Full text of Federal Reserve Bulletin : April 1938
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FEDERAL RESERVE
BULLETIN
APRIL 1938
Recent Credit and Business Developments
Annual Reports of Central Banks—France
and Belgium
Statistics of International Capital Transactions
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
CONSTITUTION AVENUE AT 20TH STREET
WASHINGTON
TABLE OF CONTENTS
Review of the month—Recent credit and business developments
National summary of business conditions..
Summary of financial and business statistics.
Law Department:
Amendment of Regulation T
Ruling of the Board:
Time when guarantee is filed with Secretary of exchange
United States Government corporations and credit agencies in 1937
Statistics of international capital transactions of the United States for 1937
Annual Report of the Bank of France
Annual Report of the National Bank of Belgium
Financial, industrial, and commercial statistics, United States:
Member bank reserves, Reserve bank credit, and related items
__
Federal Reserve bank statistics
Reserve position of member banks; deposits in larger and smaller centers
Currency in circulation. _
Gold stock and gold movements; bank suspensions; bank debits
All banks in the United States
All member banks
Reporting member banks in leading cities
Acceptances, commercial paper, and brokers' balances
Federal Reserve bank discount rates
Money rates and bond yields
Security markets
Treasury
finance
Governmental corporations and credit agencies; Postal Savings System
Production, employment, and trade
Wholesale prices
International financial statistics:
Gold reserves of central banks and governments
Gold production
Gold movements
Central banks
Bank for International Settlements
Commercial banks
Discount rates of central banks
Money rates
Foreign exchange rates
Price movements:
Wholesale prices
Retail food prices and cost of living
Security prices
Federal Reserve directory:
Board of Governors and staff; Open Market Committee and staff; Federal Advisory Council
Senior officers of Federal Reserve banks; managing directors of branches
II
Page
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259
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. . . 278-282
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306
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FEDERAL RESERVE BULLETIN
VOL.
24
APRIL, 1938
REVIEW OF THE MONTH
During the first quarter of 1938 excess reserves of member banks showed a substantial increase and at the end of
Growth of
March exceeded $1,500,000,excess reserves
000. This is about the volume
of excess reserves held by member banks in
April of last year and compares with an
average level of about $1,000,000,000. in the
last three months of 1937. The principal source
of new reserves in the early weeks of this
year was the post-holiday return of currency
from circulation, which amounted to about
$350,000,000, following a less-than-seasonal
expansion in the period before Christmas.
The banks also gained reserves from an addition to the active monetary gold stock, subsequent to the modification of the Treasury
gold policy on February 14, from the issuance
of silver certificates by the Treasury, and
from a reduction in foreign central bank deposits at the Reserve banks, which had declined steadily since early last October. A
reduction in required reserves, reflecting a
decline in deposits, also released excess reserves to member banks. A temporary increase in the latter part of March in Treasury
deposits with the Reserve banks was a factor
of decrease in member bank reserves.
As shown on the accompanying chart, all
classes of banks shared the increase in excess
reserves from December to early March of
this year. Later in March excess reserves
of New York City banks continued to increase
sharply, reaching a total of nearly $800,000,000, while those of outside banks declined
somewhat. Treasury operations at the March
quarterly income tax collection period were
largely responsible for this shift in excess
reserves among classes of banks. The New
York banks gained reserves at this time as
No. 4
Treasury interest payments and the redemption in cash of $400,000,000 of Treasury bills
maturing from March 16 through March 19,
which were largely held in the New York
market, substantially exceeded income taxes
paid by depositors of the New York banks.
EXCESS RESERVES OF MEMBER BANKS
BILLIONS OF DOLLARS
1934
ILL1ONS OF DOLLARS
1935
1936
1937
1938
Banks elsewhere lost reserves as the result of
payments of income taxes, but met part of
these losses by withdrawals of correspondent
balances from New York. The loss of reserves by outside banks at this time is usually
of short duration. In the interval between
the quarterly tax dates Treasury cash disbursements exceed receipts in most districts
and local banks are thereby provided with
new reserve funds.
The Treasury quarterly financing on March
15 was confined to the refunding of $455,000,000 of notes maturing
Treasury financing
in March
Qn t h a t
date
Holders of
the maturing notes were
offered the option of exchanging them for
2% percent bonds maturing on September
15, 1948. The new issue met a favorable re-
251
252
FEDERAL RESERVE BULLETIN
APRIL 1938
ception in the market, and practically all of have somewhat increased their holdings of
the notes were presented for conversion. The American stocks and bonds.
