Federal Reserve Bulletin, 1940-03

FEDERAL RESERVE BULLETIN MARCH 1940 Review of the Month—Recent Business and Credit Developments From the Board's Correspondence—Sources of Lending Power of Federal Reserve Banks United States Balance of International Payments Condition of All Member Banks The Banks and Idle Money 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—Recent business and credit developments.... ... 185-191 The Banks and Idle Money, by Woodlief Thomas ... 192-200 From a Legal Standpoint: Exception relating to loans to executive officers of member banks 201 Rules and regulations by Securities and Exchange Commission under Trust Indenture Act of 1939 201 From the Board's Correspondence—Sources of lending power of Federal Reserve banks 202-203 Current events 204-205 British mobilization of American securities 206-207 Balance of international payments of the United States, 1938-1939.... 207 National summary of business conditions . .. 208-209 Financial, industrial, commercial statistics, United States (See p. 211 for list of tables.) 211-248 All Member Banks—Condition on December 30, 1939 249-250 International financial statistics (See p. 251-for list of tables.) . • 251-268 Federal Reserve publications 269 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 270 Senior Officers of Federal Reserve banks; Managing Directors of branches. . . 271 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 MARCH 1940 No. 3 /decent Isullnell and Gtadit In January and February business ac- In distributive channels also there appears tivity declined from the high level reached to have been an expansion of inventories. in the last quarter of 1939. Some lines of wholesale trade have shown Decline in Industrial production, and considerable increases, reflecting larger volbusiness activity particularly output of steel ume as well as higher prices, while in retail and some other basic materials, decreased trade stocks have shown little change. contrary to the usual seasonal trend. Conse- Exports from the United States, which quently, the Board's seasonally adjusted inusually decline in January, were maintained dex, which fluctuates to a large extent with this year at the December figoutput of basic materials, fell sharply from ure' which was the highest in a peak of 128 in December to 119 in January ten years. The most important and, according to preliminary estimates, to sustaining factor was a contraseasonal rise 109 in February. Last summer the index in shipments of raw cotton. Exports of was at a level of approximately 100 per cent many leading industrial commodities, which of the 1923-1925 average. Employment and reached high levels in December, declined payrolls and distribution of commodities have somewhat in January, particularly aircraft, also declined since December. Exports conmachinery, and chemicals. Exports of these tinued at a high level in January. and certain other semifinished and finished That some of the increase in buying and manufactures, however, continued large relain production following the outbreak of war tive to levels of the corresponding months in resulted in building up stocks of commodities other recent years. Aircraft shipments were is indicated by reports to the Department of still at the highest level for any month ex- Commerce, which show that the value of incept last December, when a number of deventories held by manufacturers increased layed consignments to the United Kingdom 9 per cent in the latter half of 1939 and at and France were cleared. In the machinery the year end were about 7 per cent above group there was a further rise in shipments those of a year earlier. Only part of the increase is attributable to higher valuations. of machine tools, but exports of electrical and During the latter part of the year there was other types of machinery, including agricula marked rise in backlogs of orders, chiefly tural implements, declined from December in the steel, machinery, and aircraft indus- levels. Exports of petroleum products, which tries. In December the flow of new orders did not share in the recent advance, were refell below the level of current shipments and duced sharply in January, while most other unfilled orders showed some reduction from industrial exports, including iron and steel earlier peak levels. Nevertheless, at the year mill products and refined copper, continued end new orders were still above the level pre- at substantially the same high level as in Devailing before the outbreak of war and above cember. Among agricultural commodities that for the end of the previous year. large percentage increases were shown by 185 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month preserved fruits and vegetables and by meats increase, but exceptional activity in the Britand meat products. ish cotton industry has also been a factor. Value of exports to the United Kingdom At Liverpool spot prices of American cotincreased sharply, reflecting mainly larger ton nearly doubled from the outbreak of war cotton shipments. France, the Netherlands, to early January and are currently about 50 and Japan also took larger amounts of raw per cent above the level of last August. Uncotton and each of these countries increased employment in British cotton manufacturing its total imports from the United States. Ex- during January was the lowest since 1927 ports to other countries showed scattered with only 7 per cent of the workers out of small changes, with declines predominating. jobs, compared with 21 per cent in January 1939. Cotton deliveries to mills in November The high level of cotton exports in January were the largest since 1929, and increased represented the prolongation of an active exfurther in December. For the first three port season. Measured in months of the war the index of the value of Increased world j tton exports f or the baes co wholesale textile sales, which includes textiles demand for cotton ' , , season to date have been other than cotton, was at the highest point nearly double last year's small total and about since the index was started in 1934. Price 25 per cent larger than the average for the advances undoubtedly account for part of the past five years. Restocking by cotton mills recent sharp rise in these value figures. abroad, where inventories were low at the The current high level of British cotton start of the war, and increased production of goods production reflects a number of factors. cotton goods in certain important markets With the outbreak of war there was a sharp account in part for the movement. The ex- increase in consumer buying of cotton goods port subsidy given by the United States Gov- and other fabrics. Retail sales of textiles ernment beginning last summer and fear of rose sharply during September and October future transportation difficulties were addi- but declined in November to the pre-war level. tional factors. No doubt part of the recent activity in cotton Both Spain and China have appeared as manufacturing has been for the building up large importers of American cotton. Cotton of inventories, which had previously been depleted. In addition, it has reflected the imgoods production in Spain, which was depact of a large volume of government orders pressed during the civil war, is now recoverand an expansion in exports of cotton manuing. Strife in China at first reduced mill factures. Quantity figures of cotton exports consumption below the level of Chinese profrom the United Kingdom are no longer availduction and permitted some exports of raw able, but the value of such exports, after dropcotton. Growth of the fiber in China, howping below the 1938 level in September and ever, has fallen to such a low level that im- October, was considerably higher than a year ports have become necessary to supply the ago in November and December, the latest mill demand. Among the European belligermonths for which data are available. Mainents, exports to Germany have ceased, but tenance of cotton activity in the United Kingshipments to the United Kingdom have indom will depend largely on the rate of governcreased greatly. Exports to England have ment purchases, and the results obtained by accounted for nearly a third of total Amerithe government's efforts to expand exports can cotton exports during the current season, of cotton manufactures. compared with an average of about 20 per American consumption of cotton has also cent over the preceding twelve years. Shipbeen at a high level in recent months. For ments under the Anglo-American cotton-rubthe first six months of the new crop year, ber barter agreement account for part of the 186 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month beginning last August, mill consumption of those prevailing before the war, while prices cotton in this country aggregated 4,000,000 of a number of other industrial materials, bales, which is approximately as much as inincluding textile fibers, hides, and rubber, any previous six-month period. Preliminary are still considerably above pre-war levels. reports indicate some decline in cotton mill Although the chart indicates that most of activity during February. the decline in prices of industrial materials Prices of raw and semifinished industrial as a group occurred in the latter part of materials declined in January and the early January and in early February, the decreases part of February, following a in the individual commodities included in this Declines in rise in December, but in the group were not entirely in this period. The commodity middle of February markets for principal decline in steel scrap, for example, prices these commodities were much firmer. Wholesale prices of most farm prod- WHOLESALE PRICES OF 28 BASIC COMMODITIES ucts, foods, and finished industrial products PER CENT THURSDAY FIGURES, AUGUST 1933 * IOO pER CENT 140 have shown little change since the beginning 130 of the year. In the third week of February the general index of wholesale commodity prices compiled by the Bureau of Labor Sta- 100 100 tistics was 78.3 per cent of the 1926 average, 90 90 about 4 points higher than last August and 140 140 1 point below the highest level reached subse- 16 INDUSTRIAL MATERIALS _ 130 130 quently. Recent lower price levels for indus- 120 120 trial materials have reflected larger supplies 110 110 as a result of increases in domestic production 100 100 and actual or prospective increases in im- 90 90 ports, as well as sharply reduced buying of 140 II IMPORT COMMODITIES 140 these materials by manufacturers who earlier 130 130 had made unusually large purchases. Strength 120 120 in prices of industrial materials in the middle 110 17 DOMESTIC COMMODITIES 110 of February reflected increased buying of some commodities, notably copper. Demand for other commodities, such as steel scrap, continued at a low level. Bureau of Labor Statistics' indexes since August; earlier indexes are Federal Reserve groupings of Bureau of Labor Statistics' The contrast between the course of prices data. Latest figures are for February 23. of sixteen basic industrial materials and came last autumn and wool and tin had also twelve basic foodstuffs since the outbreak of declined considerably before the end of the war is shown on the chart. The recent de- year. These earlier declines were largely cline in industrial materials brought them to offset in the total by increases in prices of about the same level relative to last August other commodities, such as cotton and silk. as foodstuffs had receded to much earlier. Analysis of changes in the statistical posi- Changes shown for prices of foodstuffs since tion of various industrial materials indicates November have reflected largely fluctuations that declines from peak levels reached in in grains. In the middle of February wheat recent months have been due in part to genprices advanced sharply to the peak levels eral influences, such as a decrease in speculareached last December. tive buying and a reduction in the volume of Currently prices of steel scrap and non-industrial output, and in part to many factors ferrous metals are at levels not much above affecting the supplies of particular commodi- MARCH 1940 187 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month ties immediately available, as, for example, days of that month. As shown on the chart changed conditions with regard to imports of average yields on Moody's corporate Aaa wool, silk, burlap, tin, and rubber. bonds have remained near 3 per cent since Increased imports of these materials have the beginning of 1939, except for a short time also been reflected in the decline in the index in September and early October when yields of prices of imported commodities shown on were near 3^ per cent. At 2% per cent in the chart. The import group has had a much recent weeks average yields on this class of more pronounced decline than the group of obligation have been near record lows. domestic commodities. Prices of imported goods had risen much more sharply early last BOND YIELDS autumn, when difficulties in replenishing INVERTED SCALE supplies had been expected, and after recent declines import prices are about the same relative to the level last summer as prices of domestic commodities. Prices of United States Government securities rose with little interruption from late September until January 5. They markets declined slightly in January, but subsequently held relatively steady. The average yield on the longest-term Treasury bond issue outstanding was 2.36 per cent in the latter part of February, compared with 10 2.26 per cent at the all-time peak of prices on 1934 1935 1936 1937 1938 1939 June 5, 1939. Sources : U. S. Government bonds, Treasury Department; corporate bonds, Moody's Investors Service. Weekly average of daily Corporate security prices have changed figures ; latest are for the week ending February 17. little since November, and the volume of trading in security markets has been small. Yields on high-grade municipal securities This is a continuation of the relative inac- have followed similar trends. As shown by tivity which has characterized these markets Standard Statistics Company averages, yields since early 1939, except for sharp price fluc- have remained somewhat below 2% per cent tuations and a larger volume of trading when most of the time since the beginning of 1939. crises developed abroad. In the latter part of They went to higher levels during September February prices of high-grade and of many and early October but by the beginning of lower-grade corporate obligations were close 1940 were at a new low of 2% per cent. to the high levels of recent years, while com- Prices of lower-grade obligations of public mon stock prices were generally somewhat utilities and industrials have continued in rebelow last year's highs and substantially cent months the moderate upward movement below the peak levels of 1937. that has generally prevailed since early 1939. In recent months, as during the greater Over the period this trend was interrupted part of 1939, prices of high-grade corporate by sharp declines in March and April and obligations have been influenced chiefly by in August and September, when markets the large volume of funds seeking investment. reflected developments abroad. Prices of They have remained relatively firm except lower-grade obligations of railroads have for a short period at the beginning of the war. fluctuated widely and in recent weeks have Sharp price declines in September were fol- been below their highs of 1939 reached in lowed by recovery beginning in the closing March. 188 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month Price movements of common stocks have The average monthly volume of corporate shown no pronounced trend for the greater offerings for new capital was only $30,000,000 part of the period since the summer of 1938. a month for 1939, the smallest since 1934. A In 1939 there were sharp declines during the substantial increase in the volume of refund- March-April period of unsettled markets and ing, representing chiefly offerings of public sharp advances in the early weeks following utilities, began in April, but was interrupted the outbreak of war. During the remainder during the autumn by uncertainties accomof 1939 and in January and February of panying the outbreak of war. Refunding this year, prices have remained within a nar- activity appears to have been resumed in Derow range. The general trend since early cember. During the months of 1939 when October has been moderately downward. refunding was large, the volume was close to the average for 1936 and 1937. STOCK PRICES INDEX OF PRICES, 1926 * 100 DOMESTIC SECURITY ISSUES [Monthly averages or monthly totals; in millions of dollars] Corporate Other i Refund- New- Refund- New ing Capital ing Capital 1936-1937. 192 101 50 68 1938 106 73 66 121 100 1939 144 31 144 156 1939, Jan.-Mar._. 64 27 34 219 Apr.-Aug... 203 41 249 144 80 80 Sept.-Nov.. 109 19 114 137 Dec 194 27 41 68 1940, Jan 133 32 55 59 60 60 Feb. (est.). 210 40 120 50 1 Includes issues of State and municipal governments and publicly offered issues of Federal credit agencies, but excludes direct obligations 40 40 of the United States Government. Source: Commercial and Financial Chronicle. 20 20 Security issues of State and municipal governments and of Federal agencies continued during 1939 the increase in volume 1934 1935 1936 1937 1938 1939 that began in the early part of 1938. State Source: Standard Statistics Company, 348 industrials, 40 utili- and municipal issues for new capital averaged ties, 32 railroads. Wednesday figures ; latest are for February 14. $80,000,000 a month, about the same as dur- New security offerings by corporations ing 1938. Federal agency issues for new during 1939, including those for refunding capital likewise averaged $80,000,000 a month and for new capital as pub- in 1939, double the 1938 volume, and issues Security issues lished by the Commercial andfor refunding were also larger. A substan- Financial Chronicle, totaled tial proportion of the securities issued by $2,100,000,000, about the same volume as Federal agencies was fully guaranteed by in 1938 but much smaller than in 1936 andthe United States Government. 1937. As shown in the table, issues for new Following a moderate decline at the turn capital decreased in volume from 1938 to of the year, total loans and investments at 1939 while refunding issues increased. In reporting member banks in 101 the first two months of 1940 there was a sub- Member bank leading cities showed little stantial amount of corporate refunding but Investments change during the latter part new capital issues continued small. of January and in February. MARCH 1940 189 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month As shown by the chart, holdings of Govern- Heavy gold imports, together with moderment obligations have increased further in ate increases in bank investments and the recent weeks and on February 21 were about seasonal return of currency $2,000,000,000 above the level of early 1938. Further increase f rom circulation since the Most of the recent growth has been in hold- first of the year, have reings of Treasury bonds and in obligations sulted in a continued growth of deposits at guaranteed by the United States Govern- banks in leading cities. As shown by the ment. There were increases at banks in New chart the volume of adjusted demand deposits York City and Chicago and a decrease for at these banks again reached a new high other leading cities. In the 101 leading cities record at the end of February. On February taken as a whole, total holdings of Govern- 21 these deposits amounted to over $19,000,ment securities are at present somewhat 000,000, about $3,400,000,000 above the peak above the levels of the previous peak of 1936.reached in 1937. Balances due to domestic banks, after rising in 1939 to an all-time peak of over $8,000,000,000, have subsequently MEMBER BANKS IN 10! LEADING CITIES continued around that level. Deposits due to BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS foreign banks, built up in 1939 by the capital inflow from abroad, have continued at above $700,000,000. Member bank reserve balances rose to new high levels in January and February, after a temporary decline in the Renewed increase last two months of 1939. in member bank The decline in November reserves and December resulted from a seasonal increase in money in circulation, a decrease in Reserve bank holdings of Government securities, and an increase in Treasury balances, offset in part by an inflow of gold. The recent increase in member bank reserves has resulted from the post-holiday return flow of currency and continuation of the gold movement. At the end of February member bank reserve balances amounted to $12,300,000,000, of which $5,700,000,000 were Government securities include direct and fully guaranteed obli- in excess of legal requirements. This volume gations. Commercial loans based on new classification beginning of excess reserves is $200,000,000 larger than May 12, 1937. the previous peak level reached last October Total loans at banks in leading cities have and $500,000,000 above the volume reported declined since the first of the year, largely as at the end of 1939. a result of the repayment by security brokers After reaching a new high record of nearly and dealers of loans obtained from New York $7,600,000,000 at the end of 1939, the total City banks during the last quarter of 1939. volume of currency in circula- Following increases during the latter half of Currencym declined by $200,000,000 tion 1939, commercial, industrial, and agricultural circulation . -u\ • j loans have shown moderate declines in New during January, but increased York City and in most other leading cities. somewhat in the first three weeks of February. Changes in the demand for currency 190 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month during recent weeks have represented the MONEY IN CIRCULATION BILLIONS OF DOLLARS usual seasonal movement. During the past year, however, as in other recent years, there J was a further growth in the amount of currency reported in circulation, i.e. outside the Treasury and the Federal Reserve banks. L TDTAL MON Most of the short-term fluctuations and a y J part of the longer-time growth in the amount of currency in circulation have been in cur- COINS AND BILLS rency of small denominations, that is, coin OF UNDER $ 50 / and paper currency of denominations of $20 \r~ or less. Small denomination currency is used largely for making wage payments and for consumer buying and fluctuates with changes in business activity and with various seasonal changes in currency needs. As shown by the EILLS OF chart, there was a large growth in the cir- 0 AND OVER •»—• -• culation of small denomination currency in ' / 1939. Some of this increase as compared with 1938, reflects a higher level of business activity but the growth as compared with 1931 1932 1933 1934 1935 1936 1937 1938 1939 194Q earlier years has been the result of a number Currency outside Treasury and Federal Reserve banks* of other factors as well, which have caused the public to use more currency for making rency to Europe, as reported by large New payments and to hold as cash. York City banks, totaled $100,000,000 im The amount of currency of the large de- 1939, of which $26,000,000 was shipped in nominations—$50 or over—has also increased March and $46,000,000 in April, the highest substantially in recent years. The growth monthly figures ever recorded. During the in 1939 amounted to $330,000,000. It apn-ext four months net shipments averaged pears that this growth represents principally about $2,500,000 a month. They declined holding of savings by the public in the form somewhat immediately following the outof currency. Some of the increase in large break of war, but in December increased to denomination currency in circulation during $6,300,000. In January shipments amounted 1939 was due to large purchases of United to about $5,500,000. Practically all of this States currency by Europeans, particularly currency was sent to the three money-refugee after the European political crisis in thecenters in Europe today—the Netherlands, spring. Net shipments of United States cur- Switzerland, and Belgium. MARCH 1940 191 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

llta Sanlc5 and SJdU Moneu by WOODLIEF THOMAS Assistant Director Division of Research and Statistics A NALYSES of this country's economic situ- by more than $9,000,000,000 to nearly five ation in recent years have commonly re- times their previous average level, as is ferred to the problem of idle men and idle shown in the chart on the next page. At the money along with unfulfilled human wants same time the amount of reserves that banks and needs. It is sometimes suggested, as a are required to hold against their deposits solution for our economic ills, that additional has grown by about half as much, an increase money should be created, even though there reflecting in part expansion of deposits and already exists a larger amount of money in part a raising of the reserve percentages available for current use than at any time by action of the Board of Governors of the in the history of the country. More perti- Federal Reserve System. The net result is nently, questions have been raised as to how that member banks of the Federal Reserve existing money can be more productively used System now have more than $5,500,000,000 to supply human needs. Fuller employment of reserves in excess of requirements, an and larger output, it is recognized, could be amount which could provide the basis for an brought about by a greater amount of spend- expansion of member bank deposits to nearly ing and investment of available money. But double their present exceptionally high level. opportunities' for investment in customary Indications are that bank reserves will confields are somewhat more limited now than tinue to increase for some time to come. Exat times in the past, and, therefore, it seems cess reserves are well distributed among the necessary to find new fields or to develop new 6,300 member banks of the System, nearly incentives for the use of the abundant supply every bank possessing a substantial portion of idle investment funds. in relation to its required reserves. The banks of the country hold a large por- Thus it is clear that there is no lack of tion of these funds and share the responsi- potential credit facilities in the banks. Until bility with other parts of the financial system a few years ago it was almost an axiom of for putting them to use. This article dis- monetary theory that banks would not hold cusses some of the factors affecting the banks idle reserves. They always kept "loaned up", in dealing with this problem. The responsi- as the expression went, and often they would bilities of individuals, of Government, and of borrow to meet losses of reserves, rather than other elements in the economic system, while call loans or sell investments. There are two recognized as important, are not discussed general reasons why this is not the case toexcept so far as they relate to that of the day—or perhaps two aspects of the same reabanks. son— (1) there has been a limited demand for bank credit, and (2) the decrease in de- Bank Credit Facilities mands for credit has occurred especially in Almost everyone who has looked into the those types that banks have customarily filled. matter knows that there is an abundance of The problem then is not one of banking famoney in the banks and that an unusually cilities but of credit demands and banking large portion of this money is idle. It is a standards. It is necessary to go beyond the familiar fact that banks have tremendous banking system and even beyond the financial unused credit facilities. As a result of the system to find a complete solution, although exceptionally large gold inflow since the be- these systems would need to share in the ginning of 1934 bank reserves have increased task. Note.—Views expressed in signed articles published in the BULLETIN are those of the writers and not necessarily those of the Board of Governors of the Federal Reserve System. 192 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Banks and Idle Money Changes in Credit Demands and some were made directly to individuals borrowing for the purpose of purchasing and There is abundant evidence of decreased carrying stocks and bonds. It was customary demands for bank credit of the types that for banks to send their idle funds to New banks have customarily supplied. The de- York to be loaned on the Street. The demand cline in bank loans is shown on the chart. for this type of credit has diminished consid- The decline in commercial loans has been so erably, and in addition special legal regulafully discussed at various times in recent tions have been placed upon stock-market acyears that it hardly seems necessary to devote tivity and upon stock-market credit. Thus much time to it in this connection. Probably another important source of demand for bank the principal reason for this decline is that loans has diminished. the integration of business into larger units What demands are there for credit which has enabled business concerns to finance banks could supply ? Banks have shown conthemselves through accumulated cash residerable initiative in trying to find uses for sources without borrowing from banks. This their available funds. Aside from large purtendency, which has been in process for the chases of Government securities—the prinpast 20 years or more, has been accentuated cipal investment medium which has been in recent years with the growth of idle money available in increasing supply—-they have in the hands of business concerns, so that ventured into new fields of lending—they are most large companies now have abundant making longer-term loans to business and on cash resources and do not need to borrow. real estate mortgages and are increasing Another cause of the decline in bank loans their personal loans and their participation has been the changed status of loans on se- in installment credit. Most banks have incurities. In the past, particularly during the creased their holdings of long-term securities, 1920's, banks made large amounts of loans some of them solely because of the desire to on securities. Some of these were made to increase earnings and in the absence of other brokers to carry margin-account customers investments, but some have recognized that MEMBER BANK LOANS, INVESTMENTS, AND RESERVES BILLIONS OF DOLLARS CALL REPORT DATES BILLIONS OF DOLLARS 40 40 35 35 30 30 1920 1922 1924 1926 1928 1930 1932 1934 1936 1938 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Banks and Idle Money changes in the nature of their liabilities writing by banks, the high cost of small justify the holding of a larger amount of security issues, and the disappearance of long-term assets than was formerly consid- local underwriters have made it difficult ered desirable. These new activities by banks for this type of business concern to find have been more or less scattered and partici- long-time credit except at prohibitive cost. pation by banks in these fields could, no doubt, 3. There are undoubtedly financial needs be further expanded. on the part of persons who have not yet established a business but would do so if they, could obtain credit on reasonable Loans for Small Business terms. The credit surveys would not be There has been considerable agitation for likely to discover demands for credit from the past seven or eight years about the credit this source. needs of small business enterprises, with the suggestion that these needs are not being Effect on Banking Standards supplied by banks. Banks have contended that they are anxious to get good loans and The various potential uses of bank funds— are making all that they can find; that, while long-term bonds, mortgages, personal loans, there are always people willing to borrow long-term loans to industry, and more abunwithout reasonable prospects for repayment, dant credit for smaller business enterprises banks should not make such loans. On the —all involve questions of bank credit standother side it is said that banks have narrowed ards. In many cases banks in order to make their standards of credit and are stricter loans and investments of these kinds have to about loans to small business concerns than change their customary standards of the past. they used to be. It is contended that many Partially for the purpose of encouraging concerns have been unable to provide embanks to put their idle funds to use, the Fedployment and supply goods demanded of them eral Reserve and other bank supervisory aubecause of inability to finance their operathorities in 1938 adopted a new examination tions. procedure and new rules as to loans and in- Many scattered surveys have been made of vestment holdings of banks, modifying previthese credit needs. Most of them seem to ous rules and regulations of examiners. support the conclusion that the demand for There has been some misunderstanding about loans of the types which banks feel safe in this new examination procedure—it has been supplying is small in aggregate amount; that interpreted by some as meaning a lowering of many of the more urgent demands are for standards with a consequent threat to the equity capital rather than for loan credit. future solvency of individual banks and to Some of the surveys have given a better inthe interests of depositors. This is not sight into the current credit standards of a correct view of the change. What the new banks than into the financial needs of small procedure endeavors to achieve is a modifibusiness concerns. There appear to be some cation of regulations and policies that had types of business enterprise whose financial previously unnecessarily restricted banks in needs are not adequately met by existing making sound loans and investments. Some financial machinery: of these rules were adopted when conditions 1. Those which need short and intermedi- were different and are no longer applicable; ate credit but whose credit standing at the the use of the term "slow", for example, as present level of business activity does not an indication of criticized loans, raised quesmake them acceptable risks for banks. tions as to the classification of perfectly good These are not misconceived, or misman- long-term loans. Some of the old practices, aged, or insolvent businesses, but busi- as is the tendency of bank credit standards, nesses whose prospects may be temporarily represented hindsight without proper condimmed by the current economic situation. sideration of changed or changing conditions. 2. Small and medium-sized businesses Because some loans made in large amounts which need loan or equity capital for an by many banks in good times went bad durintermediate or long period. The growth ing a severe economic collapse, there deof nation-wide business units, the discon- veloped a tendency to discourage all loans tinuance of bank affiliates and of under- of the same type without proper considera- 194 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Banks and Idle Money tion of changes in borrowers' ability to pay the solvency of the banks in which they place brought by more favorable economic pros- their funds, and indicates that attention to pects. soundness is important. The fact that banks are going into new The establishment of deposit insurance has fields indicates that many of them have ad- undoubtedly lessened depositors' fears about justed themselves to changed conditions. banks, but, of course, that would not justify This does not mean that they have lowered banks in letting down the bars too far. It is their standards. In many instances new to be hoped that the existence of deposit insafeguards against future losses have been surance will make it possible to avoid sharp adopted. For example, in the longer-term declines in values of assets that resulted when business loans, in mortgage loans, and in deposits were tied up in closed banks and at personal loans banks are now requiring regu- the same time assets of these banks were lar amortization payments, a practice which being liquidated. This should remove one of was not so widely followed in the past when the dangers against which banks had to safeloans of this nature were often renewed and guard themselves in the past, and make it pospayment was not requested except when doubt sible for them to place less emphasis upon as to the borrowers' ability to pay developed. short maturities and ready marketability and The practice of requiring regular amortiza- more emphasis upon inherent soundness of tion should help both to limit the expansion loans and investments. of the total volume of credit of this nature Another concept of the banks' responsiand also to avoid waves of forced liquidation bility is concerned with their function as on a large scale. In the case of purchases of creators of money. Economists differ in high-priced long-term investments banks are their theories as to whether banks create new adopting the practice of setting up reserves money or simply lend money already availagainst premiums. able and left with them by depositors. It is true that no individual bank can count upon The Banks' Responsibility building up its own deposits by increasing its loans and investments, but it is a fact that an Can the dilemma of idle men and idle expansion in total loans and investments of money be solved if banks change their credit all banks results in expansion of bank destandards and make these new types of loans posits. These deposits are forms of credit and investments more freely? What would instruments more readily available for curbe the effect on the banking system and the rent use as money than are most other types economy in general? Bankers are worried of credit instruments. Whether one wishes about the large volume of idle reserves they to identify deposits with the money supply hold, they are anxious to put them to use for or whether he wishes a narrower or a broader the sake of increasing the earnings of their concept of the money supply is largely a banks as well as to serve the public interest, matter of definition. But assuming that banks but they hesitate to abandon traditional as a whole are responsible for the creation of standards, particularly in view of the diffi- money, what has been their record in this reculties banks have undergone in the last 20 gard? Is it correct to say that they have years. This problem raises the fundamental failed to create the money needed by the question as to what is the function of banks public? in the economic system and what is their In the period from 1929 to 1933 operations responsibility for the public welfare ? of the banking system had the effect of re- It has generally been considered that a ducing the available supply of money. Since bank's responsibility is to maintain its ability 1933, however, bank deposits have expanded at all times to repay any of its depositors rapidly, and at present the total of deposits in full. The banker can never lose sight of at all banks in the United States exceeds $58,the fact that he is the custodian of other peo- 000,000,000, some $6,000,000,000 larger than ple's money. These requirements have neces- the pre-depression maximum at the end of sarily made him feel that he must maintain a 1928. About one-half of the expansion since high degree of liquidity and soundness. The 1933 has been due to an inflow of gold from experience in this country with bank failures abroad and about one-half to purchases of has made depositors especially wary about Government securities by banks. As a result MARCH 1940 195 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Banks and Idle Money the contraction of deposits that occurred in corresponding funds by a bank. Nor does the the early years of the depression has been responsibility rest entirely with investors, more than offset, and the volume of bank de- there may be a dearth of investment outlets, posits is now larger than at any time in the representing a shortage in the demand for history of the country. Moreover, as has funds. The problem, moreover, is not conbeen shown, banks have adequate facilities to fined to the investment of savings; the more supply more funds when and if demanded by active use of available funds in current exborrowers. penditures would also have the effect of in- Banks also have the responsibility for hold- creasing the demand for goods and services. ing the savings of the public and keeping We have seen that the volume of deposits them actively invested. Banks are becoming in banks is the largest in the history of the increasingly investment institutions and cus- country and has grown rapidly in recent todians of savings in that savings are being years. Available information indicates that left to an increasing extent with banks instead deposits of business concerns have shared in of being invested directly. A large portion the recent growth, but that the increase has of deposits now in banks represents sayings been largest in deposits of individuals and of being held there in absence of other satisfac- financial agencies.1 It is clear that a large tory available uses. Individuals, corpora- volume of funds is now being held idle in tions, and other investors have passed on to banks awaiting investment. This is indicated banks the responsibility of maintaining the in part by the statistics of the current turnflow of savings into investment channels. over of bank deposits. It is estimated that It should be recognized, in this connection, the turnover of deposits in all commercial that when banks invest funds left on deposit banks in the United States, as measured by with them, they may not necessarily decrease the ratio of debits to total deposits, is now the amount of idle money; they, in fact, make less than 14 times a year, compared with an a further addition to the supply of deposits. average of 20 times a year in the period Some part of the new deposits may be put 1922-26 and a temporary peak of 30 times to active use or all of them may be held idle. a year in 1929. Most of the decline in the It is not possible to distinguish between rate of turnover, moreover, has occurred at banks' functions as creators of money and banks in New York City where a large part as investors of savings, because both func- of the increase in the volume of deposits has tions operate together. When nonbanking taken place. The rate of turnover at New investors choose to hold idle funds, banks can York City banks, which in the early 1920's offset the effect by increasing their loans and was around 50 times a year, is now close to investments, thus creating new deposits 20 times a year. The turnover at banks in which others may use. Conversely when de- 100 other leading cities has declined from positors are using funds more actively, it is about 21 to about 14, while at banks outside encumbent upon banks to diminish their leading cities the decline has only been from lending activity. Changes in the activity of 13 to 11 times a year. These facts indicate banks in making new loans and investments the extent to which idle investment funds have an important effect on the rate of turn- have accumulated in banks, especially in New over of money, as well as on the volume of York City, and show that the putting to use deposits. of money now idle is in large part a responsibility of the public in general, not of banks Responsibility Not Banks9 Alone alone. The preceding discussion would indicate When the problem is viewed as one of keep- that the responsibility of banks for idle money ing savings actively invested it covers a much may easily be overemphasized. In fact the broader field than the banking system. It is importance of investment, in contrast to cona problem of the whole financial system, in- sumption, is often overemphasized. The cluding all types of individual and institu- broader problem is one of increased use of tional investors and also business corpora- money in order to utilize more fully our availtions which have accumulated unused cash able human and material resources. It is resources. From the standpoint of its im- not necessary that the money be invested mediate effect upon business activity, the in capital equipment of a permanent nature; investment of idle deposits by an individual is just as effective as the same investment of 1 See October 1939 BULLETIN, pp. 871-4. 