,547 2,545 2,034 3,390 2,243 1,396 3,093 1,175 2,956 Jan. 10 41,735 2,889 9,895 4,573 5,547 2,545 2,034 3,390 2,242 1,396 3,093 1,175 2,956 Jan. 17 41, 736 2,889 9,895 4,573 5,547 2,545 2,034 3,390 2,243 1,396 3,093 1,175 2,956 Other assets: Dec. 27.._ 59,494 3,832 5,118 6,681 3,595 2,345 5,942 1,852 1,629 2,470 2,100 5,091 Jan. 3 58,293 3,873 17,063 4,813 6,483 3,447 2,375 5,929 2,490 1,763 2,639 2,251 5,167 Jan.10__. 59,104 3,909 17,386 4,883 6,563 3,551 2,375 5,999 2,502 1,787 2,656 2,267 5,226 Jan. 17.... 59,877 3,961 17,519 4,961 6,638 2,429 6,113 2,537 1,820 2,700 2,343 5,287 Total assets: Dec. 27... 18,878,9581; 151,858 8,144,441 1,1492,18 1,416,160 643,607 459,436.,9 99,.3 06558,.0 52 358,.3 71523,.7 09 379,,5 931,095,205 Jan. 3 19,102,5151,175,907 8,401,550 1,170,"68 6"i 1,419,915 633,984 459,5721,891,599 563,920 361,039 533,018 382,195 1,109,131 Jan. 10... 19,009,6071,173, 211 8,406,246 1,161,3551,372,827 622,411 452,959,897,632557, 775 "35"4 ,715 524'; "1^03871,932 1,114,436 Jan. 17... 19,184,8241,164,718 8,607,915 1,147,086 1,367; 167 623J 954 456,178 2,876; 567601,830 351,"62^25193~6"8 375, 2841,124,041 Liabilities Federal Reserve notes in actual circulation: J J J D a a a e n n n c. . . . 3 1 1 2 0 7 7 -.... 4 4 4 4 , , , , 9 9 8 8 7 8 4 4 7 6 9 7 , , , , 6 7 2 7 5 5 2 6 4 7 9 3 4 4 4 3 0 0 1 9 8 3 1 9 , , , , 8 4 5 8 3 7 4 7 1 6 4 0 1 1 1 1 , , , , 2 2 2 2 4 3 6 6 1 7 5 3 , , , , 1 1 2 3 8 5 3 9 6 9 5 4 3 3 3 3 4 4 4 5 8 3 5 1 , , , , 4 6 3 5 3 2 3 0 3 4 2 3 4 4 4 4 4 6 66 6 5 9 00 0 3 ,, , , , 66 8 3 1 55 4 3 2 11 6 5 4 2 2. 2 2 2 2 3 2 —7 2 2 0 , , , , 1 6 2 0 0 4 0 8 0 8 5 2 1 1 1 1 6 6 5 6 2 0 9 4 ; , , , 0 2 8 8 3 2 8 5 6 6 5 6 1 1 1 1 1 , , , , 0 0 0 0 6 8 7 8 6 5 8 4 , , , , 7 5 1 2 4 2 9 3 1 0 4 3 1 1 1 1 . 9 9 9 9 3 0 0 4 , , , , " , 0 7 9 2 3 0 1 1 0 1 1 1 13 3 4 4 9 9 1 1 , , , , 2 9 5 4 4 0 2 4 5 0 8 8 1 1 1 1 8 8 8 8 1 0 4 3 , , , , 4 6 2 6 9 7 5 8 3 5 5 8 8 8 8 8 3 1 1 5 , , , , 9 3 0 6 9 7 7 7 8 0 8 3 3 3 3 9 8 8 7 0 2 8 8 , , , , 5 9 4 3 6 0 0 6 3 5 6 6 Deposits: Member bank-reserve account: Dec. 27 11,493,118 531., , 916., ,6 0,9.6,382 588,955 660,881289,288207,9951,637,832267,396154, 587 263,989 214,479 579,418 Jan. 3 11,720,622 567,083 6,4'0"3",,172 612,384 680, 700283,852208,3501,471,908 "2"7>5,J 725151,872 259,495 216,089 589, 992 Jan.10 11,829,930 592,980 6\, ,' 4"3"6,686623,411 682; 756 291,712208,654 1i,;470,607283,566152,395268,090 218,301 600,772 Jan. 17 12,019, 594 600,701 f6, 571,632 634,498 692,1701293,857213,022 1:,461, 293295,298 152,630268,693 219,604 616,196 XJ. S. Treasurer-general account: Dec. 27 646,01' 79,453 171,180 67,322 107,936 22, 65122,370 69,471 28,553 19,638 18,096 22,035 17,309 Jan. 3 651,07S 70,235 128,867 59,336 110,128 20,939 23,388 111, 245 29,979 25,763 29,893 23,929 17,373 Jan. 10 655,434 52,840 149,824 55,458 82,227 23,457 24,797 145,775 23,824 22,720 24,143 21,446 28,924 Jan. 17 574, 794 31,056 180,325 27,909 58,465 19, 55622,474 132,802 22,148 20,174 17,350 20,221 22,314 Foreign bank: Dec. 27 407,84C 29,434 144,730 39,674 38,038 17,587 14,315 49,490 11,861 9,407 11,861 11,861 29, 582 Jan. 3 402,42£ 29,243 141,090 39,417 37,791 17,473 14,222 49,169 11,784 9,346 11,784 11, 784 29,322 Jan.10 409,37£ 30,192 138,725 41,114 39,017 18,040 14,684 50,344 12, 586 9,230 12,166 12,586 30,691 Jan.17 395, 767 29, 477 136, 530 39,283 37,278 17,236 14,029 48,101 12,025 8,819 11,624 12,025 29, 340 Other deposits: Dec. 27 6,245 178,743 19,661 8,308 3,211 6,772 5,763 6,935 6,879 7,865 18,599 Jan. 3 251,07! 6,460 164,332 18, 717 8,150 2,897 6,626 4,659 7,588 6,212 1,004 5,720 18, 707 Jan. 10 267,371 8,063 179,005 18,416 8,650 3,040 6,573 4,305 7,162 6,866 1.427 3,839 20,030 Jan. 17 282, 511 7,340 197, 549 17,247 2,234 6,429 4,085 7,617 6,429 1,068 3,557 20,566 Total deposits: Dec. 27.. 12,816,932 647,048 6,591,,035 715,612 815,163 332,737 251,452 1,762, 556 314,745190,511294926 256,240 644,908 Jan. 3... 13,025,194 673,0216,837,461 729,854 836,769 325,161 252, 586 1,636,981 325,076193,193302; 176 257, 522 655,394 Jan. 10.. 13,162, llf 684,0756,904,240 738,399 812,650 336,249 254,708 1,671,031 327,138191,211305,826 256,172 680,416 Jan. 17- 13,272, 67' 668, 5747,086,036 718,93" 796,311 332,883 255,954 1, 646, 281 337,088188,052298, 735 255,407 688,416 Deferred availability items: Dec. 27 727,96C 68, 572 166,965 48,911 97,408 63,371 30,070 103,054 37, 736 16,945 34,068 26,616 34,244 Jan.3 779,077 69,622 177,514 59,442 89,585 66,643 31,438 125, 757 35,069 17,239 36,808 29,642 40,318 Jan.10 609,79£ 61,185 138,967 44,364 66,795 48,375 25,468 106,312 28,940 14,414 26,399 22, 566 26,014 Jan. 17 711,205 71,779 163,171 51,938 84, 666 55,846 28,248 118,872 32,224 15,133 29, 567 27, 597 32,166 Other liabilities, including accrued dividends: Dec. 27 5,57i 44- 2,116 561 538 165 208 555 135 174 200 153 321 Jan. 3 1,332 168 388 177 146 15 22 165 17 88 87 51 Jan. 10 1515 186 455 195 161 39 24 181 22 90 54 20 Jan. 17 200 255 226 223 21 29 233 26 98 59 33 FEBRUARY 1940 125 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 ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Total liabilities: Dec. 27 18, 528,122 1,127, 613 8,023, 3511,116, 416 1, 382, 955 628,478 446, 621,; 954,359 547, 313 349,158 513,449 368, 3791,070,036 Jan.3 18, 753, 3661,151,642 8,,2 8208,0, 522 1,137,976 1, 387,151 618, 919 446,902 2,847,136 553^ 183. ,3 59168 522, 759 371,082 1,084,126 Jan. 10. 18,659,661 1,148,922 8,, 285,0561,128, 582 1,339,941 607,311 440,236 2,853,044 547,000 34'5' , 615 5"11,38;09 360,790 1,089, 355 Jan. 17 18,835,136 1,140I,, 423 8,, 486, 6481,114, 534 1, 334,324 608,832 443, 457 2,832,127 560,069 342, 528 509,072 364; 141 Capital Accounts Capital paid in: Dec. 27 135,494 9,384 50,957 12,115 13,830 5,160 4,584 13,463 4,067 2,930 4,314 4,063 10,627 Jan.3 135,889 9,388 51,121 12.115 13,920 5,173 4,623 13,509 4,074 2,933 4,319 4,067 10,647 Jan. 10 136,041 9,403 51,141 12.116 13,955 5,179 4,647 13, 534 4,080 2,940 4,324 4,067 10, 655 Jan. 17 135, 936 9,406 51,147 11,911 13,964 5,191 4,651 13, 540 4,087 2,948 4,352 4,081 10, 658 Surplus (section 7): Dec. 27 149,152 10,083 52,463 13,696 14,323 V . 5,630 22,666 4,685 3,153 3,613 3,892 9,965 Jan.3 151, 720 10,405 53, 326 14,198 14,323 5,247 5,725 22, 824 4,709 3,152 3,613 3,974 10, 224 Jan. 10 151, 720 10,405 53, 326 14,198 14,323 5,247 5,725 22,824 4,709 3,152 3,613 3,974 10, 224 Jan. 17 151, 720 10, 405 53, 326 14,198 14, 323 5,247 5,725 22,824 4,709 3,152 3,613 3,974 10, 224 Surplus (section 13b): Dec. 27 27,264 2,874 7,457 4,416 1,007 3,293 713 1,429 545 1,001 1,142 1,266 2,121 Jan.3 26,839 2,874 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 l,: 2,121 Jan. 10 26, 839 2,874 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 1,266 2,121 Jan. 17 26,839 2,874 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 1,?" 2,121 Other capital accounts: Dec. 27 38, 926 1,904 10,213 2,575 4,045 1,894 7,389 1,442 2,131 1,191 1,' 2,456 Jan.3 34, 701 1,598 9,472 2,004 3,514 1,399 1,608 6,701 1,416 1,985 1,185 1,806 2,013 Jan.10 35, 346 1,607 9,614 2,066 3,601 1,428 1,638 6,801 1,448 2,007 1,220 1,835 2,081 Jan.17 35,193 1,610 9,685 2,050 3,549 1,438 1,632 6,741 1,427 1,993 1,189 1,822 2,057 Total liabilities and capital accounts: " Dec. 27 18, 878,9581,151, 858 8,14t4, 441, 149, 2118,416,160 643, 607 459,4362, 999, 306558,052 358, 373523, 709 379, 593 1,095, 205 Jan. 3 .9,102, 5151,175,907 8,401,,550 ,170, 6861,419,915 633,984 459, 5712,891, 599563,920361,039 533,018382,195 1,109,131 Jan.10 9,009, 607 ,173,211-8., •40"6., 246 , 161, 3551,372, 827 622, 411 452, 959897, 632 557, 775 354, 715524,108 371, 932 1,114, 436 Jan.17 .9,184, 824 1,164, 718 8, 60"7,.915 , 147,086 ,1 367,167 623, 954 456,178 2,876, 665170, 830351, 622 519, 368 375, 2814,124,041 Commitments to make industrial advances: Dec. 27 9 220 482 1,803 920 1,185 761 313 532 3,062 Jan.3 8,454 460 1,797 350 1,108 759 152 532 3,134 Jan.10 8,403 460 1,793 345 1,083 759 152 532 3,120 Jan. 17 8,294 405 1,789 343 1,067 742 152 525 3,111 126 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, Applications Applications under Applications Commit- Approved expired, Particireceived consideration approved xVCl V dllCt3o ments but not or with- pations Date ( e l a a c st h W mo ed n n th e ) sday of ( s a t m an o d u i n n t g ) 1 ( s a ta m o n u o d t u - in n g t) (a p m c l o e o m t u e - d n t 2 ) d c r a a a n p w t p , n l e i- t b c y . s (a ta m o n u d o t i u - n n g t a ) Number Amount Number Amount Number Amount (amount) 1934—Dec. 26. 4,386 146,972 71 2,955 984 49,634 13,589 8,225 20,966 5,558 1,296 1935—June 26. 6,325 237,581 68 11,349 1,646 88,778 27,518 20,579 11,248 24,900 4,533 Dec. 31 * 7,437 293,084 28 2,823 1,993 124,493 32,493 27,649 11, 548 44,025 8,778 1936—June 24. 8,006 314,471 12 1,880 2,183 133,343 30, 484 24,454 9,381 61,425 7,599 Dec. 30. 8,247 328,998 5 1,245 2,280 139,829 25, 526 20,959 8,226 77,910 7,208 1937—Mar. 31. 8,344 333, 300 9 1,322 2,323 141, 545 23,059 18, 611 7,898 85, 210 6,767 June 30. 8,430 339, 509 10 1,263 2,361 145,758 23,019 16,331 1,470 97,663 7,275 Sept. 29. 8,474 341,842 1 800 2,381 146, 724 21,415 14,880 537 102, 588 7,304 Dec. 29. 8,534 350, 551 7 550 2,406 150,987 20,216 12, 780 3,369 107,384 7,238 1938—Mar. 30. 8,708 358,936 19 1,299 2,464 154,918 19,371 13,110 3,419 111, 193 7,825 June 29. 8,976 369, 583 8 476 2,566 161,158 18,444 13,649 3,084 117, 555 8,426 Sept. 28. 9,102 378,974 8 146 2,617 168,380 17,567 13, 597 5,737 122,447 9,032 Dec. 28. 9,188 387,490 5 247 2,653 175,013 17,345 14,161 1,946 128,839 12,722 1939—Jan. 25.. 9,203 389,176 8 999 2,660 175,651 16,811 13,004 1,293 132,009 12, 534 Feb. 21 * 9,221 389, 554 7 964 2,671 175, 902 16,474 12, 907 1,105 133,001 12,415 Mar. 29. 9,249 392, 230 14 344 2,683 177,895 15,798 12,647 1,975 135,004 12,471 Apr. 26. 9,270 394,055 7 495 2,697 178,639 15,817 11,749 2,134 136,696 12,243 May 31. 9,296 394, 970 6 400 2,713 179,332 15,305 11, 530 2,496 137,922 12,079 June 28. 9,308 395,499 5 255 2,721 179,778 15,255 11,175 2,067 139,281 12,000 July 26.. 9,330 399,780 6 760 2,730 183,354 15,384 11,476 733 142,943 12,818 Aug. 30- 9,355 401, 228 7 532 2,743 184,152 14,667 11,009 1,220 144,812 12,444 Sept. 27. 9,366 402, 305 2 370 2,752 185,234 14,454 10, 517 1,938 146,156 12,169 Oct. 25_. 9,388 402, 944 1 70 2,763 186,034 14, 545 10,156 1,764 148,037 11, 532 Nov. 29. 9,401 404,226 3 92 2,772 187,257 14,051 9,643 2,548 149, 911 11,104 Dec. 27. 9,418 405, 225 2 41 2,781 188, 222 13, 683 9,220 2,659 151, 679 10,981 1940—Jan. 17 K 9,428 405,819 2 35 2,790 188,817 13, 382 8,294 2,798 153, 898 10,445 1 Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of condition of the Federal Reserve banks. 2 Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. 3 Does not includef inancingi nstitution guaranties of advances and commitments made by Federal Reserve banks, which amounted to $1,320,444 January 17, 1940. 4 Tuesday. 6 Latest date for which figures are'available. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total B to o n s- 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 Ch a i g - o Lo S u t i . s n M o e l a i i n p s - - K C s a a it n s y - Dallas Federal Reserve notes: Issued to F.R. bank by F. R. agent: Dec. 27 5, 282, 206430,644 1, 365,1 488,950 245,493178,066 1,122,378 205, 560 146,883192,894 92,137 443, 566 Jan. 3 5, 268, 551428, 710 1,360,308 370,448 487, 535 246,073 176, 4341,120,453 204, 703146,248 193,710 92,098 441, 831 Jan.10 5, 227, 565429,109 1,337,- -- -- . . ~" 1,118, 771 203, 690 145, 570192,852 90,826 440, 698 Jan. 17 5, 204,261426, 785 1,335, 510 365,156 483, 750 236, 976 174,046 1,114,474 203,116 145, 726 190,25989,946 438, 517 Held by Federal Reserve bank: Dec. 27 304, 552 19,100 102,139 18, 929 19,104 13, 288 13,181 34,184 10,863 5,355 8,639 6,767 53,003 Jan. 3 320, 788 19, 879 95,149 21, 945 26,884 18,973 13, 578 36, 22011,682 4,800 10,022 8,231 53,425 Jan. 10 341,336 25, 633 96,093 22,041 25,345 17,038 15,495 43, 25112,790 5,670 11,359 8,828 57, 793 Jan. 17__ 354,504 26,915 98,324 21, 723 30, 626 16,894 14,820 47, 73312,385 6,481 9,584 60,151 In actual circulation: i Dec. 27 4,977, 654411, 544 1,263, 235 351,332 469,846 232,205 164,8815,088,194 194,697 141, 528 184,25585,370 390, 563 Jan.3 4,947, 763408,831 1, 265,159 348, 503 460, 651 227,100 162, 856 1,084,233 193,021 14l| 448 183^ 8638,8867 388, 406 Jan. 10 4,886, 229403,476 1, 241, 394 345, 624 460,335 222,648 160,036 1,075, 520 190,900 139,900 181,48913,998 382, 905 Jan.17 4,849, 757399,870 1, 237,186 343,433 453,124 220,082 159, 226 1,066, 741 190, 731 139,245 180, 8617,5078 378,366 Collateral held by bank as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Dec. 27 5, 371,000440,000 1,385,000 375,000 491,000 250,000180,000 1,140,000 209,000 147, 500 195,00094, 500 464,000 Jan.3 5, 371,000440,000 1,385,000 375,000 491,000 250,000180,000 1,, 114400,,000000 220099;, 000000 114477,; 5 50000 1 19955; ,00000094, 500 464,000 Jan. HL • 5, 341, 000440,000 1,355,000375,000 491,000 250,000 180,000 1, ,114400,,000000 220099,,000000 114477,, 5 0500 01 19955,0,0000094, 500 464,000 Jan. 17 5, 329,000440,000 1,355,000 375,000 491,000 250,000 180,0001,130,000 209,000 147, 500 195,000 92, 500 464,000 Eligible paper: Dec. 27 2,236 110 529 212 392 158 780 Jan.3 1,371 30 194 225 57 115 725 Jan. 10 1,374 219 156 87 118 749 Jan.17 1,423 25 113 112 94 764 Total collateral: Dec. 27 5,373, 236440,110 1, 385, 529 375, 212 491,000 250,392 180,000 1,140, 000 209,055 147, 658 195,9 47,8 5000 464,000 Jan. 3 5,372, 371440,030 1, 385,194 375, 225 491,000 250,057 180,000 1,140,000 209,025 147, 615 195, 79245, 500 464,000 Jan. 10 5,342,374 440,000 1, 355, 219 375,156 491,000 250,087 180,000 1,140,000 209,045 147,611985, 749 94, 500 464,000 Jan. 17 5,330,423440,025 1,355, 280 375,113 491,000 250,112 180,000 1,130,000 209,035 147, 591945, 764 92, 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. FEBRUARY 1940 127 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, DECEMBER, 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 banks i New Chi- banks banks * posits posits i Re- Ex- York cago quired Held cess Total reserves held: All member banks. _37,466 30,474 11,750 6,462 11,473 5,011 1938—December 8,745 4,139 2,387 1,322 1939—January 9,029 4,409 780 2,474 1,366 Central reserve city banks: February 8,925 4,482 673 2,405 1,364 New York 13,825 13,078 741 3,012 5,623 2,611 March 9,021 4,472 681 2,475 1,393 Chicago 2,880 2,531 601 1,141 540 April 9,624 4,889 794 2,544 1,397 May 9,997 5,094 878 2,630 1,395 Reserve city banks: June 10,085 5,049 893 2,728 1,415 Boston district 1,183 1,064 87 191 356 166 July 10, 321 5,195 848 2,827 1,451 New York district 224 181 154 39 47 8 August 10,659 923 2,883 1,486 Philadelphia district.. 1,367 1,127 245 209 418 209 September 11,443 5,866 ,009 3,009 1,559 Cleveland district 1,778 1,378 725 277 505 227 October 11,862 5,958 [,112 3.203 1,588 Richmond district 813 624 208 120 187 68 November _ 11,688 5,759 L,115 3,229 1,585 Atlanta district 774 532 176 102 129 27 December 11,473 5,623 , 141 3,141 1,568 C hicago district 1,361 928 583 192 331 140 Week ending (Friday): St. Louis district 904 663 179 125 207 82 1939—Dec. 1 11,681 5,783 ,136 3,203 1,559 Minneapolis district__. 418 302 89 57 92 34 Dec.8.___ _ 11, 587 5,690 , 151 3,161 1,585 Kansas City district._. 1,070 693 156 129 194 65 Dec. 15 _ 11, 324 5,501 ,156 3,123 1,543 Dallas district 778 493 130 93 132 39 Dec. 22 11, 397 5,499 1,182 3,152 1,564 San Francisco district. 2,288 1,835 1,950 419 542 124 Dec. 29. 11, 505 5,698 1,113 3,132 1,562 1940—Jan. 5 11,699 5,942 972 3,166 1,619 Total 12, 957 9,820 4,683 1,953 3,141 1,188 Jan.12 11,852 5,992 3,280 1,621 Excess reserves: Country banks: 1938—December 3,226 1,734 376 658 457 Boston district 912 649 551 105 183 77 1939—January. 3,484 1,996 260 734 495 New York district 1,413 1,014 1,375 190 346 156 February 3,373 2,047 164 669 494 Philadelphia district. _ 697 456 865 98 170 72 March 3,432 1,986 179 741 526 Cleveland district 642 424 680 85 148 63 April 3,926 2,302 299 794 531 Richmond district 581 341 350 58 96 38 May 4,212 2,465 360 858 529 Atlanta district __ 520 316 226 49 77 28 June 4,246 2,394 362 944 546 Chicago district 911 554 730 103 208 105 July 4,402 2,504 305 1,013 581 St. Louis district 391 240 241 41 69 28 August... 4,607 2,587 363 1,046 611 Minneapolis district.__ 335 207 275 39 64 25 September. 5,198 2,943 430 1,147 678 Kansas City district.._ 476 283 158 42 69 28 October 5,490 2,974 518 1,295 704 Dallas district 566 329 104 45 83 November 5,259 2, 753 516 1,294 696 San Francisco district. 232 273 41 55 December 5,011 2,611 540 1,188 671 Week ending (Friday): Total . 7,804 5,046 5,828 897 1,568 671 1939—Dec. 1__ 5,211 2,748 537 1,257 Dec. 8 5,127 2,661 552 1,225 689 Dec. 15.. 4,868 2,495 554 1,171 648 i Gross demand deposits minus demand balances with domestic banks Dec. 22 4,910 2,480 573 1,191 666 (except private banks and American branches of foreign banks) and Dec. 29.. 5,052 2,705 514 1,169 664 cash items in process of collection. 1940—Jan. 5 5,253 2,929 391 1,216 717 NOTE.—See table at foot of p. 122 for percentages of deposit required Jan. 12 5,371 2,970 369 1,314 717 to be held as reserves. p Preliminary. i Weekly figures of excess reserves of all member banks and of country banks are estimates. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Member banks in larger centers Member banks in smaller centers Ail member banks (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Dec. Nov. Dec. Nov. Dec. Nov. Dec. Nov. Dec. Nov. Dec. Nov. Boston 2,095 2,142 638 644 1,962 2,003 510 514 134 139 128 131 New York . 15, 463 15,364 2,270 2,293 11,338 i 1,311 1,034 11,041 299 304 496 499 Philadelphia 2,064 2,048 1,110 1,117 1,820 1,803 662 665 244 245 448 452 Cleveland _ ______ 2,420 2,394 1,406 1,404 2,182 2,161 1,104 1,101 238 233 302 303 Richmond 1,394 1,372 557 560 1,191 1,171 361 364 203 202 197 196 Atlanta 1,293 1,268 402 404 1,129 1,112 316 317 164 156 86 86 Chicago 5,151 5,088 1,812 1,807 11, 938 i 1,906 i 1, 017 U,015 333 333 296 295 St. Louis 1,295 1,286 420 423 1 060 1,054 303 305 235 232 117 118 Minneapolis 754 753 364 364 556 557 179 178 198 196 186 185 Kansas City _ 1,546 1,551 314 316 1,197 1,202 199 201 349 348 115 115 Dallas. _ 1,344 1,340 234 232 1,033 1,028 188 186 312 312 46 46 San Francisco. 2,648 2,638 2,223 2,191 2,519 2,510 2,124 2,092 129 128 99 99 Total 37, 466 37, 243 11, 750 11, 754 117,925 117,818 17, 996 1 7,981 2,836 2,827 2,515 2,525 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. 128 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 otal 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 1 348 149 244 4,301 27 198 February... 6,731 74 41 1,327 1 350 150 246 4,320 27 195 March 6,817 74 41 1,378 1 352 151 251 4,350 27 193 April 6,905 73 42 1,385 1 354 152 255 4,426 26 191 May 6,967 72 '42 1,417 1 358 154 259 4,449 26 189 June 7,047 72 42 1,454 1 361 155 266 4,484 26 186 July 7,049 71 43 1,446 1 362 156 264 4,496 25 184 August 7,171 71 43 1,465 1 365 157 267 4,595 25 182 September.. 7,293 71 43 1,488 1 369 159 269 4,688 25 180 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 December.. 7,598 69 45 1,554 1 381 164 272 4,912 24 175 Back figures.—See Annual Report for 1937 (table 35). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Total Coin and small denomination currency 2 Large denomination currency2 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 33 936 1,599 1,469 1,696 404 761 158 323 17 32 5 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939—January 6,653 4,953 538 492 32 904 1,546 1,440 1,705 403 768 160 329 17 28 6 February 6,731 5,011 541 498 33 919 1,574 1,446 1,721 406 774 161 335 17 28 1 March 6,817 5,049 544 503 33 928 1,594 1,448 1,770 411 799 165 349 17 28 2 April . 6,905 5,069 548 505 32 929 1,602 1,453 1,838 418 829 170 370 18 33 3 May___. 6,967 5,109 554 513 33 937 1,614 1,458 1,861 422 836 172 380 17 33 3 June — 7,047 5,164 558 514 33 947 1,638 1,473 1,887 428 848 176 388 17 29 3 July 7,049 5,169 561 514 33 947 1,644 1,470 1,885 426 847 175 391 17 28 4 August . __ 7,171 5,253 566 521 34 966 1,681 1,487 1,922 433 857 180 405 17 30 4 September 7,293 5,329 571 532 34 980 1,706 1,507 1,965 440 876 185 413 20 30 1 October 7,342 5,363 577 535 34 982 1,710 1,526 1,981 445 884 186 415 20 30 2 November 7,483 5,478 586 545 35 1,004 1,752 1,557 2,007 452 896 188 420 20 32 2 7, 598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 i Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks, s Includes unassorted currency held in Treasury and Federal Reserve banks and currency of unknown denominations reported by the Treasury as destroyed. 8 Paper currency only; $1 silver coins reported under coin. Back figures.—See Annual Report for 1937 (table 36). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY [Held by Treasury and Federal Reserve banks and in circulation. In [By selected banks and financial institutions in New Y°rk City. millions of dollars] In millions of dollars] Silver Fed- Ship- Receipts Net dollars Sub- eral Na- Year or month ments to from ship- Net and sid- Minor United Re- tional Europe Europe ments receipts End of month Total silver iary coin States serve bank bul- silver notes bank notes lion i coin notes 1937 21.5 47.6 26.1 1938 33.1 34.4 1.3 1939 110.2 9.8 166.4 1938—November. 2,773 1,657 376 158 347 206 December. 2,798 1,685 376 159 347 203 1938—December. .7 2.2 1.5 1939—January .—. 2,816 1,705 376 159 347 201 1939—January 6.7 2.0 4.7 February.. 2,824 1,717 376 160 347 198 February.. 3.0 1.0 2.0 March 2,839 1,733 377 160 347 196 March 27.3 .9 26.4 April 2,849 1,746 376 160 347 193 April 46.1 .3 45.8 May 2,862 1,759 377 161 347 191 May 3.8 .7 3.1 June 2,881 1,778 380 161 347 189 June 2.9 1.1 1.8 July 2,895 1,794 381 162 347 186 July 2.2 1.0 1.2 August 2,907 1,804 383 162 347 185 August 4.7 .9 3.8 September. 2,919 1,814 386 164 347 183 September .8 .1 .7 October 2,932 1,825 390 166 347 181 October... 1.8 .2 1.6 November. 2,947 1,835 394 167 347 179 November. 4.5 1.3 3.2 December. 2,963 1,845 399 169 347 178 December. 6.6 .3 6.3 i Includes silver held against silver certificates amounting to $1,777,- Back figures.—See Annual Report for 1937 (table 38). 000,000 on Dec. 31, 1939 and $1,595,000,000 on Dec. 31, 1938. Description.—See BULLETIN for January 1932, pp. 7-8. FEBRUARY 1940 129 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 STATES1 [In millions of dollars! [In thousands of dollars] Net Gold stock at In- gain or Do- 1939 Period end of period c t g r o e i o n t a l a d s l e im g N o p e l o t d rt m l t o h s a r e s o r a k r u - ( i g n - h ) g m g p t o r i e o c l s d - - From or to— December November Jan.-Dec. Total I a n c a c c o t u iv n e t stock ac tr t a io n n s- s 2 d ti u o c n - p I o m r - ts p E o x r - ts p I o m rt - s p E or x t - s p I o m rt - s p E o x rt - s 1934 1. 8,238 4,202. 51,133.9 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. 51,116.6 -85.9 131.6 France.. __ 28 1937- . 12,760 1,227.9 1, 502. 51,585. 5 -200.4 143.9 Hungary._ . . ... 3,048 2,654 5,705 1938... 14, 512 1, 751. 51,973. 6 -333. 5 148.6 Italy, 5,586 3,770 15, 719 1939... 17, 644 3,132. 0" "3i,, 574. 2 -534.4 P159. 8 Netherlands 31, 526 8,781 341, Norway 6,414 2,302 10, 953 Sweden.. „ 19, 743 5,113 28, 716 1938—January 12, 756 223.2 -4.6 2.1 -1.1 11.0 Switzerland 5,119 2,990 87, 055 February . 12, 776 200.6 20.7 8.0 -18.2 10.0 United Kingdom- 10, 421 18, 558 1, 826, 463 March 12, 795 183.0 18.5 52.9 -.6 10.7 Canada 308, 778 65, 074 613, 116 168 April 12, 869 74.3 71.1 -1.2 10.6 Mexico 3,972 3,445 33, 816 206 May 12,919 49.8 52.8 -53.9 11.5 Central America.__ 488 677 6,013 June 12, 963 44.2 55.3 -15.5 9.6 Argentina 6 4,515 July 13,017 54.5 63.8 -20.9 14.2 Chile 1,152 673 10, 077 August 13,136 118.3 166.0 -28.8 14.7 Colombia 2,116 2,117 23, 239 September 13, 760 623.8 620.9 -13.3 14.1 Ecuador. . 502 444 3,048 October 14,065 305.0 562.4 -110.2 13.5 Peru 426 192 5,272 November 14, 312 247.5 177.8 -7.4 15.5 Venezuela.. 385 455 4,441 December 14, 512 199. 6 240.5 -62.4 13.3 Australia 6,472 12, 505 74, 250 British India 7,592 10,138 50, 956 1939—January 14, 682 170.0 156.3 14.1 12.2 China and Hong February 14,874 192.7 223.3 -48.6 10.4 Kong 2,960 r4, 619 28, 097 March... 15, 258 383.8 365.4 10.7 11.0 Japan 20,101 9,487 165, 605 April 15, 791 532.3 605.8 -114.8 13.1 Philippine Islands. 2,646 2,643 35, 637 May 15,957 166.2 429.4 -251. 6 12.6 South Africa. 9,885 10,449 22, 862 June. 16,110 153.3 240.4 -102.6 10.6 All other countries2. 1,845 875 July. 16,238 128.0 278.6 -166.2 13.1 August 16,646 407.6 259.9 152.1 14.0 Total.. 451,183 167, 991 508 September 16, 932 285.9 326.1 2.8 15.6 October 17,091 159.9 69.7 79.5 18.4 November 17, 358 267.1 168.0 90.9 14.7 • Revised. December 17,644 285.1 451.2 -200. 8 Figures represent customs valuations which, with some exceptions, are at rate of $35 a fine ounce. 1940—Jan. 1-24? 17, 879 235.8 180.8 37.8 2 Includes all movements of unreported origin or destination. Back figures.—See table, p. 165, and Annual Report for 1937 (tables p Preliminary. 31 and 32). * Figures based on rate of $20.67 a fine ounce in January 1934 and $35 £ fine ounce thereafter. 8 Gold held under earmark at Federal Eeserve banks for foreign account on December 31, 1939, in millions of dollars: 1,163.0. BANK DEBITS NOTE.—Figures for domestic production of gold are those published in table, p. 165, adjusted to exclude production in Philippines. Adjustment based on annual figures reported by Director of Mint and [Debits to individual deposit accounts, at banks in principal cities.] monthly imports of gold to U. S. from Philippines. For back figures [In millions of dollars] see Annual Report for 1937 (table 29). Total, 140 133 all New other other BANK SUSPENSIONS1 Year and month report- York lead- reporting City ing ing centers cities i cities» Member Nonmember banks banks Total, 1929 982,531 47,504 all 1935 402,718 184,006 190,165 28,547 banks Na- In- Not 1936 461,889 208,936 219,670 33,283 tional State sured* insured 1937 -. 469,463 197,836 235,206 36,421 1938 405,929 168,778 204,745 32,400 1939 423, 932 171, 382 218, 298 34, 252 Number of banks suspended: 1934 48 1938—November. 32, 224 12,425 17,039 2,760 1935 December . 43,209 18,879 21,087 3,243 1936.... 1937 1939—January... 35,180 14,533 17,860 2,786 1938 February . 29,973 12,380 15,201 2,392 1939 10 March 37,322 16,274 18,211 2,837 April 32,822 13.311 16,832 2,679 Deposits of suspended banks May 34,656 14,165 17,763 2,728 (in thousands of dollars):3 June 36,883 15.312 18,676 2,895 1934 36,937 40 1,912 34,985 July 33,245 12,794 17,683 2,768 1935 10,015 5,313 3,763 939 August—. 33,314 13,118 17,496 2,701 1936 11,306 507 10,207 592 September. 36, 594 15,138 18,526 2,930 1937 19,723 7,379 1,708 10,156 480 October. _. 35,830 13,683 19,029 3,119 1938 13,012 36 211 11,721 1,044 November. 34,666 13,041 18,636 2.990 1939 _ 35,026 n, 34i r24, 629 2,467 December. 43, 447 17, 633 22, 386 3,428 r Revised. i Comprises centers for which bank debit figures are available begin- » Represents licensed banks suspended; does not include nonlicensed ning with 1919, except that one substitution was made in 1920 and one banks placed in liquidation or receivership. in 1928. 1 Federal deposit insurance became operative January 1, 1934. ' Cities (other than the 141 centers) for which bank debits are currently 1 Deposits of member banks and insured nonmember banks suspended reported. The number has changed very little since 1934 and has numare as of dates of suspension, and deposits of noninsured nbnmember bered 133 since 1936. banks are based on the latest data available at the time the suspensions Bach figures.—See Annual Report for 1937 (Table 71), which also gives were reported. a definition of bank debits. Figures for individual reporting cities and Bach figures.—See Annual Report for 1937 (table 7f). totals by Federal Reserve districts are available in mimeographed form. 130 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 industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE ()F INTERBANK DEPOSITS1 [In millions of dollars] Member banks Non b m an e k m s ber Member banks Nonmeniber banks Call date Total Other Total ti N on a a - l State M s b a a u v n i t n u k g s a s l b m n a b o e n e m n k r - s - Call date ba A n l k l s Total ti N on a a - l State M s b a a v u n i t n u k g a s s l b n e o O r n b t m h a e e n r m ks - 1929—June 29 25,110 8,707 7,530 1,177 611 15,792 1929—June 29— 53,852 32,284 19,411 12,873 8,983 12,584 Dec. 31 24,630 8,522 7,403 1,119 609 15,499 Dec. 31— 55,289 33,865 20,290 13,575 8,916 12,508 1933—June 30 14,519 5,606 4,897 709 576 8,337 1933—June 30— 37,998 23,338 14,772 8,566 9,713 4,946 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30— 38,505 23,771 15,386 8,385 9,708 5,026 1934—June 30 15,835 6,375 5,417 958 578 8,882 1934—June 30— 41,870 26,615 17,097 9,518 9,780 5,475 Dec. 31 16,039 6,442 5,462 980 579 9,018 Dec. 31— 44,770 28,943 18,519 10,424 9,828 6,000 1935—June 29 15, 994 6,410 5,425 985 571 9,013 1935—June 29— 45,766 29,496 19,031 10,465 9,920 6,350 Dec. 31 15,837 6,387 5,386 1,001 570 8,880 Dec. 31— 48,964 32,159 20,886 11,273 9,963 6,842 1936—June 30 15,752 6,400 5,368 1,032 566 8,786 1936—June 30— 51,335 34,098 21,986 12,112 10,060 7,178 Dec. 31 15, 628 6,376 5,325 1,051 565 8,687 Dec. 31... 