Treasury also sold $50,000,000 of bills each Following a statement by the President on
week during March in addition to the regular February 18 that devaluation of the dollar
offerings to replace weekly bill maturities. was not in contemplation, the leading foreign
The new bills mature during the June tax currencies drifted irregularly lower in this
collection period. They were sold on a book- market. In the second week of March, there
credit basis to prevent a further rise in the were political developments in Europe that
Treasury balance at the Reserve banks, which profoundly affected international markets
has recently been in excess of usual working- and led to a rapid decline in the dollar quotabalance needs. The book-credit feature was
FOREIGN CENTRAL BANK AND PRIVATE BALANCES
particularly attractive to city banks outside
IN THE UNITED STATES
1937
of New York City, which purchased a large
portion of these bills at slightly lower rates
than were paid on the regular 91-day bills
issued within the period.
On February 16, currencies of the four
foreign countries in the Tripartite agreement
other than France reached
Recent
their highest quotations in
international
capital movements this market since last November. Foreign uncertainties with regard to the dollar, while somewhat
intensified early in February, had been operative in the exchange market since the beginning of the current recession in business.
They were responsible in large measure for
the heavy reduction in foreign dollar balances since last September. The necesd private although they are known to
sity of paying for the excess of merchandise
central bank and other official balances.
exports from this country, amounting to
$600,000,000 during the six months ending tions of foreign currencies and to a cessation
February, has also been a factor in the de-of the previous outward flow of capital from
this country.
cline of foreign balances here.
The chart shows that both foreign central
bank balances held with the Federal Reserve EXCHANGE RATES FOR LEADING FOREIGN CURRENCIES
[In cents per unit of foreign currency]
banks and other foreign balances with commercial banks in the United States were subCurrency
Feb. 16 Mar. 8 Mar. 18 Mar. 30
stantially reduced during the final months of
503. 62
501. 59
495. 42
496. 72
1937. This movement continued in both Sterling franc.
French
3.29
3.22
3.08
3.04
Guilder
56.15
55.93
55.17
55.38
classes of balances throughout most of theSwiss franc__.
23.31
23.22
22.91
22.94
17.02
16.93
16.82
16.90
first quarter of the current year, but at a Belga
somewhat slower rate. The withdrawal of
In France the Chautemps Cabinet, formed
short-term funds was at no time accompanied
by a considerable volume of foreign selling in January and not fully representative of
of American securities, however, and over the the Popular Front, resigned on March 10 bewhole period since last September foreigners cause of the difficult fiscal situation and its in-
MILLIONS OF DOLLARS
2400
MILLIONS OF DOLLARS
2400
APEIL 1938
253
FEDERAL RESERVE BULLETIN
ability to obtain full powers to take financial
Member banks in 101 leading cities reand economic measures by decree. Former ported some decline in deposits during the
Premier Blum, who was entrusted with the
first three weeks of March.
Their a r e a t e loans a n d
formation of a new Cabinet, first attempted
^ ^
into form a broad coalition Government emvestments also declined, owing
bracing members of the conservative parties largely to redemption of Treasury bills in the
as well as of the Popular Front. The attempt third week of March. As brought out in the
failed. On March 13, a new Popular Front chart, from last October through January,
cabinet was announced and the franc, which New York banks had steadily added to their
had rallied from its earlier lows on the pros- holdings of Government securities, while
pect that a broad non-partisan Government holdings at banks in 100 other leading cities
would be formed, broke sharply to about 3.05 had shown little change. New York City
cents on March 14. Itfluctuatedaround this banks increased their holdings of other securilower level, more than 20 percent below its ties by nearly $200,000,000 in the first quarter
1929 parity with the dollar, throughout the of the year.
rest of March. In the latter part of the Commercial and industrial loans at reportmonth legislation was passed which increased ing banks showed a moderate decline in Febby 5,000,000,000 francs the limit on Treasury ruary and March. Since last October these
borrowing at the Bank of France.
loans had been generally decreasing, owing in
More widespread in its effects than the part to the seasonal decline in the demand for
French developments was the European war credit. Ordinarily there is a small seasonal
scare arising out of the announcement on increase in these loans in the early spring. In
March 9 that a plebiscite on the question of the early part of March, loans to security
Austrian independence would be held the fol- dealers showed an abrupt increase, in conlowing Sunday, the resignation of Chancellor nection with the public debt operations of the
Schuschnigg on March 11, and the annexa- Treasury, followed by an equally sharp decline. Loans to brokers and dealers in securition of Austria by Germany on the 13th.
As the crisis developed, there was an increase in gold hoarding on the London market
and European currencies fell. On March 15
the dollar equivalent of the London gold
price declined to a level at which, for the
first time since last September, it became
profitable for American banks to buy gold
in London for shipment to the United States,
and several purchases were made on that
and succeeding days. The decline of foreign
currencies and the hoarding of gold abroad
continued.