196 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Banks and Idle Money the spending of money for consumption may earnings of banks has been partly offset by serve the same economic purpose, especially reduced expenses and by lowering or disconwhen there are unused productive facilities. tinuing interest paid to depositors, the mar- Measures to accomplish these ends involve gin between operating receipts and expendiquestions of policies and practices, both Gov- tures has been reduced to about 1^4 P^r cent ernmental and private, that are beyond the of total loans and investments in recent years scope of this article. from over 1% per cent in the 1920's. Further reduction in interest rates is not exclusively What Can Banks Do? a matter of profits to stockholders. If banks reduced interest rates much further, some To indicate, however, that the solution of of them might have to go out of business or the problem rests in large part outside the would need to impose heavier charges on defield of banking does not mean that banks positors for services rendered. have no further responsibility or that there Analysis of the earnings records of banks, is nothing further they can do. What is there however, indicates that even with the declines that banks can do within the framework of in interest rates and profit margins that have their responsibilities and of the rules and occurred, banks as a whole have succeeded regulations under which they operate? Can in earning adequate returns on their capithey find adequate investments for the funds tal, and many individual banks show subleft with them and at the same time safe- stantial profits. In 1938 the net profits of guard their depositors' interests and refrain all member banks amounted to nearly 5 per from excessive credit expansion of a specu- cent of their combined capital accounts, inlative nature? This article will discuss only cluding surplus and other items as well as certain major aspects of these questions— capital stock, and approximately half of the namely, interest rates, long-term security banks received 6 per cent or more. Returns holdings, and credits for small business. were larger in 1936 and 1937 and increased Lower interest rates.—One solution that hasagain in 1939, averaging 7 per cent on an anbeen suggested for the problem of idle money nual basis for all member banks in the first is that interest rates should be kept low and half of that year. In the 1920's net profits in some cases reduced further. Although averaged nearly 9 per cent of capital accounts. there is some question as to how much stimu- It should be pointed out, moreover, that all lus to the use of money is provided by low interest rates have not declined equally. Most interest rates in themselves, the cost of money of the decline has been in rates on openis at times a factor of some importance, market bills and loans, on loans to the very especially in the field of long-term borrowing, best customers, particularly the large enteras on mortgages or through bond issues. prises that are able to shop around, and on It may be correctly said that interest rates high-grade bonds, i.e., principally on earnhave already declined so far that banks are ing assets that satisfy the liquidity requirehaving difficulty in meeting expenses. Other ments not only of banks but also of other institutions and persons that depend upon in- holders of funds, and that are limited in come from investments have also been seri- supply. The general run of small borrowers ously affected. Universities, for example, dependent on local banks for credit still pay have had their incomes reduced; insurance 5, 6, 8 per cent or even more for bank accompanies have in many cases had to make commodation. In 1938 about one-fifth of all adjustments in dividends and premiums. member banks received on the average more Banks have obtained smaller earnings and than 7 per cent on their loans, and the prohave had to reduce outlays and impose serv- portion must be larger for nonmember banks. ice charges. The banks charging these rates were gen- The lending of money is not a costless serv- erally among those showing the largest ice. Banks have been accustomed to receive profits. enough in interest not only to pay interest Interest rates on mortgage loans have on some of their deposits but also to meet the been reduced somewhat in recent years, and various expenses involved in services to de- changes in methods of financing have also positors and in lending activities, and finally removed or lowered other financing charges to provide a return on stockholders' capital, connected with such loans. In view, however, which is needed as a margin of safety for of additional safeguards placed around these depositors. Although the decline in gross loans from the standpoint of the lender, a MARCH 1940 197 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Banks and Idle Money further decline in interest rates in this field interest. Changes in prices of high-grade would not be impossible and would no doubt bonds, however, reflect primarily variations be in the public interest, because interest in interest rates rather than doubt as to charges are an important part of the cost of coupon payments or as to return of principal home-ownership. The reductions that have at maturity, and as long as banks do not have occurred have no doubt been a factor in in- to sell their holdings of these bonds they can creasing building activity. ignore price fluctuations. Investment policy Although yields on high-grade long-term of banks, like that of life insurance combonds have declined considerably, long-term panies, should take these factors into conrates are slower in being affected by easy sideration and be less susceptible to changes money conditions than short-term rates and in current market prices. By following such the level of long-term rates on the highest- policies banks can increase their earnings grade bonds is still much above that on open- in times such as the present when rates on market short-term paper. The decline in long-term obligations are so much higher long-term rates, nevertheless, should be a than short-term rates. stimulating influence to corporate borrowing The new examination procedure, which either for raising new capital or for refund- considers high-grade bonds from the standing outstanding indebtedness at a lower level point of inherent soundness rather than on of charges, if other conditions are favorable the basis of day-to-day market fluctuations, for such borrowing. It is in the field of long-makes it easier for banks to hold larger term borrowing that changes in interest amounts of long-term bonds. It may also be rates may be an important factor in stimu- mentioned that, with the establishment of lating the use of funds for productive pur- deposit insurance and the liberalization of poses. eligibility requirements for borrowing at the Change in attitude toward long-term invest'Federal Reserve banks the need for selling ments.—The high price of high-grade in- investments in an unfavorable market is vestments held by banks presents another much less likely to arise. aspect of low interest rates that needs special It is a fact, however, that many banks do consideration. Although banks are worried not view long-term bonds in their portfolios about low interest rates from the standpoint as permanent investments in the same way of earnings, many banks also fear the effect that life insurance companies do and are of a possible rise in interest rates in lowering anxious to take paper profits or avoid paper the current market values of investments losses by selling bonds before a price decline held in their portfolios. The handling of this occurs. This attitude of banks, in view of problem is in part a responsibility of the the large increase in their bond holdings, has public authorities, but it will also require placed new responsibilities on Federal Resome change in attitude of bankers them- serve authorities and has necessitated some selves as to investments. Banks will need to change in the focus of Federal Reserve policy. realize that they are to an increasing extent Whereas formerly banks adjusted their reinstitutions for the investment of savings as serve positions by shifting holdings of shortwell as holders of demand deposits and sup-term paper, now they are inclined first to sell pliers of short-term credits. They will be long-term Treasury bonds and keep their justified, therefore, in holding long-term inshort-term assets. These sales of bonds tend vestments and will need to do so in order to to reduce bond prices and, therefore, affect assure active use of the country's savings. the position of other banks. A moderate re- Banks should not, of course, place too large adjustment of reserves may bring about a a portion of their resources in long-term sharp temporary decline in bond prices, with bonds; but should maintain a proper spacing unfavorable repercussions in the capital marof maturities and hold sufficient secondary ket. Also any development that may be exreserves in readily marketable assets to pro- pected to lead to higher interest rates is likely vide such liquidity as they may need, and to let loose a flood of selling of high-grade these needs will vary from bank to bank. long-term bonds. This is illustrated by de- At present the large excess reserves and velopments following outbreak of war last holdings of short-term Government securi- September. Thus the Government bond marties provide more liquidity than is necessary. ket has become the country's central money Banks must avoid substantial purchases of market, which is the medium in which Rebonds subject to risk of loss of principal or serve policies may first find expression. The 198 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Banks and Idle Money Reserve authorities have by action taken in marketable character of such assets, but must recent years recognized the desirability of also consider the added risks involved, such as intervening in the bond market for the pur- an adverse turn in the business cycle during pose of endeavoring to maintain orderly con- their life, or management and technical ditions. Such intervention helps to safe- changes that may occur. The volume of such guard the position of member banks and also loans any one bank can make will depend to steady the capital market in general. upon the nature of its deposit liabilities; the Improved credit facilities for small enter' volume of its holdings of other non-liquid and prise.—The provision of credit facilities for non-marketable assets, such as real estate small business enterprise offers another field loans; the quality of such loans available to for possible expansion of bank credit. It is, it; and the ratio of its capital structure to its however, one to which special measures may depreciable assets. need to be applied in ord6r to aid banks in Legislation has been proposed and bills meeting these demands. Either because the presented in Congress to make provision for type of financing needed by these enterprises more adequate long and intermediate credits is of a nature which banks have not cus- for industry, especially for small concerns. tomarily supplied or because of past unfor- Some of these proposals would work printunate experience with such loans, banks are cipally through new credit agencies, while hesitant to enter this field on any broad scale. others would utilize more fully the existing It can not be denied that this is a costly and banking system. Schemes of the latter sort risky business. The problem is one of finding are designed to provide a mechanism for disa way to supply business with such financing tribution of risks, for guidance to banks unas it may need and at the same time to safe- familiar with loans of this type, and for guard the soundness of our banking system. extensions of credits which local banks are When the need is for equity capital, banks unable to care for, by authorizing a Governcan hardly be expected to supply the demand. ment agency to finance business concerns di- It is not strictly correct, however, to say that rectly or in cooperation with commercial banks have not made loans which supplied banks and to insure commercial banks against long-time capital to borrowers. A substantial loss on certain types of loans. portion of outstanding commercial loans held One plan provides for the creation of an by banks in past years, although evidenced by Industrial Loan Corporation which would short-term paper, were renewed from time to utilize the existing machinery of the Federal time as they matured and were in effect Reserve System. This corporation would capital advances. Regular payments on prin- make use of the 12 Federal Reserve banks cipal were not demanded until the credit and 24 branches, widely distributed in varistanding of the borrower showed signs of de- ous trade areas throughout the country, with teriorating; and at such times the borrower their knowledge of business and economic was probably least able to make the payments. conditions and their close contacts with local Requirements for regular amortization pay- banking institutions. ments and other safeguards recently adopted Such an agency might operate in a number by banks in connection with long-term loans of ways: financing commercial and industo industry provide means of avoiding some trial enterprises could be done through the of the difficulties that appeared in the past in acquisition of the obligations of such enterthis type of credit. prises, or by the purchase of preferred stock, Our system of individual banks with strong or by making commitments to do so. The local connections is in an excellent position advances could be made directly by the corfor supplying credit needs to small local poration or could be made in cooperation with enterprises, but because the banks are small commercial banks. The bank would make the and their activities are limited to their own loan, and the corporation would guarantee or localities it is frequently difficult for them to insure it. Any loss would be prorated beobtain a wide diversification of risks or to tween the lending bank and the corporation supply the specialized services and super- on the basis of a proportion agreed upon. The vision necessary for loans of the types de- corporation could also be authorized to insure manded. Banks can not be expected to sup- banks against losses which they might sustain ply needs for equity capital. In making long on loans of certain sizes and made under ceror intermediate-term loans, a bank not only tain conditions to be set forth by law or has to consider the non-liquid and non- regulation. The principle behind this plan MARCH 1940 199 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Banks and Idle Money is the same as that in Title I of the Federal and investments they do not necessarily re- Housing Act, which covers loans made by duce the amount of idle funds, but rather banks for modernization of existing houses. add to the available supply of bank deposits Such a scheme would provide a mechanism in the hands of the public. If there should whereby small local banks could make or par- develop a broader use of such funds for specuticipate in the making of loans of a long-term lative purposes, can the resulting expansion nature at reasonable rates, obtain the spe- be regulated? cialized services needed on such loans, and It is not possible to give an unequivocal safeguard themselves against undue risks. answer to this question. It seems clear that It would take advantage of some of the merits in view of the large volume of excess bank of our present banking system and overcome reserves, existing powers over the supply of some of its deficiencies. The plan could these reserves would not be adequate to check operate primarily through existing banking an expansion that was firmly based. The institutions Without bringing in a new agency Board of Governors of the Federal Reserve to compete with them, but would also provide System has pointed out the need for addifacilities for taking care of needs that banks tional powers over bank reserves. are not in a position to handle. It may be that regulation of expansion in credit and in general economic activity can Control of Credit Expansion be exercised through the use of powers of the This article has endeavored to show that banking authorities other than those over on a quantitative basis existing banking bank reserves or by the exercise of Governfacilities are more than adequate to take care mental powers not alone in the field of bankof any reasonable credit needs of the country; ing, but also with regard to taxation, security that solution of the problem of idle men and and commodity markets, mortgage lending, idle money does not call for the creation of and industrial price policies. Types of loans any additional money, but involves the greater and investments made by banks might conutilization of existing savings by investors of ceivably be subjected to restrictions by bank all sorts, not banks alone, or a greater amount supervisory authorities, through margin reof spending; and that available sources of quirements or by other means. credit demands are generally of the kind that The Board of Governors of the Federal banks do not customarily supply or have had Reserve System has in public statements inbitter experience with in the past. It has dicated its belief that "concerted action by been indicated, however, that the nature of many agencies within and outside the Govthe banking business has changed and that ernment, which have an influence on economic banks will have to find ways of adjusting activity, is essential for the achievement of themselves to these changed conditions, if the recovery and adequate national income/' money left with them is to be put to more While recognizing inherent limitations upon active use. Some of the new policies that the influence of monetary and credit action might be adopted by banks have been dis- on economic conditions, the Board stated that cussed. it is convinced of the importance of such Emphasis in this discussion has been upon action at certain times, and feels strongly the ways for bringing about greater credit ex- necessity of having the mechanism of monepansion. What aTbout the dangers of exces- tary and banking control and supervision at sive or injurious credit expansion? It has all times in condition to function effectively been shown that if banks increase their loans in the public interest. 200 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ttont a JLeg aL Standpoint Administrative intersstations of banking laws, new regulations issued by the Board of Governors and other similar material of interest to bankers. Exception Relating to Loans to Executive directors, to become indebted to his bank Officers of Member Banks "in an amount not exceeding $2500". The Board recently considered a question Section 3 of the Board's Regulation O proarising under section 22 (g) of the Federal vides, among other things, that the prohibi- Reserve Act relating to loans to executive tions of the regulation do not apply "To any officers of member banks from which it ap- loan or extension of credit by a member bank, peared that an executive officer of a member provided that, as a result of such loan or exbank had become indebted to it in the amount tension of credit, an executive officer of the of $2650 by virtue of the acquisition by the member bank does not become indebted to it bank of the acceptable assets of another bank in an amount in excess of $2,500 . . . ". which had held his note and later had been In the circumstances, the Board expressed placed in liquidation. In addition to this in- the view that, while the indebtedness of the debtedness, the executive officer was subse- executive officer of the member bank in the quently indebted to his bank in the amount amount of $2650, which was acquired in the of $490. manner described above, is excepted from the prohibition of the law, any subsequently in- Under the provisions Of Regulation 0 the curred addition to such indebtedness is not terms "loan" and "extension of credit" do not permissible under the law if such additional include "the acquisition of any note, draft, indebtedness increases the aggregate to an bill of exchange, or other evidence of indebtamount in excess of $2500. edness, through a merger or consolidation of banks or a similar transaction by which a bank acquires assets and assumes liabilities Rules and Regulations by Securities and of another bank or other organization, . . . ". Exchange Commission Under Trust Accordingly, the indebtedness in the amount Indenture Act of 1939 of $2650, acquired in the manner described Effective January 23, 1940, the Securities above, is excepted from the prohibition of the and Exchange Commission adopted general law upon the making of loans to executive rules and regulations pursuant to authority officers, and the question arose whether the conferred upon it by the Trust Indenture subsequently incurred indebtedness would be Act of 1939 (Pub. No. 253, 76th Cong.) repermissible under the provisions of section lating to trust indentures under which cer- 22 (g) of the Federal Reserve Act which per- tain securities are issued and sold in intermit an executive officer, with the prior ap- state and foreign commerce and through the proval of a majority of the entire board of mails. MARCH 1940 201 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

the / *T*HE 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 Boards 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. Soutce5 o-k /landing £ank± "From what sources do the Federal Reserve banks obtain the funds for lending to member banks and for open-market operations?'9 T O answer this question succinctly, the Fed- usually because its reserves have fallen below eral Reserve banks derive their lending legal requirements. Consequently the funds power from the nature of their organization borrowed remain on deposit with the Federal and functions, as determined by Congress in Reserve banks sinc& under the law only dethe Federal Reserve Act. Unlike other banks, posits with a Reserve bank count as legal the Federal Reserve banks are not dependent reserves for a member bank. The principal on their deposits or capital for the funds reasons for a member bank's need for addithey disburse in making loans and in buying tional reserves are: securities. They can create these funds as (1) An unfavorable balance at the cleara consequence of being central holders of ing house caused by its own lending or investbank reserves and through the use of the ing operations or more frequently by a loss note issue. of deposits to other banks. In the latter case A fundamental characteristic of the Fed- the funds borrowed will be transferred on the eral Reserve banks, in contrast to member books of the Reserve banks from the account banks, is that in each Federal Reserve dis- of one member bank to that of another, but trict there is one Federal Reserve bank, which will not leave the Federal Reserve banks. deals with all the member banks and through (2) Cash withdrawals by depositors. In which member banks deal with each other. this case the member bank will withdraw the Moreover, in the extension of credit through proceeds of its borrowing in currency. The loans to member banks or through open- Federal Reserve bank, if it chooses, can meet market operations, the resources of the this kind of withdrawal by paying out Fedtwelve Federal Reserve banks constitute a eral Reserve notes, which it can issue for unified whole. the purpose. The Federal Reserve bank will It is partly for this reason that when Fed- not lose funds even in that case; the only eral Reserve banks make loans or purchase difference from the point of view of the Resecurities and pay for them by deposit credits, serve banks between establishing a deposit the proceeds are generally not withdrawn, liability and paying out Federal Reserve whereas in the case of a member bank they notes is that against Federal Reserve notes usually are. When a member bank makes a the Reserve banks must pledge a 40 per cent loan the borrower in most cases needs the reserve and must pledge specific collateral, money to disburse and either withdraws the while against deposits only a 35 per cent proceeds in cash or draws a check which is reserve and no specific collateral is required. likely to be deposited at another bank, so The power to issue Federal Reserve notes that the lending bank must be prepared to is another attribute of the Federal Reserve meet the withdrawal. When a member bank banks that sharply differentiates them from borrows from a Federal Reserve bank it is member banks. When a depositor of a mem- 202 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From the Board's Correspondence ber bank wants to convert his deposit into When the gold is received in this country, the currency, the member bank, if it has no ex- bank to which it was shipped receives for cess reserves, can obtain this currency only the gold a check drawn by the Treasury on by liquidating some of its assets or of borrow- its account at a Federal Reserve bank. The ing, while Federal Reserve banks in such a bank deposits the check at the Federal Recase can meet the withdrawal by issuing serve bank. It can then either leave the pro- Federal Reserve notes. The issuance of ceeds on deposit or withdraw them in curthese notes, moreover, does not materially rency. As already explained, this has little affect the reserve position, or the lending effect on the Reserve bank's lending power. power, of the Federal Reserve banks. When the Treasury replenishes its Federal The two types of Federal Reserve bank Reserve bank account by issuing gold certifiliability, deposits and notes, are interchange- cates to the Reserve bank, however, that able, each being convertible into the other bank's reserves are increased and the limit at the will of the owner of the deposit or the of its lending power is raised. It is not the note. The limiting factor on the amount of deposit by the member bank of the Treasury note and deposit liabilities that Federal Re- check received for the gold but the deposit serve banks can create is the reserve re- by the Treasury of gold certificates that augquirement of 40 per cent in gold certificates ments the reserves of the Federal Reserve against notes and 35 per cent in such certifi- banks. cates or in other lawful money against de- To sum up, therefore, the Federal Reserve posits. And even this limitation can be sus- banks derive their lending power from the pended by the Board of Governors under the fact that they are the legal holders of bank law. The law also requires that Federal reserves, that transfers of funds from one Reserve notes outstanding be covered by member bank to another result only in a 100 per cent collateral of certain specified transfer of credits on the books of the Fedkinds, including gold certificates, commercial eral Reserve banks and that withdrawals of paper, and United States Government obli- deposits in cash can be met by the Reserve gations, but this is a limitation on the amount banks through issuing Federal Reserve notes of assets ineligible as collateral that the Fed- -without substantially reducing their lenderal Reserve banks can acquire rather than ing power. on the total amount of credit they can extend. Because of these powers granted to the Re- In discussing the manner in which the Fed- serve banks by Congress they can acquire eral Reserve banks extend credit, borrowing assets, either discounts, bills, or United States by a member bank was used as an illustration. securities, and pay for them with their own The net effects would be the same, however, liabilities, that is, deposits or Federal Reserve if the extension of credit was through the notes. The lending power of the Reserve purchase of acceptances or United States banks rests on these powers and is not de- Government securities in the open market. pendent on the relatively minor amount that The check issued by the Federal Reserve bank member banks are required to contribute to to the seller of the securities would in the end the capital of the Federal Reserve banks, nor be deposited at a Reserve bank by a mem- on the amount of funds that member banks ber bank, and the amount of the check would are required or choose to hold on deposit with either be added to that bank's reserves or the Federal Reserve banks. withdrawn in currency, which could be in the The functions of the Federal Reserve banks form of Federal Reserve notes. are public functions and are dependent for It is practically only by the withdrawal of their performance on powers conferred on gold, which can be done under license ob- hem by Congress. Accordingly, Federal tained from the Secretary of the Treasury, Reserve bank operations are conducted, not that the Reserve banks' reserves, and conse- with reference to private profit, but with a quently the upper limit on their lending view of accommodating commerce, industry, power, is lowered. On the other hand, gold and agriculture, and exerting an influence imports increase the Reserve banks' reserves ;oward the achievement and maintenance of and lift the upper limit of their lending power. jconomic stability. MARCH 1940 203 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(Zutient Reappointment of Marriner S. Eccles and Chester C. Davis as the Reserve banks, chief examiners, and Members of the Board of Governers of the Federal Reserve senior examiners engaged in the field work. System The Senate on February 9,1940, confirmed Index to Regulations of the Board the reappointments of Marriner S. Eccles of For the convenience of member banks and Utah and Chester C. Davis of Maryland as others affected by the Board's regulations, members of the Board of Governors of the a single consolidated index to all of the regu- Federal Reserve System. Chairman Eccles lations which are now in effect has been was appointed for the remainder of the term prepared in the Board's offices and is availheld by Mr. Davis and expiring on February able for distribution. This index has been 1,1944, and Mr. Davis was appointed for the printed in pamphlet form similar to that of full term expiring on February 1, 1954. the pamphlet editions of the Board's regulations in order that it may be placed con- Appointment of Branch Director veniently in a binder, if desired, along with The Board of Governors on February 15, the current prints of the regulations. Copies 1940, announced the appointment of George of the index have been furnished to all mem- 0. Boomer, Vice President, Girdler Corpora- ber banks and additional copies may be obtion, manufacturers of freezing equipment, tained without charge from any of the Louisville, Kentucky, as a director of the Federal Reserve banks or from the Board of Louisville Branch of the Federal Reserve Governors. Bank of St. Louis for the unexpired portion of the three-year term ending December 31, Report on Reserve System Administrative Procedure 1942. A Committee on Administrative Procedure appointed by the Attorney General of the Managing Director of Louisville Branch United States recently submitted to the At- Effective March 1, 1940, Frank D. Rash torney General, and released for publication, resigned as Managing Director of the Louisa monograph on administrative procedure of ville Branch of the Federal Reserve Bank of the Federal Reserve System prepared by the St. Louis and Charles A. Schacht, formerly staff of the Committee. The publication of the Cashier of the Branch, was appointed Manmonograph does not indicate either approval aging Director to succeed Mr. Rash. or disapproval by the Committee of opinions contained in the report, and it has been stated Examination Conference that at a later date the Committee will con- A conference of representatives of the bank duct hearings at which opportunity will be examination departments of the Federal Re- afforded for discussion of this report and of serve banks was held February 7-9 in the other reports on the administrative proced- Board's offices in Washington. The confer- ure of various agencies of the Government ence was called by the Board to meet with its prepared by the Committee's staff. Among representatives in accordance with the prac- others, it is expected that reports will soon tice of holding such meetings periodically in be released on the administrative procedure order to exchange views and promote under- of the Comptroller of the Currency and of standing as to examination and supervisory the Federal Deposit Insurance Corporation. matters and to coordinate, so far as practi- The Committee's members are Dean Acheson, cable, examination practices of the various Chairman, Francis Biddle, Ralph F. Fuchs, Federal Reserve banks. Lloyd K. Garrison, D. Lawrence Groner, Each of the Federal Reserve banks sent Henry M. Hart, Jr., Carl McFarland, James at least two representatives to the conference W. Morris, Harry Shulman, E. Blythe Stason, and the attendance included senior officers of and Arthur T. Vanderbilt. 204 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events MEETING OF FEDERAL ADVISORY COUNCIL The Federal Advisory Council of the Fed- islation affecting banking, and monetary eral Reserve System held its annual organi- policies, including gold and silver questions. zation meeting in Washington on February On the subject of silver, the Council adopted 18-20, and elected Edward E. Brown, Presi- the following recommendation: dent of the First National Bank of Chicago, "The Federal Advisory Council has as President of the Council, and re-elected noted that the Senate Committee on Howard A. Loeb, Chairman of the Trades- Banking and Currency is considering at men's National Bank & Trust Company of this time S. 785 which would discontinue Philadelphia, as Vice President. Walter the purchase of foreign silver by the Lichtenstein was reappointed Secretary. The Secretary of the Treasury. The Council members and officers of the Federal Advisory is unanimously of the opinion that these Council are given in the list at the foot of purchases of foreign silver should be this page. All members were present at the discontinued forthwith, particularly in meeting except Mr. Ragland of the Eighth view of the fact that silver purchases District and Mr. Crosby of the Ninth Disincrease the already excessively large trict. The latter was represented by Mr. bank reserves." Shirley S. Ford, President of the Northwestern National Bank and Trust Co. of Minne- At the request of the Council, the Board of apolis. Governors transmitted a copy of the fore- In the course of its meetings the Council going resolution to the Senate Committee on discussed business conditions, pending leg- Banking and Currency. FEDERAL ADVISORY COUNCIL District No. 1 THOMAS M. STEELE President, The First National Bank and Trust Company of New Haven, Conn. No. 2 LEON FRASER President, The First National Bank of the City of New York, New York, New York. No. 3 HOWARD A. LOEB Chairman, Tradesmen's National Bank & Trust Company, Philadelphia, Pennsylvania. No. 4 B. G. HUNTINGTON President, The Huntington National Bank, Columbus, Ohio. No. 5 ROBERT M. HANES President, Wachovia Bank and Trust Company, Winston-Salem, North Carolina. No. 6 RYBURN G. CLAY Director, Fulton National Bank, Atlanta, Georgia. No. 7 EDWARD E. BROWN President, The First National Bank of Chicago, Chicago, Illinois. No. 8 S. E. RAGLAND President* The First National Bank of Memphis, Memphis, Tennessee. No. 9 JOHN CROSBY Vice President, Farmers and Mechanics Savings Bank of Minneapolis, Minneapolis, Minnesota. No. 10 JOHN EVANS President, First National Bank, Denver, Colorado. No. 11 R. E. HARDING President, The Fort Worth National Bank, Fort Worth, Texas. No. 12 PAUL S. DICK President, United States National Bank, Portland, Oregon. Officers: Executive Committee: EDWARD E. BROWN, President EDWARD E. BROWN LEON FRASER HOWARD A. LOEB, Vice President HOWARD A. LOEB ROBERT M. HANES WALTER LICHTENSTEIN, Secretary THOMAS M. STEELE B. G. HUNTINGTON MARCH 1940 205 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

£tithA Mobilisation of -0metican Sacutitie* The first stage in the actual mobilization of The Treasury order issued on February 18 American securities held by British investors calls upon British residents to deliver to the in support of that nation's war effort was Bank of England as the agent of the British reached on February 18 with the issue of an Treasury their holdings of 60 specified Amerorder by the British Treasury commanding ican stocks, as listed below. Payment is to British owners of sixty selected American be effected in the sterling equivalent (at the stocks to turn them over to the Bank of Eng- official buying rate for dollars of $4.03i/ to 2 land at current prices. the pound) of the closing market prices of the On August 25, over a week before the out- stocks in New York on February 17. Such break of war and the institution of exchange payment will be made on March 4 with recontrol in Great Britain, a British Order in spect to securities received by the Bank or Council gave the Treasury power to forbid by its agents in New York not later than British residents to sell or transfer without February 23; payment with respect to subsethe express permission of the Treasury se- quent deliveries will be made within seven curities of any class "which, in the opinion of days thereof. The New York Agency of the the Treasury, are likely to be marketable out- Bank of Montreal has been appointed as the side the United Kingdom"; to require the Bank's agent to receive deposits of securities registration of such securities with the Bank in New York and to deal with the mechanical of England; and at any subsequent time to aspects of their subsequent transfer. In adorder the sale of any class of such securities dition an official representative of the British to themselves or their agent at a price "not authorities has been established in New York less than the market value of the securities to negotiate official sales as and when these on the date of the . . . order". are undertaken. On the following day the Treasury issued Official British pronouncements in connecan order requiring the registration at the tion with the order have stated that the aims Bank of England of all securities held by of the mobilization are to assure "that real- British residents in respect of which the prin- ization of these securities in the American cipal, interest, or dividends were payable in market shall be orderly", and that the total ten specified currencies, including United volume of British sales of American securi- States dollars and Canadian dollars. The ties from private and official sources "should order further subjected to official permission continue over a period of time at about the the sale or transfer of such securities (called average volume of recent months". "restricted securities"), but until February The list of securities to which the order 18 last no use had been made of the final relates is given below; all are common stocks power of requisitioning these foreign cur- unless otherwise indicated. rency assets. Meanwhile British residents have been Allied Chemical and Dye Corporation freely accorded permission to deal with each Allied Stores Corporation Allis-Chalmers Manufacturing Company other in restricted securities, keeping the American Can Company Bank of England advised of changes in owner- American Radiator and Standard Sanitary ship. Permission to sell restricted securities • Corporation to non-residents has also been readily forth- American Steel Foundries coming provided that the sale was for foreign American Tobacco Company American Tobacco Company, Class "B" exchange and that this exchange was Atchison, Topeka and Santa Fe Railway Company promptly handed over to the Bank of England Aviation and Transportation Corporation for its sterling equivalent. Liquidation of Caterpillar Tractor Company American securities from British sources in Cerro de Pasco Copper Corporation the first three months of the war amounted Colgate-Palmolive-Peet Company to about $95,000,000 on balance, according to Columbia Gas and Electric Corporation, 6% cumulative preferred stock, series "A" $100 par figures reported by banks, bankers, brokers, Commercial Credit Company and dealers in the United States. These Commercial Investment Trust Corporation figures may include net sales through British Commonwealth Edison Company intermediaries for foreign account; on the Consolidated Edison Company of New York, Inc. other hand, some sales on British account are Continental Oil Company (of Delaware) Corn Products Refining Company no doubt effected through foreign intermedi- Crane Company aries. Crown Zellerbach Corporation 206 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