53,701 35,893 23,107 12,786 10,143 7,666 1937—June 30 15, 527 6,357 5,293 1,064 564 8,606 1937—June 30— 53,287 35,440 22,926 12, 514 10,213 7,635 Dec. 31 15,393 6,341 5,260 1,081 563 8,489 Dec. 31— 52,440 34,810 22,655 12,155 10,257 7,373 1938—June 30 15,287 6,338 5,242 1,096 563 8,386 1938—June 30.._ 52,195 34, 745 22,553 12,193 10,296 7,153 Dec. 31 15,206 6,338 5,224 1,114 556 8,312 Dec. 31— 54,054 36,211 23,497 12, 714 10,365 7,478 1939—June 30 15,082 6,330 5,203 1,127 553 8,199 1939—June 30.._ 55, 992 38,027 24,534 13, 493 10,521 7,444 Oct. 2 15,061 6,339 5,196 1,143 552 8,170 Oct. 2 .... 57,437 39, 287 25, 248 14,039 10, 520 7,630 For footnotes see table below. For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Call date Mutual savings banks Other nonmember banks Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s 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 193g_june 3o_ _ 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 * '49,616 ••21,318 '28,299 32,603 13,141 19,462 10,342 4,931 5,411 '6,671 '3,245 '3,425 Oct. 2 2 49,954 21,634 28,320 33,075 13,470 19,605 10,333 4,936 5,397 6,546 3,228 3,318 r Revised. 1 Prior to Dec. 30,1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. The nonmember bank figures include interbank deposits to the extent that they are not shown separately in a few State bank abstracts. * Beginning December 1938 figures of loans and investments exclude approximately $50,000,000 and $100,000,000, heretofore reported as loans and investments, respectively, which indirectly represent bank premises or other real estate and are now classified in condition reports among "Other assets." Back figures.—See Annual Report for 1937 (tables 48-49). FEBRUARY 1940 131 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 * Call date m T l v o a i o e e n a n s n t n d - a t t - s l s Total i C t m c d a r i o i u i n n e a a m s d - r l - l - , , - p O m k a p p a e e r t e n - r b p o r T L s o u r o e k o r c c c - a a u h n r r a s r it 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 s l e b L a o t n o a k n s s l O oa th n e s r *Total U. S. Go D v i e r r e n c m t ent obligatio G n a s u n a - r- g S p O a t a i o a t c o n b i l t a o f i e d l l t i n s - - s s O i e t t i c h e u s e r r - * a c g u r l- i- a e n r d s ot T he o rs' Total Bills* Notes Bonds teed d su iv b i - tural * deal- sions 6 ers Total-All MemberBanks 1929—Dec. 31..35,934 26,150 583 2,463 7,685 3,191 714 11,515 9,784 3,863 249 520 3,094 1,393 4,528 1933—June 30. _24,786 12,858 595 953 3,752 2,372 330 4,857 11,928 6,887 1,113 2,049 3,725 1,744 3,297 1934_Dec. 3i _ _28,150 12,028 751 1,030 3,110 2,273 155 4,708 16,122 9,906 1,030 4,217 4,659 989 1,965 3,262 1935— Dec. 31.. 29,985 12,175 651 1,243 2,893 2,284 98 5,006 17,810 10, 501 1,192 5,403 3,905 1,768 2,178 3,364 1936—Dec. 31 33,000 13,360 634 1,410 2,785 2,405 85 6,041 19,640 11, 639 1,053 4,527 6,060 1,906 2,226 3,868 1937—Dec. 31. . 31,752 13,958 643 950 2,752 2,547 70 6,996 17,794 10, 574 662 4,277 5,635 1,797 2,047 3,376 1938—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—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. 26__ 33,075 13,470 19,605 10,891 2,920 2,764 3,030 Dec. 30P_ 33,938 13,960 19,978 2,691 2,960 New York City1' 1929—Dec. 31.. 8,774 6,683 195 1,257 2,145 169 322 2,595 2,091 1,112 58 166 889 222 758 1933—June 30.. 7,133 3,424 364 758 1,044 157 162 937 3,709 2,551 638 987 926 478 680 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—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 5,928 3,401 1,157 662 708 Dec. 30P. 9,339 3,296 6,043 579 693 City of Chicago 7 1929—Dec. 31.. 1,757 1,448 19 251 533 21 88 535 309 116 3 19 94 96 96 1933—June 30 1,287 677 70 61 251 30 30 237 610 384 206 82 97 87 138 1934—Dec. 31.. 1,581 532 77 55 170 18 11 202 ,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 L, 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 1L,430 1,005 59 291 , 655 109 141 176 1939—June 30 . 2,052 544 348 14 39 71 11 59 1,507 1,040 185 234 621 135 154 179 Oct. 2 e 2,050 563 ,487 1,017 155 147 168 Dec. 30P_ 2,105 569 L 536 162 170 Reserve City Banks 1929—Dec. 31.. 12,029 9,084 168 664 2,775 1,538 258 3,679 2,944 1,368 91 165 1,112 448 1,128 1933—June 30__ 8,492 4,482 126 108 1,340 1,131 99 1,678 4,011 2,483 205 681 1,597 598 930 1934—Dec. 31.. 10,028 4,312 179 195 1,124 1,090 55 1,671 5,715 3,809 95 1,692 2,022 279 649 978 1935—Dec. 31.. 10,780 4,347 195 117 1,057 1,094 34 1,851 6,432 4,076 85 2,267 1,724 656 723 977 1936—Dec. 31.. 11,795 4,794 209 159 1,048 1,124 23 2,231 7,000 4,426 120 1,904 2,403 697 774 1,102 1937—Dec. 31.. 11,414 5,203 201 123 1,066 1,176 27 2,610 6,211 3,961 106 1,589 2,267 637 691 921 1938—Dec. 31.. 11,654 4,963 2,121 149 119 242 1,230 20 1,081 6,691 4,278 57 1,224 2,997 740 808 866 1939—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 6,752 4 089 909 897 856 Dec. 30P_ 12,271 5,328 6,943 889 860 Country Banks 1929—Dec. 31.. 13, 375 8,936 201 291 2,231 1,462 45 4,705 4,439 1,267 97 171 999 627 2,546 1933—June 30. . 7,873 4,275 35 25 1,117 1,055 38 2,005 3,598 1,469 64 299 1,106 581 1,549 1934—Dec. 31.. 8,780 4,025 101 64 996 1,026 27 1,810 4, 756 2,108 13 562 1,533 355 741 1,552 1935—Dec. 31.. 8,919 3,918 142 20 894 1,035 17 1,810 5,002 1,940 28 722 1,189 623 807 1,633 1936—Dec. 31.. 9,825 4,078 187 29 843 1,123 14 1,881 5,747 2,368 17 689 1,662 645 883 1,851 1937—Dec. 31.. 10,124 4,446 216 25 824 1,219 13 2,149 5,677 2,490 29 786 1,675 678 879 1,630 1938—Dec. 31.. 10,113 4,444 1,531 138 25 243 1,353 5 1,149 5,669 2,636 11 732 1,893 597 982 1,453 1939—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 6.. 10,102 4,665 5,437 2,383 699 1,058 1,297 Dec. 30P- 10, 223 4,767 5,456 1,061 1,236 p Preliminary figures. ' Classifications indicated were revised as of Dec. 31,1938; for explanation see BULLETIN for January 1939, pp. 22-23, and the BULLETIN for April, 1939, pp. 259-264, 332. Beginning June 30, 1939, detailed clasifications 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. «Includes Treasury certificates of indebtedness through 1934. * Breakdown of loans and investments not reported separately. * Central reserve city banks. Back figures.—See Annual Report for 1937 (tables 52-58). 132 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 banks Jjusted 2 ships, sub- cers' ern- ships, sub- ings4 eign banks a co n r d - s d i i o v n i- s ch e e tc c . k 3 s ment4 a co n r d - s d i i o v n i s - m D a e n - d T l 1' ime banks 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 5,1451935—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 85, 304 25,118 23, 983 2,390 666 675 11,104 418 51 68, 243 6142 6757 5 5,530 Oct. 2 New York City s 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 1,582 1933—June 30 1,576 86 103 5,069 5,370 229 540 792 591 4 56 1,798 1 133 1,565 1934—Dec. 31 2,541 65 111 6,193 6,479 323 524 224 591 12 3 2,338 414 1,573 1935—Dec. 31 2,658 61 133 6,929 7,274 285 457 225 679 13 2,493 397 12 1,585 1936—Dec. 31 2,738 56 120 6,111 6,507 189 404 382 696 49 2,108 423 1,606 1937—Dec. 31 4,104 68 109 7,168 7,273 280 195 139 652 36 2,687 442 1,593 1938—Dec. 31 4,582 63 156 7,605 7,677 260 272 135 655 53 2,731 553 1,592 1939—Mar. 29 4,975 61 112 8,012 8,281 288 472 84 653 46 2,992 524 1,586 June 30 5,929 85 6109 8,676 8,812 321 349 72 683 52 63, 568 6670 1 1,587 Oct. 2 City of Chicago5 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 6 259 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 2441936—Dec. 31 596 27 179 1,438 1,354 207 23 64 445 8 528 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 «14 270 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 1,7771938—Dec. 31 2,459 342 2,106 7,326 6,899 889 123 420 4,276 243 22 2,813 108 64 2 1,795 1939—Mar. 29 2,735 318 2,210 7,654 7,331 917 160 415 4,320 233 19 2,920 115 69 1,812 June 30 3,053 323 62,485 8,017 7,803 801 158 410 4,319 198 14 63,307 •116 •71 1,821 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 5,504 158 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 62,473 6,677 5,736 1,073 131 133 5,632 148 35 «515 «26 •2 4 1,852 Oct. 2 1 Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25, 1933, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets". 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less cash items reported on hand but not in process of collection. 3 Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31, 1935. * U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. • Central reserve city banks. • Partly estimated. Back figures.—See Annual Report for 1937 (tables 52-58). FEBRUARY 1940 133 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 r 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 n s 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 br T o o k- e l R s o e t a a a n 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- s O r e it t c i h u e e - s r agri- ers To teed cul- and others Total Bills» Notes Bonds* tural dealers Total—101 Cities 1 1 9 9 3 3 8 9 — — D J e u c n e e m .. b .. er 2 21 1 , , 8 5 8 8 7 6 8 8 , , 0 4 9 6 4 5 3 3 , , 8 8 3 6 0 3 3 30 3 4 2 8 67 5 1 0 5 5 4 6 1 6 1 1, , 1 1 5 6 9 8 1 5 2 2 3 1 1, , 5 5 3 6 7 3 L 3 3 , , 7 1 9 2 3 1 8,191 422 2,106 5,855 2 1 , , 1 70 1 8 9 3 3 , , 2 2 9 2 1 2 July _ 22,046 8,146 312 648 532 1,163 64 1,539 3,900 8,499 461 2,132 5,906 2,158 3,243 August 22,327 8,179 3,930 313 642 521 1,171 62 1,540 4,148 8,537 488 2,149 5,900 2,265 3,346 September 22,384 8,322 4,166 316 568 511 1,178 38 1,545 L4,062 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 .4,150 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 December 23,353 8,802 4,400 319 759 506 1,189 46 1,583 [4, 551 8,774 672 2,039 6,063 2,412 3,365 1939-Nov. 1... 22,728 8,521 4,310 317 603 512 1,184 36 1,559 14,207 8,684 667 2,159 5,858 2,232 3,291 Nov. 8... 22,835 8,521 4,330 316 594 500 1,184 37 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 39 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 2,401 3,348 Nov. 29. 23,159 8,656 4,381 312 660 499 1,189 1,579 L4,503 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 L4,516 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 L4,652 8,863 713 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 Dec. 27- 23,260 8,758 4,400 322 715 506 1,189 1,583 L4,502 8,748 595 1,765 6,388 2,414 3,340 1940—Jan. 3... 23,087 8,674 4,353 315 700 504 1,188 1,564 L4,413 8,703 595 1,755 6,353 2,412 3,298 Jan.10.. 23,131 8,646 4,363 314 669 501 1,187 1,561 L4,485 8,777 649 1,767 6,361 2,400 3,308 Jan.17.- 23, 212 8,579 4,330 323 644 500 1,180 1,557 14, 633 8,913 1,761 6,441 2,411 3,309 New York City 1938—December 7,845 3,056 1,399 133 688 199 119 100 418 4,789 2,858 835 1,096 1939—June 8,103 2,758 1,375 121 523 201 113 39 5,345 3,139 168 2,163 1,060 1,146 July 8,138 2,765 1,408 120 497 191 115 64 5,373 3,174 146 821 2,207 1,098 1,101 August 8,349 2,828 1,483 117 493 184 117 52 5,521 3,197 205 826 2,166 1,137 1,187 September 2,869 1,620 116 435 177 117 27 377 5,524 3,196 233 801 2,162 1,105 1,223 October. 8,538 2,895 1,661 115 430 173 116 25 375 5,643 3,314 358 788 2,168 1,123 1,206 November 8,847 2,972 1,688 114 483 171 114 26 376 5,875 3,512 528 841 2,143 1,177 1,186 December 9,057 3,108 1,700 114 590 176 113 37 378 5,949 3,525 499 806 2,220 1,227 1,197 1939—Nov. 1... 8,679 2,955 1,672 117 472 180 114 24 376 5,724 3,458 462 835 2,161 1,121 1,145 Nov. 8... 8,771 2,939 1,674 115 467 170 114 26 373 5,832 3,508 515 844 2,149 1,132 1,192 Nov. 15.. 8,858 2,943 1,682 110 463 168 115 29 376 5,915 3,517 541 846 2,130 1,213 1,185 Nov. 22. 8,930 3,003 1,710 114 494 168 115 26 376 5,927 3,527 555 841 2,131 1,206 1,194 Nov. 29. 3,022 1,704 112 519 169 114 26 378 5,976 3,550 565 840 2,145 1,214 1,212 Dec. 6... 9,003 3,003 1,703 112 507 172 112 22 375 6,000 3,571 571 833 2,167 1,222 1,207 Dec. 13.. 9,228 3,165 1,711 115 175 113 34 379 6,063 3,625 564 837 2,224 1,229 1,209 Dec. 20.. 9,156 3,204 1,697 114 179 113 57 378 5,952 3,533 498 837 2,198 1,224 1,195 Dec. 27-- 8,840 3,059 1,689 114 551 179 112 35 379 5,781 3,372 365 716 2,291 1,231 1,178 1940—Jan. 3 . 8,703 3,025 1,672 111 538 176 112 42 374 5,678 3,285 300 706 2,279 1,233 1,160 Jan. 10.. 8,709 3,028 1,693 111 519 176 112 44 373 5,681 3,299 288 704 2,307 1,215 1,167 Jan. 17.. 8,789 2,977 1,672 109 498 177 111 372 5,812 3,415 280 705 2,430 1,226 1,171 Outside New York City 1938—December 13,741 5,409 2,464 199 162 367 1,049 1,145 8,332 5,333 873 2,126 1939—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 l,10fl 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 December 14,296 5,694 2,700 205 330 1,076 1,205 8,602 5,249 173 1,233 3,843 1,185 2,168 1939—Nov. 1... 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. 8... 14,064 2,656 201 127 330 1,070 1,187 8,482 5,212 187 1,325 3,700 1,118 2,152 Nov. 15 14,156 5,606 202 125 329 1,072 1,188 8,550 5,208 179 1,333 3,696 1,189 2,153 Nov. 22. 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. 29. 14,161 5,634 2,677 200 141 330 1,075 1,201 8,527 5,163 146 1,320 3,697 1,194 2,170 Dec. 6... 14,159 5,643 2,675 201 143 331 1,075 1,207 8,516 5,153 155 1,316 3,682 1,193 2,170 Dec. 13.. 14,295 5,706 2,705 204 180 329 1,076 1,203 8,589 5,238 149 1,297 3,792 1,184 2,167 Dec. 20.. 14,309 5,728 2,709 208 186 331 1,076 1,209 8,581 5,229 155 1,273 3,801 1,180 2,172 Dec. 27 14,420 5,699 2,711 208 164 327 1,077 1,204 8,721 5,376 230 1,049 4,097 1,183 2,162 1940—Jan. 3... 14,384 5,649 2,681 204 162 328 1,076 1,190 8,735 5,418 295 1,049 4,074 1,179 2,138 Jan.10.. 14.422 5,618 2,670 203 150 325 1,075 1,188 8,804 5,478 361 1,063 4,054 1,185 2,141 Jan.17.. 14.423 5,602 2, 658 214 146 323 1,069 1,185 8,821 5,498 431 1,056 4,011 1,185 2,138 1 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 of Research and Statistics, and BULLETIN for June 1937 (pp. 530-531). For back figures see BULLETIN for November 1935 (pp. 711-738) or reprint. BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports. 134 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 t v d k - h l e - s v C a a i u s n l h t b m w a d e n i o s t k - h ti s c j m us a d a t d e e n - - d d 1 s p p u v n h a c o a a i o n e i d r l r p r r d s a t - - - s - , - , S p s d s a i t i o u c i o a n v l b a t n i d i e - l t s - - s c C h c o a f e e e e i f t n e l c r c r S d d t k . s - i ' s - , m U G e e r . o n n v S - t - . 2 s p p u v n h a c o a a i o n e i d r r l p r r d s a t - - - s - , - , S p s d s a i t i o u c i 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 s ta - * l m D a e n - b d ank T s ime b e F a i o n g r k n - s r B i o n o w g r s - - co a u c n - ts Date or month tions tions Total 101 Cities 7,219 2,452 16,087 17,124 548 585 5,128 6,079 112 505 1938—December 8,460 447 2,727 17,182 16,633 1,470 419 545 4,996 229 6,607 121 606 3,7211939—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 17,717 17,168 1,436 438 532 5,021 220 6,991 127 652 3,722 August 9,643 477 2,951 18,209 17,904 1,331 448 528 5,016 210 7,447 126 732 3,716 September 9,957 482 3,062 18,511 18,277 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 532 3,063 18,862 18,673 1,316 501 558 5,043 207 7,838 122 740 3,713 December 9,885 458 3,111 18,556 18,273 1,460 510 525 5,063 181 7,832 122 727 3,728 1939—Nov. 1 9,852 500 18,660 18,184 1,481 415 523 5,067 178 7,829 123 721 3,733 Nov. 8 9,698 475 3,166 18,604 18,520 1,431 407 521 5,070 182 7,997 122 711 3,731 Nov. 15 9,790 483 3,079 18,918 18,479 1,467 422 522 5,067 180 7,808 122 711 3, 707 Nov. 22 9,792 504 3,072 18,972 18,503 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 3,081 18,981 18,869 1,341 651 568 5,042 205 7,825 121 745 3,713 Dec. 13 9,577 3,081 18,923 18,766 1,302 479 572 5,036 214 7,855 123 746 3,713 Dec. 20 9,689 544 3,061 18,720 18,740 1,240 487 570 5,053 216 7,856 121 736 3,712 Dec. 27 9,831 504 3,140 18, 566 18,474 1,227 496 574 5,072 199 8,066 124 740 3,7141940—Jan. 3 9,923 509 3,036 18,823 18, 520 1,223 439 571 5,069 200 7,862 124 731 3,715 Jan.10 10,070 474 3,116 18,979 18,825 1,209 467 560 5,050 204 7,998 125 751 3,706 Jan.17 New York City 3,973 6,817 7,221 356 118 601 2,598 442 1,4901938—December 4,866 7,608 7,636 '292 '257 60 580 2,845 529 1,4881939—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 5,361 8,391 8,555 240 304 50 620 3,406 674 1,482 December 5,560 8,212 8,365 330 315 49 628 3,439 651 1,4801939—Nov. 1 5,486 8,265 8,299 328 256 49 3,415 648 1,480 Nov. 8 5,449 8,256 8,393 317 231 48 3,465 645 :, 479 Nov. 15 5,509 8,458 8,466 334 242 48 3,429 644 , 479 Nov. 22 5,514 8,459 8,507 329 282 49 616 3,444 662 ,477 Nov. 29 5,452 8,416 8,444 258 194 50 620 3,414 669 ,482 Dec. 6 5,244 8,447 8,654 251 443 49 624 3,411 679 ., 481 Dec. 13 5,241 8,378 8,577 212 287 50 617 3,400 679 Dec. 20 5,507 8,321 8,545 240 293 49 620 3,398 670 1,480 Dec. 27 5,735 8,301 8,485 203 269 51 625 3,500 672 1, 4—85 1940—Jan. 3 5,735 8,407 8,539 191 262 50 618 3,408 669 1,485 Jan. 10 5,820 8,483 8,678 179 295 45 617 3,500 683 1, '" Jan. 17 Outside New York City 3,246 410 2,378 9,270 9,903 192 467 4,527 3,481 112 2,1931938—December 3,594 2,651 9,574 8,997 1,190 150 485 4,416 188 3,762 121 2,2331939—June 3,650 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 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 1,137 183 474 4,436 143 4,409 121 2,242 November 4,269 441 2,979 10,471 10,118 1,076 197 508 4,423 171 4,432 121 2,231 December 4,325 10,344 1,130 195 476 4,435 143 4,393 121 2,2481939—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 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 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 4,182 455 2,980 10,399 10,195 1,000 194 521 4,433 181 4,458 120 2,232 Dec. 27 4,096 424 3,058 10, 265 9,989 1,024 227 523 4,447 165 4,566 123 2,229 1940—Jan. 3 4,188 428 2,957 10,416 9,981 1,032 177 521 4,451 164 4,454 123 62 2,230 Jan. 10 4,250 397 3,035 10,496 10,147 1,030 172 515 4,433 164 4,498 124 2,220 Jan. 17 r Revised. i Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 8 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. FEBRUARY 1940 135 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. S. Government obligations Total om- purchasing loans mer- or carrying Federal Reserve and cial, securities Direct distri ( c 1 t 9 3 a 9 n -4 d 0 ) date m v i e e n s n - t t - s Total t d a r i u i n n a s d - l - , p O m k a p p a e e r t e n - r br T o o k- e l R o st a e a n a t l s e L ba o t n o a k n s s O lo t a h n e s r Total G a u n a - r- O r s i e t t h c ie u e s r a c g u r l i - - a e n rs d •t T b o ers Total Bills Notes Bonds teed tural dealers Boston (6 cities) December 27 1,202 618 298 27 20 81 128 584 413 17 47 349 55 116 January 3 1,182 608 292 24 21 81 126 574 404 9 44 351 55 115 January 10 1,178 604 290 22 20 81 126 574 401 10 44 347 55 118 January 17 1,177 604 291 20 20 81 125 573 402 11 44 347 55 116 New York (8 cities)* December 27 9,713 3,421 1,805 120 558 235 199 469 6,292 3,630 365 761 2,504 1,319 1,343 January 3 9,573 3,383 1,786 117 544 232 199 463 6,190 3,548 306 748 2,494 1,320 1,322 January 10 9,565 3,387 1,807 117 526 231 199 463 6,178 3,557 294 746 2,517 1,294 1,327 January 17 9,614 3,332 1,784 115 504 232 198 461 6,282 3,644 747 2,611 1,309 1,329 Philadelphia (4 cities) December 27 1,173 431 199 24 24 32 56 95 742 367 33 334 276 January 3 1,167 429 199 24 24 32 56 93 738 368 34 334 271 January 10...; 1,166 427 197 23 24 32 56 94 739 370 33 337 100 269 January 17 1,148 415 193 23 25 32 49 92 733 366 33 333 100 267 Cleveland (10 cities) December 27 _ 1,919 682 257 21 25 173 195 1,237 833 181 642 120 284 January 3 1,915 675 254 21 25 173 192 1,240 835 182 643 120 285 January 10 1,905 670 252 21 25 172 190 1,235 832 188 633 120 283 January 17 1,915 675 253 20 25 173 1,240 836 188 640 121 Richmond (12 cities) December 27 ___ 732 265 117 3 15 40 467 345 143 199 56 January 3 708 266 116 5 15 40 442 322 148 174 56 64 January 10 716 261 114 3 15 40 455 333 163 170 58 64 January 17 713 261 113 3 15 40 452 332 165 167 56 64 Atlanta (8 cities) December 27 636 322 176 5 11 32 314 144 2 29 113 70 100 January 3 636 323 181 5 11 32 313 144 3 29 112 70 January 10 634 319 176 5 11 31 315 146 2 30 114 70 January 17 636 316 175 5 11 31 320 148 2 30 116 72 100 Chicago (12 cities)* December 27 3,210 914 530 47 76 112 115 2,296 1,491 138 322 1,031 308 497 January 3 3,277 900 517 48 76 112 114 2,377 1,580 222 321 1,037 306 491 January 10 3,342 904 527 43 75 112 114 2,438 1,640 291 311 1,038 307 491 January 17 3,415 908 530 40 74 113 115 2,507 1,707 363 306 1,038 308 492 Sf. Louis (5 cities) December 27 724 345 207 13 51 58 379 203 2 43 158 72 104 January 3 __. 718 340 202 12 51 58 378 203 2 44 157 70 105 January 10. _.. 716 338 202 12 52 57 378 203 3 46 154 71 104 January 17 337 200 12 51 57 361 187 3 44 140 70 104 Minneapolis (8 cities) December 27 406 192 102 10 214 148 30 118 23 43 January 3 405 191 100 10 214 148 118 23 43 January 10 405 191 100 10 69 214 148 119 22 44 January 17 404 190 10 214 148 120 22 44 Kansas City (12 cities) December 27 694 185 27 56 395 204 26 112 58 133 January 3 683 300 183 27 57 383 191 19 105 59 133 January 10 683 297 182 27 57 386 187 16 104 61 138 January 17 681 296 181 27 56 385 186 14 105 61 138 Dallas (9 cities) December 27 559 194 23 53 270 163 25 94 49 58 January 3 548 193 23 53 260 154 17 95 49 57 January 10 547 283 188 22 54 264 153 15 94 54 57 January 17 545 281 186 22 54 264 154 17 93 53 57 San Francisco (7 cities) December 27 2,292 330 385 178 1,312 807 7 734 185 320 January 3 _. 2,275 971 330 384 175 1,304 806 7 733 185 313 January 10 2,274 965 328 385 173 1,309 807 7 734 188 314 January 17 2,266 964 325 385 173 1,302 7 65 731 184 315 City of Chicago* December 27 2,113 577 385 14 51 1,536 1,018 136 177 705 177 341 January 3 2,182 564 372 14 51 1,618 1,107 222 176 709 175 336 January 10 2,245 566 382 14 51 1,679 1,166 291 166 709 177 336 January 17 2,325 570 385 14 52 1,755 1,241 363 166 712 177 337 * 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. 136 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 deposits Time deposits, Interbank except interbank except interbank deposits s w e R r i e v t - e h s a B n a c l e - s m D a e n - d I v n i d d i - - States Certi- I v n i d d i - - States Do b m an e k st s ic 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 t s e 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 o a e f n f r i d s - ' G U er . o S n v . - - s p n h a e i r p r t s - - , p s i o u c b l a i - l t- P in s o a g s v s t - a 8 l F ei o g r n - r i o n w gs - co a u c n - ts distri (1 c 9 t 3 a 9 n -4 d 0 ) date banks and divi- checks,ment2 and divi- De- banks cor- sions etc. cor- sions mand Time pora- porations tions Boston (6 cities) 430 148 161 1,165 1,142 82 21 13 232 2 1 318 23 246 December 27 457 145 177 1,170 1,150 81 22 14 232 2 1 335 23 245 January 3 483 145 168 1,185 1,145 84 18 14 232 2 1 334 1 20 243 January 10 493 143 174 1,196 1,159 92 18 13 233 2 1 334 23 245 January 17 New York (8 cities)* 5,630 111 216 8,939 9,071 362 308 69 988 41 3,469 16 671 1,603 December 27 5,889 100 216 8,943 9,007 350 288 71 993 39 3,576 17 674 1,607 January 3 5,902 101 205 9,048 9,040 348 279 70 986 41 3,482 17 671 1,607 January 10 6,005 95 215 9,121 9,179 340 312 65 985 45 3,574 17 685 1,608 January 17 Philadelphia (4 cities) 430 22 236 974 1,001 52 8 54 271 6 1 396 15 5 221 December 27 448 21 242 969 1,005 38 12 54 272 4 1 420 15 6 221 January 3 458 21 220 966 981 40 9 54 276 4 1 408 14 5 221 January 10 471 19 225 966 993 37 10 53 257 4 1 420 14 6 214 January 17 Cleveland (10 cities) 530 54 339 1,324 1,332 99 22 47 715 17 2 408 38 1 374 December 27 546 47 344 1,324 1,307 97 22 47 716 17 2 415 39 1 376 January 3 545 49 340 1,322 1,290 97 18 48 717 17 2 403 38 1 376 January 10 556 44 347 1,338 1,315 95 18 47 717 17 2 409 39 1 376 January 17 Richmond (12 cities) 187 25 185 490 484 46 14 33 194 3 309 5 1 98 December 27 184 22 205 480 484 41 18 33 195 3 312 5 1 95 January 3 190 24 193 495 486 41 11 32 195 3 302 6 1 96 January 10 192 22 197 492 488 41 11 32 196 3 304 6 1 96 January 17 Atlanta (8 cities) 128 16 201 404 387 65 7 44 181 5 2 283 3 1 94 December 27 125 14 205 395 376 69 9 44 180 5 2 293 4 1 93 January 3 124 15 199 396 374 69 6 43 181 4 2 285 4 1 93 Jan ary 10 128 13 207 405 389 65 6 43 180 5 2 288 4 1 93 January 17 Chicago (12 cities)* 1,379 88 569 2,633 2,549 257 46 128 929 22 6 1 177 9 10 386 December 27 1,210 81 595 2,549 2,452 265 48 129 934 10 6 1,191 9 10 385 January 3 1,214 80 559 2,604 2,473 261 41 128 933 10 6 1,168 9 9 386 January 10 1,197 71 548 2,630 2,515 261 41 128 932 12 6 1,178 10 9 383 January 17 St. Louis (5 cities) 195 14 190 477 494 42 7 16 187 3 2 355 6 94 December 27 198 12 199 468 480 43 7 16 187 3 2 368 6 94 January 3 208 13 190 478 483 41 6 16 187 3 2 358 6 94 January 10 221 11 200 477 494 41 6 16 187 3 2 362 6 94 January 17 Minneapolis (8 cities) 101 8 119 305 280 52 7 1 119 1 154 2 1 60 December 27 97 7 119 300 277 50 7 2 119 1 152 2 1 59 January 3 99 8 119 302 278 48 6 2 119 1 153 2 1 59 January 10 100 7 115 299 276 44 6 1 119 1 151 2 1 59 January 17 Kansas City (12 cities) 193 18 307 528 521 66 12 23 141 3 1 425 7 103 December 27 182 17 310 500 488 71 16 23 143 2 1 431 7 103 January 3 194 17 306 527 501 72 12 23 143 3 1 411 7 103 January 10 193 16 320 535 514 74 10 23 143 3 1 415 7 102 January 17 Dallas (9 cities) 137 13 261 460 448 44 12 34 127 9 1 276 1 87 December 27 138 12 264 448 430 47 17 33 128 8 1 284 86 January 3 139 12 262 460 441 48 9 33 128 8 1 270 86 January 10 138 11 276 467 457 47 7 31 128 8 1 274 1 86 January 17 San Francisco (7 cities) 349 27 277 1,021 1,031 73 23 108 969 105 286 20 22 346 December 27 357 26 264 1,020 1,018 75 30 108 973 106 289 20 23 350 January 3 367 24 275 1,040 1,028 74 24 108 972 105 288 20 22 351 January 10 376 22 292 1,053 1,046 72 22 108 973 102 289 20 23 350 January 17 City of Chicago* 1,089 48 265 1,808 1,767 158 26 80 486 20 3 890 9 247 December 27 934 45 286 1,748 1,705 157 28 80 488 8 3 897 8 247 January 3 932 44 255 1,790 1,726 146 24 80 487 8 3 885 8 247 January 10 894 39 240 1,791 1,747 142 22 80 486 11 3 904 8 244 January 17 * See note on preceding page. i Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 3 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. FEBRUARY 1940 137 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 Commer- End of month p c a i p a 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 ra s l sto B r a e s d e d in 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 i ing Total O bi w ll n s 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 o n - - f ot b h y ers p U i o n . r t S o ts . U p 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_October 213 270 223 130 93 (*) 46 94 57 3 59 56 November 206 273 222 124 98 (8) 51 94 59 3 59 57 December 187 270 212 121 91 (f) 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 (J) 44 79 40 18 40 59 September 209 216 177 115 62 (J) 39 78 40 18 43 36 October 205 221 179 111 67 (2) 42 85 40 18 46 32 Novprnhftr 214 223 172 103 69 51 96 37 16 50 24 December 210 233 175 105 70 57 103 39 16 54 22 1 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 cre C di u t s b to a m la e n r c s e ' s i Other credit balances Debit Debit End of month Customers' balances in balances in Cash on Money In In debit partners' firm hand bor- partners' firm In ba (n la e n t) c e i s a in n a d v c e c s t o r t u a m n d e t i s n n t g a in n a d v c e c s t o r t u a m n d e t i s n n t g a b n a d n k in s rowed * Free O (n th et e ) r m i t e n ra n v d t e i s a n t n g - d m t i e r n a n v d t e i s n a t g n - d a c c ( a c n p o 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 September 1,363 48 128 239 1,088 256 96 26 12 385 December _ _ 985 34 108 232 688 278 85 26 10 355 1938—March 831 29 95 215 576 239 81 25 9 315 June 774 27 88 215 495 258 89 22 11 298 September 823 29 76 213 559 257 68 2Q 7 300 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 December 906 16 78 207 637 266 69 23 7 277 1 Excluding balances with reporting firms (1) of member firmso f 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) 138 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 IPer cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Prevailing rate on- Average rate on— [Per cent per annum] Aver- XJ. S. Treas- age 7 other mo Y w n e e t a h e r k , , or m m P p 4 c a r o e o t i p r o n m m c e t i - h 6 r e a , s la P a b c d n e r a c a 9 i r c n e m s y 0 e k p ' s s e t - , - c l S h d t o i t e a 9 a a o m x n n 0 y - c e g s s k , e c S n h l c o t e r a e a o a e x a l w n - l s - c n l g k - e w i f N s e i s o t r e u u f h e w - r e d i y s n bi d q l d e l 9 e u r s a 1 a s o y - ' l - - y T 3 i n U y e u r - o e l t e . r o d t S a a y e - r . s o s 5 - n 1 1 9 93 3 4 5 a a v v e e r r a a g g e e 19 T c o 3 2 i t . t . a 4 9 ie l 5 3 s N Y C e o i 2 1 t w r y . . k 7 4 6 5 E e N r c a n o i s t r t i 3 3 a e e t . . n h s r 3 7 d n - 9 1 1 W e 1 r c e n S i s t o i t a e e 3 u 4 n s r . . t d 7 3 n h 6 2 period1 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 1937 average... .43 1.25 1.00 .447 1.40 1939 average1 2.78 2.07 2.87 3.51 1938 average_.. .44 1.25 1.00 .053 .83 1939 average... .44 1.25 1.00 .022 1938—January 2.60 1.70 2.92 3.28 February 2.49 1.70 2.65 3.21 1938—Dec IX 1.00 .007 .67 March 2.48 1.65 2.64 3.28 April 2.48 1.70 2.60 3.25 1939—Jan Vt IX 1.00 .002 .65 May 2.48 1.70 2.64 3.20 Feb Vie 11.00 .004 .63 June 2.56 1.70 2.78 3.31 Mar Vit 1.00 .005 .51 July 2.57 1.70 2.78 3.35 April.... 7 1.00 .019 .50 August 2.52 1.67 2.71 3.28 May 1.00 .006 .42 September 2.53 1.70 2.74 3.26 June Vn 1.00 .006 .39 October 2.57 1.70 2.90 3.21 July 7/u 1.00 .017 .45 November 2.49 1.70 2.68 3.20 Aug V IX 1.00 .046 .48 December..