A further development that contributed
to uncertainty during the third week of
March was the Polish ultimatum to Lithuania. With Lithuania's acceptance of the
Polish terms on March 19, however, and the
gradual clarification of the Austrian situa- Total loans and investments include various types not shown
23, 1938. Figures
tion, conditions in world markets became separately. Latest figures are for March industrial and someshown
for commercial loans, which include also
agricultural loans, are based upon new classifications beginning May
calmer.
19, 1937.
LOANS AND INVESTMENTS
OF REPORTING MEMBER BANKS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
NEW YORK CITY
OUTSIDE NEW YORK CITY
U.S.GOVT OBLIGATIONS
JOMMERC1AL L O A N S -
1936
1937
1938
1938
254
FEDERAL RESERVE BULLETIN
ties by New York City banks are now about
half of what they were last September prior
to the sharp decline in stock prices.
Government security prices, which had
shown a steady advance for the six months,
declined somewhat in March. The
Securities average yield on long-term Treasmarkets
,
,
, . -,
-,,.
-, ,
~
A
+
ury bonds, which declined to 2.41
percent early in March, closed the month at
2.52 percent. The average yield on 3-5 year
Treasury notes declined to 0.96 percent, almost reaching the low level of 0.92 percent in
December 1936, but rose toward the end of
the month to above one percent. Rates on
new issues of Treasury bills were little affected by these fluctuations in longer-term
Government securities. New issues of 91day Treasury bills sold during March at 0.07
percent, a yield slightly lower than in the
two preceding months.
The most striking development in the securities markets during the first three months
of this year was a marked weakness in railroad bonds of medium- and lower-grade.
After declining sharply in January to the
lowest point since early 1933, prices of these
obligations recovered slightly during February, but in March declined again to new
lows which were about 20 points below their
December level.
Yields on highest-grade corporate bonds
rose slightly during the latter part of March,
after remaining fairly stable during the
earlier part of the year at the low level
reached in December, which was only slightly
above the all-time lows reached at the end
of 1936. Prices of industrial and public utility
bonds of the medium- and lower-grades have
continued to fluctuate irregularly about their
low levels reached in the last quarter of 1937.
Common-stock prices declined in the latter
part of March to below their lows of 1937.
Customers' debit balances with stock exchange firms declined during the first two
months of this year by about $50,000,000 and
at the end of February were about $935,000,000 as compared with the peak last year of
APRIL
1938
$1,560,000,000. The current level of these
balances and of brokers' loans is lower than
at any time since 1933.
During the first quarter of this year, corporate security issues offered for new capital
purposes totaled about a third
apital issues
a g m u c j 1 a g j n foe corresponding period of 1937. A moderate amount of
corporate refunding was carried out in February and March, following several months
of virtual inactivity in this field. Despite
instability in the lower-grade bond market,
a number of issues with medium ratings are
reported to have sold well.
During the first three months of 1938 industrial production continued at the low level
reached at the beginning
Business conditions of the year. Freight-car
of i938 quarter
loadings decreased further, however, and retail
distribution of commodities, which had been
well maintained in most lines during the latter part of 1937, also declined during the
quarter. Wholesale commodity prices generally showed little change, but prices of some
basic agricultural and industrial commodities
declined and in the fourth week of March
were at lower levels than those reached last
November.
The Board's index of industrial production,
which by January had declined to 80 percent
of the 1923-1925 average, was at 79 percent
in February, and preliminary estimates indicate little change from this level in March.
In industries manufacturing nondurable
goods there were moderate increases in activity in February at textile mills, clothing
establishments, and shoe factories, while decreases were reported at rubber tire factories
and meat-packing establishments. At steel
mills, automobile factories, lumber mills and
in other durable goods industries, output continued at a low level in March, as well as in
February, and such increases as occurred
were generally somewhat less than the usual
seasonal amounts. Output of minerals declined in February but increased in March.
FEDERAL RESERVE BULLETIN
APRIL 1938
The extent of recent changes in activity in
industries manufacturing durable goods and
in those producing nondurable goods is indicated in the accompanying chart which shows
the estimated number of man hours worked.
The figures are based on reports for the payroll period ending nearest the middle of the
month and are adjusted for seasonal variation.
255
subsequently increased more than seasonally
and in the first three weeks of March were
14 percent smaller than in the corresponding
period last year. The value of all contract
awards in the first quarter was one fourth
smaller than a year ago, reflecting a smaller
volume of private projects, particularly for
factory, commercial, and public utility construction.