British Mobilization of American Securities Douglas Aircraft Company, Inc. Radio Corporation of America du Pont de Nemours (E. I.) and Company Republic Steel Corporation General American Transportation Corporation R. J. Reynolds Tobacco Company H. L. Green Company, Inc. Safeway Stores Inc. Greyhound Corporation Servel Inc. Ingersoll-Rand Company Southern Pacific Company Johns-Manville Corporation Spiegel Inc. Kennecott Copper Corporation Standard Oil Company of California Loew's Inc. Sterling Products Inc. Louisville and Nashville Railroad Company Swift and Company Montgomery Ward and Company, Inc. Texas Corporation Norfolk and Western Railway Company Texas Gulf Sulphur Company North American Aviation Inc. Union Carbide and Carbon Corporation North American Company Union Pacific Railroad Company Paramount Pictures Inc., 6% cumulative convertible United Air Lines Transport Corporation first preferred stock $100 par United Aircraft Corporation J. C. Penney Company United Fruit Company Phillips Petroleum Company United States Smelting, Refining and Mining Pure Oil Company Company Purity Bakeries Corporation Westinghouse Air Brake Company BALANCE OF INTERNATIONAL PAYMENTS OF THE UNITED STATES, 1938-1939 The Department of Commerce has released a preliminary summary of the international transactions of the United States in 1939. These figures, together with figures for 1938 which have not yet been revised, are given below in substantially the same form as that employed by the Department of Commerce. (In millions of dollars) 1938 (unrevised) 1939 (preliminary) Items Net Net Dollar Dollar receipts Dollar Dollar receipts re- pay- (+)or re- pay- (+)or ceipts ments payments ceipts ments payments 1. Trade and service: Merchandise 3,094 1,951 +1,133 3,177 2,318 +859 Freight and shipping-- . 113 155 -42 137 216 -79 Travel expenditures 159 516 -357 165 485 -320 Personal remittances, contributions _ _._._ 35 190 -155 35 177 -142 Interest and dividends 549 216 +333 525 230 +295 Government transactions 34 98 -64 34 98 -64 Miscellaneous services and adjustments 277 99 +178 277 99 +178 Trade and service transactions 4,261 3,235 +1,026 4,350 3,623 +727 2. Gold and silver: Gold exports and imports 6 1,979 -1,973 1 3,575 -3, 574 Gold earmarking operations (net) +333 +534 Silver exports and imports 7 231 -224 15 85 -70 Gold and silver movement (net) -1,864 -3,110 3. Capital (net): Rp.pprtp.d long-tprm capital rnnyp.ment +23 Reported movement of short-term banking and brokerage funds +295 Miscellaneous reported capital transactions -3 Paper currency movement . +15 Capital movement -__ +330 +1,232 4. Residual . .. __ . _ _ _ _ +508 +1,151 MARCH 1940 207 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A/ationat Summatu <rk Jsuiinell Condition5 Compiled February 16 and released for publication February 19. Later developments are discussed on pages 185-191 of this BULLETIN IN January and the first half of February lower than usual at the beginning of the year, industrial activity declined from the high rose rapidly, the output of cars declined. In level reached in the latter part of 1939. the machinery industries activity was gener- Retail trade, which had been in large volume, ally sustained at the advanced levels reached decreased more than seasonally, while mer- in December. chandise exports were maintained. Output of cotton textiles in January continued at about the high rate of other recent Production months but production of woolen textiles declined further from the peak levels of October Volume of industrial production declined and November, and output of silk products somewhat from December to January, and remained in small volume. Activity at meatconsequently the Board's index, which allows packing establishments was maintained in for a considerable seasonal increase, dropped January at the high level prevailing for sevsharply from the high level of 128 reached eral months. Coal production rose sharply, in December to 120 in January. Data availfollowing a marked reduction in December, able for the first half of February indicate and was at about the high level reached last a further sharp reduction in the index. October. Output of crude petroleum continued in large volume. INDUSTRIAL PRODUCTION Value of contracts awarded for both pub- 140 140 lic and private construction declined considerably in January, according to reports of the 130 } 130 \ F. W. Dodge Corporation. Awards for pri- 120 A 120 vate residential building showed a greater 110 / , 1 110 than seasonal reduction and were lower than / 100 / \ rr 100 the level prevailing a year ago. Contracts V for other private work declined somewhat J 90 90 but remained in larger volume than in the 80 M \ 80 corresponding period last year. 70 70 Employment 60 60 Factory employment and payrolls, which 1934 1935 1936 1937 1938 1939 1940 Index of physical volume of production, adjusted for seasonal had risen sharply during the latter half of variation, 1923-1925 average = 100. 1939, declined by somewhat more than the Steel ingot production, which had been above 90 per cent of capacity during most of FACTORY EMPLOYMENT PERCENT PER CENT the fourth quarter of 1939, has declined 120 120 steadily since the turn of the year and by the middle of February was at about 69 per 110 / cent of capacity. Plate glass production, which also had reached high levels in the 100 J J 100 latter part of 1939, was reduced In January 90 rv 90 and lumber production showed a considerable V decrease owing in part to unusually cold 80 80 weather in the Southern regions. Automobile production in January was larger than is 70 70 usual at this season. In the latter part of the month, however, and in the first half of 60 60 February, as retail sales of new cars declined 1934 1935 1938 1940 seasonally and dealers' stocks, which had been Monthly index of number employed at factories, adjusted for seasonal variation, 1923-1925 average = 100. 208 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions usual seasonal amount from the middle of Commodity Prices December to the middle of January, according to reports from leading industrial States. Prices of copper, lead, and silk showed marked declines from the middle of January Distribution to the middle of February and there were smaller decreases in prices of some other Sales at department stores, variety stores, basic industrial materials, such as steel scrap, and mail-order houses in January declined wool, and textile yarns. Prices of foodstuffs, more than seasonally from the high level of on the other hand, showed little change in December. Total freight-car loadings showed this period. FREIGHT CAR LOADINGS Government Security Market POJNTS IN TOTAL INDEX POINTS IN TOTAL INDEX Prices of United States Government securities declined slightly during the latter half of January from the recovery peak reached early in the month but regained part of these losses during the first half: of February. Bank Credit Total loans and investments at reporting member banks in 101 leading cities rose dur- 20 ing the five weeks ending February 7 as a result of increases in holdings of Government 1935 1940 Index of total loadings of revenue freight, adjusted for seasonal MEMBER BANKS IN 101 LEADING CITIES variation, 1923-1925 average = 100. BILLIONS OF DOLLARS BILLIONS OF DOLLARS a seasonal decline; shipments of miscellaneous freight and grain decreased, while coal loadings increased considerably. Foreign Trade Exports of United States merchandise, which usually decline in January, were maintained this year at the high level reached in December. Shipments of cotton, which have been large in recent months, rose further, while exports of many industrial products 1935 1936 1937 1938 1939 1940 declined. Exports to the United Kingdom increased sharply, owing mainly to larger Wednesday figures for reporting member banks in 101 leading cities, September 5, 1934, to February 14, 1940. Commercial loans, cotton shipments. which include industrial and agricultural loans, represent prior to May 19, 1937, so-called "Other loans" as then reported. Reflecting principally acquisitions of foreign gold, the country's monetary gold stock securities at New York City banks. Loans increased by $287,000,000 during January to security brokers and dealers and commerand by $132,000,000 in the first two weeks of cial loans declined. Demand deposits con- February. tinued to increase during the period. MARCH 1940 209 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 213 Federal Reserve bank discount rates; rates on time deposits, reserve requirements 214 Federal Reserve bank statistics 215-219 Reserve position of member banks; deposits in larger and smaller centers 220 Money in circulation 221 Gold stock and gold movements; bank suspensions; bank debits 222 All banks in the United States, number, deposits, loans and investments... 223 Condition of all member banks 224-225 Weekly reporting member banks 226-229 Commercial paper, bankers' acceptances, and brokers' balances 230 Money rates and bond yields 231 Security markets 232 Treasury finance 233-234 Governmental corporations and credit agencies; Postal Savings System 235-236 Production, employment, and trade 237-245 Wholesale prices 246 Statistics for Federal Reserve chart book 247-248 Number of banks and branches in United States, 1933-1939 248 All member banks—Condition on December 30, 1939 249-250 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. * MARCH 1940 211 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY/FIGURES BILLIONS Of DOLLARS 19 19 1934 1935 1936 1937 1938 1939 1940 Latest figures for February 21. See page 213. 212 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve bank credit outstanding Member bank Date co B d u i i n l s l t - s ed bo B u il g ls ht s U m G e e c r o . e u n S v n r - . i - t - R c O b r e e a s t d e h n r i e k v t r 1 i Total s G to o c ld k s T r t o e c u r i a n n u e u r n a y r c g t d - - s y - - M i c n t u i o o l c n a n i e r - - y T h c i u r n o 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 r h r u v i a s t r e l s y b p m N e o r e o s m n i d t 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 r T es o e t r a v l e ba E la x n ce c s e s s 2 Monthly averages of daily figures: -1938—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 6,888 2,673 723 526 263 8,745 3,226 1939—Jan 2,568 2,598 14,599 2,807 6,712 2,726 827 454 257 9,029 3,484 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 1940—Jan 2,479 2,542 17,804 2,966 7,443 2,361 584 250 11,985 5,464 End of.month figures 1938—Nov. 30.._ 2,564 13 2,584 14,312 2,773 6,787 2,689 484 574 259 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—Jan. 31 2,574 28 2,607 14,682 2,816 6,653 2,776 747 458 255 9,215 3,644 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 7,598 2,409 634 653 251 11, 653 5,209 1940—Jan. 31 2,477 18 2,503 17,931 2,971 7,376 2,359 723 248 12,150 5,559 Wednesday figures: 1939—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 2,723 951 509 256 9,743 3,998 Apr. 26___. 2,564 2,580 15, 714 2,849 913 516 256 4,124 May 3 2,564 2,572 15,801 2,851 6,915 2,691 554 255 9,872 4,084 May 10___. 2,564 2,575 15,856 2,854 6,904 2,67$ 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 2,636 920 253 10,029 4,218 June 7 2,564 2,576 15, 987 2,864 2,571 935 253 10,053 4,279 June 14 2,564 2,605 16,027 2,868 6,936 2,570 928 714 253 10,101 4,264 June 21 2,564 2,584 16,060 2,873 6,934 2,566 941 714 263 10,099 4,227 June 28 2,551 2,567 16, 093 2,879 6,962 2,559 962 677 263 10,116 4,243 July 5 2,551 2,569 16,136 2,880 7,100 2,577 820 678 257 10,151 4,292 July 12 2,535 2,569 16,174 2,885 7,041 2,552 791 638 257 10,350 4,447 July 19 2,515 2,537 16,191 '2,890 7,022 2,530 764 634 257 10.412 4,485 July 26 2,488 2,512 16, 227 2,893 7,002 2,506 742 690 257 10,436 4,485 Aug. 2 2,453 2,476 16,248 2,895 7,054 2,370 863 257 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 2,216 349 698 241 11,907 5,509 Oct. 25 2,736 30 2,771 17,039 2,929 7,302 2,230 326 692 240 11,950 5,534 Nov 2,721 2,765 17,099 2,932 7,352 2,250 349 790 241 11,814 5,376 Nov 2,687 28 2,721 17,132 2,935 7,409 2,263 348 779 241 11,749 5,354 Nov 15.... 2,649 60 2,715 17,235 2,939 7,384 2,341 564 772 241 11, 587 5,166 Nov, 2,593 44 2,645 17, 257 2,942 7,434 2,357 466 727 241 11,619 5,171 Nov, 2,552 45 2,605 17, 347 2,947 7,462 2,359 441 776 241 11, 620 5,135 Dec. 6... 2,512 47 2,568 17,408 2,949 7,545 2,391 346 785 241 11, 617 5,154 Dec. 13.. 2,512 23 2,543 17,464 2,954 7,564 2,398 753 719 240 11, 288 4,849 Dec. 20.. 2,496 140 2,645 17, 576 2,959 7,679 2,411 694 765 253 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 2,968 7.405 2,361 575 678 250 12,020 5,502 Jan. 24.. 2,477 30 2,514 17,879 2,969 7,365 2,381 507 713 249 12,148 5,592 Jan.31.. 2,477 18 2,503 17,931 2,971 7,376 2,358 549 723 248 12.150 5,559 Feb. 7... 2,477 33 2,518 17,998 2,973 7,403 2,365 632 743 249 12,097 5,523 Feb. 14. 2,477 46 2,530 18,063 2,977 7,411 2,385 642 733 249 12.151 5,580 Feb. 21.. 2,477 40 2,523 18,108 2,977 7,450 2,358 596 716 248 12, 241 5,629 1 Includes industrial advances. 2 End of month and Wednesday figures estimated. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article together with available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. MARCH 1940 213 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 Feb. effect Feb. effect Feb. effect Feb. effect Feb. effect 27 beginning— 27 beginning- 27 beginning- 27 beginning- 27 beginning- Boston Sept. 1, 1939 Sept. 1,1939 Sept. 2, 1937 Sept. 1, 1939 Apr.29, 1938 New York.... 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 2H 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, 1H per cent. Back figures.—See Annual Report for 1937 (table 40). FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES [Per cent per annum] Rates in effect, Feb. 27, 1940, on advances and commitments under Sec. 13b of the Federal Reserve Act. [Per cent per annum except as indicated by footnote 3] Maturity e R f F f a e ec t b e t . i 2 o n 7 n In g i e n f n fe in ct g — be- Pre ra v t i e ous A in d g v a i n n c s e t s it u to t io fi n n s a — nc- Advances direct to Commit- 1-15 days K. Oct. 20, 1933 Federal Reserve bank industrial On por- ments 4 3 6 1 6 1 1 6 - - - - 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 a o a t l m io o - r n - s t i w t i n i o s o h n t n i i c t f u i h o s - r m p O o a n r in t i r i o e n n - g a t d o v m an a c k e e s 91-120 days.. ...do obligated 121-180 days —do me i n T t h s, i s w r h a i t c e h a l a s g o r e a e p m pl e i n es ts to a r a e c a c l e w p a ta y n s c f e o s r b a o p u e g r h io t d u n o d f e 1 r 5 r d ep ay u s r c o h r a s le e s s a . gree- N B Ph o ew i s l t a o d n Y e o lp rk h . i . a . - . 3H 4 4 - - - 6 6 6 0) 2 4 / - 2 5 Y 1 T - - 2 2 NOTE.—Minimum buying rates at the Federal Reserve Bank of Cleveland 3 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 12 rates apply to purchases, if any, made by other Federal Reserve banks. A Ch tl i a c n ag ta o _ _ . 5 5- - 6 6 5-6 5 1-1 Back figures.—See Annual Report for 1937 (table 41). St. Louis 4 Minneapolis- Kansas City— 4-6 4 Dallas 5-6 4 5-6 San Francisco 5-6 3-4 4-5 1 Authorized rate 1 per cent above prevailing discount rate. 2 Same as to borrower but not less than 4 per cent, MAXIMUM RATES ON TIME DEPOSITS a Minimum charge one-half of one per cent. 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- Savings deposits and banks Aug. 15, Feb. 28, Apr. 30, Apr. 15, and Postal Savings deposits 1936 1937 1937 1938 after 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- 22K Reserve city 15 VIM Country ioy2 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... banks. In some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are superseded by i See footnote to table on p. 220 for explanation of method of comlower maximum rates established by State authority. puting net demand deposits. 214 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 1940 1939 Feb. 21 Feb. 14 Feb. 7 Jan. 31 Jan. 24 Jan. 17 Jan. Dec. Jan. Assets Gold certificates on hand and due from U. S. Treasury _ _ 15,739,12215,674,61815,619,61915, 552,12015,483,12015,433,12115, 552,12015,199,12011,937,219 Redemption fund—F. R. notes 9,430 10,118 10,118 9,335 8,602 9,385 9,335 9,903 10,440 Other cash 369,498 384,791 387, 624 413, 222 413,173 386,451 413, 222 315,194 434, 587 Total reserves 16,118,05016,069, 52716,017,36115,974, 67715,904,89515,828,95715,974, 67715, 524, 21712,382, 246 Bills discounted: For member banks 1,569 1,593 1,754 1,916 1,971 1,866 1,916 1,720 4,598 For nonmember banks, etc 4,510 5,030 5,030 5,030 5,030 5,030 5,030 5,045 Total bills discounted 6,079 6,623 6,784 6,946 7,001 6,896 6,946 6,765 4,598 Bills bought: Payable in foreign currencies 556 Industrial advances _ __ 10,427 10,434 10,485 10,373 10,911 10,893 10,373 11,044 14,823 U. S. Government securities, direct and guaranteed: Bonds 1,344,045 1,344,045 1,344,045 1,344,045 1,344,045 1,344,045 1, 344,045 1, 351,045 840,893 Notes 1,133, 225 1,133, 225 1,133, 225 1,133, 225 1,133,225 1,133,225 1,133,225 1,133,225 1,209,931 Bills 523,191 Total U. S. Government securities, direct and guaranteed _ _ _. 2,477, 270 2,477, 270 2,477,270 2,477, 270 2,477, 270 2,477, 270 2,477, 270 2,484,270 2, 574,015 Other Reserve bank credit 29, 636 36,122 23,183 8,414 18, 668 20,093 8,414 90, 588 13,094 Total Reserve bank credit outstanding 2, 523,412 2, 530,449 2, 517, 722 2, 503,003 2, 513, 850 2, 515,152 2, 503,003 2, 592, 667 2, 607,086 Liabilities F. R. notes in actual circulation 4,860, 778 4,846,468 4,836, 768 4,832,101 4,827, 752 4,849, 757 4,832,101 4,958, 546 4,338, 726 Deposits: Member bank—reserve account.__ _ _ 12, 240, 68312,150,70912,096, 72712,149, 57612,147, 65612,019, 59412,149, 576 1, 653,232 9, 214,921 U. S. Treasurer—general account 595,990 642,138 631, 565 549,441 507,485 574,794 549,441 634,270 747,040 Foreign bank _ _ _ _ 361, 381 392, 526 388,173 407,313 412, 567 395, 767 407, 313 397,443 167, 268 Other deposits 354,865 340, 677 354,408 315, 284 300,014 282, 519 315,284 255,836 290,850 Total deposits 13, 552, 91913, 526,05013,470,87313,421, 61413, 367, 72213, 272, 67413,421,61412, 940, 78110,420,079 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 87.5 87.5 87.5 87.5 87.4 87.3 87.5 86.7 83.9 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total W 15 i d th a i y n s 16 d a to y s 30 31 d a to ys 60 61 d a to y s 90 m 91 t o o d n a t 6 h y s s 6 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 e o a a r r s s 5 O y v e e a r rs Bills discounted: Jan. 24 7,001 978 1,608 3,717 403 273 22 Jan. 31 ._. 6,946 1,038 1,580 3,708 377 177 66 Feb. 7____ . _ _ 6,784 773 1,641 3,818 355 131 66 Feb. 14___ 6,623 2,247 3,632 260 279 138 67 Feb. 21 6,079 932 4,556 244 198 119 30 Industrial advances: Jan. 24 10,911 1,468 97 275 503 1,133 2,951 2,354 2,130 Jan.31 10,373 1,484 149 178 493 1,093 2,909 2,136 1,931 Feb. 7 _ _ _ 10,485 1,439 159 523 184 1,872 2,112 2,170 2,026 Feb. 14 10,434 1,435 215 392 331 1,798 2,177 2,088 1,998 Feb. 21 . 10,427 1,468 171 501 292 1,715 2,204 2,086 1,990 U. S. Government securities, direct and guaranteed: Jan. 24__ . _ 2,477,270 136,783 105,974 281,368 695,471 1,257,674 Jan. 31 2,477,270 136, 783 105,974 281, 368 695,471 1, 257, 674 Feb. 7 2,477, 270 136,783 105,974 281,368 693, 971 1, 259,174 Feb. 14 2,477, 270 142,458 105,974 281,368 684, 796 1, 262, 674 Feb. 21 2,477,270 136, 783 105, 974 281, 368 684,796 1, 268,349 MARCH 1940 215 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 e h i l- i l a a- C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S o t u . is n M o e l i a n i p s - - K C s a a i n t s y - Dallas F c S r is a a c n n o - Assets Gold certificates on hand and due from U. S. Treasury. Jan.17 15,433,121 866, 2247, 543,917 843,954 984, 788403,153296, 5452,443,475402, 605244,866344,000230, 658 828,936 Jan. 24 15,483,120 863, 7207,630,586 829,453 972,918 [06,717290,3402,430, 599 19,080245, 510 42, 672225,384 826,141 Jan. 31 15, 552,120 865,4707, 690, 760 822, 584 975, 695 ,03, 777294,1792,428, 526 24,363250, 953 48,173224, 798 822,842 Feb. 7 15, 619,619 893,1367,709,967 825, 528 973, 801 06, 395 01, 8112,409,439 :29, 777244, 235 50,045229,030 846,455 Feb. 14 15,674,618 899,6217,690,962 834, 449 977, 541 t12,115305,9902,445,359430,760242, 671351,234233,168 850,748 Feb. 21 15,739,122 880,0027,826, 513 831, 852 984,944 :08,777298,6992,400,682 26, 739244,065351,172226, 929 858,748 Redemption fund — Federal Reserve notes: Jan. 17.. 9,385 857 1,327 949 740 1,209 703 519 753 209 460 353 1,306 Jan. 24.. 8,602 805 1,090 949 658 1,209 419 519 718 195 434 353 1,253 Jan. 31. 9,335 805 1,090 873 658 1,161 419 1,394 718 195 434 335 1,253 Feb. 7 10,118 721 1,798 743 541 1,350 867 1,277 697 177 411 320 1,216 Feb. 14 . 10,118 721 1,798 743 541 1,350 867 1,277 697 177 411 320 1,216 Feb. 21. . 9,430 667 1,591 650 471 775 833 1,199 678 668 396 309 1,193 Other cash: 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 Jan. 24 413,173 37,125 96, 968 33,083 28,147 28, 558 24,936 53, 351 19,027 9,908 22,095 16, 496 43,479 Jan. 31 413, 222 36, 701 95,478 34, 339 31, 347 27,024 22,411 54, 561 18, 286 9,965 20, 482 17,366 45, 262 Feb. 7. _ 387, 624 34, 749 94, 315 32,025 27,636 25, 723 21, 797 49, 996 16, 336 •8, 857 19, 791 15, 769 40, 630 Feb. 14 384, 791 33, 746 91, 509 31,077 27,401 23, 322 21, 619 52,806 16, 668 9,568 18, 955 16, 243 41,877 Feb. 21 369,498 30, 692 88,489 27,916 29, 233 23,608 21,152 49,099 16, 633 9,228 20, 545 15,000 37,903 Total reserves: Jan. 17.. 15, 828, 957 903, 4997, 634, 284 876, 4341, 011, 709429, 363318, 7542,495,954422,070254, 863364,112247,446 870, 469 Jan. 24 15 904,895 901, 6507, 728, 644 863,485 ., 001, 723436,484 ;15, 6952,484, 469 38, 825255, 613 ;65, 201242, 233 870, 873 Jan. 31. 15, 974, 677 902, 9767, 787, 328 857, 7961,007, 700431, 962317,0092,484, 481 :43, 367261,113369,089242, 499 869,357 Feb. 7 16 017,361 928, 6067, 806,080 858, 296 , 001, 978433, 468 24,4752, 460, 712 46, 810253, 269 70, 247245,119 888, 301 Feb. 14 16,069, 527 934,0887, 784, 269 866, 269 ., 005,483436, 787328, 4762, 499,442448,125252, 416370, 600249, 731 893,841 Feb. 21 _ 16,118,050 911,3617,916, 593 860,4181,014,648433,160320, 6842,450,980 :44,050253, 961372,113242, 238 897,844 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed:. Jan 17 593 25 200 105 113 31 10 40 45 4 20 Jan. 24 644 25 235 123 113 44 10 40 20 4 30 Jan. 31__ 558 25 160 135 63 44 10 24 40 10 4 43 Feb 7 520 145 110 63 31 10 24 40 39 58 Feb 14 455 130 85 13 31 10 59 45 39 43 Feb 21 741 475 70 13 22 10 59 25 24 43 Other bills discounted: Jan.17 6,303 2,224 550 542 296 230 638 236 199 872 150 366 Jan. 24.. 6,357 2,224 548 541 316 341 636 216 170 828 164 373 Jan. 31 . 6,388 125 2,232 547 541 330 369 632 201 156 693 164 398 Feb. 7 6,264 125 2,206 562 538 316 321 630 201 147 639 164 415 Feb. 14 6,168 125 2,226 558 538 301 281 630 188 147 579 180 415 Feb. 21 5,338 1,969 526 484 278 250 567 172 111 439 164 378 Total bills discounted: Jan. 17. 6,896 25 2,424 655 655 327 240 638 236 239 917 154 386 Jan. 24 7,001 25 2,459 671 654 360 351 636 216 210 848 168 403 Jan. 31.. 6,946 150 2,392 682 604 374 379 656 201 196 703 168 441 Feb. 7 6,784 125 2,351 672 601 347 331 654 201 187 639 203 473 Feb. 14 6,623 125 2,356 643 551 332 291 689 188 192 579 219 458 Feb. 21 6,079 2,444 596 497 300 260 626 172 136 439 188 421 Industrial advances: Jan. 17 10,893 1,342 2,041 3,123 303 942 693 331 11 732 168 487 720 Jan. 24 10, 911 1,353 2,041 3,130 303 934 693 331 11 743 167 485 720 Jan. 31 10, 373 1,350 2,040 3,129 305 934 698 331 11 201 169 485 720 Feb. 7.. 10, 485 1,423 2,040 3,108 302 934 795 333 11 191 169 484 695 Feb. 14 10, 434 1,424 2,050 3,107 299 933 795 329 10 189 120 483 695 Feb. 21. 10,427 1,420 2,050 3,102 300 931 806 332 189 119 483 695 U. S. Government securities, direct and guaranteed: Bonds: Jan. 17 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. 24.. 1, 344,045 96,123 408,181 110, 22] 137,08^ 68,135 54, 495 144, 872 60, 273 39, 771 62,897 51,196 110, 797 Jan.31 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 Feb. 7 1, 344,045 96,123 408,181 110, 221 137,0& 68,135 54,495 144,872 60, 273 39, 771 62, 897 51,196 110, 797 Feb. 14 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 Feb. 21.. 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 Notes: Jan.17 1 133,225 81,047 344,156 92,934 115, 581 57, 447 45, 945 122,148 50, 818 33, 533 53,031 43,167 93, 418 Jan. 24 1,133, 225 81,047 344,156 92,934 115, 581 57,447 45, 945 122,148 50,818 33, 533 53,031 43,167 93,418 Jan. 31... 1,133, 225 81,047 344,156 92, 934 115, 581 57,447 45, 945 122,148 50, 818 33, 533 53,031 43,167 93, 418 Feb. 7__ 1,133, 225 91,047 344,156 92, 934 115, 581 57,447 45, 945 122,148 50, 818 33, 533 53,031 43,167 93, 418 Feb. 14 1,133, 225 81,047 344,156 92, 93< 115, 581 57, 447 45,945 122,148 50, 818 33, 533 53,031 43,167 93,418 Feb. 21 . 1,133, 225 81,047 344,156 92, 934 115, 581 57,447 45,945 122,148 50,818 33, 533 53,031 43,167 93,418 Total U. S. Government securities direct and guaranteed: Jan. 17 . . 2, 477, 270 177,170 752, 337 203,155 252, 665125, 582100, 440 267,020111, 091 73, 304115, 928 94, 363 204, 215 Jan. 24 2, 477, 270 177,170 752,337 203,155 252, 665125, 582100, 440 267,020111,091 73, 304115, 928 94, 363 204, 215 Jan. 31 2 477, 270 177,170 752, 337 203,155 252, 665125, 582100,440 267,020111,091 73, 3C4115,928 94,363 204, 215 Feb. 7._. 2, 477, 270 177,170 752, 337 203,155 252, 665125, 582100, 440 267,020111,091 73, 304115, 928 94, 363 204, 215 Feb. 14.... 2,477, 270 177,170 752, 337 203,155 252, 665125, 582100, 440 267,020111,091 73, 304115, 928 94,363 204, 215 Feb. 21 2, 477, 270 177,170 752, 337 203,155 252, 665125, 582100,440 267, 020111,091 73, 304115, 928 94, 363 204, 215 216 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- Rich- la A n t t - a Chicagi 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 B i r s a a c n n o - Assets—Continued Total bills and securities: Jan. 17 2,495,05! 178,53; 756,80! 206, 93; 253, 623126,85 101, 373 267,98! 111, 336 74,27, 117,012 95,00' 205,321 Jan. 24 _ 2,495,18: 178, 54* 756,83' 206,95i 253,622 126,87( 101,484 267,98: 111,316 74,25' 116, 942 95, OH 205,338 Jan. 31 2,494, 58! 178, 67C 756, 76S 206,961 253, 57^ 126,89C101, 517 268,00' 111, 302 73,70 116,80C 95, OK 205,376 Feb. 7... 2,494, 531 178, 71! 756, 728 206,93J 253, 56$126,863101, 566 268,00/ 111, 303 73,68: 116, 736 95,050 205,383 Feb. 14 2,494,32, 178, 7K 756, 743 206,90i 253,515 126,847101, 526 268,036 111, 28£ 73, 68i 116, 627 95,065 205,368 Feb. 21 2,493, 776 178, 59C 756,83 206,85! 253, 46 126,81!101, 506 267,976 111, 262 73,62< 116,48i 95,034 205,331 Due from foreign banks: Jan. 17 4' 1! 4 Jan. 24 4' li 4 Jan. 31 4' li 4 Feb. 7 4: 11 4 Feb. 14 4' 1! 4 Feb. 21 4' l: 4 Federal Reserve notes of other banks: Jan. 17 27,89f 894 4,266 1,128 1, 2,641 3,441 1,66! 1,6 64' 3,687 Jan. 24. 26,26C 583 3,59C 951 1,47 4,504 3,23: 3,275 2,17' 1,3 71 3,239 Jan. 31.. _. 24,626 801 3,357 831 1,776 4,760 3,31- 3,384 1,14: 95 1,3. 596 2,346 Feb. 7. 22,084 67' 3,177 795 1,24C 4,47 2,122 2,373 1,94' 1,208 1,597 723 1,755 Feb. 14. 21,273 587 3,026 583 1,41 3,664 2,44f 2,496 1,76' 1,049 1,203 671 2,362 Feb. 21 20,005 596 1,749 853 1,39c 2,874 2,658 2,607 1,67 1,282 57' 2,349 Uncollected items: Jan. 17 731,253 74,935 185,13 53,052 87,664 57,73, 28,94C 99, 762 30, 972 17,326 30, 75C 28,66C 36,317 Jan. 24 640, 571 64,602 154, 67' 48, 36C 73, 71' 46, 65C 30,496 90,442 28, 73€ 15,492 28,04' 25,879 33,475 Jan.31 625,06* 63, 302 161,05; 44,272 72, 59: 49,06C 23,916 91, 353 26, 77S 14,27' 25,414 22,408 30,630 Feb. 7 598,49£ 57,937 138,271 50,26€ 75, 59i 51,323 22, 696 81,114 26,69, 16,0L 26,008 21, 593 30, 975 Feb. 14 792,04C 63, 67! 187, 701 65,687 113, 203 51, 21 28,320 125,476 31,979 18,084 31, 656 33,087 41,958 Feb. 21 636, 295 61,40: 159,922 50, 69* 73, 233 51, 674 25, 722 88, 27C 25, 325 14,923 27,173 24,038 33,909 Bank premises: Jan. 17 41, 731 2,88S 4,573 5,54' 2,54, 2,034 3,39C 2,243 1,396 3,093 1,175 2,956 Jan. 24.. 41,71 2,88S 4,573 5,535 2,545 2,03Q 3,390 2,243 1,396 3,093 1,175 2,947 Jan. 31 41,80* 2,88, 9,87i 4,562 5,535 2,538 2,03C 3,384 2,244 1,393 3,245 1,169 2,947 Feb. 7 41,792 2,88, 9,87< 4,56: 5,535 2,538 2,03C 3,384 2,244 1,393 3,229 1,169 2,947 Feb. 14 41, 792 2,885 9,87! 4,56: 5,535 2,538 2,03C 3,384 2,244 1," 3,229 1,169 2,947 Feb. 21 41, 771 2,88, 4,56: 5, 525 2,538 2,02r 3,384 2,244 1,393 3,229 1,172 2,938 Other assets: Jan. 17 59,87' 3,96: 17, 5K 4,96 6,63$ 3,569 2,429 6,113 2,537 1,820 2,700 2,343 5,287 Jan. 24 _ 60, 703 4,022 17, 796 5,01 6,755 3,616 2,459 6,193 2,563 1,846 2,719 2,365 5,352 Jan. 31. 61, 97r 4,087 17,998 5, 35€ 6,858 3,672 2,525 6,315 2,639 1,863 2,795 2,426 5,439 Feb. 7 61,46C 4,07" 17, 924 5,088 6,856 3,658 2,439 6,264 2,632 1,859 2,781 2,438 5,444 Feb. 14 62,89, 4,165 18,472 5,259 6,958 3,722 2,489 6,432 2,673 1,894 2,84' 2,459 5,528 Feb. 21 63, 93: 4,255 18,717 5,373 7,064 3,736 2,542 6,560 2,719 1"~" 2,870 2,520 5,640 Total assets: Jan. 17 .9,184,824 164,718 , 607,915 147,086 , 367,16'>23,954,56,178 876, 661570,830351, 622 19,368375, 284 124,041 Jan. 24 .9,169, 375 152, 297 , 671,456 129,345 342,824 .20,683 :55, 398 855, 763 349, 747 17, 388367,386 121, 228 Jan. 31 _. .9,222, 788 152, 724 , 736, 403 119,789 348,046 118,890 50,313 856, 930587,474 !53,296 )18, 709364,115 116,099 Feb. 7. .9, 235, 778 172, 903 , 732,082 125, 94' 344, 776122, 322:55,330 821,860591, 632 147,425 )20, 599366,093 134,809 Feb. 14 .9,481,90: 184,126 ,760,105 149,270 386,115 >24,770 :65, 291 905, 274598,078 148, 521 6,160382,183 152,008 Feb. 21... .9, 373,872 159,097 , 863, 707 128, 762 355,32' >20, 79755,141 819, 785587,273 147, 238 )23,154165, 57" 148,015 Liabilities Federal Reserve notes in actual circulation: Jan.17 4,849, 757 399,870 , 237,186 343,433 453,124 !20,082.59,226 066, 741 90, 731 9,245 80, 675 81,078 378,366 Jan. 24 4,827, 752 397,825 , 226, 755 342, 242 455, 973118,168 58,070 066,036 189, 629 .38, 634.79,161 80,618 374,641 Jan.31 4,832,101 397, 937i, 233, 250 343,467 451,877 118,952 58,620 064,756 L90,341 .38, 769L79,806 80,821 373, 505 Feb. 7 4,836, 768 399, 215., 228,400 342, 576 453,272 116,732 59,120 067,124 .90,182 40,167 80, 773 80, 677 378, 530 Feb. 14 4,846,468 399, 515., 233,126 346,022 453, 51619, 362:58, 228 067, 661.89, 967 39, 9i;.80, 28680,367 378, 501 Feb. 21 4,860, 778 401, 557., 242,057 345,37' 454, 92418, 968.57,808 069, 290 90,276 39,80; 80,816 80,435 379,466 Deposits: Member bank-reserve account: Jan. 17 .2,019, 594 600,701 571,632 634,498 692,170293,857!13,022 461, 293295,298 52, 630 119,604 616,196 U. J J F F F S a a e e e . n b b b n . . . . . 3 T 2 2 7 1 1 4 r 1 4 e . a .. surer-general . . . . .2 2 2 2 2 , , , , , 1 1 1 0 2 4 5 4 9 4 9 0 7 6 0 , , , , , 7 6 7 5 6 0 5 2 7 8 9 6 7 6 3 6 6 5 5 5 8 0 9 0 9 6 6 4 2 7 , , , , , 3 6 6 2 5 5 0 4 5 0 6 3 8 4 0 8 6 7 7 7 3 8 0 1 0 6 5 1 5 5 , , , , , 4 4 2 8 2 9 9 9 4 9 9 5 7 1 1 6 6 6 5 5 0 0 0 9 9 7 7 5 0 7 , , , , , 4 7 8 5 9 6 1 3 1 5 6 5 5 7 8 6 6 7 6 6 8 8 8 0 9 4 1 8 5 7 , , , , , 8 7 0 0 7 5 1 0 2 4 9 8 7 7 6 2 ! ! 1 ! 9 9 9 9 8 3 6 7 7 5 , , , , , 0 0 9 4 5 6 2 0 5 6 3 5 7 : 0 i ! ? 1 ! 1 l 1 2 0 3 l 1 0 9 , , , , , 8 9 3 8 0 4 0 1 5 0 1 0 4 8 5 4 4 4 4 4 6 7 2 8 8 0 3 9 8 4 , , , , , 3 1 3 7 5 3 1 3 8 6 6 3 0 3 7 3 1 1 1 1 1 4 8 3 2 1 , , , , , 9 8 0 1 6 3 8 0 8 0 6 6 0 4 7 : : 4 5 5 3 4 1 0 0 8 3 , , , , , 0 1 9 3 5 5 4 0 6 1 0 1 1 1 22 2 2 2 26 6 7 6 6 1 7 0 3 8 , , , , , 4 1 8 1 0 3 5 3 2 6 1 9 6 7 7 ! ! ! 1 1 1 2 1 2 6 2 0 5 , , , , , 5 4 8 6 5 9 2 9 4 9 8 5 5 8 2 6 6 6 6 6 2 0 0 3 3 1 3 7 9 8 , , , , , 7 2 4 2 5 0 4 7 9 8 7 5 8 8 1 account: 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 Jan. 24 _. 507,485 35,004 117, 716 42,669 39,215 23, 552 23, 639 98,231 25,328 21,949 24,784 23,114 32,284 Jan. 31 549,441 36,040 143, 917 40,482 41,921 31,356 23,105 99,613 28,103 26,438 23, 653 19,342 35,471 Feb. 7 631, 565 56, 717 159,031 26, 928 53, 558 22, 550 27,746 146,112 27,448 31, 626 23,007 23,289 33, 553 Feb. 14.... 642,138 62,012 159, 556 42,380 67,773 23,438 24,389 140,933 26,415 27,716 22,810 22,860 21,856 Feb. 21 595, 990 55, 914 135,050 44, 263 23, 890 24,844 108,840 26, 551 27,046 32, 458 25,143 23,102 Foreign bank: Jan. 17 395, 767 29,477 136, 530 39,283 37,278 17,236 14,029 48,101 12,025 8,819 11, 624 2,025 29,340 Jan. 24 412, 567 29, 727 146, 227 40,455 38,390 17, 750 14,448 49, 536 12, 384 9,082 11,971 12,384 30,213 Jan. 31 407, 313 29,166 145,864 39,717 37, 691 17,427 14,185 48,634 12,158 8,916 11, 753 12,158 29, 644 Feb. 7 388,173 28, 541 138, 313 37,842 35,912 13, 515 46,338 11, 584 8,495 1,198 .1, 584 28, 247 Feb. 14 392, 526 28,409 137,944 38, 672 36, 699 13, 812 47,354 11,838 8,682 1,444 .1,838 28,866 Feb. 21. 361,381 25,828 129, 872 35,167 33,373 5,430 12, 560 43,062 10, 766 7,895 10,407 .0, 766 26,255 k Less than $500. MARCH 1940 217 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 - Liabilities—Continued Deposits—Continued: Other deposits: Jan. 17 282,519 7,340 197, 549 17,247 8,398 2,234 6,429 4,085 7,617 6,429 1,068 3,557 20, 566 Jan. 24 _ 300,014 6,342 214, 553 17,054 8,129 2,157 7,217 4,059 8,047 7,230 1,057 3,027 21,142 Jan. 31 315,284 6,021 229, 375 17,991 8,130 2,058 8,052 4,262 8,413 5,866 606 2,981 21,529 Feb. 7 354,408 4,975 255,389 26,506 10,672 5,912 8,622 3,615 9,245 5,492 548 2,706 20,726 Feb. 14 340,677 4,620 244, 989 26,470 10,430 5,380 7,781 3,189 8,978 6,512 348 2,528 19,452 Feb. 21 354,865 6,115 253,267 26, 284 10, 555 4,566 7,773 3,132 9,741 6,616 354 2,404 24,058 Total deposits: Jan. 17 L3, 272, 674 668, 574 086,036 718, 937 796,311332,883255, 954 , 646, 281337,088 .88,052298, 735155, 407 688,416 Jan. 24 3, 367, 722 667, 573 183, 787 708,136 782,761340,522256,309 ,639,939356, 943.88,773300,939251,123 690,917 Jan.31 i3,421, 614 668,875 234,453 699,025 792, 749336, 748 255, 242, 636,839360, 674.92, 581303,171 250, 906 690,351 Feb.7 .3,470,873 692,836 254, 574 142,091 261,197 , 625,401363, 213.83, 754302,820253, 227 704,107 Feb. 14 _.L3,526,050 699, 397 227, 988 705, 237 796, 761342,346 26'61,,882233 , 665, 243366,117 .82,960305,438258,121 709,619 Feb. 21 L3, 552, 919 674,111 354,684 701,180 797, 563337,338?2'5"9 ,0"3"5", 615, 613760, 665.85,458304, 650250,905 711, 713 Deferred availability items: Jan. 17 711, 207 71, 779 163,171 51,938 84,666 55, 846 28,248 118,872 32,224 15,133 29, 567 27, 597 32,166 Jan. 24 621,950 62,411 139,144 46,139 70,981 46,729 28, 253 104,924 28,466 13,125 26,856 24,414 30,508 Jan. 31 — 616,701 61,410 146,946 44,169 70,298 47, 996 23,661 110,501 25,618 12, 726 25,138 21,159 27,079 Feb. 7 575,359 56, 326 127,153 51,679 69,444 48, 278 22,151 84,413 27,372 14, 254 26,430 20,936 26,923 Feb. 14 755,965 60,666 176,821 65,123 102, 54247,791 27,356 127,336 31,063 16,379 29,831 32,418 38,639 Feb. 21 606, 706 58,863 144, 739 49, 272 69, 573 49,203 25, 462 89, 840 25,452 12, 715 27,098 22,958 31, 531 Other liabilities, including accrued dividends: Jan. 17 1,498 200 255 226 223 29 233 26 95 33 Jan. 24 1,991 199 424 266 243 35 311 42 114 101 64 94 Jan. 31. _ 2,153 228 324 527 212 42 242 42 106 256 71 65 Feb. 7 2,415 257 502 296 282 100 307 56 128 221 94 114 Feb. 14 2,867 258 682 279 346 115 387 113 141 247 114 102 Feb. 21 2,733 259 317 299 103 365 55 131 224 143 Total liabilities: Jan. 17 18,835,136 ., 140,4253,486,648 ,114, 534 ,334,324608,832 444433,,4572,832,127 ;42, 528509,072364; 141 Jan. 24 18,819, 4151,128,008' 550,110 , 096, 783, 309,958605, 517442, 6672.811, 210575,080340,646507,057356, 219 096,160 Jan. 31 18,872, 5691,128,4508,614,973 , 087,188, 315,136603,734 443377,i 5652.812, 338576,675344,182 508,371 52,957 091,000 Feb. 7 18,885,4151,148,634~ 610,629 , 093,344, 311,858607,159442, 568' 777, 245580,823338, 303 10, 244354,934 109,674 Feb. 14 19,131,3501,159,836 638,617 ,116,661 , 353,165 "610,95;82452, 522 860,627587, 260339, 397.15,802371,020 126,861 Feb. 21 19,023,1361,134, 790 742,148 , 096,143, 322, 359605, 579442,4082, 775,112576,448338,111 .12,788354,397 122,853 Capital Accounts Capital paid in: 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 Jan. 24 135,954 9,373 51,150 11,904 13,966 5,221 4,652 13, 546 4,f~ 2,949 4,357 4,082 10,666 Jan. 31 136,008 9,347 51,179 11,920 13,973 5,222 4,664 13, 553 4,088 2,951 4,360 4,082 10,669 Feb. 7 136,093 9,349 51,179 11,920 13,980 5,223 4,667 13, 564 4,096 2,959 4,370 4,084 10,702 Feb. 14 136,093 9,349 51,149 11,912 13,996 5,231 4,'"" 13, 573 4,099 2,959 4,371 4,r~ 10, 703 Surp F l e u b s . ( 2 se 1 ction 7): 136,075 9,346 51,149 11,906 13,992 5,245 4,622 13, 581 4,102 2,958 4,374 4,094 10,706 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 Jan. 24 151, 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. 31 151,720 10,405 53,326 14,198 14,323 5,247 5,725 22,824 4,709 3,152 3,613 3,974 10,224 Feb. 7._ 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 Feb. 14 151, 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 Feb. 21 151, 720 10,405 53,329 14,198 14,323 5,247 5,725 22,824 4,709 3,152 3,613 3,974 10, 224 Surplus (section 13b): Jan. 17 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. 24 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. 31 26,839 2,874 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 1,266 2,121 Feb. 7 26,839 2,874 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 1,266 2,121 Feb. 14 26,839 2,874 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 1,266 2,121 Feb. 21 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: Jan. 17 35,193 1,610 2,050 3,549 1,438 1,63: 6,741 1,427 1,993 1,189 1,822 2,057 Jan. 24__.__ 35,447 1,637 9,761 2,067 3,570 1,452 1,641 6,754 1,445 1,999 1,219 1,845 2,057 Jan.31 35,652 1,648 9,816 2,090 3,607 1,441 1,646 6,786 1,464 2,010 1,223 1,836 2,085 Feb. 7 35,711 1,641 9,839 2,092 3,608 1,447 1,657 6,798 1,466 2,010 1,230 1,835 2,088 Feb. 14 35,899 1,662 9,904 2,106 3,624 1,464 1,663 6,821 1,472 2,012 1,232 1,840 2,099 Feb. 21 36,103 1,"" 9,975 2,122 3,646 1,480 1,673 6,839 1,476 2,016 1,237 1,846 2,111 Total liabilities and capital accounts: Jan.17 19,184,8241,164,718 8,607r,,9151,147,0861, 367,167623,954 456,178 2,876, 661570,830351, 622519,368 375, 2841,124,041 Jan. 24 19,169, 3751,152, 297 8, 67,14,561,129, 3451,342,824 662200,,683 455'," 31928,855,763585,860349,747 551177;, 338888 367,3861,121,228 Jan. 31 19, 222, 7881,152, 724 8,,. 73'6,,4400331,119,7 78899 l1,,348,046i618,890450, 3132,856,930587,474 ~3 531;,296 5f18, 709 364,1151,116,099 Feb. 7 19,235, 7781,172,903 8r,732,082 1.., 125,9417,344,776 622,322 445555,,3333002,821,860591, 632347,425520, 5919366,0931,134,809 Feb. 14 19,481,901 1,184,126 81,, 776600,,1051",149,2701,386,115624, 770465, 2912, 905, 274598,078348, 521526,160382,1831,152,008 Feb. 21 19, 373, 8731,1591,,097 \8,, 863, 701",128, 7621, 355,327620, 797 455,1412,819, 785587, 273347, 238523,154 365, 5771,148,015 Commitments to make industrial advances: Jan. 17.... - 8,294 405 1,789 343 1,067 742 152 525 3,111 Jan. 24 8,395 381 1,764 434 1,067 742 152 512 3,183 Jan. 31 8,376 366 1,760 434 1,095 737 152 512 3,163 Feb. 7 _ 8,35C 364 1,757 427 1,031 737 151 512 3,215 Feb. 14..._ 8,361 359 1,767 426 1,033 768 151 512 3,189 Feb. 21 8,638 356 1,753 426 1,028 767 151 492 3,508 218 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Repaid, Date ( e la a s c t h W m e o d n n th e ) sday of Ap re p c li e c i a v t e i d ons Ap c p o li n c s a i t d io er n a s t i u o n n der A a p p p p li r c o a v ti e o d ns ( A s a t d m a o v n o u a d u t n i - n n c t e g ) s ! ( C s a t m o a m o m n e u o d n m t u i - t n n s i g t t - ) A ( b a p p m c u p l o e t r o m t o n e u v d - o n e t t d i ) d c e o r a x a a r n p w p w t p i , n r i l e e i t - t h d b c - , y . ( s P p a ta a m a o n t r u i o t d o i t u i c - n n n i s g - t) s Number Amount Number Amount Number Amount (amount) 1934—Dec. 26... 4,386 146,972 2,955 984 49,634 13, 589 8,225 20,966 5,558 1,296 1935—June 26... 6,325 237,581 11,349 1,646 88,778 27,518 20,579 11,248 24,900 4,533 Dec. 31 *_. 7,437 293,084 2,823 1,993 124,493 32,493 27,649 11, 548 44,025 8,778 1936—June 24... 8,006 314,471 1,880 2,183 133,343 30,484 24,454 9,381 61,425 7,599 Dec. 30... 8,247 1,245 2,280 139,829 25, 526 20,959 77,910 7,208 1937—Mar. 31... 8,344 333, 300 1,322 2,323 141, 545 23,059 18, 611 7, 85, 210 6,767 June30._. 8,430 339, 509 1,263 2,361 145,758 23,019 16,331 1,470 97,663 7,275 Sept. 29... 8,474 341,842 800 2,381 146, 724 21,415 14,880 537 102,588 7,304 Dec. 29... 8,534 350, 551 550 2,406 150,987 20,216 12, 780 3,369 107,384 7,238 1938—Mar. 30... 8,708 358,936 1,299 2,464 154,918 19, 371 13,110 3,419 111, 193 7,825 June 29... 8,976 369, 583 476 2,566 161,158 18,444 13,649 3,084 117, 555 8,426 Sept. 28... 9,102 378,974 146 2,617 168,380 17, 567 13,597 5,737 122,447 9,032 Dec. 28... 9,188 387,490 247 175,013 17,345 14,161 1,946 128,839 12,722 1939—Jan. 25.... 9,203 389,176 999 2,660 175,651 16,811 13,004 1,293 132,009 12,534 Feb. 21 *.. 9,221 389, 554 964 2,671 175,902 16,474 12,907 1,105 133,001 12,415 Mar. 29... 9,249 392,230 344 2,683 177,895 15, 798 12,647 1,975 135,004 12,471 Apr. 26... 9,270 394,055 495 178, 639 15,817 11,749 2,134 136,696 12,243 May 31... 9,296 394,970 400 2,713 179, 332 15,305 11, 530 2,496 137,922 12,079 June 28... 9,308 255 2,721 179,778 15,255 11,175 2,067 139,281 12,000 July 26.... 9,330 399,780 760 2,730 183,354 15,384 11,476 733 142,943 12,818 Aug. 30... 9,355 401,228 532 2,743 184,152 14,667 11,009 1,220 144,812 12,444 Sept. 27... 9,366 402, 305 370 2,752 185, 234 14,454 10, 517 1,938 146,156 12,169 Oct. 25_._. 402,944 70 2,763 186,034 14, 545 10,156 1,764 148,037 11, 532 Nov. 29._. 9,401 404,226 92 2,772 187,257 14,051 9,643 2,548 149, 911 11,104 Dec. 27... 9,418 405, 225 41 2,781 188,222 13, 683 9,220 2,659 151,679 10,981 1940—Jan. 31_._. 9,433 406,097 76 2,793 188,879 12,860 8,376 2,504 154,629 10, 505 Feb. 21«__ 9,452 406,845 78 2,802 189,472 12, 721 8,638 1,932 155,499 10, 682 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. 