- 2.60 1.70 2.95 "3.26 Sept IX 1.00 .102 1.07 Oct 1.00 .028 .77 1939—January 2 64 1.73 2.97 3.32 Nov IX 1.00 .018 .64 February 2.52 1.70 2.69 C3.26 Dec IX 1.00 .012 .51 Quarterly figures i; Week ending: 1938—September 2.65 2.00 2.75 3.25 Dec. 30____ 7Ae IX 1.00 (2) .47 Jan. 6 7/ie IX 1.00 ( ) .44 1939-March 2.95 2.13 3.05 3 77 Jan. 13 7A IX 1.00 (2) .46 June 2.91 2.15 3.05 3 62 Jan. 20. .. IX 1.00 (2) .49 September 2.68 2.04 2.78 3 31 Jan. 27 7/l6 IX 1.00 .004 .48 December 2.59 1.96 2.59 3.32 1 Series comprises 273-day bills to October 15, 1937, bills maturing c Corrected. about March 16,1938, from October 22, to December 10,1937, and 91-day i Averages for 1939 and quarterly figures are on revised basis and are bills thereafter. therefore not strictly comparable with the earlier series of annual and 2 Rate negligible. monthly figures. Back figures.—Bee Annual Report for 1937 (tables 43 and 44). Figures Back figures.—See November 1939 BULLETIN, pp. 963-969 for descripfor 91-day Treasury bills available on request. tion and for back figures. BOND YIELDSl [Per cent per annum] Corporate4 Year, month, or week T U re . a S s . - M ip u a n l i a c- By ratings By groups ury' Total Aaa Aa A Baa In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c Number of issues 2-6 15 120 30 30 30 30 40 40 40 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 1939 average 2.36 2.76 3.77 3.01 3.22 3.89 4.96 3.30 4.53 3.48 1938—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 October __ . _ 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 December 2.35 2.56 3.69 2.94 3.14 3.74 4.92 3.21 4.47 3.38 Week ending: Dec. 30_ . . 2.30 2.52 3.67 2.92 3.11 3.72 4.93 3.17 4.47 3.37 Jan. 6 _____ 2.28 2.52 3.63 2.89 3.09 3.70 4.85 3.15 4.41 3.35 Jan. 13 2.28 2.49 3.61 2.87 3.08 3.68 4.83 3.13 4.37 3.34 Jan. 20 2.32 2.54 3.64 2.88 3.08 3.70 4.88 3.15 4.41 3.35 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Average of yields of all outstanding bonds due or callable after 12 years; see BULLETIN for December 1938, pp. 1045-1046 for description. »Standard Statistics Co. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, each of the industrial Aaa and Aa groups has been reduced from 10 to 4, 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 FEBRUARY 1940 139 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOND PRICES1 STOCK MARKET Corporate3 Stock prices i U.S. Year, month, or date T u r r e y as ' - M ip u a n l i s c- Indus- Rail- Year, month, or Common (index, 1926=100) um Vo e l o - f Total trial road Utility date Pre- tradferred > ing' Indus- Rail- Number of issues 2-6 15 60 20 20 20 Total trial road Utility 1937 average.. 101.7 110.3 93.4 90.1 100.4 1938 average.. 103.4 113.7 78.9 82.9 58.6 95.3 Number of issues. _ 20 420 32 40 1939 average.. 106.0 116.3 81.6 86.0 58.0 100.9 1937 average- 136.2 112 131 49 95 1,519 1938—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 1939 average 141.2 89 105 28 85 973 February... 104.8 117.3 82.1 86.4 59.0 100.7 March 106.0 117.9 83.1 87.1 60.9 101.3 1938—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 143.7 101 26 85 821 November.. 104.6 117.5 83.0 87.0 60.2 101.8 August 142.3 101 25 87 706 December.. 106.1 119.9 82.1 58.0 101.6 September... 136.2 109 30 84 2,595 October 137. 7 113 33 86 1,050 Dec. 27.. 106.9 120.6 81.7 86.4 57.0 101.7 November... 140.7 111 32 87 907 Jan. 3___ 107.1 120.6 83.2 87.1 60.2 102.3 December. __ 141.4 108 30 87 Jan. 10__ 107.2 121.2 83.0 87.6 59.2 102.2 Jan. ,17_. 106.5 120.3 82.1 87.1 57.7 101.7 Dec. 27_. 141.4 107 29 87 1,078 Jan. S.- 142.8 111 31 89 Jan. 10.. 143.1 110 30 89 1 Monthly data are averages of daily figures except for municipal bonds, Jan. 17.. 142.9 106 29 625 which are averages of Wednesday figures. 2 Average prices of all outstanding bonds due or callable after 12 years, based on quotations from Treasury Department. Prices expressed in i Standard Statistics Co. Monthly data are averages of Wednesday decimals. figures. 8 Prices derived from average yields, as computed by Standard Sta- a Average prices of industrial high-grade preferred stocks, adjusted to a tistics Co. $7 annual dividend basis. Back figures.—See Annual Report for 1937 (table 79); for U. S. Treasury 3 Average daily volume of trading in stocks on the New York Stock bonds, see pp. 1045-1046 of BULLETIN for December 1938. Exchange, in thousands of shares. Weekly figures are averages for the 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 d e o g n o 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 g ie e r e a s d n l - » - Total Co B n r a p o o n o t 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 r o s n d - t - ) ic Total S n m a p t i n a a c u d t l i - e - a c F e i g e e r e a s d n l - * - 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- * 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 '4,448 2.359 2.323 971 481 872 807 65 35 '2.089 '2,061 129 665 '1,267 '1,236 31 28 1939 5,838 2,298 2,248 953 924 371 280 92 50 3,539 3,452 186 1,537 1,728 1,591 137 88 1938—Dec '516 241 241 126 55 60 44 16 0 '275 '272 15 20 '237 '226 11 3 1939—Jan _ 257 200 200 76 118 6 5 1 0 57 57 27 19 10 ie CO 0 Feb 561 398 378 44 310 24 17 7 20 163 163 10 17 136 101 35 0 Mar 240 162 162 105 4 53 43 10 0 78 75 13 15 47 46 (8) 3 Apr 357 144 143 63 2 78 48 31 (8) 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 '179 41 41 15 10 16 14 2 0 ••138 138 8 51 '79 '79 0 0 Oct 740 336 336 42 276 18 14 4 0 404 402 10 235 157 157 (3) 2 Nov 218 93 93 71 0 21 15 6 0 125 125 8 26 91 88 3 0 Dec. 329 94 94 67 0 27 21 6 0 235 235 22 19 194 188 7 0 ' Revised. 1 Includes issues of noncontiguous U. S. Territories and Possessions. 2 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. » 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). 140 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIKD OF DIRECT OBLIGATIONS [On basis of daily statements of United States Treasury. In millions of dollars] Interest-bearing Noninterestbearing Publicly-offered 1 Total End of month g d r e o b s t s in T t o e t r a e l st Total Bonds Notes Bills s j is e u A s r s u v t d e e i - c s d * e i c S s u s o s u r e c i e - i t a s y * l ot A he ll r* t d M u e r b a e - d t Other bearing Pre- Treas- U.S. war ury* savings 1932—June _. 19,487 19,161 »18,816 753 13,460 1,261 616 105 240 266 1933—June.. 22,539 22,158 •21,782 753 13,417 4,548 954 92 284 315 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 1,601 644 141 447 1938—November. 38,603 38,068 34,559 79 22,712 1,399 9,067 1,303 827 1,937 745 105 431 December. 39,427 38,899 35,327 79 24,005 1,442 8,496 1,306 827 2,002 743 101 427 1939—January... 39,631 39,097 35,469 79 24,005 1,580 8,496 1,309 826 2,046 756 109 425 February.. 39,326 35,533 79 24,005 1,643 8,496 1,310 825 2,207 761 112 421 March 39,985 39,442 35, 579 79 25,218 :, 701 7,270 1,311 827 2,257 779 125 419 April 40,063 39, 525 35,627 79 25,218 ,751 7,270 1,309 826 2,294 780 122 416 May 40,282 39, 751 35,680 79 25, 218 1,806 7,270 ", 308 825 2,442 805 117 414 June 40,440 39,886 35, 715 79 25, 218 1,868 7,243 839 2,511 820 142 411 July.. 40,661 40,114 35,798 79 25, 218 L, 949 7,243 833 2,542 941 140 408 August 40,891 40,351 35,862 79 25,218 2,015 7,243 ^,307 829 2,722 938 133 406 September. 40,858 40,342 79 25,218 2,051 7,232 L,306 795 2,746 915 112 404 October. __ 41,036 40, 526 36,026 79 25, 218 2,092 7,232 ,405 791 2,796 912 109 401 November. 41, 305 40,807 36,123 79 25, 218 2,140 7,232 ,454 791 2,981 911 400 December. 41,942 41, 445 36,826 79 26,881 2,209 6,203 ., 455 789 3,021 398 1 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System. 2 Includes Liberty bonds. »Includes adjusted service bonds of 1945 and special issues of adjusted service bonds and of notes to Government Life Insurance Fund series and of certificates to the adjusted service fund. , * Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement account. 1 Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation. «Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000. MATURITIES OF PUBLICLY-OFFERED DIRECT OBLIGATIONS, DECEMBER 31, 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 Tfn o d n t o h f Total M Co F 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 rp c 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 t n h u g o s- ror callable able i tion tion * 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 ,226 2,647 250 Dec... 4,494 ,387 2,855 252 1940—Before Apr. 1 1,532 1,455 77 1936—June- 4,718 L,422 3,044 252 Apr. 1-June 30 738 738 353 Dec... 4,662 1,422 2,988 252 July 1-Sept. 30 1937—June- 4,665 1,422 2,987 255 Oct. 1-Dec 31 737 737 Dec. 4,645 1,410 2,937 297 1941—Jan. l-Mar. 31 677 677 545 1938—June.. 4,853 1,410 2,937 299 206 Apr. 1-Dec. 31 1,543 708 834 834 1942..._ 1,001 1,001 1938—Nov. _ 4,993 ,388 2,888 511 206 1943 1,948 1,050 898 1,855 Dec... 4,992 1,388 2,888 509 206 1944 1 214 1 214 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 1 840 322 1,519 2,372 Mar. _ 5,410 1,381 2,888 819 206 114 1947 2,819 420 2,399 1,460 Apr... 5,410 1,380 2,888 819 206 114 1 1 9 9 4 4 8 9 1 1 , 6 9 0 9 2 4 2 5 7 0 8 7 4 1,4 8 8 1 7 9 2 2 , , 2 2 4 7 6 8 J M u a n y e. . . . 5 5, , 4 4 5 0 0 9 1 , , 3 3 7 7 9 9 2 2 , , 8 9 8 2 8 8 8 82 2 0 0 2 20 0 6 6 1 11 1 4 4 1950 . 571 571 1,186 July.. 5,480 1,379 2,958 820 206 114 1951 _ 1,223 1,223 3,473 Aug... 5,583 ,379 2,858 820 409 114 1952 2,436 2,436 Sept. _ 5,455 ,279 2,831 820 409 114 1953 - 2,877 2,877 Oct... 5,448 ,279 2,823 820 409 114 1954 2 663 2,663 Nov... 5,707 .269 2,817 1,096 407 114 1955 755 755 2,611 Dec.__ 5,703 1,269 2,813 1,096 407 114 1956 489 489 982 1958 919 1959 982 982 i Principal amount of obligations guaranteed as to interest and princi- 1960 . 2,611 2,611 1,485 pal. Excludes obligations held by U. S. Treasury and reflect*d in the 1961 50 50 50 public debt. The total includes guaranteed debentures of the Federal 1 1 9 9 6 6 3 5 _ 1,4 9 8 1 5 9 1,4 9 8 1 5 9 Housing Administrator, amounting to $3,540,000 on December 31, 1939. » Excludes obligations guaranteed as to interest only. For August 1939 Total. . 36,826 1,455 6,203 2,209 26, 959 26, 959 and subsequent months includes matured bonds not presented for retirement amounting to $82,000,000 on December 31. 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. FEBRUARY 1940 141 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 Increase or de- Receipts Expenditures i T a r c u - st crea p s e e r i d o u d ring counts, General Excess etc.7 of re- excess 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 a h e e e l e r * - - 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 a N e d o n n e e n a d s t - - a - e l o A th l e l r r c a e R e o l n r i e v y d e - - f ( f v n u R i o e n n e t l d g ) v - s - * a T f e t e c r t r 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 o + e u ( e e f n - i r x ) p r ) e d o - e t s i s - r - b G a f e l u a n n n e d c ra e l 7 G de ro b s t s erans' Adm.4 Fiscal year ending: June 1937 _ fi, 294 2,158 "53 2,187 697 8,442 866 1,436 1,994 3,073 204 868 -3,149 +374 -128 +2,646 June 1938 6,212 2,635 755 2,285 567 7,626 926 1,556 2,178 2,238 121 607 -1,384 +306 -338 +740 June 1939 - 5,668 2,182 740 2,238 507 9,210 941 1,627 2,761 3,105 92 685 -3, 542 +890 +622 +3,275 6 months ending: Dec. 1937 3,176 1,157 414 1,270 335 3,690 432 769 1,009 1,020 45 414 -514 +79 +419 +855 Dec. 1938 2,927 1,135 332 1,203 257 4,504 425 820 1,328 1,516 48 368 -1,577 +182 +868 +2, 262 Dec. 1939 2,744 796 376 1,280 292 4,748 455 918 1,635 1,262 30 447 -2,004 +139 -362 +1, 503 1938—December.... 704 481 3 181 40 862 173 136 190 309 4 49 -157 -31 +636 +824 1939—January 308 48 43 173 45 693 30 140 221 258 5 39 -385 +30 -151 +204 February 417 56 182 143 37 662 17 122 209 254 10 50 -245 +428 +410 +227 March 737 506 4 183 45 870 120 136 243 297 6 68 -132 +52 +46 +127 April 268 40 30 156 42 785 66 133 258 266 8 55 -517 +93 -346 +78 May 397 43 124 187 42 744 10 136 279 262 7 50 -348 +9 — 119 +219 June 613 355 25 193 39 951 272 140 223 252 8 56 -339 +95 -86 +158 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 November.._ 407 34 130 192 52 691 12 157 282 182 5 53 -284 +267 +252 +269 December 569 318 29 172 50 880 190 164 275 194 •I 58 -311 -16 +311 +637 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 u v i n e 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 u g r e n e n t s s c i i o n e f s e o x t A c h e l e l s r s , Period ce 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 e n r i c p c a o o t o n n i n r c o a - e n - C m C C o t o r r i o p e o d m d o n it i r - y t a- o A th l e l r d ( e c ( o + i x e - f t p ) ) u ip ! r e r • e t o n e s - r s - Total a g c I o t n i l v - d e m g c I o r o n e e n l n - - d t i S o e r i a g g n e - W a b i n n a o c l g - r e k- Fiscal year ending: June 1937 _ 267 267 294 293 1 9 329 9 112 127 +60 2,553 1,087 141 356 970 June 1938 550 461 n« 763 560 191 99 • 184 •11 +87 2,216 142 446 1,628 June 1939 639 516 120 838 395 442 •658 136 9 246 +116 2,838 142 536 2,160 6 months ending: Dec. 1937 341 296 32 326 312 1 9 31 93 14 +33 2,973 1,228 142 401 1,202 Dec. 1938 293 210 57 402 192 214 9 169 124 9 58 +57 3,084 142 492 2,449 Dec. 1939 345 268 61 452 242 207 9 219 • 18 161 +45 2,476 143 565 1,768 1938—December 49 34 10 37 32 19 18 16 94 +8 3,084 142 492 2,449 1939—January 39 34 10 51 10 33 •15 10 920 +2 2,933 142 503 2,288 February 50 50 10 148 111 36 •326 9 112 3,343 142 508 2,693 March 68 50 11 34 44 •6 W2 9 37 +14 3,389 142 515 2,732 April 55 50 10 34 •13 41 •60 5 9 27 +11 3,044 142 522 2,380 May 50 40 11 137 108 32 3 •4 12 +23 2,924 142 528 2,254 June 85 83 11 32 9 13 41 •86 (9)(8) 92 +11 2,838 142 536 2,160 July 65 45 10 58 •14 42 16 6 144 +13 2,447 142 544 1,761 August.. 66 51 10 154 129 41 29 •86 96 +5 2,231 142 549 1,539 September 50 43 10 13 •19 40 22 5 •74 +10 2,178 142 554 1,481 October 53 43 10 54 7 24 15 19 4 +15 1,913 143 558 1,213 November 53 43 10 144 142 29 •297 27 9 19 +6 2,166 143 561 1,462 December 58 43 10 29 93 32 95 11 10 2,476 143 565 1,768 1 Excludes debt retirements. 2 Includes taxes under Social Security Act and on carriers and their employees. 3 Includes miscellaneous internal revenue, unjust enrichment tax. and processing taxes. 4 Excludes expenditures for adjusted service which are included under "Transfers to trust accounts, etc." 5 Includes revolving funds of Public Works Administration and Farm Credit Administration. 6 Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account and railroad retirement account; except for the adjusted service certificate fund, these appear as receipts under "Trust accounts, etc." 7 Details given in lower section of table. 8 Less than $5C0,0O0. 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. 142 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, NOVEMBER 30, 1939 [Based 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 C P W s ra t d a u o r t o n m a r b i p o r t d l k i i o i n n o 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 t a o i h e 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 d s y - m F a g c g a a o i e r e g r m n s t e - - p a C b o n A O F r a d r a d t a e n 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 o t e r i d m o p d i o n i t - t y - Other t V A h l s i e t e o a u y y l e r - - - a a s c g n u ie e c r s n - e - Other N 1 3 9 o 0 3 v , 9 . O 1 3 9 c 1 3 , t 9 . N 1 3 9 o 0 3 , v 8 . ASSETS Loans and preferred stock: Loans to financial institutions._ 206 169 0) 55 430 433 464 Preferred stock, etc. 490 211 40 76 0) 817 840 857 Loans to railroads 467 30 497 489 503 Home and housing mortgage loans ._ 2,043 198 116 2,358 2,363 2,326 Farm mortgage loans 2,605 2,605 2,616 2,751 Other agricultural loans _ . 1 266 657 192 0) 1,116 1,122 735 All other loans 2 485 0) »322 <305 1,112 1,093 865 Total loans and preferred stock 1,649 2,255 407 116 2,605 342 657 514 55 335 8,936 8,956 8,502 Cash... . 7 176 31 19 70 83 1 23 14 39 14 476 452 349 U. S. Govt. direct obligations 48 37 3 80 171 400 4 743 738 701 Obligations of Government credit agencies: Fully guaranteed by U S 13 11 107 131 141 144 Others 8 (5) 0) 30 39 40 36 Accounts and other receivables 25 9 7 1 205 5 30 0) 6 61 41 389 426 333 Business property 0) 3 (0 130 6 0) 7 299 1 96 543 542 452 Property held for sale 38 520 115 3 1 678 689 679 Other assets 2 4 0) 0) 8 W3 0) 5 V) 9 99 129 121 138 Total assets other than interagency6 . _ 1,778 2,966 496 269 3,090 644 694 543 319 675 589 12,06312,10511, 335 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States... 1,096 2,818 114 1,270 407 3 5,708 5,449 4,994 Other« 0) 134 5 992 207 8 1 9 1, 352 1,357 1,323 Other liabilities (including reserves). 97 101 31 4 104 10 188 197 8 208 56 1,004 1,039 700 Total liabilities other than interagency • 1,193 2,919 165 118 2,366 217 594 197 16 212 65 8,064 7,845 7,016 Excess of assets over liabilities, excluding interagency transactions. 585 48 331 151 724 427 100 345 303 463 524 3,999 4,261 4,318 Privately owned interests 51 203 4 139 397 395 382 U. S. Government interests 585 48 280 151 520 423 100 345 303 323 524 3,602 3,866 3,936 1 Less than $500,000. 2 Includes $70,000,000 loans of Public Works Administration. 3 Includes $256,000,000 loans of Farm Security Administration. «Includes $175,000,000 loans of Rural Electrification Administration. 5 Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation. 6 Includes, however, investments in securities of agencies (other than mentioned in footnote 5) and deposits of agencies with Reconstruction Finance Corporation. NOTE.—For explanation of table, see BULLETIN for October 1938, p. 882. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] Dec. 31, June 30, July 31, Aug. 31, Sept. 30, Oct. 31, Nov. 30, Dec. 31, 1938 1939 1939 1939 1939 1939 1939 1939 Loans to financial institutions. 209,625 183,943 181,502 178,833 177,011 175,795 173,363 172,154 Loans on preferred stock of banks and insurance companies. 34,616 33,444 33,349 33,181 33,162 33,127 33,094 33,029 Preferred stock, capital notes, and debentures __ 536,590 529,270 526,876 517,125 515,157 513,200 490,099 488, 673 Loans to railroads (including receivers) _ 436,094 439,199 438,837 438,835 436,650 444,314 448,792 Loans for self-liquidating projects 186, 384 44,683 68,106 73,844 85,264 89,872 93,068 79,440 Loans to industrial and commercial businesses 107, 747 117,079 121,804 123,042 125,753 126,863 130,026 130,625 Loans to drainage, levee, and irrigation districts 81,037 83,109 83,462 83,502 83,482 83, 750 Other loans.. _ 24,040 27,393 25,196 23,812 23,847 23,274 4,046 4,081 Securities purchased from Public Works Administration... 140,194 116,577 119,705 122,986 124,476 126,649 127,290 120,808 Total loans and investments, other than interagency 1,756,327 1,574,697 1,598,759 1,595,121 1,607,006 1,608,911 1,579,050 1,561,599 Preferred stock of Export-Import bank 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 Loans to Rural Electrification Administration 46,4S8 146,498 146,498 146,498 146,498 146,498 146,498 146,498 Capital stock of, and loans to R. F. C. Mortgage Co 54,159 57,094 55,219 54,903 54,629 55,102 56,047 57,081 Capital stock of, and loans to Fed. Natl. Mtge. Assn 49, 710 37,996 41,776 44,438 46,600 50,323 54,538 58, 729 Loans to Tennessee Valley Authority 3,0C0 8,300 8,3C0 8,300 8,300 8,300 8,300 8,300 Total loans and investments 1,954,693 1,869, £851,895,551 1,894,260 1,907,832 1,914,133 1,889,433 1,877,207 NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220. FEBRUARY 1940 143 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] Farm mo b rt y g - age loans F c a e r n e d d d e i r d t a i l b s c a in o n t u k e n r l t m o s a e f n o d s r i — a to te Loans to cooperatives by- End of month la F nd e d b e a ra n l ks C s o L B i m o a a n n n m e d k r is- p c p c R r r c o r o e u e e r a d d g a l d g i u t t i i t u r o i c t i o r n - c t a a n i o a s o l s l r - n , - fi i e n n O t x i a s o t c n t h n i e c t e s p i u r n , t - g ti P a o s r t n s o i o o d c n c u r i s e a c d - - it t R u i a t r r e g a c a g t r l o i i i o c o r c p u n n r o l s e a - - d l - c d r E g r l o o o e m p n a u e n c g a r y s n h - d t m F c i e e n r d d e te e d ia r r i - a t te l B in C c a a c o t n e l i o u n k v p d s t e e r i s a r f n , - o l g r A M i r n e t g g a u v r r r o i k c A a l u e l v c t l - t - sociations, coopera- banks Bank ing fund and banks tives for cooperatives i 1934—December. 1,915,792 616,825 99,675 55,672 60,852 87,102 111, 182 33,969 27,851 54,863 1935—December. 2,071,925 794,726 104,706 47,162 94,096 43,400 172,489 2,731 50,013 44,433 1936—December. 2,064,158 836,779 129,872 41,017 105,212 25,288 164,887 1,641 69,647 53,754 1937—December. 2,035,307 812,749 165,194 40,464 138,169 15,592 172,130 1,813 87,633 30,982 1938—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 33,645 148,037 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 December. 1, 904, 655 165, 236 33, 354 154, 496 8,005 168, 330 1,835 76, 252 20, 547 * Some of the loans made by the regional agricultural credit corporations (prior to October 1935) and by the banks for cooperatives and most o 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] Home mortgage loans by- Federal U. S. Government home Depos- securities Federal savings and loan End of month itors 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 o l u f o m a a n s b s o e a - r ssoc L ia o ti a o n n s s * m l i o t n b i e a s o a m n t n n i s s t b k u t e » o - r an b c a e l- s* Total Total o r D e b c i l - i t - G o t a g e u b n e a a l - d - i r - - f s e u e r t n r e c v - d > e s, ciations tions tions 1934—December. 2,379,491 639 81,300 86, 651 1935—June- 1,205 1,236 777 630 147 74 1935—December. 2,897,162 1,023 348,000 102,791 1936—June. _ 1,232 1,265 203 967 800 167 95 1936—December. 2,765,098 1,212 586,700 145,394 1937—June- 1,268 1,307 136 1,100 933 167 71 1937—December. 2,397,647 1,328 853,500 200,092 1938—June.. 1,252 1,290 115 1,103 936 167 72 1938—November 2,186,170 1,374 1,020,873 189,685 1938—November 1,250 1,291 87 1,128 961 167 76 December 2,168,920 1,368 1,034,162 198,840 December 1,252 1,291 86 1,132 965 167 73 1939—January 2,149,038 1,370 1,040,770 178,852 1939—January 1,259 1,299 83 1,137 971 166 79 February 2,134,261 1,375 1,051,109 170,614 February 1,263 1,304 81 1,144 978 166 79 March 2,117,598 1,375 1,067,887 161,614 March 1,266 1,309 80 1,153 167 76 April 2,105,824 1,381 1,089,879 157,176 April 1,264 1,306 76 1,154 166 76 May .___ 2,091,324 1,383 1,117,228 157,911 May „ 1,261 1,305 73 1,157 1,011 146 75 June 2,080, 512 1,386 1,136,289 168,962 June 1,262 1,304 68 1,157 1,011 146 79 July 2,067,844 1,385 1,157,536 161, 537 July 1,268 1,310 58 1,172 1,026 146 80 August 2,059, 792 1,392 1,186,784 159,470 August 1,271 1,314 56 1,174 1,028 146 84 September 2,054,865 1,394 1,206,887 163,687 September 1,267 1,307 55 1,182 1,036 146 70 October 2,049,421 1,394 1,231,685 168,654 October 1,270 1,311 54 1,182 1,036 146 75 November 2,043,288 1,401 1, 252,559 168,822 November.... 1274 December 2,038,186 1,410 1, 271,161 181,313 December l, 279 1 Federal Home Loan Bank Board estimates for all Federal savings p Preliminary. and loan associations. * Outstanding principal, represented by certificates of deposit. Does 2 Excludes loans to other than member institutions which are negli- not include accrued interest nor outstanding savings stamps. gible in amount. 2 Includes working cash with postmasters, 5-per cent reserve fund and miscellaneous working funds with the Treasurer of the United States, accrued interest on bond investments, and accounts due from late postmasters. Back figures.—See BULLETIN for August 1935, p. 502 144 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) * Fac- Factory em- tory Freight-car Department Year Total Manufac- Minerals Total Residential All other ployment 3 pay- loadings** store sales and tures rolls 3 (value) month' Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjustedjusted justedjustedjustedjustedjustedjusted 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 1939 ... P105 P108 P97 70 90 1936 Nov 114 115 114 115 112 115 58 51 40 39 72 62 104 105 94 82 84 94 106 Dec 121 114 121 114 117 111 66 63 45 38 83 65 107 106 99 83 77 92 161 1937 Jan 114 112 115 113 111 107 63 61 45 37 77 63 107 105 95 80 73 93 72 Feb 116 117 116 118 116 112 62 64 47 42 76 64 108 108 100 82 76 95 78 Mar 118 122 117 122 128 119 56 56 45 47 64 63 110 110 106 83 80 93 00 April... 118 122 118 125 115 105 63 61 44 61 61 68 111 111 110 84 79 93 89 May.... 118 122 118 123 117 118 66 68 44 52 66 81 112 112 110 80 80 93 05 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 52 49 36 35 65 61 108 110 105 76 84 93 103 Nov 88 90 85 86 109 113 66 60 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 89 166 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 67 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 69 37 43 65 73 88 89 75 67 55 83 86 May.... 76 77 73 75 92 90 51 61 37 44 62 76 86 86 73 68 57 78 80 June 77 77 74 75 93 92 64 63 42 46 64 76 85 84 71 58 68 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 63 52 77 84 88 89 77 62 63 83 65 Sept.... 90 91 89 89 97 102 78 79 5e6 56 96 97 89 92 82 64 71 86 01 Oct 96 97 95 95 98 106 82 78 56 102 96 90 92 84 68 75 84 02 Nov 103 104 103 103 102 105 .96 85 64 128 111 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 1QOQ 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 68 51 85 72 94 94 86 67 62 87 69 Mar 98 100 96 100 110 102 69 69 55 58 80 79 94 94 88 66 63 88 82 April... 92 95 92 96 95 88 67 76 68 68 74 83 94 94 86 60 68 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 68 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 98 100 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. 124 124 124 123 124 127 83 74 61 59 101 87 103 104 102 82 83 95 106 Dec P128 P120 P130 P121 P118 Pill P70 P61 P52 P108 P84 P104 P104 P104 78 73 96 168 v Preliminary. • Average per working day. i For indexes of groups and separate industries see pp. 146-147; 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. »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. 148-151. Underlying figures are for payroll period ending nearest middle of month. * For indexes of groups see p. 153. Back figures.—See Annual Report for 1937 (table 81).T 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. FEBRUARY 1940 145 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Manufactures—Total 103 104 100 97 96 92 91 97 100 104 Ill 121 124 P130 Durable 94 92 88 84 80 76 71 82 88 92 103 123 130 P141 Nondurable .. - 110 114 110 109 110 105 108 110 110 115 117 119 118 P12O Iron and Steel - _ . _ 108 101 93 88 83 79 73 89 100 105 121 157 167 173 Pig iron 76 74 72 73 75 66 55 73 81 91 101 119 125 126 Steel ingots. . 112 104 95 89 84 80 75 90 102 107 123 160 171 178 Transportation Equipment: Automobiles 96 99 105 100 91 87 73 81 87 89 85 78 * 90 127 Locomotives 8 12 12 12 14 14 15 15 15 19 23 24 Nonferrous Metals: Tin deliveries 1 __ 73 59 66 72 76 92 102 93 87 99 97 95 119 165 Zinc 88 94 89 87 90 91 89 90 91 93 98 110 117 121 Lead . - .- 66 57 70 73 69 71 82 70 68 71 71 70 83 78 Cement and Glass: Cement 84 82 69 80 90 81 75 79 82 76 78 87 91 96 Glass, plate 155 153 147 133 131 83 89 124 87 121 165 222 191 232 Coke: Byproduct 105 105 106 105 106 94 77 103 no 120 130 143 147 148 Beehive 6 6 6 5 5 2 2 5 5 5 7 23 '29 26 Textiles __ 112 117 109 109 110 97 104 111 111 120 121 125 126 P123 Cotton consumption 112 120 111 111 114 105 110 115 117 128 129 129 135 145 Wool _ 107 116 107 111 106 85 105 116 114 123 118 125 128 P115 Consumption 123 134 114 117 119 91 120 138 136 150 138 138 140 *>123 Machinery activity * 101 112 113 113 91 80 98 105 105 103 103 120 129 *>118 Carpet and rug loom activity J_ 69 72 77 87 84 78 73 70 64 79 84 94 92 P85 Silk deliveries 123 116 107 97 108 88 76 84 84 87 107 120 96 72 Leather and Products 107 123 124 124 121 115 113 108 114 117 104 108 114 Pi 23 Tanning 90 98 103 105 95 97 94 91 88 98 87 93 97 Cattle hide leathers 94 99 100 104 93 91 91 87 89 106 93 '98 103 Calf and kip leathers 89 109 119 118 103 101 89 91 69 73 71 73 82 Goat and kid leathers 77 85 97 97 95 106 104 102 106 103 87 103 98 Boots and shoes 118 138 137 137 138 127 126 119 131 130 115 118 125 i>140 Food Products: Slaughtering and meat packing 94 86 87 83 89 90 94 87 89 92 100 99 100 99 Hogs - » 88 79 74 67 73 81 84 73 77 84 95 99 100 99 Cattle 96 89 97 100 106 99 104 103 102 100 102 95 94 95 Calves 112 106 111 108 110 105 108 104 107 104 111 110 110 100 Sheep 152 137 150 157 156 135 142 143 145 139 146 144 154 147 Wheat flour 86 92 92 94 97 100 95 100 96 88 103 91 82 91 Sugar meltings 100 108 106 70 78 94 72 66 81 77 96 91 85 128 Tobacco Products 164 179 165 162 164 164 170 170 158 168 164 166 172 186 Cigars 76 76 79 77 78 77 75 75 73 76 76 75 74 79 Cigarettes 233 258 237 231 236 236 246 247 227 241 235 240 250 273 Manufactured tobacco > 95 97 78 78 80 81 85 84 80 89 85 83 87 89 Paper and Printing: Newsprint production _ __ 63 61 61 61 62 63 65 63 63 63 65 63 64 65 Nftwsprint. consumption - 128 128 125 127 126 130 127 132 126 130 142 137 131 140 Petroleum Refining 208 201 205 201 202 209 211 215 212 218 221 232 228 Gasoline 1 269 259 262 256 256 265 269 276 273 280 284 296 293 Kerosene __ _ - 104 107 112 113 122 122 124 122 117 123 118 118 109 Fuel oil i 140 142 145 138 140 143 143 144 139 140 148 155 150 Lubricating oil * 109 100 106 117 111 115 119 121 115 128 123 149 141 Rubber Tires and Tubes * _ 100 112 110 109 114 104 102 112 111 122 123 126 118 110 Tires, pneumatic * 104 116 115 114 119 108 106 117 116 127 128 131 122 115 Inner tubes 1 . . 75 79 76 71 76 73 68 77 77 84 86 90 84 73 Minerals—Total 102 110 110 110 110 95 98 104 106 91 114 121 124 P118 Bituminous coal 77 78 75 79 77 81 46 71 75 77 84 94 91 P83 Anthracite 58 67 69 61 61 80 73 59 53 53 71 58 60 *59 Petroleum, crude __ 164 169 171 169 173 174 175 170 174 127 174 181 187 P186 Iron ore 42 55 67 74 78 97 128 155 Zinc 88 94 89 87 90 91 89 90 91 93 98 110 117 121 Lead 66 57 70 73 69 71 82 70 68 71 71 70 83 78 Silver 51 85 86 100 86 101 71 107 70 79 104 91 91 * Without seasonal adjustment. P Preliminary. r Revised. 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. 146 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors 1923-25 average=100] 1938 1939 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Manufactures—Total 103 98 99 98 100 96 94 97 95 99 110 122 123 P121 Durable _ 92 85 84 84 86 84 78 85 83 85 99 123 125 P129 Nondurable 113 108 111 111 111 106 107 108 105 111 119 122 122 Iron and Steel _ > 100 89 90 92 93 87 79 89 93 103 120 152 155 152 Pig iron 77 73 71 75 79 70 56 72 77 87 98 119 126 124 Steel ingots 103 90 92 93 95 89 81 90 95 105 122 156 158 155 Transportation Equipment: 115 117 105 100 105 106 88 91 66 28 59 93 108 142 Locomotives . 8 12 11 12 14 13 15 14 15 20 24 24 Nonferrous Metals: Tin deliveries __. 73 59 66 72 76 92 102 93 87 99 97 95 119 165 Zinc 88 96 94 93 96 94 90 87 84 87 93 106 117 123 Lead . 69 58 71 75 70 70 80 71 65 68 67 72 86 79 Cement and Glass: Cement _ _ _ __ 83 64 42 48 65 79 88 98 100 98 98 99 90 75 Glass, plate 165 153 147 133 138 91 93- 112 78 121 165 222 191 232 Coke: Byproduct 107 106 107 108 109 95 76 101 107 116 128 143 150 150 Beehive 6 7 7 7 6 2 2 5 4 4 7 22 '30 29 Textiles 116 111 114 115 112 100 104 105 103 112 121 129 131 Cotton consumption 117 111 117 119 119 113 114 111 106 115 125 133 140 133 Wool 113 117 109 116 106 84 100 109 106 118 122 132 135 Consumption- 134 135 118 128 122 88 111 124 121 139 145 151 153 P124 Machinery activity __ 101 112 113 113 91 80 98 105 105 103 103 120 129 P118 Carpet and rug loom activity _ 69 72 77 87 84 78 73 70 64 79 84 94 92 P85 Silk deliveries 127 103 122 104 104 87 75 75 80 91 113 120 98 64 Leather and Products _ 102 104 115 126 125 112 105 104 112 130 120 119 110 P104 Tanning 88 95 98 108 94 94 88 90 88 100 92 99 96 Cattle hide leathers 93 96 101 111 94 91 87 86 86 104 97 noi 102 C G a o l a f t a a n n d d k k ip id le le a a th th e e r r s s 8 7 5 6 9 9 4 2 9 9 8 2 1 1 0 0 1 8 9 9 1 7 10 9 5 1 8 9 5 6 10 8 2 8 8 9 1 8 10 8 1 8 8 9 2 1 10876 9 7 7 7 Boots and shoes 112 109 125 138 145 124 115 113 128 149 138 132 119 ^110 Food Products: Slaughtering and meat packing 104 101 101 83 84 81 92 86 84 80 91 97 111 118 Hogs 97 103 100 74 74 72 81 76 69 64 71 84 110 129 Cattle 111 94 98 88 92 87 101 96 101 98 114 111 108 100 Calves 114 100 104 100 111 114 122 108 104 96 107 116 112 95 Sheep __ . 151 135 151 147 142 127 139 140 145 140 170 158 152 144 Wheat flour 93 88 90 91 91 91 90 88 94 94 122 102 89 87 Sugar meltings 78 62 70 69 92 109 81 78 98 86 102 87 66 73 Tobacco Products 167 145 157 147 156 151 172 186 171 180 181 179 175 151 Cigars »__ _ .. 90 67 61 67 71 72 78 81 76 80 87 92 88 59 Cigarettes 231 212 232 211 224 215 248 272 249 261 259 252 247 224 Manufactured tobacco . 92 79 79 79 81 78 85 86 80 91 93 86 85 73 Paper and Printing: Newsprint production 63 61 62 61 61 64 66 64 62 61 64 63 63 65 Newsprint consumption 137 132 120 125 131 139 131 131 112 116 139 146 140 144 Petroleum Refining 208 202 205 202 201 208 211 215 211 217 221 233 229 Gasoline 269 259 262 256 256 265 269 276 273 280 284 296 293 Kerosene 113 115 115 115 119 121 119 113 108 116 121 124 117 Fuel oil 140 142 145 138 140 143 143 144 139 140 148 155 150 Lubricating oil 109 100 106 117 111 115 119 121 115 128 123 149 141 Rubber Tires and Tubes—_ _ 100 112 110 109 114 104 102 112 111 122 123 126 118 110 Tires, pneumatic . - _ 104 116 115 114 119 108 106 117 116 127 128 131 122 115 Inner tubes . 75 79 76 71 76 73 68 77 77 84 86 90 84 73 Minerals—Total — 105 103 105 105 102 88 97 105 107 96 123 132 127 Pill Bituminous coal 86 82 83 83 77 26 40 63 68 75 90 104 102 Anthracite 60 66 74 66 50 83 73 51 44 53 72 74 62 P58 Petroleum, crude 163 164 164 166 171 174 177 173 178 129 179 183 185 P181 Iron ore 35 82 132 150 159 187 218 130 Zinc 88 96 94 93 96 94 90 87 84 87 93 106 117 123 Lead 69 58 71 75 70 70 80 71 65 68 67 72 86 79 Silver 55 86 86 108 94 102 69 105 59 78 98 90 98 v Preliminary. ' Revised. 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. FEBRUARY 1940 14? 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total 92.8 94.4 94.6 94.3 94.0 93.8 93.3 94.3 95.3 95.9 97.5 101.2 103.4 104. 4 Durable goods 82.1 83.7 84.4 84.2 83.7 83.9 82.9 83.9 84.7 85.3 88.9 '94.6 97.3 99.9 Nondurable goods 103.1 104.7 104.4 103.9 103.8 103.3 103.3 104.2 105.3 105.9 105.7 107.6 109.2 108.8 Iron, Steel, Products 89.1 90.9 90.7 90.4 90.7 90.5 89.6 90.3 90.6 92.5 96.4 105. 9 110.7 112.2 Blast furnaces, steel works. . 93 95 95 94 94 95 94 96 96 97 101 115 122 124 Bolts, nuts, washers, rivets 95 97 96 96 97 94 93 93 94 98 102 113 118 120 Cast-iron pipe 73 72 72 73 73 73 73 71 72 73 74 77 79 79 Cutlery, edge tools __ 88 90 90 89 90 90 86 91 91 94 97 102 107 109 Forgings 54 56 54 55 54 55 55 54 56 56 59 66 70 72 Hardware . 89 91 89 87 87 84 80 72 70 78 95 99 106 105 Plumbers' supplies 74 74 74 74 74 74 75 76 77 78 80 81 83 85 Stamped, enameled ware 146 147 144 143 147 144 142 147 147 157 '159 '162 166 167 Steam, hot-water heating _. 74 74 74 74 75 75 74 75 78 79 80 84 86 86 Stoves 79 82 82 84 85 84 85 86 89 88 86 90 91 93 Structural, ornamental 60 62 63 66 67 67 67 66 67 69 71 75 76 76 Tin cans, tinware 91 93 94 95 95 96 95 95 95 98 97 '103 103 99 Tools _ 80 83 83 84 84 84 84 84 81 85 87 90 94 96 Wirework 154 162 154 152 151 148 142 135 128 121 149 164 171 177 Machinery __ _ _ 89.2 91.7 92.3 94.0 94.8 94.9 94.4 95.4 96.1 97.3 99.8 105.7 110.6 112.7 104 110 114 123 124 122 119 118 115 121 123 125 128 131 Cash registers, etc __ 133 134 132 131 131 127 126 128 127 125 127 126 127 129 83 85 84 85 86 87 86 87 87 88 92 97 100 102 Engines, turbines, etc.__ _ 87 88 92 91 91 91 93 95 95 97 99 108 116 125 Foundry, machine-shop products- 77 79 80 81 82 82 81 83 83 85 86 91 95 97 Machine tools 124 126 128 132 134 138 140 144 149 146 155 170 183 192 Radios, phonographs 117 123 126 129 130 124 121 122 131 126 129 145 160 151 Textile machinery 66 69 69 71 72 73 75 75 77 78 78 81 85 86 Typewriters 127 127 127 128 129 129 126 126 122 119 122 123 125 125 Transportation Equipment. 90.6 93.2 94.1 92.9 91.2 91.1 87.2 88.9 90.0 88.3 '99.5 '105. 6 101.2 112.4 Aircraft 837 868 900 966 968 1,075 1,169 1,267 1,385 1,414 1,512 1 605 1,767 1,879 Automobiles 99 102 102 98 97 96 89 89 90 88 102 '108 100 112 Cars, electric-, steam-railroad 29 33 35 33 36 34 34 33 32 31 34 42 48 55 Locomotives 16 17 19 17 16 18 21 25 28 29 28 25 26 28 Shipbuilding 100 103 106 113 111 112 118 127 128 125 128 132 133 138 Nonfer.rous Metals, Products __ r _91.9 93.1 93.3 93.4 93.4 93.2 92.8 92.8 94.6 96.3 99.2 107.0 110.0 110.5 Aluminum 132 131 131 135 140 143 142 145 153 157 152 166 171 169 Brass, bronze, copper _. 106 106 105 104 104 103 104 105 106 109 115 130 137 138 Clocks, watches 79 79 84 84 84 85 84 82 84 85 85 87 88 89 Jewelry . 86 91 90 91 92 93 90 91 94 95 91 92 95 96 Lighting equipment _. 82 85 86 84 80 77 76 73 75 77 88 95 89 88 Silverware, plated ware 65 67 68 68 69 68 68 68 70 70 71 70 72 73 Smelting, refining... _. 76 77 78 78 77 78 77 77 76 75 77 83 85 86 Lumber, Products 64.0 65.0 65.7 65.1 63.2 64.2 64.8 65.3 66.0 66.4 67.4 69 4 72.2 72.5 Furniture 80 83 84 85 85 85 84 85 86 86 87 89 93 93 Lumber, millwork 67 57 58 57 56 67 56 59 59 60 61 63 64 65 Lumber, sawmills 69 59 60 69 56 57 69 59 60 60 61 63 66 66 Stone, Clay, Glass Products 76.8 77.8 79.6 77.4 77.4 77.9 75.4 77.5 78.4 78.1 79.0 '81.9 85.1 85.4 Brick, tile, terra cotta 56 57 61 59 58 58 55 57 58 57 59 61 64 65 Cement _ 68 68 64 66 66 67 63 66 67 67 66 68 70 71 Glass . . 98 99 100 95 95 97 96 98 98 99 100 106 110 109 Marble, granite, slate 47 49 49 48 53 53 52 50 51 50 48 '49 49 50 Pottery 84 85 87 86 85 84 84 87 88 87 86 90 93 94 Textiles, Products ~ 100.0 102.2 101.9 101.8 101.0 99.6 99.8 101.2 104.1 104.9 103.6 106.2 107.7 106.0 Fabrics. 90.5 92.3 91.9 91.7 91.0 90.2 91.0 92.0 94.5 95.4 94.1 97.8 99.8 96.9 Carpets, rugs 74 76 78 77 77 77 74 73 74 76 78 83 85 84 Cotton goods 85 85 85 86 85 85 85 86 80 91 91 94 96 95 Cotton small wares 80 83 82 82 80 78 80 79 83 84 86 91 93 92 Dyeing, finishing textiles 118 121 122 122 122 121 124 120 128 129 129 133 132 131 Hats, fur-felt 91 89 90 90 87 86 84 89 93 90 87 86 90 92 Hosiery 148 151 153 153 154 154 153 152 154 155 149 151 151 146 Knitted outerwear 71 77 64 68 70 67 68 72 75 80 75 76 75 68 Knitted underwear 70 71 72 71 70 70 73 74 77 79 78 79 80 79 Knitted cloth.. 139 144 134 134 134 133 128 138 138 140 140 148 155 145 Silk, rayon goods 64 65 64 64 65 65 66 63 63 62 61 65 67 64 Woolen, worsted goods 84 88 88 84 81 77 81 86 89 85 83 90 95 88 Wearing apparel 116.9 120.0 119.5 120.2 119.2 116.4 115.2 117.5 121.1 121.4 120.4 120.4 120.5 121.6 Clothing, men's— 104 106 103 104 104 103 102 104 107 107 106 107 108 112 Clothing, women's 167 173 171 173 171 165 161 169 174 174 172 171 171 171 Corsets, allied garments 105 106 107 107 107 109 111 114 115 117 116 117 117 117 Men's furnishings 138 140 132 136 132 128 125 129 135 140 136 138 127 121 Millinery ^ 72 77 79 84 84 81 80 74 73 77 80 80 74 75 Shirts, collars 117 119 130 123 121 119 120 120 123 121 121 121 123 122 148 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 to Census of Manufactures through 1937. 1923-25 average=100] 1938 1939 Industry and group Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Leather, Manufactures _. __ _ _ 97.6 98.1 98.9 99.0 99.2 97.7 93.7 97.1 98.7 97.4 96.8 97.4 99.1 97.0 Boots, shoes 96 97 98 98 98 97 92 96 98 96 95 96 98 96 Leather 85 86 87 87 86 85 84 86 87 87 87 88 88 86 Food, ProductS- 127.4 128.8 128.8 125.7 127.3 127.0 128.4 129.4 127.9 129.7 128.1 126.8 129.5 131.0 Baking 144 144 144 144 144 144 146 147 147 146 146 146 145 145 Beverages 276 274 276 275 270 270 272 275 269 269 269 271 279 285 Butter 95 96 96 94 94 95 96 95 95 96 95 95 97 98 Canning, preserving 149 151 150 143 158 157 159 162 150 160 147 136 149 149 Confectionery 83 86 84 83 82 81 81 80 82 86 82 82 86 86 Flour 78 79 79 77 78 77 80 81 81 79 82 80 77 79 TCP, nrfiam 78 78 79 78 78 78 77 77 75 75 76 78 79 79 Slaughtering, meat packing 100 100 98 96 96 96 98 100 101 101 102 103 106 109 Sugar, beet 108 152 212 120 107 103 107 104 99 105 131 107 105 116 Sugar refining, cane.. __ . __ 95 94 96 93 96 102 87 89 94 96 90 100 94 96 Tobacco Manufactures 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 64.5 Tobacco, snuff 63 63 61 61 62 63 62 62 61 62 62 62 60 60 Cigars, cigarettes 65 66 67 65 62 65 65 66 66 66 65 64 63 65 Paper, Printing 110.6 111.1 111.0 111.1 111.4 111.5 111.5 111.1 111.8 112.0 112.8 115.0 115.7 116.5 Boxes, paper 108 110 111 111 112 111 111 111 113 115 116 121 122 121 Paper, pulp 106 106 106 106 106 106 107 106 106 107 109 114 115 116 Book, job printing 99 100 100 99 100 100 99 99 101 99 98 99 100 101 Newspaper, periodical printing 114 114 113 114 114 114 115 114 114 115 116 116 115 L17 Chenycals, Petroleum, and Coal Products 113 3 113 7 113 6 112 9 113 4 114 2 114 4 113 1 113 7 111.9 116.4 121.2 121.8 Pftt.rnlftnm refining 120 119 119 119 119 118 119 120 121 122 122 122 123 122 Other than petroleum 111.8 112.4 112.3 111.4 112.2 113.3 113.4 111.4 111.9 109.4 115.2 119.4 120.8 121.8 Chemicals 119 120 119 120 120 118 117 117 115 119 122 132 137 138 Cottonseed oil, cake, meal 101 104 97 88 96 103 110 88 85 81 '98 92 93 Druggists' preparations. _ 108 108 109 107 108 109 111 112 114 112 112 113 114 116 Explosives___ 84 85 86 86 86 86 87 90 92 93 98 102 104 107 Fertilizers 102 100 103 97 98 110 115 107 105 103 111 109 106 111 Paints, varnishes 118 119 119 118 120 121 119 120 122 125 123 125 126 126 Rayon, allied products 297 297 297 301 299 309 302 295 298 254 297 309 310 311 Soap 77 81 81 80 79 78 79 80 84 87 87 87 86 87 Rubber Products 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 92.3 Rubber boots, shoes 60 60 58 60 60 60 61 59 47 58 58 60 61 61 Rubber tires, inner tubes 66 67 67 66 67 67 67 66 67 68 70 74 75 75 Rubber goods, other _ 133 137 133 133 134 131 129 131 134 138 144 154 159 156 r Revised. NOTE.—Figures for December 1939 are preliminary. For description and back data see the BULLETIN for October 1938, pages 835-868, ani for October 1939, pages 878-887. Underlying figures are for payroll period ending nearest middle of month. FEBRUARY 1940 149 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 Nov. Dec. Aug. Sept. Oct. Nov. Dec. Nov. Dec. Aug. Sept. Oct. Nov. Dec. Total 93.3 94.0 96.3 100.2 103.6 103.8 104.0 84.4 87.1 93.8 101 6 101.8 103.9 Durable goods 82.9 83.8 83.9 '89.8 96.1 98.2 100.0 77.6 79.6 81.5 '87.8 99.6 101.3 104.9 Nondurable goods 103.1 103.8 108. 0 110.2 110.7 109.2 107.9 92.1 95.4 99.0 100.5 103.8 102.4 102.7 Iron, Steel, Products 90.2 92.3 '97.2 106.8 111.1 111.5 81.0 82.7 92.8 112.1 114.6 115.5 Blast furnaces, steel works. _ 93 94 97 101 115 122 124 84 86 93 95 124 127 129 Bolts, nuts, washers, rivets. 95 97 97 101 113 118 120 100 104 104 111 138 142 143 Cast-iron pipe 71 71 75 75 77 77 78 58 59 63 71 74 72 Cutlery, edge tools 90 90 92 97 104 109 109 80 84 85 95 103 103 Forgings 54 56 56 59 65 70 73 54 60 59 63 75 84 88 Hardware 89 91 76 94 100 106 105 96 93 80 114 110 119 117 Plumbers' supplies 74 74 78 80 82 83 84 55 61 71 72 80 78 78 Stamped, enameled ware 146 147 '153 '157 '164 166 167 149 152 156 '159 173 171 176 Steam, hot-water heating... 75 74 78 81 86 87 86 57 60 68 71 83 80 Stoves 84 79 90 92 97 96 90 69 67 78 '82 94 79 Structural, ornamental 60 61 72 74 76 76 76 49 52 64 63 68 67 67 Tin cans, tinware 89 88 107 107 106 100 94 89 89 115 117 111 105 100 Tools 81 84 84 86 91 95 97 74 80 79 82 92 97 102 Wirework 156 162 116 145 166 173 177 164 169 116 161 183 200 206 Machinery 91.9 96.8 100.3 106.6 111.0 112.9 83.2 88.5 96.! 100.9 111.0 117.0 J21.8 Agricultural implements 101 110 114 116 118 125 131 102 123 124 125 131 141 152 Cash registers, etc _. 133 132 125 127 126 127 128 121 120 119 124 126 129 132 Electrical machinery 84 85 88 92 97 100 102 84 86 93 98 106 110 113 E R T T M F e n o y a a x g d p u c t i i e n h i n o w l d i e e s n r , r s y e m i , p t , t e t h a u o m r o c s o r h n a b l i s o c i n n h g e e i r r n a s y e , p - e h s t s h c op pr _ o duct _ s _ _ . . . . 1 1 1 8 7 6 2 3 3 3 7 6 4 1 0 1 1 1 7 6 3 2 8 2 9 9 0 7 5 9 1 1 1 9 8 3 1 7 4 7 4 6 8 8 0 1 1 1 9 8 7 5 2 5 9 6 7 6 2 0 1 1 1 1 8 7 2 9 7 0 0 1 4 1 7 5 1 1 1 1 8 9 1 2 8 8 4 5 0 8 4 0 1 1 1 1 9 8 2 9 6 2 7 6 1 3 0 7 1 1 1 2 8 6 6 2 1 0 9 6 0 9 7 1 1 1 9 6 3 2 7 1 5 5 0 9 1 8 1 1 1 1 1 2 7 7 6 1 7 3 8 5 1 4 1 1 1 1 8 7 1 3 8 2 0 3 6 9 2 2 2 1 1 1 9 7 0 2 7 2 0 6 8 6 0 9 2 1 1 1 8 3 9 2 7 3 2 8 4 6 0 9 2 1 1 1 9 8 5 4 2 5 9 5 7 7 2 6 Transportation Equipment 92.3 96.9 75.2 '97.0 '105. 3 102.8 116.4 95.6 97.7 78.3 '99.5 '109.' 108.0 125. 2 Aircraft.... 829 859 1,414 1,467 1,556 1,750 1,861 792 872 1,381 1,362 1,512 1,718 1, 741 Automobiles 102 107 70 '108 102 118 108 107 75 103 '113 109 129 Cars, electric-, steam-railroad 29 32 32 41 47 54 22 27 27 28 38 40 49 Locomotives 16 17 29 28 26 26 28 13 14 27 26 25 25 28 Shipbuilding _. 100 104 122 129 134 133 139 97 110 128 135 144 141 152 Nonferrous Metals, Products.. 94.9 94.5 94.7 100.3 110.4 113.4 112.1 87.0 87.1 88.7 96.5 113.1 115.3 115.7 Aluminum 134 131 154 151 168 173 144 140 163 167 191 194 196 Brass, bronze, copper 106 106 108 115 131 137 104 103 111 123 154 157 159 Clocks, watches 84 83 83 86 90 93 93 83 80 85 88 99 100 97 J L e i w gh e t l i r n y g equipment 9 8 7 6 93 9 7 4 3 1 8 0 8 0 1 9 0 8 7 1 9 0 3 7 9 9 1 9 6 7 9 9 8 7 1 0 7 5 7 8 8 7 4 5 9 8 3 2 9 7 1 8 8 7 6 8 Silverware, plated ware- 69 69 71 73 76 76 65 67 59 66 71 75 76 Smelting, refining 77 78 75 77 84 87 71 74 71 71 81 85 Lumber, Products 64.7 63.7 68.7 70.0 72.4 73.0 71.1 55.' 55.7 62.9 63.5 66.2 Furniture 84 84 88 91 95 97 94 69 72 76 78 85 85 Lumber, millwork. 57 56 62 62 64 64 64 44 44 50 50 52 53 53 Lumber, sawmills.. 59 57 63 63 66 63 50 48 57 57 62 61 57 Stone, Clay, Glass Products.. 77.3 76.2 80.! 81.7 84.8 85.6 83.6 67.3 67.0 71.6 71.7 '80.3 78.7 76.7 Brick, tile, terra cotta... 56 55 62 63 65 65 62 42 43 50 50 57 54 52 Cement 68 63 73 71 72 70 66 63 56 70 68 71 67 64 Glass 98 99 99 101 107 110 109 104 104 103 105 121 120 118 Marble, granite, slate- 48 48 53 52 '51 50 48 33 34 41 39 '39 39 35 Pottery 85 92 95 95 79 80 74 74 '87 90 Te F x a t H K K C D H S K i C C b l i e a o r o y n n a o n l s i k r s t t e t i i i , c p s t t t t , i t i s o o , e t t t P n e r e e e n n r f a t g r d d y d u s o y , , g s r d o c - o u m o f r f u n i l u u n o e n o a c t l g d d i t l t g t e s h l s s s e o r h r w w o i w n d a e g e s r a a e r t r s e xtiles _ .. 1 1 1 1 9 7 8 8 8 7 2 7 6 3 0 5 1 4 6 1 9 3 0 0 1 4 8 2 . .2 1 1 1 1 9 8 8 7 0 2 7 8 7 6 4 5 1 3 7 3 4 3 6 9 1 6 2 3 . . 8 1 1 1 1 9 7 8 0 8 9 7 2 7 6 4 5 3 3 6 1 7 4 8 2 7 3 0 2 . . 1 5 1 1 1 1 9 7 8 8 7 6 0 4 2 9 7 5 3 4 8 9 4 9 3 3 5 0 8 0 . . 5 5 1 1 1 1 9 8 9 9 8 0 3 8 8 6 5 5 8 8 3 4 2 2 3 6 0 7 4 2 . .3 1 1 1 1 1 8 9 0 0 9 7 8 8 6 3 5 5 7 5 0 3 7 8 1 8 8 4 4 5 . . 9 9 1 1 1 1 8 9 9 9 0 9 6 3 7 6 4 4 4 5 8 7 2 1 5 3 9 5 4 8 . . 7 5 1 1 1 8 7 5 7 7 6 6 0 6 5 5 0 0 8 9 4 4 1 9 2 9 6 1 8 . . 5 4 1 1 1 8 8 6 6 6 0 7 7 7 1 5 6 2 5 3 0 2 7 6 9 4 4 4 8 . . 4 5 1 1 1 8 8 6 0 7 7 8 6 6 6 1 5 8 0 4 3 5 6 4 4 8 2 7 2 . . 2 2 1 1 1 8 8 6 7 8 6 6 2 0 5 7 5 6 1 8 9 2 2 7 1 8 6 4 2 . . 6 0 1 1 1 9 8 7 8 8 7 1 6 7 3 5 7 3 8 5 4 9 0 6 1 4 2 7 4 . . 6 0 1 1 1 9 9 7 9 9 6 1 7 7 6 3 7 2 1 6 1 1 4 5 3 5 0 0 0 . . 9 7 1 1 1 8 9 9 8 7 9 1 1 5 7 5 5 9 1 1 8 6 0 7 5 1 2 9 7 . . 4 8 Woolen, worsted goods 83 90 86 82 91 95 91 68 77 72 68 77 82 78 Wearing apparel - 115.3 115.5 122.1 124.8 124.7 118.7 116.9 79.3 86.0 98.3 92.1 '98.7 89.2 90.5 Clothing, men's 101 100 110 111 109 105 105 65 70 86 80 83 76 80 Clothing, women's 165 167 174 179 178 168 165 105 118 133 118 133 116 118 Corsets, allied garments- 104 105 114 116 118 117 116 107 111 112 120 127 122 119 Men's furnishings 149 148 131 133 144 137 128 147 140 120 121 143 139 128 Millinery 65 68 78 89 82 67 66 45 48 67 81 62 49 46 Shirts, collars 121 119 120 123 127 128 122 101 102 103 102 '116 117 110 150 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. 1923-26 average=100] Factory employment Factory payrolls Industry and group 1938 1939 1938 1939 Nov. Dec. Aug. Sept. Oct. Nov. Dec. Nov. Dec. Aug. Sept. Oct. Nov. Dec. Leather, Manufactures ___ 90.4 94.3 100.7 97.8 96.2 91.9 93.3 66.4 74.8 84.6 76.6 76.5 71.1 75.6 Boots,!* shoes 88 92 100 97 94 89 91 60 70 83 72 71 65 70 Leather. 85 87 86 87 88 88 87 82 85 83 84 88 87 87 Food, Products „ ._- _ 127.6 123.8 147.0 150.7 137. 6' 129.7 125.8 120.6 118.9 135.1 139.7 129.9 125.3 124.2 Baking 145 144 147 148 148 147 145 133 132 135 139 137 137 134 Beverages 258 251 295 287 271 261 261 284 276 350 336 309 294 299 Butter _ _. 93 91 103 99 95 94 93 78 76 87 84 82 79 78 Canning, preserving 121 100 289 304 181 120 99 93 84 251 264 154 101 88 C onfectionery 95 96 79 91 97 98 96 86 92 77 92 96 96 100 Flour 79 79 80 84 82 78 79 71 70 77 r94 r83 71 73 Ice cream ._ __ 69 67 89 82 73 69 68 57 56 74 69 62 58 57 Slaughtering, meat packing 102 104 100 101 103 108 112 107 109 106 108 108 113 122 Sugar, beet . 293 246 88 121 287 287 189 296 239 86 117 245 284 169 Sugar refining, cane 94 91 99 91 101 93 94 78 76 81 86 87 77 75 Tobacco Manufactures _. __ 68.3 66.6 66.6 66.4 66.7 66.4 65.6 61.8 61.7 62.7 62.9 63.4 62.9 62.3 Tobacco, snuff 64 64 61 61 62 61 61 69 72 67 67 71 68 68 Cigars, cigarettes 69 67 67 67 67 67 66 61 60 62 62 62 62 62 Paper, Printing 112.3 113.2 110.9 113.2 116.5 117.5 118.7 104:5 108.5 103.7 109.3 113.8 114.2 116. 8 Boxes, paper 114 113 114 119 128 129 125 123 122 125 133 151 145 136 Paper, pulp __ 106 106 107 109 114 115 116 103 104 108 113 126 125 123 Book, job printing 100 103 98 98 99 101 104 84 91 83 86 84 89 94 Newspaper, periodical printing,,. 116 117 112 116 ,117 117 119 108 112 102 110 110 109 115 Chemicals, Petroleum, and Coal Products 114.6 114.3 109.2 '•118.0 122. 3 122.6 122.2 118.3 119.3 119.0 124. 6 133. 3 133.0 133.0 Petroleum refining _ _ _ . 120 119 123 123 123 124 122 134 134 136 135 140 138 137 Other than petroleum 113.2 113.1 105.9 116. 7 122. 2 122.3 122.2 113.5 114.7 113.8 121. 5 131.2 131. 4 131.6 Chemicals 119 119 119 124 134 138 137 130 132 136 140 158 161 161 Cottonseed oil, cake, meal 134 131 57 120 139 121 117 111 106 48 100 120 113 109 Druggists' preparations 111 111 110 114 117 118 119 119 120 121 124 133 131 132 Explosives 86 86 93 100 104 106 108 96 100 109 114 125 128 129 Fertilizers 88 92 74 98 99 92 102 65 70 63 86 80 76 82 Paints, varnishes 117 117 122 122 125 125 124 116 118 126 128 135 132 130 Rayon, allied products 300 298 255 300 ••310 313 312 277 277 247 286 303 310 314 Soap _. 79 79 86 89 90 89 85 92 93 102 107 109 104 102 Rubber Products 82.3 83.5 82.6 86.0 92.4 94.0 92.9 83.0 86.8 86.3 91.0 101. 9 100.1 99.1 R lbber boots, shoes 61 63 59 60 62 62 63 58 64 58 62 64 67 66 Rubber tires, inner tubes 66 67 68 70 74 75 75 73 77 79 83 91 86 88 Rubber goods, other 136 137 133 142 158 161 156 128 131 127 135 161 163 155 •• Revised. NOTE.—Figures for December 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. FEBRUARY 1940 151 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Residential Nonresidential building Public works Month Total building Factories Commercial Educational * Other i a u n t d il i p ti u e b s l * ic 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.fi February 118.0 220.2 40.0 79.0 4.9 9.5 13.0 13.5 15.4 21.8 15.1 24.7 30.5 71.8' March 226.9 300.7 79.4 125.2 15.7 13.0 20.2 17.4 21.0 27.6 31.0 39.8 59.7 77.7 April 222.0 330.0 74.6 114.4 11.5 17.5 18.9 21.3 16.9 21.1 33.1 34.8 67.0 121.0 May 283.2 308.5 83.2 133.8 8.6 13.0 19.2 19.5 11.8 16.4 38.2 27.8 122.2 97.9 June 251.0 288.3 85.7 111.9 10.7 15.8 18.8 26.8 14.7 12.5 37.7 37.8 83.5 83.6 July 239.8 299.9 88.0 109.3 9.7 17.4 26.2 22.9 10.7 19.4 26.1 28.7 79.3 102.1 August 313.1 312.3 99.7 127.2 11.3 10.4 18.3 21.1 21.4 13.8 36.3 24.6 126.1 115.3 September 300.9 323.2 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 301.7 299.8 95.3 116.6 10.5 18.5 13.7 20.4 49.0 9.7 42.8 29.2 90.4 105.5 T)eO©Tnbfir 389.4 354.1 91.5 88.7 7.0 15.3 14.0 17.4 73.3 7.7 45.2 17.4 158.4 207.7 Year 3,196.9 3, 550. 5 985.8 1, 334. 3 121.1 174.8 215.8 246.9 334.1 201.4 401.2 342.5 1,139.0 1, 250. 6 i Not strictly comparable with data for earlier years due to changes in classification. CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING I 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» Privately-financed * Month 1934 1035 1036 1937 1038 1030 1034 1035 1036 1037 1038 1039 1934 1035 1036 1037 1038 1030 January - .... 186 100 215 243 102 252 157 55 140 112 118 148 20 45 66 130 75 104 February 07 75 140 188 110 220 65 38 70 60 51 111 31 37 62 110 68 109 March 178 123 100 231 227 301 126 68 06 66 05 128 52 55 103 165 132 173 April 131 124 235 270 222 330 78 53 105 74 00 160 53 71 130 105 123 170 May 134 127 216 244 283 308 72 47 04 03 144 135 63 80 122 151 130 174 June 127 148 233 318 251 288 73 64 116 137 108 128 54 84 116 180 143 161 July 120 150 295 322 240 300 62 67 153 131 08 137 67 03 141 101 142 163 August 120 169 275 281 313 312 60 02 153 104 171 158 51 76 122 178 142 154 September _ _ 110 167 234 207 301 323 60 07 116 80 160 144 41 70 110 127 141 170 October 135 201 226 202 358 262 70 114 101 78 203 92 57 87 125 124 154 170 November __ 112 188 208 198 302 300 74 118 80 03 170 144 38 70 110 106 123 156 December 03 264 200 209 380 61 106 82 115 270 32 68 117 04 110 Year 1,543 1,845 2,675 2,913 3,107 975 1,007 1,334 1,152 1,705 568 837 1,341 1,761 1,492 i Back figures —See BULLETIN for February 193S, 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 Dec. Nov. Dec. Fede d ra is l t r R ic e t serve 1939 1938 1939 1938 Boston.. 19,616 22,906 34,844 Dec. Nov. Dec. Dec. Nov. Dec. New York 40,594 65,521 71,031 A R P C h i l t c e l i a h l v a n m e d t la a e o n l n p d d hia - 2 2 2 1 9 2 2 3 , , , , 7 7 3 5 5 7 8 5 0 3 0 8 2 2 1 5 2 6 4 5 , , , , 4 0 0 5 0 5 6 5 1 6 3 1 4 3 3 1 0 4 8 8 , , , , 2 4 2 6 4 3 0 2 9 0 1 5 N B Ph o e i s w l t a o d Y n e o lp rk hia 27 4 7 4 6 2 28 7 5 8 6 9 2 8 6 5 6 2 2 2 3 , , 1 4 4 8 1 7 7 4 7 3 1, , 1 8 6 8 8 9 3 8 7 25 1 1 , , , 3 3 1 3 3 7 0 2 5 Chicago 37,245 45,833 68,800 Cleveland _ 35 47 57 633 710 960 St. Louis 132,164 18,297 27,458 Richmond 43 30 48 540 289 934 Minneapolis 6,581 7,347 10,239 Atlanta 32 28 49 434 245 589 Kansas City 11,834 9,200 21, 746 Chicago 133 131 113 1,541 1,896 3,443 Dallas 17,603 12, 672 23, 816 St. Louis 38 30 33 391 472 499 Minneapolis 21 23 18 239 276 183 Total (11 districts) 354,098 299,847 389,439 D K a a l n l s a a s s . City 5 1 1 7 4 2 4 4 3 1 0 6 3 2 1 4 1 3 3 2 4 9 8 3 27 9 3 5 San Francisco 120 106 111 1,668 1,580 1,715 Total 882 886 875 12, 078 11,877 36,528 152 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 * 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 8*7 11 July _ 173 180 268 228 230 177 195 265 141 169 -3 -15 3 87 ei August 172 179 277 231 251 169 193 246 166 176 3 —14 31 65 75 September 199 221 297 246 289 162 216 233 168 182 37 5 63 79 107 October 221 265 333 278 332 189 213 224 178 215 32 52 108 100 117 November 270 226 315 252 293 169 196 223 176 236 100 30 92 76 57 December 223 230 323 269 P368 187 245 209 171 *>247 37 -15 115 98 P121 Year 2,283 2,456 3,349 3,094 P3, 177 2,047 2,423 3,084 1,960 J>2, 318 235 33 265 1,134 P859 v Preliminary. 1 Including both domestic and foreign merchandise. s 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 CUSSES DEPARTMENT STORE SALES AND STOCKS [Index numbers; 1923-25 average=100] [Index numbers based on value figures; 1023-25 average= 100] 1938 1939 Sales i Stocks (end of month) Dec. Aug. Sept. Oct. Nov. Dec. Adjusted Without Adjusted Witb'out Month for seasonal seasonal for seasonal seasnnal variation adjustment variation adjusi,ment Adjusted for seasonal variation 1938 1939 1938 1939 1938 1939 1938 1939 Total 69 70 77 80 82 78 Coal 69 78 85 87 80 71 Coke 53 69 82 95 100 92 January 90 88 70 69 71 67 63 60 Grain and grain products- 83 75 88 87 '88 87 February. > _ 88 87 70 69 70 68 67 65 Livestock. _ 41 37 45 44 41 40 March 86 88 77 82 70 68 71 69 Forest products 43 42 45 50 51 51 Ore 92 67 85 108 191 116 April 83 88 86 88 69 67 71 69 M iscellaneous 74 74 82 86 89 89 May 78 85 80 87 69 66 71 68 MerchandiseJ 61 62 63 62 63 62 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 64 71 85 89 83 73 October _ 84 90 92 99 67 69 74 77 Coal 78 69 89 96 87 79 89 95 99 106 67 71 78 82 Coke -_ _ 58 57 78 95 100 101 December 89 96 156 168 66 68 62 64 Grain and grain products 72 90 99 87 83 75 Livestock- 40 37 57 62 50 39 Year_ 85 90 68 68 Forest products 37 44 49 52 50 44 Ore 23 125 149 160 105 29 Miscellaneous . - . 67 75 92 97 91 81 1 Based on daily average sales—with allowance for changes from Merchandise * 59 62 65 65 64 60 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 I C n o l r e r s e s c - t t e h d a . n-carload lots. 193 B 6 a , ck p . 6 f 3 ig 1 u , r a e n s. d — f D o e r pa O rt c m to e b nt e r 1 st 9 o 3 r 8 e , p s . a 9 l 1 e 8 s, ; d s e e p e ar B t U m L e L n E t T s IN to re fo s r t oc jA ks u , g s u e s e t NOTE.—For description and back data see pp. 522-529 of BULLETIN BULLETIN for March 1938, p. 232. for June 1937. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. FEBRUARY 1940 153 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 com- Year, month, or week m t o ie d s i- p u r c o t d s - Foods Total H p l r i e d o a e d t s h u a e c n r ts d p T ro e d x u ti c le ts F m li u g a e h t l e t r i a n i n a g d ls a p n M r d o e d m t u a e c l t s t a s l B m u a i t l e d r i i n a g ls c C a d l h r s e u a m 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 09.0 01.6 109.1 00.4 83.0 100.5 95 4 94 2 94 3 82 6 1930 86.4 88.3 00.6 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79 2 79 3 84 9 69.8 1932 64.8 48.2 61.0 70.2 72.0 64.0 70.3 80.2 71.4 73.5 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.0 64.8 66.3 79.8 77.0 72.6 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.0 73.3 86.9 86 2 75.9 81 5 69.7 1935 80.0 78.8 83.7 77.0 89.6 70.9 73.5 86.4 85.3 80.5 80.6 68.3 1936 80.8 80.0 82.1 70.6 05.4 71.6 76.2 87.0 86.7 80.4 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 05.7 95.2 83.9 89.7 77.8 1938 78.6 68.5 73.6 81.7 02.8 66.7 76.5 05.7 90.3 77.6 86.8 , 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.5 86.3 74.8 1938—November 77.5 67.8 74.1 80.6 04.6 66.2 73.7 94.9 89.2 76.6 85.8 73.0 77.0 67.6 73.1 80.3 03.1 65.8 73.2 04.6 89.4 76.7 86.0 73.1 1939—January 76.9 67.2 71.5 80.2 03.1 66.0 72.8 04.4 89.5 76.7 85.4 73.2 February 76.9 67.2 71.5 80.2 01.0 66.1 73.0 04.3 89.6 76.3 85.2 73.5 March 76.7 65.8 70.2 80.4 01.8 66.6 73.1 04.3 89.8 76.5 85.2 74.1 April . 