8 Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to $1,312,021 February 21,1940. * 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 C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Federal Reserve notes: Issued to F. R. bank by F. R. agent: Jan. 24 5,178,093426,041 1,322, 591 365, 704581, 778 234,832 17,17031, 111, 018 202,256145,143189,480 90, 267437,279 Jan. 31 5,164,940423, 526 1,322,056 363, 575479,819 232!,,334171,0"1"9 :1, 112,920 144,854187, 655 392 436,322 Feb. 7 5.160,100423,273 1,322, 573 361,435480,346230, 704170, 9591,114, 987 200; 144,429188,073 88,842433, 623 Feb. 14 5,163,324422,154 1,322,118 362, 962 478^ 932433, 236170, 7281,113,068 200, 577' 1 '44 ,\, 129200, 36988, 211436, 747 Feb. 21 5,166, 486420,085'1,326, 308360, 557479,012233,173170,1201,116, 3432 r00,962143, 819 '1"8196,49 88, 646 443377;,812 Held by Federal Reserve bank: Jan. 24 350,341 28, 216 95,836 23,463 25,805 16, 66413, 633 44,982 12,627 6,509 10,319 9,649 62,638 Jan. 31 332,839 25, 589 88,806 20,108 27,942 13, 38212, 399 48,164 11,127 6,085 7,849 8,571 62,817 Feb. 7 323,332 24,058 94,173 18,859 27,074 13,972 11,839 47,863 10,674 4,262 7,300 8,165 55,093 Feb. 14 316,856 22,639 88,992 16, 94025,418 13,874 12,500 45,407 10, 610 4,303 10,083 7,844 58,246 Feb. 21 305, 708 18,528 84,251 15,183 24,088 14,205 12, 312 47,053 10,686 4,012 8,833 8,211 58,346 In actual circulation: * Jan. 24 4,827, 752397,8251,226,755342,242455,973 218,168 158,070 1,066,036189,629 138, 634 17)9, ,161 80, 618374,641 Jan.31 4.832,101397,9371, 233, 250343,467451,877' 218,952 158, 620 1,064, 751690,341 769 179,806 80,821 337733;, 505 Feb. 7 4,836, 768399, 2151, 228,400342, 576 453,272216, 732 159,120 1,067,124190,182 167 180, 773 80, 677378, 530 Feb. 14 4,846,468399, 5151, 233,126 346; 022 453; 512619, 362 158, 228 1,067,661189,967 139,917 1801,,286 80, 367 337788; 550011 Feb. 21 4,860, 778401, 55"1,242,05' 345, 374 "4"5"4, 924218, 968 157,808 1,069, 290190, 276 139,807180, 816 80,435 3r~79 ,4'6"6" Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Jan. 24. _ 5,309,000440,0001,340,000375,000 4t8866,,000000 250,000.80,000 , 130,000 209,000.47, 500195,000 92,500 464,000 J F a e n b . . 3 7 1 _ _ 5 5 , , 3 3 0 0 5 9 , , 0 0 0 0 0 0 4 4 4 4 0 0 , , 0 0 0 0 0 0 1: 1, , 3 4 3 0 4 , 0 0 , 0 0 0 0 3 30 7 7 5 5 , , 0 0 0 0 0 0 4 t ; 88 8 66 2 ,, , 0 0 00 0 00 0 0 2 2 5 5 0 0 , , 0 0 0 0 0 0. . 8 8 0 0 , , 0 0 0 0 0 01 , ,1 3 1 0 3 , 0 0 , 0 00 0 0 2 0 2 9 0 , 9 0 , 0 00 0 0. 4 4 7 7 , , 5 5 0 0 0 0 1 195,000 9 92 2 , , 5 5 0 0 0 0 4 4 6 6 4 4 , , 0 0 0 0 0 0 Feb. 14.. 5,298, 500440,000 :lj, 340,003075,0004:8822,,000000 250,000 .75,000 130,000 209,000.47, 500 91,000 464,000 Feb. 21... 5,298, 500440,000 1,, 340,000375,000 :82,000250,000 .75,000 130,000 209,000.47, 500 195; 00091,000 464,000 Eligible paper: Jan. 24 _ __ 1,390 25 315 129 145 15 695 Jan. 31 __ 1,307 150 248 141 159 551 Feb. 7 1,152 125 202 150 132 491 Feb. 14. 1,296 359 212 121 117 430 Feb. 21 1,068 512 105 107 Total collateral: Jan. 24 _ 5,310,390 440,025 ,340,315375,129 t86,000 250,145.80,000 130,000 209,015.47, 566195,695 92,500 464,000 Jan. 31 _ 5,310,307 4440,150 ,340,248575,141 486,000 250,159.80,000 130,000 209,000.47,558195, 55192,500 464,000 Feb. 7 5,306,152440,125 ,340,202375,150482,000250,132 .80,000 130,000 209,000147, 552195,491 92,500 464,000 F Fe e b b . . 1 2 4 1 __ 5 5 , , 2 2 9 9 9 9 , , 7 5 9 6 6 8: :4 4 0 0 , ,0 3 0 5 0 9 , , 3 3 4 4 0 0 , , 5 2 1 1 2 23 37 7 5 5 , , 1 1 0 2 5 14 : 8 8 2 2 , , 0 0 0 0 0 0 2 2 5 5 0 0 , , 1 1 1 0 7 7 . .7 7 5 5 , , 0 0 0 0 0 0 1 1 3 3 0 0 , , 0 0 0 0 0 0 2 2 0 0 9 9 , , 0 0 0 0 0 01 14 4 7 7 , , 5 5 3 5 6 71 19 9 5 5 , , 3 4 0 3 8 0 9 9 1 1 , , 0 0 0 0 0 0 4 4 6 6 4 4, , 0 0 0 0 0 0 1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank. MARCH 1940 219 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, JANUARY, 1940 MEMBER BANK RESERVE BALANCES BY CLASSES OF BANKS [Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars] Reserves with Central reserve Gross Net Federal Reserve All city banks Re- Classes of banks de- de- Time banks mem- serve Counand districts mand mand de- ber city try de- de- posits banksi New Chi- banks banks» posits posits i Re- Ex- York cago quired Held Total reserves held: All member banks..37, 585 30,736 11,835 6,521 11,985 5,464 1939—January 9,029 4,409 780 2,474 1,366 February 8,925 4,482 673 2,405 1,364 Central reserve city banks: March 9,021 4,472 681 2,475 1,393 New York 13, 940 741 3,054 6,099 3,045 April 9,624 4,889 794 2,544 1,397 Chicago.. 2,852 2,518 493 940 342 May 9,997 5,094 878 2,630 1,395 June _. 10,085 5,049 893 2,728 1,415 Reserve city banks: July 10,321 5,195 848 2,827 1,451 Boston district. 1,205 1,086 87 194 204 August 10,659 5,366 923 1,486 New York district 231 183 157 40 65 26 September 11,443 5,866 1,009 3,009 1,559 Philadelphia district.. 1,389 1,147 236 212 445 233 October 11, 862 5,958 1,112 3,203 1,588 Cleveland district 1,786 1,397 728 281 539 258 November 11, 688 5,759 1,115 3,229 1,585 Richmond district 807 631 211 121 197 76 December 11,473 5,623 1,141 3,141 1,568 Atlanta district 779 535 176 102 131 28 1940—January 11,985 6,099 940 3,319 1,628 Chicago district- 1,378 958 589 197 350 153 Week ending (Friday) St. Louis district 908 671 179 126 225 98 1940—Jan. 5 11, 699 5,942 972 3,166 1,619 Minneapolis district... 409 297 89 56 89 32 Jan. 12 11,852 5,992 960 3,280 1,621 Kansas City district- 1,057 684 159 128 197 69 Jan. 19. _-_. 12,030 6,095 928 3,372 1,635 Dallas district 776 487 129 92 135 43 Jan. 26 12,139 6,211 917 3,379 1,632 2,260 1,823 1,975 418 548 130 Feb. 2 12,170 6,261 929 3,354 1,626 San Francisco district- Feb. 9 12,135 6,251 902 3,347 1,635 12, 984 9,899 4,716 3,319 1,350 Feb. 16 12,168 6,275 897 3,350 1,648 Total _ Excess reserves: 1939—January __.. 3,484 1,996 260 734 495 Country banks: 920 651 555 106 192 87 February 3,373 2,047 164 669 494 Boston district 1,391 1,013 1,386 191 380 189 March 3,432 1,986 179 741 526 New York district 686 447 872 97 173 76 April 3,926 2,302 299 794 531 Philadelphia district. _ 639 417 687 84 151 67 May 4,212 2,465 360 858 529 Cleveland district 577 336 355 58 96 38 June 4,246 2,394 362 944 546 Richmond district 552 336 232 52 82 30 July 4,402 2,504 305 1,013 581 Atlanta district 918 566 739 105 209 104 August 4,607 2,587 363 1,046 611 Chicago district 397 243 243 41 72 30 September 5,198 2,943 430 1,147 678 St. Louis district 334 205 277 38 64 26 October 5,490 2,974 518 1,295 704 Minneapolis district... 473 284 158 42 69 27 November 5,259 2,753 516 1,294 696 Kansas City district—_ 565 328 104 45 83 39 December 5,011 2,611 540 1,188 671 Dallas district 358 230 278 42 56 15 1940—January... 5,464 3,045 342 1,350 727 Week ending (Friday) San Francisco district- 7,810 5,055 5,885 901 1,628 1940—Jan. 5.— 5,253 2,929 391 1,216 717 Jan.12 5,371 2,970 369 1,314 717 Total.... Jan. 19 5,501 3,042 327 1,398 734 * Gross demand deposits minus demand balances with domestic banks Jan. 26 5,578 3,128 312 1,404 734 (except private banks and American branches of foreign banks) and Feb. 2 ?5, 589 3,156 322 1,383 P728 cash items in process of collection. Feb. 9- P5, 560 3,140 300 1,384 P736 NOTE.—See table at foot of p. 214 for percentages of deposit required Feb. 16 P5, 590 3,165 295 1,380 P749 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] All member banks Member banks in larger centers Member banks in smaller centers (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Jan. Dec. Jan. Dec. Jan. Dec. Jan. Dec. Jan. Dec. Jan. Dec. Boston 2,125 2,095 641 638 1,993 1.9fi2 512 510 132 134 129 128 New York 15, 561 15,463 2,284 2,270 i 1,322 l ]L, 338 i 1,044 i 1,034 300 299 499 496 Philadelphia 2,075 2,064 1,108 1,110 1,833 ,820 656 662 242 244 452 448 Cleveland. _ 2,424 2,420 1,415 1,406 2,185 2,182 1,110 1,104 239 238 305 302 Richmond . . _ 1,383 1,394 566 557 1,186 L, 191 367 361 198 203 199 197 Atlanta 1,331 1,293 408 402 1,157 ,129 320 316 174 164 87 86 Chicago 5,148 5,151 1,820 1,812 1 1,954 l i,938 i 1,028 i 1,017 342 333 300 296 St. Louis 1,304 1,295 422 420 1,063 L060 304 303 241 235 118 117 Minneapolis 743 754 367 364 546 556 179 179 198 198 187 *186 Kansas City 1,530 1,546 317 314 1,182 1,197 202 199 348 349 115 115 Dallas 1,340 1,344 233 234 1,030 1,033 188 188 311 312 46 46 San Francisco 2,619 2,648 2,253 2,223 2,494 2,519 2,152 2,124 125 129 101 99 Total ... 37,585 37,466 11,835 11,750 117, 943 117, 925 i 8,062 i 7,996 2,850 2,836 2,539 2,515 i Excluding central reserve city banks, for which figures for latest month are shown in table above. 220 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Treas- Subsid- Federal Na- Gold Silver Silver ury iary Minor United Federal Reserve tional End of month Total certifi- dollars certifi- notes silver coin States Reserve bank bank cates cates of 1890 coin notes notes notes notes 1938—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 1940—January 7,376 69 44 1,469 1 372 163 265 4,796 23 173 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 currencya Large denomination currency2 in cir- Un- End of month cula- assorttion i Total Coin $1« $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 ed* 1938—December 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 December. . __ 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940—January 7,376 5,332 579 526 34 970 1,692 1,532 2,047 457 920 191 426 20 33 3 i Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks. * Includes unassorted currency held in Treasury and Federal Reserve banks and currency of unknown denominations reported by the Treasury as destroyed. » Paper currency only; $1 silver coins reported under coin. Back figures.—See Annual Report for 1937 (table 36). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND'RECEIPTS OF UNITED STATES PAPER CURRENCY [Held by Treasury and Federal Reserve banks and in circulation, In [By selected banks and financial institutions in New York 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 110.2 100.4 1938— December. 2,798 1,685 376 159 347 203 1939— A M M F J e p a a a b r n y r i r u c l u h a a ry r . y .. . - . . 2 2 2 2 2 , , , , , 8 8 8 8 8 6 3 4 2 1 2 9 9 4 6 1 1 1 1 1 , , , , , 7 7 7 7 7 5 4 1 3 0 9 6 7 3 5 3 3 3 3 3 7 7 7 7 7 6 7 6 6 7 1 1 1 1 1 6 5 6 6 6 1 9 0 0 0 3 3 3 3 3 4 4 4 4 4 7 7 7 7 7 2 1 1 1 1 9 0 9 9 9 1 1 3 6 8 1939— A M M F J e p a a a b r y n r i r c l u u h a a r r y y .. . . . 4 2 3 3 6 6 7 . . . . . 8 0 7 1 3 2 1 . . . 7 0 0 2 4 3 4 2 8 5 . . . . . 1 0 7 4 8 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 1,845 169 347 178 December. 6.3 1940—January 2,971 1,855 400 169 347 175 1940—January.... 5.3 5.3 i Includes silver held against silver certificates amounting to $1,772- Back figures.—See Annual Report for 1937 (table 38). 000,000 on Jan. 31, 1940 and $1,568,000,000 on Jan. 31, 1939. Description.—See BULLETIN for January 1932, pp. 7-8. MARCH 1940 221 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] Period T G e o n o t d l a d l o s f t o p I a c e n c k r a c i c o o a t d u t iv n e t s t g t o I o i o n t n c l a - d k l im g N o p e l o d t rt m a l t o g h c t a s r a r t N e s a i r o i a o n k n e u r n ( i t - s o g n s - - r h g ) 1 m g d t p D t i o u r e o i o o c l s c n d - - - - From or to— Im Ja - 1 n 9 u 4 a 0 r E y x- I D m e - cemb E e x r - 1939 Im Ja - n.-Dec E . xports ports ports ports ports ports 1934 i 4,202. 5 1, 133. 9 82.6 96.0 1935. 10,125 1,887. 2 1, 739.0 .2 110.7 Belgium 165,122 1936. 11, 258 26.5 1,132. 5 1, 116. 6 -85.9 131.6 France 59 3, 1937 12, 760 1, 227. 9 1,502." , 585. 5 -200.4 143.9 Hungary 3,048 5,705 1938. 14, 512 1, 751. , 973.6 -333. 5 148.6 Italy 5,586 15, 719 1939. 17, 644 3,132. , 574.2 -534.4 159.8 Netherlands 31, 526 341, 618 Norway 6,414 , Sweden 19.743 10, 953 1938—February 12, 776 1,200.6 20.7 8.0 -18.2 10.0 Switzerland 5,119 28,716 March 12, 795 1,183.0 18.5 52.9 -.6 10.7 United Kingdom 10,421 87,055 60 April 12, 869 74.3 71.1 -1.2 10.6 Canada 308, 778 1,826,463 168 May 12, 919 49.8 52.8 -53.9 11.5 Mexico 3,972 613,116 206 June 12, 963 44.2 55.3 -15.5 Central America... 33,816 July 13,017 54.5 63. -20.9 14.2 Argentina 6,013 August 13,136 118.3 166.0 -28.8 14.7 Chile- 1,152 4,515 September 13,760 623.8 520.9 -13.3 14.1 Colombia 2,116 10,077 October 14,065 305.0 562.4 -110.2 13.5 Ecuador 502 23, 239 November 14,312 247.5 177.8 -7.4 15.5 Peru 426 3,048 December 14, 512 199.6 240.5 -62.4 13.3 Venezuela 385 5,272 Australia 6,472 4,441 1939—January 14,682 170.0 156.3 14.1 12.2 British India 7,592 74, 250 February 14,874 192.7 223.3 -48.6 10.5 China and Hong 50, 956 March 15,258 383.8 365.4 10.7 rll.l Kong... 5,452 2,960 28,097 April ___ 15, 791 532.3 605.8 -114.8 13.1 Japan 37, 680 20,101 165, 605 May 15,957 166.2 429.4 -251. 6 12.6 Philippine Islands.. 3,360 2,646 35,637 June 16,110 153.3 240.4 •-104.8 10.7 South Africa 20, 297 9,885 22, 862 July 16,238 128.0 278.6 -164.0 13.1 All other countries2.. 1,579 1,845 August 16, 646 407.6 259.9 152.1 14.1 September 16,932 285.9 326.1 2.8 15.7 Total.. 236, 413 22 451,183 3, 574,659 508 October 17,091 159.9 69.7 79.5 18.5 November 17,358 267.1 168.0 90.9 14.8 December 17, 644 285.1 451.2 -200.8 13.2 Figures represent customs valuations which, with some exceptions, are at rate of $35 a fine ounce. 1940—January _ 17,931 287.5 236.4 40.0 P12.5 2 Includes all movements of unreported origin or destination. Feb. 1-21 P____ 18,108 177.4 167.3 -6.0 Back figures.—See table, p. 253, and Annual Report for 1937 (tables 31 and 32). p Preliminary. r Revised. 1 Gold held under earmark at Federal Reserve banks for foreign account on January 31, 1940, in millions of dollars: 1,123.0. 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a fine ounce thereafter. NOTE.—Figures for domestic production of gold are those published in table, p. 253, adjusted to exclude Philippine Islands production re- BANK DEBITS ceived in United States. Adjustment based on annual figures reported by Director of Mint and monthly imports of gold to U. S. from Philip- [Debits to individual deposit accounts, at banks in principal cities.] pines. For back figures see Annual Report for 1937 (table 29). [In millions of dollars] BANK SUSPENSIONS1 Total, 140 133 all New other other 1 Member Nonmember Year and month report- York lead- reportbanks banks ing City ing ing Total, centers cities i cities* all banks Na- In- Not tional State sured2 insured 1929_. 982, 531 603,089 331,938 47, 504 1935 402, 718 184,006 190,165 28, 547 1936 461,889 219,670 33, 283 Number of banks suspended: 1937. 469,463 197, 836 235, 206 36, 421 1 1 9 9 3 3 5 4 2 8 2 4 8 8 1 19 9 3 3 9 8 . . .._ 4 4 0 2 5 3 , , 9 9 2 3 9 2 1 1 6 7 8 1 , , 3 7 8 7 2 8 2 2 0 1 4 8 , , 7 2 4 9 5 8 3 3 2 4 , , 4 2 0 5 6 2 1936 40 3 1937 47 6 1938—December. 43, 209 18,879 21,087 3,243 1938 47 6 25 10 1939—January 35,180 14, 533 17,860 2,786 1940—January. 2 F M e a b r r c u h ary.. 2 3 9 7 , , 3 9 2 7 2 3 1 1 2 6 , , 3 2 8 7 0 4 1 15 8 , , 2 2 0 1 1 1 2 2 , , 3 8 9 3 2 7 Deposits of suspended banks April 32, 822 13, 311 16,832 2,679 (in thousands of dollars):3 May 34, 656 14,165 17, 763 2,728 1934 36,937 40 1,912 34,985 June 36,883 15, 312 18, 676 2,895 1935 10,015 5,313 3,763 939 July 33,245 12, 794 17, 683 2,768 1936.. 11,306 507 10,207 592 August 33, 314 13,118 17,496 2,701 1937 19, 723 7,379 1,708 10,156 480 September 36, 594 15,138 18, 526 2,930 1 1 1 9 9 9 3 3 4 8 9 0—January 3 1 5 3 , , 2 0 0 3 2 1 8 6 2 1,34 3 1 6 24,6 2 2 1 9 1 1 6 1 , , 2 5 7 3 2 8 1 9 8 2 1 , , 4 0 6 4 7 4 N D O o e c c v to e e b m m e b b r e . e . r r _ . 3 3 4 4 3 5 , , , 8 4 6 3 6 4 0 6 7 1 1 1 3 7 3 , , , 0 6 6 4 8 3 1 3 3 1 18 9 , , 0 6 2 3 9 6 3 2 3 , , , 1 9 4 1 9 2 9 0 8 1940—January... 37, 786 14,739 19, 978 3,069 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at 1 Comprises centers for which bank debit figures are available beginthe time of closing (in some instances with the aid of Federal Deposit ning with 1919, except that one substitution was made in 1920 and one Insurance Corporation loans). in 1928. 2 Federal deposit insurance became operative January 1, 1934. 2 Cities (other than the 141 centers) for which bank debits are currently 3 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 nonmember bered 133 since 1936. banks are based on the latest data available at the time the suspensions Back figures.—See Annual Report for 1937 (Table 71), which also gives were reported. a definition of bank debits. Figures for individual reporting cities and Back figures.—See Annual Report for 1937 (table 76). totals by Federal Reserve districts are available in mimeographed form. 222 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 DF INTERBANK DEPOSITS In millions of dollars] Nonmember Member banks banks Member banks Nonmeniber banks Call date Total Other Total ti N on a a - l State M s b a a v u n i t n k u g a s s l m n b o e e m n r - - Call date ba A n l k l s Total ti N on a a - l State M sav u i t n u g a s l no O n t m he e r mbanks banks ber "banks 1929—June 29 25,110 8,707 7,530 1,177 611 15,792 1929—June 29— 53,852 32,284 19,411 12,873 8,983 12,584 Dec. 31 24,630 8,522 7,403 1,119 609 15,499 Dec. 31___ 55,289 33,865 20,290 13,575 8,916 12,508 1933—June 30 14,519 5,606 4,897 709 576 8,337 1933—June 30— 37,998 23,338 14, 772 8,566 9,713 4,946 Dec. 30 _ 15,011 6,011 5,154 857 579 8,421 Dec. 30— 38,505 23,771 15,386 8,385 9,708 5,026 1934—June 30 _ 15,835 6,375 5,417 958 578 8,882 1934—June 30— 41,870 26,615 17,097 9,518 9,780 5,475 Dec. 31 16,039 6,442 5,462 980 579 9,018 Dec. 31— 44, 770 28,943 18,519 10,424 9,828 6,000 1935—June 29 15,994 6,410 5,425 985 571 9,013 1935—June 29— 45, 766 29,496 19,031 10,465 9,920 6,350 Dec. 31 15,837 6,387 5,386 1,001 570 8,880 Dec. 31— 48,964 32,159 20, 886 11, 273 9,963 6,842 1936—June 30 _ 15,752 6,400 5,368 1,032 566 8,786 1936—June 30— 51,335 34,098 21,986 12,112 10,060 7,178 Dec. 31 _ 15, 628 6,376 5,325 1,051 565 8,687 Dec. 31— 53, 701 35,893 23,107 12, 786 10,143 7,666 1937—June 30 15, 527 6,357 5,293 1,064 564 8,606 1937—June 30— 53, 287 35,440 22, 926 12, 514 10, 213 7,635 Dec. 31 15,393 6,341 5,260 1,081 563 8,489 Dec. 31... 52, 440 34,810 22,655 12,155 10,257 7,373 1938—June 30 15,287 6,338 5,242 1,096 563 8,386 1938—June 30 52,195 34, 745 22,553 12,193 10, 296 7,153 Dec. 31 15,206 6,338 5,224 1,114 556 8,312 Dec. 31— 54,054 36,211 23, 497 12, 714 10,365 7,478 1939—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 t t s - Total Loans I m nv e e n s t t s - 1929—June 29 58,474 41,531 16,943 35,711 25, 658 10,052 9,556 5,892 3,664 13,207 9,981 3,227 Dec. 31 _ _ 58,417 41,918 16,499 35,934 26,150 9,784 9,463 5,945 3,518 13,020 9,823 3,197 1933—June 30 40,076 22, 203 17,872 24, 786 12,858 11,928 10,044 5,941 4,103 5,246 3,404 1,841 Dec. 30_ 40,319 21,977 18,342 25, 220 12,833 12,386 9,985 5,906 4,079 5,115 3,238 1,877 1934—June 30 42, 502 21,278 21, 224 27,175 12, 523 14,652 9,904 5,648 4,256 5,423 3,108 2,315 Dec. 31 43,458 20,473 22, 984 28,150 12,028 16,122 9,782 5,491 4,291 5,526 2,955 2,571 1935—June 29 44,416 20, 272 24,145 28, 785 11,928 16,857 9,852 5,341 4,511 5,779 3,003 2,777 Dec. 31 _ 45,717 20,329 25, 388 29,985 12,175 17,810 9,804 5,210 4,594 5,927 2,944 2,983 1936—June 30 48,458 20, 679 27, 778 32, 259 12, 542 19,717 9,961 5,105 4,856 6,238 3,032 3,206 Dec. 31 49, 524 21,449 28,075 33,000 13,360 19, 640 10,060 5,027 5,034 6,464 3", 062 3,402 1937—June 30 _ 49,696 22, 514 27,182 32, 739 14, 285 18, 454 10,180 5,002 5,178 6,778 3,227 3,550 Dec. 31 48, 566 22,198 26,368 31, 752 13,958 17,794 10,187 4,996 5,191 6,627 3,244 3,383 1938—June 30 47,381 21,130 26, 252 30, 721 12,938 17, 783 10,196 4,961 5,235 6,465 3,231 3,234 Dec. 312 48,929 21,354 27, 575 32,070 13,208 18,863 10, 255 4,930 5,325 6,604 3,217 3,387 1939—June 30 K '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 a 49,954 21, 634 28, 320 33,075 13,470 19,605 10,333 4,936 5,397 6,546 3,228 3,318 * Revised. i Prior to Dec. 30, 1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. The nonmember bank figures include interbank deposits to the extent that they are not shown separately in a few State bank abstracts. »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). MARCH 1940 223 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 * Investments * Com- Loans for U. S. Government obligations Obli- Total mer- purchasing gations loans cial, or carrying of Call date m v a i e e n n s n d - t t - s Total i t d a r i u i n n s a d - - l, p O m k a p p a e e r t e n - r br T s o e o k c - urities e l R o st a e a n a t l s e b L a o t n o a k n s s l O o t a h n e s r *Total Direct G a u n a - r- S p t a i o a c n t l a d e i l t s - s O i e t t c i h e u e s r r ! agri- ers To teed subcul- and others' Total Bills* Notes Bonds divitural a deal- sions 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 1937—Dec. 31.. 31, 752 13,958 643 950 2,752 2,547 70 6,996 17, 794 L0, 574 662 4,277 5,635 1,797 2,047 3,376 1938—Mar. 7___31, 521 13, 546 607 878 2,665 2,556 96 6,745 17, 975 L0, 625 797 4,297 5,531 1,827 2,209 3,314 June 30__30, 721 12,938 492 701 2,614 2,613 120 6,397 17, 783 L0, 215 316 3,653 6,246 2,128 2,143 3,296 Sept. 28. 31, 627 12,937 484 713 2,590 2,661 126 6,364 L0, 713 313 3,707 6,693 2,298 2,317 3,361 Dec.31__ 32,070 13, 208 5,448 442 973 775 2,716 125 2,728 18,863 L0,882 286 3,389 7,208 2,340 2,448 3.192 1939—Mar. 29..32,095 13,047 5,531 427 838 733 2,749 99 2,671 19,048 L0, 691 303 2,604 7,783 2,660 2,555 3,142 June 30. _ 32,603 13,141 5,571 420 731 736 2,828 58 2,796 19,462 L0,946 441 2,720 7,786 2,831 2,554 3,131 Oct. 2«._ 33,075 13,470 19,605 L0, 891 2,920 2,764 3,030 Dec. 30__33, 941 13,962 6,115 455 790 700 2,957 56 2,888 19, 978 LI, 184 563 2,223 3,144 2,692 2,959 New York, City'' 1929—Dec. 31.. 8,774 6,683 195 1,257 2,145 169 322 2,595 2,091 1,112 58 166 222 758 1933—June 30__ 7,133 3,424 364 758 1,044 157 162 937 3,709 2,551 638 987 926 478 680 1937—Dec. 31.. 8,313 3,673 198 761 733 141 29 1,811 4,640 3,207 495 1,536 1,175 342 704 1938—Mar.7 — 8,317 3,532 168 696 727 140 60 1,741 4,785 3,180 505 1,529 1,145 432 485 688 June 30__ 8,013 3,172 141 556 717 132 85 1,541 4,840 3,031 222 1,358 1,451 709 394 707 Sept. 28. 8,355 3,146 153 564 702 132 95 1,499 5,209 3,153 251 1,342 1,560 834 495 727 Dec. 31.. 8,335 3,262 1,461 138 787 220 121 99 436 5,072 2,963 158 1,142 1,663 894 517 698 1939—Mar. 29.. 8,408 1,456 126 668 209 124 77 427 5,322 2,939 68 831 2,040 1,086 582 714 June 30__ 8,688 1,479 128 555 215 130 41 440 5,700 3,360 168 2,284 1,123 480 736 Oct. 2_._ 9,044 3,116 5,928 3,401 1,157 662 708 Dec. 30_. 9,339 3,296 1,776 120 611 188 133 44 425 6,043 3,497 315 797 2,386 1,275 579 693 City of Chicago 7 1929—Dec. 31.. 1,757 1,448 251 533 535 116 3 19 94 96 1933—June 30_. 1,287 677 61 251 237 610 384 206 82 97 87 138 1937—Dec. 31.. 1,901 635 41 129 426 1,266 916 32 366 518 94 135 121 1938—Mar. 7.._ 1,997 614 39 113 423 1,382 1,008 153 371 484 100 136 139 June 30. _ 1,806 525 29 109 361 1,281 859 12 313 535 122 140 159 Sept. 28. 1,889 522 31 111 351 1,367 921 1 310 611 126 144 175 Dec. 31.. 1,969 539 336 43 70 62 1,430 1,005 59 291 655 109 141 176 1939—Mar. 29.. 1,965 545 361 32 70 57 1,420 992 121 212 660 108 149 171 June 30. . 2,052 544 348 71 1,507 1,040 185 234 621 135 154 179 Oct. 28. _ 2,050 563 1,487 1,017 155 147 168 Dec. 30_. 2,105 372 13 60 1,536 1,031 153 176 701 172 162 170 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 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—Mar. 7_._11,250 5,031 197 118 1,020 1,173 25 2,498 6,219 3,962 115 1,610 2,236 648 708 901 June 30._ 11,150 4,853 163 998 1,201 26 2,369 6,298 3,940 69 1,268 2,603 718 732 908 Sept. 28. 11,426 4,870 156 992 1,217 22 2,387 6,556 4,088 47 1,290 2,752 743 775 950 Dec. 31.. 11,654 4,963 2,121 149 119 242 1,230 20 1,081 6,691 4,278 57 1,224 2,997 740 808 866 1939— Mar,29_.11, 624 4,936 2,116 145 115 228 1,249 17 1,066 6,688 4,181 100 977 3,105 823 823 860 June 30_. 11, 756 5,004 2,118 138 115 221 1,284 12 1,116 6,751 4,102 78 1,014 3,010 889 895 866 Oct. 28.. 11,880 5,127 6,752 4.089 909 897 856 Dec. 30_. 12, 272 5,328 2,322 155 119 222 1,335 1,168 6,943 4,222 63 819 3,339 972 890 860 Country Banks 1929—Dec. 31..13,375 8,936 201 291 2,231 1,462 4,705 4,439 1,267 171 999 627 2,546 1933—June 30_. 7,873 4,275 35 25 1,117 1,055 2,005 3,598 1,469 299 1,106 581 1,549 1937—Dec. 31..10,124 4,446 216 25 824 1,219 2,149 5,677 2,490 786 1,675 678 879 1,630 1938—Mar. 7... 9,958 4,369 215 24 804 1,233 2,083 5,589 2,477 787 1,665 647 880 1,585 June 30.. 9,752 4,388 173 21 790 1,269 2,126 5,364 2,385 715 1,657 579 878 1,522 Sept. 28. 9,958 4,399 156 21 784 1,303 2,127 5,558 2,550 766 1,770 596 903 1,509 Dec. 31.. 10,113 4,444 1,531 138 25 243 1,353 1,149 5,669 2,636 732 1,893 597 982 1,453 1939—Mar. 29.. 10,098 4,480 1,597 142 24 226 1,363 1,121 5,618 2,578 585 1,978 643 1,001 1,397 June 30_. 10,109 4,605 1,626 140 22 229 1,402 1,180 5,504 2,444 563 1,870 683 1,025 1,351 Oct. 28.. 10,102 4,665 5,437 2,383 1,058 1,297 Dec. 30.. 10, 224 4,768 1,646 163 224 1,477 1,234 5,456 2,434 31 431 1,972 1,061 1,236 » 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 classifications available on June and December dates only. »Not reported separately prior to December 1938 except for weekly reporting banks in leading cities. 3 Figures in this column prior to Dec. 31,1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks and to brokers and dealers. * This is a residual item and, because of the revised loan classifications, figures beginning Dec. 31, 1938, are not comparable with earlier figures. 6 Includes Treasury certificates of indebtedness through 1934. • Breakdown of loans and investments not reported separately. 7 Central reserve city banks. Back figures.—See Annual Report for 1937 (tables 52-58) 224 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 deposits5, Time deposits, Interbank except interbank except interbank (ieposits 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 banksl lusted2 ships, sub- cers' ern- ships, sub- ings4 eign banks and divi- checks ment4 and divi- De- TMmo banks cor- sions etc3 cor- sions mand i lme 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 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 7,249 604 3,561 20, 513 19,116 2,237 566 752 10,845 512 90 5,615 137 377 28 5,3521938—Mar. 7 8,004 712 4,084 20,893 19,816 2,314 662 543 10, 874 454 83 6,096 135 331 11 5,368 June 30 8,193 775 3,937 21,596 20,439 2,080 538 707 10, 789 464 70 6,088 130 466 12 5,410 Sept. 28 8,694 746 4,240 22,293 21,119 2,386 547 790 10,846 462 61 6,510 132 511 6 5,424 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, Oil 712 4,674 23, 587 22,448 2,532 790 694 11,063 441 59 7,097 142 607 5 5,496 June 30 11,617 774 «5,304 25,118 23,983 2,390 666 675 11.104 418 51 6 8, 243 6142 6757 5 5, 530 Oct. 2 11, 604 841 5,506 25, 681 24,604 2,321 563 743 11,215 432 51 8,507 144 759 3 5,522 Dec. 30 New York City s 827 68 179 4,750 5,847 128 1,180 20 1,112 33 18 1,198 40 597 179 2,105 1929—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 2,738 56 120 6,111 6,507 189 404 382 696 49 2,108 423 1,606 1937—Dec. 31 2,941 59 95 6,336 6,429 185 327 360 694 67 2,173 334 12 1,596 1938—Mar. 7 3,517 65 119 6,698 6,900 273 367 123 694 32 2,514 291 1,587 June 30 3,743 70 91 7,026 7,128 196 280 181 653 64 2,498 411 2 1,589 Sept. 23 4,104 68 109 7,168 7,273 280 195 139 652 36 2,687 442 1,593 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 83. 568 6fi70 1 1, 587 Oct 2 5,915 89 125 8,899 9,030 251 178 74 693 43 3,542 1 695 1,592 Dec. 30 City of Chicago 5 169 13 133 957 1,041 42 32 8 332 58 2 310 19 33 41 316 1929—Dec. 31 232 34 203 912 870 87 16 46 358 1 6 259 2 204 1933—June 30 596 27 179 1,438 1,354 207 23 64 445 g 528 6 255 1937 Dec 31 566 22 135 1,372 1,270 170 17 92 445 16 576 7 2451938—Mar. 7 936 31 208 1,523 1,386 221 23 86 443 16 688 6 249 June 30 856 32 198 1,585 1,455 204 24 62 439 21 636 10 256 Sept/28 884 35 235 1,688 1,597 181 29 83 452 9 658 9 257 Dec. 31 705 22 178 1,250 1,182 141 26 83 452 12 834 10 261 1939—Mar. 29 897 26 235 1,666 1,565 197 22 60 471 17 746 12 270 June 30 1,080 37 6237 1,747 1,632 195 27 60 469 21 3 6853 614 270 Oct. 2 993 42 283 1,739 1,676 167 24 80 483 10 3 879 9 250 Dec. 30 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 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 2,376 213 1,632 6,848 6,455 809 121 234 4,198 269 33 2,461 116 34 5 1,736 1938—Mar. 7 2,289 300 1,951 6,934 6,668 812 146 266 4,238 262 31 2,514 113 32 1,753 June 30 2,311 322 1,862 7,078 6,843 711 120 356 4,209 233 23 2,557 107 43 1,764 Sept. 28 2,354 321 1,940 7,214 7,034 796 170 424 4,233 269 17 2,719 108 57 1,777 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 J une 30 3,053 323 6 2,485 8,017 7,803 801 158 410 4,319 198 14 8 3,307 e116 671 l]82i Oct. 2 3,118 348 2,485 8,176 8,002 813 190 435 4,362 240 14 3,516 117 53 1,828 Dec. 30 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 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 1,366 310 1,700 5,957 4,963 1,073 101 66 5,508 159 56 403 20 1 11 1,774 1938—Mar. 7 1,263 316 1,806 5,738 4,863 1,008 126 68 5,499 144 52 380 22 2 11 1,778 June 30 1,282 351 1,786 5,908 5,013 969 114 108 5,488 147 46 398 23 2 11 1,801 Sept. 28 1,353 322 1,956 6,224 5,215 1,128 154 143 5,509 147 44 446 23 2 6 1,798 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 6515 626 62 4 1,852 Oct. 2 1,578 363 2,614 6,866 5,896 1,090 172 154 5,677 140 35 571 26 2 3 1,851 Dec. 30 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. * Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31, 1935. 4 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 5 Central reserve city banks e Partly estimated. Back figures.^&ee Annual Report for 1937 (tables 52-58). MARCH 1940 225 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS-NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments Loans for U. S. Government obligations Com- purchasing Total mer- or carrying loans cial, securities Direct Date or Month m v a i e e n n s n d - t t - s Total t d a r i u i n n a s d - - l, p O m k a p p a e e r t e n - r br T o o k- e l R o st a e a n a t s l e b L a o t n o a k n s s O lo t a h n e s r Total G a u n a - r- s r O e it c t i h u e e s - r agri- ers To teed cul- and others Total Bills Notes Bonds* tural dealers Total—101 Cities 1939—January 21,468 8,338 3,800 325 852 547 1,170 100 1,544 13,130 8,191 1,728 3,211 September 22,384 8,322 4,166 316 568 511 1,178 38 1,545 14,062 8,467 450 2,144 5,873 2,226 3,369 October 22, 571 8,421 4,279 317 552 505 1,181 35 1, 55214,150 8,566 561 2,132 5,873 2,232 "3, 352 November 22,966 8. 573 4,354 314 613 501 1,187 37 1,5^7 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 14, 551 8,774 672 2,039 6,063 2,412 3,365 1940—January 23,157 8,587 4,331 320 651 1,184 49 1,556 14,570 8,833 658 1,757 6,418 2,410 3,327 L939—Dec. 6 23,162 8,646 4,378 313 650 503 1,187 33 1,582 14,516 8,724 726 2,149 5,849 2,415 3,377 Dec. 13 23, 523 8,871 4,416 319 818 504 1,189 43 1,582 4,652 8,863 713 2,134 6,016 2,413 3,376 Dec. 20 ._„ 23,465 8,932 4,406 322 852 510 1,189 66 1,587 4, 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 43 1,583 14, 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 50 1,564 .4,413 8,703 595 1,755 6,353 2,412 3,298 Jan.10 23,131 8,646 4,363 314 669 501 1,187 51 1,561 .4,485 8,777 649 1,767 6,361 2,400 3,308 Jan.17 23,212 8,579 4,330 323 644 500 1,180 45 1,557 4, 633 8,913 711 1,761 6,441 2,411 3,309 Jan.21 23,183 8,536 4,316 325 630 489 1,182 43 1,551 4,647 687 1,757 6,452 2,412 3,339 Jan.31 23,174 4,295 321 614 485 1,183 54 1,547 4,675 8,877 648 1,747 6,482 2,414 3,384 Feb. 7 23,199 8,507 4,314 321 608 483 1,183 54 1,544 .4, 692 8,910 659 1,755 6,496 2,411 3,371 Feb. 14 23, 202 8,516 4,313 327 611 483 1,183 54 1,545 4,686 8,855 638 1,752 6,465 2,420 3,411 Feb. 21 23,211 8,531 4,316 333 617 482 1,185 55 1,543 4, 680 623 1,743 6,464 2,425 3,425 New York City 1939—January 7,645 2,982 1,371 128 694 192 117 401 4,663 2,711 852 1,100 September 8,393 1,620 116 435 177 117 377 5,524 3,196 233 801 2,162 1,105 :, 223 October 8,538 2,895 1,661 115 430 173 116 375 5,643 3,314 358 788 2,168 1,123 ,206 November 8,847 2,972 1,688 114 483 171 114 376 5,875 3,512 528 841 2,143 1,177 ,186 December 9,057 3,108 1,700 114 590 176 113 378 5,949 3,525 499 806 2,220 1,227 ,197 1940—January 8,752 2,980 1,671 110 503 171 112 372 5,772 3,365 274 710 2,381 1,228 ,179 1939—Dec. 6 9,003 3,003 1,703 112 507 172 112 375 6,000 3,571 571 833 2,167 1,222 ,207 Dec. 13-__ 9,228 3,165 1,711 115 175 113 379 6,063 3,625 564 837 2,224 1,229 1,209 Dec. 20_ 9,156 3,204 1,697 114 179 113 378 5,952 3,533 498 837 2,198 1,224 , 195 Dec. 27.. __ 8,840 3,059 1,689 114 551 179 112 379 5,781 3,372 365 716 2,291 1,231 ,178 1940—Jan. 3 8,703 3,025 1,672 111 538 176 112 374 5,678 3,285 300 706 2,279 1,233 1,160 Jan. 10 8,709 3,028 1,693 111 519 176 112 373 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 Jan. 24 8,762 2,946 1,666 109 487 166 112 371 5,816 3,408 260 717 2,431 1,228 1,180 Jan. 31 2,926 1,653 108 475 162 112 370 5,872 3,418 240 717 2,461 1,240 1,214 Feb. 7 _ 8,790 2,921 1,654 109 467 161 112 370 3,394 192 723 2,479 1,259 1,216 Feb. 14 8,785 2,918 1,650 111 465 161 112 370 5,867 3,349 177 722 2,450 1,273 1,245 Feb. 21 8,812 2,923 1,645 114 472 160 113 5,889 3,358 179 2,457 1,272 1,259 Outside New York City 1939—January 13,823 5,356 2,429 197 158 355 1,053 1,143 8,467 5,480 876 2,111 September 13, 991 5,453 2,546 200 133 334 1,061 1,168 5,271 217 1,343 3,711 1,121 2,146 October 14,033 5,526 2,618 202 122 332 1,065 1,177 8,507 5,252 203 1,344 3,705 1,109 2,146 November 14,119 5,601 200 130 330 1,073 1,191 8,518 5,202 178 1,326 3,698 1,161 2,155 December 14,296 5,694 2,700 205 169 330 1,076 1,205 8,602 5,249 173 1,233 3,843 1,185 2,168 1940—January 14,405 5,607 2,660 210 148 325 1,072 1,184 8,798 5,468 1,047 4,037 1,182 2,148 1939—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 Jan. 24 14.421 5,590 2,650 216 143 323 1,070 1,180 5,488 427 1,040 4,021 1,184 2,159 Jan. 31 14,376 5,573 2,642 213 139 323 1,071 1,177 8,803 5,459 408 1,030 4,021 1,174 2,170 Feb. 7 14, 409 5,586 2,660 212 141 322 1,071 1,174 8,823 5,516 467 1,032 4,017 1,152 2,155 Feb. 14 14,417 5,598 2,663 216 146 322 1,071 1,175 8,819 5,506 461 1,030 4,015 1,147 2,166 Feb. 21 14,399 5,608 2,671 219 145 322 1,072 1,174 8,791 5,472 444 1,021 4,007 1,153 2,166 i Not reported separately prior to February 8, 1939. NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, which may be obtained from the Division 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. 226 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars.] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic b s w F e a R e e r n r i e a v t d k - h l e - s v C a a i u s n l h t b m a w a d n e n i o c s t k e - h ti s s c j m p u o s a d a t d s e e n i - - d t d s 1 s p p u n v h a c o a a o e i n i r d p l r r r d a s t - s - - - , - , S p s d s a i i t o u i c a o n v l b a t n i d - i e l t - s - s c C h c o f a e e e e i n f t e r c i c r d t i d s . k - i ' - s, m U G e e r . o n n v S - t - s . 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 i t o u c i o a n v l b a t n i d i e l t - s - - s P s o a s v ta - l m D a e n b - d ank T s ime b F e a i o n g r k n - s r B i o n o w g r s - - c C o i a u t a c a n p - l - ts Date or month tions tions Total 101 Cities 7,437 440 2,561 16,054 17,020 463 5,161 6,216 111 531 3,6751939—January 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, 74218,392 1,465 448 523 5,062 181 7,847 122 720 3,721 November 9,630 532 3,063 18,862 18, 673 1,316 501 558 5,043 207 7,838 122 740 3,713 December 10,065 484 3,087 18, 94618, 690 1,247 465 566 5,057 202 7,955 124 740 3,7131940—January 9,748 504 3,030 18,824 18, 317 1,381 388 522 5,040 192 7,815 122 735 3,7161939-Dec. 6 9,506 539 3,081 18,981 18,869 1,341 651 568 5,042 205 7,825 121 745 3,713 Dec. 13 9, 577 541 3,081 18,923 18, 766 1,302 479 572 5,036 214 7,855 123 746 3,713 Dec. 20 544 3,061 18, 72018, 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, 97918,825 1,209 467 560 5,050 204 7,998 125 751 3,706 Jan. 17 10,245 477 3,074 19,163 18, 790 1,244 420 564 5,046 203 7,942 124 743 3,711 Jan. 24 10,258 458 3,067 19,199 18,843 1,332 503 561 5,047 205 7,906 123 738 3,717 Jan. 31 10,181 466 3,075 19,108 18, 596 1,317 396 563 5,054 198 7,995 124 741 3,719 Feb. 7 10,214 485 3,107 19,062 18, 918 1,295 430 561 5,059 196 8,064 124 760 3,719 Feb. 14 10,306 462 3,128 19,256 18,902 1,300 591 561 5,071 201 7,967 124 745 3,720 Feb. 21 New York City 4,208 6,730 7,085 285 116 613 2,661 1,479 1939—January 5,631 8,152 8,268 249 278 49 601 3,300 657 1,475 September 5,701 8,259 240 240 49 615 3,381 702 1,475 October 5,504 8,330 8,406 328 265 49 626 650 1,479 November 5,361 8,391 8,555 240 304 50 620 3,406 674 1,482 December 5,853 8,515 8,663 200 280 47 617 3,471 675 1,4871940—January 5,452 8,416 8,444 258 194 50 620 3,414 669 1,4821939—Dec. 6 5,244 8,447 8,654 251 443 49 624 3,411 679 1,481 Dec. 13 5,241 8,378 8,577 212 287 50 617 3,400 679 1,483 Dec. 20 5,507 8,321 8,545 240 293 49 620 3,398 670 1, Dec. 27 5, 735 8,301 8,485 203 51 625 3,500 672 1,4851940—Jan. 3 5,735 8,407 8,539 191 262 50 618 3,408 669 1, •" Jan. 10 5,820 8,483 8,678 179 295 45 617 3,500 683 1,486 Jan. 17 5,972 8,657 8,754 193 253 45 614 3,463 679 1,487 Jan. 24 6,004 8,727 8,858 237 321 45 611 3,485 673 1,490 Jan. 31 5,989 8,719 8,763 223 239 44 610 3,497 678 1,491 Feb. 7 5,963 8,659 8,827 222 276 44 609 3,478 1,491 Feb. 14 8,821 201 432 44 615 3,469 1,490 Feb. 21 'Outside New York City 3,229 382 2,488 9,324 9,935 178 515 4,548 12 3,555 111 62 2,1961939—January 4,012 399 2,879 10,057 9,636 1,082 170 479 4,415 165 17 4,147 126 75 2,241 September 4,256 402 2,989 10, 252 9,883 1,062 171 477 4,425 156 17 4,341 122 91 2,244 October 4,299 403 3,027 10,412 1,137 183 474 4,436 143 17 4,409 121 70 2,242 November 4,269 441 2,979 10.471 10,118 1,076 197 508 4,423 171 17 4,432 121 66 2,231 December 4,212 406 3,007 10,431 10,027 1,047 185 519 4,440 166 17 4,484 123 65 2,226 1940—January 4,296 419 2,950 10,408 9,873 1,123 194 472 4,420 154 17 4,401 121 2,2341939—Dec. 6 4,262 445 2,991 10, 53410,215 1,090 208 519 4,418 167 16 4,414 120 2,232 Dee. 13 ' 4,336 444 2,996 10, 54510,189 1,090 192 522 4,419 180 17 4,455 122 67 2,230 Dec. 20 [ 4,182 455 2,980 10,399 10,195 1,000 194 521 4,433 181 17 4,458 120 2,232 Dec. 27 4,096 424 3,058 10,265 1,024 227 523 4,447 165 17 4,566 123 2,2291940—Jan. 3 4,188 428 2,957 10,416 9,981 1,032 177 521 4,451 164 17 4,454 123 2,230 Jan.10 4,250 397 3,035 10,496 10,147 1,030 172 515 4,433 164 17 4,498 124 2,220 Jan. 17 4,273 401 2,995 10, 506 10,036 1,051 167 519 4,432 167 17 4,479 123 2,224 Jan. 24 4,254 383 2,985 10.472 1,095 182 516 4,436 169 17 4,421 122 2,227 Jan. 31 4,192 390 1,094 157 519 4,444 168 16 4,498 123 2,228 Feb. 7 4,251 404 3,024 10,403 13,091 1,073 154 517 4,450 165 17 4,586 123 2,228 Feb. 14 4,218 3,045 10, 435 9,964 1,099 159 517 4,456 165 17 4,498 123 2,230 Feb. 21 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. MARCH 1940 227 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 Com- purchasing loans mer- or carrying Federal Reserve and cial, securities Direct distric ( t 1 9 a 4 n 0 d ) date m v i e e n s n - t t - s Total t d a r i u i n n a s d - l - , p O m k a p p a e e r e t n - r b T ro o k- e l R o st a e a n a t s l e L ba o t n a o k n s s O lo t a h n e s r Total Gu an ar - - O r s i e t t h c i e e u r s a c g u r l- i- a e n rs d ot T he o rs Total Bills Notes Bonds teed tural dealers Boston (6 cities) January 24 1,179 605 290 66 21 20 81 126 574 400 13 43 344 55 119 January 31 1,158 600 287 65 20 20 81 126 558 382 11 43 328 54 122 February 7 1,159 602 289 65 19 20 81 127 557 381 11 46 324 55 121 February 14 1,165 606 291 66 21 20 81 127 559 382 12 46 324 55 122 February 21 1,169 610 293 67 21 20 81 128 559 382 12 46 324 54 123 New York (8 cities)* January 24 9,578 3,301 1,778 115 493 221 199 460 6,277 3,631 266 755 2,610 1,310 1,336 January 31 9,606 3,279 1,765 114 480 218 198 458 6,327 3,636 246 752 2,638 1,319 1,372 February 7 9,604 3,274 1,766 115 472 217 197 459 6,330 3,619 198 756 2,665 1,337 1,374 February 14 9,600 3,272 1,763 117 470 217 197 459 6,328 3,573 183 755 2,635 1,351 1,404 February 21 9,624 3,278 1,759 120 477 216 458 6,346 3,584 185 755 2,644 1,349 1,413 Philadelphia (4 cities) January 24 1,169 412 191 23 23 32 50 92 757 372 33 339 101 284 January 31 1,176 411 191 21 23 32 50 93 765 377 33 344 101 287 February 7 1,169 414 192 22 23 32 50 94 755 378 31 347 100 277 February 14. __ 1,168 420 196 23 24 32 50 94 748 375 31 344 99 274 February 21 1,163 421 196 25 24 31 50 94 742 370 31 339 99 273 Cleveland (10 cities) January 24 1,910 675 254 20 25 173 1,235 830 7 187 636 121 284 January 31 1,912 673 253 20 25 173 192 1,239 832 7 186 639 122 285 February 7 •_ 1,917 677 255 21 25 173 193 1,240 835 7 186 642 122 283 February 14__ 1,926 681 258 22 25 173 193 1,245 835 7 180 648 122 288 February 21 1,921 680 256 22 25 174 193 1,241 831 7 176 648 123 287 Richmond (12 cities) January 24 717 261 114 2 15 40 73 456 337 169 168 55 64 January 31 714 262 114 3 15 40 73 452 335 170 165 54 63 February 7 711 262 115 2 15 41 73 449 331 176 155 54 64 February 14 714 264 116 2 15 41 73 450 331 177 154 • 54 65 February 21 713 263 115 2 15 41 73 450 331 177 154 54 65 Atlanta (8 cities) January 24 634 314 173 5 11 31 89 320 148 2 30 116 72 100 January 31-— 634 315 173 5 11 31 90 319 147 2 30 115 72 100 February 7 632 314 171 6 11 31 318 145 2 29 114 72 101 February 14 628 310 169 5 11 31 318 144 1 29 114 72 102 February 21 629 310 168 5 11 31 90 319 145 2 28 115 72 102 Chicago (1.2 cities)* January 24 3,403 905 530 37 74 113 114 2,498 1,694 351 291 1,052 308 496 January 31 3,395 897 524 35 74 114 113 2,498 1,695 334 288 1,073 307 496 February 7 3,415 909 535 39 73 114 111 2,506 1,724 362 286 1,076 288 494 February 14 3,402 907 529 41 73 114 2,495 1,714 352 289 1,073 284 497 February 21 3,386 912 535 40 73 114 2,474 1,689 331 286 1,072 285 500 St. Louis (5 cities) January 24 333 196 5 12 51 359 186 3 44 139 70 103 January 31 335 197 5 12 52 363 190 13 36 141 70 103 February 7— _. 333 195 5 12 52 359 186 13 34 139 70 103 February 14*. 333 194 5 12 . 52 364 190 16 34 140 71 103 February 21 697 332 193 5 13 52 365 191 17 34 140 71 103 Minneapolis (8 cities) January 24 403 189 2 7 10 214 148 28 120 22 44 January 31 402 191 101 2 7 10 67 211 149 35 114 19 43 February 7 430 187 100 1 7 10 243 181 30 37 114 19 43 February 14 431 188 100 1 7 10 243 181 30 37 114 19 43 February 21 432 189 100 1 10 243 181 30 35 116 19 43 Kansas City (12 cities) January 24 296 180 3 27 56 384 185 13 68 104 61 138 January 31 676 295 179 3 27 56 381 180 9 68 103 60 141 February 7 677 296 179 4 28 56 381 181 9 68 104 60 140 February 14_ 679 296 179 4 28 56 383 182 9 68 105 60 141 February 21 296 178 4 28 57 181 10 68 103 66 141 Dallas (9 cities) January 24 _. 547 279 184 22 54 268 157 21 44 92 54 57 January 31 540 277 184 22 52 263 153 16 44 93 53 57 February 7 537 275 184 22 51 262 153 17 44 92 52 57 February 14 537 275 182 22 52 262 153 17 44 92 52 57 February 21 536 272 182 22 51 264 155 19 45 91 52 57 San Francisco (7 cities) January 24 2,271 328 385 169 1,305 808 11 65 732 183 314 January 31 2,263 964 327 385 170 ., 299 801 10 62 729 183 315 February 7 2,256 964 333 384 168 ,292 796 10 62 724 182 341 February 14 2,255 964 336 384 166 ,291 795 11 62 722 181 315 February 21 2,257 341 164 790 10 62 • 718 181 318 City of Chicago* January 24 2,314 568 387 51 ,746 1,230 351 165 714 177 339 January 31 2,306 558 380 51 L, 748 1,233 334 164 735 176 339 February 7 2,327 571 390 50 1,756 1,263 362 163 738 156 337 February 14. 2,312 566 384 50 1,746 1,254 352 164 738 153 339 February 21 2,293 569 388 50 1,724 1,231 331 163 737 153 340 • 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. 228 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 v e t - h es a B n a ce l- 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 e R r e a - l va in ult m d e o s - tic p a o d s - its p n a e r r t - - p i o c l a i l t- a of n fi d - G U o .S v . - p n a e r r t - - p i o c l a i l t- P s o a s v t - al For- r i o n w gs - co a u c n - ts distric ( t 1 9 a 4 n 0 d ) date serve banks ust ed*sh ips, sub- cers' ern- ships, sub- ings 2 eign banks a co n r d - s d i i o v n i s - ch e e t c c k . s,ment2 a co n r d - s d i i o v n i s - m D a e n - d Time banks pora- porations tions Boston (6 cities) 494 142 175 1,201 1,151 96 19 13 233 2 1 333 20 1 245 January 24 497 141 178 1,193 1,143 102 16 13 233 2 1 323 22 1 245 January 31 497 141 171 1,189 1,129 102 14 13 233 2 1 323 22 1 245 February 7 500 142 175 1,199 1,150 100 14 13 233 2 1 326 22 1 245 February 14 480 140 176 1,186 1,138 96 15 13 233 2 1 323 21 1 245 February 21 New York (8 cities)* 6,164 94 212 9,300 9,251 352 274 65 980 48 3,538 17 680 1,610 January 24 6,188 92 217 9,368 9,348 406 344 65 977 48 3,558 17 674 1,612 January 31 6,165 96 209 9,365 9,244 403 256 64 976 42 3,572 17 679 1,614 February 7 6,146 100 216 9,311 9,320 412 291 64 975 43 3,555 17 697 1,613 February 14 6,291 96 219 9,490 9,423 408 447 64 981 49 3,544 17 684 1,613 February 21 Philadelphia (4 cities) 448 19 227 964 983 36 9 54 257 3 420 14 7 214 January 24 442 18 227 968 984 44 9 53 258 3 417 14 7 215 January 31 448 18 227 956 967 42 8 54 257 3 426 14 6 215 February 7 436 20 219 933 970 37 7 54 258 3 430 14 6 215 February 14 437 20 227 943 966 37 11 54 258 3 425 14 5 215 February 21 Cleveland (10 cities) 560 46 345 1,332 1,303 91 17 49 716 18 413 39 376 January 24 566 42 339 1,333 1,311 96 18 47 717 19 409 39 377 January 31 555 44 338 1,321 1,270 103 19 47 718 21 416 39 377 February 7 548 45 338 1,308 1,309 95 18 47 719 21 428 39 377 February 14 552 43 335 1,313 1,290 93 16 47 720 22 415 39 377 February 21 Richmond (12 cities) 198 22 195 503 492 44 9 32 196 3 302 6 1 96 January 24 185 20 190 488 479 44 10 32 196 3 292 5 98 January 31 192 21 199 493 480 44 10 33 196 3 302 5 1 97 February 7 193 22 202 497 488 44 8 32 197 3 305 6 1 97 February 14 190 22 209 505 491 46 12 32 197 3 300 6 1 97 February 21 Atlanta (8 cities) 128 14 203 407 383 69 4 44 181 5 2 279 4 1 94 January 24 127 13 205 411 383 72 5 43 181 6 ?, 275 4 1 93 January 31 127 13 214 404 379 69 5 44 181 6 ?, 289 4 1 93 February 7 135 14 218 413 391 69 4 43 182 6 ?, 288 4 1 92 February 14 127 13 218 407 380 71 4 43 183 6 ?, 286 4 1 93 February 21 Chicago (12 cities)* 1,231 72 534 2,640 2,489 277 35 128 933 12 1,175 10 9 383 January 24 1,225 67 534 2,624 2,469 283 41 128 937 12 i 1,169 10 9 385 January 31 1,175 67 547 2,596 2,433 275 35 128 940 12 5 1,179 10 9 385 February 7 1,209 71 539 2,579 2,492 261 36 128 942 12 (1 1,212 9 9 385 February 14 1,202 62 552 2,594 2,469 274 34 128 944 12 1,175 10 9 385 February 21 St. Louis (5 cities) 237 12 194 479 486 42 5 16 187 4 2 364 6 94 January 24 239 11 185 479 481 39 7 16 187 3 ? 362 6 95 January 31 243 12 190 477 475 42 5 16 187 3 >, 368 6 94 February 7 246 12 194 487 494 43 5 16 187 3 } 370 6 95 February 14 241 11 193 486 486 43 5 16 187 3 I 364 6 95 February 21 Minneapolis (8 cities) 97 7 115 295 272 44 6 2 119 ] 151 2 1 59 January 24 96 6 116 272 41 6 2 119 152 2 1 58 January 31 82 7 99 287 268 40 6 2 119 155 2 1 59 February 7 85 7 95 287 273 38 6 2 119 156 2 1 59 February 14 89 7 89 287 266 40 6 2 119 154 2 1 59 February 21 Kansas City (12 cities) 190 16 318 530 504 73 10 23 143 3 415 6 103 January 24 194 15 313 531 503 76 10 23 142 3 408 6 103 January 31 192 15 318 528 499 72 10 23 143 2 414 7 103 February 7 196 16 329 540 522 74 10 23 143 2 420 7 103 February 14 188 15 328 535 510 76 10 23 143 3 422 6 103 February 21 Dallas (9 cities) 132 11 275 466 448 46 10 31 128 8 ]L 270 1 86 January 24 136 11 277 471 448 52 11 31 127 8 ]L 265 1 86 January 31 138 11 282 467 441 52 8 31 128 8 274 86 February 7 142 12 294 475 461 52 9 31 127 8 L 282 1 88 February 14 132 11 299 475 458 45 10 31 127 8 I 275 1 86 February 21 San Francisco (7 cities) 366 22 281 1,046 1,028 74 22 107 973 97 282 20 22 351 January 24 363 22 286 1,040 1,022 77 26 108 973 98 276 20 22 350 January 31 367 21 281 1,025 1,011 73 20 108 976 96 277 20 21 351 February 7 378 24 288 1,033 1,048 70 22 108 977 93 292 20 21 352 February 14 377 22 283 1,035 1,025 71 21 108 979 90 284 20 21 352 February 21 City of Chicago* 924 39' 228 1,802 1,730 153 20 80 486 11 \ 899 8 244 J anuary 24 916 34 227 1,788 1,717 149 24 80 490 11 \ 888 8 246 January 31 9 8 0 8 6 8 3 3 4 5 2 2 2 3 2 2 1 1 , , 7 7 4 7 7 4 1 1 , , 7 69 2 6 1 1 1 3 5 7 0 2 1 0 8 8 8 0 0 4 49 9 1 1 1 1 1 1 I 9 9 0 2 0 2 8 8 2 2 4 4 6 5 F Fe e b b r r u u a a r r y y 7 14 897 29 240 1,756 1,710 139 19 80 491 11 896 8 246 February 21 * See note on preceding page. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. * U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. MARCH 1940 229 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 Held by Based on Commer- End of month p c a i p a e l r Total Accepting banks Feder b a a l n R ks eserve G sh oo ip d p s e s d t o b re e d tw in ee o n r st o a u n t- d- st o a u n t- d- For ac- Im- Exports Dollar points in ing 1 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 o c p r o u o e r n i n r t g e d n o - - f Others U in .S to . U fr . o S m . ch e a x n - ge U.S. F c o o r u e n ig - n ents tries 193g—November 206 273 222 124 98 51 94 59 3 59 57 December 187 270 212 121 91 58 95 60 3 57 56 1939—Januarv 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 1 44 79 40 18 40 59 September __ „_ 209 216 177 115 62 39 78 40 18 43 36 October 205 221 179 111 67 42 85 40 18 46 32 214 223 172 103 69 51 96 37 16 50 24 "PpcpTnbfir 210 233 175 105 70 57 103 39 16 54 22 1940—January 219 229 179 111 68 50 101 38 16 51 23 *~As reported by dealers; includes some finance company paper sold in open market. * Less than $500,000. Back figures.—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' credit balances 1 Other credit balances Debit Debit End of month Cu d st e o b m it ers' b p al a a r n tn ce e s r s i ' n bala f n ir c m es in C h as a h n d on Money In In balances investment investment and in bor- partners' firm In (net) 1 an a d c c t o r u a n d t i s ng an a d c c t o r u a n d t i s ng banks rowed * Free O (n th et e ) r m t i e r n a n v d t e i s a n t n g - d m t i r e 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 20 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 1940—January 886 15 70 198 602 262 71 22 6 272 * Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges, and (2) of firms' own partners. *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). 230 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Prevailing rate * on- Average rate on- [Per cent per annum] Avermo Y w n e e t a h e r k , , or m P c r o e i r m m ci - e al P b e r a r i n m s' k- e c S h t e a o x n c - g k e c S h c t e a o a x n l c - l g k e N U e . u w r S y . T bi r l e l 9 s a 1 s - - y T i U e u r a l . e g r d y a S e o s . - n 19 T c o i t t a ie l s N Y C e o it w r y k E e 7 N r c a n o o i s t t r i t h a e e th n e s rn - r d 1 W 1 e ^ r c n e i S s ti o t a e e n u s r d t n hpaper, accept- time loan issues day 3-to-5 4 to 6 ances, loans, re- of- deal- year 1934 average.- 3.45 2.45 3.71 4.32 months 90 90 new- fered ers' notes 1935 average.. 2.93 1.76 3.39 3.76 days days als within quo- 1936 average 2.68 1.72 3.04 3.40 period2 tation 1937 average 2.59 1.73 2.88 3.25 1938 average 2.53 1.69 2.75 3.26 1939 average1 2.78 2.07 2.87 3.51 1937 average .- .43 1.00 .447 1.40 1938 average.. .44 1.00 .053 .83 Monthly figures 1939 average.. .44 1.00 .022 .59 1938—January 2.60 1.70 2,92 February 2.49 1.70 2.65 3.21 1939—Jan .44 1.00 .002 .65 March 2.48 1.65 2.64 3.28 Feb .44 1.00 .004 .63 April 2.48 1.70 2.60 3.25 Mar .44 1.00 .005 .51 May 2.48 1.70 2.64 3.20 April- .44 1.00 .019 .50 June 2.56 1.70 2.78 3.31 May .44 1.00 .006 .42 July 2.57 1.70 2.78 3.35 June .44 1.00 .006 .39 August 2.52 1.67 2.71 3.28 July.— .44 1.00 .017 .45 September 2.53 1.70 2.74 3.26 Aug .44 1.00 .046 .48 October 2.57 1.70 2.90 3.21 Sept.— .44 1.00 .102 1.07 November 2.49 1.70 2.68 3.20 Oct .44 1.00 .028 .77 December.... 2.60 1.70 2.95 C3.23 Nov .44 1.00 .018 .64 Dec .44 1.00 .012 .51 1939—January 2.64 1.73 2.97 3.32 1940—Jan .44 1.00 .004 .47 February 2.52 1.70 2.69 Week ending: Quarterly figures Jan. 20-— 7/16 1.00 .001 02 .49 1938—September 2.65 2.00 2.75 3.25 Jan. 27. 7/16 1.00 .004 02 .48 Feb. 3— 7/16 1.00 .001 02 .48 1939—March 2.95 2.13 3.05 3.77 Feb. 10... 7/16 1.00 .005 02 .47 June 2.91 2.15 3.05 3.62 Feb. 17_._ 7/16 1.00 .006 02 .46 September... 2.68 2.04 2.78 3.31 Feb. 24.„ 7/16 1.00 .005 02 .46 December __. 2.59 1.96 2.59 3.32 1 Monthly figures are averages of weekly prevailing rates. c Corrected. 2 Series comprises 273-day bills to October 15, 1937, bills maturing i Averages for 1939 and quarterly figures are on revised basis and are about March 16,1938, from October 22, to December 10,1937, and 91-day therefore not strictly comparable with the earlier series of annual and bills thereafter. * Rate negligible. monthly figures. Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures tio B n a c a k n d f ig fo u r r es b — ac S k e e fig N u o re v s e . mber 1939 BULLETIN, pp. 963-969 for descripfor 91-day Treasury bills available on request. BOND YIELDS1 [Per cent per annum] Corporate4 U.S. Year, month, or week T u r r e y a s a - M ip u a n l i 3 c- Total By ratings By groups 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 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 1940—January 2.30 2.54 3.63 2.88 3.08 3.69 4.86 3.14 4.39 3.35 Week ending: Jan 27 2.31 2.55 3.63 2.87 3.07 3.70 4.87 3.14 4.40 3.35 Feb. 3 2.33 2.61 3.62 2.87 3.06 3.70 4.85 3.13 4.39 3.35 Feb. 10 __ 2.32 2.59 3.61 2.87 3.05 3.69 4.84 3.12 4.37 3.34 Feb. 17 2.31 2.56 3.60 2.85 3.04 3.67 4.83 3.10 4.36 3.33 Feb 24 2.32 2.61 3.60 2.85 3.05 3.67 4.82 3.11 4.37 3.33 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Average of yields of all outstanding bonds due or callable after 12 years; see BULLETIN for December 1938, pp. 1045-1046 for description. • Standard Statistics Co. * Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, 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 MARCH 1940 231 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 a s 2 - M ip u a n l i 3 c- Total In tr d ia u l s- R ro a a i d l- Utility Year, d m a o te nth, or Pre- Common (index, 1926=100) u t m V ra o e d l - - of ferred * ings Indus- Rail- Number of issues. 2-6 15 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. _ 20 420 348 32 40 1939 average 106.0 116.3 81.6 86.0 58.0 100.9 1937 average 136.2 112 131 1,519 1939—January.... 104.4 117.3 81.9 86.2 59.7 99.7 1938 average- 135.6 99 1,100 February.. 104.8 117.3 82.1 86.4 59.0 100.7 1939 average 141.2 105 973 March 106.0 117.9 83.1 87.1 60.9 101.3 April 106.6 116.4 79.4 83.8 54.5 99.7 1939—January 141.7 109 1,114 May 108.3 118.1 80.2 84.8 54.8 101.0 February 141.8 106 708 June 109.1 118.6 81.4 86.2 56.2 101.6 March 142.3 108 999 July 108.9 118.3 81.6 86.3 56.4 102.1 April 140.4 96 964 August 108.2 116.5 81.0 85.8 55.5 101.7 May __. 141.8 97 548 September. 101.9 107.1 80.9 85.0 59.0 98.6 June. 143.9 101 507 October 102.6 110.7 82.9 86.4 61.6 100.5 July 143.7 101 821 November. 104.6 117.5 83.0 87.0 60.2 101.8 August. 142.3 101 706 December.. 106.1 119.9 82.1 86.8 58.0 101.6 September... 136.2 109 2,595 1940—January 106.8 120.2 82.4 87.3 58.2 101.8 October 137.7 113 1,050 November... 140.7 111 907 Jan. 24 106.8 120.1 82.2 87.4 57.6 101.5 December. __ 141.4 108 808 Jan. 31 106.4 118.9 82.0 87.2 57.5 101.4 1940—January 143.0 109 678 Feb. 7 106.5 119.3 82.3 87.3 58.0 101.6 Feb. 14 106.6 119.9 82.5 87.6 58.1 101.7 Jan. 24 143.0 107 579 Feb. 21 106.5 118.9 82.2 87.2 57.8 101.6 Jan. 31 143.1 106 540 Feb. 7 143.2 107 692 Feb. 14 143.1 108 698 1 Monthly data are averages of daily figures except for municipal bonds, Feb. 21 142.9 108 88 740 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 1 Standard Statistics Co. Monthly data are averages of Wednesday decimals. figures. > Prices derived from average yields, as computed by Standard Sta- 2 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 8 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 (new Total Year or and (do- Total month f i u r n n e g - d ) - m e a f i e o g n s r n d - t ) ic Total S n m a p t i n a c a u d t l i - e - a c F e i g e e r e a s d n l - V - 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 - 2 m e a ( f i d e o g n o s r n d - - t ) ic Total S n m a p t i n a a c u d l i t - - e a c F e g ie e r e a s d n l - - i Total Co B n r a o p o n t o n d e r d s a s te Stocks e F i o g r n - 2 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 ?8 1939 '5,825 '2,276 '2,227 '931 924 371 280 92 50 '3,548 '3,460 '195 1,537 1,728 1,591 137 88 1939—Jan '258 '201 '201 '77 118 6 5 1 0 57 57 27 19 10 10 (3) 0 Feb 561 '397 '377 44 310 24 17 7 20 163 163 10 17 136 101 35 0 Mar '241 162 162 105 4 53 43 10 0 '79 '76 '15 15 47 46 (8) 3 Apr '358 144 '144 '64 2 78 48 31 («) '214 161 11 21 129 106 23 53 May 1,313 117 117 94 2 22 18 3 0 '1,196 1,180 '8 1,021 151 131 20 Ifi June '586 '274 '264 '234 0 30 22 9 10 312 312 39 21 252 249 2 0 July 590 318 318 '65 203 50 40 10 0 272 272 18 74 180 143 38 n Aug '449 '102 '82 '56 0 26 23 3 20 347 332 13 18 301 292 9 15 Sept '180 '42 '42 '16 10 16 14 2 0 138 138 8 51 79 79 0 0 Oct 740 336 336 42 276 18 14 4 0 404 '403 10 235 157 157 (3) 2 Nov 218 '89 '89 '67 0 21 15 6 0 '129 '129 '13 26 91 88 3 o Dec '330 '95 '95 '68 0 27 21 6 0 235 235 22 19 194 188 7 0 1940—Jan 279 91 91 59 0 32 18 14 0 189 189 26 29 133 98 36 0 ' Revised. 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. »Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commsrce. Monthly figures subject to revision. Back figures —See Annual Report for 1937 (table 78). 232 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF DIRECT OBLIGATIONS [On basis of daily statements of United States Treasury. In millions of dollars] Interest-bearing Noninterestbearing Publicly-offered 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 i e u s A s r s v u t d e i e - c d s e ' i c S s u s o s u r e c - i e i t a s y l 4 ot A h l e l r6 t d M u e r b a e - d t Otner bearing Pre- Treas- U. S. savings 1932—June 19,487 19,161 «18,816 753 13,460 1,261 616 105 240 60 266 1933—June 22,539 22,158 •21,782 753 13,417 4,548 954 92 284 66 315 1934—June 27,053 26,480 626,006 753 15,679 6,653 1,404 118 356 54 518 1935—June 28,701 27,645 26,910 753 14,019 10,023 2,053 156 580 231 825 1936—June 33, 779 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 2,303 579 560 119 506 1938—June 37,165 36,576 33,463 79 21,846 1,238 9,147 1,154 1,601 644 141 447 1938—December... 39, 427 38,899 35,327 79 24,005 1,442 8,496 1,306 827 2,002 743 101 427 1939—January 39,631 39,097 35,469 79 24,005 1,580 8,496 1,309 826 2,046 756 109 425 February 39,859 39,326 35,533 79 24,005 1,643 8,496 1,310 825 2,207 761 112 421 March 39,985 39, 442 35,579 79 25,218 1,701 7,270 1,311 827 2,257 779 125 419 April 40,063 39, 525 35, 627 79 25,218 1,751 7,270 1,309 826 2,294 780 122 416 May 40,282 39,751 35, 680 79 25,218 1,806 7,270 1,308 825 2,442 805 117 414 June 40,440 39, 886 35, 715 79 25,218 1,868 7,243 1,308 839 2,511 820 142 411 July... 40,661 40,114 35,798 79 25,218 1,949 7,243 1,309 833 2,542 941 140 408 August 40,891 40,351 35,862 79 25,218 2,015 7,243 1,307 829 2,722 938 133 406 September- 40,858 40,342 35,886 79 25, 218 2,051 7,232 1,306 795 2,746 915 112 404 October 41,036 40, 526 36,026 79 25,218 2,092 7,232 1,405 791 2,796 912 109 401 November... 41, 305 40,807 36,123 79 25,218 2,140 7,232 1,454 791 2,981 911 400 December... 41,942 41,445 36,826 79 26,881 2,209 6,203 1,455 789 3,021 809 398 1940—January 42,110 41, 601 36, 957 79 26,896 2,473 6,203 1,307 787 3,049 807 395 » Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System. * 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. »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 DIREC1f OBLIGATIONS, FULLY GUARANTEED OBLIGATIONS, BY AGENCIES JANUARY 31, 1940 [In millions of dollars] [In millions of dollars] Federal Home Recon- Com- U.S. Maturing M En o d n t o h f Total M F o a rt r g m age O L w o n a e n rs' s F tr i u n c a t n io ce n m C o re d d it i y t H i o n u g s- Bonds Corpora- Corpora- Corpora- Corpora- Author- Date maturing Bonds call- tion tion 2 tion tion ity or callable able! Total Bills Notes U S 1934—June.. 681 312 134 235 Sav- Other Dec... 3,063 980 1,834 249 ings 1935—June.. 4,123 1,226 2,647 250 Dec... 4,494 1,387 2,855 252 1936—June.. 4,718 1.422 3,044 252 1940—Before ADr 1 880 803 77 Dec... 4,662 422 2,988 252 ADr 1 June 30 1 242 504 738 353 1937—June.. 4,665 ,422 2,987 255 July 1-Sept 30 Dec... 4,645 1L, 410 2,937 297 Oct 1-Dec 31 737 737 1938—June.. 4,853 ,410 2,937 299 206 1941— A ja p n r l 1 - - M D a e r c . 3 3 1 1 1,5 6 4 7 3 7 6 7 7 0 7 8 834 8 5 3 4 4 5 1938—Nov... 4,993 ,388 2,888 511 206 1942 1,001 1,001 Dec... 4,992 1,388 2,888 509 206 1943 1,948 1,050 898 1,855 1939—Jan... 4,987 ,383 2,888 509 206 1944 1,214 1,214 2,555 Feb... 5,410 1,381 2,888 819 206 114 1945 . . 2,117 175 1,941 1,755 Mar._ 5,410 L,381 2,888 819 206 114 1946 _ _ 1,840 321 1,519 2,372 Apr... 5,410 ,380 2,888 819 206 114 1947 2,819 420 2,399 1,460 May_. 5,409 ,379 2,888 820 206 114 1948 1,994 507 1,487 2,246 June.. 5,450 1,379 2,928 820 206 114 1949 1,578 759 819 2,278 July.. 5,480 , 379 2,958 820 206 114 1950 862 2 290 571 1,186 Aug... 5,583 L,379 2,858 820 409 114 1951 1,223 1,223 3,488 Sept.. 5,455 ,279 2,830 820 409 114 1952 2,436 2,436 Oct... 5,448 ,279 2,823 820 409 114 1953 2 892 2,892 Nov... 5,707 ,269 2,817 1,096 407 114 1954 2,663 2,663 Dec... 5,703 ,269 2,813 1,096 407 114 1955 755 755 2,611 1940—Jan... 5,699 1,269 2,809 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 reflected in the 1961 50 50 50 public debt. The total includes guaranteed debentures of the Federal 1963 919 919 Housing Administrator, amounting to $3,143,000 on January 31, 1940. 1965 1,485 1,485 * Excludes obligations guaranteed as to interest only. For August 1939 Total . 36,957 1,307 6,203 2,473 26,975 26,975 and subsequent months includes matured bonds not presented for retirement amounting to $78,000,000 on January 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. MARCH 1940 233 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. In millions of dollars] General and special accounts Receipts Expenditures i T a r c u - st I c n r c e r a e s a e s e d u o r r i n d g eperiod coeutnct's, General Excess excess of re- of re- Period ceipts ceipts Total c ta I o x n m e - s e t S s a e o i x c t c y e u ia s r 2 - l O i r n n e n u t t v h a e e e l e r 1 - - r o A t A h l l e 11 r Total e I d n s e t t e b o r t n - t f V i a N e d o n n e e n a s d t - - a e - l o A th l e l r r c a e R e o n l r i e v y d e - - f f ( v u n R i o n n e l e d g t v - ) s - 5 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 ( t + e u e n ) r x e d - o s i r - p ( t + e u e n r x ) e d o - s i 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.< Fiscal year ending: June 1937 5,294 2,158 253 2,187 697 8,442 866 1,436 1,994 3,073 204 868 -3,149 +374 -128 +2, 646 June 1938 6,242 2,635 755 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 7 months ending: Jan. 1938 3,511 1,210 471 1,443 388 4,223 448 899 1,189 1,167 49 470 -712 +80 +396 +1,028 Jan. 1939 3,235 1,183 375 1,376 302 5,197 455 960 1,549 1,774 53 406 -1,962 +212 +717 +2,467 Jan. 1940 3,059 841 422 1,448 348 5,460 493 1,091 1,953 1,447 34 442 -2,402 +175 -556 +1,670 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 -1 -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 •1 58 -311 -16 +311 +637 1940—January 315 45 45 168 57 712 38 173 317 185 4 95 -398 +37 -194 +167 Details of trust accounts, etc. Details of general fund balance (end of period) tr r u O e s t t l i d r f e - u a m n g d e e n a i t n n d s a u c r r c a a o i n l u r c o n e t ad Un t e r m us p t lo fu y n m d ent G c N h o e e v t c e k e r i x n n p m g e e n a n c d t c i t o a u u g r n e e n s ts c i o i n e f s e o x A t 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 e f a i n n y t e t - s - ce R i e p - ts m v I e e n s n - t t - s d S W ra t b a w i y t t h e a s - ls s C F t R r o i u t n e r i c c p a o o t o n n i n r c o a - e n - C m C o C t o r r i o p e o d m d o n it r i - y t a- o A th l e l r d ( e c o + i x e f t p ) u i p r e r e o t n e s - s - r Total a g c I o t n i l - v d e m g c I o o r e n n e l n - d - t i S o e r i a g g n e - W a t n o l c 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 85 763 560 191 99 9184 9 11 +87 2,216 142 446 1,628 June 1939_ _ 639 516 120 838 395 442 9 658 136 9 246 +116 2,838 142 536 2,160 7 months ending: Jan. 1938 397 347 39 376 336 35 9 22 16 97 +52 2,950 1,223 142 413 1,172 Jan.1939 331 243 67 453 202 248 9 184 134 979 +59 2,933 142 503 2,288 Jan. 1940 355 268 71 531 27Q 266 9 239 9 23 +52 2,282 143 568 1,571 150 1939—January 39 34 10 51 10 33 10 +2 2,933 142 503 2,288 February 50 50 10 148 111 36 9 326 9 20 -1 3,343 142 508 2,693 March 68 50 11 34 44 96 2 9 112 +14 3,389 142 515 2,732 April 55 50 10 34 41 9 60 5 9 37 +11 3,044 142 522 2,380 J M un ay e - - - 8 5 5 0 4 8 0 3 1 1 1 1 1 3 3 2 7 108 4 3 1 2 •86 3 (9K8) 94 9 1 2 2 7 + + 2 1 3 1 2 2 , , 9 8 2 3 4 8 1 14 4 2 2 5 5 2 3 8 6 2 2 , , 2 1 5 6 4 0 July 65 45 10 58 9 14 42 16 6 92 +13 2,447 142 544 1,761 August— 66 51 10 154 129 41 29 9 86 144 +5 2,231 142 549 1,539 September 50 43 10 13 40 22 5 96 +10 2,178 142 554 1,481 October. 53 43 10 54 7 24 15 19 9 74 +15 1,913 143 558 1,213 November 53 43 10 144 142 29 9 297 27 4 +6 2,166 143 561 1,462 December 58 43 10 29 93 32 95 11 9 19 -4 2,476 143 565 1,768 1940—January ._ 10 10 79 28 58 920 96 10 +7 2,282 143 568 1,571 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. * Excludes expenditures for adjusted service which are included under "Transfers to trust accounts, etc." 6 Includes revolving funds of Public Works Administration and Farm Credit Administration. 'Includes expenditures for retirement funds, adjusted service certificate fund, old-age insurance trust fund and railroad retirement account; except for the adjusted service certificate fund, these appear as receipts under "Trust accounts, etc." 7 Details given in lower section of table. 8 Less than $500,000. 9 Excess of credits. 1° 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. 234 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, DECEMBER 31, 1939 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] st R ru e c co ti n o - n Ho h m ou e s i m ng o r a tg ge a n g c e i e a s nd Farm credit agencies Ten- Total Finance nes- Ini A C P W s ra t d a u o r t o n m a b r i p o r t d l k i i i o n n o c s - - n O C H r L a w o o o t r i n m a p o e n o n e r - s' 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 u r u t t g e e i - s t s d - y m F a g c g a a o i e r e g r n m s t e - - p a C o b n A O F r a d r a d a t e n h r t m d c k m i e o o i s r . t r n - s m C C r C a o r o t o e r i d m p o 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 D 1 3 9 e 1 3 c , 9 . N 1 3 9 o 0 3 v , 9 . D 1 3 9 e 1 3 c , 8 . ASSETS Loans and preferred stock: Loans to financial institutions. _ 205 181 (l) 57 444 430 470 Preferred stock, etc 489 211 40 75 1 816 817 874 Loans to railroads 469 30 500 497 511 Home and housing mortgage loans 2,038 204 123 2,365 2,358 2,335 Farm mortgage loans 2.596 2,596 2,605 2,735 Other agricultural loans 1 267 667 191 4 1,130 1,116 751 All other loans 2 470 0) 3 324 4 306 1,100 1,112 886 Total loans and preferred stock 1,634 2,250 425 123 2,596 342 667 515 57 342 8,951 8,936 8,562 Cash _ _ 3 186 22 12 80 1 19 12 39 15 460 476 370 U. S. Govt. direct obligations 48 4 38 3 89 172 402 4 758 743 710 Obligations of Government credit agencies: Fully guaranteed by U S 13 11 105 130 131 145 Other6 8 32 41 39 35 Accounts and other receivables 26 9 5 2 206 4 20 G) 6 60 41 379 389 328 B Pr u o s p in e e r s ty s p h r e o ld p e f r o t r y sale 38 1 51 3 0 130 10 6 8 8. 8 304 3 1 9 1 6 5 6 4 6 9 1 5 6 4 7 3 8 4 6 5 8 6 9 Other assets 2 2 0) 0) 8 0) 5 0 10 105 133 129 156 Total assets other than interagency • 1,760 2,963 505 269 3,083 645 696 539 322 677 603 12,06212,06311,451 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States... 1,096 2,814 114 1,270 407 4 5,704 5,708 4,992 Other 6 0) 134 6 988 207 8 1 9 1,348 1,352 1,317 Other liabilities (including reserves). 84 97 35 4 110 10 189 196 8 209 54 995 1,004 739 Total liabilities other than interagency6-- 1,180 2,911 169 118 2,368 217 596 196 16 213 63 8,048 8,064 7,048 Excess of assets over liabilities, excluding interagency transactions. 580 52 336 151 715 427 100 343 306 464 540 4,014 3,999 4,404 Privately owned interests 51 203 4 139 397 397 381 U. S. Government interests 580 52 285 151 612 424 100 343 306 325 540 3,617 3,602 4,022 1 Less than $500,000. 2 Includes $72,000,000 loans of Public Works Administration. s Includes $257,000,000 loans of Farm Security Administration. * Includes $183,000,000 loans of Rural Electrification Administration. 6 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] Jan. 31, July 31, Aug. 31, Sept. 30, Oct. 31, Nov. 30, Dec. 31, Jan. 31, 1939 1939 1939 1939 1939 1939 1940 Loans to financial institutions 205, 539 181, 502 178,833 177,011 175,795 173,363 172,154 166, 799 Loans on preferred stock of banks and insurance companies. 34,116 33,349 33,181 33,162 33,127 33,029 32, 319 Preferred stock, capital notes, and debentures 532,352 526,876 517,125 515,157 513,200 490,099 488, 673 484,211 Loans to railroads (including receivers) 437,789 438,863 438,837 438,835 436,650 444,314 448,792 454,194 Loans for self-liquidating projects __ 187, 588 68,106 73,844 85, 264 89,872 93,068 79,440 65,873 Loans to industrial and commercial businesses.. 109,419 121,804 123,042 125, 753 126,863 130,026 130, 625 130, 378 Loans to drainage, levee, and irrigation districts 82, 396 83,358 83,462 83, 502 83,482 83,750 83,998 83, 814 Other loans 28, 952 25,196 23, 812 23,847 23,274 4,046 4,081 4,093 Securities purchased from Public Works Administration._. 140,801 119, 705 122, 986 124,476 126,649 127,290 120,808 117,876 Total loans and investments, other than interagency. 1,758,951 1, 598, 7591, 595,1211,607,006 1,608,911 1, 579,0501, 561, 5991, 539, 557 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 47, 698 146,498 146,498 146,498 146,498 146,498 146,498 146,498 Capital stock of, and loans to R. F. C. Mortgage Co 56, 548 55,219 54,903 54,629 55,102 56,047 57,081 58, 045 Capital stock of, and loans to Fed. Natl. Mtge. Assn 11,000 41, 776 44,438 46, 500 50,323 54, 538 58, 729 63, 233 Loans to Tennessee Valley Authority _ 3,000 8,300 8,300 8,300 8,300 8,300 8,300 8,300 Total loans and investments _ _. 1,922,197 1,895, 551 1,894,260 1,907,932 1,914,133 1,889,433 1, 877,207 1,860, 632 NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220. MARCH 1940 235 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 mortgage loans Federal intermediate by- c a r n e d d i d t i b sc a o n u k n l t o s a f n o s r — to Loans to cooperatives by- Regional agri- Produc- Regional Emer- 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 a s c p c r o n r c o r o e c d u e r d d i a d l a u i t b t i t t u i c t i a o o r t c n a a n i n o s o k l s s r - n s , - , f c i i e n o n O t t x i a o s i o t c n v p t h n i e c e e t e s p i s r u n r , a t - g - ti a o s t n s i o o c n c r i s e a d - it tu i a r t r g a c a t r o l i i o c r c p u n r o l s e - - d- c d r g r l o o e o p n u a c n g a y s n h - 2 d t m F b c i e e n r a d d e t n e e d i k a r r i - s a t te l B in C c a a c B o t e n l i o a u n k v p n d t s e e r k i s a r f n , - o l g r i M A i n r n e g t g g a u v r r o r i f k A c a u l e u v l n c t l - d t - for cooperatives * 1934—December. 1,915,792 616,825 99,675 55,672 60,852 87,102 111, 238 27,851 54,863 1935—December. 2,071, 925 794, 726 104,706 47,162 94,096 43,400 172,863 2,731 50,013 44,433 1936—December. 2,064,158 836, 779 129,872 41,017 105,212 25, 288 165, 369 1,641 69,647 53,754 1937—December. 2,035,307 812,749 165,194 40,464 138,169 15, 592 172, 701 1,813 87,633 1938—December. 1,982, 224 752,851 168,392 33,545 148,037 11,081 171,489 920 87,496 23,723 1939—January... 1,973,179 745,631 163,815 33,077 148,416 10,863 170, 305 834 80,266 23,948 February. _ 1,968, 790 740,870 166,996 34,115 155,409 10,689 171,000 1,152 73,692 23,631 March 1,960,357 733, 647 175, 362 35,318 167,867 10, 399 176,110 1,528 65,783 23,305 April. 1,954,677 728,489 182, 643 177, 792 10, 298 179, 756 1,256 61,363 23,190 May. 1,947,944 723,187 186,588 38,124 183,351 10,286 180,434 596 60,465 23,061 June — 1,940, 586 717,622 190, 359 39, 794 187, 712 10, 235 180,166 359 59, 577 22, 592 July.. 1,934,013 712,823 189,044 40, 657 187,844 10,003 179, 356 263 62,124 22,189 August 1,928,166 708,426 187,968 41,661 185, 215 9,599 178, 271 127 61, 404 22,422 September. 1,922, 577 703,840 179, 674 37, 645 174,032 9,127 175,667 778 65,160 21,663 October __. 1, 916,431 699, 274 169, 731 33,996 162, 703 8,351 171,819 1,493 70,422 21,582 November. 1,910,336 695,101 165,368 33, 417 156, 526 8,042 169,460 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 1940—January.. _ 1,900,408 687,191 161, 753 33, 620 153,949 7,904 167, 957 1,756 73, 238 20,427 1 Some of the loans made by the regional agricultural credit corporations (prior to October 1935) and by the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended. 2 Revised to include 1918-19 farmers' seed loans. FEDERAL HOME LOAN BANK BOARD POSTAL SAVINGS SYSTEM LOANS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [Loans in thousands of dollars] Assets Home mortgage loans by— Federal U. S. Government home Depos- securities Federal savings and loan End of month itors Cash Cash End of month L p O o H o a w r n o a n m t C e i r o e o s n * r- N c o l i f u o a m a a ti s n o b s n a o e s s - r soc L ia o ti a o n n s s * m l i o t n b i e a o s a m n t n n i s s b t k u t » e o - r an ba c l e - s1 Total b i p n t a o o n r d s y k i e - s - Total t o r i D g e o b a i c l n - - i t s - G t o t i a g e u b o n a e l a - n - d i r s - - f s e u e r t n e r c - v d .* e s, 1934—December. 2,379,491 639 81,300 86, 651 1935—June.. . 1,205 1,236 385 777 630 147 74 1935—December. 2,897,162 1,023 348,000 102,791 1936—June.. 1,232 1,265 203 967 800 167 95 1936—December. 2, 765,098 1,212 586,700 145,394 1937—June.. 1,268 1,307 136 1,100 933 167 71 1937—December. 2, 397, 647 1,328 853, 500 200,092 1938—June. . 1,252 1,290 115 1,103 936 167 72 1938—December. 2,168,920 1,368 1,034,162 198,840 1938—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 1,153 986 167 76 April 2,105,824 1,381 1,089,879 157,176 April 1,264 1,306 76 1,154 988 166 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 1,274 1,317 54 1,182 1,036 146 80 December.. 2,038,186 1,410 1, 271,161 181,313 December.. n 279 . 1940—January 2,031,341 1,403 1, 280,200 156, 788 1940—January , 290 •Federal Home Loan Bank Board estimates for all Federal savings v Preliminary. and loan associations. 1 Outstanding principal, represented by certificates of deposit. Does * 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. 236 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 i * Construction contracts awarded (value)8 Fac- Factory em- tory Freight-car Department Year " Total Manufac- Minerals Total Residential All other ployment 3 pay- loadings * * store sales and tures rolls s (value) month Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjustedjusted justedjusted justedjusted justedjusted justed justed justedjusted justedjusted justed justedjusted 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 105 105 108 72 60 81 97 91 70 90 1936 Dec 121 114 121 114 117 111 66 53 45 38 83 65 107 106 99 83 77 92 161 1937 Jan 114 112 115 113 111 107 63 51 45 37 77 63 107 105 95 80 73 93 72 Feb 116 117 116 118 116 112 62 54 47 42 75 64 108 108 100 82 76 95 76 Mar 118 122 117 122 128 119 66 66 45 47 64 63 110 110 106 83 80 93 90 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 62 66 81 112 112 110 80 80 93 95 June 114 115 114 114 115 118 61 72 42 47 77 92 111 110 108 78 79 93 90 July.... 114 111 114 110 112 116 67 75 44 45 86 99 112 111 105 80 82 92 65 Aug 117 115 117 114 113 121 62 66 40 40 81 87 112 112 109 79 81 93 72 Sept. _._ 111 109 110 106 116 125 56 66 37 37 71 72 110 112 105 78 87 94 100 Oct 102 102 100 99 113 123 52 49 36 35 65 61 108 110 105 76 84 93 103 Nov 88 90 85 86 109 113 56 50 32 31 76 65 104 104 93 71 72 91 101 Dec 84 80 79 75 115 109 61 49 30 25 87 68 98 97 85 67 62 89 156 1Q9Q Jan 81 79 76 75 108 104 52 42 26 22 73 69 93 91 75 65 59 90 70 Feb 79 79 75 76 103 99 51 44 32 28 66 56 92 91 78 62 57 88 70 Mar 79 80 75 77 104 96 46 46 33 35 66 55 90 91 78 60 57 86 77 April. _. 77 78, 73 76 100 91 52 69 37 43 65 73 88 89 75 57 55 83 86 May 76 77 73 75 92 90 51 61 37 44 62 76 86 86 73 58 57 78 80 June 77 77 74 75 93 92 54 63 42 46 64 76 85 84 71 68 58 82 79 July.— 83 81 82 79 93 93 59 65 49 49 68 78 86 85 71 61 62 83 58 Aug 88 87 87 85 95 97 66 69 53 52 77 84 88 89 77 62 63 83 65 Sept 90 91 89 89 97 102 78 79 56 56 96 97 89 92 82 64 71 86 91 Oct 96 97 95 95 98 106 82 78 57 56 102 96 90 92 84 68 75 84 92 Nov 103 104 103 103 102 105 96 85 56 54 128 111 93 93 84 69 70 89 99 Dec 104 98 104 98 110 103 96 77 57 48 128 100 94 94 87 69 64 89 156 1939 Jan 101 100 100 99 110 105 86 70 55 45 111 90 95 92 84 69 63 88 69 Feb 99 99 97 98 110 105 73 63 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 58 68 74 83 94 94 86 60 58 88 88 May 92 94 91 94 98 97 63 75 55 65 68 84 93 93 85 62 62 85 87 June 98 98 97 97 104 105 63 73 58 64 67 80 94 93 87 67 67 86 83 July.... 101 97 100 95 106 107 67 73 62 63 71 81 95 94 84 69 70 86 60 Aug 103 99 104 99 91 96 73 76 67 66 78 84 96 96 90 70 71 89 69 Sept 111 112 111 110 114 123 73 73 68 68 76 77 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 128 120 129 121 120 113 86 69 60 51 107 84 105 P104 104 78 73 96 168 1940 Jan 2>119 P117 P118 *>116 *127 P122 P75 ?61 J>54 P45 P91 ?74 P104 P102 P98 78 72 92 72 p Preliminary. • Average per working day. * For indexes of groups and separate industries see pp. 238-239; 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. 240-243. Underlying figures are for payroll period ending nearest middle of month. 4 For indexes of groups see p. 245. Back figures.—See Annual Report for 1937 (table 81). For department store sales see BULLETIN for October 1938, p. 918; for factory employment and payrolls see BULLETIN for October 1938, pp. 838-866, and for October 1939, pp. 879-887. MARCH 1940 237 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 1940 Industry Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Manufactures—Total 104 100 97 96 92 91 97 100 104 Ill 121 124 129 P118 Durable 92 88 84 80 76 71 82 88 92 103 123 130 141 P122 Nondurable 114 110 109 110 105 108 110 110 115 117 119 118 120 Iron and Steel _ _ 101 93 88 83 79 73 89 100 105 121 157 167 173 143 Pig iron _ 74 72 73 75 66 55 73 81 91 101 119 125 126 119 Steel ingots _ . 104 95 89 84 80 75 90 102 107 123 160 171 178 145 Transportation Equipment: Automobiles 99 105 100 91 87 73 81 87 89 85 78 90 127 128 Locomotives. rll 12 12 14 14 15 15 15 19 23 24 20 Nonferrous Metals: Tin deliveries * 59 66 72 76 92 102 93 87 99 97 95 119 165 181 Zinc 94 89 87 90 91 89 90 91 93 98 110 117 121 114 Lead ' 57 70 73 69 71 82 70 68 71 71 70 83 78 87 Cement and Glass: Cement _ 82 69 80 90 81 75 79 82 76 78 87 91 96 80 Glass, plate - 153 147 133 131 83 89 124 87 121 165 222 191 232 200 Coke: Byproduct > _ 105 106 105 106 94 77 103 110 120 130 143 147 148 148 Beehive 6 6 5 5 2 2 5 5 5 7 23 29 26 17 Textiles 117 109 109 110 97 104 111 111 120 121 125 126 123 114 Cotton consumption 120 111 111 114 105 110 115 117 128 129 129 135 145 130 Wool 116 107 111 105 85 105 116 114 123 118 125 128 116 108 Consumption . 134 114 117 119 91 120 138 136 150 138 138 140 124 114 Machinery activity L— _ 112 113 113 91 80 98 105 105 103 103 120 129 120 109 Carpet and rug loom activity i_ 72 77 87 84 78 73 70 64 79 84 94 92 85 86 Silk deliveries _ 116 107 97 108 88 76 84 84 87 107 120 96 72 74 Leather and Products 123 124 124 121 115 113 108 114 117 104 108 114 120 P114 Tanning ._ 98 103 105 95 97 94 91 88 98 87 93 97 95 Cattle hide leathers 99 100 104 93 91 91 87 89 106 93 98 103 101 Calf and kip leathers 109 119 118 103 101 89 91 69 73 71 73 82 84 Goat and kid leathers ._ 85 97 97 95 106 104 102 106 103 87 103 98 87 Boots and shoes 138 137 137 138 127 126 119 131 130 115 118 126 137 P127 Food Products: Slaughtering and meat packing 86 87 83 89 90 94 87 89 92 100 99 100 99 100 Hogs 79 74 67 73 81 84 73 77 84 95 99 100 99 95 Cattle 89 97 100 106 99 104 103 102 100 102 95 94 95 102 Calves 106 111 108 110 105 108 104 107 104 111 110 110 100 108 Sheep 137 150 157 156 136 142 143 145 139 146 144 154 147 158 Wheat flour.__ 92 92 94 97 100 95 100 96 88 103 91 82 91 90 Sugar meltings 108 106 70 78 94 72 66 81 77 96 91 85 128 105 Tobacco Products _ 179 165 162 164 164 170 170 158 168 164 166 172 186 167 Cigars - _ _ 76 79 77 78 77 75 75 73 76 76 75 74 79 83 Cigarettes 258 237 231 236 236 246 247 227 241 235 240 250 273 239 Manufactured tobacco 97 78 78 80 81 85 84 80 89 85 83 87 89 74 Paper and Printing: Newsprint production 61 61 61 62 63 65 63 63 63 65 63 64 65 64 Newsprint consumption . 128 125 127 126 130 127 132 126 130 142 137 131 140 129 Petroleum Refining ._ 201 205 201 202 209 211 215 212 218 221 232 228 221 Gasoline^ 259 262 256 256 265 269 276 273 280 284 296 293 280 Kerosene 107 112 113 122 122 124 122 117 123 118 118 109 108 Fuel oil i . 142 145 138 140 143 143 144 139 140 148 155 150 150 Lubricating oil* _ 100 106 117 111 115 119 121 115 128 123 149 141 145 Rubber Tires and Tubes * 112 110 109 114 104 102 112 111 122 123 126 118 110 115 Tires, pneumaticx 116 115 114 119 108 106 117 116 127 128 131 122 115 120 Inner tubes l 79 76 71 76 73 68 77 77 84 86 90 84 73 76 Minerals—Total 110 110 110 110 95 98 104 106 91 114 121 124 120 P127 Bituminous coal . 78 75 79 77 31 46 71 75 77 84 94 91 83 Anthracite 67 69 61 61 80 73 59 53 53 71 58 60 59 P75 Petroleum, crude 169 171 169 173 174 175 170 174 127 174 181 187 189 *>190 Iron ore _ 55 67 74 78 97 128 155 Zinc . 94 89 87 90 91 89 90 91 93 98 110 117 121 114 Lead 57 70 73 69 71 82 70 68 71 71 70 83 78 87 Silver 85 86 100 86 101 71 107 70 79 104 91 91 105 i Without seasonal adjustment. v Preliminary. •• Eevised. 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. 238 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] Annual 1939 1940 Industry 1938 1939 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Manufactures—Total 84 105 99 98 100 96 94 97 95 99 110 122 123 121 P116 Durable 64 95 84 84 86 84 78 85 83 85 99 123 125 129 Nondurable. _- __ _ 100 112 111 111 111 106 107 108 105 111 119 122 122 114 P116 Iron and Steel 66 108 90 92 93 87 79 89 93 103 120 152 155 152 138 Pig iron 52 88 71 75 79 70 56 72 77 87 98 119 126 124 118 Steel ingots 67 110 92 93 95 89 81 90 95 105 122 156 158 155 139 Transportation Equipment: Automobiles 63 90 106 100 105 106 88 91 66 28 59 93 108 142 128 Locomotives 12 17 11 12 14 13 15 14 15 20 24 24 22 Nonferrous Metals: Tin deliveries 72 102 66 72 76 92 102 93 87 99 97 95 119 165 181 Zinc „ _ 82 97 94 93 96 94 90 87 84 87 93 106 117 123 121 Lead 60 7.3 71 76 70 70 80 71 65 68 67 72 86 79 88 Cement and Glass: Cement 71 82 42 48 65 79 88 98 100 98 98 99 90 75 49 Glass, plate 86 143 147 133 138 91 93 112 78 121 165 222 191 232 200 Coke: Byproduct 85 116 107 108 109 95 76 101 107 116 128 143 150 150 149 Beehive _ _- __ 6 10 7 7 6 2 2 6 4 4 7 22 30 29 20 Textiles 92 114 114 115 112 100 104 105 103 112 121 129 131 117 119 Cotton consumption 96 120 117 119 119 113 114 111 106 115 125 133 140 133 137 Wool 80 112 109 116 106 84 100 109 106 118 . 122 132 135 116 110 Consumption 92 126 118 128 122 88 111 124 121 139 145 151 153 125 118 Machinery activity 75 107 113 113 91 80 98 105 105 103 103 120 129 120 Carpet and rug loom activity _ 53 80 77 87 84 78 73 70 64 79 84 94 92 85 Silk deliveries 101 94 122 104 104 87 75 75 80 91 113 120 98 64 Leather and Products 104 114 116 126 125 112 105 104 112 130 120 119 110 102 Tanning 80 93 98 108 94 94 88 90 88 100 92 99 96 92 Cattle hide leathers.._ 82 95 101 111 94 91 87 86 86 104 97 101 102 98 Calf and kip leathers__ '80 86 98 108 91 91 85 88 81 88 82 86 77 73 Goat and kid leathers _ 76 97 92 101 97 105 96 102 98 101 91 107 97 94 Boots and shoes __ _. 119 127 125 138 145 124 115 113 128 149 138 132 119 108 Food Products: Slaughtering and meat packing 88 92 101 83 84 81 92 86 84 80 91 97 111 118 Hogs 73 83 100 74 74 72 81 76 69 64 71 84 110 129 Cattle 103 99 98 88 92 87 101 96 101 98 114 111 108 100 Calves 111 107 104 100 111 114 122 108 104 96 107 116 112 95 Sheep . _ 153 146 161 147 142 127 139 140 145 140 170 158 152 144 Wheat flour 90 94 90 91 91 91 90 88 94 94 122 102 89 87 Sugar meltings 87 84 70 69 92 109 81 78 98 86 102 87 66 73 Tobacco Products. _ _ — 159 167 157 147 166 151 172 186 171 180 181 179 175 151 Cigars _ 73 76 61 67 71 72 78 81 76 80 87 92 88 59 Cigarettes 228 240 232 211 224 216 248 272 249 261 259 252 247 224 Manufactured tobacco 83 83 79 79 81 78 85 86 80 91 93 86 85 73 Paper and Printing: Newsprint production 55 63 62 61 61 64 66 64 62 61 64 63 63 65 Newsprint consumption 127 131 120 125 131 139 131 131 112 116 139 146 140 144 Petroleum Refining 200 214 205 202 201 208 211 215 211 217 221 233 229 222 Gasoline 256 274 262 256 256 265 269 276 273 280 284 296 293 280 Kerosene 110 117 115 115 119 121 119 113 108 116 121 124 117 117 Fuel oil 138 144 145 138 140 143 143 144 139 140 148 155 150 150 Lubricating oil 109 124 106 117 111 115 119 121 115 128 123 149 141 145 Rubber Tires and Tubes 79 113 110 109 114 104 102 112 111 122 123 126 118 110 Tires, pneumatic. _ 82 117 115 114 119 108 106 117 116 127 128 131 122 115 Inner tubes 57 78 76 71 76 73 68 77 77 84 86 90 84 73 Minerals—Total 98 108 105 105 102 88 97 105 107 96 123 132 127 113 Bituminous coal 65 74 ••84 83 77 26 40 63 68 75 90 104 102 88 Anthracite 57 63 74 66 60 83 73 51 44 53 72 74 62 58 Petroleum, crude 165 172 164 166 171 174 177 173 178 129 179 183 185 184 Iron ore 37 87 82 132 150 159 187 218 130 Zinc 82 97 94 93 96 94 90 87 84 87 93 106 117 123 Lead 60 73 71 75 70 70 80 71 65 68 67 72 86 79 Silver 92 91 86 108 94 102 69 105 59 78 98 90 98 106 O OO OC SO 84 P106 P115 119 127 103 100 160 89 69 158 64 234 75 65 124 115 120 76 P122 *>104 P81 P1S2 121 88 p 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. MARCH 1940 239 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 1940 Industry and group Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Total 94 4 94.6 94.3 94.0 93.8 93.3 94.3 95.3 95.9 97.5 101.2 103.4 104.6 104.0 Durable goods 83.7 84.4 84.2 83.7 83.9 82.9 83.9 84.7 85.3 88.9 94.6 97.3 100.0 99.8 Nondurable goods 104.7 104.4 103.9 103.8 103.3 103.3 104.2 105.3 105.9 105.7 107.6 109.2 108.9 108.1 Iron, Steel, Products 90.9 90.7 90.4 90.7 90.5 89.6 90.3 90.6 92.5 96.4 105.9 rllO. 8 112.1 110.6 Blast furnaces, steel works 95 95 94 94 95 94 96 96 97 101 115 122 124 122 Bolts, nuts, washers, rivets _ 97 96 96 97 94 93 93 94 98 102 113 118 120 117 Cast-iron pipe 72 72 73 73 73 73 71 72 73 74 77 79 79 75 Cutlery, edge tools 90 " 90 89 90 90 86 91 91 94 97 102 107 109 106 Forgings 56 54 55 54 55 55 54 56 56 59 66 70 72 72 Hardware . 