76.2 63.7 68.6 80.5 00.0 66.0 73.4 04.0 89.6 76.0 85.4 74.4 May 76.2 63.7 68.2 80.6 01.6 67.5 73.9 03.5 89.5 75.9 85.5 74.2 June. — 75.6 62.4 67.6 80.2 02.3 67.3 73.0 93.2 89.5 75.7 85.6 73.8 July. 75.4 62.6 67.5 80.2 02.5 67.6 72.8 03.2 89.7 75.0 85.6 73.4 August 75.0 61.0 67.2 80.1 02.7 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 L04.6 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 December 79.2 67.6 71.9 83.9 L03.7 78.0 72.8 96.0 93.0 78.1 88.5 77.4 Week ending— 1939—October 7 79.0 66.8 72.9 83.7 L05.2 73.8 74.8 95.1 91.8 77.9 89.1 77.1 October 14 78.9 66.7 72.7 83.7 ]L05.0 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 A 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 04.5 75.6 74.7 96.2 93.1 77.9 89.7 78.2 November 18 79.1 67.3 72.3 84.4 ]04.3 75.6 74.8 96.1 92.9 77.8 89.7 78.2 November 25 79.0 67.6 72.0 84.4 ]04.2 75.8 74.8 96.1 92.9 77.4 90.0 78.2 December 2 . 78.8 67.1 71.1 84.4 ]03.9 76.0 74.4 96.2 93.0 77.5 90.0 78.4 December 9 79.0 67.4 71.3 84.4 ]04.0 76.6 74.1 96.1 92.7 77.6 90.0 78.4 December 16 78.7 66.8 71.1 84.1 ]04.2 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 December 30 79.4 68.5 71.9 84.4 104.1 78.6 73.4 96.1 93.1 78.1 90.1 77.7 January 6 79.5 69.6 71.8 84.2 104.0 78.3 73.3 96.0 92.9 78.0 90.1 77.5 January 13 79.5 69.5 71.8 84.3 104.1 78.1 73.3 96.0 93.2 77.8 90.1 77.7 January 20 79.3 69.5 71.4 84.1 ]03.7 77.0 73.4 96.0 93.1 77.7 90.2 77.5 1938 1939 1938 1939 Subgroups Subgroups Dec. Sept. Oct. Nov. Dec. Dec. Sept Oct. Nov. Dec. Farm Products: Metals and Metal Products: Grains 54.4 65.1 61.6 64.1 71.6 Agricultural implements 93.5 93.5 93.4 93.3 93.3 Livestock and poultry 74.4 76.3 70.5 66 1 63.8 Farm machinery 94.8 94.7 94.6 94.6 94.6 Other farm products 66.5 64.6 66.1 68.3 68.4 Iron and steel 96.8 95.5 96.0 96.0 96.1 Foods: Motor vehicles * 93.4 92.1 93.9 94.7 94.7 Dairy products 73.9 74.5 78.9 80 1 81.3 Nonferrous metals 76.8 84.7 85.3 85.1 84.6 Cereal products 74.8 78.8 78.0 78.0 80.5 Plumbing andheating... 78.7 79.3 79.3 79.3 79.3 Fruits and vegetables 60.4 62.8 60.2 61 ?, 63.0 Building Materials Meats 79.9 81.0 74.9 71.2 69.1 Brick and tile 91.5 91.0 91.5 91.6 91.6 Other foods _ 69.2 71.7 70.2 69 2 66.5 Cement 290.6 91.3 91.3 91.3 91.3 Hides and Leather Product Lumber 90.9 93.7 98.0 98.3 97.8 Shoes 100.6 101.8 105.7 107 ?, 107.5 Paint and paint materials 81.0 84.7 85.7 84.9 85.5 Hides and skins. _ 78.8 97.4 112.4 104.3 105.2 Plumbing and heating... 78.7 79.3 79.3 79.3 79.3 Leather 85.9 92.0 97.8 97.8 95.2 Structural steel . 107.3 107.3 107.3 107.3 107.3 Other leather product 95.8 97.1 99.3 99.9 100.0 Other building materials 89.7 90.3 91.9 92.9 92.7 Textile Products: Chemicals and Drugs: Clothing 81.6 81.7 83.2 83 8 84.2 Chemicals ._ 80.0 81.2 82.1 81.4 81. 1 Cotton goods 64.6 70.4 74.3 74 8 75.2 Drugs and Pharmaceuticals 73.5 72.8 74.4 75.0 75.6 Hosiery and underwear 59.3 62.8 63.5 64.8 66.0 Fertilizer materials 68.6 69.2 70.6 73.0 74.5 Silk and rayon 30.8 43.4 46.2 47.7 55.0 Mixed fertilizers 73.8 72.6 72.6 72.6 73.7 Woolen and worsted goods 74.8 84.0 91.3 90.5 90.3 Housefurnishina Goods: Other textile products 64.4 69.8 78.3 83.4 84.2 Furnishings 90.3 91.7 93.7 94.2 94.4 Fuel and Lighting Materia Furniture 81.6 81.3 81.7 82.3 82.4 Anthracite 80.1 72.5 75.3 76 1 76.1 Miscellaneous: Bituminous coal 98.5 96.7 98.2 98.1 97.8 Auto tires andtubes 58.8 60.5 60.5 55.6 55.6 Coke 104.2 104.2 108.0 111.2 109.9 Cattle feed 76.6 93.4 82.9 91.5 91.7 Electricity 82.7 77.5 75.4 76.5 Paper and pulp . _. 80.9 81.8 86.3 88.0 89.0 Gas 81.6 87.2 84.4 82 2 Rubber, crude 33.9 47.7 42.7 42.5 42.4 Petroleum products 50.9 53.3 54.0 53.9 52.5 Other miscellaneous 81.1 82.8 85.4 86.0 86.6 i Preliminary revision. J Revised series. Back figures.—¥OT monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937 (table 87). 154 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS FOR FEDERAL RESERVE CHART BOOK—CURRENT SERIES Chart 1939 1940 Chart 1939 book book Dec. Dec. Jan. Jan. Jan. 20 27 3 10 17 Oct. Nov. Dec WEEKLY FIGURES Wednesday figures; in billions of MONTHLY FIGURES Index numbers RESERVES, GOLD, AND dollars BUSINESS CONDITIONS 1928-25=100 CURRENCY Wholesale commodity prices:* Reserve bank credit—total.. 3, 5 2.65 2.57 2.56 2.50 2.52 Unit A ed ll c S o ta m te m s o : dities 31, 32 79.4 79.2 79.2 Bills discounted 5 .01 .01 .01 .01 .01 Farm products 31 67.1 67.3 67.6 U. S. Gov't securities— 5 2.50 2.49 2.48 2.48 2.48 Foods 31 73.3 72.3 71.9 Gold stock ___ 3 17.58 17.62 17.70 17.75 17.81 Other commodities 31 83.8 84.0 83.9 Money in circulation 3, 9 7.68 7.66 7.58 7.46 7.41 England 32 89.3 94.6 Treasury cash 3 2.41 2.42 2.37 2.34 2.36 France _ 32 Treasury deposits 3 .69 .65 .65 .66 .58 Germany 32 79.7 79.9 Member bank balances 3, 6 11.38 11.49 11.72 11.83 12.02 Industrial production B_ 35 121 124 E R x e c q e u N s i s e r w e r d e s Y e re r o v s r e e k r s v — C es i t t o y • t a * l . _ * e 7 6 7 4 6 2 . . . 9 4 4 1 8 8 2 6 5 . . . 4 7 0 5 0 5 2 6 5 . . . 4 9 2 5 3 5 P 2 6 5 . . . 4 9 3 5 7 7 *> 3 6 5 . . . 0 5 5 4 2 0 Man T D u o u fa t r a c a l t b u l r e i 8 n . g pro _ d uction:6 3 3 7 7 1 5 2 7 1 124 130 R C C e h o s i u c e n a rv g tr e o y c * b it a y n k b s a n 2 e k . s _ J 7 7 7 1 . . .1 6 5 9 7 7 1 . . . 6 1 5 7 6 1 1 . . . 7 2 3 2 2 9 1. . 3 3 7 1 7 2 p 1 . . . 3 4 7 3 0 3 F F a a c c t t N o o r r o y y n d e p m u ay r p a r l o b o l l y l e s m 8 . ent __. 3 4 4 7 3 3 1 10 0 6 1 3 4 . . 6 6 1 10 0 1 3 . . 8 8 P P 1 1 0 0 4 3 . . 0 9 Freight-car loadings * 45 80 82 78 WEEKLY Department store sales s 47 90 95 REPORTING MEMBER BANKS Department store stocks 8 47 71 Total, 101 cities: Loans and investments. 14 23.47 23.26 23.09 23.13 23.21 In millions of dollars Investments 14 14.53 14.50 14.41 14.49 14.63 Construction contracts awarded:7 T A i d d m j e u e L p s o o t d e a s e d i n p t s s o d . s e it m s and _ _ 1 1 1 5 5 4 1 8 5 8 . . . 2 9 9 6 3 2 1 8 5 8 . . . 7 2 7 6 7 2 1 8 5 8 . . . 6 2 5 7 8 7 1 8 5 8 . . . 6 2 8 5 7 2 1 8 5 8. . . 9 2 5 8 6 8 Exp T o R O r o e t t h s s ta i e d a l r n en d ti i a m l po _ rts: 4 4 4 1 1 1 3 1 1 1 8 2 0 5 5 3 2 1 3 4 1 0 2 2 P P 2 1 4 1 4 2 N 10 e 0 w c B U O C U D F i Y o t o r . . t o i h o r m e m S o S e e k s r . i . m r e e k g o G G s r n s e u t s e o C r i o t ' c b c c l v s v i o i u a i t ' a ' b t d t y a n r l e a i n o : k d t n l s b i N o e k e b l p a i s e a n o g b . w l . s s a a a i t n l t i Y a s c o n e o n c s r s e . k . s _ . : 1 1 1 1 1 1 1 6 5 6 5 6 5 6 4 1 1 7 . . . . . . . 7 7 2 9 7 6 5 6 0 0 8 5 7 8 4 7 1 1 . . . . . . . 6 1 6 9 5 5 7 0 8 9 8 5 8 4 4 8 1 1 . . . . . . . 5 1 6 1 5 5 7 2 9 7 6 4 9 4 4 1 7 1 . . . . . . . 5 6 5 1 9 7 5 1 9 7 9 2 3 8 4 8 1 1 . . . . . . . 5 6 1 5 7 6 1 0 7 5 7 7 4 2 i 3 n a c s o h T T S E E O G m a x o o x f t e l e a h c t t p n a r a a e e o e r p m l l s r i r r * a e s a u t * s y s l i n o n m a f a i ( c m n i d e e o n d j n x p m c u t p o l w s s . e o r t : : r a t e r e s g d t - s e e . s x * p j or _ ts _ ) . . 4 5 4 5 5 5 4 9 0 9 0 0 0 9 ' r ' % 6 3 5 , , , 2 3 1 2 1 9 7 1 1 3 8 1 9 7 8 5 0 5 8 7 2 6 3 2 5 , , , , 2 2 2 8 0 8 1 5 9 0 2 3 0 9 9 4 8 7 3 6 P P P *> 6 6 2 3 , , , P , 1 8 2 3 8 1 9 6 7 3 8 0 8 5 5 U C O o . t h m S e . m r G s e o e rc c v i u ' a t r l o i t l b i o e l a i s g n .. a s . t ions.. 1 1 1 7 7 7 2 6 2 . . . 7 4 1 1 1 7 2 2 6 . . .5 7 1 6 1 6 2 2 6 . . . 6 6 1 0 8 4 2 6 2 . . . 6 1 6 6 4 7 2 6 2 . . . 1 6 6 4 6 8 L T C i o r v o t e a p s l s t ock and produ _ cts.. 5 5 5 1 1 1 4 8 3 7 3 9 4 8 4 3 3 74 1 4 0. 8 7 3 3 7 4 0 4 3 8 3 MONEY RATES AND SECURITY Averages of daily figures3; per cent Government payments 51 82 75 92 MARKETS per annum OTHER In billions of dollars F.R.bankdiscountrate,N.Y. 19 1.00 1.00 1.00 1.00 1.00 Commercial paper 19 .56 .56 .56 .56 .56 Bankers' acceptances 19 .44 .44 .44 .44 .44 Central gold reserves: U. S. Treasury bills 21 .04 .04 .00 .00 .02 United States 8 17.09 17.36 17.64 U. S. Treasury notes _ 21 .49 .47 .44 .46 .49 England 8 0) 0) (») U. S. Treasury bonds 21, 25 2.32 2.30 2.28 2.28 2.32 France. _ 8 2.71 2.71 P2.71 Corporate Aaa bonds __ 25 2.93 2.92 2.89 2.87 2.88 Netherlands 8 .75 .70 .69 C orporate B aa bonds 25 4.94 4.93 4.85 4.83 U. S. Gov't interest-bearing debt—total... 20 40.53 40.81 41.45 Wednesday figures; in unit indicated Bonds..... 20 27.39 27.44 29.17 Notes _ 20 7.23 7.23 6.20 Stoc I k n d p u ri s c t e r s i , a l t otal4 27, 2 2 9 7 1 9 0 2 8 1 9 0 1 7 1 9 1 5 1 1 9 1 4 0 10 9 6 1 - S B p il e l c s i al issues _ 2 2 0 0 4 1 . . 5 4 0 1 4 1 . . 6 4 8 5 4 1 . .4 6 5 2 Railroads.. 27 29 29 31 30 29 Public utilities 27 87 87 89 89 Apr.- July- Oct.- Volume of trading * (mill, QUARTERLY FIGURES June Sept. Dec. shares) 29 .77 1.08 .81 .79 .63 1939 1939 1939 Brokers' loans (mill, dollars) 29 852 715 700 669 644 In millions oj dollars BUSINESS CONDITIONS Figures for week *; in unit indicated Domestic corporation security Who A F F le o a ll s o r a m c d l o s e m p c r o m o m d o u m d c i o t t i s d e _ s i t y pric _ e _ s _ : * 3 3 3 3 3 3 6 7 7 2 7 9 . . . 1 8 3 6 7 7 1 8 9 . . . 9 5 4 6 7 7 9 1 9 . . . 6 8 5 6 7 7 1 9 9 . . . 8 5 5 6 7 7 1 9 9 . . . 4 5 3 N Re e f w u , n to d t i a n l g 2 2 2 8 8 8 6 5 1 3 6 3 2 2 0 ' ' 6 5 9 5 6 3 1 2 5 4 0 4 6 9 2 7 Other commodities 33 84.3 84.4 84.2 84.3 84.1 Steel plant operations Per cent per annum (% of capacity) 38 90.0 73.7 85.7 86.1 84.8 Automobile production Customers' rates:8 (thous. cars) _ 38 117.7 89.4 87.5 111.3 108.5 New York City____ _ 23 2.15 2.04 1.96 Electric power production 7 other Northern and (mill. kw. hrs.) 39 2,641 2,404 2,473 2,593 2,572 Eastern cities __ 23 3.05 2.78 2.59 Total freight-car loadings 11 Southern and Western (thous. cars) 39 654.8 550.3 592.4 667.7 645.8 cities 23 3.62 3.31 3.32 p Preliminary «Estimated. r Revised. s Adjusted for seasonal variation. 2 * 3 4 A F L In i e v g d s e u s e r r x a t e g h s n e a u s n a m o r $ e f b 5 s e d , h 0 r a o 0 s i , l 0 w y , 1 0 n 9 0 n 2 u 0 g 6 n . u = d r 1 e e 0 s r 0 . t . s h e e e W fo e o d t n n e o s t d e8 a . y date included in the weekly period. * 7 * R T P e o h v i r n e is t e s e - d m i n o s t n o e t r t h a i s e l s m i . n o d v e S i x n e e g o f a p v m p e a . r n ag u 9 e 6 f a 3 a c - d 9 t 6 u ju 9 r s i n te o g d f p f t o r h r o e d s e u a N c s t o o io n v n a e . l m v b a e r r i at 1 i 9 o 3 n 9 . BULLETIN. NOTE.—Copies of this chart book can be obtained from the Board at a price of L0 cents each. FEBRUARY 1940 155 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS FOR FEDERAL RESERVE CHART BOOK—QUARTERLY BANKING SERIES fin billions of rloiWrsl 1937 1938 1939 Chart 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 Time deposits 10 25.69 25.96 26.26 26.34 26.27 P26.27 P26. 38 J»26.58 P26.83 P26, 910 Demand deposits adjusted 10 25.23 25.26 24.05 24.13 24.39 P25. 10 P26. 01 P26.01 P27. 32 P29, 100 Currency outside banks 10 5.42 5.53 5.69 5.50 5.47 P5.50 P5.83 P5.68 P6.05 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 11.69 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 Tnftns ariri investments 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 13 3.53 3.40 3.21 3.15 3.13 3.19 3.01 2.96 2.94 (*) Foreign securities _ 13 .25 .23 .18 .18 .18 .18 .18 .18 .19 (6) 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, totalls . 12 4.28 4.37 3.70 3.54 3.32 3.30 U.75 1.57 1.47 8 Brokers' loans 13 1 42 1.54 95 .88 .70 .71 .97 .84 .73 Loans on securities (excluding brokers' loans) 2... 13 2.82 2.83 2.75 2.67 2.61 2.59 ».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 Other loans, total *2 . 12 6.97 7.41 7.71 7.45 7.01 6.97 3 8.74 8.73 8.85 (s) Commercial loans * _ . 13 6.22 6.66 7.00 6.75 6.40 6.36 2 5.45 5.53 5.57 (*) 13 .71 .64 .64 .61 .49 .48 .44 .42 .42 Loans to banks ... 13 .10 .12 .07 .10 .12 .13 .12 .10 .06 (*) All other loan? 8 3 2.73 2.67 2.80 (6) p Preliminary. i 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. * 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. » Not originally plotted in chart book. « Partly estimated. • Detailed breakdown of loans and investments now available on June and December dates only. NUMBER OF BANKS AND BRANCHES IN UNITED STATES, 1933-1939 [Figures for 1939 are preliminary] Member banks Nonmember banks Branches Other than mutual End of year figures savings and Total private banks National State Mutual Private In Outside savings head- head- Not office office Insured i insured 1 cities cities Number of Banking Offices 1933 - 6,275 1,817 9,'141 704 103 17,940 1934 ... . 6,705 1,961 3 9, 579 705 246 19,196 1935 6,715 1,953 8,556 1,088 698 143 19,153 1936 6,723 2,032 8,436 1,043 693 139 19,066 1937 6,745 2,075 8,340 997 691 79 18,927 1938 -.. - 6,723 2,106 8,224 958 690 73 18, 774 1939 - . 6,705 2,177 8,098 928 4 683 5 69 18, 660 Number of Banks (Head Offices) 1933 . . 5,154 857 8,341 579 98 15,029 1934 . •___. 5,462 980 7,693 1,108 579 241 16,063 1935 5,386 1,001 7,728 1,046 570 138 15,869 1936 - 5,325 1,051 7,588 1,004 565 134 15, 667 1937 .. 5,260 1,081 7,449 960 563 74 15,387 1938 5,224 1,114 7,316 917 555 68 15,194 1939 5,187 1,175 7,171 884 551 63 15,031 Number of Branches 1933 1,121 960 7in 125 5 2,911 1,784 1,127 1934 . . .. 1,243 981 778 126 5 3,133 1, 776 1,357 1935 _ . 1,329 952 828 42 128 5 3,284 1,754 1,530 1936 1,398 981 848 39 128 5 3,399 1,749 1,650 1937 1,485 994 891 37 128 5 3,540 1,757 1,783 1938 . . . 1,499 992 908 41 135 5 3,580 1,743 1,837 1939-.. 1,518 1,002 927 44 132 6 3,629 1,740 1,889 1 Federal deposit insurance did not become operative until January 1, 1934. 2 The figures for December 1934 include 140 private banks which reported to the Comptroller of the Currency under the provisions of Section 21 (a) of the Banking Act of 1933. Under the provisions of the Banking Act of 1935, private banks no longer report to the Comptroller of the Currency and, accordingly, only such private banks as report to State banking departments are in the figures shown for subsequent years. 3 Separate figures not available for branches of insured and not insured banks. 4 Comprises 51 insured banks with 24 branches and 500 uninsured banks with 108 branches. The figures for 1939 exclude one bank with 4 branches which heretofore was classified as an insured mutual savings bank but is now included with "Nonmember banks other than mutual savings and private banks." & Comprises 1 insured bank with no branches and 62 uninsured banks with 6 branches. 15G FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANALYSIS OF CHANGES IN NUMBER OF BANKS AND BRANCHES DURING 1939 [Preliminary figures] Member banks Nonmember banks Other than mutual Total savings and private banks National State M sa u v t in u g a s l Private Insured in N su o r t ed Analysis of Bank Changes Number of banks on December 31, 1938 15,194 5,224 1,114 7,316 917 555 68 Increases in number of banks: Primary organizations (new banks) i_ +30 +3 +1 +24 +2 Decreases in number of banks: Suspensions - - -42 -4 -3 -25 -9 -1 Voluntary liquidations 2 __ .. -41 -7 -3 -15 -12 -4 Consolidations, absorptions, etc. -122 -30 -8 -74 -7 -3 Inter-class bank changes: Conversions- State into national - +13 -9 -4 Fede N ra a l t io R n e a s l e r i v n e to m S e t m at b e ership—3 -12 +2 +10 Admissions of State banks +85 -84 -1 Fede W ra i l t h d d e r p a o w si a t l s in o su f r S an ta c t e e — ba 4 nks -4 +4 Admissions of State banks +17 -17 Withdrawals of State banks __ Unclassified +12 +2 +11 -1 Net increase or decrease in number of banks. - -163 -37 +61 -145 -33 -4 -5 Number of banks on December 31, 1939 15,031 5,187 1,175 7,171 884 551 63 Analysis of Branch Changes Number of branches on December 31, 1938 3,580 1,499 992 908 41 135 5 Increases in number of branches: De novo branches +48 +6 +6 +33 +2 +1 Decr B ea a s n e k s s i c n o n n u v m er b te e d r i o n f t o b r b an ra c n h c e h s e : s +48 +14 +5 +27 +1 +1 Suspension of parent bank _ -9 >j -2 Otherwise discontinued— -40 -9 -14 -17 Inter-class branch changes: Branches of a National bank which became a State member bank -4 Branch of a National bank which became a branch of a nonmember bank _. . .. ._ -1 +4 +1 Branches of a nonmember bank which became a National bank +13 -13 Branches of nonmember banks which became branches of State member banks 5 -16 Unclassified - +2 +6 —4 +16 Net increase or decrease in number of branches , ._ +49 +19 +10 +19 +3 -3 +1 Number of branches on September 30, 1939 3,629 1,518 1,002 927 44 132 6 1 Exclusive of new banks organized to succeed operating banks. 2 Exclusive of liquidations incident to the succession, conversion and absorption of banks. s Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership. 4 Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit Insurance Corporation membership. 1 Includes 2 branches of an insured nonmember bank which was absorbed by a State member bank, and 14 branches of insured nonmember banks which became State member banks. Back figures.—Bee Annual Report for 1938 (tables 13 and 14), and BULLETIN for November 1937, pp. 1084-1122. FEBRUARY 1940 157 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES ALL BANKS '—PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS [Amounts in millions of dollars. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available] Loans and investments Deposits, exclusive of Number of interbank deposits banks Federal Reserve District Total Loans 2 Investments 2 Oct. June Oct. June Sept. Oct. June Oct. June Sept. Oct. June Sept. 1939 1939 1939 1938 1939 1939 1938 1939 1939 1938 All Banks 1 Boston 5,640 5,624 5,585 2,649 2,625 2,637 2,991 2,999 2,948 6,129 6,025 5,876 875 878 882 New York 18,849 18,539 18,006 7,823 7, "" 7,943 11,026 10,853 10,063 20,843 20,227 18, 621 1,218 1,218 1,233 Philadelphia 3,439 3,415 3,433 1,246 1,236 1,221 2,193 2,179 2,212 3,885 3,795 3,590 924 924 940 Cleveland 3,608 rS, 617 3,519 1,463 '1,423 1,386 2,145 r2,193 2,133 4,155 4,055 1,242 1,242 1,253 Richmond 2,012 1,979 1,952 946 930 897 1,066 1,049 1,055 2,411 2,315 2,217 1,058 1,060 1,071 Atlanta 1,367 1,377 1,331 726 742 701 641 636 631 1,676 1,672 1,518 1,047 1,041 1,042 Chicago 5,525 5,605 5,262 1,978 1,992 1,813 3,547 3,613 3,449 6,975 6,821 6,362 2,473 2,482 2,513 St. Louis 1,569 1,580 1,535 798 780 733 771 800 802 1,817 1,775 1,687 1,519 1,522 1,560 Minneapolis 1,108 1,072 1,064 503 463 442 605 609 622 1,311 1,278 1,225 1, 3 1,'" 1,329 Kansas City 1,367 1,368 1,338 691 673 628 676 695 710 1,745 1,630 1,8 1,871 1,884 Dallas 1,034 1,036 1,004 558 562 518 475 474 486 1,420 1,' 376 1,289 S 957 969 San Francisco 4,437 4,405 4,275 2,252 2,206 2,169 2,184 2,199 2,106 5,071 4,757 575 578 589 Total 49,954 '49, 61648,304 21, 634'21, 31821,089 28, 320••28, 29927, 215 57, 437 55, 992 52, 611 15,061 15,082 15, 265 Member Banks Boston 1,933 1,911 1,1 964 937 939 97; 951 2,376 2,279 2,173 353 355 357 New York 11,494 11,119 10,828 4,147 4,001 4,174 7,346 7,118 6,654 13, 300 12, 741 11,309 767 767 774 Philadelphia 2,329 2,296 2,333 928 920 908 1,401 1,377 1,425 2, <""" 2,604 2,441 652 652 656 Cleveland 2,827 2,821 2,739 1,103 I,1 1,042 1,725 1,754 1, "" 3,299 3,201 3,006 630 619 624 Richmond 1,302 1,217 599 583 558 704 685 659 1,550 1,477 1,409 406 405 404 Atlanta 1,063 l', 076 1,039 535 555 522 527 521 517 1,289 1,282 1,165 316 316 319 Chicago 4,460 4,513 4,192 1,415 1,413 1,287 3,044 3,100 2,905 5,593 5,468 5,040 799 798 781 St. Louis 1,114 1,120 1,085 536 515 480 578 605 605 1,273 1,240 1,174 390 392 390 Minneapolis 776 743 735 337 307 295 438 436 440 924 904 861 461 460 467 Kansas City 1,090 1,089 1,063 516 498 459 574 591 604 1,380 1,342 1,285 738 737 735 Dallas 896 894 865 476 475 433 420 419 432 1,226 1,194 1,110 545 545 544 San Francisco 3,791 3,753 3,641 1,913 1,872 1,841 1,878 1,882 1,800 4,390 4,296 4,113 282 284 290 Total 33,075 32, 603 31, 627 13,470 13,141 12,937 19, 60519,462 18, 689 39, 28738,027 35,086 6,339 6,330 6,341 Nonmember Banks: Boston 3,706 3,712 1, < 1,1 2,022 2,025 1,997 3,753 3,745 3,703 522 523 525 New York 7,355 7,420 7,178 3,676 3,685 3,769 3,679 3,735 3,409 7,543 7,486 7,312 451 451 459 Philadelphia 1,110 1,119 1,100 318 316 313 792 802 787 1,197 1,191 1,149 273 272 284 Cleveland 781 ••796 780 361 ••357 344 420 '439 436 857 854 833 612 623 629 Richmond 710 711 735 347 348 339 362 364 396 861 808 652 655 667 Atlanta 304 301 293 190 187 179 114 114 114 387 353 731 725 723 Chicago 1,065 1,092 1,070 563 579 526 503 513 544 1,382 1,354 1,322 1,674 1,684 1,732 St. Louis 454 460 450 262 265 253 193 195 197 544 535 513 1,129 1,130 1,170 Minneapolis. 332 329 329 166 156 147 166 173 182 387 373 364 844 849 862 Kansas City 277 279 275 175 175 170 102 104 105 365 356 346 1,131 1,134 1,149 Dallas 138 143 138 82 87 85 56 55 53 194 183 179 411 412 425 San jFrancisco 646 652 634 335 328 307 317 306 681 660 644 293 294 299 Total 16,879 17,013 16,677 8,163 »-8,176 8,151 8,715 •8, 837 8, 52618,150 17, 965 17, 525 8,722 8,752 8,924 r Revised. 1 Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on p. 161. 2 The October and June 1939 figures of loans and investments exclude approximately $50,000,000 and $100,000,000, which prior to December 1938 were reported as loans and investments, respectively, and which indirectly represent bank premises or other real estate and are now classified in condition reports among "other assets." 158 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued ALL BANKS—PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Amounts in thousands of dollars] Loans x Investments * Deposit b s a , n e k x c d l e u p s o i s v i e t s of inter- Nu b m a b n e k r s of State Oct. June Sept. Oct. June Sept. Oct. June Sept. Oct. June Sept. 1939 1939 1938 1939 1939 1938 1939 1939 1938 1939 1939 1938 New England: Maine 109, 755 108,871 108,492 196, 533 199,058 208, 524 334,571 326,170 318,479 101 102 102 New Hampshire 103,468 103, 514 99,608 166,436 166,115 172, 006 282,384 276,462 272, 522 10' 108 Vermont 85,407 85,060 87, 741 69,646 71,459 72,120 167,752 164,985 167,950 84 84 91 Massachusetts I, 747,8491, 724,4671,736,005 1,819,636 1,829, 2981,789,094 3,865,788 3,810,11" 3, 704,690 389 390 392 Rhode Island 172,046 171,183 169, 567 284,440 275,977 486,729 471, 786 465,023 35 35 35 Connecticut 574,438 573,988 575,621 579,330 574.827 565,651 1, 306, 9501,282, 6511,244,555 206 207 196 Middle Atlantic: New York. 7,118,1246, 996, 5087,215,59810,046,44' 9,872,287 9,094,73318,788,36318,240,85716,683, 344 New Jersey.. 672,824 660,174 697, 530 1,000,463 998,150 984,065 2,083,346 2,014,935 1,960,137 393 393 410 Pennsylvania ,529,276 1, 516, 9211, 506,6513,017,971 3,027,955 3,035,483 4,906,151 4, 797,5334, 565,3581,103 1,103 1,112 East North Central: Ohio 880,453 '844,414 809, 947 -1,018,447 980,314 2,352,340 2, 285,9032,142, 334 705 705 709 Indiana 285, 257 283,065 256,687 384,931 395,766 385,825 846, 235 847, 580 782,426 512 512 521 Illinois 950,265 931,326 866,485 2,046,160 2,083,514 3, 756,8123,634,556 3,418, 891 848 855 863 Michigan 395,343 394,917 361,487 716,172 726,409 707,912 1,446, 7951,421,028 1,310, 954 454 456 462 Wisconsin 266,168 257, 536 246,306 440,043 450.828 457, 234 859,07f 847,416 793, 527 580 582 594 West North Central: Minnesota 341,878 317,867 305,326 412,794 412,109 415, 526 849,484 839,614 801, 613 683 Iowa 280,928 317,106 260,669 197,440 200, 531 211,845 606, 690 595, 314 565, 470 648 653 Missouri 466, 522 445,141 425,093 580,007 590,179 584,978 1,126,163 1,050,182 636 651 North Dakota 32,677 24,415 24,325 27, 981 29,093 30,888 73,213 65,741 65, 597 169 169 179 South Dakota 41,126 38,104 33, 537 31,429 32,202 31,622 89,205 85, 522 78,464 165 166 169 Nebraska 118,823 120,453 108,437 105,106 111, 116 113,359 269,032 258, 944 250,020 424 426 427 Kansas 154,940 146,864 141,035 125,137 132, 272 136,109 368,136 363, 747 344, 504 679 680 South Atlantic:. Delaware •. 78,422 78, 365 76,335 108, 350 107, 203 100,049 218,004 210,863 189,822 46 46 48 Maryland 211,04r 207, 395 206,136 514,758 497,350 487, 500 816, 350 792, 542 734,792 190 190 194 District of Columbia.. 107,910 104, 519 99, 616 131, 205 130,851 135,814 320, 754 292, 415 301,140 22 22 22 Virginia 296, 705 291, 525 277, 524 174, 270 175, 699 177, 716 542, 753 533,070 513, 767 315 31 317 West Virginia 134,158 130,698 129,050 81, 276 86, 547 93, 713 284,493 277, 542 267,190 180 181 184 North Carolina 174,078 169, 257 159, 738 144,376 140,157 141,914 363,127 333,308 228 228 232 South Carolina 52, 432 55, 739 52,963 40,492 39, 256 40,473 146, 653 131, 980 150 151 150 Georgia 205, 767 217,991 206,308 121,169 114,011 99,678 381,452 372,083 331,368 284 284 281 Florida 95,150 85, 547 83,471 151,497 141,824 313.840 329,112 269,054 170 164 164 East South Central: Kentucky 210, 782 204,844 204, 399 130, 901 148, 625 150,685 404,057 405,340 384,435 414 414 428 Tennessee 245, 562 240,821 221,484 125,645 133,155 140,481 439,224 428,901 408,185 299 299 303 Alabama.. 122, 563 135, 786 123,939 95, 264 92,485 89,157 270, 807 266,018 240,428 216 216 218 Mississippi 70, 545 73,814 71,640 68,425 71,166 74,435 182,146 182, 679 178,107 205 205 206 West South Central: Arkansas- 68, 500 74, 677 64,917 51, 724 50,462 53,119 163,938 156, 588 147, 572 216 216 220 Louisiana 153, 462 159, 583 147,189 179,932 173,003 187, 844 411,179 408, 907 386,234 146 146 146 Oklahoma 150,032 147, 955 135, 781 137,389 141, 509 148,054 399, 266 388, 581 381,072 396 396 400 Texas 501, 726 501,984 462,281 429,885 431,397 441, 785 1, 276, 6381, 237, 6411,156,251 844 856 Mountain: Montana 32,361 30, 942 56, 261 56,495 60,376 135, 407 126, 737 120,904 112 113 114 Idaho 31,267 28, 731 29, 629 40,014 38,024 37,473 92, 399 89, 319 87, 734 50 50 52 Wyoming 25, 239 25,198 24,333 17, 691 17,085 16, 879 61, 610 59, 304 55, 548 58 58 58 Colorado 85,043 84,076 80,397 110,433 110,130 109,177 292,192 279,891 268,937 145 144 145 New Mexico.. 22, 030 21,763 19, 677 18, 949 19, 738 18,617 57,875 57,054 53, 720 41 41 41 Arizona 33,252 31,013 27,904 26, 734 29,982 30,129 81,422 84, 587 76,360 12 12 12 Utah... 60, 457 58, 468 55, 536 52,101 50, 620 52, 987 134.841 131,096 125,051 59 59 59 Nevada 12,034 11, 503 9,545 14,884 15, 230 15, 575 37, 877 35, 842 33, 636 11 11 Pacific- Washington.. 209, 676 196,099 196,152 208, 653 208, 670 202, 756 512,397 490, 552 456,004 144 146 152 Oregon 102, 519 96,065 92,804 131, 470 129,803 135, 565 294,124 280, 294 269,826 75 75 77 California 809, 510 1, 1, 762, 7871, 717, 5951, 733, 2411, 638,1333, 937,0903,864, 2493, 727, 759 228 229 232 Total 21, 633, 867 »-21,317,560 21,088, 624 28, 319, 995 '28,298,898 27, 215,009 57, 437,129 55,992,112 52, 611, 232 15,061 15,082 15, 265 r Revised. 1 Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on p. 161. 2 The October and June 1939 figures of loans and investments exclude approximately $50,000,000 and $100,000,000, which prior to December 1938 were reported as loans and investments, respectively, and which indirectly represent bank premises or other real estate and are now classified in condition reports among "other assets." FEBRUARY 1940 159 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Amounts in thousands of dollars] Loans l Investments 1 Deposit b s a , n e k x c d l e u p si o v s e i ts of inter- Nu b m an b k e s r of State Oct. June Sept. Oct. June Sept. Oct. June Sept. Oct. June Sept. 1939 1939 1938 1939 1939 1938 1939 1939 1938 New England: Maine 39,459 39,064 38,087 58,447 59,938 64,749 118,066 114, 764 110,493 38 39 39 New Hampshire 31, 566 31,612 29,705 30,032 29, 711 30,543 72, 867 66,945 66,395 52 52 52 Vermont 26, 270 25, 923 25,134 22, 315 24,128 24.111 57, 626 54,859 54,672 42 42 42 Massachusetts... 511,911 494, 533 490,870 456,957 461,838 448,837 1,166, 5821,094, 372 125 126 127 Rhode Island 40,992 39,434 38,900 36,809 37.833 33,323 88, 364 83, 375 12 12 12 Connecticut 97, 277 97,174 103,126 121,481 108, 220 111,859 281,582 272,098 262, 856 53 53 54 Middle Atlantic: New York , 491,4071,424,179 1,458, 7143,008,245 2,940,211 2,808, 2775,037, 5064,824, 9774, 256, 535 437 437 441 New Jersey.. 244, 200 239, 248 231,937 393,839 392,811 396, 567 822,028 787,309 739, 227 226 226 229 Pennsylvania 803, 629 791, 780 780,288 1,476, 2811, 482,381 1,472, 2842,407,438 2, 366, 6532, 214,656 694 697 East North Central: Ohio - 341, 294 323, 920 302,737 439,937 450,676 442,298 985, 888 958,842 892,314 244 244 247 Indiana 123, 560 122,496 107,163 226, 588 235, 668 225,898 437,886 439,600 395,831 125 126 127 I M W lli i i n c sc h o o i is g n a s n in __. 6 1 1 7 5 0 2 8 0 , , , 5 2 3 1 6 4 9 0 9 6 1 5 9 6 0 5 4 , , , 8 1 7 7 5 1 1 2 1 1 9 5 6 2, , 6 5 1 6 8 9 1, 4 2 4 0 6 9 3 5 9 , , , 5 3 5 4 2 8 2 8 61, 3 2 5 9 7 0 5 4 7 , , , 0 1 8 8 3 8 7 4 71, 3 2 3 9 9 7 0 2 1 , , , 3 0 9 3 2 6 4 2 92, 4 7 6 3 5 4 3 6 3 , , , 4 9 0 8 3 6 6 8 42, 4 7 5 5 2 4 1 7 2 , , , 1 9 4 3 9 6 0 8 22, 6 4 3 6 1 8 7 9 7 , , , 0 3 4 8 3 6 4 7 8 3 1 8 2 0 2 7 5 3 1 8 2 0 2 4 5 3 1 8 1 0 3 5 6 West North Central: Minnesota 226,268 202,238 287, 477 281, 709 280,368 574, 731 572,098 541,041 192 192 195 Iowa 80,873 96, 679 76, 714 86,910 84,103 89,018 203,736 200,283 186,999 109 109 109 Missouri 187, 718 181, 330 171, 750 242, 788 244,189 250,379 474,326 453,975 437,020 86 87 86 North Dakota 19, 624 15,040 14,414 19,890 20.834 21, 798 47,846 44,149 44, f"" 50 50 51 South Dakota 23, 496 22,096 18,740 20,420 20,869 21,073 54,152 51,983 48, 238 41 42 45 Nebraska. 