91 89 87 87 84 80 72 70 78 95 99 106 106 103 Plumbers' supplies 74 74 74 74 74 75 76 77 78 80 81 83 85 83 Stamped, enameled ware 147 144 143 147 144 142 147 147 157 159 162 166 166 160 Steam, hot-water heating. _ 74 74 74 75 75 74 75 78 79 80 84 86 87 86 Stoves. _ . 82 82 84 85 84 85 86 89 88 86 90 91 93 93 Structural, ornamental.. 62 63 66 67 67 67 66 67 69 71 75 76 76 75 Tin cans, tinware 93 94 95 95 96 95 95 95 98 97 103 '104 101 102 Tools 83 83 84 84 84 84 84 81 85 87 '91 94 96 96 Wirework.. . 162 154 152 151 148 142 135 128 121 149 164 171 176 172 Machinery.. 91.7 92.3 94.0 94.8 94.9 94.4 95.4 96.1 97.3 99.8 105.7 110.6 112.9 113.0 Agricultural implements 110 114 123 124 122 119 118 115 121 123 125 128 131 133 Cash registers, etc 134 132 131 131 127 126 128 127 125 127 126 127 129 127 Electrical machinery 85 84 85 86 87 86 87 87 88 92 97 100 103 102 Engines, turbines, etc. 88 92 91 91 91 93 95 95 97 99 108 116 124 134 Foundry, machine-shop products. 79 80 81 82 82 81 83 83 85 86 91 95 97 97 Machine tools 126 128 132 134 138 140 144 149 146 155 170 183 191 197 Radios, phonographs . 123 126 129 130 124 121 122 131 126 129 145 160 153 141 Textile machinery 69 69 71 72 73 75 75 77 78 78 81 85 86 86 Typewriters 127 127 128 129 129 126 126 122 119 122 123 125 125 123 Transportation Equipment 93.2 94.1 92.9 91.2 91.1 87.2 88.9 90.0 88.3 99.5 105.6 rlOl.3 112.8 114.8 Aircraft 868 900 966 968 1,075 1,169 1,267 1,385 1,414 1,512 1,605 1,767 1,905 2,006 Automobiles 102 102 98 97 96 89 89 90 88 102 108 100 113 114 Cars, electric-, steam-railroad 33 35 38 36 34 34 33 32 31 34 42 48 53 56 Locomotives 17 19 17 16 18 21 25 28 29 28 25 26 28 30 Shipbuilding 103 106 113 111 112 118 127 128 125 128 132 133 139 141 Nonferrous Metals, Products 93.1 93.3 93.4 93.4 93.2 92.8 92.8 94.6 96.3 99 2 107.0 110.1 111.3 111.4 Aluminum— 131 131 135 140 143 142 145 153 157 152 166 '172 170 172 Brass, bronze, copper 106 105 104 104 103 104 105 106 109 115 130 137 138 137 Clocks, watches 79 84 84 84 85 84 82 84 85 85 87 88 89 91 Jewelry 91 90 91 92 93 90 91 94 95 91 92 95 96 94 Lighting equipment 85 86 84 80 77 76 73 75 77 88 95 89 95 94 Silverware, plated ware 67 68 68 69 68 68 68 70 70 71 70 72 74 74 Smelting, refining . 77 78 78 77 78 77 77 76 75 77 83 85 86 87 Lumber, Products... 65.0 65.7 65.1 63.2 64.2 64.8 65.3 66.0 66.4 67.4 69.4 72.2 72.4 71.8 Furniture _ 83 84 85 85 85 84 85 86 86 87 89 93 93 93 Lumber, mill work. _ _ 57 58 57 56 57 56 59 59 60 61 63 64 64 65 Lumber, sawmills.. 59 60 59 56 67 69 59 60 60 61 63 66 66 65 Stone, Clay, Glass Products 77.8 79.6 77.4 77.4 77.9 75.4 77.5 78.4 78.1 79.0 81.9 '85.0 85.4 85.4 Brick, tile, terra cotta 57 61 59 58 58 55 57 58 • 57 59 61 64 65 66 Cement 68 64 66 66 67 63 66 67 67 66 68 70 71 68 Glass 99 100 95 95 97 96 98 98 99 100 106 109 109 112 Marble, granite, slate 49 49 48 53 53 52 50 51 50 48 49 49 50 44 Pottery 85 87 86 85 84 84 87 88 87 86 90 93 94 95 Textiles, Products 102.2 101.9 101.8 101.0 99.6 99.8 101.2 104.1 104.9 103.6 106.2 107.7 106.1 104.7 Fabrics 92 3 91 9 91 7 91.0 90.2 91.0 92.0 94.5 95.4 94.1 97.8 '99.9 97.1 95.3 Carpets, rugs 76 78 77 77 77 74 73 74 76 78 83 85 84 85 Cotton goods 85 85 86 85 85 85 86 89 91 91 94 96 95 94 Cotton small wares 83 82 82 80 78 80 79 83 84 86 91 '92 91 88 Dyeing, finishing textiles 121 122 122 122 121 124 120 128 129 129 133 132 131 127 Hats, fur-felt 89 90 90 87 86 84 89 93 90 87 86 90 92 91 Hosiery 151 153 153 154 154 153 152 154 155 149 151 151 146 145 Knitted outerwear 77 64 68 70 67 68 72 75 80 75 76 75 68 62 Knitted underwear. _ 71 72 71 70 70 73 74 77 79 78 79 80 79 80 Knitted cloth 144 134 134 134 133 128 138 138 140 140 148 155 146 146 Silk, rayon goods 65 64 64 65 65 66 63 63 62 61 65 67 64 62 Woolen, worsted goods 88 88 84 81 77 81 86 89 85 83 90 95 89 85 Wearing apparel. 120 0 119.fi 120.2 119.2 116.4 115.2 117.5 121.1 121.4 120.4 120.4 120.5 121.6 121.1 Clothing, men's. 106 103 104 104 103 102 104 107 107 106 107 108 112 110 Clothing, women's 173 171 173 171 165 161 169 174 174 172 171 171 171 166 Corsets, allied garments- 106 107 107 107 109 111 114 115 117 116 117 117 117 117 Men's furnishings _ 140 132 136 132 128 125 129 135 140 136 138 127 122 121 Millinery 77 79 84 84 81 80 74 73 77 80 80 74 75 79 Shirts, collars 119 130 123 121 119 120 120 123 121 121 121 123 122 132 240 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 1940 Industry and group Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Leather, Manufactures 08.1 98.9 99.0 99.2 97.7 03.7 97.1 98.7 07.4 96.8 07.4 90.1 96.9 97.2 Boots, shoes 07 98 98 98 07 02 06 08 06 95 96 08 .96 96 Leather. _ 86 87 87 86 85 84 86 87 87 87 88 88 86 87 Food, Products 128.8 128.8 125.7 127.3 127.0 128.4 120.4 127.0 120.7 128.1 126.9 129.5 131.3 131.1 Baking. __ 144 144 144 144 144 146 147 147 146 146 146 145 145 144 Beverages 274 276 275 270 270 272 275 260 260 269 271 279 285 280 Butter 96 96 04 04 05 06 05 05 06 95 95 97 97 98 Canning, preserving 151 150 143 158 157 150 162 150 160 147 ••137 149 153 150 Confectionery. . _ 86 84 83 82 81 81 80 82 86 82 82 86 86 86 Flour 70 79 77 78 77 80 81 81 70 82 80 77 79 82 Ice cream 78 79 78 78 78 77 77 75 75 76 78 79 79 78 Slaughtering, meat packing 100 98 06 06 06 08 100 101 101 102 103 106 108 108 Sugar, beet 152 212 120 107 103 107 104 09 105 131 107 105 118 155 Sugar refining, cane _> . .. 04 96 03 06 102 87 89 04 06 00 100 '95 98 93 Tobacco Manufactures 65.6 65.9 64.8 61.4 64.5 65.1 65.5 65.7 65.2 64.4 63.5 63.1 64.7 64.3 Tobacco, snuff 63 61 61 62 63 62 62 61 62 62 62 60 60 63 Cigars, cigarettes 66 67 65 62 65 65 66 66 66 65 64 63 65 64 Paper, Printing 111.1 111.0 111.1 111.4 111.5 111.5 111.1 111.8 112.0 112.8 115 0 115.7 116.4 115.8 Boxes, paper _ _. 110 111 111 112 111 111 111 113 115 116 121 122 121 120 Paper, pulp 106 106 106 106 106 107 106 106 107 109 114 115 115 114 Book, job printing. _ _ 100 100 00 100 100 09 99 101 90 98 99 100 101 102 Newspaper, periodical printing.__ 114 113 114 114 114 115 114 114 115 116 116 115 116 114 Chemicals, Petroleum, and Coal Products 113.7 113.6 112.0 113.4 114.2 114.4 113.1 113.7 111.9 116.4 119.9 121.2 121.8 121.4 Petroleum refining _ 119 119 119 110 118 110 120 121 122 122 122 123 122 122 Other than petroleum _ _ 112.4 112.3 111.4 112.2 113.3 113.4 111.4 111.9 109.4 115.2 119.4 120. 7 121.7 121.2 Chemicals 120 119 120 120 118 117 117 115 119 122 132 137 138 138 Cottonseed oil, cake, meal 104 97 88 06 103 110 88 85 81 92 98 '91 91 92 Druggists' preparations 108 109 107 108 109 111 112 114 112 112 113 114 116 119 Explosives 85 86 86 86 86 87 90 92 93 98 102 104 106 104 Fertilizers 100 103 07 08 110 115 107 105 103 111 109 106 111 103 Paints, varnishes 119 119 118 120 121 110 120 122 125 123 125 126 126 127 Rayon, allied products . 297 297 301 209 309 302 205 298 254 297 309 310 311 311 Soap. 81 81 80 79 78 70 80 84 87 87 87 86 87 86 Rubber Products _ 82.9 81.4 81.4 82.2 81.3 81.1 80.8 79.7 83.6 86.1 91.2 93.1 92.4 90.1 Rubber boots, shoes... 60 58 60 60 60 61 59 47 58 58 60 61 61 59 Rubber tires, inner tubes „_ 67 67 66 67 67 67 66 67 68 70 74 75 75 74 Rubber goods, other . 137 133 133 134 131 120 131 134 138 144 154 159 157 151 r Revised. NOTE.—Figures for January 1940 are preliminary. For description and back data see the BULLETIN for October 1938, pages 835-866, and for October 1939, pages 878-887. Underlying figures are for payroll period ending nearest middle of month. MARCH 1940 241 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 Annual index 1939 1940 Annual index 1939 1940 1938 1939 Jan. Oct. Nov. Dec. Jan. 1938 1939 Jan. Oct. Nov. Dec. Jan. Total 89.7 96.8 92.2 103.6 103.8 104.1 101.6 77.9 83.7 101.6 '101. 6 103.6 98.1 Durable goods 77.9 87.9 82.3 96.1 98.2 100.1 97.5 67.6 85.2 76.0 99.6 '100. 9 104.4 97.8 Nondurable goods 100.9 105.4 101.7 '110.8 109.2 107.9 105.4 89.6 97.0 92.4 '103. 9 102.4 102.8 98.5 Iron, Steel, Products 85.5 95.9 106.8 •111.2 111.4 108.4 68.2 90.9 79.5 112.1 '114.7 115.4 106.2 Blast furnaces, steel works 90.9 102.0 94 115 122 123 121 68.9 96.8 85 124 127 129 119 Bolts, nuts, washers, rivets 87.1 101.2 96 113 118 120 117 76.4 108.2 99 138 142 143 123 Cast-iron pipe _ 68.2 74.0 71 77 77 78 75 54.2 65.3 56 71 74 72 65 Cutlery, edge tools 84.9 94.7 88 104 109 109 104 70.4 84.5 78 '94 '102 102 Forgings ___. 50.9 58.8 55 65 70 73 72 44.6 63.5 56 75 84 88 Hardware 73.8 87.7 89 100 106 106 103 66.3 90.5 85 110 119 117 107 Plumbers' supplies 73.1 77. 73 82 83 84 82 56.3 69.2 61 80 78 78 71 Stamped, enameled ware 134.2 152.0 142 164 166 166 158 128.3 153.6 141 173 171 174 160 Steam, hot-water heating 72.4 78.3 71 86 87 83 54.8 67.0 58 83 80 80 74 Stoves _ _ 77.8 86.8 69 97 96 79 64.3 76.4 55 94 88 79 65 Structural, ornamental ___. 60.6 69.3 61 76 76 75 73 48.9 60.2 50 68 67 68 63 Tin cans, tinware _ 93.8 97.2 87 106 ••101 96 94 94.4 101.5 88 111 105 100 97 Tools _ __. 76.6 86.4 83 91 95 97 96 66.5 83.7 78 92 97 102 97 Wirework 127.8 149.4 154 166 173 176 172 117.2 155.3 147 200 204 192 Machinery _ _ _. 90.9 99.1 91.5 106.6 111.0 113.1 112.1 82.3 86.5 111.0 117.0 122.1 118.9 Agricultural implements.. _. 126.8 121.8 116 118 125 131 135 132.9 134.2 121 131 141 152 156 Cash registers, etc __ __. 136.4 128.1 131 126 127 128 126 124.4 123.4 118 126 129 132 129 Electrical machinery 82.3 90.0 83 97 100 103 101 78.0 95.4 84 106 110 114 112 Engines, turbines, etc 86.2 99.1 87 105 110 120 126 91.8 117.8 96 129 139 157 162 Foundry, machine-shop products. 79.2 85.4 79 91 95 97 97 66.5 79.8 70 90 94 99 95 Machine tools. 130. 5 150.9 128 171 184 192 197 124. 175.6 130 208 238 256 259 Radios, phonographs 100.5 133.9 120 177 180 162 134 86.6 120.5 106 170 170 149 120 Textile machinery 62.3 76.7 70 80 84 86 86 51.8 72.9 63 76 82 86 84 Typewriters 120.4 125.2 127 124 128 127 123 103.3 122.4 117 126 126 122 111 Transportation Equipment 74.0 95.4 96.6 105.3 '102. 9 116.7 117.3 68.4 95.0 93.2 109.9 '105. 7 122.5 117.4 A A i u r t c o r m af o t biles _ 75 L .8 7 1,, 3 9 2 7 5 . . 9 1 8 1 9 0 1 6 1,5 1 5 08 6 1,7 1 5 0 0 2 1,8 1 8 18 6 1,9 11 8 9 6 7 6 6 9 8 . . 2 61, 2 9 8 7 5 . . 3 9 9 1 0 0 0 1 1,5 1 1 1 2 3 1, ' 7 1 1 0 8 6 1,7 1 7 2 8 6 1,8 1 7 1 5 9 Cars, electric-, steam-railroad 32.0 37.5 32 41 47 52 52 26.1 31.8 26 38 40 47 46 L Sh o i c p o b m u o il t d iv in es g __ _ _ __. 1 2 0 4 0 . . 6 1 1 2 2 3 2 . . 5 7 1 1 0 8 5 13 2 4 6 1 2 3 6 3 1 2 3 8 9 1 2 3 8 9 10 2 3 1 . . 6 1 1 2 3 1 0 . . 6 4 11 1 0 5 1 2 4 5 4 1 2 4 5 1 1 2 5 8 3 1 2 5 7 0 Nonferrous Metals, Products 86.4 98.2 91.7 110.4 '113.5 112.9 109.6 74.2 93.1 81.7 113.6 '115.4 116.5 108.4 Aluminum 124.1 150.5 130 168 174 170 170 125.2 164.1 139 191 '196 197 192 Brass, bronze, copper 96.9 113.2 104 131 137 138 136 86.7 117.8 97 154 157 159 150 Clocks, watches 81.3 85.1 83 90 93 93 90 71.7 85.3 77 99 100 97 91 J L S S e m i i w l g v e h e e l t l r t i r i w n y n g a g r , e e r q , e u p fi i l n p a i m t n e g d e n w t are _ _ _ : . . 8 6 7 7 3 2 4 0 . . . . 7 3 1 8 9 6 7 3 9 9 2 . . . . 0 0 7 5 8 8 6 7 4 4 6 8 1 8 9 7 0 4 8 3 7 1 9 7 0 3 6 7 9 8 9 7 8 7 9 7 8 8 9 7 7 9 3 2 6 6 5 5 9 7 1 1 . . . . 1 9 0 5 6 6 7 7 2 5 6 6 . . . . 6 1 8 5 6 6 5 7 9 5 6 4 8 9 8 7 1 3 2 1 9 7 7 1 8 5 8 8 7 7 5 6 6 8 7 7 2 7 3 3 Lumber, Products 62.2 61.4 72.4 73.0 71.1 67.1 52.7 59.8 51.7 68.7 65.2 58.1 Furniture _ 79.5 81 95 97 95 90 61.8 73. 64 85 86 74 Lumber, millwork 53.7 59.4 55 64 64 64 61 40.6 46.9 42 52 53 52 47 Lumber, sawmills 57.1 60.5 55 66 63 59 48.5 53.1 46 62 61 55 50 Stone, Clay, Glass Products 71.8 79.4 71.9 84.8 '85.5 83.7 77.4 59.6 69.8 60. 80.3 '78.9 76.4 66.6 G M B Ce l r a a i m c s rb k s e l , n e t t , i l g e r , a t n e i r _ t r e a , s c l o a t t t e a _ _ . . 4 8 6 5 7 9 4 1 . . . . 2 5 8 8 1 5 6 5 0 9 0 0 6 . . . . 1 2 7 4 9 5 5 1 5 3 4 1 6 5 0 7 5 1 7 2 '1 6 7 5 0 5 0 0 9 1 4 6 0 6 9 3 9 6 1 3 0 5 5 7 6 7 8 3 8 3 5 7 7 4 7 . . . . 1 3 8 1 4 6 3 0 7 2 7 3 . . . . 1 3 7 8 4 4 2 9 6 0 8 7 1 3 7 2 5 9 1 1 7 '1 3 6 5 2 9 7 4 1 1 3 6 5 1 5 3 2 9 1 4 2 4 1 9 2 3 4 Pottery 87.7 85 92 95 95 92 68.6 78.5 73 87 89 90 Te F x a t H H K i K K D C C C b le a a r o o n y n o n s i r t s t e i t i i , c s p t t t t i t i s , o o t e t t P n e e e e n n r f t g r d y d d u s o , , s g r d - c u o m o f r f u l i n u e u o o n c a l d t g d t t i t l e _ s s h l s s e r h _ r w w i . w n _ a e g e r a a e r t r s extiles. _ _ _ _ _ _ _ . . . . . 1 1 1 8 9 8 9 6 6 6 7 2 1 4 1 5 0 6 4 7 7 9 4 2 5 . . . . . . . . . . . 3 6 7 3 3 1 4 2 4 3 5 1 1 1 1 7 9 8 8 8 7 7 3 0 5 2 5 4 3 9 8 1 8 9 3 2 6 . . . . . . . . . . . 1 1 9 1 1 5 0 0 8 2 0 1 1 1 1 8 9 7 8 9 6 6 0 5 3 2 2 7 0 5 2 0 1 8 1 0 4 . . 8 9 1 1 1 1 9 0 9 8 8 8 3 8 5 5 9 8 8 4 3 2 0 3 6 4 2 2 . . 3 8 1 1 1 1 1 8 9 8 8 9 7 0 0 5 5 3 5 7 0 7 8 1 3 8 4 5 4 . . 9 9 1 1 1 1 9 9 8 4 3 0 9 9 6 7 4 8 5 7 4 4 3 1 1 5 9 8 . . 8 7 1 1 1 1 9 8 9 8 0 6 4 4 9 7 3 6 3 2 6 7 0 3 2 1 6 0 . . 7 2 1 1 4 0 5 7 7 6 6 9 5 7 5 6 2 5 1 5 6 7 0 4 5 3 . . . . . . . . . . . 5 5 4 3 5 9 0 7 5 7 2 1 1 1 8 6 1 7 5 6 6 0 7 7 1 5 3 7 6 7 8 0 9 3 . . . . . . . . . . 3 9 3 1 6 8 0 2 0 7 1 1 1 4 8 8 6 7 7 7 5 6 0 0 0 8 3 1 5 7 9 8 1 6 7 . . 1 2 1 1 1 ' 8 8 8 7 6 7 7 1 7 3 9 8 4 9 5 1 0 4 6 4 2 3 . . 0 7 ' 1 1 1 ' 9 7 9 6 7 9 7 7 1 3 9 1 2 6 1 4 5 3 0 5 1 0 . . 7 9 1 1 1 8 9 8 8 9 7 5 7 1 5 1 9 1 2 7 9 6 0 2 6 9 6 . . 5 8 1 1 1 8 4 8 9 8 7 8 6 4 1 1 5 7 8 0 6 2 1 6 5 2 0 . . 0 7 Silk, rayon goods __. 62.0 64.1 67 68 65 63 48.6 53.1 53 57 60 57 53 Woolen, worsted goods 70.2 85.6 91 95 91 86 56.4 71.3 75 77 82 78 73 Wearing appareL. 116.4 119.4 124.7 118.7 116.9 115.8 84.4 91.2 83.9 98.7 89.2 90.3 87.5 Clothing, men's _. .99.2 105.6 109 105 105 105 67.2 78.7 71 83 76 80 80 Clothing, women's 171.7 170.1 166 178 168 165 162 119.3 121.4 115 133 116 118 114 M M C Sh o i e i l r n r l s t i ' e s s n t , e s f c , r u y o a r l n l l l a i i s e r h s d i n g g a s rments _. 1 1 1 8 0 3 1 1 3 0 5 . . . . 4 3 9 9 1 1 1 1 7 2 3 2 8 2 1 . . . . 9 0 8 5 1 1 1 7 0 1 2 9 6 7 2 1 1 1 1 8 4 2 8 2 4 7 1 1 1 6 1 3 2 7 7 7 8 1 1 1 6 1 2 2 6 6 9 2 1 1 11 1 1 7 9 5 3 8 1 1 8 0 1 6 8 0 2 6 . . . . 1 0 8 1 1 1 10 1 1 6 2 8 7 3 . . . . 1 3 0 1 9 6 9 0 9 2 0 6 1 1 1 6 4 1 2 2 3 6 7 ' 1 1 1 4 3 2 1 9 9 2 8 1 1 1 4 2 2 1 7 0 6 1 1 9 9 5 1 6 7 8 2 242 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 throughL937. 1923-25 average=100] Factory employment Factory payrolls Industry and group Annual index 1939 1940 Annual index 1939 1940 1938 1939 Jan. Oct. Nov. Dec. Jan. 1938 1939 Jan. Oct. Nov. Dec. Jan. Leather, Manufactures 95.4 97.7 99.0 96.2 91.9 93.2 97.4 74.6 79.4 83.0 76.5 71.1 75.4 81.7 Boots,|shoes 95.7 96.4 98 94 89 91 96 73.1 75.9 80 71 65 70 78 Leather 78.1 86.5 87 88 88 87 88 73.0 84.3 86 88 87 87 86 Food, Products 126.9 128.2 116.9 137.7 129.7 125.9 119.8 120.2 122.7 113.1 130.0 125.4 124.4 117.2 Baking 144.1 145.4 141 148 147 145 141 132.7 134.6 130 137 137 134 131 Beverages 268.1 272.9 251 271 261 261 255 303.9 313.1 273 309 294 299 279 Butter 98 7 95 4 90 95 94 93 91 82 5 80 8 76 82 79 78 76 Canning, preserving 152.6 151.5 92 182 120 101 92 123.5 128.1 76 156 101 89 81 Confectionery 82 8 83 0 82 97 98 96 84 76 9 80 0 77 96 96 100 82 Flour __ 77.3 79.2 78 82 78 79 81 72.9 75.4 72 83 71 72 74 Ice cream . 77 0 77 3 66 73 69 68 66 63 5 64 5 56 62 58 57 55 Slaughtering, meat packing 97.7 100.5 101 103 108 112 112 104.3 106.4 108 108 113 122 119 Sugar, beet 111.2 113.3 91 287 287 191 67 109.4 109.0 79 245 '288 178 64 Sugar[refining, cane 93.4 94.7 92 101 '94 95 89 79.5 80.5 77 87 77 76 72 Tobacco Manufactures 65.2 64.6 60.5 66.7 66.4 65.8 59.1 58.8 59.0 51.3 63.4 62.9 62.3 52.7 Tobacco, snuff 63 1 61 4 62 62 61 61 65 68 0 66 4 66 71 68 67 69 Cigars, cigarettes 65.3 64.9 60 67 67 66 58 57.6 57.9 49 62 62 62 51 Paper, Printing _. _ 109.7 112.6 110.6 116.5 117.5 118.5 115.3 101.6 107.1 103.2 113.8 114.2 116.8 110.0 Boxes, paper 104.9 114.7 107 128 129 125 116 109.3 125.2 111 151 145 137 121 Paper, pulp 104.3 108.5 106 • 114 115 115 114 100.4 110.3 103 126 125 123 117 Book, job printing _ 99.7 99.6 102 99 101 104 103 84.4 86.4 88 84 89 94 92 Newspaper,[periodical printing._. 113.8 114.8 113 117 117 119 114 104.8 107.1 104 110 109 115 106 Chemicals, Petroleum, and Coal Products 112.9 115.6 113.2 122.3 122. 5 122.3 120.9 115.9 123.1 118.8 133. 3 133.0 133.3 131.0 Pfitrnlp.nm rfsfining 122.0 120.4 118 123 124 122 122 136.1 134.3 135 140 138 138 133 Other than petroleum 110.7 114.4 112.0 122.2 122. 2 122.2 120.7 109.7 119.7 113.9 131.2 131. 5 132.0 130.4 Chemicals 115.4 122.7 118 134 138 137 136 124.1 139.7 130 158 161 162 160 Cottonseed oil, cake, meal 111.1 93.4 109 139 '120 115 103 90.1 79.2 88 120 115 110 99 Druggists' preparations _ 110.1 111.5 109 117 118 119 119 116.5 122.6 118 133 131 132 129 Explosives 86.0 93.1 86 104 106 108 104 93.5 107.2 95 125 128 129 121 Fertilizers 101.6 106.1 103 99 92 102 103 80.6 84.3 75 80 76 82 82 Paints, varnishes 117. 4 122.0 117 125 125 124 124 115.0 126.2 115 135 132 131 129 Rayon, allied products 284.7 298.5 300 310 313 312 314 252.1 285.4 283 303 310 314 321 Soap 79.0 83.0 79 90 89 85 83 92.9 99.7 95 109 104 102 100 Rubber Products 74.9 84.6 81.3 92.4 '93.9 93.0 90.0 68.1 87.5 82.2 101.9 '99.8 100.5 94.1 Rubber boots, shoes 54.4 58.6 58 62 62 63 59 48.3 58.1 57 64 67 66 56 Rubber tires, inner tubes. 62.5 68.9 67 74 75 75 74 60.0 78.5 74 91 86 90 86 Rubber goods, other 118.2 139.7 132 158 161 157 150 105.3 133.9 123 161 163 155 144 ' Revised. NOTE.—Figures for January 1940 are preliminary, Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are for payroll period ending nearest middle of month. MARCH 1940 243 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 Eocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Nonresidential building Publicworks Month Total R b es u i i d ld en in ti g al Factories Commercial Educationall Other i a u n t d i li p t n i V es k li i f> 1938 1939 1938 1939 1938 1939 1938 1939 1938 1939 1938 1939 1938 1939 January _ 192.2 251.7 36.2 80.2 6.6 7.1 15.4 17.3 19.0 31.7 16.4 28.9 98.6 86.5 February... 118.9 220.2 40.0 79.0 4.9 9.5 13.0 13.5 15.4 21.8 15.1 24.7 30.5 71.8 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 69.7 77.7 April 222.0 330.0 74.6 114.4 11.5 17.6 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 19.6 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 December 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 [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Total Publicly-financed i Privately-financed» Month 1935 1936 1937 1938 1939 1940 1935 1936 1937 1938 1939 1940 1935 1936 1937 1938 1939 1940 January ._ 100 215 243 192 252 196 55 149 112 118 148 93 45 66 130 75 1C4 104 February 75 140 188 119 220 38 79 69 51 111 37 62 119 68 1C9 March 123 199 231 227 301 68 96 66 95 128 55 103 165 132 173 April 124 235 270 222 330 53 105 74 99 160 71 130 195 123 170 May 127 216 244 283 308 47 94 93 144 135 80 122 151 139 174 June 148 233 318 251 288 64 116 137 108 128 84 116 180 143 161 July 159 295 322 240 300 67 163 131 98 137 93 141 191 142 163 August 169 275 281 313 312 92 153 104 171 158 76 122 178 142 l.p4 September. ._ 167 234 207 301 323 97 116 80 160 144 70 119 127 141 179 October 201 226 202 358 262 114 101 78 203 92 87 125 124 154 170 November. _ 188 208 198 302 300 118 89 93 179 144 70 119 106 123 156 December 264 200 209 389 354 196 82 115 279 225 68 117 94 110 129 Year 1,845 2,675 2,913 3,197 3,551 1,007 1,334 1,152 1,705 1,708 837 1,341 1,761 1,492 1,842 i Back figures —See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS COMMERCIAL FAILURES, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures reported by Dun & Bradstreet. Amounts in thousands of F. W. Dodge Corporation. Value of contracts in thousands of dollars.] dollars.] 1940 1939 Number Liabilities Federal Reserve district Jan. Dec. Jan. Federal Reserve 1940 1939 1940 1939 district Boston_ 9, 553 19, 616 10, 576 Jan. Dec. Jan. Jan. Dec. Jan. , New York 35,662 40,594 69,819 P C h le il v a e d la e n lp d hia 2 1 4 2 , , 8 13 4 8 3 2 1 9 3 , , 7 5 5 7 0 3 2 14 7 , ,30 24 2 5 N Bo e s w to Y n ork 49 7 2 8 43 7 6 5 6 1 0 1 0 0 1 5 , , 0 1 0 1 8 9 4 2 , , 5 1 12 89 8 1 , ,2 4 1 7 1 6 R A C St h i t . c l i a h c L n a m o g t u a o o i n s d 2 2 2 1 2 9 4 2 , , , , 0 0 3 9 1 8 7 2 6 6 8 3 1 3 2 2 3 7 2 2 2 , , , , 7 1 8 2 3 6 4 5 0 4 5 8 2 3 2 1 5 0 6 3 , , , , 1 1 2 5 6 2 6 1 6 1 1 3 P A R C C h i l h t e c l i i a l v h c a n a e m d g t l a a e o o n l n p d d hia 46 8 6 5 6 5 1 5 8 7 18 4 3 6 3 9 8 6 6 8 2 1 9 2 6 7 0 0 0 8 8 0 2 1 , ,2 3 4 8 5 8 3 1 7 6 4 0 9 9 0 1,5 4 4 5 6 3 8 4 7 3 7 9 4 6 3 3 1 1 , , , 1 4 3 6 7 5 1 1 6 0 8 7 9 2 9 Minneapolis 3,634 6, 581 7,245 St. Louis ._ 39 39 32 500 392 536 D K a a l n l s a a s s City 1 6 5 , , 6 3 1 4 4 4 1 17 1 , ,83 60 4 3 1 9 8 , , 1 2 1 2 4 1 M D K a a in l n l n s a a e s s a p C o i l t i y s 2 5 1 3 2 5 2 6 1 3 1 7 3 2 6 5 6 8 3 2 2 3 8 4 5 6 3 3 2 2 1 4 4 5 1 3 7 7 1 8 5 9 4 4 2 Total (11 districts) 196,191 354,098 251, 673 San Francisco 102 125 140 2,316 1,672 1,572 Total 1,237 1,153 1,567 15, 279 13, 243 20, 790 New series. Includes cases of discontinuances where loss to creditors was involved even though actual legal formalities were not invoked. Back figures, available for 1939 only, may be obtained from Dun and Bradstreet, Inc. 244 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 l Merchandise imports• Excess of exports Month 1936 1937 1938 1939 1940 1936 1937 1938 1939 1940 1936 1937 1938 1939 1940 January _ __ 199 223 289 213 P369 187 240 171 178 P242 11 —18 118 35 ,127 February 182 233 262 219 193 278 163 158 —11 —45 99 61 March 195 257 275 268 199 307 173 190 —4 —51 102 77 April - 193 269 274 231 203 287 160 186 —10 —18 115 45 May 201 290 257 249 192 285 148 202 9 5 109 47 June 186 265 233 236 191 286 146 179 -5 —21 87 57 July 180 268 228 230 195 265 141 169 —15 3 87 61 August . - 179 277 231 ••250 193 246 166 176 -14 31 65 75 221 297 246 '288 216 233 168 182 5 63 79 107 October 265 333 278 332 213 224 178 215 52 108 100 117 November > _ 226 315 252 293 196 223 176 236 30 92 76 57 230 323 269 P368 245 209 171 P247 -15 115 98 P121 Year.... 2,456 3,349 3,094 P3, 177 2,423 3,084 1,960 P2, 318 33 265 1,134 P859 * Preliminary. r Eevised. 1 Including both domestic and foreign merchandise. 1 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Bureau of Foreign and Domestic Commerce. Back figures.— See BULLETIN for January 1931, p. 18; July 1933, p. 431; and February 1937, p. 152. FREIGHT-CAR LOADINGS, BY CLASSES DEPARTMENT STORE SALES AND STOCKS [Index numbers; 1923-25 average=100] [Index numbers based on value figures; 1923-25 average=100] 1939 1940 Sales i Stocks (end of month) Jan. Sept. Oct. Nov. Dec. Jan. Adjusted Without Adjusted Without Month for seasonal seasonal for seasonal seasonal variation adjustment variation adjustment Adjusted for seasonal variation 1939 1940 1939 1940 1939 1940 1939 1940 Total 69 77 80 82 78 78 Coal. - — 67 85 87 80 71 83 Coke 55 82 95 100 92 90 January 88 92 69 72 67 69 60 61 Grain and grain products. __ 79 88 87 88 87 73 February 87 69 68 65 Livestock 41 45 44 41 40 39 March 88 82 68 69 Forest products 42 45 50 51 51 47 Ore 102 85 108 191 116 114 April 88 88 67 69 Miscellaneous 76 82 86 89 89 86 May 85 87 66 68 Merchandise» 62 63 62 63 62 62 June 86 83 67 64 July 86 60 67 60 Without seasonal adiustment August 89 69 67 65 September 91 97 68 71 Total 63 85 89 83 73 72 October 90 99 69 77 Coal 76 89 96 87 79 95 November 95 106 71 82 Coke 64 78 95 100 101 106 December 96 168 68 64 Grain and grain products 71 99 87 83 75 66 Livestock 40 57 62 50 39 38 Year 90 68 Forest products 37 49 52 50 44 41 Ore 22 149 160 105 29 25 M iscellaneous 65 92 97 91 81 74 Merchandise * 59 65 65 64 60 58 1 Based on daily average sales—with allowance for changes from month to month in number of Saturdays and in number of Sundays and holidays. Adjustment for seasonal variation makes allowance in March i In less-than-carload lots. and April for the effects upon sales of changes in the date of Easter. NOTE.—For description and back data see pp. 522-529 of BULLETIN Tor June 1937. Based on daily average loadings. Basic data compiled Back figures.—Department store sales, see BULLETIN for August by Association of American Railroads. Total index compiled by com- 1936, p. 631, and for October 1938, p. 918; department store stocks, see bining indexes for classes with weights derived from revenue data of BULLETIN for March 1938, p. 232. the Interstate Commerce Commission. MARCH 1940 245 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 «• 100] Other commodities All Year, month, or week m c t o o i m e d s * i- p u r c o t d s - Foods Total H p l i r e d o a e d t s h u a e c r n ts d p T ro e d x u ti c le ts F m li u g a e h t l e t r i a n i n a g d ls a p n M r d o e d m t u a c e ls t t s al B m u a i t l e d r i i n a g ls c C a d l h r s e u a m g n s i d - i f n H u g r o n g u i o s s o e h - d - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82.6 1930 _ . - 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 W 1 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 64.9 70.3 80.2 71.4 73 5 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 7? « 75.8 62.fi 1934 74.9 65.3 70.5 78.4 86.6 72.9 f3.3 86.9 86.2 75.9 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 R0 5 80.6 68.3 1936 80.8 80.9 82.1 79.6 96.4 71.5 76.2 87.0 86.7 B0.4 81.7 70.5 1937 86.3 86.4 85.6 85.3 104.6 76.3 77.6 95.7 95.2 R3 9 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77 fi 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 1 Qgg—T) poflTTi bpr 77.0 67.6 73.1 80.3 93.1 65.8 73.2 94.6 89.4 76.7 86.0 73.1 1939—January 76.9 67.2 71.5 80.2 93.1 65.9 72.8 94.4 89.5 76.7 85.4 73.2 February 76.9 67.2 71.5 80.2 91.9 66.1 73.0 94.3 89.6 76 3 85.2 73.5 March 76.7 65.8 70.2 80.4 91.8 66.6 73.1 94.3 89.8 76.5 85.2 74.1 April .. 76.2 63.7 68.6 80.5 90.9 66.9 73.4 94.0 89.6 7ft 0 85.4 74.4 May 76.2 63.7 68.2 80.6 91.6 67.5 73.9 93.5 89.5 75.9 85.5 74.2 June 75.6 62.4 67.6 80.2 92.3 67.3 73.0 93.2 89.5 76 7 85.6 73.8 July.. 75.4 62.6 67.6 80.2 92.5 67.6 72.8 93.2 89.7 75.0 85.6 73.4 August. 75.0 61.0 67.2 80.1 92.7 67.8 72.6 93.2 89.6 74.6 85.6 73.3 S O e c p to te b m er ber 7 7 9 9 . . 4 1 6 6 8 7 . . 7 1 7 7 5 3 . . 1 3 8 8 3 2 .1 8 1 9 04 8 .5 6 7 76 1 .7 5 7 7 2 3 . . 8 9 9 9 4 5 .8 8 9 9 0 2 . . 9 8 7 7 7 8 3 1 8 8 6 7 . . 6 8 7 7 6 7 . . 6 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 83.9 103.7 78.0 72.8 96.0 93.0 78.1 88.5 77.4 1940—January 79.4 69.1 71.7 83.9 103.6 77.9 72.7 95.8 93.4 78.1 87.9 77.7 Week ending— 1939—November 4 .. . 79.3 67.5 72.3 84.4 104.4 75.6 74.7 96.2 93.1 77 7 89.6 77.9 November 11 79.3 67.8 72.4 84.4 104.5 75.6 74.7 96.2 93.1 77.9 89.7 78.2 November 18 79.1 67.3 72.3 84.4 104.3 75.6 74.8 96.1 92.9 77.8 89.7 78.2 November 25 79.0 67.6 72.0 84.4 104.2 75.8 74.8 96.1 92.9 77 4 90.0 78.2 December 2 78.8 67.1 71.1 84.4 103.9 76.0 74.4 96.2 93.0 77.5 90.0 78.4 December 9 79.0 67.4 71.3 84.4 104.0 76.6 74.1 96.1 92.7 77 6 90.0 78.4 December 16 78.7 66.8 71.1 84.1 104.2 76.7 73.7 96.1 93.4 77.6 90.0 76.9 December 23 79.3 67.8 72.1 84.3 104.4 77.8 73.5 96.1 93.6 78 0 90.0 77.4 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 84.1 103.7 77.0 73.4 96.0 93.1 77 7 90.2 77.5 January 27 79.1 69.2 71.4 84.0 103.9 76.7 73.4 95.7 93.7 77.6 90.2 77.4 February 3 78.8 69.6 71.7 83.6 103.0 75.3 73.3 95.6 93.1 77.5 89.5 77.1 February 10 _ 78.5 68.9 70.9 83.5 103.2 75.3 73.0 95.5 93.1 77.3 89.5 77.1 February 17 78.3 68.6 70.5 83.3 103.1 74.4 73.0 95.3 93.2 77.5 89.6 77.2 February 24 78.6 69.4 71.0 83.3 102.7 74.2 73.0 95.3 93.0 77.7 89.5 77.2 Annual Annual Index 1939 194C) Index 1939 1940 Subgroups Subgroups 1938 1939 Jan. Dec. Jan 1938 1939 Jan. Dec. Jan. Farm Products: Metals and Metal Products: Grains 60.6 58.6 56.3 71.6 73 .> Agricultural implements 95.5 93 4 93.4 93.3 93.4 Livestock and poultry _ 79.0 72.2 78.0 63.8 67 ' Farm machinery 96.9 94 6 94.6 94.6 94.6 Other furvn products 63.9 62.6 63.2 68.4 68 i> Iron and steel 98.6 95 8 96.4 96.1 96.3 Foods: Motor vehicles * 95.4 93,4 93.4 94.7 94.7 Dairy products 72.8 69.5 71.8 81.3 81 <) Nonferrous metals 72.8 78 0 76.7 84.6 82.6 Cereal products 78.4 74.8 73.2 80.5 80.' I Plumbing and heating.. 78.5 79.2 78.7 79.3 79.3 Fruits and vegetables . 58.2 62.0 60.9 63.0 60 :] Building Materials: Meats 83.3 77.2 81.6 69.1 ) Brick and tile 91.0 91 4 92.4 91.6 91.6 Other foods 67.5 64.1 63.6 66.5 65 t Cement 90.3 91 3 290.6 91.3 91.4 Hides and Leather Products: Lumber 90.4 93 4 91.7 97.8 97.6 Shoes 102.2 102.6 101.2 107.5 107 t Paint and paint materials . 81.3 K?, 8 81.0 85.5 87.2 Hides and skins 73.6 83.6 78.4 105.2 10? ( Plumbing and heating^., ..... 78.5 79 ? 78.7 79.3 79.3 Leather 83.7 87.5 85.0 95.2 96 () Structural steel 1L11.0 107 3 107.3 107.3 107.3 Other leather products 98.5 97.1 95.3 100.0 100. () Other building materials 92.7 90.3 89.6 92.7 93.2 Textile Products: Chemicals and Drugs: Clothing 82.9 82.0 81.5 84.2 84 => Chemicals 81.6 79 9 79.7 81.1 80.9 Cotton goods 65.4 67.2 64.3 75.2 75 < Drugs and pbarmafiflntinals 73.9 7?, 9 73.0 75.6 76.5 H Si o l s k i 3 ery and underwear 2 6 9 0 . . 6 3 4 6 6 1. . 4 1 O 5 Q 9 . O 1 6 6 6 6 . . 0 0 6 6 8 1 . < t* F M e i r x t e il d i ze ff r t r m tili a ? t e e r r s ials 6 72 9 . . 2 2 7 7? 0 .0 9 7 7 0 4 . . 2 8 7 73 4 . . 7 5 7 7 4 3 . . 0 5 Rayon 3 28.9 28.8 28.5 29.5 29. 5 Houseufrnishing Cloods: Woolen and worstedgoods 77.4 79.8 74.5 90.3 90.^1 Fuirnishings- 90.8 91.1 90.1 94.4 94.0 Other textile products 65.5 69.2 64.4 84.2 81. $ FuLrniture 82.8 81.3 80.5 82.4 81.4 Fuel and Lighting Matericd: Miscellaneous: Anthracite _ . 78.0 75.8 80.3 76.1 78 '7 Auto tires and tubes 57.7 59 fi 58.8 55.6 55.6 "RitiiTninnns o^al 99.0 97.5 98.3 97.8 98 (1 Cattle feed 76.9 83 3 79.9 91.7 93.0 Coke 104.8 105.6 104.2 109.9 109 Paper and pulp . 85.0 8? 4 81.0 89.0 89.8 Electricity 84.9 82.9 Rubber, crude 30.5 37 ? 33.4 42.4 39.6 Gas 86.1 82.2 80.4 81.5 8?, fi 81.1 86.6 87.4 Petroleum products.. 55.9 52.2 50.4 52.5 51.'7 1 Preliminary revision. 2 Revised series. 3 New 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). 246 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 1940 Chart 1939 1940 book book page Jan. Jan. Feb. Feb. Feb page Nov. Dec. Jan. 24 31 7 14 21 WEEKLY FIGURES Wednesday figures; in billions of MONTHLY FIGURES In 1 d 9 e 8 x 8 -2 n 5 u = m 1 b 0 e 0 rs RESERVES, GOLD, AND dollars BUSINESS CONDITIONS CURRENCY Wholesale commodity prices:4 United States: Reserve bank credit—total.. 3, 5 2.51 2.50 2.52 2.53 2.52 All commodities 31, 32 79.2 79.2 79.4 Bills discounted 5 .01 .01 .01 .01 .01 Farm products 31 67.3 67.6 69.1 U. S. Gov't securities... 5 2.48 2.48 2.48 2.48 2.48 Foods 31 72.3 71.9 71.7 Gold stock 3 17.88 17.93 18.00 18.06 18.11 Other commodities 31 84.0 83.9 83.9 Money in circulation 3, 9 7.37 7.38 7.40 7.41 7.45 England _ 32 94.6 97.6 P99.9 Treasury cash 3 2.38 2.36 2.37 2.39 2.36 France 32 Treasury deposits 3 .51 .55 .63 .64 .60 Germany 32 79.9 80.0 Member bank balances 3,6 12.15 12.15 12.10 12.15 12.24 Industrial production8 35 124 128 P119 Required reserves« 6 6.56 6.59 6.57 6.57 6.61 Manufacturing production:6 Excess reserves—total * • 7 5.58 P5.59 P5.56 P5.59 Pb. 67 Total _ 37 124 129 PUS New York City a 7 3.13 3.16 3.14 3.17 P3.23 Durable8 37 60 65 P57 Chicago' 7 .31 .32 .30 .30 P. 30 Nondurable6 37 63 64 P61 R C e o s u e n rv tr e y c b it a y n b k a s2 n e k s « 7 7 1 . . 7 40 3 P 1 . . 3 7 8 3 P 1 . . 3 7 8 4 P 1 . . 3 7 8 5 P P L . 7 3 5 8 F F a a c c t t o o r r y y e p m ay p r l o o l y ls m ent 4 4 3 3 1 1 0 0 1 3 . . 6 8 1 1 0 03 4 . . 6 1 P1 P 0 9 1 8 . . 1 6 Freight-car loadings • 45 82 78 78 WEEKLY Department store sales« 47 95 92 REPORTING MEMBER BANKS Department store stocks * 47 71 Total, 101 cities: Loans and investments. 14 23.18 23.17 23.20 23.20 23.21 In millions of dollars Investments 14 14.65 14.68 14.69 14.69 14.68 Adju L s o te a d n s demand 14 8.54 8.50 8.51 8.52 8.53 Con T st o ru ta c l t ion contracts awarded:* 41 342 353 P306 deposits 15 19.16 19.20 19.11 19.06 19.26 Residential 41 112 111 P100 T D U Fo i . o m r m 8 e e . i e g s G d n t e i o c p b v o a ' b t s n a i k t d n s e k b p a o b l s a a i n l t a s c n e c s e . s - 1 1 1 1 5 5 5 5 8 5 . . . . 0 2 7 5 7 5 4 8 8 5 . . . . 0 2 7 5 3 6 4 7 8 5 . . . . 1 2 5 7 2 6 8 4 8 5 . . . . 1 2 5 7 9 6 7 6 8 5 . . . . 0 2 5 7 9 8 7 5 Exp E G o O r x e t t h p s n e o e a r r r n a t d s l i ( i m i m n p c p _ o l o . r r r t t e s s - : exports). 4 4 4 9 9 1 2 2 2 3 9 3 0 3 6 J P > 2 2 3 4 4 6 7 3 8 * P P > 3 2 2 6 4 0 9 2 6 New York City: Excess of exports 49 57 *121 P127 U.S. Gov't obligations.. 16 4.64 4.66 4.65 4.62 4.63 Income payments: 100 c B C O it o r t i h o m e e k s m r e o r e s u s e r ' t c c l s o i u i a d a r l i e n t s i l e N o s a e n w s York: 1 1 1 6 6 6 1 1 . . . 4 1 6 8 7 9 1 1 . . . 2 4 6 1 5 8 1 1 . . .6 4 2 5 2 7 1 1 . . . 6 2 4 5 5 7 1 1 . . .2 6 4 6 5 7 T T S O a o o t l h t t a a a e r l l r i « e u « s . n _ a a n d d ju w st a e g d es6 __. 5 5 6 5 0 0 0 0 r ' 3 2 5 Q , , , , 8 8 2 0 0 0 1 2 9 4 3 2 2 6 3 6 , , , , 8 1 2 8 3 0 7 9 1 3 2 0 P P P P 3 2 6 6 , , , , 2 0 0 7 8 8 5 9 7 3 1 6 U C O o . t h m S e . m r G s e e o rc c v i u ' a t r l i o ti l b e o l s a i g ns a tions.. 1 1 1 7 7 7 2 6 2 . . . 6 1 6 7 6 5 6 2 2 . . . 6 6 1 3 4 7 6 2 2 . . . 6 1 6 7 6 6 2 6 2 . . . 6 6 1 5 6 7 2 2 6 . . . 1 6 6 7 7 3 Cash L T C i o f r v a o t e r a p m s l s t o i c n k c o a m nd _ e _ : p roducts.. 5 5 5 1 1 1 7 3 3 1 4 4 8 7 0 8 3 3 0 8 3 1 0 0 3 2 7 6 3 3 9 8 3 MONEY RATES AND SECURITY Averages of daily figures*; per cent Government payments... 51 75 91 126 MARKETS per annum F.R.bankdiscountrate.N.Y. 19 1.00 1.00 1.00 1.00 1.00 OTHER In billions of dollars Commercial paper 19 .56 .56 .56 .56 .56 Bankers'acceptances _ 19 .44 .44 .44 .44 .44 Central gold reserves: U. S. Treasury bills 21 .02 .02 .02 .02 .02 United States 8 17.36 17.64 17.93 U. S. Treasury notes _ 21 .48 .48 .47 .46 .46 England.. 8 0) 0) 0) U. S. Treasury bonds 21, 25 2.31 2.33 2.32 2.31 2.32 France... _ 8 2.71 2.71 C orporate Aaa bonds _ 25 2.87 2.87 2.87 2.85 2.85 Netherlands 8 .70 P2.71 C orporate B aa bonds 25 4.87 4.85 4.84 4.83 4.82 U. S. Gov't interest-bearing debt—total 20 40.81 41.45 41.60 Wednesday figures; in unit indicated Bonds 20 27.44 29.17 29.45 Notes 20 7.23 6.20 6.20 Stock prices, total * 27, 29 92 90 91 92 92 Bills 20 1.45 1.45 1.31 Industrial 27 107 106 107 108 108 Special issues 20 4.68 4.62 4.64 Railroads 27 29 28 29 29 29 Public utilities 27 88 87 87 88 Apr.- July- Oct.- Volume of trading* (mill, QUARTERLY FIGURES « June Sept. Dec. shares). ... 29 58 .54 .69 .70 .74 1939 1939 Brokers' loans (mill, dollars) 29 630 614 608 611 617 BUSINESS CONDITIONS Figures for week 3; in unit indicated In millions of dollars 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 m d u i c o t t i d s e _ . i s . t y prices _ : * 3 3 3 3 3 3 6 7 7 1 9 9 . . . 1 4 2 7 6 7 9 8 1 . . . 6 8 7 7 6 7 8 8 0 . . . 5 9 9 7 6 7 8 0 8 . . . 3 5 6 7 6 7 9 8 1 . . . 4 0 6 Do is m s N R u e e e e s s w f t , i u c t n o c d t o a i r n l p g o . r . a _ t ion s _ e _ c urity 2 2 2 8 8 8 6 5 1 6 3 3 2 0 2 '5 6 6 9 5 0 2 3 5 4 0 6 4 9 7 2 Other commodities. 33 84.0 83.6 83.5 83.3 83.3 Steel plant operations Per cent per annum (% of capacity) 38 82.2 77.3 71.7 68.8 67.1 Automobile production Customers' rates: (thous. cars) 38 106.4 101. 2 96.0 95.1 102.7 New York City 23 2.15 2.04 1.96 Electric power production 7 other Northern and (mill. kw. hrs.) 39 2, 566 2, 541 2,523 2,476 2,455 Eastern cities' 23 3.05 2.78 2.59 Total freight-car loadings 11 Southern and Western (thous. cars) 39 649.5 657.0 626.9 607.9 595.0 cities 23 3.62 3.31 3.32 p Preliminary. • Estimated. r Revised. 1 Less than $5,000,000. G Adjusted for seasonal variation. 2 Averages of daily figures, see footnote8. • Points in total index of manufacturing production. 3 Figures are shown under the Wednesday date included in the weekly period * Three-months moving average adjusted for seasonal variation. • Index numbers, 1926=100. s Banking statistics for call report dates are shown in table on following page. NOTE.—Copies of this chart book can be obtained from the Board at a price of 50 cents each. MARCH 1940 247 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS FOR FEDERAL RESERVE CHART BOOK—QUARTERLY BANKING SERIES [In billions of dollars] Chart 1937 1938 1939 book June Dec. Mar. June Sept. Dec. Mar. June Oct. Dec. page 30 31 7 30 28 31 29 30 2 30 All Banks in the United States: Total deposits and currency 10 57.42 56.83 56.78 56.74 P57. 65 P59. 12 P59. 15 P61. 00 P63. 03 P64.40 Time deposits -. _ _ 10 25.96 26.26 26.34 26.27 P26. 27 P26. 38 P26. 58 J>26. 83 P26. 91 P27. 00 Demand deposits adjusted 10 25.26 24.05 24.13 24.39 P25.10 P26. 01 P26.01 P27. 32 P29. 10 P30. 05 Currency outside banks - 10 5.53 5.69 5.50 5.47 P5.83 P5.68 P6.05 P6.23 P 6.50 Member'banks: Demand deposits adjusted 11 21.40 20.39 20.51 20.89 21.60 22.29 22.36 23.59 25.12 25.68 Time deposits. __ « . _-__-__ _ _ 11 11.35 11.52 11.59 11.56 11.46 11.51 11.60 11.72 11.73 11.85 Interbank balances 11 5.30 5.44 5.62 6.10 6.09 6.51 6.82 7.10 <8.24 8.51 Loans and investments _ 11 32.74 31.75 31.52 30.72 31.63 32.07 32.10 32.60 33.08 33.94 Investments, total 11 18.45 17.79 17.98 17.78 18.69 18.86 19.05 19.46 19.61 19.98 U. S. Government obligations, total 12 12.69 12.37 12.45 12.34 13.01 13.22 13.35 13.78 13.81 14.33 Direct obligations 13 10.87 10.57 10.63 10.22 10.71 10.88 10.69 10.95 10.89 11.18 Guaranteed obligations _ 13 1.82 1.80 1.83 2.13 2.30 2.34 2.66 2.83 2.92 3.14 Other securities, total 12 5.77 5.42 5.52 5.44 5.68 5.64 5.70 5.69 5.79 5.65 State and local government securities . 13 2.13 2.03 2.19 2.13 2.30 2.45 2.55 2.55 2.76 2.69 Other domestic 13 3.40 3.21 3.15 3.13 3.19 3.01 2.96 2.94 2.77 Foreign securities _ _ _ _ 13 .23 .18 .18 .18 .18 .18 .18 .19 .19 Loans, total 11 14.29 13.96 13.55 12.94 12.94 13.21 13.05 13.14 13.47 13.96 Security loans, totalx 2 _ _ - _ _ _ 12 4.37 3.70 3.54 3.32 3.30 a 1.75 1.57 1.47 1.49 Brokers' loans 13 1.54 .95 .88 .70 .71 .97 .84 .73 .79 Loans on securities (excluding brokers' loans)2 __ 13 2.83 2.75 2.67 2.61 2.59 ».78 .73 .74 .70 Real estate loans 12,13 2.51 2.55 2.56 2.61 2.66 2.72 2.75 2.83 (*) 2.96 Other loans, total !* 12 7.41 7.71 7.45 7.01 6.97 2 8.74 8.73 8.85 (6) 9.51 Commercial loans * 13 6.66 7.00 6.75 6.40 6.36 2 5.45 5.53 5.57 (6) 6.12 Open-market paper. _ - . _ _ _ 13 .64 .64 .61 .49 .48 .44 .42 .42 ft .45 Loans to banks 13 .12 .07 .10 .12 .13 .12 .10 .06 .06 All other loans • 3 2. 73 2.67 2.80 2.89 p Preliminary. 1 In chart 12 loans to banks on securities are included in the total of "security loans" prior to June 30, 1937 and in the total of "other loans" since that date. 8 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 2 In Outside savings head- head- Insured 1 Not office office insured * cities cities Number of Banking Offices 1933 6,275 1,817 9, 141 704 103 17,940 1934 6,705 1,961 3 9, 57Q 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 • '929 4 683 5 69 rl8, 661 Number of Banks (Head Offices) 1933 5,154 857 8,Ml 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 r7,172 '885 551 63 »• 15,033 Number of Branches 1933 1,121 960 7C10 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 »*926 44 132 6 '3,628 1, 738 1,890 1 Federal deposit insurance did not become operative until January 1, 1934. r Revised. 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." 6 Comprises 1 insured bank with no branches and 62 uninsured banks with 6 branches. 248 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—CONDITION ON DECEMBER 30,1939 BY CLASSES OF BANKS [Amounts in thousands of dollars] m b e a A m n l k b l s er n m b a e a t A m i n o l k b l n s e a r l A m b l e l a m n S k b ta s e t r e Ne C w e m n e Y t m r o al b r k e r r e s b e a r C v n h e k i s c c a J it g y o m R ba e e c n s m it e k y b r s - v e 1 e r C m b o a e n u m k n b s t e r 1 y r Assets Loans (including overdrafts) 13,961,820 9,021, 748 4,940,072 3, 296, 299 569, 289 5,328, 533 4, 767, 699 United States Government direct obligations 11,184,195 7,101,805 4,082,390 3, 496,994 1,030, 661 4, 222,057 2,434,483 Obligations guaranteed by United States Government.... 3,143,960 1,955,835 1,188,125 1, 274, 508 172,303 972,226 724,923 Obligations of States and political subdivisions 2, 691, 687 1, 782,161 909, 526 578,749 162, 288 889, 746 1,060,904 Obligations of Government corporations and agencies, not guaranteed by United States 376, 697 257, 645 119,052 128, 541 24, 980 129, 486 Other bonds, notes, and debentures 2,142, 672 1, 470, 268 672,404 404, 298 117,005 575, 309 1,046.060 Corporate stocks (including Federal Reserve bank stock). 439, 477 220,873 218, 604 159, 921 28, 356 154, 795 96; 405 Total loans and investments 33,940,508 31,810,335 12,130,173 9,339,310 3,104,882 12,373,152 10,224,164 Reserve with Federal Reserve banks 11,603, 504 6,493, 792 5,109, 712 5,914, 718 993,082 3,118,161 1, 577, 543 Cash in vault ..841, 215 611, 339 229,876 89, 034 41, 885 347, 527 362, 769 Demand balances with banks in United States (except private banks and American branches of foreign banks).. 5, 370,257 4,113,177 1, 257,080 122,852 267, 368 2, 425, 592 2, 554,445 Other balances with banks in United States 136,112 101,927 34,185 2,017 15,166 59, 245 59, 684 Balances with banks in foreign countries 23. 