83,409 84,138 73,939 88,105 93, 327 94,476 200,064 193,032 185,323 135 136 136 Kansas 73,278 61, 752 76, 552 82, 301 85,654 204,087 202, 518 188,064 183 182 184 South Atlantic: Delaware 8,076 8,286 8,085 8,948 9,113 9,923 17,747 17,400 17, 236 15 15 16 Maryland 65,624 63, 972 62,811 222,461 206, 645 181,098 288, 615 252, 385 63 63 District of Columbia- 48,626 47,168 45,291 79,973 78, 755 76, 623 176, 901 158, 248 166,898 9 9 Virginia 160, 217 157,477 149,449 111,876 112,843 114.167 323,463 321,643 309,462 130 130 131 West Virginia 68, 253 66, 934 66,874 47,331 49,995 50,866 153,946 150, 797 144,074 77 78 79 North Carolina 42,119 41,131 40, 525 26, 910 26,003 27.112 95,045 89, 591 90, 537 42 42 43 South Carolina 29,433 29,470 28,321 18,139 18, 200 19,158 73,759 64,903 20 20 20 Georgia 120,781 132, 597 126,138 88, 532 83,197 71,627 244,845 239,676 213,659 52 52 53 Florida 63, 376 58, 621 57,117 119, 513 122, 382 112,892 228, 285 241,035 198,458 52 52 53 East South Central: Kentucky 98,047 93,282 92, 625 68,835 82, 542 82, 530 200,498 198,440 192,909 95 96 Tennessee 174,971 170, 603 153, 916 97,028 102,860 109,600 309,809 302, 274 287, 740 71 71 Alabama 84,940 95, 498 84,262 66,403 65, 316 63,180 190, 239 186, 700 166, 597 67 67 Mississippi 20,819 21, 449 21, 710 22,671 24,030 26,045 59, 570 60,890 59,063 24 24 25 West South Central: Arkansas 35, 828 38,175 34,498 32,438 31,408 33,321 90,155 87, 687 81, 271 49 49 50 Louisiana 100, 694 106,176 96,128 128,959 121,826 132.168 263, 557 258,867 242,420 30 30 30 Oklahoma 127, 668 126,035 115,966 121, 590 125, 719 131,830 343,885 335, 292 330,941 213 214 215 Texas 421,879 417, 564 384,164 378, 505 381,371 394,290 1,088,485 1,061, 857 990, 509 446 446 449 Mountain: Montana 17,084 15, 214 14,013 33,017 32, 885 36,827 77,454 72, OH 70,140 43 43 43 Idaho 15, 553 13, 659 14,040 18,861 19, 706 20,411 47,100 44,383 43,851 18 18 20 Wyoming 16, 240 16,301 15, 525 14,254 13, 678 14,125 44,082 42,327 40,019 26 26 26 Colorado 65,189 64,667 61, 722 92, 328 91, 765 91,096 234,826 224,387 217,837 78 78 78 New Mexico.__ 16, 707 16, 558 14,960 15,622 16, 410 15,283 44,923 44,855 42,156 22 22 22 Arizona 24,016 22, 463 20,230 16, 509 19,489 20,094 55,160 57, 631 51,496 5 5 Utah 23, 963 22, 644 22,081 24,632 22, 241 24,143 55, 755 54, 567 13 13 13 Nevada 10, 980 10,499 8,841 13, 579 13, 921 14,385 34,721 33,064 31,336 6 5 Pacific: Waasshhiiington.. 154,069 142,358 140, 54' 146,605 146,858 142,740 376,690 359, 841 328, 527 45 46 48 Oregon 85,304 79, 591 76,470 115,001 113, 741 118, 554 250,804 240,950 231,466 27 27 28 California 1,265,169 1, 261, 4691,239, 619 1,155,105 1,167, 473 1,136,888 2, 764,0352, 731, 204 2, 642,434 100 101 103 Total 8,742,984 8, 553,0158, 279,991 12, 547,154 12, 528, 22'12, 226,813 25, 247, 799 24, 534,399 22,838, 277 5,196 5,203 5,239 i The October and June 1939 figures of loans and investments exclude approximately $20,000,000 and $50,000,000, which prior to December 1938 were reported as loans and investments, respectively, and which indirectly represent bank premises or other real estate and are now classified in condition reports among "other assets." 160 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued STATE BANKS PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Amounts in thousands of dollars] Deposits, exclusive of inter- Number of Loans 2 Investments2 bank deposits banks State Oct.3 June Sept.3 Oct.3 June Sept.3 Oct.3 June Sept.3 Oct.3 June Sept.s 1939 1939 1938 1939 1939 1938 1939 1939 1938 1939 1939 1938 New England: Maine. 70,296 69,807 70,405 138,086 139,120 143,775 216, 505 211,406 207, 986 63 63 63 New Hampshire 71,902 71,902 69,903 136,404 136,404 141,463 209, 517 209, 517 206,127 55 55 56 Vermont 59,137 59,137 62,607 47,331 47,331 48,009 110,126 110,126 113, 278 42 42 49 M assachusetts 1, 235,9381, 229,9341, 245,1351,362, 679 1, 367,4601,340, 2572,667, 399 2, 643, 5352,610,318 264 264 265 Rhode Island 131,054 131, 749 130, 667 247,631 246,059 242, 654 387,927 383,422 381, 648 23 23 23 Connecticut 477,161 476,814 472,495 457,849 466, 607 453, 792 1,025, 368 1,010, 553 981, 699 153 154 142 Middle Atlantic: New York.. _. 5, 626, 7175, 572, 3295, 756,8847,038, 202 6, 932,0766, 286,45613, 750,85713, 415,88012,426,809 451 451 457 New Jersey 428,624 420,926 465, 593 606,624 605, 339 587,498 1, 261, 3181, 227, 6261, 220,910 167 167 181 Pennsylvania 725, 647 725,141 726, 363 1, 541, 6901, 545, 5741, 563,1992,498, 713 2,430, 880 2,350, 702 409 409 415 East North Central: Ohio 539,159 '520,494 507,210 553,426 '567, 77.1 538,016 1, 366,4521, 327,0611, 250,020 461 461 462 Indiana 161,697 160, 569 149, 524 158,343 160,098 159,927 408,349 407,980 386, 595 387 386 394 Illinois 277,916 280,615 257,817 546, 574 575, 627 548,867 1,113, 748 1,092, 254 1,031,423 521 531 548 Michigan 236,824 230, 765 208, 918 312,630 331, 322 315, 578 712,857 693,882 643, 617 372 374 379 Wisconsin 165,908 161, 665 149,688 174, 715 176,694 186, 212 402, 589 395,418 374,443 475 477 488 West North Central: Minnesota 115, 610 110,982 103,088 125,317 130,400 135,158 274,753 267, 516 260, 572 490 491 491 Iowa 200,055 220,427 183,955 110,530 116,428 122,827 402,954 395,031 6 378,471 538 539 544 Missouri 278,804 263,811 253,343 337,219 345, 990 334, 599 651,837 644,390 613,162 549 549 565 North Dakota 13, 053 9,.375 9,911 8,091 8,259 9,090 25, 367 21, 592 21, 511 119 119 128 South Dakota 17, 630 16,008 14, 797 11,009 11,333 10, 549 35,053 33, 539 30,226 124 124 124 Nebraska 35,414 36,315 34, 498 17,001 17, 789 18,883 68,968 65,912 64,697 289 290 291 Kansas 81,662 79,975 79,283 48, 585 49,971 50,455 164,049 161,229 « 156,440 496 498 503 South Atlantic: Delaware 70,346 70,079 68,250 99,402 98,090 90,126 200,257 193,463 172, 586 31 31 32 Maryland 145,421 143,423 143,325 292,297 290, 705 306,402 527, 735 524,046 482,407 127 127 131 District of Columbia. 59, 284 57,351 54,325 51,232 52, 096 59,191 143,853 134,167 134, 242 13 13 13 Virginia 136,488 134,048 128,075 62,394 62,856 63, 549 219, 290 211,427 204,305 185 185 186 West Virginia 65,905 63, 764 62,176 33,945 36, 552 42,847 130,547 126, 745 123,116 103 103 105 North Carolina 131, 959 128,126 119,213 117,466 114,154 114,802 268,082 260,108 242,771 186 186 189 South Carolina 22,999 26, 269 24,642 22,353 21,056 21,315 72,894 63,361 62,085 130 131 130 Georgia 84,986 85, 394 80,170 32, 637 30,814 28, 051 136, 607 132,407 117, 709 232 232 228 Florida 31, 774 26, 926 26, 354 29,171 29,115 28,932 85, 555 88,077 70, 596 118 112 111 East South Central: Kentucky 112, 735 111, 562 111, 774 62,066 66,083 68,155 203, 559 206,900 191, 526 319 318 330 Tennessee 70, 591 70, 218 67, 568 28,617 30,295 30,881 129,415 126, 627 120,445 228 228 232 Alabama * 37,623 40,288 39,677 28,861 27,169 25, 977 80, 568 79, 318 73,831 149 149 152 Mississippi 49, 726 52,365 49,930 45,754 47,136 48,390 122, 576 121, 789 119,044 181 181 181 West South Central: Arkansas 32, 672 36,502 30,419 19, 286 19,054 19, 798 73, 783 68, 901 66, 301 167 167 170 Louisiana^ 52, 768 53,407 51,061 50,973 51,177 55, 676 147,622 150,040 143,814 116 116 116 Oklahoma 22,364 21,920 19,815 15, 799 15, 790 16, 224 55,381 53,289 50,131 183 182 185 Texas 79,847 84,420 78,117 51,380 50,026 47,495 188,153 175, 784 165, 742 397 398 407 Mountain: Montana.. 19, 350 17,147 16,929 23,244 23, 610 23,549 57, 953 54, 724 50,764 69 70 71 Idaho. __. 15, 714 15,072 15, 589 21,153 18, 318 17,062 45, 299 44,936 6 43,883 32 32 32 Wyoming 8,999 8,897 8,808 3,437 3,407 2,754 17, 528 16, 977 15, 529 32 32 32 Colorado 19,854 19,409 18, 675 18,105 18,365 18,081 57,366 55, 504 51,100 67 66 67 New Mexico 5,323 5,205 4,717 3,327 3,328 3, 334 12,952 12,199 11, 564 19 19 19 Arizona 9,236 8,550 7,674 10,225 10,493 10,035 26,262 26,956 s 24,864 7 7 7 Utah 36,494 35,824 33,455 27,469 28,379 28,844 76,149 75,341 70,484 46 46 46 Nevada 1,054 1,004 704 1,305 1,309 1,190 3,156 2,778 » 2, 300 5 5 4 Pacific: Washington 55,607 53, 741 55,605 62,048 61,812 60,016 135,707 130,711 127,477 99 100 104 Oregon 17, 215 16,474 16, 334 16,469 16,062 17, Oil 43,320 39,344 38,360 48 48 49 California. 544,341 528,420 523,168 562,490 565, 768 501,245 1,173,055 1,133,045 1,085,325 128 128 129 Total 12, 890, 883'12,764,54512, 808, 63315, 772, 841'15,770,67114, 988,19632,189, 33031,457, 71329, 772,9559,865 9,87910,026 r Revised. 1 Comprises all State commercial banks, trust companies, mutual and stock savings banks, cash depositories (in South Carolina), and such private banks and industrial banks as are included in abstracts issued by State banking departments. 2 The October and June 1939 figures of leans and investments exclude approximately $40,000,000 and $50,000,000, which prior to December 1938 were reported as loans and investments, respectively, and which indirectly represent bank premises or other real estate and are now classified in condition reports among "other assets." 3 All figures in the October columns are as of Oct. 2 except as follows: New Hampshire and Vermont June 30; Maine and Connecticut Sept. 30 ; Minnesota Oct. 7; Louisiana Sept. 29; Massachusetts, New Jersey, Indiana, Missouri, Maryland, Georgia, Kentucky, Tennessee, Idaho and Wyoming June 30 as adjusted by the increase or decrease in the figures of State bank members between June 30 and Oct. 2. For call dates included in the September columns see footnote on page 27 of the January 1939 BULLETIN. * The June 30 figures represent all insured State banks plus 8 non-insured State banks as shown in the bankers directory. * Including relatively small amounts cf interbank deposits. FEBRUARY 1940 161 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued PRIVATE BANKS — PRINCIPAL ASSETS AND LIABILITIES BY STATES [Figures in this table are also included in the table on page 161 covering "State Banks." Amounts in thousands of dollars] Deposits, exclusive of inter- Number of Loans Investments bank deposits banks State Oct. June Sept. Oct. June Sept. Oct. June Sept. Oct. June Sept. 19391 1939 1938 19391 1939 19381 1939 1 1939 19381 19391 1939 19381 Connecticut: District No. 1 297 296 292 197 198 205 391 395 415 3 3 3 District No. 2 114 117 120 69 69 69 288 301 298 1 1 1 Indiana: District No. 7 1,504 1,504 1,378 1,141 1,141 1,343 3,896 3,896 4,082 15 15 17 District No. 8 67 67 169 57 57 52 155 155 256 1 1 2 Iowa 136 208 182 38 38 38 310 317 282 1 1 1 Kansas 2 2 2 5 11 8 1 1 1 New Jersey (Dist. No. 2) 15 15 15 12 12 13 6 6 6 1 1 1 New York 55,399 58, 471 66,775 422,232 483,249 321,456 470, 519 449,062 367,457 9 9 13 Ohio _ 2,186 2,146 2,148 573 569 566 2,948 2,862 2,803 13 13 13 Pennsylvania: District No. 3 6,880 6,624 7,267 48, 529 55,952 40,087 72,690 70,011 55, 539 214 2 14 15 District No. 4 1,361 1,292 1,121 1,059 1,101 1,127 2,878 2,517 2,640 4 4 4 South Carolina 673 633 645 50 31 50 556 538 517 1 1 1 Total 68,634 71,375 80,114 473,957 542,417 365,006 554, 642 530,071 434,303 64 64 72 1 Figures in the October columns are as of October 2 except as follows: Connecticut, Sept. 30; Indiana and New Jersey, June 30. For call dates included in the September columns see footnote on page 28 of the January 1939 BULLETIN. 2 Beginning June 30,1939, the number of banks excludes 1 branch of a New York bank. The figures of loans, investments, and deposits of the branch are included as heretofore. MUTUAL SAVINGS BANKS—PRINCIPAL ASSETS AND LIABILITIES BY STATES [Figures in this table are also included in the table on page 161 covering "State Banks." Amounts in thousands of dollars] Deposits, exclusive of inter- Number of Loans Investments bank deposits banks State Oct. June Sept. Oct. June Sept. Oct. June Sept. Oct. June Sept. 1939 1 1939 19381 1939 1 1939 1938 1 1939 1 1939 19381 19391 1939 1938 i California 36,057 35,692 34, 525 58,906 57,644 58, 313 88, 340 88,015 86,311 Connecticut: District No. 1. 260,759 262,374 267,156 274, 984 279, 724 271, 752 559,979 559,895 553,986 58 59 59 District No. 2. 82,879 82, 546 82,227 77,069 80,388 81,899 166, 925 166, 410 163, 379 14 14 14 Delaware 12,902 13,019 13,010 30,710 30, 248 26,044 39,160 39,030 36, 780 2 2 2 Indiana: District No. 7. 6,683 7,654 3,474 3,474 3,818 11,408 11,408 12,890 3 3 4 District No. 8. 4, V " 4,320 2,612 2,612 3,300 8,097 8,097 8,103 1 1 1 Maine 29,760 29,659 30,140 101, 775 100, 251 104,044 128,969 128,355 127,446 32 32 32 Maryland 38,440 38,440 42,154 171, 653 171, 653 176,067 224, 525 224, 525 223,285 12 12 12 Massachusetts 1,012,577 1,012,577 1,036,313 1,128,851 1,128,851 1,100, 318 2,152,961 2,152, 961 2,137,047 192 192 193 Minnesota 12, 794 10,102 9,856 49, 783 52,790 53, 758 66, 771 66,109 65,251 1 1 1 New Hampshire. _ 63,239 63,239 61, 717 128,049 128,049 132, 675 193, 389 193, 389 190,243 43 43 44 New Jersey: District No. 2. 123,462 123,462 128, 799 179, 208 179,208 172, 518 328,664 328,664 322,218 22 22 District No. 3. 4,642 4,642 4,972 7,191 7,191 8,036 13,907 13,907 14,453 2 3 New York 3,006,629 3,006,629 2,989,944 2,442,624 2, 442,624 2,313,928 5, 514,825 5, 514,825 5, 336,851 134 134 134 Ohio 45,888 43,737 40,405 64,044 68,927 65, 469 120,455 121,748 121,016 3 Oregon 1,203 1,218 1,134 1,062 724 765 2,329 2,221 1,853 1 Pennsylvania: District No. 3. 74,965 74,195 74,674 435,916 437,498 442,329 535, 541 538,492 523, 789 District No. 4. 11,209 11,177 11,279 43,437 44,353 42,997 55,486 55,412 54,422 Rhode Island 50,905 50,905 51,031 128,148 128,148 124,395 177, 583 177, 583 176,023 Vermont 27,560 27,560 30,709 24,613 24,613 25,404 57,459 57,459 61, 748 14 Washington _ 26,669 26, 692 26,504 40,881 40,065 37,006 68,607 67,654 64,293 3 Wisconsin: District No. 7 2,149 2,129 2,176 2,114 2,082 2,101 4,440 4,358 4,403 District No. 9 94 60 40 130 117 113 TotaL_._._. 4,935,833 4,931,131 4,950, 759 5,397,143 5, 411,157 5, 246, 995 10, 519,95010, 520,63410, 285,903 552 553 563 i All figures in the October columns are as of Oct. 2 except as follows: Connecticut and Maine, Sept. 30; Indiana, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island and Vermont, June 30; Minnesota, Oct. 7. For call dates included in the September columns see footnote on page 28 of the January 1939 BULLETIN. 162 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 164 Gold production ... 165 Gold movements . . 165-166 International capital transactions of the United States.... 167-170 Central banks . 171-174 Bank for International Settlements 175 Money rates 175 Discount rates of central banks 176 Commercial banks . 176-177 Foreign exchange rates 178 Price movements: Wholesale prices 179 Retail food prices and cost of living 180 Security prices 180 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 oi 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. FEBRUARY 1940 163 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 t m g ed - France g B iu el m - N la e e n r t d - h s - ti N on a a - l B.I.S. g t A i e n r n a - - Brazil I B n is r d h i i t a - g B a u r l i - a C a a d n a - Chile China Bank 1934—December. 21,051 8,238 1,584 5,445 590 573 624 403 275 19 134 7 1935—December. 21,604 10,125 1,648 4,395 611 438 454 444 275 19 189 10 1936—December. 22,630 11,258 2,584 2,995 632 490 655 501 275 20 188 8 1937—December. 23,964 12, 760 2,564 597 930 648 469 274 24 184 16 1938— December. 25,488 14,512 2,690 2,435 581 995 699 431 274 24 192 18 1939—January- 24,003 14,682 1,042 2,435 582 995 699 431 274 24 197 19 February . 24,175 14,874 1,042 2,435 588 974 680 431 274 24 206 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... 25,300 17,091 1 2,714 611 754 579 449 274 24 212 30 21 November. 925, 511 17, 358 1 2,714 700 559 453 274 24 213 »30 21 December *>25, 782 17, 644 1 P2, 714 690 P453 P274 P24 214 P30 21 Other countries—Continued E m n o d n t o h f lo C m o b - ia C v z s a e l k o ch i - a 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 a r y - Peru l P an o d - 1934—Dec. _ 112 60 55 40 518 394 61 19 96 1935—Dec. . 112 54 55 34 270 425 84 20 84 1936—Dec, . 91 54 55 26 208 463 98 20 75 1937—Dec.. 92 53 55 24 210 261 82 20 83 1938—Dec.. 83 53 55 27 193 164 94 20 85 1939—Jan.... 83 53 55 27 193 164 96 19 85 Feb... 83 53 55 27 193 164 96 19 85 Mar... 67 53 55 29 193 164 96 19 85 April.. 66 53 55 29 193 164 107 19 84 May.. 65 53 55 31 193 164 107 19 84 June- 62 .63 55 31 193 164 107 19 84 July.. . 60 53 55 30 193 164 107 19 84 Aug. __ 60 53 55 28 193 164 107 20 84 Sept... 58 53 55 28 193 164 107 20 84 Oct.... 57 53 55 28 193 164 103 20 Nov... 56 53 *55 28 193 164 . 103 P20 Dec... P56 P53 *>55 193 P164 Government gold reserves1 not included Other countries—Continued in previous figures for SZ countries End of month 16 Portu- Ru n m ia a- A S f o r u i t c h a Spain« S d w e e n - T k u ey r- g U u r a u y - Y sla u v g i o a - t c o r o t i h e u s e n r - • E m n o d n t o h f U S n ta i t t e e s d U K d n i o i n m t g e - d France g B iu el m - 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. 3 934 1937—Dec 120 189 718 244 29 169 1937—Dec. _ 81,395 81 1938—Dec 133 220 525 321 29 125 1938—Mar... 1,489 1939— M A F M Ja e p a a n b r r y il 69 1 1 1 1 1 3 3 3 3 3 3 4 4 5 6 2 2 2 2 2 2 2 1 1 1 0 1 9 8 8 5 5 5 5 5 2 2 2 2 2 5 5 5 5 5 3 3 3 3 3 3 3 3 3 4 1 2 1 9 4 2 3 3 3 3 9 0 0 0 0 1 1 1 1 12 2 2 2 2 6 6 6 4 7 J N D S O u e o e c p n c t v t . e . . . . . . . . . . . . . . 44 8 4 0 759 «1 3 1 0 3 3 3 1 0 ~ 4 62 4 June 137 219 525 346 30 133 1939—Jan.... 8 381 July 137 219 525 348 30 135 Feb... 465 Aug 69 148 222 525 355 30 136 Mar... "I54" 559 Sept 149 234 525 357 29 131 Apr... 1,732 455 Oct 150 243 525 332 29 131 May_. 477 Nov 151 254 525 333 29 P130 June _. 85 17 Dec P254 525 P333 j>29 P130 July.. («) Sept. . "164" (*) 9 Preliminary. 1 Reported at infrequent intervals or on de- 1 Data reported monthly incomplete. For additional data see section at end of table. layed basis: U. S.—Exchange Stabilization Fund 1 Figure for Mar. 1939 officially reported and carried forward. (Special A/c No. 1); U. K.—Exchange Equaliza- « 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. • These 16 countries are: Albania, Algeria, Australia, Austria through Mar. 7,1938, Belgian » Figure for Mar. 1937, first date reported. Congo, Bolivia, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Guatemala, * 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 tatle 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. 164 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 month pr t o io d n uc- Africa North and South America Far East outside Total South Rho- West Belgian1 United Colom- Austra-British U.S.S.R. Africa desia Africa Congo Statesi Canada Mexico bia Chile lia India $1=25-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold=iSO.67 1929.. 382, 532 352, 237 215,242 11,607 4,297 2,380 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 1931.. 426,424 386, 293 224,863" 11,1S3 5,524 3,224 49, 527 65, 687 12,866 4,016 442 12,134 6,815 1932.. 458,102 413, 459 238,931 12,000 5,992 3,642 60, 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 62,842 60, £68 13,169 6,165 3,C09 16,873 6,919 $1=15-6/21 grains of gold 9/10 fine; i. e., an ounce of fine gold=$S6 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 1C8,191 104,023 23,135 12, 045 8,350 30, 559 11,223 1935. 882, 533 751,979 377,090 25,477 13,626 7,159 126,325 114,871 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 1,118, 480 957,175 425,649 28,532 24,670 8,470 178,143 165,379 32,3C6 18, 225 10,290 54,264 11,247 1938—September. 97,439 83, 275 36, 237 2,365 2,048 743 16,937 14, 291 2,062 1,812 1,019 4,816 946 October 96,938 82,954 36,449 2,445 2,174 725 16,320 14,449 2,265 1,622 906 4,642 956 November. 98, 787 84,802 35,842 2,381 2,204 728 18, 579 14,445 2,353 1,628 930 4,783 930 December. _ ' 98,845 84, 234 36,007 2,318 2,240 751 16,068 15,231 2,700 1,499 1,033 5,393 995 1939—January 94,835 80,159 36,188 2,287 2,230 753 14,919 14,396 1, 762 1,953 655 4,076 940 February... 90,964 76, 749 34,505 2,069 2,221 688 13,153 13,684 3,421 1,562 568 4,016 863 March 97, 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 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 1,551 1,583 4,399 936 August P107, 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, 772 37,817 P2,345 2,432 705 19, 576 14, 752 2,302 1,803 1,012 6,140 888 October P107, 944 P91, 283 38,459 *2,380 P2, 487 714 21, 633 15,144 *2,392 1,677 Pl, 046 4,392 »958 November. P103,9£8 P87, 449 38, 600 P2, 380 P2, 487 17, 360 P15, 050 P2, 392 Pl, 747 Pl, 116 P4, 707 P923 Ooldproduction in U. S. 8. 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 $SS per fine ounce: 1933, $95; 1934, $135; 1935, $158; 1936, $185; 1937, $180; 1938 (preliminary), $184. p Preliminary. 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: Y m e o a n r t o h r i e m o x r n p p e n o o t e r r t t t s s U K d n i o i n m t g e - d France g B iu el m - N la e e n r t d - h s - S d w e e n - S l z a w e n r i d - t- C a a d n a - M i e c x o - Co b l i o a m- P Is p h l i i a n l n i e p d - s A tra u l s i - a A So fr u ic th a Japan B I r n i d ti i s a h c o t o A r th i u e l e n l s r - 1934 i 1,131, 994 499,870 260, 223 8,902 94,348 12,402 30, 270 16, 944 12,038 1,029 12 76,820 32,304 1935 1, 739,019 315, 727 934,243 227,185 968 95,171 13,667 10,899 15,335 3,498 65 75,268 46, 989 1936 1,116, 584 174,093 573, 671 3,351 71,006 2 7,511 72, 648 39,966 11,911 21, 513 23, 280 8 77, <r'~ 39, 735 1937 1, 585, 503 891, 531-13,710 90,859 6,461 6 54,452 111, 480 38,482 18, 397 25,427 34, 713 181 246, 464 50, 762 29, 998 1938 1, 973, 5691,208, 728 81,135 15,488 163, 049 601,,146 1,363 76,315 36,472 10, 557 27,,8880 39,162 401 168, 740 16,159 2 67,975 1939 3, 574,151 1,826,403 165,122 341, 618 28, 715 612, 949 33, 610 23, 239 35,, e636 74, 250 22,862 165, 605 50, 9563102, 404 1938 Oct 562, 366 443,403 42,959 41,832 3,840 1 10,810 2,236 4 2,720 3,294 46 5,740 760 4,721 Nov 177, 768 99,145 17 27, 242 1,136 7,171 3,457 11 2,943 7,888 16 5,788 3,822 19,134 Dec 240, 526 101, 707 37, 395 1,979 46,185 731 2,550 2,107 2,655 6,788 27 14,425 1,797 22,181 1939 Jan 156,345 52,050 1,41 33,678 2 -67 10,842 2,342 2,754 6,585 33 37,819 1 5,092 Feb 223, 281 165, 377 1,400 29, 256 3,840 4, 220 2,496 2,719 3,953 38 5,446 175 4,360 Mar 365, 384 250,042 816 37,179 27,098 8,227 6,852 3,822 4,234 3,326 4,303 10 11,410 3,685 4,381 Apr 605, 797 384, 925 21 84,603 44, 564 55,680 7,665 1,649 2,114 2,179 4,844 100 5, 528 4,944 "6,972 May 429,404 302, 667 3 41, 651 40,449 2,284 12.066 2,050 2,117 2,594 5,295 41 10,931 3,390 3,868 June 240,430 128,196 2 55,081 5,644 17,191 3,280 2,107 3,843 5,677 50 14,093 2,244 3,023 July 278, 636 177,805 1 45, 554 5,628 15,196 4,150 2,123 3,022 5,034 50 10,938 2,760 6,365 Aug 259, 921 163, 738 2 22,640 34, 299 3,956 2,120 2,775 5,689 52 10, r 9,259 4,460 326,074 162,450 1 1,482 120,837 653 2,102 3,947 5,474 11 16,425 4,065 5 8,541 Oct 69, 726 10,182 2,990 9,940 1,794 3,188 8,420 2,142 12,497 2,703 c 15, 870 Nov 167,980 18, 556 28 8,781 5,113 2,990 65.067 3,445 2,117i 2, 643 12, 505 10,449 9,487 10,138 '16, 662 Dec 451,172 10,417 31, 526 191,,743 5,119j 308, 773 3,972 2,116i 2, 646 6, 472 9,885 20,101 7,592 ' 22,812 r Revised. 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 $28,097,000 from China and Hong Kong; $15,719,000 from Italy; $10,953,000 from Norway; $10,077,000 from Chile. 4 Includes $4,503,000 from Argentina. 6 Includes $5,157,000 from Hong-Kong. • Includes $6,363,000 from Italy; $4,087,000 from Hong-Kong. * Includes $5,586,000 from Italy and $6,414,000 from Norway. NOTE.—For gross import and export figures and for additional countries see table on p. 130. FEBRUARY 1940 165 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 United France m G a e n r y - i g B iu el m - N la et r h d e s r- U.S.S.R. Au l s ia tra- d 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 e e n - e 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 62,397 -9,123 1935 369, 722 -435, 502 142,137 -4,726 -17,476 10,796 931 37,981 181,602 32,754 -50,661 53,465 14,126 1936 1,169,931 -276,830 756,215 23,292-15,133 -21,215 26,723 128,421 28,067 -10,129 37, 708 1937 420,427 -834,009 541,187 46,147-21,993 -16,572 199,965 24,165 22,079 -81 -16,596 -55,032 1938 -285,638 -1,050,395 33,173 348,000 -46,463 115, 540 27,831 55,744 20,761 -89, 371 -78,029 4,922 1938—June. -20,811 -6,137 57 56,764-12,037 28,104 2,024 40,623 3,725 9,929 -7,673 -5,407 421 July. 24,119 -10, 529 -997 47 23, 212-5,750 2,490 31, 516 6,418 6,581 -11,429 -16,521 -920 Aug.. -73,132 -93, 660 -5,726 6,164 -258 -10,041 5,665 2,102 31,192 10,356 3,035-11,151 -10,498 -312 Sept. -261,143 -360,016 685 14,358 120,075 -7,498 8 2,839 16,831 3,023 -4, 750 -22, 763 -21,980 -1,955 Oct.. -210,171 -308, 528 69, 604 4,077 33,982 535 705 6,530 4,204 -20,792 -4,671 2,831 1,353 Nov.. -96, 508 -105, 220 -66 6,005 -2,328 -5,245 155 4,260 618 1,017 1,603 Dec -66, 726 -97,371 758 2,057 9,990 5,649 528 7,358 1,815 531 1,511 1,347 1939—Jan... -36, 514 -50,814 211 -253 5,672 681 5,671 304 1,374 -3,790 704 3,762 Feb.. -148,005 -160,218 11 396 779 5,613 736 3,451 151 -1,101 399 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 4,8054-47,875 -437 73,394 -425 May. -294,077 -287,762 -262 4,018 2,008 49,004 5,631 143 45,394 2,9751 -145,856 -3,793 32,921 1,504 June. -51, 591 -127,293 -412 -38 415 22,968 52,636 911 -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 -4,966 -4,618 Ger- Switzerland British India many Net imports from or net exports (—) to: Increase in India: Y m e o a n r t o h r e n o x T p e r p t o o o n r t i r t a ) m e s t l s t - 1 i e m o T x r n p p o e o n o t t a r e r l t t t s s i e m o T x r n p p o e n o o t t a e r 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 - \ d I r I i e n n a - - n ea e r g d m I o n l f a d o rk r - p h ri o I v n ld at - e serves foreign ings 1 account 1934.... -90,920 -46,065 -45,955 -230, 720 11, 223 173 -219,670 1935 42,969 -230,788 -54,858 -161,872 11,468 -6 -150,398 1936... -1,868 122,278 -1,714 -121,066 11,663 -109,403 1937 -3,718 -56,946 11,940 -61, 723 11,607 -41 -50,075 1938.... -35,224 —1,245 76,620 -54,700 11,247 12,078 -55, 533 1938— Oct... -16,134 r-7, 661 956 1, r-8,614 Nov... -10,129 -2,283 930 -7,043 Dec... -3,765 211 995 4,479 -3,273 1939—Jan... 33 -3,786 -125 940 11,423 -10,608 Feb... -11,940 -2,112 -21 -3,288 863 7,749 -10,174 Mar... 9,999 -37,332 -10,786 -5,113 938 4,812 -8,984 Apr... 9,967 -162,645 -54,266 -3,394 912 5,197 -7,679 May.. -5,807 8,059 -2,329 -4,202 937 1,839 -5,104 June.. -284 -10, 696 -8, 589 -2,049 910 5,749 July.. 7,765 -2,856 -10,264 936 942 -10,270 Aug... 5,275 2 -5,274 923 2,51! -6,863 Sept.. -2, 730 -1,506 -5,213 888 6,096 -10,421 Oct.... -2,855 -888 -12,365 P958 4,563 - 15,970 Nov._. -15,187 -3, 880 Dec?. -3,"'" -3,431 p Preliminary. * Revised. » Beginning April 1938 figures refer to Greater Germany. > Includes $17,465,000 exported to Rumania and unspecified net imports of $95,937,000. 8 Includes $67,655,000 exported to Central and South America. 4 Figures for April and May include exports to Canada of $45,972,000 and $144,910,000 respectively. «Includes net exports to Canada of $115,515,000. • Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred. 7 Figures derived from preceding columns; gold movement plus production minus increases in Indian reserves and gold earmarked for foreign account in India. • 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. 166 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— rotal 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 3937—Dec. 29_. 3,410.3 1,168.5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938—July 27_. 3,000.2 735.8 115.2 620.6 438.1 618.9 1,149.7 57.7 Aug. 31. 3,067.3 803.2 111.6 691.6 460.6 617.6 1,125.3 60.6 Sept. 28. 3,452. 9 11,61.2 168.0 993.2 477.2 625.0 1,125. 4 64.1 Oct. 5__. 3, 521. 3 1,208.1 188.7 1,019. 5 472.4 635.5 1,142. 6 62.6 Oct. 12_. 3, 548.1 1, 204.6 190.6 1,013.9 488.0 637.0 1,161.1 57.4 Oct. 19.. 3,650.2 1, 296.0 212.4 1,083. 5 486.7 640.1 1,170. 2 57.2 Oct. 26_. 3, 672. 2 1,298.9 205.3 1,093. 6 496.3 638.4 1,182. 4 56.2 Nov. 2_. 3, 650. 4 1, 270. 5 192.6 1,077.8 492.3 643.6 1,190. 7 53.4 Nov. 9_. 3, 643.1 1, 282.2 225.7 1,056. 6 489.6 627.1 1,192. 4 51.8 Nov. 16. 3,666. 2 1,305. 5 203.9 1,101. 6 485.3 629.2 1,196.9 49.4 Nov. 23. 3, 710.8 1, 375. 7 234.3 1,141. 5 489.4 596.2 1,198. 5 51.1 Nov. 30. 3,709. 2 1,392.1 220.1 1,172.1 472.7 598.4 1,194.4 51.5 Dec. 7... 3, 720.4 1,409. 5 238.9 1,170. 6 453.5 604.6 1, 201. 0 51.7 Dec. 14. 3, 687. 6 1, 395.4 188.1 1,207. 2 442.7 605.3 1,192. 5 51.7 Dec. 21. 3, 750.1 1,409. 2 204.2 1, 205.1 482.1 608.7 1,202. 2 48.0 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 1,386.5 193.6 1,192.9 494.3 645.1 1,213.3 49.4 Jan.18. 3,813. 5 1,411.1 180.5 1, 230. 6 503.3 641.8 1,204.8 52.5 Jan. 25. 3,812. 6 1,421. 4 187.3 1,234.2 500.9 644.7 1,188.4 57.2 Feb. 1... 3,852.6 1,478.2 197.5 1,280. 7 496.5 634.6 1,181. 4 61.9 Feb. 8__. 3,876.0 1, 507.8 243.3 1,264. 5 484.3 635.3 1,187.0 61.7 Feb. 15.. 3,912. 9 1, 512. 9 278.1 1,234. 8 514.7 634.8 1,189.0 61.4 Feb. 22. 3,940.7 1, 517.8 239.6 1,278.2 535.0 637.5 1,190.6 59.8 Mar. 1_. 3,986.0 1, 544.9 265.1 1,279. 7 548.5 641.3 1,192.6 58.8 Mar. 8_. 3,997. 4 1, 560. 5 281.1 1, 279. 3 543.3 644.5 1,190.0 59.2 Mar. 15. 4,015.6 1, 568.1 287.3 1,280.8 553.4 643.6 1,189. 5 61.1 Mar. 22. 4,083.1 1,648.3 247.2 1,401.1 549.5 644.3 1,174.5 66.5 Mar. 29. 4,134.7 1,693.0 256.8 1,436.2 550.5 646.7 1,180.6 63.9 Apr. 5... 4,241. 8 1,759. 6 251.3 1, 508.3 572.0 652.6 1,191. 7 65.9 Apr. 12.. 4,317. 6 1,819.8 278.6 1, 541. 2 582.2 652.9 1,193.8 68.9 Apr. 19.. 4,402.9 1,892. 9 243.8 1,649.0 587.5 655.3 1,194.3 72.9 Apr. 26. 4,479. 6 1,934.4 240.9 1,693. 5 611.8 657.5 1,202. 9 73.0 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 82.3 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 Oct. 4... 4,900.1 2, 386. 5 483.6 1,902. 9 597.9 684.6 1,150. 2 80.9 Oct. 11.. 4,876.1 2, 370. 6 462.8 1, 907. 7 601.4 685.2 1,144. 4 74.6 Oct. 18.. 4,874.5 i 2,415. 6 441.6 1 1, 974. 0 i 550.0 686.7 1,141. 7 80.5 Oct. 25.. 4,885. 3 2,439.7 442.9 1, 996. 9 549.3 687.3 1,130. 6 78.5 1 Indicated increase in foreign banking funds in United States and decrease in United States banking funds abroad in week ending Oct. 18 are each $55,000,000 larger than actual movement owing to correction in reporting practice of one bank; total net capital movement not affected. FEBRUARY 1940 167 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2, 1935—Continued fin millions of dollars. Minus sign indicates net movement from United States! TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th J r a o n u . g 2 h , - 1935, Total U K d n o in i m t g e - d France N la e e n r t d - h s - S 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 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 2,051.3 201.2 184.0 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—Jan. 25— 3,812. 6 1,142.1 352.9 330.5 566.7 140.4 29.7 488.3 3,050. 6 164.0 390.5 168.0 39.5 Feb. 22._. 3, 940. 7 1,180. 5 366.3 350.5 579.0 145.3 25.5 476.9 3.124.0 171.7 403.6 202.3 39.2 Mar. 29.. 4,134.7 1,203.1 383.6 587.6 150.2 24.7 536.8 3, 252. 9 185.1 443.5 206.4 46.8 Apr. 26-. 4,479. 6 1,303. 3 421.6 405.4 595.6 146.9 26.0 ' 595. 9 3,494. 7 216.8 480.6 231.4 56.2 May 31- 4, 570.8 1, 337. 6 431.1 391.1 595.3 148.7 29.1 606.5 3, 539. 4 241.0 507.4 226.4 56.6 June 28- 4, 595. 6 1,360. 2 439.7 401.0 599.2 149.5 29.5 604.2 3, 583. 3 230.5 500.2 223.8 57.9 July 26.. 4, 615. 4 1, 312. 9 441.9 407.6 607.0 150.1 30.9 616.9 3, 567.1 248.8 512.3 224.1 63.2 Aug. 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. 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 Oct. 4___ 4,900.1 1, 337. 8 461.2 447.8 666.1 153.5 33.7 683.3 3, 783. 4 249.1 525.4 78.4 Oct. 11. _ 4,876.1 1, 331. 2 445.8 438.5 665.7 155.6 35.4 689.1 3,761.3 249.1 528.0 259.7 78.0 Oct. 18.. 4,874. 5 1, 326. 5 431.1 442.6 674.9 157.2 47.4 685.8 3, 765. 6 246.2 522.8 258.5 81.5 Oct. 25.. 4, 885. 3 1,301. 4 430.9 446.8 686.5 159.1 48.0 710.3 3.783.1 239.0 522.2 260.2 80.8 TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES From th r J o a u n g . h 2 — , 1935, Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t ot A h l e l r 1935—Dec. 31.. 603.3 128.6 129.6 55.7 72.4 -.8 7.3 60.7 453.5 46.0 33.5 58.8 11.5 1936— Dec. 30-_ 930.5 163.5 144.2 65.9 109.8 2.7 23.0 79.7 588.9 86.8 149.3 90.4 15.2 1937—Dec. 29— 1,168.5 189.3 111.8 76.3 288.4 9; 6 6.9 109.4 791.7 76.3 166.3 126.2 8.0 1938—Dec. 28. . 1,432.7 366.7 158.8 84.4 203.7 -9.8 3.8 203.0 1,010.6 135.1 134.0 132.7 20.4 1939—Jan. 25— 1,421.4 347.0 167.8 89.5 213.1 -12.9 - .4 222.2 1,026.4 105.2 129.1 136.2 24.5 Feb. 22._ 1, 517. 8 373.0 184.4 105.4 224.7 -13.0 -5.8 210.8 1,079. 6 123.1 143.7 147.5 23.9 Mar. 29.. 1, 693. 0 401.8 187.4 129.9 233.4 -10.9 -3.9 267.8 1,205. 5 136.5 179.8 139.9 31.3 Apr. 26.. 1, 934. 4 476.7 236.8 141.0 230.6 -15.7 -5.7 318.4 1, 382.1 166.9 209.6 140.4 35.3 May31... 2,041.5 505.8 243.2 123.2 224.7 -14.0 -4.4 323.6 1,402.1 209.3 250.7 142.8 36.6 June28._. 2,048. 3 535.2 252.3 132.0 227.1 -14.5 -6.6 320.0 1,445. 5 191.5 242.0 131.5 37.8 July 26... 2,066. 2 495.3 252.1 139.9 235.1 -15.9 -6.0 332.7 1,433. 2 193.5 254.5 142.6 42.4 Aug. 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. 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 Oct. 4___ 2,386. 5 564.4 259.3 172.1 281.1 -20.1 .2 398.5 1, 655. 5 226.0 261.8 187.4 55.8 Oct. 11. _ 2, 370. 6 572.4 244.8 163.6 282.7 -21.5 1.3 408.1 1, 651. 3 222.1 262.3 179.6 55.3 Oct. 18.. «2,415. 6 576.2 229.2 167.9 283.0 -20.2 12.2 403.0 1,651. 3 211.2 258.1 2 237. 2 57.7 Oct. 25.. 2, 439. 7 558.5 227.8 172.0 293.8 -20.0 12.8 428.7 1,673. 5 209.0 258.1 241.4 57.6 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—Jan. 25 500.9 193 6 70.0 -5.2 3.6 142.6 12.9 35.9 453.3 43 9 70.2 -60.3 -6.3 Feb. 22 535.0 210.2 66.4 -3.7 3.8 147.2 13.9 31.7 469.4 47.3 67.6 -42.8 -6.5 Mar. 29 550.5 209.2 64.9 -1.5 4.5 149.8 10.8 30.9 468.6 49.9 66.5 -28.1 -6.4 Apr. 26 611.8 227.9 67.1 .7 4.5 151.7 13.7 35.1 500.8 48.3 71.1 -6.0 -2.4 May 31 599.8 236.8 68.1 -.1 4.7 152.0 15.3 38.7 515.4 46.9 54.8 -13.0 -4.3 June 28 609.5 236.7 68.1 -1.0 3.6 153.8 17.7 39.9 518.8 42.2 55.7 -2.9 -4.3 July 26 609.0 237.0 71.5 -3.0 4.9 156.5 17.9 40.7 525.4 43.6 54.1 -11.1 -3.1 Aug. 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. 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 Oct. 4 597.9 229.8 69.5 9.4 4.5 16*4.9 13,9 35.6 527.5 36.2 54.9 -17.4 -3.4 Oct. 11 601.4 223.6 70.1 9.1 4.1 168.4 14.6 32.4 522.3 40.4 56.5 -14.2 -3.6 Oct. 18 J 550.0 221.0 69.4 9.0 3.9 168.7 15.5 33.8 521.4 48.9 55.3 2 -72.9 -2.8 Oct. 25 549.3 227.7 70.2 9.3 4.2 170.5 15.4 31.3 528.6 45.2 54.0 -75.0 -3.4 1 Inflow less than $50,000. » See footnote to Table 1. 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. 168 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 THE UNITED STATES SINCE JANUARY 2, 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 5.—FOREIGN SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th r J o a u n g . h 2 — ,1935, Total U K d n i o i n t m 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. 31 125.2 67.8 6.8 7.4 -1.2 13.3 2.9 46.1 143.1 -39.7 12.7 7.9 1.1 1936-Dec. 30 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17.0 3.5 1937—Dec. 29 683.2 136.8 22.8 21.2 30.4 26.6 13.5 115.2 366.4 10.5 175.0 24.5 6.8 1938—Dec. 28 610.0 129.1 26.2 27.3 37.1 33.1 20.5 165.9 439.1 -38.9 166.3 33.8 9.7 1939—Jan. 25 644.7 126.2 26.0 27.6 37.1 33.8 22.5 169.0 442.2 -9.8 168.3 34.3 9.7 Feb. 22 637.5 126.7 26.3 27.9 38.5 34.4 22.6 172.0 448.4 -25.2 169.3 35.3 9.7 Mar. 29 646.7 127.6 26.3 28.7 38.4 34.9 23.1 174.9 453.8 -25.8 172.6 36.2 9.9 Apr. 26 657.5 128.7 27.5 29.3 40.1 35.2 23.2 178.2 462.0 -24.3 173.5 35.9 10.3 May 31 647.6 128.1 27.9 29.6 41.3 35.4 23.6 179.8 465.7 -40.3 175.2 36.6 10.4 June 28 664.5 128.2 28.2 29.4 41.7 35.8 23.8 180.4 467.4 -26.5 176.0 37.1 10.4 July 26 678.0 126.4 28.3 29.5 42.3 35.9 24.3 179.9 466.5 -13.7 177.2 38.1 10.0 Aug.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. 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 Oct. 4 684.6 124.8 40.7 29.5 43.3 36.4 24.8 183.9 483.3 -29.5 180.6 39.4 10.8 Oct. 11 685.2 124.6 40.6 29.5 43.2 36.4 24.9 184.2 483.4 -29.5 180.9 39.6 10.8 Oct. 18 686.7 124.9 41.0 29.4 43.2 36.4 24.9 184.4 484.1 -29.2 181.1 39.6 11.0 Oct. 25 687.3 124. 8 41.1 29.4 43.3 36.4 24.9 185.0 485.0 -29.7 181.1 39.8 11.1 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—Jan. 25 1,188. 4 459.5 73.8 210.8 302.2 -22.9 -5.5 54.9 1,072. 8 22.7 23.5 58.3 11.1 Feb. 22 1,190. 6 456.1 72.6 212.6 301.5 -23.1 -5.5 56.0 1,070. 2 23.8 23.4 61.9 11.4 Mar. 29 1,180. 6 448.3 72.3 217.7 301.7 -23.4 -5.5 56.5 1,067. 6 18.8 24.6 57.9 11.7 Apr. 26 1, 202. 9 452.6 73.9 224.1 310.0 —24.2 —5.5 56 7 1,087 6 16.7 25.6 60.4 12.5 May 31 1.209. 2 448.9 75.6 228.9 313.9 -24.6 -5.6 57.2 1,094. 4 16.6 25.8 59.0 13.5 June 28 L, 199. 3 442.0 74.4 231.0 315.0 —25.2 —5 5 56 9 1 088 4 13 9 25.7 57.6 13.7 July 26 L, 180.0 434.2 72.6 229.0 312.0 -26.3 -5.5 56.0 1,072. 0 16.5 25.3 52.6 13.4 Aug. 30 L, 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. 27 L, 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 Oct. 4 L, 150.2 396.9 73.4 227.1 321.4 -27.5 -5.4 58.5 1,044.4 7.8 26.2 57.8 14.0 Oct. 11 L, 144.4 389.3 72.9 228.1 322.4 -27.6 -5.5 59.0 1,038. 5 7.2 26.2 58.4 14.0 Oct. 18 L, 141. 7 382.6 72.6 226.9 329.1 -27.6 -5.4 58.5 1,036. 8 6.1 26.5 58.3 14.0 Oct. 25 L, 130. 6 369.8 72.9 227.0 329.1 -27.6 -5.4 59.4 1,025.1 5.3 27.0 59.2 13.9 TABLE 7.—BROKERAGE BALANCES,* BY COUNTRIES From th r J o a u n g . h 2 — ,1935, Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r 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 1 19 9 3 3 7 6 — -D D e e c c . . 3 29 0 4 1 7 2 . . 5 9 1 4 1 . . 0 5 1 1 0 1 . . 4 5 - 5 .9 .0 1 9 0 . . 1 8 ( — J) m 7 . . 3 1 5 . . 4 0 2 4 2 4 . . 6 0 -7 3 . . 6 5 - — 4.2 ,5 2. . 1 5 ( ( • * ) ) 1938—Dec. 28 47.8 13.2 12.6 6.8 8.8 -.2 .2 5.3 46.7 2.6 -.9 -1.0 •2 1939—Jan. 25 57.2 15.7 15.2 7.8 10.7 - 2 .2 6 3 55.9 2.1 -.7 -.6 .6 Feb. 22 59.8 14.5 16.6 8.3 10.5 -.2 .3 6.4 56.4 2.7 -.4 .5 .6 Mar. 29 63.9 16.3 16.0 8.8 9.6 -.2 .2 6.6 57.4 5.6 .1 .6 .3 Apr. 26 73.0 17.4 16.3 10.3 10.5 -.1 .3 7.5 62.2 9.1 .7 .6 .4 May 31 72.7 18.0 16.3 9.5 10.8 -.2 .2 7.3 61.9 8.7 .8 1.0 .4 June 28. 74.0 18.1 16.8 9.6 11.9 -.3 .1 7.0 63.2 9.3 .8 .4 .3 July 26 82.3 20.0 17.5 12.2 12.7 -.2 .2 7.6 70.0 8.9 1.1 ' 1.9 .5 Aug. 30 85.0 17.8 19.1 8.6 15.0 o .2 7.4 68.0 11.9 1.9 3.0 .3 Sept. 27 83.1 24.2 18.4 9.4 15.3 -.1 .2 7.0 74.3 9.7 2-1 -3.6 .7 Oct. 4 80.9 21.9 18.3 9.7 15.9 •< .2 6.7 72.6 8.6 1.8 -3.3 1.2 Oct. 11 74.6 21.4 17.5 8.2 13.4 i .2 5.4 65.8 8.8 2.1 -3.6 1.4 Oct. 18 80.5 21.9 18.8 9.4 15.7 I .2 6.1 71.9 9.1 1.7 -3.8 1.6 Oct. 25 78.5 20.7 19.0 9.0 16.1 -!i .2 6.0 70.9 9.2 2.0 -5.2 1.5 i For explanation see BULLETIN for May 1937, pp. 395-396. * Inflow less than $50,000. •Outflow less than $50,000 FEBRUARY 1940 169 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES 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 i o i n m t g e - d France N la e e n r t - d h s - S er w la it n z d - m G a e n r y - Italy E O u t r h o e p r e E T u o r t o a p l e Canada Am La e t r i i n ca E F a a s r t o A th ll er Reported by Banks in New York CUf 1929—Dec. 31.__ 2,672.7 301.6 923.7 99.1 105.2 204.5 167.4 371.3 2,162.8 I 241.8 188.2 49.0 31.0 1930—Dec. 31... 2, 335.0 214.6 799.4 122.2 222.2 161.0 111.2 281.3 1,911.7 216.8 130.8 38.2 37.5 1931-Dec. 30_._ 1,303.6 104.9 649.2 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 11.6 17.5 11.7 31.1 155.7 86.1 96.7 42.7 10.9 1934—Nov. 281- 466.7 69.1 32.7 12.7 9.7 26.8 14.3 41.7 196.0 I 91.9 106.6 60.3 11.9 Reported by Bank* in United State$ 1934—Dec. 6 »___. 684.8 79.6 36.1 13.5 12.1 28.4 16.8 40.6 227.1 103.3 117.4 125.1 12.0 1936—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—Oct. 26___. 1,870.1 367.4 190.3 80.5 219.6 18.0 22.7 238.7 1,137. 3 226.5 259.9 212.7 33.7 Nov. 30— 1,963.3 379.5 198.3 94.9 215.5 18.9 20.9 234.5 1,162. 4 283.3 255.6 226.3 35.7 Dec. 28_._. 2,003. 9 438.8 190.9 98.4 217.4 19.9 22.6 249.9 1,237. 8 235. 2 254.9 243.7 32.4 1939—Jan. 25.... 1,992. 6 419.2 199.9 103.4 226.8 16.8 18.4 269.1 1, 253. 6 205.3 250.0 247.2 36.4 Feb. 22__. 2,089. 0 445.2 216.5 119.4 238.4 16.7 13.0 257.7 1,306. 8 223.2 264.6 258.5 35.9 Mar. 29... 2, 264. 2 473.9 219.5 143.9 247.1 18.7 14.8 314.7 1,432. 7 236.6 300.7 250.9 43.3 Apr. 26__. 2, 505. 6 548.9 269.0 154.9 244.2 13.9 13.1 365.3 1, 609. 3 267.0 330.6 251.4 47.3 May 31... 2,612. 7 578.0 275.3 137.1 238.4 15.7 14.3 370.5 1, 629. 3 309.4 371.7 253.8 48.6 June 28. _. 2, 619. 5 607.4 284.4 146.0 240.8 15.1 12.2 366.9 1, 672. 7 291. 7 363.0 242.5 49.7 July 26... 2,637.4 567.5 284.2 153.8 248.8 13.8 12.8 379. 6 1, 660. 4 293.6 375.5 253.6 54.4 Aug. 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. 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 Oct. 4... 2,957. 7 636.5 291.4 186.0 294.8 9.5 19.0 445.4 1,882. 7 326.1 382.8 298.4 67.7 Oct. 11.. 2,941.8 644.5 276.9 177.5 296.3 8.1 20.0 455.0 1,878. 5 322.2 383.3 290.5 67.3 Oct. 18. _ 3 2, 986. 8 648.4 261.3 181.8 296.7 9.4 31.0 449.9 1,878. 5 311.4 379.0 348.2 Oct. 25.. 3,010.9 630.6 259.9 186.0 307.4 9.6 31.6 475.6 1,900.7 309.2 379.0 352.4 TABLE 9.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES Date 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 - e S r 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 r t o a p l e Canada Am La e t r i i n ca E F a a s r t o A th ll er 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 I 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 3.6 1933—Dec. 27 898.8 192.5 18.4 12.3 260.9 16.7 83.2 651.0 32.3 159.7 49.7 6.2 1934— Nov. 28»___ 827.1 I 201.3 94.1 15.9 8.5 178.8 10.7 60.2 I 669.5 84.4 124.4 46.2 2.6 Reported by Banks in United States 1934—Dec. 5 *.__. 1,137.8 266.4 103.2 19.2 8.3 239.6 26.5 81.3 749.5 91.2 170.7 118.1 8.3 1936—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 Dee. 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—Deo 30 672.6 114.1 16.8 21.9 5.4 165.1 10.9 57.8 392.1 59.4 141.1 67.2 12.9 1937—Dec. 29... 655.0 84.8 13.5 23.0 5.5 126.1 20.8 52.9 326.5 118.0 114.4 78.9 17.2 1938—Oct. 26... 607.8 100.0 13.9 20.5 3.9 96.7 15.7 47.4 •298.1 85.8 92.9 117.4 13.7 Nov. 30 .. 631.4 90.9 12.9 26.6 5.5 93.8 15.1 47.8 292.6 78.0 97.8 147.7 15.3 Dec. 28. __ 626.0 87.7 13.3 25.5 5.4 90.9 13.3 46.7 282.8 65.7 99.2 162.6 15.7 1939—Jan/25 _. 603.2 98.5 8.7 23.8 4.5 88.6 14.4 43.9 282.4 52.4 95.7 157.9 14.8 Feb. 22... 569.1 82.0 12.4 22.4 4.2 84.0 13.3 48.0 266.3 49.0 98.3 140.4 15.0 Mar. 29.. 553.6 83.0 13.8 20.1 3.6 81.4 16.4. 48.8 267.1 46.3 99.5 125.7 14.9 Apr. 26. _. 492.3 64.2 11.7 17.9 3.6 79.4 13.5 44.7 235.0 48.0 94.9 103.6 10.9 May 31... 504.3 55.4 10.7 18.7 3.4 79.2 11.9 41.1 220.4 49.4 111.1 110.6 12.8 June 28. _. 494. 6 55.4 10.7 19.7 4.5 77.4 9.5 39.9 217.0 54.0 110.3 100.5 12.8 July 26... 495.1 55.2 7.3 21.7 3.2 74.7 9.3 39.1 210.3 52.7 111.8 108.7 11.6 Aug. 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. 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 Oct. 4... 506.2 62.3 9.2 9.3 3.6 66.3 13.3 44.1 208.2 60.1 111.0 115.0 11.9 Oct. 11.. 502.7 68.6 8.7 9.5 4.0 62.7 12.6 47.4 213.5 55.9 109.5 111.8 12.1 Oct. 18. _ 3 554.1 71.1 9.3 9.6 4.2 62.5 11.7 46.0 214.3 47.3 110.6 3 170.5 11.3 Oct. 25.. 554.8 64.5 8.6 9.3 3.9 60.7 11.8 48.5 207.2 51.1 112.0 172.6 11.9 1 Last report date on old basis. 2 First report date on new basis. 3 See footnote to Table 1. 170 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 Notes vances Bankers' Public Other ties 1929—Dec. 25.. 145.8 260,0 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31. _ 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30.. 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28._ 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27.. 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26.. 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25.. 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30.. 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29.. 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—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.. 6.1 580.0 .7 38.3 2.5 144.2 541.8 107.1 19.8 40.5 18.3 N D O e o c c t v . . . 2 2 2 5 7 9 _ . _ . . . . . . . 2 2 2 5 5 5 8 8 8 0 0 0 . . . 0 0 0 1 1 . . . 9 0 1 5 2 5 3 5 1 . . . 0 6 6 4 4 4 . . . 6 3 5 1 1 1 2 7 3 7 6 2 . . . 7 1 1 5 5 5 2 5 2 8 4 7 . . . 7 6 1 1 1 1 1 1 0 6 7 3 . . . 8 3 5 2 2 1 9 7 2 . . . 7 6 8 4 4 3 2 0 9 . . . 0 2 2 7 1 1 7 7 7 . . . 9 7 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 market7 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 22,183 1,989 1932—Dec. 30.. 83,017 4,484 6,802 3,43_8 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 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 13,655 2,557 1937—Dec. 30_. 911 5,580 652 10,066 31,909 675 3,781 7,277 93,837 3,461 19,326 3,160 1938—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 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. '092,266 756 8,609 2,165 6,012 20,577 127 3,362 14,452 124,666 3,755 17, 255 2,649 May 25.. 92, 266 754 8,164 2,276 4,774 20,577 78 3,401 14,264 121,391 4,573 17, 570 3,020 June 29.. 92, 266 722 8,074 2,279 5,009 20,577 374 3,471 14,753 122,611 5,188 16,909 2,816 July 27.. 92, 266 722 8,316 2,275 5,000 20,577 472 3,461 14,458 123,239 5,468 16,058 2,781 Aug. 31. 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 3,661 16,482 144, 562 2,342 18,022 2,926 Oct. 26.. 97,266 85 10,038 2,007 8,298 25,473 3,576 17,100 144,379 2,004 14,790 3,006 Nov. 30_ 97, 266 120 10, 565 1,626 5,206 30,473 454 3,581 17,769 149,370 1,953 12,392 3,346 Dec. 28.. 97,266 111 (u) 2,345 5,149 34,664 164 3,482 (u) 151,322 1,915 14,750 (u) p Preliminary. 1 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. 2 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. * On July 12,1939, £20,000,000 of gold transferred from Exchange Account to Bank of England. s On Sept. 6,1939, £279,000,000 transferred from Bank of England to Exchange Account. s 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 see BULLETINS for December 1939, p. 1140 and December 1938, p. 1091. 7 Negotiable bills of Caisse Autonome and bills bought under authority of decree of June 17,1938 (see BULLETIN for Aug. 1938, p. 650). 8 Bills and warrants endorsed by National Wheat Board (law of Aug. 15,1936—see BULLETIN for Oct. 1936, pp. 785-786), and bills rediscounted for account of Banques Populates (law of Aug. 19,1936—see BULLETIN for Oct. 1936, p. 788). »Includes advances granted under authority of Conventions between Bank or 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). " On April 20, and again on Aug. 3,1939, 5,000,000,000 francs of gold transferred from Stabilization Fund to Bank of France. " Figures not yet available. NOTE.—For further explanation of table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. FEBRUARY 1940 171 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Assets Liabilities Reichabank Reserves of gold andBills (and Securities (Figu r r e e i s c h in sm m ar i k ll s io ) ns of T fo o re ta ig l n exchange i T n ch c re l e u a c d s k u 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 r ti c o o u t n l e a- Deposits l O ia t t i b h e i e s li r reserves Gold* bills cover 1929—Dec. 31 2,687 2,283 2,848 251 92 656 5,044 755 736 1 19 9 3 3 1 0 — _ D D e ec c 3 3 1 1 2 1 , ,1 6 5 8 6 5 2,2 9 1 8 6 4 4 2 , , 2 5 4 7 2 2 2 2 5 4 6 5 1 16 0 1 2 1,0 6 6 3 5 8 4 4, , 7 7 7 7 6 8 6 7 5 5 2 5 1,3 8 3 2 8 2 1932—Dec 31 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31 ._ 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—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 77 8,150 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 1,204 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 Dec. 30 78 11,392 30 804 393 2,498 11, 798 2,018 1,378 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] Dec. Nov. Oct. Dec. date of month] Dec. Nov. Oct. Dec. National Bank of Albania (thou- National Bank of Belgium (millions sands of francs): of belgas): Gold 7,567 7,574 Gold reserve... __ 3,589 3,603 3,428 Foreign assets 54,034 18, 320 Other gold and foreign exchange 680 845 924 Loans and discounts 6,239 5,320 Discounts 818 552 214 Other assets 8,789 4,401 Loans _ _ 196 126 41 Note circulation 27, 415 10, 529 Other assets 528 549 464 Other sight liabilities 34,324 12,155 Note circulation 5,540 5,370 4,398 Other liabilities ._ 14,891 12, 932 Demand deposits—Treasury 1 1 114 Central Bank of the Argentine Other 147 181 440 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- 158 126 71 of bolivianos): Negotiable Government bonds 285 256 95 Gold at home and abroad 58, 868 Other assets 195 193 224 Foreign exchange _. 37,390 Note circulation 1,155 1,151 1,118 Loans and discounts 26, 433 Deposits—Member bank 524 487 321 Securities—Government 400,848 Government ... 104 85 110 Other... 4,551 Other 6 6 1 Other assets 43,545 Foreign exchange sold forward 16 15 18 Note circulation 288,090 Other liabilities 57 56 47 Deposits 218,128 Commonwealth Bank of Australia Other liabilities— 65, 418 (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 2,006 Securities- 44, 785 44,488 45, 999 Net foreign exchange in reserve 4 Banking department: Foreign exchange 1,452 1,279 Coin, bullion, and cash 3,469 1,790 1,124 Loans and discounts 2,171 977 London balances 18, 281 11,042 25, 665 Government debt 3,417 3,441 Loans and discounts 18, 659 19,311 15,144 Other assets 1 553 1,136 Securities 61,165 60, 540 52,160 Note circulation 4,374 2,800 Deposits .__ 95, 675 89,061 87, 530 Deposits 3,735 3,707 Note circulation 52,025 51, 525 53, 030 Other liabilities 2,494 2,332 Bank of Belgian Congo (millions of Bank of Canada (thousands of Ca- Belgian francs): nadian dollars): Gold 166 Gold 225, 677 225, 675 225, 675 185,912 Loans and discounts 434 Sterling and United States ex- Other assets _ 466 change 64, 325 60, 707 46, 564 28,354 Note circulation _ _ ... 396 Canadian Gov't securities: Deposits 535 2 years or less 181, 897 199, 347 193,862 144,621 Other liabilities 135 Over 2 years 49, 876 46, 282 55,039 40,895 Other assets 5,453 5,530 7,893 5,153 Note circulation 232, 779 222, 301 224,401 175,260 Deposits-Chartered banks 216,996 223, 596 234,102 200,646 Dominion Government 46, 270 52,404 39,089 16, 673 Other 17, 852 26,137 18,432 3,086 Other liabilities 13, 330 13,105 13,008 9,271 172 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] Dec. Nov. Oct. Dec. date of month] Dec. Nov. Oct. Dec. Central Bank of Chile (millions of Central Reserve Bank of El Salvador—Cont. Odd... 146 146 145 Deposits _ 6,376 6,590 5,580 Discounts for member banks 77 76 73 Other liabilities 3,556 3,625 3,608 Loans to government 754 754 758 Bank of Estonia (thousands of Other loans and discounts 254 244 182 krooni): Other assets 41 60 37 Gold'.. „ - 40,909 40,907 34,298 Note circulation __. 855 866 795 Foreign exchange (net) 2,753 2,506 17, 293 Deposits- Loans and discounts 50,158 50, 613 29, 613 Bank 197 192 198 Other assets 40, 908 41, 208 36, 575 Other _ 61 65 61 Note circulation 64,695 70,176 51, 691 Other liabilities _ 159 156 141 Demand deposits _. 31, 325 26,250 37, 509 Bank of the Republic of Colombia Other liabilities __ 38, 707 38,808 28, 578 (thousands of pesos): Bank of Finland (millions of mark- Gold _ 36, 758 37,438 37, 233 42, 223 kaa): Foreign exchange.. __. 5,628 6,161 4,944 4,975 Gold _ 1,180 1,128 Loans and discounts 25, 723 21, 661 22,040 21,169 Foreign assets _ 2,085 2,534 Government loans and securities. 37,053 36,463 37, 087 39,067 Loans and discounts 2,059 1,177 Other assets _ 32,153 32,876 31,986 26, 767 Domestic securities 328 306 Note circulation 60,411 54,061 53, 795 58,300 Other assets 343 180 Deposits __ 46, 232 48,352 47,641 •40, 537 Note circulation 3,378 2,086 Other liabilities 30,674 32,183 31,855 '35, 363 Deposits—Treasury 244 National Bank of Czecho-Slovakia i Other 553 850 (millions of koruny): Other liabilities 2,064 2,146 Gold — 1,602 1,635 2,694 Bank of Greece (millions of drach- Foreign exchange 802 766 1,248 mas): Discounts. __ __. 970 1,594 2,741 Gold and foreign exchange (net)_. 3,414 3,343 3,564 Loans 1,025 1,050 808 Loans and discounts _ 12,808 13,018 8,841 Other assets _ 5,703 4,978 1,661 Government obligations— _ 4,207 4,207 4,292 Note circulation. 6,418 6,339 6,950 Other assets 2,242 2,231 1,692 Demand deposits 785 1,051 656 Note circulation 9,324 9,883 7,239 Other liabilities. 2,899 2,632 1,547 Deposits _ 11,345 10,823 9,598 National Bank of Denmark (mil- Other liabilities _ 2,002 2,093 1,553 lions of kroner): National Bank of Hungary (mil- Gold. 117 117 118 lions of pengo): Foreign exchange 8 112 124 124 124 Discounts 28 22 Foreign exchange reserve. ._ 76 83 97 Loans—To Government agencies 128 88 134 Discounts 593 625 511 Other 198 210 158 Loans—To Treasury 313 343 268 Securities 213 214 148 Other _ 39 35 14 Other assets 105 80 107 Other assets 346 334 296 Note circulation 519 488 441 Note circulation._ __ 965 1,032 863 Deposits 118 94 170 Demand deposits 197 178 196 Other liabilities 161 164 188 Certificates of indebtedness 94 94 66 Central Bank of Ecuador (thou- Other liabilities 235 240 185 sands of sucres): Reserve Bank of India (millions of Gold 36,444 rupees): Foreign exchange (net) 4,340 Issue department: Loans and discounts 58,205 Gold at home and abroad 444 444 444 Other assets 18, 695 Sterling securities _ 825 745 595 Note circulation._ 69,061 Indian Gov't securities 373 373 323 Demand deposits 34,466 Rupee coin 695 725 702 Other liabilities ___..__ 14,159 Note circulation 2,201 2,103 National Bank of Egypt5 (thou- Banking department: sands of pounds): Notes of issue department... 136 185 184 Gold 6,545 6,545 Balances abroad 151 142 13 Foreign exchange 1,449 3,209 Treasury bills discounted- 32 20 83 Loans and discounts 10,435 8,420 Loans to Government 36 11 British, Egyptian, and other Investments 68 56 Government securities 27, 526 26, 997 Other assets __ 36 22 Other assets __ 12,934 6,002 Deposits 338 337 243 Note circulation __ 26,421 20,406 Other liabilities 122 121 125 Deposits—Government 5,892 4,836 Bank of Japan (millions of yen): Other 17, 710 17,813 Gold. — _ 501 501 501 Other liabilities _ 8,119 Special foreign exchange fund. 300 300 300 Central Reserve Bank of El Salva- Discounts 394 390 457 dor (thousands of colones): Loans—Government 3 3 Gold... _ 13, 208 13,208 13, 207 Other 191 138 Foreign exchange 2,993 3,429 3,204 Government bonds... 2,215 2,044 1,841 Loans and discounts _. 2,055 1,588 1,284 Other assets 423 365 295 Government debt and securities- 5,028 5,085 5,469 Note circulation. 2,736 2,687 2,755 Other assets 1,023 1,083 876 Deposits— Government 878 307 Note circulation. _ 14,375 14,178 14, 851 Other 110 131 Other liabilities 302 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. 8 Gold revalued in part on March 6,1939 at 0.2802 gram fine gold per kroon. 4 In accordance with law XXV of 1938 gold revalued on January 15, 1939, at 0.1754 gram fine gold per pengo and resulting increment included in other assets. FEBRUARY 1940 173 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] Dec. Nov. Oct. Dec. date of month] Dec. Nov. Oct. Dec. Bank of Java (millions of guilders): Bank of Portugal—Cont. Gold 129 129 117 Note circulation 2,350 2,279 Foreien bills 19 13 11 Other sight liabilities 925 1,071 Loans and discounts 73 70 66 Other liabilities 1,023 1,093 Other assets 93 95 103 National Bank of Rumania (mil- Note circulation.. __ 195 197 188 lions of lei): Deposits 92 84 83 Gold 20,671 "20, 581 18,190 Other liabilities 27 26 26 Special exchange accounts 4,969 4,417 4,611 Bank of Latvia (millions of lats): Loans and discounts __ 22,197 23, 255 13,088 QO QO QQ 1 301 1 332 1 776 Foreign exchange reserve 13 21 42 Government debt 10, 205 10, 200 10, 282 Loans and discounts 198 197 162 Other assets _ _. _ 13,979 13, 743 11,338 Other assets 51 47 60 Note circulation 47,891 48,382 34,902 Note circulation 110 118 83 Demand deposits _ _ _ 10,407 10,162 13, 728 Deposits 194 191 213 Other liabilities 15,025 14, 984 10,656 Other liabilities 56 55 50 South African Reserve Bank (thou- Bank of Lithuania (millions of litu): sands of pounds): Gold 57 58 65 Gold 30,846 29,471 26, 725 Foreign exchange 2 4 5 Foreign bills 7,125 7,125 8,096 Loans and discounts 152 146 121 Other bills and loans _ 51 64 1,716 Other assets 51 41 34 Other assets 21,035 19, 752 15, 524 Note circulation 163 160 142 Note circulation 17,837 19, 302 19,101 Deposits 66 55 62 Deposits 37, 506 33, 609 29,140 Other liabilities 34 34 21 Other liabilities 3,714 3,501 3,821 Netherlands Bank (millions of guil- Bank of Sweden (millions of ders): kronor): Gold 1,014 1,029 1,108 1,461 Gold 733 732 707 Silver (including subsidiary coin) 11 11 12 27 Foreign assets - __ . 406 452 834 Foreign bills 2 2 2 4 Discounts 65 14 13 Discounts 77 76 43 9 Loans 150 111 37 Loans.. _ _ _ 243 238 240 309 Domestic securities 217 207 106 Other assets 85 88 86 68 Other assets 539 511 466 Note circulation 1,152 1,143 1,126 992 Note circulation ._ _ _ 1,232 1,248 1,061 Dftposits—Gnvflrnrn^nt 137 Dftmftnd deposits 632 573 933 Other 229 250 316 702 Other liabilities 246 207 169 Other liabilities 49 49 49 47 Swiss National Bank (millions of Reserve Bank of New Zealand francs): (thousands of pounds): Gold 2,310 2,395 2,890 Gold 2,802 2,802 2,802 Foreign exchange _ 342 291 280 Sterling exchange reserve 6,625 5,743 4,678 Discounts 95 95 159 Discounts 500 Loans 61 54 22 Advances to State or State un- Other assets 683 686 711 dertakings 22, 257 23, 237 16,457 Note circulation 2,012 2,036 1,751 Investments _ _ _ 3,238 3,620 3,605 Other sight liabilities _ 828 835 1,663 Other assets 288 347 440 Other liabilities 650 649 647 Note circulation 17,435 17, 372 16, 641 Central Bank of the Republic of Demand deposits 15, 604 16, 273 10,114 Turkey (thousands of pounds): Other liabilities 2,170 2,104 1,726 Gold . 36,836 36,836 36,872 Bank of Norway (millions of Foreign exchange—Free 50 18 29 kroner): In clearing accounts 4,463 2,831 7,163 Gold 227 227 206 Loans and discounts 221,969 218,159 105,461 Foreign assets 92 79 217 Securities 197,062 196,632 191,899 Total domestic credits and Other assets 39,395 34,360 23, 785 securities 403 395 228 Note circulation 296,441 294,441 204, 744 Discounts 198 84 Deposits 75,978 71,827 46,727 Loans 0) 71 34 Other liabilities 127, 357 122, 568 113, 738 Othe S r e a c s u s r e i t ti s es. 0 (i) ) 1 3 2 4 6 1 5 1 7 1 Ba ( n th k o u o s f a n t d h s e o R f e p p e u so b s li ) c : of Uruguay Note circulation 528 534 477 Issue department: Demand deposits—Government- 31 19 38 Gold and silver . (3) Other 90 87 92 Note circulation (3) Other liabilities (i) 96 99 Banking department: Central Reserve Bank of Peru Gold 2,712 (thousands of soles): Notes and coin 42, 617 Gold and foreign exchange 48,832 Loans and discounts 104,232 Discounts 24, 379 Other assets 70, 301 Government loans 85,076 Deposits . 83, 232 Other assets 4,935 Other liabilities 136, 629 Note circulation 107, 708 National Bank of the Kingdom of 39, 896 Yugoslavia (millions of dinars): Other liabilities 15, 618 Gold 1,988 1,987 1,910 Bank of Portugal (millions of Foreign exchange - 589 616 644 escudos): Loans and discounts... 2,560 2,573 1,771 Gold 920 919 Government debt 3,028 2,835 2,228 Other reserves (net) 444 518 Other assets. , 3,963 3,944 3,179 Non-reserve exchange 203 158 Note circulation 9,163 9,244 6,921 Loans and discounts 428 494 Other sight liabilities 1,930 1,546 2,093 Government debt _ 1,036 1,038 Other liabilities 1,034 1,164 717 Other assets 1,266 1,315 i Figures not yet available. ' Agricultural and urban loans in process of liquidation. « Figures not available. 