796 15,971 7,825 14,108 857 1,933 Due from own foreign branches 7; 827 7,027 800 800 7,027 Cash items in process of collection 1, 807, 370 1,153, 289 654,081 560, 243 "127,646 827, 661 ~~~29l,~826 Bank premises owned and furniture and fixtures 924, 273 325, 608 206, 679 20, 404 321, 404 375, 786 Other real estate owned 287, 709 131, 669 156,040 28, 818 4,523 107, 221 147,147 Investments and other assets indirectly representing bank premises or other real estate 130,774 65, 551 65, 223 11,140 858 90,619 28,157 Customers' liability on acceptances 107, 543 55,843 51, 700 74, 741 3,153 27, 607 2,042 Income accrued but not yet collected 100,159 57,872 42, 287 33, 962 8,006 39,438 18, 753 Other assets 79,902 40,917 38,985 14, 625 6,923 36,177 22,177 Total assets 55,360,949 35,257,374 30,103,575 16, 413, 047 3,594, 747 19, 686, 729 15, 666, 426 Liabilities Demand deposits—Total 37, 487,815 23,368,070 14,119,745 13,763,924 2,834,938 13,004,583 7,884,370 Individuals, partnerships, and corporations 24, 603,982 14,921,445 9, 682, 537 9,030,363 1, 675, 767 8,001, 603 5, 896, 249 United States Government2 742, 566 540, 296 202, 270 73,906 79, 610 434, 969 154,081 States and political subdivisions 2, 321, 334 1, 733,425 587,909 250, 918 167, 425 812, 640 1,090, 351 Banks in United States 8, 507,394 5, 431, 998 3,075,396 3, 541, 727 879,144 3, 515,944 570, 579 Banks in foreign countries 749,251 356,836 392,415 689,032 9,115 49, 542 1,562 Certified and officers' checks, cash letters of credit and travelers' checks, etc 563, 288 384,070 179, 218 177,978 23,877 189,885 171, 548 Time deposits—Total 11,852,337 8,190, 880 3,661,457 742,950 495,407 4,736,102 5,877,878 Individuals, partnerships, and corporations: Savings deposits 9, 883,113 6, 890, 392 2, 992, 721 385, 648 427, 846 3, 944,330 5,125, 289 Certificates of deposit 676, 529 527, 521 149,008 23, 341 24,133 162,012 467,043 Christmas savings and similar accounts 24, 434 16,418 8,016 921 178 8,614 14, 721 Open accounts 631,033 259, 281 371, 752 283,201 30,400 247,057 70, 375 Postal savings 2 51, 330 44, 531 6,799 3,000 13,681 34, 649 States and political subdivisions 432,173 343, 343 88,830 42, 517 9,850 240,149 139, 657 Banks in United States 144,188 103, 937 40, 251 1,185 116,859 26,144 Banks in foreign countries 9,537 5,457 4,080 6,137 3,400 Total deposits 49,340,152 31,558,950 17,781,202 14,506,874 3, 330,345 17,740,685 13,762,248 Due to own foreign branches 150,938 111,032 39, 906 150, 938 Bills payable, rediscounts, and other liabilities for borrowed money 3,241 2,882 359 121 3,120 Acceptances outstanding. 123, 755 64,173 59, 582 85,896 3,531 32, 090 2,238 Dividends declared but not yet payable 37, 968 23, 668 14,300 18,036 800 11, 528 7,604 Income collected but not yet earned 56,310 37, 694 18, 616 9,730 1,569 16, 625 Expenses accrued and unpaid 40,948 27,742 14, 977 8,256 29, 274 16,183 Other liabilities 58,136 20, 644 37, 492 34,180 132 16,180 7,644 Total liabilities 49,839,190 31,859, 991 17,979,199 14,820, 631 3,344, 633 17,858,264 13,815,663 Capital Accounts Capital 2, 363, 229 1, 529,103 834,126 548, 245 101, 700 794, 362 918,922 Surplus 2,166,392 1, 213,857 952, 535 814, 572 87, 260 671,187 593,373 Undivided profits 674, 734 445, 206 229, 528 173,100 29, 530 238,165 233,939 Reserves for contingencies 276, 613 176, 960 99, 653 53, 260 31, 498 111, 733 80,122 Other capital accounts 40, 791 32,257 8,534 3,239 126 13,018 24,408 Total capital accounts 5,531, 759 3,397,383 3,134,376 1,592, 416 250,114 1, 828, 465 1,850, 764 Total liabilities and capital accounts 55,360,949 35,257,374 20,103,575 16,413,047 3,594,747 19,686, 739 15,666,436 Net demand deposits subject to reserve 30,325,868 18,110, 036 12,215, 832 13,080, 829 2, 441, 365 9, 756,072 5,047, 602 Demand deposits—adjusted 3 25, 681, 234 15,885, 651 9, 795, 583 8, 899,016 1, 739,429 8,176, 467 6,866, 322 6,362 5,187 1,175 36 14 346 5,966 Number of banks 1 Banks are classed according to the reserves which they are required to carry (see page 220). Some banks classed as ''country banks" are in outlying sections of reserve cities or central reserve cities, and some banks classed as "reserve city banks" are in outlying sections of central reserve cities. Figures for each class of banks include assets and liabilities of their domestic branches, whether located within or outside the cities in which the parent banks are located. 2 United States Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 3 Demand deposits other than interbank and United States Government, less cash items reported as in process of collection. MARCH 1940 249 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—CLASSIFICATION OF LOANS, INVESTMENTS, REAL ESTATE, AND CAPITAL ON DECEMBER 30,1939 BY CUSSES OF BANKS [In thousands of dollars] m b e a A m n l k b l s er n m b a e a t A m i n o ll k n b s e a r l A m b l e l a m n S k b ta s e t r e New m Y em o b rk er ba C n h k ic s a * go m R ba e e c s n m i e t k y r b s v e i e r C m b o a e u n m n k b t s r e i y r Loans—Total 13,961,820 9,021,748 4,940,072 3,296,299 569,289 5,328,533 4, 767, 699 Commercial and industrial loans 5,385,773 3,484, 417 1,901, 356 1, 768, 266 365, 331 2,100,962 1,151, 214 Agricultural loans 729, 539 620,283 109, 256 7,465 6,306 221,094 494, 674 Commercial paper bought in open market 290,817 192, 795 98,022 8,053 12, 879 111, 479 158,406 Bills, acceptances, etc., payable in foreign countries,.. 9,229 6,883 2,346 239 1,945 5,790 1, 255 Acceptances of other banks, payable in United States.. 63, 246 30,827 32, 419 53, 625 82 7,685 1,854 Reporting banks' own acceptances 91, 681 54,233 37,448 57,756 2,375 29, 856 1,694 Loans to brokers and dealers in securities 790, 316 313, 864 476, 452 611,019 40, 651 118, 621 20,025 Other loans for purchasing or carrying securities 700, 351 415,309 285,042 188, 394 66,158 222, 205 223, 594 Real estate loans: On farm land 288, 696 231,806 56, 890 656 386 93, 834 193,820 On residential property 1,883, 553 1,208,313 675, 240 58, 695 7,870 861, 870 955,118 On other properties 784, 476 461, 559 322, 917 73, 221 4,711 378, 948 327, 596 Loans to banks 56,350 26, 524 29,826 43, 528 179 8,638 4,005 All other loans 2,876, 628 1,970,156 906, 472 419,029 60, 263 1,164, 778 1, 232, 558 Overdrafts 11,165 4,779 6,386 6,353 153 2,773 1,886 United States Government direct obligations—Total 11,184,195 7,101,805 4,082,390 3,496,994 1,030,661 4,222,057 2, 434, 483 Treasury bills 562, 737 447, 521 115, 216 315, 234 152,953 63, 396 31,154 Treasury notes 2,223,277 1, 429,756 793, 521 796,724 176, 268 819, 404 430,881 Bonds maturing in 5 years or less 773, 492 471, 686 301,806 317, 554 32, 919 267, 491 155, 528 Bonds maturing in 5 to 10 years 3,017,960 1,785, 405 1, 232, 555 921,088 122, 597 1, 311, 395 662, 880 Bonds maturing in 10 to 20 years 3, 657,326 2,390, 642 1, 266, 684 917,053 444, 524 1,403,013 892, 736 Bonds maturing after 20 years 949, 403 576,795 372,608 229, 341 101, 400 357, 358 261,304 Obligations guaranteed by United States Government— Total 3,143,960 1,955,835 1,188,125 1,274,508 172, 303 972,226 724,923 Total amount maturing in 5 years or less 2,082,254 1,195,322 886,932 1,002,449 163,685 555, 507 860,663 Reconstruction Finance Corporation 833, 690 439, 622 394,068 439, 544 112,365 167,317 114,464 Home Owners' Loan Corporation 1, 500, 513 987, 670 512,843 546, 765 24,029 547, 409 382, 310 Federal Farm Mortgage Corporation... 444, 449 287,983 156,466 168,856 4,592 131, 507 139, 494 Other Government corporations and agencies 365, 308 240, 560 124, 748 119, 343 31, 317 125, 993 88, 655 Obligations of Government corporations and agencies, not guaranteed by United States-yTotal 376,697 257,645 119,052 128,541 24,980 129, 486 93, 690 Total amount maturing in 5 years or less 280,963 180,168 100,795 116,861 12,845 102,482 48,775 Federal Land banks 94,977 77,477 17, 500 11,673 12,185 26, 668 44, 451 Federal Intermediate Credit banks 154,365 86, 526 67,839 83, 442 8,021 54,176 8,726 Other Government corporations and agencies. _._. 127,355 93,642 33, 713 33,426 4,774 48, 642 40, 513 Obligations of states and political subdivisions—Total 2,691,687 1,782,161 909,526 578,749 162,288 889,746 1,060,904 In default 7,022 5,782 1,240 743 180 3,007 3,092 Without specific maturity 172,253 146, 537 25,716 2,806 45,113 57,390 66, 944 Maturing in 5 years or less. 1,645,051 973, 552 671,499 488, 951 96, 416 493, 447 566, 237 Maturing after 5 years 867, 361 656,290 211,071 86, 249 20, 579 335,902 424, 631 Other bonds, notes, and debentures—Total 2,142,672 1,470,268 672,404 404,298 117,005 575,309 1, 046,060 Total amount in default 77,257 47,483 29,774 21,310 1,571 25,213 29,163 Total amount maturing in 5 years or less.. 451,86^ 253,480 197,884 109,747 49,955 142,697 148,965 Railroads 731,149 513,912 217,237 121, 914 24,836 185, 326 399,073 Public utilities 604, 513 409, 520 194,993 97, 532 43,118 152, 707 311,156 Industrials . 527, 541 373, 231 154, 310 106, 595 32,608 152,169 236,169 Other domestic corporations 93,015 47,177 45,838 20, 607 1,735 35, 410 35, 263 Foreign—public and private 186,454 126, 428 60,026 57, 650 14,708 49,697 64,399 Corporate stocks—Total 439,477 220,873 218, 604 159,921 28,356 154,795 96,405 Federal Reserve banks 135, 546 82,087 53,459 40, 719 5,667 43, 799 45, 361 Affiliates of reporting banks 100,069 46,190 53,879 42, 759 276 50,697 6,337 Other domestic banks 20,369 7,893 12,476 2,526 36 8,796 9,011 Other domestic corporations 181, 778 83, 856 97,922 73,449 22, 362 50,700 35, 267 Foreign corporations 1,715 847 868 468 15 803 429 Bank premises, furniture and fixtures, and other real estate—Total 1,211,982 730,334 481,648 235,497 24,927 428,625 522,933 Bank premises 848,862 540,123 308, 739 205, 945 20, 320 289,153 333, 444 Furniture and fixtures 75,411 58,542 16,869 734 84 32,251 42,342 Farm land (including improvements) 21,835 15, 894 5,941 28 390 7,433 13,984 Residential properties 116,135 46,489 69,646 10,743 1,354 37, 348 66, 690 Other real properties. 149, 739 69, 286 80, 453 18,047 2,779 62,440 66,473 Assets indirectly representing bank premises or other real estate—Total.... _ 130,774 65,551 65,223 11,140 858 90,619 28,157 Investments 85, 997 50, 725 35,272 8,874 795 57, 581 18,747 Other assets 44,777 14,826 29,951 2,266 63 33,038 9,410 Capital: Par or face value—Total 2,366,514 1,531,627 834,887 548,245 101,700 794,362 922,207 Capital notes and debentures _. 43, 677 43,677 464 26, 720 16, 493 First preferred stock 265,166 195,407 69,759 9,237 700 101,961 153, 268 Second preferred stock 24,029 16, 205 7,824 8,100 15 929 Common stock 2,033, 642 1,320,015 713,627 538,544 101,000 657, 581 736' 517 Retirable value of: First preferred stock. 335, 277 228,068 107, 209 22,914 700 122,890 188, 797 Second preferred stock 29, 499 18,228 11, 271 8,500 20, 993 For footnote see preceding page. 250 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 . . 252 Gold production ... 253 Gold movements . 253-254 International capital transactions of the United States... 255-258 Central banks ... 259-262 Bank for International Settlements 263 Money rates .... 263 Discount rates of central banks 264 r Commercial banks ... 264-265 Foreign exchange rates 266 Price movements: Wholesale prices 267 Retail food prices and cost of living 268 Security prices 268 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins; some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. Daily and monthly press releases giving daily and monthly average foreign exchange rates will be sent without charge to those wishing them. Other data on the following pages are not regularly released prior to publication. MARCH 1940 251 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 it t e e d s U K d n i o i n m t g ed - France g B i e u l m - N la e e n r t - d h s - ti N on a- al B.I.S. g t A i e n r n - a - Brazil I B n is r d h i i t a - g B a u r l ia - C a a d n a - Chile Bank 1934—December.. 21,051 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 2,689 2,564 597 930 648 469 274 24 184 16 1938—December.. 25, 468 14, 512 2,690 2,435 581 995 699 431 274 24 192 18 1939—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 21 April 24,964 15,791 1,066 2,574 520 834 598 428 274 24 212 21 May 25,140 15,957 1,067 2,574 524 823 598 428 274 24 214 21 June ._ 25, 290 16,110 1,067 2,574 540 800 598 428 274 24 213 21 July... 25, 512 16, 238 1,162 2,574 573 769 595 427 274 24 212 21 August 26,118 16,646 1,162 2,714 614 769 585 431 274 24 218 21 September.. 25, 254 16, 932 1 2,714 615 752 585 449 274 24 218 21 October 25, 300 17, 091 1 2,714 611 754 579 449 274 24 212 21 November. 25, 508 17, 358 1 2,714 608 700 559 453 274 24 213 21 December. P25, 727 17, 644 1 2,714 609 690 547 P453 P274 P24 214 21 1940—January *>25,999 17, 931 P2, 714 P609 535 M53 P274 P24 211 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 c - h ia o- m De a n rk - Egypt m G a e n r- y3 Greece H ga u r n y - Italy 4 Japan Java M ic e o x- N l Z a e e n w a d - - N w o a r y - Peru l P an o- d 1934—Dec. _ 112 55 32 518 394 23 61 96 1935—Dec. _ 112 55 33 270 425 44 84 84 1936—Dec.. _ 91 55 27 208 463 46 98 75 1937—Dec. _ 92 55 28 210 261 24 82 83 1938—Dec. _ 83 55 29 193 164 29 94 85 1939—Feb.. _ 83 55 193 164 34 96 85 Mar.__ 67 55 193 164 34 96 85 ApriL. 66 55 193 164 32 107 84 May.. 65 55 193 164 33 107 84 June.. . 62 55 193 164 28 107 84 July— 60 55 193 164 29 107 84 Aug. __ 60 55 193 164 29 107 84 Sept.— 58 55 193 164 30 107 84 Oct.— 57 55 193 164 32 103 Nov.— 56 55 193 164 34 103 Dec.. 56 P55 193 164 32 94 1940—Jan.— 193 27 Government gold reservesl not included Other countries—Continued in previous figures for 53 countries End of month Po g r a t l u- Ruma- A So fr u ic th a Spain« S d w e e n - T k u ey r- g U u r a u y - Y sl u av g i o a - t c o r o t i 1 h e u 6 s e n r - 8 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... 31 1934—Dec . 104 184 740 159 154 1935—Dec... 53 1935—Dec. 109 212 735 185 158 1936—Dec.. _ »934 93 1 1 1 9 9 9 3 3 3 8 6 7 — — — D D D e e e c c c . . - . . . . 1 1 1 3 2 1 3 0 4 2 2 1 2 0 8 0 3 9 7 5 7 2 1 1 5 8 8 2 2 32 4 4 1 4 0 1 1 1 6 2 7 9 5 5 1 1 9 9 3 3 7 8 — — J D M u e n a c e r . . — . . 3 1 1 , , 4 3 8 9 9 5 8 6 1 2 1939— M A F p a e r b r i . . l . . . 69 1 1 1 3 3 3 4 4 5 2 2 2 2 1 1 1 9 8 5 5 5 2 2 2 5 5 5 3 3 3 3 3 3 1 2 9 1 1 1 2 2 2 6 6 4 N O o c v t. . — — 759 4 1 1 3 0 0 3 May- 136 218 525 344 126 Dec... 80 331 June. 137 219 525 346 133 1939—Jan.— 381 July.. 137 219 525 348 135 Feb... () 465 Aug.. 148 222 525 355 136 Mar.._ 154 1,732 559 Sept. 149 234 525 357 131 Apr... 455 Oct... 150 243 525 332 131 May.. 477 Nov.. 69 151 254 525 333 130 June.. 85 Dec. P151 249 525 P125 July- Sept. . "lei" 1940—Jan.. P151 P249 525 P308 P68 60 P12 Dec, p Preliminary. c Corrected. 1 Reported at infrequent intervals or on de- 1 Data reported monthly incomplete. For additional data see section at end of table. layed basis: U. S.—Exchange Stabilization Fund 2 Figure for Mar. 1939 officially reported and carried forward. (Special A/c No. 1); U. K.—Exchange Equaliza- 3 Figure for May 1939 officially reported and carried forward. tion Account; France—Exchange Stabilization 4 Figure for Dec. 1938 officially reported and carried forward. Fund and Rentes Fund; Belgium—Treasury. 5 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 2 Figure for Mar. 1937, first date reported, Congo, Bolivia, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Guatemala, s Figure for Sept. 1937. Finland, Latvia, Lithuania, Morocco, and Thailand (Siam). * First date reported. NOTE.—For back figures and description of table see BULLETIN for June 1933, pp. 368-372, • Transferred: from Bank to Account, $1,648, and July 1936, pp. 544-547; also see footnotes to table in BULLETIN for Aug. 1936, p. 667, and Dec. 000,000 on Jan. 6, and $1,162,000,000 on Sept. 6. 1937, p. 1262. 1939; from Account to Bank, $26,000,000 on Mar, 1 and $94,000,000 on July 12, 1939. 252 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 dollarsl Estimated Production reported monthly world Year or month pr t o i d on uc- Africa North and South America Far East outside Total South Rho- West Belgian1 United Colom- Austra- British U.S.S.R.i Africa desia Africa Congo States2 Canada Mexico bia lia India $1=26-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold=$20.67 1929.. 382, 532 352,237 215,242 11,607 4,297 2,390 45,651 39,862 13,463 2,823 683 8,712 7,508 1930.. 401,088 365,258 221,526 11,476 4,995 2,699 47,248 43,454 13,813 3,281 428 9,553 6,785 1931.. 426,424 386, 293 224,863 11,193 5,524 3,224 49, 527 55,687 12,866 4,016 442 12,134 6,815 1932.. 458,102 413,459 238,931 12,000 5,992 3,642 50, 626 62,933 12,070 5,132 788 14, 563 6,782 1933.. 469, 257 411, 208 227, 673 13,335 6,623 3,631 52,842 60, 968 13,169 6,165 3,009 16,873 6,919 $1=15-6/21 grains of gold 9/10 fine; i. e.f an ounce of fine gold=$85 1933.. 794,498 696, 218 385,474 22, 578 11,214 6,148 89,467 103,224 22, 297 10,438 5,094 28, 568 11,715 1934.. 823,003 707, 288 366,795 24,264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 30, 559 11, 223 1935.. 882, 533 751, 979 377,090 25,477 13, 625 7,159 126,325 114,971 23,858 11, 515 9,251 31,240 11,468 1936-. 971, 514 396,768 28,053 16,295 7,386 152, 509 131,181 26,465 13,632 9,018 40,118 11,663 1937.. 1,041,576 892, 535 410, 710 28, 296 20, 784 8,018 168,159 143,367 29, 591 15,478 9,544 46,982 11,607 1938_. 1,132,856 '957,212 425, 649 28, 532 24,670 8,470 178,143 165, 379 32, 306 18,225 10, 290 54,264 -11, 284 1939- '1,206,331 PI, 018,452 448, 753 *28,084 *>28,423 8,759 195, 298 P 178,2P8 >32, 423P20, 386 l 1,267 55, 761 '11,000 1938—November. '99,985 '84, 805 35,842 2,381 2,204 728 18, 579 14,445 1,628 930 4,783 '933 December.. '100, 043 '84, 237 36, 007 2,318 2,240 751 16,068 15, 231 2,700 1,499 1,033 5,393 '998 1939—January '94,895 '80, 220 36,188 2,287 2,230 '14,980 14,396 1,762 1,953 655 4,076 940 February... '91,024 '76,810 34, 505 2,221 688 '13, 214 13,684 3,421 1,562 568 4,016 March '97, 687 '82, 717 37, 558 2,202 2,346 767 '14,424 14,498 2,542 1,752 1,198 4,492 April. '94,600 '79,789 35,613 2,252 2,349 729 '15, 320 14,238 1,733 1,513 830 4,301 912 May '98, 545 '83,476 37,970 2,355 2,323 779 '15,227 15,133 1,794 1,614 696 4,649 936 June '99, 511 '83, 602 37,065 2,369 2,277 756 '14, 520 15, 287 3,216 1,551 968 4,684 910 July '102,822 '87,150 37, 952 2,395 2,395 739 '16,159 15, 402 3,638 1,551 1,583 4,399 936 August 107, 257 91,415 38,494 2,431 2,379 731 '16,856 15, 722 6,519 1,735 777 4,849 923 September.. P106,866 *>89,929 37,817 P2, 441 2,432 705 '19,637 14, 752 2,302 1,803 1,012 6,140 888 October *>107,489 P90, 890 38,459 P2, 453 2,479 "715 '21,693 15,144 1,832 1,677 1,111 4,392 934 November. ?>103, 216 P86, 833 38, 600 P2, 380 2,497 686 '17,421 14, 818 Pl, 832 1,873 934 4,881 P910 December.. J>102,418 *>85, 620 38, 534 P2, 450 *2,497 709 15, 845 P15, 225 Pl, 832 Pl, 803 *>934 P4,881 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production, in millions of dollars, as follows—at $20.67 per fine ounce: 1929, $15; 1930, $31; 1931, $34; 1932, $40; 1933, $56; at $35 per fine ounce: 1933, $95; 1934, $135; 1935, $158; 1936, $185; 1937, $180; 1938 (preliminary), $184. p Preliminary. ' Revised. c Corrected. ' Revised. Monthly figures for United States for 1939 represent estimates of American Bureau of Metal Statistics revised by adding to each monthly figure $60,645 so that aggregate for 1939 is equal to preliminary annual estimate compiled by Bureau of Mint in cooperation with Bureau of Mines. 1 Annual figures of estimated world production outside U. S. S. R. through 1938 represent estimates of U. S. Mint; figure for 1939 represents total of monthly figures. Monthly figures are derived by adding to total production for which monthly reports are received by Board of Governors an estimate of all other production (exclusive of U. S. S. R.) based on monthly statistics of American Bureau of Metal Statistics. 2 Includes Philippine Islands production received in United States. NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN 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 and 1939, p. 106. Figures for Canada beginning January 1939 are subject to official revision. GOLD MOVEMENTS [In thousands of dollars at approximately $35 a fine ounce] United States Total Net imports from or net exports (—) to: net Y m e o a n r t o h r i e m o x r p p o n o r e 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 tr u a s li - 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 l n s r - 1934 i 1,131,994 499,870 260, 223 8,902 94,348 12,402 86,829 30, 270 16,944 12,038 1,029 12 76,820 32,304 1935 1, 739,019 315, 727 934,243 3 227,185 968 95,171 13,667 10,899 15,335 65 75,268 1936 1,116, 584 174,093 573, 671 3,351 71,006 7,511 72, 648 39,966 11,911 21, 513 23;,,280 8 77,892 39,735 1937 1, 585, 503 891, 531 -13,710 90, 859 6,461 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 60i,,146 1,363 76, 315 36,472 10, 557 27,880 391,,162 401 168, 740 16,159 2 67, 975 1939 3, 574,1511,826,403 3, 798165,122 341, 618 28i,,715 86,987 612, 949 33, 610 23, 239 35, 636 74, 250 22,862 165,605 50, 9563102, 404 1938 Nov 177, 768 99,145 17 27,242 1,136 7,171 3,457 11 2,943 7,? 16 5,788 3,822 U9,134 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 2 22,181 1939 Jan 156, 345 52,050 1,438 1,688 33, 678 2 -67 10,842 2,342 2,089 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, l''' 2,114 2,179 4,844 100 5,528 4,944 4 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 52 10, 931 9,259 4,460 Sept 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 e 15,870 Nov 167, 980 18, 556 28 8,781 5,113 2,' 65.067 3,445 2,117 2, 643 12, 505 10,449 9,487 10,138 16, 662 Dec 451,172 10, 417 31, 52619, 743 5,119 308, 773 3,972 2,116 2,646 6,472 9,885 20,101 7, 5927 22,812 1940 Jan 236, 391 23, 906 59 30,415 16, 601 1,208 52, 716 2,550 3,360 6,155 20, 297 37, 680 9,743 8 31,698 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. s 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. e 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; $6,414,000 from Norway. s Includes $19,527,000 from Norway; $5,452,000 from Hong-Kong. NOTE.—For gross import and export figures and for additional countries see table on p. 222. MARCH 1940 253 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: Total Y m e o a n r t o h r n p et o r i t m s - A S f o r u ic t a h , Other All e o x r p n or e t t s U S n ta i t t e e s d France m G a e n r y - * g B iu e m l- N la e n th d e s r- U.S.S.R. Au li s a tra- d 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 o o th u e n r - West tries tries Africa 1934.. 716,269 -497,166 348,190 121,017-13,585 32,575 41,790 335,253 206, 693 62,397 -9,123 2 88,228 1935.. 369,722 -435,602 142,137 -4,726 -17,476 10,796 931 37,981 404,295 181,602 32, 754 -60,661 53,465 14,126 1936.. ,169,931 -276,830 756,215 23,292 -15,133 -21,215 26,723 488,814 128,421 28,067 -10,129 3,998 37,708 1937.. 420,427 -834,009 541,187 46,147 -21,993 -16,572 199,965 24,165 464,837 66, 330 22,079 -81 -16,596 -55,032 -285,638 -1,050,395 33,173 348,000 -46,463 115, 540 27,831 333,750 55,744 20, 761 -89,371 -78,029 4,922 1938—June.. 89,580 -20,811 -6,137 57 56,764 -12,037 28,104 2,024 40,623 3,725 9,929 -7, 673 -5,407 421 July.. 24,119 -10,529 -997 47 23,212 -5,750 2,490 31,516 6,418 6,581 -11,429 -16, 521 -920 Aug... -73,132 -93,660 -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, 608 -105,220 -66 6,005 -2,328 -5,245 155 2,695 4,260 618 1,017 1,603 Dec... -66,726 -97,371 758 2,057 9,990 5,649 528 7,358 1,815 531 1,511 1,347 9—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 -68 11 396 779 5,613 736 3,451 151 — 1,101 -1 399 1,847 Mar... -259,984 -306,839 -183 88 23,477 1,039 16,866 5,559 1,417 -1,148 -32 -3,845 3,618 -121,188 -357,518 -1,431 29 176,451 19,164 12,656 4,805 <-47,875 -437 73,394 -425 May" -294,077 -287,762 -262 4,018 2,008 49,004 5,631 143 45, 394 2,975'-145,856 -3,793 32,921 1,504 June.. -51,591 -127,293 —41' -38 415 22,968 52,636 2,388 911 153 -3,318 July._. -147,332 -182,145 -330 -1 196 8,856 38,423 3,078 697 -1,138 -575 -14,393 Aug.5. -318,511 -223,370 2,691 1 -7,491 -11,275 55 49,120 4,606 114,284 -4,966 -4,618 Germany Switzerland British India Net imports from or net exports (—) to: Increase in India: Y m e o a n r t o h r e n o x T p e r ( p t o o ) o n r t i a t r 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 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 e m l- Italy N la e e n r t d - h s - m G a e n r y - i c o t o A r th i u e l e n l s r - i e m o T x r n p o p e n o t o a t r e r l t t t s s p t I i G r n o o o d n d l i u d i a n c- s d e I r I r i n e n a v - - n es ea f e o r g d r m I o e n l i f a g d o r n r k- p i h r n i o I g v n l s a d t 8 - e account 1934.. -90,920 -46,065 -12,784 -45,955 -29,235 18, 39719,431 2,580 1,543 230,720 11, 223 173 -219, 670 1935.. 42,969 -230,788 647 -54,858 -181,725 -13,940 25,542 342 -9,607 » 2,812 161,872 11,468 -150,398 -1,868 122,278 -9,127 -1,714 39,305 14,631 51,299 4,600 -2,990 121,066 11,663 -109,403 1937.. -3,718 -56,946 -51,608 11,940 -45,061 27,739 -657 6,553 -16,461 10,609 -61, 723 11,607 -41 -50,075 1938.. -35,224 -1,245 -1.128 76,620 -74,375 -1,067 11,314 25,125 -32, 745 -4,989 -54, 700 11, 247 12,078 -55, 533 1939.. -220,229 -88, 524 105,104 -13,431 -2,953 31,466-18,039 -25,191 1,546 1938—June.-. 7,626 5,978 -220 5,256 -7,839 -484 5,814 5,657 -2,487 282 -2, 327 909 -1,418 July... 1,468 -8,837 -2 16,128 -14,071 -6,041 -14r 3,962 -8,893 222 -10,988 951 -10,034 Aug -6,864 -1,338 -2 10,464 -8, 382 -1,283 -37 3,824 -6, 267 342 -7,082 958 -6,127 Sept.._ -36,626 9,024 15,940 418 117 ••—2 924 1,884 -10,251 -95" 946 -11 Oct -16,134 1,454 -1,140 907 -616 -158 -38 2,551 -56 3 -7, 661 956 1,909 -8,614 Nov.... -10,129 913 228 13 33 -117 -4 994 -265 31 -2, 283 930 5,690 -7,043 Dec -3,765 -5,690 -1,854 -166 -2,884 -438 -209 211 995 4,479 -3, 273 1939—Jan.... 33 -3,786 -680 549 -149 1 -2,294 -1,274 -7 -125 940 11,423 -10,608 Feb.... -11,940 -2,112 -21 -763 24 -213 556 -1,581 -97 -15 -3, 288 863 7,749 -10,174 Mar.... 9,999 -37,332 -10,786 1,547 -1,990 -1,509 -576 -8,327-14,830 -860 -5,113 938 4,812 -8,984 Apr.... 9,967 -162,645 -54,266 •104, 650 -4,805 -864 10,819 -3,876 -2,431 -2,573 -3,394 91! 5,197 -7,679 May.. -5,807 8,059 -2,329 -5,419 -1,609 -73 19, 585 -718 -1,138 -239 -4,202 937 1,839 -5,104 June.._ -284 -10,696 93 269 6 725 -3,116 -76 -2,049 910 5,749 July. 7,765 -2,856 1,033 -1,153 2 10,800 355 -171 -244 -10, 264 936 942 -10,270 Aug. 5,275 4,334 -1,929 -91 2,815 1,234 -88 -204 -5, 274 923 2,512 -6,863 Sept, -2,730 -1,506 -1,030 -1 -25 89 -243 -11 -5,213 6,096 -10,421 Oct.. -2,85£ -888 44 -541 -5 -4,583 -1,463 1,617 2,965 -12,365 4,563 -15,994 Nov. -15,18 -3,880 85 -90' -9 -6, 255 -1,473 -2, 743 Dec. -3,989 -3, 473 304 -1,338 -44 -1,662 -709 121 2,812 p Preliminary* 1 Beginning April 1938 figures refer to Greater Germany. 2 Includes $17,465,000 exported to Rumania and unspecified net imports of $95,937,000. 3 Includes $67,655,000 exported to Central and South America. 4 Figures for April and May include exports to Canada of $45,972,000 and $144,910,000 respectively. * No figures published since August 1939. 6 Includes net exports to Canada of $115,515,000. 7 Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred. 8 Figures derived from preceding columns; gold movement plus production minus increases in Indian reserves and gold earmarked for foreign account in India. 9 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. 254 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 in U. S. securities: securities: Inflow in From Jan. 2, 1935, through— Total Total C f b u e a n n n d tr k s al Other b a f a b u n r n k o d i a n s d g o R f f u e U n tu d . r s S n . In f f o f u l r o n e w i d g s n of b b r a o l k a e n r c a e g s e in N. Y. 1935—Dec. 31 1,412.5 603.3 9 8 593.5 361 4 125.2 316.7 6 0 1936—Dec. 30 2,608.4 930.5 81 1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29 3,410.3 1,168. 5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938—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 1,161.2 168.0 993.2 477.2 625.0 1,125. 4 64.1 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 2,415. 6 441.6 1,974.0 550.0 686.7 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 Nov. 1 4,861.9 2,421. 9 494.8 1, 927. 0 547.9 688.7 1,123. 7 79.8 Nov. 8 4,828. 3 2,396. 6 490.3 1, 906. 3 545.6 690.4 1,115. 9 79.9 Nov. 15 _ _ 4,866.1 2, 417. 4 481.6 1, 935.8 567.1 693.2 1,109. 2 79.2 Nov. 22 4, 827. 7 2, 384. 3 433.9 1,950. 3 565.1 694.3 1,107.1 76.9 Nov. 29 4,880.4 2,432. 4 435.9 1, 996. 5 571.8 695.4 1,103. 7 77.1 MARCH 1940 255 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 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th r J o a u n g . h 2 — ,1935, Total U K d n i o i n m t g 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 1,412. 5 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1,200.6 (l) 70.9 128.3 12 7 1936—Dec. 30 2,608.4 829.3 299.5 229.7 335.5 83.1 45.6 228.5 2,051.3 150.5 201.2 184.0 21.4 1937—Dec. 29 3,410. 3 993.7 281.7 311.9 607.5 123.9 22.1 312.2 2,653.0 106.3 410.6 224.6 15 9 1938—Dec. 28 3,779.2 1,186.1 339.5 324.6 554.0 140.7 33.0 463.8 3,041.7 157.2 389.5 156.8 34.1 1939—Mar. 29 4,134.7 1,203.1 366.8 383.6 587.6 150.2 24.7 536.8 3,252.9 185.1 443.5 206.4 46.8 Apr. 26 4,479. 6 1, 303. 3 421.6 405.4 595.6 146.9 26.0 595.9 3,494.7 216.8 480.6 231.4 56.2 May 31 4, 570.8 1, 337. 6 431.1 391.1 595.3 148.7 29.1 606.5 3, 539.4 241.0 507.4 226.4 56.6 June 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. 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 Nov. 1 4, 861. 9 1, 277.3 429.5 449.0 684.2 159.8 47.6 707.6 3, 754.9 254.0 515.1 253.4 84.4 Nov. 8 4, 828.3 1, 258.1 431.7 447.0 699.8 158.3 48.0 704.5 3, 747.4 250.0 492.9 257.2 80.9 Nov. 15 4, 866.1 1, 203. 7 447.9 454.8 720.3 160.4 52.7 708.6 3, 748. 4 259.0 497.5 271.3 89.8 Nov. 22 4,827. 7 1,165. 8 452.6 453.9 714.1 160.9 50.9 719.3 3, 717. 6 255.6 493.7 270.4 90.5 Nov. 29 4,880.4 1,157. 2 453.1 457.8 719.1 162.9 55.8 725.3 3, 731. 2 263.2 504.0 287.3 94.8 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 o A th l e l r 1935—Dec. 31 603.3 128.6 129.6 55.7 72.4 -.8 7.3 60.7 453.5 46.0 33.5 58.8 11.5 1936—Dec. 30 930.5 163.5 144.2 65.9 109.8 2.7 23.0 79.7 588.9 86.8 149.3 90.4 15.2 1937—Dec. 29 1,168.5 189.3 111.8 76.3 288.4 9.6 6.9 109.4 791.7 76.3 166.3 126.2 8.0 1938—Dec. 28 1,432.7 366.7 158.8 84.4 203.7 -9.8 3.8 203.0 1,010.6 135.1 134.0 132.7 20.4 1939—Mar. 29 1, 693.0 401.8 187.4 129.9 233.4 -10.9 -3.9 267.8 1,205.5 136.5 179.8 139.9 31.3 Apr. 26 1,934.4 476.7 236.8 141.0 230.6 -15.7 -5.7 318.4 1,382.1 166.9 209.6 140.4 35.3 May 31 2,041. 5 505.8 243.2 123.2 224.7 -14.0 -4.4 323.6 1,402.1 209.3 250.7 142.8 36.6 June 28 2,048.3 535.2 252.3 132.0 227.1 -14.5 -6.6 320.0 1,445.5 191.5 242.0 131.5 37.8 July 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. 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 Nov. 1 _. 2, 421. 9 541.5 223.9 174.6 290.4 -20.5 12.2 425.6 1, 647. 7 225.3 250.9 237.3 60.6 Nov. 8 2,396. 6 528.2 224.5 171.6 305.2 -20.3 12.3 423.2 1,644. 7 220.7 231.4 242.7 57.1 Nov. 15 2, 417.4 471.0 241.4 178.6 324.0 -19.7 13.5 427.9 1, 636.8 225.2 231.3 258.5 65.6 Nov. 22 2,384.3 435.9 244.7 176.4 315.9 -20.4 12.5 440.8 1,605. 9 218.9 231.9 261.2 66.4 Nov. 29 2, 432.4 429.4 244.1 180.7 320.4 -18.4 16.7 446.9 1, 620. 0 227.4 240.0 273. 5 71.4 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 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. 31 361.4 208.8 48.1 -.4 1.6 29.7 13.7 8.8 310.2 -4.6 20.1 37.3 -1.6 1936—Dec. 30 431.5 178.0 62.0 -3.3 2.7 66.0 16.3 22.0 343.7 36.9 24.9 30.4 -4.4 1937—Dec. 29 449.1 207.4 65.3 -4.4 2.6 105.1 6.5 26.9 409.3 -21.7 51.6 18.7 -8.7 1938-Dec. 28 478.1 204.5 65.5 -6.9 2.6 140.3 13.9 33.0 453.0 30.6 66.8 -65.0 -7.2 1939—Mar. 29 550.5 209.2 64.9 -1.5 4.5 149.8 10.8 30.9 468.6 49.9 66.5 -28.1 -6.4 Apr. 26 611.8 227.9 67.1 .7 4.5 151.7 13.7 35.1 500.8 48.3 71.1 -6.0 -2.4 May 31 599.8 236.8 68.1 -.1 4.7 152.0 15.3 38.7 515.4 46.9 54.8 -13.0 -4.3 June 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. 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 Nov. 1 547.9 229.1 71.4 9.5 4.2 171.7 15.2 30.2 531.3 43.2 54.2 —78.0 -2.9 Nov. 8_._.— 545.6 230.2 71.6 10.3 4.5 170.0 15.1 29.8 531.7 45.5 51.2 -79.9 -3.0 Nov. 15 567.1 238.7 71.3 11.8 4.2 171.5 18.3 30.4 546.2 50.0 55.8 -82.1 -2.8 Nov. 22 565.1 243.7 73.0 11.9 3.6 172.8 17.1 28.0 550.1 52.4 51.8 -86.3 —2.9 Nov. 29 571.8 245.6 73.3 12.0 3.4 172.7 17.8 27.8 552.6 52.7 52.0 -81.7 -3.7 »Inflow less than $50,000. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April 1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431. 256 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 m t g ed - France N la e e n r t - d h s - S l w a er n i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o r t o a p l e Canada Am La e t r i i n ca E F a a s r t o A th l e l r 1935—Dec. 31.. 125.2 67.8 6.8 7.4 -1.2 13.3 2.9 46.1 143.1 -39.7 12.7 7.9 1.1 1936—Dec. 30.. 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17.0 3.5 1937—Dec. 29.. 583.2 136.8 22.8 21.2 30.4 26.6 13.5 115.2 366.4 10.5' 175.0 24.5 6.8 1938—Dec. 28.. 610.0 129.1 26.2 27.3 37.1 33.1 20.5 165.9 439.1 -38.9 166.3 33.8 9.7 1939—Mar. 29. 646.7 127.6 26.3 28.7 38.4 34.9 23.1 174.9 453.8 -25.8 172.6 36.2 9.9 Apr. 26_. 657.5 128.7 27.5 29.3 40.1 35.2 23.2 178.2 462.0 -24.3 173.5 35.9 10.3 May 31. 647.6 128.1 27.9 29.6 41.3 35.4 23.6 179.8 465.7 -40.3 175.2 36.6 10.4 June 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. 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 Nov. 1... 688.7 124.7 41.2 29.5 42.8 36.4 25.4 185.3 485.3 -29.0 181.3 39.8 11.2 Nov. 8_. 690.4 124.7 41.3 29.4 42.8 36.4 25.8 185. 5 486.0 -28.5 181.6 40.1 11.2 Nov. 15. 693.2 124.6 41.4 29.3 42.9 36.4 26.1 186.0 486.8 -27.3 181.9 40.4 11.4 Nov. 22. 694.3 124.6 41.6 29.3 43.0 36.5 26.1 186.2 487.3 -27.2 182.2 40.6 11.4 Nov. 29_ 695.4 124.3 41.7 29.2 43.3 36.5 26.1 186.5 487.6 -26.7 182.3 40.8 11.4 TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th r J o a u n g . h 2 — ,1935, Total U K d n i o i n m t g ed - France N la e e n r t - d h s - S l w a er n i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o r t o a p l e Canada Am La e t r i i n ca E F a a s r t o A th l e l r 1935—Dec. 31 316.7 149.8 23.4 50.5 55.1 -5.4 -.1 12.9 286.2 2.8 3.7 21.4 2.6 1936—Dec. 30. . 917.4 367.7 64.7 157.6 200.2 -7.5 -3.3 38.5 818.0 32.6 15.5 44.1 7.1 1937—Dec. 29_ 1,162.0 448.7 70.3 213.8 275.3 -17.4 -4.9 55.7 1,041.6 37.6 18.2 54.7 9.8 1938—Dec. 28 1,210.9 472.6 76.5 212.9 301.7 —22.7 -5.4 56.6 1,092.3 27.8 23.4 56.4 11. 0 1939—Mar. 29 1.180. 6 448.3 72.3 217.7 301.7 -23.4 -5.5 56.5 1,067. 6 18.8 24.6 57.9 11.7 Apr. 26 L, 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 . , 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. 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 Nov. 1 1,123. 7 360.4 73.2 226.6 330.7 -27.7 -5.4 59.7 1,017. 6 4.9 27.2 60.2 13.9 Nov. 8 1,115.9 353.6 74.5 227.2 330.8 -27.7 -5.4 59.6 1,012. 5 2.4 27.3 59.8 13.8 Nov. 15 1,109. 2 348.0 74.5 225.7 332.9 -27.7 -5.4 59.1 1, 007.1 2.0 27.5 58.7 13.8 Nov. 22 1,107.1 342.0 74.5 226.3 335.3 -27.9 -5.0 59.0 1,004. 2 2.1 28.2 58.8 13.8 . Nov. 29 1,103. 7 338.2 74.9 226.2 336.3 -28.0 -4.9 59.1 1,001. 8 .7 28.6 58.7 13.8 TABLE 7.—BROKERAGE BALANCES,* BY COUNTRIES From th r J o a u n g . h 2 — ,1935, Total U K d n i o i n t m g ed - France N la e e n r t - d h s - S l w a er n i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e Canada Am La e t r i i n ca E F a a s r t o A th l e l r 1935—Dec. 31 6.0 (2) 2.4 1.3 2.5 -.2 .1 1.4 7.6 -4.5 10 2.9 -.9 1936—Dec. 30 t 12.9 4.0 10.4 -.9 9.1 -.7 .3 .4 22.6 -7.6 -4.2 2.1 (8) 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 (2) .1 6.0 44.0 3.5 -.6 .5 (3) 1938—Dec. 28 47.6 13.2 12.6 6.8 8.8 -.2 .2 5.3 46.7 2 6 -.9 -1.0 .2 1939—Mar. 29. 63.9 16.3 16.0 8.8 9.6 o .2 6.6 57.4 5.6 .1 .6 .3 Apr. 26 73.0 17.4 16.3 10.3 10.5 — 1 .3 7.5 62.2 9.1 .7 .6 .4 May 31 72.7 18.0 16.3 9.5 10.8 -.2 .2 7.3 61.9 8.7 .8 1.0 .4 June 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 -.2 .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. 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 Nov. 1 79.8 21.5 19.7 8.8 16.2 -.1 .2 6.8 73.0 9.5 1.6 -5.8 1.5 Nov. 8 79.9 21.5 19.9 8.4 16.5 -.1 .1 6.4 72.6 9.9 1.4 -5.6 Nov. 15 79.2 21.5 19.2 9.4 16.3 -.1 .1 5.2 71.5 9.0 1.1 -4.2 L8 Nov. 22 76.9 19.7 18.9 10.0 16.2 -.2 .1 5.3 70.0 9.5 A -4.0 1.8 Nov. 29 77.1'. 19.6 19.0 9.6 15.7 (*) .1 5.0 69.1 9.0 LI -4.0 1.8 1 For explanation see BULLETIN for May 1937, pp. 395-396. * Inflow less than $50,000. > Outflow less than $50,000. MARCH 1940 257 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 City 1929—Dec. 31._ 2,672.7 301.5 923.7 99.1 105.2 204.5 157.4 371.3 2,162. 8 241.8 188.2 49.0 31.0 1930—Dec. 31__ 2, 335.0 214.5 799.4 122.2 222.2 161.0 111.2 281.3 1,911.7 216.8 130.8 38.2 37.6 1931—Dec. 3O._ 1, 303. 5 104.9 549.2 44.6 66.0 41.1 33.2 122.2 961.2 148.3 103.3 69.0 21.6 1932—Dec. 28__ 745.6 169.7 71.1 11.9 78.0 32.9 39.8 66.2 469.6 98.2 121.7 43.5 12.6 1933—Dec. 27. _ 392.0 48.9 27.0 8.0 11.5 17.5 11.7 31.1 155.7 86.1 96.7 42.7 10.9 1934—Nov. 28 K 466.7 69.1 32.7 12.7 9.7 26.8 14.3 41.7 196.0 91.9 106.6 60.3 11.9 Reported by Banks in United States 1934—Dec. 5«... 584.8 79.6 36.1 13.5 12.1 28.4 16.8 40.6 227.1 I 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—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. 3O._ 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. 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 69.6 2, 993.1 613.7 256.1 188.5 304.1 9.1 31.0 472.5 1, 874. 9 325.4 371.8 348.3 72.6 2, 967. 8 600.3 256.6 185.6 318.8 9.3 31.1 470.1 1, 871. 8 320.8 352.3 353.7 69.1 2, 988. 6 543.1 273.5 192.6 337.7 10.0 32.3 474.8 1,864. 0 325.3 352.2 369.5 77.6 2, 955. 5 508.0 276.8 190.3 329.6 9.3 31.3 487.7 1, 833.1 319.0 352.9 372.2 78.3 Nov. 3,003. 6 501.6 276.3 194.7 334.1 11.3 35.5 493.8 1, 847. 2 327.6 361.0 384.5 83.4 TABLE 9.—SHORT-TERM FOREIGNASSETS,BY COUNTRIES Date Total U K d n i o i n t m g ed - France N la e e n r t - d h s - e S r w la 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 NewYork Citt 1931—Dec. 30 1,103.3 1 166.2 29.5 20.9 12.6 467.2 18.7 149.2 | 864.3 58.1 136.5 41.8 2.6 1932— Dec. 28 937. 9 87.3 62.9 13.0 6.2 434.9 11.8 97.0 713.1 42.2 155.2 24.0 3.5 1933—Dec. 27 898. 8 192.5 66.9 18.4 12.3 260.9 16.7 83.2 651.0 32.3 159.7 49.7 .6.2 1934—Nov. 281. 827.1 1 201.3 94.1 15.9 8.5 178.8 10.7 60.2 1 569.5 84.4 124.4 46.2 2.6 Reported by Banks in United States 1934—Dec. 5 * 1,137.8 266.4 108 2 19.2 8.3 239.6 26.5 81.3 749. 5 91.2 170.7 118.1 8.3 1935-Jan. 2 1,139. 9 296.9 80.5 18.6 8.2 231.7 27.2 80.0 743.2 96.3 174.6 117.4 8.5 Dec. 31 778.6 88.1 32.5 19.0 6.6 202.0 13.5 71.2 433.0 100.9 154.5 80.1 10.1 1936—Dec. 30 672.6 114.1 16.8 21.9 5.4 166.1 10.9 57.8 392.1 59.4 141.1 67.2 12.9 1937-Dec. 29 655.0 84.8 13.5 23.0 5 5 126.1 20.8 52.9 326.5 118.0 114.4 78.9 17 2 1938—Dec. 28. 626.0 87.7 13.3 25.5 5.4 90.9 13.3 46.7 282.8 65.7 99.2 162.6 15.7 1939—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. 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 Nov. 1 556.2 63.0 7.3 9.1 3.9 59.5 12.0 49.6 204.4 53.0 111.8 175. 6 11.4 Nov. 8 558.5 61.9 7.1 8.3 3.6 61.2 12.1 50.0 204.1 50.8 114.7 177.5 11.4 Nov. 15 537.0 53.5 7.4 6.8 3.9 59.7 8.9 49.4 189.6 46.3 110.2 179.7 11.3 Nov. 22 539.0 48.4 5.8 6.7 4.5 58.4 10.1 51.8 185.6 43.9 114.2 183.9 11.4 Nov. 29 532.3 46.5 5.4 6.6 4.7 58.5 9.4 52.0 183.1 43.6 114.0 179.3 12.2 1 Last report date on old basis. 2 First report date on new basis. 258 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 assets 1 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—Sept. 28.. 326.4 200.0 1.5 25.5 7.3 135.6 500.9 99.9 11.4 40.2 18.2 Oct. 26__. 326.4 200.0 1.4 43.9 4.2 129.2 482.5 100.4 25.0 35.5 17.7 Nov. 30_. 326.4 200.0 1.2 45.6 17.6 110.8 480.8 97.1 23.1 37.2 17.8 Dec. 28- 326.4 230.0 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Jan. 25._ 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_. * 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._. * 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 9 7 . _ . . . . . . . . 2 2 2 5 5 5 8 8 8 0 0 0 . . . 0 0 0 1 1 . . . 9 0 1 2 5 5 5 3 1 . . . 6 0 6 4 4 4 . . . 3 5 6 1 1 1 2 3 7 7 2 6 . . . 7 1 1 5 5 5 2 2 5 7 8 4 . . . 1 7 6 1 1 1 1 0 1 6 3 7 . . . 8 5 3 2 2 1 7 9 2 . . . 8 7 6 3 4 42 9 0 . . . 0 2 2 1 1 1 7 7 7 . . . 9 7 8 1940—Jan. 31.. .2 580.0 52.5 3.1 143.9 527.7 98.1 39.7 44.3 18.0 Assets Liabilities Domestic bills Loans on- Deposits Bank of France Ad- For- vances Note Other (Figures in millions of francs) Gold6 eign to Short- Other circula- liabilich e a x n - ge m O ar p k e e n t7 c S i p a e l* - Other G er o n v - - G t o e v r e m rn- s O ec th u e ri r - tion G m ov e e n r t n- Other ties ment9 ment se- ties curities 1929—Dec. 27. 41,668 25,942 5,612 8,624 2,521 6,603 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 2,241 1931—Dec. 30. 68,863 21, 111 7,157 7,389 2,730 8,545 85,725 5,898 22,183 1,989 1932—Dec. 30. 83,017 4,484 6,802 3,438 2,515 9,196 85,028 2,311 20,072 2,041 1933—Dec. 29. 77,098 1,158 6,122 4,739 2,921 8,251 82,613 2,322 13,414 1,940 1934—Dec. 28. 82,124 963 5,837 3,971 3,211 8,288 83,412 3,718 15,359 1,907 1935—Dec. 27. 1,328 5,800 9,712 573 3,253 7,879 81,150 2,862 8,716 2,113 1936—Dec. 30. 60,359 1,460 5,640 1,379 8,465 17,698 715 3,583 8,344 89,342 2,089 13,655 2,557 1937—Dec. 30. 58, 933 911 5,580 652 10,066 31,909 675 3,781 7,277 3,461 19, 326 3,160 1938—Sept. 29. 55,808 764 6,781 642 20, 293 50,134 1,311 4,362 8,410 124,428 2,825 18, 593 2,660 Oct. 27.. 55,808 763 6,802 1,550 14, 694 48,134 1,600 3,865 7,427 110,446 3,642 23, 827 2,727 Nov. 24. 87, 264 888 7,032 1,611 11,021 20, 627 1,559 3,739 14,185 106, 798 6,169 31, 955 3,004 Dec. 29_ 87, 265 821 7,422 1,797 7,880 20, 627 443 3,612 14,442 110,935 5,061 25, 595 2,718 1939—Jan. 26.. 87, 266 761 8,004 1,996 6,193 20, 627 136 3,389 14.099 109, 378 5,445 24, 935 2,713 Feb. 23. 87, 266 759 7,801 2,014 5,462 20,627 73 3,317 14,308 111, 162 5,079 22, 556 2,830 Mar. 30. 87,266 758 8,631 2,054 5,733 20,627 172 3,332 14,558 119,748 3,955 16, 702 2,728 April 27 ">92,266 756 8,609 2,165 6,012 20,577 127 3,362 14,452 124,666 3,755 17, 255 2,649 May 25. 92, 266 754 8,164 2,276 4,774 20,577 78 3,401 14,264 121,391 4,573 17, 570 3,020 June 29. 92, 266 722 8,074 2,279 5,009 20, 577 374 3,471 14,753 122,611 5,188 16,909 2,816 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. "97,266 218 9,396 1,708 15,009 20, 577 2,412 3,805 16,016 142,359 3,304 18,038 2,708 Sept. 28. 97, 266 212 9,734 1,958 14,830 22,777 930 3,661 16,482 144, 562 2,342 18,022 2,926 Oct. 26.. 97, 266 85 10,038 2,007 25,473 336 3,576 17.100 144,379 2,004 14,790 3,006 Nov. 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, 267 '112 11, 273 2,345 5,149 34, 673 "174 3,482 16, 438 151, 322 «1,914 ; 14, 751 2,925 1940—Jan. 25P. 97, 268 107 2,235 5,011 35, 673 229 3,444 00 151, 738 1,833 14, 965 p Preliminary. c Corrected. 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. 3 Effective Mar. 1,1939, gold valued at current prices instead of legal parity and about £5,500,000 transferred from Exchange Account to Bank. See note 1. 4 On July 12, 1939, £20,000,000 of gold transferred from Exchange Account to Bank of England. 5 On Sept. 6, 1939, £279,000,000 transferred from Bank of England to Exchange Account. 6 By decree of Nov. 12,1938 (see BULLETIN for 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. * Negotiable bills of Caisse Autonome and bills bought under authority of decree of June 17, 1938 (see BULLETIN for Aug. 1938, p. 650). s Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for Oct. 1936, pp. 785-786), and bills rediscounted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for Oct. 1936, p. 788). 