174 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 francsl] 1939 1938 1939 1938 Assets Liabilities Dec. 31 Nov. 30 Dec. 31 Dec. 31 Nov. 30 Dec. 31 Gold in bars 22, 608 22,100 42,119 Demand deposits (gold) 10, 298 10, 266 9,462 Cash on hand and on current account with banks 50,415 28, 678 17,845 Short-term deposits (various curren- Sight funds at interest 11, 788 12, 356 16, 571 cies) : Central banks for own account 46, 471 27, 675 132,434 Rediscountable bills and acceptances Other . 3,142 2,777 7,130 (at cost) 160,348 159, 689 221,087 Time funds at interest 9,960 20,653 35, 592 Long-term deposits: Special accounts... 229, 644 229,644 255,012 Sundry bills and investments . 218, 910 210,582 261, 779 Other liabilities 190,147 189,225 191, 869 Other assets 5,674 5,531 913 Total liabilities 479,702 459, 587 595, 907 Total assets 479, 702 459, 587 595,907 i See BULLETIN for December 1936, p. 1025. MONEY RATES IN FOREIGN COUNTRIES [Per cent per annum] United Kingdom (London) Germany (Berlin) Netherlands (Amsterdam) Month a 3 c B c m a e n p o k t n a e n t r h s c 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 ll a o d n w e k p a e o n r s c s i e ' ts d P i r s r a c i t v o e a u t n e t M 1 o m ne o y n t f h or D m ay o - n to ey -day d P is r r i c a v o t a e u t n e t M 1 o m ne o y n t f h or 1929—December. 4.76 4.75 4.23 6.98 8.78 8.14 3.52 3.87 1930—December. 2.30 2.34 1.60 4.82 7.24 5.54 1.39 1.86 1931—December. 5.85 5.60 4.27 7.33 7.40 8.45 1.57 1.59 1932—December. 1.02 1.04 .81 3.87 5.08 4.91 .37 1.00 1933—December. 1.06 1.15 .77 3.87 5.50 4.97 .52 1.00 1934—December. .57 .47 .70 3.50 3.56 4.28 .60 1.00 1935—December. .71 .68 .75 3.00 3.23 3.15 3.20 3.08 1936—December. .83 .84 .78 3.00 2.88 3.05 .76 1.48 1937—December. .75 .75 .75 2.88 2.84 2.96 .13 .50 1938—December. .93 2.88 2.88 2.86 .13 .50 1939—June .75 .76 .77 V2 2.79 2.50 2.71 .49 .75 July .79 .77 .75 H 2.75 2.50 2.65 .51 .75 August 1.58 1.92 1.35 V2-2 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 2.75 2.19 1.75 2.41 December. 1.23 1.24 1.03 2.25 2.75 Sw la it n z d er- ( B B e ru lg s i s u e m ls) F (P r a a r n i c s e ) (M It i a l l a y n) Hungary S ( h S w o t e o lm d c e k ) n - Japan (Tokyo) Month d P is r r i c a v o t a e u t n e t d P is r r c i a v o te a u t n e t d P is r r i c a v o t a e u t n e t d P is r r i c a v o t a e u t n e t c c ii o P l m r p i m m ap e e e r- r Da m y o -t n o e - y day L m oa o to n n s t 3 h u s p Dis b co il u ls nted ov m e C o rn a n l i e l g y ht 1929—November. 3.32 4.57 3.50 7.00 5.48 3.47 1930—November. 1.16 2.05 2.00 5.43 mA 5.48-5.66 3.65 1 1 9 9 3 3 2 1 — — N N o o v v e e m m b b e e r r . . 1 1 . . 7 5 7 0 2 3. . 0 4 0 4 1 1 . . 0 9 0 0 5 7 . . 0 5 0 0 5-6 6-7)4 5 5 . . 4 6 8 6 - - 6 5 . . 5 8 7 4 2 5 . .6 9 6 2 1933—November. 1.50 2.12 1.85 3.50 A-&A 5.11-5.48 2.56 1934—November. 1.50 2.35 1.44 3.19 3-5 5.11 2.56 1935—November. 2.44 1.88 3.89 5.00 4-7 5.11 2.78 1936—November. 1.46 1.00 1.96 4.50 4-6 4.75 2.86 1937—November. 1.00 1.78 3.26 5.00 4-6 4.75 2.63 1938—November. 1.00 2.01 2.90 5.00 4.56 2.50 1939—May __ 1.00 3.99 1.94 5.00 2^-5 4.47 2.37 June. 1.00 2.79 1.88 5.00 2M-5 4.47 2.39 July 1.00 2.30 1.88 5.00 2^5 August 1.00 2.24 1.95 September. 1.25 3.22 2.70 October... 1.25 3.19 2.34 November. 1.25 2.12 i Beginning September 1939 figures are those published in the Wochenbericht des Instituts fiir 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. FEBRUARY 1940 175 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT RATES OF CENTRAL BANKS f Per cent per annum 1 Central bank of— Date effective U K d n i o n i m t g e - d France m G a e n r y - g B iu e m l- N la e e n r t d - h s - S l w a e n i r t d z- Japan b C an e k n tr of a — l R J 2 a a 7 n te . ef D fe a ct t i e ve b C an e k n tr o a f— l R Ja 2 a n 7 te . ef D fe a ct t i e ve Albania 6 April 1, 1937 Japan __ 3.29 Apr. 7, 1936 In 1 e 9 f 3 f 6 e ct June 30, „ 2 4 4 2 3.29 A Be rg lg e i n u t m ina. . 2 J M an a . r . 25 1 , , 1 1 9 9 4 3 0 6 J L a a v t a via 3 J J a an n . . 14 1 , , 1 1 9 9 3 3 7 9 July 7 Bolivia 6 July 5, 1932 Lithuania- July 15, 1939 July 10 3 British India 3 Nov. 28, 1935 Mexico _ 3 Mar. 1, 1937 S 8 O e e c p p t t t . 2 9 25 5 3r 2 B C C u h an i l l g a e a d r a ia.. ._ s-l 6 y A D M u e a c g r . . . 1 1 1 1 6 5 , , , 1 1 1 9 9 9 3 3 3 5 5 6 N N e e la w th n e d rl Z an e d a- s 3 A N u o g v . . 1 2 9 9 , , 1 1 9 93 3 9 8 Oct 9 Colombia... 2 July 18, 1933 Norway Sept. 22, 1939 Oct 16 Czecho- Peru May 20, 1932 O N c o t v 2 2 0 6 VA De s n lo m v a a r k k ia. _ 3 J O a c n t . . 1 1 0 , , 1 1 9 93 3 9 6 R Po u r m tu a g n a i l a A M ug ay .- 1 5 1 , , 1 1 9 9 3 3 8 7 J J J D A u u a e u n n l c y g e 7 2 3 1 4 8 5 , 1937 4 6 4 5 2 E E E F F l r i c s n a t u S o n l a a a n c d n l e i o v a d r ador 3 4 43^ N J M D O a e o c n a c t v . r . . . . 3 3 0 4 0 3 1 , , , , , 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 2 4 9 9 5 S S S S T o w w p u u a r e i t k t i d h z n e e e y . n A r . l f a r n ic d a 4 3 V A 2 iM J M D N u e o a a l c y v r y . . . 2 1 2 1 5 6 9 1 5 , , , , , 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 9 8 3 6 9 Sept 3 Germany. _. 2 Sept. 22, 1932 United King- Nov 13 3 Greece 4 Jan. 4,1937 dom 2 Oct. 26, 1939 M M a a y y 1 1 3 0, 1938 2H 4 H Ita u l n y gary... 6 4 A M u a g y . 2 18 9 , , 1 1 9 9 3 3 6 5 U Y . u g S o . s S la . v R ia ._ - - 4 5 J F u e l b y . 1 1 , , 1 1 9 9 3 3 6 5 May 30 3 Sept 28 3 Oct 27 2H Nov 25 2K Ian. 4, 1939 2 Apr 17 4 May 11 3 July 6 Aug. 24_ 4 Aug 29 3 Sept. 28 3 Oct. 26 2 Jan 25 1940 2 In effect Jan. 27, 1940... 2 2 4 2 3 IX 3.2P » Not officially confirmed. Changes since Dec. 28: Belgium—Jran. 25, down from 2XA to 2 per cent. COMMERCIAL BANKS [Figures as of end of month, except those for United Kingdom, which are averages of weekly figures] Assets Liabilities (Figures in U m n i i l t l e io d n s K o i f n p g o d u o n m ds sterling) re C se a r s v h es M ca n s o l o h l n t o e i a c y r n t e d at B co il u ls n t d e i d s- Securi- L cu o s a e t n r o s s m t - o O as t s h e e ts r Total D D e e m po a s n it d s i Time * lia O b t i h l e it r ies 10 London clearing banks 1930— December.. 144 322 285 933 240 1,876 992 847 254 1931—December.. 184 119 246 297 905 222 1,737 868 846 237 1932-December.. 207 127 408 472 778 208 1,983 991 963 216 1933—December.. 213 119 311 56f 740 237 1,941 1,015 900 244 1934 December 216 151 255 594 759 247 1,971 1,044 910 251 1935- December . 221 159 322 606 784 231 2,091 1,140 924 231 1936—December.. 236 187 316 630 864 238 2,238 232 1937—December.. 236 155 295 605 954 242 2,250 237 1938—December.. 235 150 244 606 940 250 2,172 254 11 London clearing banks 2 1936— December. 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—December. 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—October- 234 149 268 645 973 256 2,256 1,247 1,009 270 November. 233 149 272 642 966 255 2,249 1,244 1,004 269 December. 243 160 250 635 971 263 2,254 1,256 997 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 1,232 987 263 July 235 155 278 597 986 251 2,240 1,241 999 263 August 233 152 279 599 985 269 2,245 1,239 1,007 275 September 268 146 236 603 1,016 276 2,278 1,272 1,006 266 October .. 256 159 289 605 1,020 271 2,327 1,299 1,028 272 November. 245 142 353 611 1,000 242 2,345 248 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 ack figures and explanation of tables see BULLETIN for October 1933, pp. 639-640. 176 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. fr F a i n g c u s r ) es in millions of Cash D b u a e n f k r s om B co il u ls n d te i d s- Loans Other Total D D e e p m o a s n it d s Time ac O c w ep n 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 4,367 1931—December.. 11,311 2,168 18,441 9,274 2,130 38,245 37,023 1,222 576 4,503 1932—December.. 9,007 1,766 22,014 7,850 1,749 37,759 36,491 1,268 295 4,331 1933—December.. 5,870 1,416 19,848 8,309 1,827 32,635 31,773 862 273 4,362 1934—December.. 5,836 1,421 18,304 8,159 L717 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—December.. 3,756 4,060 21,435 7,592 1,940 33,578 33,042 537 721 4,484 1939—January.... 3,329 22,100 7,079 1,339 33,444 32,863 581 643 3,745 February.... 3,433 3,824 23,024 6,927 1,250 34,243 33,619 624 538 3,677 March 3,604 3,519 23,945 6,654 1,310 34, 793 34,127 667 541 3,697 April 3,522 3,745 25,667 6,414 1,353 36,368 35,700 667 558 3,775 May , 5,148 3,769 25,102 7,061 1,409 38,120 37, 444 676 519 3,849 June 3,538 3,857 25, 263 6,538 1,472 36,231 35, 547 684 486 3,951 July. 3,464 3,580 25, 717 6,850 1,532 36,650 35,991 659 430 4,063 August 6,357 3,718 18, 784 7,353 1,674 33,293 32, 668 626 455 4,138 September. _ 5,062 3,862 20,888 7,710 1,735 34, 642 34,048 594 427 4,190 I* ssets Liabilities Germany 1 (5 large B l e io rl n in s o b f a r n e k ic s. h sm Fi a g r u k r s e ) s in mil- Cash b f D a ro n u m k e s B c i o l 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 t a r e a o n d i m k n i s e ts d l O ia t t i b h e i s e li r - 1930—November.. 191 1,483 2,453 7,416 482 9,091 3,857 5,233 1,986 1,828 1931—November.. 173 817 1,431 5,377 807 1,127 6,062 3,252 2,810 1,328 2,341 1932—November.. 143 583 1,631 4,570 991 6,161 2,958 3,203 1,146 1,550 1933—November.. 131 471 1,702 3,731 1,003 5,754 2,624 3,130 661 1,481 1934—November.. 115 393 2,037 3,331 874 983 5,816 2,731 3,085 485 1,432 1935—November.. 139 316 2,162 2,884 1,027 983 5,376 2,435 2,941 686 1,449 1936—November.. 137 269 2,567 2,729 1,112 851 5,751 2,661 3,090 579 1,334 1937—November.. 148 299 3,205 2,628 1,020 812 6,264 2,912 3,352 513 1,335 1938—August 199 255 3,589 2,731 1,098 844 6,933 3,219 3,714 416 1,368 September.. 270 295 3,384 2,817 1,097 876 6,915 3,311 424 1,400 October _... 179 261 3,620 2,743 1,183 895 7,031 3,373 3,658 422 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 7,334 3,619 3,716 414 1,436 February... 175 307 3,888 2,798 1,145 902 7,377 3,576 3,801 410 1,427 March 219 308 3,904 2,833 1,112 901 7,458 3,765 401 1,418 April. 189 271 4,364 2,761 1,082 891 7,745 3,870 3,875 1,414 May 237 292 4,537 2,772 1,073 852 7,981 3,985 1,385 June__ 214 306 4,108 1,080 829 7,793 3,793 3,999 390 1,342 Assets Liabilities Deposits payable in Can- Canada Entirely in Canada Security ada excl d u e d p in o g s its interbank abroad (10 cha l r io 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- Cash S l e o c a u n r s ity an O lo d t a h d n e i s r s- a fo n f d r r d o e u i m e n g e n t Se ti c e u s ri- Other ci N t r i c o o u t n l e a- Total Demand Time l O ia t t i b h e i s e li r counts banks 1930—December... 207 205 1,275 171 604 602 133 2,115 1,426 816 1931—December... 201 135 1,253 146 694 510 129 2,058 1,360 752 1932—December 211 103 1,104 155 778 439 115 1,916 538 1,378 760 1933—December... 197 106 1,036 134 861 432 121 1,920 563 1,357 725 1934—December... 228 103 977 155 967 449 124 2,035 628 1,407 718 1935—December. __ 228 83 945 141 1,155 485 111 2,180 694 1,486 745 1936—December... 240 114 791 161 1,384 507 103 2,303 755 1,548 790 1937—December... 255 76 862 102 1,411 510 96 2,335 752 1,583 785 1938—December.... 263 65 940 166 1,463 474 2,500 840 1,660 782 1939—January 276 63 919 167 1,454 85 2,457 789 1,667 796 February 267 60 921 171 1,490 450 2,471 780 1,691 800 March .___ 259 56 943 192 1,499 458 2,492 791 1,700 821 April 260 54 956 203 1,509 449 2,509 812 1,697 833 May 266 55 963 217 1,505 452 2,524 846 1,678 850 June 255 53 957 226 1,525 494 2,542 862 1,680 875 July 266 51 947 202 1,520 468 2,520 822 1,697 849 August.. 265 49 957 245 1,507 461 2,524 822 1,702 873 September- 279 51 1,020 214 1,502 475 2,583 891 1,692 862 October 304 53 1,083 209 1,662 474 2,837 1,128 1,709 858 November... 295 56 1,102 157 1,665 475 2,809 1,074 1,735 851 December. ._ 292 53 1,088 132 1,646 490 85 2,774 1,033 1,741 842 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. FEBRUARY 1940 177 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] Brazil (milreis) Chile (peso) Year or month A (p t r i e g n s e a o n ) - (p t A r o a u u l s i n - a d) ( g b B i e u e lg m l- a) Official m F a r r e k e et ( B I ru r 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 - Official Export 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 pe u s b o a ) 1933.- 72.801 337.D? 17.900 7.9630 31.816 10039 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 12951 99.493 5.0833 36. 571 56.011 99. 920 1936 33.137 395.94 16.917 8. 5681 5.8788 37. 523 12958 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 12424 99. 419 5.1716 4.0000 21. 360 55. 953 99. 925 1939 30. 850 353. 16.852 6. 0027 5.1248 33. 279 12111 96.018 5.1727 4.0000 11.879 57.061 99. 939 1939—January 31.126 372.06 16.893 5. 8598 34.881 1.2156 99.194 5.1739 4.0000 16. 256 57. 055 99. 932 February. _ . 31. 236 373. 33 16. 860 5. 8602 35.014 12130 99.502 5.1736 4.0000 15.885 56. 990 99.933 March . 31. 234 373. 27 16. 823 5. 8647 35.057 12103 99. 583 5.1733 4.0000 16.016 56.983 99. 932 April 31.207 372.86 16.838 '5.9941 5.3759 34.962 1.2089 99. 483 5.1735 4.0000 16.015 56. 982 99. 936 May 31. 210 372.89 17.016 6. 0586 5. 3931 34. 916 12101 99. 620 5.1733 4.0000 15. 987 57.009 99.942 June . 31.217 373.12 17.008 '6.0586 '5.1737 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 12126 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 12111 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 December _. 29. 773 313.13 16. 577 6. 0576 5. 0263 30.032 87. 615 5.1705 4.0000 7.487 57.022 Year or month ( s C k lo z o e v r c u a h n k o a ia - ) ( m D kr e a o n r n - k e) (p E o g u y n p d t ) ( k l F m a k i n n a a d - r ) - F (f r r a an n c c ) e ( m m r G e a a i e r c n r k h - y ) s- G (d m r r e a a e c ) c h e - (d H K o o o ll n n a g g r) (p H g e a u n r n g y - o) ( I l t i a r l a y ) J ( a y p e a n n ) M (p e e x s i o c ) o ( N g l u e a t i n l h d d e e s r r - ) Z (p e N a o e l u a w n n d d ) 1933 __ 3.8232 19.071 434.39 1.8708 5.0313 30.518 .7233 29.452 22.360 6. 7094 25. 646 28.103 51.721 340.00 1934 4.2424 22.500 516.85 2.2277 6. 5688 39.375 .9402 38.716 29. 575 8. 5617 29. 715 27.742 67. 383 402.46 1935 _._ 4.1642 21.883 502.60 2.1627 6.6013 40.258 .9386 48.217 29.602 8. 2471 28.707 27.778 67.715 391.26 1936 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 3. 4252 20.346 478.83 1. 9948 2. 5103 40. 061 .8153 V7. 454 19. 238 5.1959 25. 963 19. 303 53. 335 354. 82 1939—January 3. 4258 20.841 478. 76 2.0543 2. 6369 40.066 .8558 29.107 19. 632 5. 2603 27. 205 19. 483 54.187 373. 59 February } 4248 20.912 480.43 2.0604 2.6471 40.117 .8583 29. 078 19. 627 5. 2602 27. 297 19. 973 53. 626 374.84 March 3. 4245 20.912 480.40 2.0597 2. 6488 40.098 .8586 29.049 19. 613 5. 2601 27.300 20.026 53.092 374.78 April 20.891 479. 90 2.0542 2. 6478 40.081 .8579 28. 659 19. 602 5. 2601 27. 274 20.023 53.132 374.41 May 20.895 479. 97 2.0548 2.6487 40.115 .8570 28.884 19. 588 5. 2603 27.277 20.025 53. 601 374.42 June . _ 20.900 480.10 2.0559 2. 6493 40.105 .8565 28. 916 19. 577 5. 2604 27. 284 19. 753 53.167 374. 60 July 20.896 480.00 2.0547 2. 6488 40.113 .8576 28.703 19. 576 5. 2605 27. 279 17.133 53.278 374. 49 August 20.834 472.41 2. 0456 2. 6137 39.859 .8520 28.213 19. 576 5.2515 26.870 16.800 53.484 368.82 September. 19. 317 432.04 1. 9000 2. 2651 r39. 864 .7575 24. 863 5.1445 23. 459 19.023 53.182 319. 75 October 19. 291 1.8943 2.2736 40.092 .7345 25.030 5.0465 23. 510 20.151 53.115 320.81 November 19. 294 1. 8964 2. 2246 r40.127 .7244 24.491 17.602 5.0444 23. 440 20 497 53 080 313 96 December 19. 297 1.8136 2. 2269 40.097 .7157 24.482 17. 600 5,0452 23. 441 18.185 53.107 315.03 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 f u r u i n t c h d a ) (p S e p s a e i t n a) ( S S m d e t o r e t l a t n l l i a t e t s r s - ) (k S r d w o e n e n - a) ( e S f r w r l a a i n t n c z d ) - ( T po u u rk n e d y ) ( T p K d T o i o n u n i m f n g o d r - l ) Con- Non-con- ( Y s d l i a u n v g a i o a r - ) trolled trolled 1933 ._ 21.429 14.414 3.9165 .7795 414.98 10. 719 49.232 22.032 24.836 60.440 423.68 60.336 1.7607 1934 25.316 18.846 4.6089 1.0006 498 29 13.615 59 005 25.982 32.366 79.047 503 93 79 956 2 2719 1935 __ 24.627 18.882 4.4575 .9277 484.66 13.678 57.173 25.271" 32.497 80.312 490.18 80.251 2.2837 1936 24.974 18.875 4. 5130 .7382 491 65 12.314 58 258 25. 626 30.189 80. 357 497 09 79 874 2 2965 1937 __ 24.840 18.923 4. 4792 .7294 489.62 6.053 57. 973 25.487 22. 938 80.130 494. 40 79.072 2.3060 1938 24. 566 18.860 4. 4267 .7325 484 16 5.600 56 917 25.197 22.871 80.109 488 94 64 370 2 3115 1939 23. 266 18.835 4.0375 .7111 440.17 9.988 51. 736 23. 991 22. 525 80. 243 443. 54 62. 011 36. 789 2. 2716 1939—January 23.459 18.901 4.2384 .7311 462. 22 4.613 54. 246 24.041 22. 582 80. 436 466. 94 61. 438 2. 2800 February 23. 539 18. 898 4.2508 .7272 463.83 54.416 24.133 22. 672 80. 385 468. 57 61 646 2 2820 March 23. 539 18.860 4.2502 .7140 463. 74 54.394 24.130 22.614 80.361 468.54 61.650 2. 2781 April 23.515 18.818 4. 2448 .7056 462 80 54 273 24. Ill 22. 431 80 279 468 05 61 592 2 2636 May 23.519 18.812 4.2460 .7056 463.11 11.023 54. 373 24.110 22.480 80.290 468 13 61 598 2 2675 June 23.524 18.812 4.2484 .7042 463. 32 11.023 54. 509 24.107 22. 546 80.101 468. 24 61.609 35.620 2. 2674 July 23.520 18.808 4.2506 .7035 463.28 11. 023 54.785 24.114 22.550 80.021 468.15 61. 600 35.818 2.2744 August 23. 376 18.754 4. 2234 .7043 456.10 11.000 53.996 24.002 22. 573 80.022 461.07 60. 659 35. 698 2. 2729 September.. 22. 655 3. 6564 394. 57 10. 492 46. 712 23. 763 22. 576 79.500 399. 51 (l) 38.180 October 22.697 3.6444 396 12 10.148 47 017 23 792 22 433 401 05 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 December. _ 22,701 3. 6044 . 7055 397.41 9.950 46.102 23. 796 22. 422 393. 01 65. 830 36. 457 2.2657 r Revised on basis of quotations heretofore not available. 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; 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. and Dec—British India, Germany, and Yugoslavia; Dec—Finland. 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. 178 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, Switzer- Year or month U S n ta i t t e e s d Canada K U in n g i d te o d m France Germany Italy (O Ja c p to a b n er lands land (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) (1926-30= (July 1914 100) =100) 1926 100 100 U24 695 134 237 106 144 1929 _ 95 96 627 137 95 220 100 141 1930 86 87 100 554 125 85 181 90 126 1931 73 72 88 500 111 75 153 76 110 1932 65 67 86 427 97 70 161 65 96 1933 66 67 86 398 93 63 180 63 91 1934 75 72 88 376 98 62 178 63 90 1935 80 72 89 338 102 68 186 62 90 1936 . . . 81 75 94 411 104 76 198 64 96 1937 86 85 109 581 106 89 238 76 111 1938 79 79 101 653 106 95 251 72 107 1938—November _ _ 78 74 98 674 106 97 254 70 106 December 77 73 98 684 106 96 255 71 106 1939—January 77 73 97 689 107 97 259 70 106 February. 77 73 97 685 107 97 264 70 105 March 77 73 97 683 107 98 265 70 105 April 76 73 97 675 106 98 266 70 106 May 76 74 98 684 107 97 270 70 107 June 76 73 98 683 107 98 270 70 106 July 75 73 98 678 107 96 270 70 107 August 75 72 98 674 107 272 71 107 September 79 78 106 107 288 75 117 October 79 79 111 107 293 81 120 November.... _ _ 79 80 117 107 300 84 123 December 79 82 314 85 P125 *• Revised. P Preliminary. 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 92 579 669 130 125 132 157 1930_ 100 100 526 579 113 113 120 150 1931 75 89 87 542 464 104 96 103 136 1932 70 88 85 482 380 91 86 89 118 1933 71 83 87 420 380 87 75 88 113 1934 78 85 90 393 361 96 76 91 116 1935 78 87 90 327 348 102 84 92 119 1936 80 92 96 426 397 105 86 94 121 1937_..__ __.. 85 102 112 562 598 105 96 96 125 1938 82 97 104 641 663 106 91 94 126 1938—November. 81 91 103 662 685 107 95 94 126 December. 80 92 102 684 685 107 95 94 126 1939—January... 80 93 100 688 690 108 94 94 126 February. 80 91 100 673 694 108 94 94 126 March 80 90 100 671 694 108 94 95 126 April 81 91 100 650 697 107 92 95 126 May 81 92 101 652 712 108 94 94 126 June 80 92 101 643 718 109 91 94 126 July 80 91 102 629 721 109 92 95 126 August 80 90 102 616 726 109 92 95 126 September. 82 101 108 108 95 126 October 84 109 111 108 96 126 November. 84 115 118 108 97 126 December.. 84 r Revised. 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. FEBRUARY 1940 179 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- Year or States land France many lands erland Year or States land France many lands month 1923- July July 1913- 1911- June month 1923- July 1913- 1911- 1925=1001914=1001914=1001914=1001913=1001914=100 1925=1001914=1001930=1001914=1001913=100 1926 109 161 554 146 161 160 1926 103 170 142 168 1929 105 154 611 156 162 156 1929 100 164 154 168 1930 100 145 614 146 150 152 1930 97 158 100 148 161 1931 82 131 611 131 136 141 1931 89 148 97 136 151 1932 68 126 536 116 119 125 1932 80 144 91 121 141 1933 66 120 491 113 120 117 1933 76 140 87 118 139 1934 74 122 481 118 124 115 1934 79 141 83 121 140 1935 81 125 423 120 118 114 1935 . 81 143 78 123 136 1936 82 130 470 122 120 120 1936 82 147 86 125 U32 1937 85 139 601 122 127 130 1937 - 84 154 102 125 137 1938 79 141 702 122 130 130 1938. 83 156 117 126 139 1938-November 78 140 727 121 128 130 1938-November 156 120 125 137 December. 79 139 742 121 130 130 December. 83 156 125 138 1939-January.__ 78 138 748 122 129 1939-January 155 126 February.. 77 138 744 122 129 February. 155 122 126 March 76 135 742 123 130 128 March 82 153 126 138 April 77 135 734 122 129 April 153 126 May 77 134 738 123 130 May 153 123 126 June 76 134 739 124 124 132 June 82 153 127 136 July 77 139 741 125 132 July 156 127 August 75 137 749 125 124 131 August 155 127 September 79 138 122 128 133 September 83 155 126 October... 78 154 122 136 October 165 126 November 78 157 122 138 November 169 126 December. 77 December- 173 coco Switzerland June 1914=100 162 161 158 150 138 131 129 128 130 137 137 137 137 137 136 136 136 137 137 138 137 138 140 142 P142 p Preliminary. i Revised index from March 1936 (see BULLETIN for April 1937, p. 373). Sources— See BULLETIN for April 1937, p. 373, and October 1939, p. 943. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks 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 * U St n a i t t e e s d 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 S 80.8 89.7 100.1 96 1939 81.6 89.2 1938—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 «93.2 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 N ovember 83.0 112.3 99.0 80.9 94 2 76.0 94. 5 85.8 December 82.1 112.4 91.8 75.7 « Corrected. i Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. *Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 per cent. For new index beginning January 1937, January-March 1937=100; average yield in base period was 3.39 per cent. » Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months January- June; index for 1932 represents average of months May-December. « New index. See note 2. Sources.—See BULLETIN for February 1932, p. 121; June 1935, p. 394; April 1937, p. 373; July 1937, p. 698; and November 1937, p. 1172. 180 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

redetal Publication! 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 Leading Cities 1, 1935, with mimeographed supplements showing Bank Debits amendments to date, has been printed by the Board Tuesday: and will be supplied without charge. Money Rates—Open-Market Rates in New York DIGEST OF RULINGS—from 1914 to October 1, 1937. City Digests of rulings of Board; compilation showing Wednesday: textual changes made in the Federal Reserve Act; Weekly Review of Periodicals digests of court decisions and opinions of the At- Thursday: torney General involving a construction of the Fed- Condition of Federal Reserve Banks Condition of Reporting Member Banks in New eral Reserve Act; and digests of court decisions in- York City and Chicago (Also a part of state- volving Federal Reserve Banks. Price $1.25 per ment of Condition of Reporting Member Banks copy. 683 pages. in 101 Leading Cities released on following THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND Monday) FUNCTIONS. Obtainable in cloth binding at 50 cents Friday: a copy and in paper cover without charge. 128 pages. Department Store Sales PROBLEMS OF BANKING AND BANK SUPERVISION. MONTHLY Excerpts from the 1938 Annual Report of the Board Federal Reserve Bulletin—released about the 4th of Governors of the Federal Reserve System. 33 pages. of the month (subscription price $2.00 per annum, single copies 20 cents; outside of the MONETARY MEASURES AND OBJECTIVES. Three state- United States, Canada, Mexico, and the insular ments by the Board on objectives of monetary policy, possessions, annual subscription $2.60, single on proposals to maintain prices at fixed levels through copies 25 cents). monetary action, and on legislative proposals relat- Federal Reserve Inter-District Collection System ing to monetary measures and objectives. 8 pages. (Par List)—including list of State bank mem- July 1937, April 1939, and May 1939. bers. Semi-annual issues, January-July, and monthly supplements—released about 7th of the THE HISTORY OF RESERVE REQUIREMENTS FOR month BANKS IN THE UNITED STATES. Legislation, designa- National Summary of Business Conditions—re- tion of reserve cities, and changes in the reserve posileased about the 16th of the month tion of banks. 20 pages. November 1938. Business Indexes—released about the 16th of the SUPPLY AND USE OF MEMBER BANK RESERVE month FUNDS. Explanation of analysis of sources of mem- Bank Debits—released between the 6th and 12th ber bank reserve funds and uses to which such funds of the month are put as indicated by Federal Reserve and Treas- Foreign Exchange Rates—released about the 1st ury statements. 31 pages. July 1935. of the month Money Rates—released about the 3rd of the month MEMBER BANK STATISTICS. A discussion of the statistics compiled and published by the Board cov- QUARTERLY ering the operations and condition of member banks. Member Bank Call Report (3 or 4 times a year 28 pages. November 1935. depending upon number of calls for condition reports) REVISED INDEXES OF FACTORY EMPLOYMENT. Bu- List of Stocks Registered on National Securities reau of Labor Statistics indexes adjusted for sea- Exchanges. Issued annually in February with sonal variation by Board of Governors. 32 pages, quarterly supplements (subscription price 25 October 1938; 10 pages, October 1939. cents for the List and three supplements; five or ANALYSES OF THE BANKING STRUCTURE—As of more copies on one order, 20 cents per copy; fifty December 31, 1935. Number, deposits, and loans and or more copies on one order, 15 cents per copy). investments of banks classified by size of bank and ANNUALLY town and by other factors. 33 pages. Bank Debits—released ordinarily in February The Gold Problem Today, by E. A. Goldenweiser— reprint of article, 4 pages, January 1940. Annual Report (covers calendar year) FEBRUARY 1940 181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK CHESTER C. DAVIS JOHN K. MCKEE ERNEST G. DRAPER LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary J. C. NOELL, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, 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. FOTTLK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEDERAL ADVISORYCOUNCIL MARRINER S. ECCLES, Chairman Boston District THOMAS M. STEELE GEORGE L. HARRISON, Vice Chairman New York District LEON FRASER •CHESTER C. DAVIS Philadelphia District HOWARD A. LOEB ERNEST G. DRAPER Cleveland District B. G. HUNTINGTON M. J. FLEMING Richmond District ROBERT M. HANES GEORGE H. HAMILTON HUGH LEACH Atlanta District RYBURN G. CLAY WM. MCC. MARTIN Chicago District EDWARD E. BROWN JOHN K. MCKEE St. Louis District S. E. RAGLAND RONALD RANSOM Minneapolis District JOHN CROSBY M. S. SZYMCZAK Kansas City District JOHN EVANS CHESTER MORRILL, Secretary Dallas District R. E. HARDING S. R. CARPENTER, Assistant Secretary San Francisco District PAUL S. DICK WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel E. A. GOLDENWEISER, Economist WALTER LICHTENSTEIN, Secretary JOHN H. WILLIAMS, Associate Economist R. G. ROUSE, Manager of System Open Market Account 182 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 Chai R rm es a e n r v a e n d A g F e e n d t eral President First Vice President Vice Presidents Boston Frederic H. Curtiss Roy A. Young William W. Paddock William Willett2 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 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. Keesee 2 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. Stewart2 Minneapolis Walter C. Coffey John N. Peyton Oliver S. Powell Harry I. Ziemer 3 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» San Francisco St. George Holden* ___ _ William A. Day . . Ira Clerk William M. Hale C. E. Earhart 2 Richard B. West 1 Deputy Chairman. 2 Cashier. 3 Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo Branch 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 Cyras 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. Norman Ambrose New Orleans Branch Lewis M. Clark Portland Branch __ David L. Davis Chicago: Salt Lake City Branch Winnie L. Partner Detroit Branch.... Ralph H. Buss Seattle Branch Clarence R. Shaw St. Louis: Little Rock Branch _ Arthur F. Bailey Louisville Branch Frank D. Rash Memphis Branch. _ William H. Glasgow FEBRUARY 1940 183 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