9 Includes advances granted under authority of Conventions between Bank of France and Treasury of June 18, 1936, June 30, 1937, March 22, 1938, and April 14, 1938, as modified by Convention of Nov. 12, 1938; 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). 10 On April 20, and again on Aug. 3, 1939, 5,000,000,000 francs of gold transferred from Stabilization Fund to Bank of France. 11 Figures not yet available. NOTE.—For further explanation of table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. MARCH 1940 259 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Assets Liabilities Reichsbank Reserves of gold andBills (and Securities (Figu r r e e i s c h in sm m a i r l k li s o ) ns of re T f s o o e r r t e v a i l e g s n exch G a o n l g d e * i T n ch c r b e l e u i a c l d s k ls u i s n ) r g , y Se lo c a u n ri s ty E as c l i o g n v i o e b r t l e e Other a O s t s h e e ts r ci N t r i c o o u t n l e a- Deposits l O ia t t i b h e i s e li r - 1929—Dec 31 2 687 2,283 2,848 251 92 656 5,044 755 736 193ft—Dec 31 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec 31 1 156 984 4,242 245 161 1,065 4,776 755 1,338 1932— Dec 31 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31— 84 79 4,066 146 445 319 827 3,901 984 1,001 1935— Dec. 31 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 1939—Feb. 28 76 71 7,361 60 660 288 1,710 7,939 1,105 ]L, 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 L.289 May 31 77 71 7,547 40 922 285 2,182 8,525 1,292 1,234 June 30 77 8,159 48 930 274 1,658 8,731 1,281 L, 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 ,294 Sept. 30 77 10,105 24 1,324 393 1,963 10,995 1,602 L,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 1940—Jan. 31 _ _ 77 11,143 33 374 401 2,487 11,505 1,628 1,382 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 1940 1939 Central bank 1940 1939 [Figures as of last report [Figures as of last report date of month] Jan. Dec. Nov. Jan, date of month] Jan. Dec. Nov. Jan National Bank of Albania (thou- National Bank of Belgium (millions sands of francs): of belgas): Gold 7,567 7,574 Gold reserve 3,594 3,589 3,435 Foreign assets 57, 786 18,049 Other gold and foreign exchange 635 680 926 Loans and discounts 6,260 5,246 Discounts 977 818 182 Other assets _ 9,081 3,909 Loans 228 196 Note circulation 27,470 10, 729 Other assets._ 509 528 Other sight liabilities 37,902 11, 937 Note circulation 5,599 5,540 4,376 Other liabilities 15, 322 12, 111 Demand deposits—Treasury 30 1 108 Central Bank of the Argentine Other 190 147 439 Republic (millions of pesos): Other liabilities _... 124 124 122 Gold reported separately _ 1,224 1,224 1,224 Central Bank of Bolivia (thousands Other gold and foreign exchange. 171 158 74 of bolivianos): Negotiable Government bonds.. 281 285 171 Gold at home and abroad 93, 308 92,809 59,368 Other assets _ 192 195 252 Foreign exchange.. 48,821 45, 703 Note circulation 1,191 1,155 1,125 Loans and discounts 110,316 107, 533 27,153 Deposits—Member bank 428 524 393 Securities—Government 414, 704420, 512402,392 Government 175 104 133 Other 8,520 8,151 4,561 Other _. 7 6 2 Other assets 69, 691 70,196 46, 767 Foreign exchange sold forward- 14 16 23 Note circulation 368, 760341, 768280,603 Other liabilities __ 53 57 47 Deposits _ 310, 773320, 675242,011 Commonwealth Bank of Australia Other liabilities 80,894 85, 578 63, 330 (thousands of pounds): National Bank of Bulgaria (mil- Issue department: lions of leva): Gold and English sterlings. 16,030 16,030 16,031 Gold 2,00« 2,006 Securities _ 50,023 44,785 41,006 Net foreign exchange in reserve- 4 Banking department: Foreign exchange.. 1,452 1,248 Coin, bullion, and cash 4,979 3,469 1,485 Loans and discounts _ 2,171 752 London balances 28, 923 18,281 19,185 Government debt 3,417 3,441 Loans and discounts 19,163 18,659 16,152 Other assets _ 1,553 1,162 Securities 50, 863 61,165 56, 707 Note circulation 4,374 Deposits. 95, 322 95,675 87,660 Deposits 3,735 3,775 Note circulation _ 57,275 52,025 48,030 Other liabilities. 2,494 2,198 Bank of Belgian Congo (millions of Bank of Canada (thousands of Ca- Belgian francs): nadian dollars): Gold 171 166 Gold _ 225, 772225, 677225, 675 192,004 Foreign (gold) exchange 5 Sterling and United States ex- Loans and discounts 551 435 change 61, 205 64,325 60,707 24,666 Other assets 507 489 Canadian Gov't securities: Note circulation 378 398 2 years or less 178, 946181,897 199,347 138,316 Deposits _ 690 554 Over 2 years _ 47, 265 49,876 46,282 42,364 Other liabilities 160 143 Other assets ___. 6,133 5,453 5,530 6,849 Note circulation 213,070 232, 779222,301 161,360 Deposits-Chartered banks 220,304 216,996 223, 596215,052 Dominion Government 57,154 46,270 52,404 14,553 Other 15,445 17,852 26,137 3,322 Other liabilities 13,348 13,330 13,105 9,912 260 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central bank 1940 1939 Central bank 1940 1939 [Figures as of last report [Figures as of last report date of month] Jan. Dec. Nov. Jan. date of month] Jan. Dec. Nov. Jan. Central Bank of Chile (millions of Central Reserve Bank of El Salvapesos): dor—Cont. Gold 146 146 145 Deposits 6,376 5,528 Discounts for member banks 123 77 67 Other liabilities 3,556 3,657 Loans to government 750 754 758 Bank of Estonia (thousands of Other loans and discounts 289 254 192 krooni): Other assets 17 41 49 Gold' 40,923 40,909 34,306 Note circulation 950 855 787 Foreign exchange (net) 4,210 2,753 16,100 Deposits- Loans and discounts 54,498 50,158 25,620 Bank 128 197 205 Other assets 34,856 40, 908 39,405 Other 96 61 65 Note circulation 64,445 64,695 50, 600 Other liabilities 151 159 155 Demand deposits _ 36 441 31,325 36, 981 Bank of the Republic of Colombia Other liabilities 33, 603 38, 707 27,851 (thousands of pesos): Bank of Finland (millions of mark- Gold 40,175 36,758 37,438 42, 671 ka a): Foreign exchange 7 963 5,628 6,161 5,306 Gold 1,128 Loans and discounts 18, 786 25, 723 21, 661 17,822 Foreign assets 2,548 Government loans and securities 37, 243 37,053 36,463 38,010 Loans and discounts 1,215 Other assets 32 663 32,153 32,876 28, 580 Domestic securities 309 Note circulation 53 034 60 411 54 061 54 311 Other assets 197 Deposits 53, 697 46, 232 48,352 43, 367 Note circulation 1,975 Other liabilities 30,100 30, 674 32,183 34, 712 Deposits—Treasury __ 384 National Bank of Czecho-Slovakia 1 Other 862 (millions of koruny): Other liabilities 2,176 Gold- 1,602 1,602 2,696 Bank of Greece (millions of drach- Foreign exchange 799 802 1,173 mas): Discounts 900 970 2,227 Gold and foreign exchange (net) 3,685 3,414 3,598 Loans 995 1,025 731 Loans and discounts 13,079 12,808 8,616 Other assets 5,749 5,703 1,965 Government obligations 4,207 4,207 4,296 Note circulation 6,345 6,418 6,985 Other assets • 1,896 2,242 1,708 Demand deposits 1,054 785 386 Note circulation. _ 9,453 9,324 6,694 Other liabilities 2,648 2,899 1,421 Deposits 11, 545 11,345 9,714 National Bank of Denmark (mil- Other liabilities.. .. 1,870 2,002 1,811 lions of kroner) : National Bank of Hungary (mil- Gold 117 117 117 118 lions of pengo): Foreign exchange 8 7 8 115 Gold 124 124 124 124 Discounts 31 26 28 21 Foreign exchange reserve 77 77 76 94 Loans—To Government agencies 92 162 128 65 Discounts 607 585 593 471 Other 327 334 198 123 Loans—To Treasury _ 314 312 313 269 Securities 206 208 213 162 Other 22 43 39 12 Other assets 89 98 105 108 Other assets 340 344 346 359 Note circulation 586 600 519 410 Note circulation 954 975 965 831 Deposits 126 191 118 111 Demand deposits 187 186 197 179 Other liabilities _. 156 162 161 190 Certificates of indebtedness _ 94 94 94 99 Central Bank of Ecuador (thou- Other liabilities 248 232 235 220 sands of sucres): Reserve Bank of India (millions of Gold 37, 947 rupees) * Foreign exchange (net) 2,156 Issue department: Loans and discounts . _ _ .. 53, 470 Golu at home and abroad 444 444 Other assets 15, 323 Sterling securities 825 568 Note circulation 64, 596 Indian Gov't securities 373 323 Demand deposits _ __ 29, 855 Rupee coin 695 697 Other liabilities 14 444 Note circul ation 2,201 1,889 National Bank of Egypt9 (thou- Banking department: sands of pounds): 136 143 Gold 6,545 6,545 Balances abroad* 151 58 Foreign exchange _. 2,129 2,939 Treasurv bills discounted 32 65 Loans and discounts 11, 416 7,832 Loans to Government 36 43 British, Egyptian, and other Investments 68 63 Government securities 27, 993 26,177 Other assets 36 8 Other assets 7,293 7,138 DeDosits 338 272 Note circulation : 26, 829 19,854 Other liabilities 122 108 Deposits—Government 1,701 4,429 Bank of Japan (millions of yen): Other 17, 523 18,060 Gold 501 501 501 Other liabilities 9,325 8,287 Special foreign exchange fund 300 300 300 Central Reserve Bank of El Salva- Discounts. _ _ _ 825 394 404 dor (thousands of colones): Loans—Government 3 3 3 Gold 13, 208 13, 207 Other 285 191 46 Foreign exchange 2,993 4,132 Government bonds 2 593 2,215 1,671 Loans and discounts 2,055 1,097 Other assets OQO 423 279 Government debt and securities. _ 5,028 5,441 Note circulation.. _ 3,818 2,736 2,311 Other assets 1,023 961 D eposits—G o vernment 557 878 496 Note circulation 14,375 15, 652 Other 176 110 100 Other liabilities 338 302 297 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. 1 Gold revalued in part on March 6,1939 at 0.2802 gram fine gold per kroon. MARCH 1940 261 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central bank 1940 1939 Central bank 1940 1939 [Figures as of last report [Figures as of last report date of month] Jan. Dec. Nov. Jan. date of month] Jan. Dec. Nov. Jan. Bank of Java (millions of guilders): Bank of Portugal—Cont. Gold 129 117 Note circulation _ 2,423 2,132 Foreign bills 19 9 Other sight liabilities 965 1,163 Loans and discounts 73 67 Other liabilities 994 1,082 Other assets 93 105 National Bank of Rumania (mil- Note circulation 195 187 lions of lei): Deposits 92 84 Gold - _ 20, 671 18, 270 Other liabilities ._ 27 27 Special exchange accounts 4,969 4,203 Bank of Latvia (millions of lats): Loans and discounts 22,197 12, 527 Gold 71 98 92 Special loans * 1,301 1,753 Foreign exchange reserve 37 13 41 Government debt 10, 205 10, 287 Loans and discounts 211 198 147 Other assets . 13, 979 11, 290 Other assets 51 51 66 Note circulation 47,891 34,115 Note circulation 110 110 77 Demand deposits 10,407 13,945 Deposits _ _ . 204 194 217 Other liabilities 15,025 10,271 Other liabilities 57 56 52 South African Reserve Bank (thou- Bank of Lithuania (millions of litu): sands of pounds): Gold 53 57 63 Gold — 30, 204 30,846 26, 734 ForGiCD GxchancG 7 2 g Foreign bills 7,995 7,125 5,935 Loans and discounts 163 152 117 Other bills and loans 134 51 663 Other assets 61 51 33 Other assets ___ 20,716 21,035 16,049 Note circulation 166 163 143 Note circulation 20, 747 17, 837 17, 333 Deposits 82 66 56 Deposits 33,905 37,506 28,470 Other liabilities 35 34 23 Other liabilities _ 4,397 3,714 3,578 Netherlands Bank (millions of guil- Bank of Sweden (millions of ders): kronor): Gold 1,014 1,029 1,461 Gold.- - — 679 733 729 Silver (including subsidiary coin) 11 11 29 Foreign assets 324 406 782 Foreign bills 2 2 3 Discounts 197 65 12 Discounts 77 76 g Loans - - - 212 150 40 Loans 243 238 307 Domestic securities 236 217 116 Other assets 85 88 69 Other assets _ 509 539 488 Note circulation 1,152 1,143 999 Note circulation _. 1,422 1,232 979 T) ftpnsi t.s— Go vftrn m fin % 191 Demand deposits 448 632 1,024 Other 229 250 638 Other liabilities 288 246 164 Other liabilities 49 49 49 Swiss National Bank (millions of Reserve Bank of New Zealand francs): (thousands of pounds): Gold 2,211 2,262 2,310 2,890 Gold 2 802 2,802 2,802 Foreign exchange 361 362 342 255 Sterling exchange reserve 8 718 6 625 4 134 Discounts 168 105 95 152 Discounts 500 Loans 62 90 61 19 Advances to State or State un- Other assets 651 663 683 703 dertakings 22 656 22 257 17 258 Note circulation 1,967 2,050 2,012 1,651 Investments 3,358 3,238 3,634 Other sight liabilities 845 789 828 1,725 Other assets 490 288 291 Other liabilities 641 642 650 643 Note circulation . _ > _ 19, 292 17,435 15,366 Central Bank of the Republic of Demand deposits 16, 434 15, 604 11,473 Turkey (thousands of pounds): Other liabilities 2 297 2 170 1 779 Gold 36, 840 36,836 36, 873 Bank of Norway (millions of Foreign exchange—Free 58 50 10 kroner): In clearing accounts 11, 359 4,463 10,037 Gold. 207 227 210 Loans and discounts 224, 489 221, 969 93,305 Foreign assets. 100 92 192 Securities 198,898 197,062 190,920 Total domestic credits and Other assets 35, 314 39, 395 23,660 securities.. _ 435 403 218 Note circulation 296, 761 296,441 198,463 Discounts (i) 206 75 Deposits 77, 235 75, 978 44, 534 Loans (i) 69 34 Other liabilities _.._ 132,963 127, 357 111, 808 Securities.. (I) 127 109 Bank of the Republic of Uruguay Other assets ___ (i) 38 52 (thousands of pesos): Note circulation _ 575 528 445 Issue department: Demand deposits—Government- 7 31 37 Gold and silver 103, 585 Other 87 90 103 Note circulation 92, 714 Other liabilities _ _ (i) 110 87 Banking department: Central Reserve Bank of Peru Gold — - - 2,712 (thousands of soles)" Notes and coin 66, 733 Gold and foreign exchange 44 175 45 376 Loans and discounts 102, 967 Discounts 24 698 25 608 Other assets 70,199 Government loans 104 282 85,417 Deposits 84,100 Other assets 4 030 4 341 Other liabilities 158, 512 Note circulation 130,171 105,197 National Bank of the Kingdom of Deposits 30,182 41,164 Yugoslavia (millions of dinars): Other liabilities 16 832 14 383 Gold - 2,010 1,988 1,988 1,911 Bank of Portugal (millions of Foreign exchange - 772 731 589 527 escudos): Loans and discounts... 1,955 2,223 2,560 1,685 Gold _„ 920 919 Government debt 3,073 3,067 3,028 2,228 Other reserves (net) 554 490 National defense bills 1,316 558 Non-reserve exchange 201 159 Other assets 3,712 3,755 3,963 3,095 Loans and discounts 428 479 Note circulation 9,798 9,698 9,163 6,608 Government debt 1,036 1,038 Other sight liabilities 2,120 1,718 1,930 2,126 Other assets 1,242 1,291 Other liabilities 920 907 1,034 712 i Figures not yet available. * Agricultural and urban loans in process of liquidation 262 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK FOR INTERNATIONAL SETTLEMENTS In thousands of Swiss gold francs i] 1940 1939 1940 1939 Assets Liabilities Jan. 31 Dec. 31 Jan. 31 Jan. 31 Dec. 31 Jan. 31 Gold in bars ._ . _ 29,482 22,608 44,489 Demand deposits (gold) 12,164 10, 298 9,659 Cash on hand and on current account with banks 33,102 50,415 16,647 Short-term deposits (various curren- Sight funds at interest ; 10, 877 11, 788 18, 545 cies) : Central banks for own account 34,233 46,471 136, 287 Rediscountable bills and acceptances Other 3,142 7,306 (at cost).. 159,709 160, 348 218,207 2,628 Time funds at interest __ _ 9,171 9,960 30,200 Long-term deposits: Special accounts.. 229, 644 255, 081 Sundry bills and investments 224,908 218,910 271,953 229, 644 Other liabilities 190,147 192, 694 Other assets 2,159 5,674 984 190, 738 Total liabilities 479, 702 601,026 Total assets 469,407 479, 702 601,026 469, 407 i See BULLETIN for December 1936, p. 1025. MONEY RATES IN FOREIGN COUNTRIES [Per cent per annum] United Kingdom (London) Germany (Berlin) Netherla d n a d m s ) (Amster- Month a 3 c B c m a e n p o k t n a e n t r h c s s ' es T m b r i e o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n ll a o d n w e k p a e o n r s c s i e ' ts 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 f t o h r D m ay o - n t e o y -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—January... 4.32 4.29 3.41 5.80 7.51 5.13 4.20 4.46 1930—January... 4.07 4.04 3.62 6.33 7.71 6.03 2.99 2.85 1931—January... 2.25 2.24 1.74 4.75 6.64 4.93 1.38 1.55 1932—January _.. 5.52 4.94 4.20 6.94 7.58 7.86 2.24 2.37 1933—January... .87 .76 .73 3.87 5.03 4.98 .37 1.00 1934—January... 1.01 .90 3.87 4.78 4.74 .50 1.00 1935—January.. _ .36 .26 3.51 3.93 3.82 .59 1.00 1936—January. __ .56 .53 .75 3.00 3.09 2.81 2.21 *2.29 1937—January. _. .56 .54 .75 3.00 2.88 2.54 .52 "1.01 1938—January.... .54 .51 .75 2.88 2.88 2.98 .13 «.5O 1939—January. __ .55 .53 .75 2.88 2.88 2.46 .13 .50 1939—July .79 .77 .75 2.75 2.50 2.65 .51 .75 August 1.58 1.92 1.35 2.75 2.50 2.50 1.03 1.53 September. 3.51 3.23 2.72 1-2 2.75 0) 2.51 2.94 3.66 October 1.88 1.77 1.71 2.75 8 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 1940—January. __ 1.10 1.10 1.02 (0 1.85 2.64 0) Switzer- Belgium France Italy Hungary S (S w t e o d ck en - Japan (Tokyo) land (Brussels) (Paris) (Milan) holm) 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 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 d P is r r c i a v o t a e u t n e t c c ia o P l m r i p m m a e p e r e - r Da m y o -t n o e - y day L m oa o to n n s t 3 h u s p Dis b co il u ls nted ov m e C o rn a n l i e l g y ht 1929—December. 3.15 4.40 3.50 7.00 i-iy2 5-7 1930—December. 1.18 2.34 2.03 5.50 ^~5H 1931—December. 1.75 2.44 1.75 7.50 5-6 1932—December. 1.50 2.94 .91 5.00 6-73^ 1933—December. 1.50 2.25 2.26 3.00 3H5^ 1934—December. 1.50 2.38 1.50 4.00 1935—December. 2.50 1.88 5.89 5.00 V2 1 1 9 9 3 3 7 6 — — D D e e c c e e m m b b e e r r . . 1 1 . . 0 2 0 5 1 1 . . 0 7 0 2 3 1 . .9 0 9 0 4 5 . .0 5 0 0 2 2 % % 2 2V ^2- -h 5 1938—December. 1.00 2.21 2.23 5.00 11A 2^-5 1939—June 1.00 2.79 1.88 5.00 July 1.00 2.30 1.88 5.00 August 1.00 2.24 1.95 ) September. 1.25 3.22 2.70 October. __ 1.25 3.19 2.34 November. 1.25 3.11 2.12 December. 1.25 2.12 c Corrected. 1 No figures available since August 1939. 2 No figures available since July 1939. 3 No figures available since June 1939. 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; September 1938, p. 757; and December 1939, p. 1144. MARCH 1940 263 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— Date effective U K d n i o i n m t g ed - France m G a e n r y - g B i e u l m - N la e e n r t d - h s . S l w a e n i r t d z- Japan b C an e k n t o r f a — l R Fe 2 a b 8 t . e ef D fe a ct t i e ve b C an e k n t o r f a — l R Fe 2 a b 8 t . e ef D fe a ct t i e ve Albania April 1, 1937 Japan 3.29 Apr. 7, 1936 In effect June 30, Argentina. - Mar. 1, 1936 Java 3 Jan. 14, 1937 J S J u u e l l p y y t . 7 1 0 0.._ 3.29 B B B o e ri l l t g i i v i s u i h a m lndia J J N a u o n ly v . . 2 2 5 8 5 , . , 1 1 1 9 9 9 4 3 3 0 5 2 L L M a i e t t h x v i u i c a a o n . ia.. _ . 3 5 6 J F M u eb a ly . r . 1 17 1 5 , , , 1 1 1 9 9 9 4 3 3 0 7 9 Sept. 25 „. Oct. 2 O O c c t t . . 9 16 B C u a l n g a a d r a ia A M u a g r . . 1 1 5 1 , , 1 1 9 93 3 5 5 N N e ew th erl Z an ea d - s Aug. 29, 1939 Oct. 20 Chile 3—4V Dec. 16, 1936 land.. Nov. 19, 1&38 Nov. 26 Colombia- 4 July 18, 1933 Norway Sept. 22, 1939 Dec. 3 Peru May 20, 1932 Jan. 28, 1037 June 15 July 7 Czecho- Aug. 4____ slovakia.. Jan. 1, 1936 Portugal 4-4^ Aug.. 11, 1937 S N e o p v t . . 1 3 3 D Ec e u n a m do a r rk.. _ N O o c v t. . 3 1 0 0 , , 1 1 9 9 3 3 2 9 R So u u m th a n A ia frica zy M M a a y y 15 5 , , 1 1 9 9 3 3 3 8 May 10,1038 El Salvador Mar. 30, 1939 Spain iMar. 29, 1939 May 13 Estonia Oct. 1, 1935 Sweden Dec. 15,1939 May 30 Finland Dec. 3, 1934 Sept. 28 Oct. 27 Nov. 25 Switzerland Nov. 26, 1936 Jan. 4, 1039 France Jan. 4, 1939 Turkey July 1, 1938 Apr. 17 Germany... Sept. 22, 1932 United King- May 11 Greece. Jan. 4, 1937 dom Oct. 26 1939 July 6—. Hungary Aug. 29, 1935 U. S. S. R... July 1 1936 Aug. 24 Italy May 18, 1936 Yugoslavia.. Feb. 1 1935 Aug. 29. Sept. 28 Oct. 26 _ Jan. 25, 1940 In effect Feb. 28, 1940 3.29 1 Not officially confirmed. Changes since Jan. 27: Latvia—Feb. 17 up from 4H to 5 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 o s l o h n l t o e i a y c r n t e d at B co il u ls n t d e i d s- Se t c ie u s ri- L c o us a t n o s m to - O as t s h e e ts r Total D D e e m po a s n it d s 1 Time x li O ab t i h li e t r ies 10 London clearing banks 1930—December.... 208 144 322 285 033 240 1,876 847 254 1931—December.... 184 119 246 297 905 222 1,737 868 846 237 1932—December.... 207 127 408 472 778 208 1,983 001 063 216 1933—December.... 213 119 311 565 740 237 1,941 1,015 000 244 1034—December... 216 161 255 594 759 247 1,971 1,044 010 251 1935—December... 221 159 322 605 784 231 2,091 1,140 024 231 1936—December... 236 187 316 630 864 238 2,238 232 1037—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 > 1936—December.. 244 195 322 660 800 240 2,315 1,288 1,012 245 1937—December.. 244 163 300 635 084 256 2,330 1,284 1,026 252 1938—November.. 233 149 272 642 966 255 2,240 1,244 1,004 December.. 243 160 250 635 971 263 2,254 1,256 007 1939—January 248 143 256 626 072 252 2,230 1,260 970 267 February 243 138 212 617 082 253 2,176 1,213 064 268 March 232 141 190 611 992 249 2,152 1,186 966 264 April 229 145 184 611 907 256 2,155 1,185 970 267 May 236 144 201 605 002 258 2,167 1,194 973 June 235 150 249 600 093 257 2,210 1,232 987 July 235 155 278 597 086 251 2,240 1,241 999 August 233 152 279 599 985 269 2,245 1,239 1,007 275 September 3 268 146 236 603 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 1,303 1,042 248 December. _ 274 174 334 609 1,015 290 2,441 256 1940—January 242 154 338 610 1,010 267 2,410 261 * Through December 1937 excludes deposits in offices outside England and Wales, which are included in total. Figures for 10 banks not available beginning 1936. * District Bank included beginning in 1936. 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. NOTI.— For other back figures and explanation of tables see BULLETIN for October 1933, pp. 639-640. 264 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] Liabilities France Deposits Own (4 large banks. f F ra i n g c u s r ) es in millions of Cash D b u a e n f k r s om B co il u ls n d te i d s- Loans Other accept- lia O b t i h li e t r ies Total Demand Time 1930—December. 2,419 4,675 20,448 10,743 2,361 36,681 35,284 1,397 921 4,357 1931—December. 11,311 2,168 18,441 9,274 2,130 38,245 37,023 1,222 576 4,503 1932—December. 9,007 1,766 22,014 7,850 1,749 37,759 36,491 1,268 295 4,331 1933—December. 5,870 1,416 19,848 8,309 1,827 32,635 31,773 862 273 4,362 1934—December. 5,836 1,421 18,304 8,159 1,717 30,943 30,039 904 193 4,301 1935—December. 3,739 2,484 16,141 8,025 1,900 27, 553 26,859 694 337 4,399 1936—December. 3,100 2,975 17,582 7,631 1,957 28,484 27,955 529 473 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 32,863 681 643 3,745 February,. 3,433 3,824 23,024 6,927 1,250 34,243 33,619 624 538 3,677 March 3,604 3,519 23,945 6,654 1,310 34,793 34,127 667 541 3,697 April „ 3,522 3,745 25,667 6,414 1,353 35,700 667 558 3,775 May 5,148 3,769 25,102 7,061 1,409 38,120 37, 444 676 519 3,849 June 3,538 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, 293 626 455 4,138 September. 5,062 3,862 20,888 7,710 1,735 34,642 34,048 594 427 4,190 Assets Liabilities Germany 1 (5 large B l e io rl n in s o b f a r n e k ic s. h sm F a ig rk u y re ) s in mil- re C se a r s v h es b f D r a o n u m k e s B co il u ls n t d e i d s- Loans Se ti c e u s ri- O as t s h e e ts r Total D D e e p m o a s n it d s Time o C b b f r t r a a e o n i d m n k i e t s s 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 6,377 807 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 3,086 485 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 2,567 2,729 1,112 851 5,751 2,661 3,090 579 1,334 1937—November.. 148 3,205 2,628 1,020 812 6,264 2,912 3,352 513 1,338 1938—August 199 255 3,589 2,731 1,098 844 6,933 3,219 3,714 416 1,368 September.. 270 295 3,384 2,817 1,097 876 6,915 3,311 3,603 424 1,400 October 179 261 3,620 2,743 1,183 895 7,031 3,373 3,658 422 1,427 November.. 195 270 3,643 2,685 1,406 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 3,693 3,765 401 1,418 April. 189 271 4,364 2,761 1,082 891 7,745 3,870 3,875 398 1,414 May 237 292 4,537 2,772 1,073 852 7,981 3,996 3,985 396 1,385 June* 214 4,108 1,080 829 7,793 3,793 390 1,342 Assets Liabilities Deposits payable in Can- Canada Entirely in Canada S l e o c a u n r s ity ada excl d u e d p in o g si ts interbank (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 n d e s i r s- a f a o n f b d r r d r o e u o i m n g e a e n d 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 ti t 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 2,335 762 1,683 785 1938—December. 263 65 940 166 1,463 474 2,500 840 1.660 782 1939—January... 276 63 919 167 1,454 459 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 1,502 475 891 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 2,774 1,033 1,741 842 1 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). 2 No figures available since June 1939. 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. MARCH 1940 265 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified nooD buying rates in New York for cable transfers. ID cents per unit of foreign currency] Year or month A ( r t p g i e n e s a o n ) - ( t p A r o a u u l s i n - a d) ( g b B i e u e lg m l- a) O B f r fi a c z ia il l (m m il F a r r e r e k is e e ) t ( B I r r u n i p d ti e i s a e h ) g B ( a le u r v i l a ) - C (d a o n ll a a d r a ) Off C ic h i i a l l e (p E e x so p ) ort S ( C y h h h u a a i a n i n ) n g a - - C (p o b e l i o s a m o) - 1933. 72.801 337.07 17.900 7.9630 31.816 91.959 7. 6787 28. 598 81. 697 1934. 33. 579 400. 95 23.287 37.879 101.006 10.1452 34.094 61. 780 1935. 32. 659 388.86 18. 424 8.2947 36.964 99.493 5.0833 36. 571 56.011 1936. 33.137 395. 94 16. 917 8. 5681 5.8788 37. 523 99.913 5.1240 29.751 57.083 1937. 32. 959 393. 94 16.876 8.7190 6.1806 37.326 100.004 5.1697 4.0000 29. 606 56. 726 1938. 32. 597 389. 55 16. 894 5. 8438 36. 592 99. 419 5.1716 4.0000 21.360 55. 953 1939.. 30. 850 353. 38 16. 852 6.0027 5.1248 33. 279 96. 018 5.1727 4.0000 11. 879 57. 061 1939—February 31. 236 373. 33 16.860 5.8602 35.014 99. 502 5.1736 4. 0000 15. 885 56. 990 March 31. 234 373. 27 16. 823 5.8647 35.057 99. 583 5.1733 4.0000 16.016 56. 983 April 31.207 372. 86 16.838 5.9941 5. 3759 34. 962 99. 483 5.1735 4. 0000 16.015 56.982 May 31. 210 372. 89 17.016 6.0586 5. 3931 34.916 99. 620 5.1733 4.0000 15. 987 57.009 June 31. 217 373.12 17.008 6.0586 5.1737 34. 924 99. 773 5.1737 4.0000 13. 434 57.169 July. 31.211 373.03 16. 991 6.0571 5. 0555 34.905 99.835 5.1703 4.0000 10. 637 57.036 August 31.116 367. 32 16.968 6. 0579 5. 0236 34. 407 99. 494 5.1691 4.0000 7.163 57.061 September 31R.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 1940—January 29.772 315. 82 16. 834 6. 0562 5. 0132 30.140 88.018 5.1670 4.0000 7.833 57. 205 Year or month ( C s k l z o o e v r c u a h n k o a i - a ) ( m D kr e a o n r n k - e) (p E o g u y n p d t ) ( l k F m a k i n n a a d - r ) - F ( r fr a a n n c c e ) ( m m r G e a a i e r c n r k h - y ) s- G ( r d m e r a a e ) c c h e - (d H K o o o l n n la g g r) (P H g e u a n r n g y - 6) ( I l t i a r l a y ) J ( a y p en a ) n Mexico ( N g l e u a t i n h ld d e e s r r - ) Z (p e N a o e l u a w n n d d ) 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 22.500 616.85 2.2277 6.5688 39.375 .9402 38.716 29.575 8.5617 29.715 27. 742 67. 383 402. 46 1935.. 4.1642 21.883 502.60 2.1627 6.6013 40.258 48. 217 29.602 8.2471 28.707 27.778 67. 715 391. 26 1936.. 4.0078 22.189 509.68 2.1903 6.1141 40. 297 31.711 29.558 7.2916 29.022 27.760 64.481 398.92 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 27.454 19. 238 5.1959 25.963 19. 303 53. 335 354.82 1939—February _ _. 3.4248 20.912 480. 43 2.0604 2.6471 40.117 .8583 29.078 19.627 5.2602 27. 297 19. 973 53. 626 374.84 March 3.4245 20.912 480.40 2.0597 2.6488 40.098 .8586 29.049 19.613 5.2601 27.300 20.026 53.092 374. 78 April 20.891 479.90 2.0542 2.6478 40.081 .8579 28.659 19.602 5.2601 27. 274 20.023 53.132 374.41 May 20.895 479.97 2.0548 2.6487 40.115 .8570 28.884 19.588 5. 2603 27. 277 20.025 53.601 374.42 June 20.900 480.10 2.0559 2.6493 40.105 .8565 28.916 19. 577 5.2604 27.284 19. 753 53.167 374.60 July 20.896 480.00 2.0547 2.6488 40.113 .8576 28.703 19. 576 5.2605 27. 279 17.133 53.278 374.49 August 20.834 472.41 2.0456 2. 6137 39.859 .8520 28.213 19. 576 5. 2515 26.870 16.800 53.484 368.82 September. 19. 317 432.04 1.9000 2.2651 39. 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 40.127 .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 1940—January... 19. 304 1. 8156 2. 2461 40.118 .7155 24. 629 17. 586 5. 0470 23.438 16. 663 53. 208 317. 09 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 a d) (p S e p s a e i t n a) ( S S m d t e o r e t l a t n l l i a t e t s r s - ) (k S r d w o e n e n - a) ( S e f r w r l a a i n t n c z d ) - ( T po u u rk n e d y ) ( U p K d o n i o u i n m t n g e d d - ) tr C o o ll n e - d N tr o o n l - l c e o d n- ( Y s d l u i a n v g a i o a r - ) 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. 226 18. 835 4.0375 .7111 440.17 51. 736 23.991 22. 525 80.243 443.54 62.011 36. 789 2. 2716 1939—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 2.2729 September.. 22. 655 3.6564 394. 57 10. 492 46. 712 23. 763 22. 576 79.500 399. 51 0) 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 (0 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 65.830 1940—January 22. 706 3. 6259 397.86 9.950 46. 484 23. 806 22. 419 396. 39 65. 830 36. 360 2. 2595 c Corrected. * 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; Denmark—Aug. 26-31; Egypt—beginning Sept. 2; Finland—Aug. 26-Sept. 1 and Sept. 3-5; Hungary— Aug. 26-Nov. 8 and Jan. 27-31; 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., Dec, and Jan.—British India, Germany, and Yugoslavia; Dec. and Jan.—Finland. For further information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the basis of quotation, see BULLETIN for March 1938, p. 244; March 1939, p. 236; September 1939, p. 831. 266 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] Year or month (19 U S 2 t n 6 a i = t t e e 1 s d 00) (19 C 2 a 6 n = a 1 d 0 a 0) ( K 19 U i 3 n n 0 g i = d te 1 o d 0 m 0) (19 F 1 r 3 a = n 1 ce 00) ( G 19 e 1 r 3 m = a 1 n 0 y 0) (192 It 8 a = ly 100) 1 ( 9 O J 0 a c 0 p t = o a 1 b n 0 e 0 r ) (1 N 9 l e a 1 2 0 t n 6 0 h d ) - e 3 s r 0 , = ( S J = u w l l 1 a i y t 0 n z 0 1 d e ) 9 r 1 - 4 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 1939 77 103 P107 P74 111 1938 —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 (3) 300 84 123 December 79 82 121 (2) 108 314 85 125 1940—January 79 P124 320 86 p Preliminary. 1 Approximate fienre, derived from old index (1913=100). 2 No figures available since August 1939. 3 No figures available since July 1939. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United Kingdom United States (1926=100) (1930=100) France (1913=100) Germany (1913=100) Year or month Indus- Other Indus- Farm Indus- Agricul- trial raw Indus- Farm Foods commod- Foods trial and food trial tural Provi- and semi- trial finproducts ities products products products products sions finished ished products products 1926 100 100 100 581 793 129 132 130 150 1929 105 100 92 579 669 130 125 132 157 1930 88 91 85 100 100 526 579 113 113 120 150 1931 65 75 75 89 87 542 464 104 96 103 136 1932 48 61 70 88 85 482 380 91 86 89 118 1933 _ 51 61 71 83 87 420 380 87 75 88 113 1934 65 71 78 85 90 393 361 96 76 91 116 1935 79 84 78 87 90 327 348 102 84 92 119 1936 81 82 80 92 96 426 397 105 86 94 121 1937 86 86 85 102 112 562 598 105 96 96 125 1938 69 74 82 97 104 641 663 106 91 94 126 1939 . _ .— _ _ 65 70 81 98 105 108 95 126 1938—December 684 685 95 68 73 80 92 102 107 94 126 1939—January _ . 688 690 94 February 6677 7722 8800 9931 110000 673 694 110088 94 94 112266 March. 66 70 80 90 100 671 694 108 94 95 126 April 64 69 81 91 100 650 697 107 92 95 126 May 64 68 81 92 101 652 712 108 94 94 126 June __ 62 68 80 92 101 643 718 109 91 94 126 July. _ . 63 68 80 91 102 629 721 109 92 95 126 August 61 67 80 90 102 616 726 109 92 95 126 September 69 75 82 101 108 (i) (i) 108 (i) 95 126 October 67 73 84 109 111 (0 0) 108 1 96 126 November 67 72 84 115 118 0) 108 C1) 97 126 December 68 72 84 120 121 0) (0 108 0) 97 127 1940—January 69 72 84 P124 P124 C1) C1) 0) p Preliminary. 1 No figures available since August 1939. 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. MARCH 1940 267 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Price Movements—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Eng- Ger- Nether- Switz- United Eng- Ger- Nether- Switz- Year or States land France many lands erland Year or States land France many lands erland month 1923- July July 1913- 1911- June month 1923- July 1913- 1911- June 1925=1001914=1001914=1001914=1001913=1001914=100 1925=1001914=1001930=1001914=1001913=1001914=100 1926 109 161 554 146 161 160 1926 103 170 142 168 162 1929 105 154 611 156 162 156 1929 100 164 154 168 161 1930_—, 100 145 614 146 150 152 1930 97 158 100 148 161 158 1931 „ 82 131 611 131 136 141 1931 89 148 97 136 151 150 1932 68 126 536 116 119 125 1932 80 144 91 121 141 138 1933 66 120 491 113 120 117 1933 76 140 87 118 139 131 1934 74 122 481 118 124 115 1934 79 141 83 121 140 129 1935 81 125 423 120 118 114 1935 81 143 78 123 136 128 1936 82 130 470 122 120 120 1936 82 147 86 125 1132 130 1937 85 139 601 122 127 130 1937 . 84 154 102 125 137 137 1938 79 141 702 122 130 130 1938 83 156 117 126 139 137 1939 P141 123 132 1939 82 P158 126 138 1938-December. 79 139 742 121 130 130 1938-December . 83 156 125 138 ,37 1939-January... 78 138 748 122 129 1939-January 155 126 137 February.. 77 138 744 122 129 February 155 122 126 136 March 76 135 742 123 130 128 March 82 153 126 138 136 April. 77 135 734 122 129 April 153 126 136 May. 77 134 738 123 130 May 153 123 126 137 June 76 134 739 124 124 132 June 82 153 127 136 137 July . 77 139 741 125 132 July 156 127 138 August 75 137 749 125 124 131 August 155 (2) 127 137 137 September 79 138 (3) 122 128 133 September 83 155 (2) 126 139 138 October. _. 78 154 (3) 122 133 136 October 165 (2) 126 143 140 November 78 157 (3) 122 136 138 November 169 (2) 126 144 142 December 77 157 (3) 123 138 December 82 173 (2) 126 142 1940-January __ 77 (3) 1940-January 174 (2) P144 p Preliminary, i Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 2 No figures available since May 1939. J No figures available since August 1939. Sources— See BULLETIN for April 1937, p. 373, and October 1939, p. 943. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926=100) Year or month United States England France Germany Nether- Nether, ( p a r v i e c r e a ) g i e ( 1 D 9 e 2 c 1 e = m 10 b 0 e ) r (1913=100) (a p v r e ic r e a ) ge lands * U S n ta i t t e e s d England France Germany (19 l 3 a 0 n = d 1 s 00) Number of isfuies.- 60 87 36 139 8 420 278 300 329 100 1926. 97.6 110.0 57.4 100.0 100.0 100.0 100.0 1929 98.1 110.2 85.1 81.4 100.0 190.3 119.5 217.6 122.8 1930... 99.3 111.8 95.8 83.3 104.3 149.8 102.6 187.6 100.2 100 1931 90.9 108.4 96.9 3 83.4 104.1 94.7 78.9 132.2 3 78.0 70 1932 69.5 113.2 88.6 3 67.1 94.8 48.6 67.9 105.2 3 50.3 46 1933 73.4 119.7 81.3 82.5 105.3 63.0 78.6 99.6 61.7 52 1934 84.5 127.5 82.1 90.7 113.4 72.4 85.7 83.3 71.1 55 1935. _ 88.6 129.9 83.5 95.3 107.8 78.3 86.3 79.7 82.9 55 1936 97.5 131.2 76.3 95.8 109.1 111.0 97.0 77.2 91.6 66 1937 93.4 124.6 75.1 98.7 * 101. 8 111.8 96.3 97.4 102.6 104 1938. 78.9 121.3 77.3 99.9 105.9 83.3 80.8 89.7 100.1 96 1939 81.6 112.3 99.0 P90.9 89.2 75.9 94.1 P90 1938—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 November... 83.0 112.3 99.0 80.9 94.2 76.0 94.5 85.8 December 82.1 112.4 99.0 77.2 91.8 75.7 97.8 84.3 1940—January. 82.4 117.6 99.1 92.7 75.7 101.0 p Preliminary. 1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. * 2 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 per cent. For new index beginning January 1937, January-March 1937=100; average yield in base period was 3.39 per cent. » 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. 8 No figures available since August 1939. -Source*.—See BULLETIN for February 1932, p. 121; June 1935, p. 394; April 1937, p. 373; July 1937, p. 698; and November 1937, p. 1172. 268 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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: The FEDERAL RESERVE ACT AS AMENDED to October Condition of Reporting Member Banks in 101 1, 1935, with mimeographed supplements showing Leading Cities amendments to date, has been printed by the Board Bank Debits and will be supplied without charge. Tuesday: DIGEST OF RULINGS—from 1914 to October 1, 1937. Money Rates—Open-Market Rates in New York Digests of rulings of Board; compilation showing City textual changes made in the Federal Reserve Act; Wednesday: digests of court decisions and opinions of the At- Weekly Review of Periodicals torney General involving a construction of the Fed- Thursday: Condition of Federal Reserve Banks eral Reserve Act; and digests of court decisions in- Condition of Reporting Member Banks in New volving Federal Reserve Banks. Price $1.25 per York City and Chicago (Also a part of state- copy. 683 pages. ment of Condition of Reporting Member Banks THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND in 101 Leading Cities released on following FUNCTIONS. Obtainable in cloth binding at 50 cents Monday) a copy and in paper cover without charge. 128 pages. Friday: Department Store Sales PROBLEMS OF BANKING AND BANK SUPERVISION. Excerpts from the 1938 Annual Report of the Board MONTHLY of Governors of the Federal Reserve System. 33 pages. Federal Reserve Bulletin—released about the 4th MONETARY MEASURES AND OBJECTIVES. Three stateof the month (subscription price $2.00 per ments by the Board on objectives of monetary policy, annum, single copies 20 cents; outside of the on proposals to maintain prices at fixed levels through United States, Canada, Mexico, and the insular monetary action, and on legislative proposals relatpossessions, annual subscription $2.60, single ing to monetary measures and objectives. 8 pages. copies 25 cents) July 1937, April 1939, and May 1939. Federal Reserve Inter-District Collection System (Par List)—including list of State bank mem- THE HISTORY OF RESERVE REQUIREMENTS FOR bers. Semi-annual issues, January-July, and BANKS IN THE UNITED STATES. Legislation, designamonthly supplements—released about 7th of the tion of reserve cities, and changes in the reserve posimonth tion of banks. 20 pages. November 1938. National Summary of Business Conditions—re- SUPPLY AND USE OF MEMBER BANK RESERVE leased about the 16th of the month FUNDS. Explanation of analysis of sources of mem- Business Indexes—released about the 16th of the ber bank reserve funds and uses to which such funds month are put as indicated by Federal Reserve and Treas- Bank Debits—released between the 6th and 12th of the month ury statements. 31 pages. July 1935. Foreign Exchange Rates—released about the 1st MEMBER BANK STATISTICS. A discussion of the of the month statistics compiled and published by the Board cov- Money Rates—released about the 3rd of the month ering the operations and condition of member banks. 28 pages. November 1935. QUARTERLY REVISED INDEXES OF FACTORY EMPLOYMENT. Bu- Member Bank Call Report (3 or 4 times a year reau of Labor Statistics indexes adjusted for seadepending upon number of calls for condition sonal variation by Board of Governors. 32 pages, reports) October 1938; 10 pages, October 1939. List of Stocks Registered on National Securities ANALYSES OF THE BANKING STRUCTURE—As of Exchanges. Issued annually in February with December 31, 1935. Number, deposits, and loans and quarterly supplements (subscription price 25 cents for the List and three supplements; five or investments of banks classified by size of bank and more copies on one order, 20 cents per copy; fifty town and by other factors. 33 pages. or more copies on one order, 15 cents per copy). THE GOLD PROBLEM TODAY, by E. A. Goldenweiser— reprint of article, 4 pages, January 1940. ANNUALLY THE PAR COLLECTION SYSTEM OF THE FEDERAL Bank Debits—released ordinarily in February RESERVE BANKS—by George B. Vest—8 pages, March Annual Report (covers calendar year) 1940. MARCH 1940 269 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. FOULK, 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 WILLIAM A. DAY Vice President ERNEST G. DRAPER Cleveland District B. G. HUNTINGTON JOHN K. MCKEE Richmond District ROBERT M. HANES ROBERT S. PARKER Atlanta District RYBURN G. CLAY RONALD RANSOM GEORGE J. SCHALLER Chicago District EDWARD E. BROWN JOHN S. SINCLAIR President M. S. SZYMCZAK St. Louis District S. E. RAGLAND Minneapolis District CHESTER MORRILL, Secretary JOHN CROSBY Kansas City District S. R. CARPENTER, Assistant Secretary JOHN EVANS WALTER WYATT, General Counsel Dallas District R. E. HARDING J. P. DREIBELBIS, Assistant General Counsel San Francisco District PAUL S. DICK E. A. GOLDENWEISER, Economist JOHN H. WILLIAMS, Associate Economist R. G. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 270 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Chairman and Reserve Federal Reserve Deputy Chairman President First Vice President Vice Presidents Bank of— Agent Boston Frederic H. Curtiss Henry S. Dennison Roy A. Young William W. Paddock.. William Willett 1 New York.. Owen D. Young Beardsley Ruml 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.. Alfred H. Williams.... John S. Sinclair. Frank J. Drinnen. Clarence A. Mcllhenny 2 W. John Davis Ernest C. Hill Cleveland George C. Brainard..- Reynold E. Klages Matthew J. Fleming. Frank J. Zurlinden.. William H. Fletcher George H. Wagner William F. Taylor 2 Richmond Robert Lassiter William G. Wysor Hugh Leach John S. Walden, Jr John G. Fry George H. Keesee 1 Atlanta Frank H. Neely Joe Frank Porter Robert S. Parker William S. McLarin, Jr.. Harry F. Conniff Malcolm H. Bryan Chicago Robert E. Wood Frank J. Lewis George J. Schaller Howard P. Preston Clifford S. Young William H. Snyder 2 James H. Dillard St. Louis William T. Nardin.. Oscar G. Johnston William McC. Martin.. F. Guy Hitt. Olin M. Attebery Clarence M. Stewart 1 Minneapolis .. Walter C. Coffey..... John N. Peyton Oliver S. Powell.. Harry I. Ziemer 2 Ernest W^ Swanson Kansas City... Robert B. Caldwell. John J. Thomas.. George H. Hamilton Carroll A. Worthington. Harold G. Leedy James W. Helm 2 Dallas James H. Merritt Jay Taylor Robert R. Gilbert Ethan B. Stroud Robert B. Coleman William J. Evans Walter O. Ford 1 San Francisco. St. George Ho den William A. D?y_. Ira Clerk. William M. Hale, Richard B. West Cecil E. Earhart 1 1 Cashier. 2 Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo Branch Robert M. O'Hara Helena Branch... _ _ Robert E. Towle Cleveland: Kansas City: Cincinnati Branch Benedict J. Lazar Denver Branch __ Joseph E. Olson Pittsburgh Branch Percy A. Brown Oklahoma City Branch Cyrus E. Daniel Richmond: Omaha Branch Lloyd H. Earhart Baltimore Branch W. Robert Milford Dallas: Charlotte Branch William T. Clements El Paso Branch Joseph L. Hermann Atlanta: Houston Branch William D. Gentry Birmingham Branch. i__ 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 Charles A. Schacht Memphis Branch William H. Glasgow MARCH 1940 271 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