MAN-HOURS WORKED IN MANUFACTURING INDUSTRIES
ADJUSTED FOR SEASONAL VARIATION
MILLIONS PER WEEK
MILLIONS PER WEEK
/
NONDURABL
V
f
V
\
•
DURAB _E
Based on data compiled by the Bureau of Labor Statistics. February 1938 figures estimated.
Distribution of commodities to consumers
decreased further in the first quarter of 1938.
Sales of automobiles and other durable consumers' goods, which had declined in the
latter part of 1937, continued at a low level
in the first part of 1938, and sales by department and variety stores and mail order sales,
which had been well maintained up to the
end of last year, declined. The Board's seasonally adjusted index of department store
sales for March is estimated on the basis of
weekly figures to be around 85 percent of the
1923-1925 average as compared with 88 in
February and a level of 93 during most of
last year. The reduction from a year ago reflects a decline in retail prices as well as a
smaller physical volume of sales. Inventories
at department stores by the end of February
had been reduced 10 percent from the level
prevailing last August.
In the construction industry, contracts for
residential projects, which in January were
about 50 percent smaller than a year ago,
Appointment of Mr. Draper to the Board of
Governors
On March 11, 1938, the President nominated Ernest G. Draper of Connecticut as a
member of the Board of Governors for the
unexpired portion of the term of fourteen
years from February 1, 1936, which was
made vacant by the resignation of Mr. Broderick on September 30, 1937. Mr. Draper's
appointment was approved by the Senate on
March 23, and he assumed his duties as a
member of the Board on March 30, 1938.
Mr. Draper was born in Washington, D. C,
May 15, 1885, and received his B.A. degree
from Amherst in 1906. He began his business career in New York City in 1906. He
was president of the American Creosoting
Company from 1912 to 1920, treasurer of
The Hills Bros. Co. from 1920 to 1926, and
vice president and treasurer of the same company from 1926 to 1935. He has served as a
member of the New York State Commission
on Unemployment, of the New York City Art
Commission, of the New York Advisory Commission on Minimum Wage, of the Business
Advisory Council for the Department of Commerce, and as a representative of industry on
the National Labor Board. Since 1935 he has
been Assistant Secretary of Commerce.
Appointment of Class C Director at a Federal
Reserve Bank
On March 11, 1938, Henry I. Harriman,
Boston, Mass., was appointed a Class C director of the Federal Reserve Bank of Boston
for the unexpired portion of the term ending
December 31, 1940.
256
FEDERAL RESERVE BULLETIN
APRIL 1938
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled March 23 and released for publication March 25]
Volume of manufacturing production
showed little change from January to February, while output of minerals declined
further. Awards for residential building
increased somewhat in February and rose
considerably in the first half of March.
Production.—The Board's seasonally adjusted index of industrial production, which
includes both manufacturing and mining,
was 79 percent of the 1923-1925 average in
February as compared with 80 percent in
INDUSTRIAL PRODUCTION
PER
PER CENT
140
130
A
120
110
S
100
90
80
70
'\yS
/\ 1
' V
\I
A
\
\
V
60
Monthly index of physical volume of production, adjusted for
seasonal variation, 1923-1925 average = 100.
January. The decline in the total index was
accounted for chiefly by a reduction in output of minerals, particularly of crude petroleum. Steel ingot production showed about
the usual seasonal increase and averaged 32
percent of capacity in February. Automobile production decreased slightly further,
and output of plate glass continued to decline. Lumber production rose seasonally.
In the first three weeks of March activity at
steel mills and automobile factories was at.
about the same average rate as in February.
In the nondurable goods industries there
were moderate increases in output in February at textile mills and shoe factories,
where production has recently been at low
levels, while at meat-packing establishments
activity declined.
Value of construction contracts awarded,
as reported by the F. W. Dodge Corporation,
showed a sharp decline from January to
February, reflecting chiefly a marked reduction in awards for publicly-financed projects.
Contracts for residential building increased
moderately. In the first half of March there
was a considerable further increase reported
for residential building and awards for other
construction also increased.
Employment.—Factory employment and
payrolls increased by somewhat less than the
usual seasonal amount between the middle
of January and the middle of February.
The Board's seasonally adjusted index of
factory employment was at 83 percent of the
1923-1925 average in February as compared
with 84 in January. In the durable goods
industries decreases were general in February, though not so large as in preceding
months. Employment in nondurable goods
industries increased somewhat following a
period of rapid decline. Employment in
trade, at mines, on the railroads, and in the
construction and public utility industries decreased somewhat from the January level.
Distribution.—Value of department store
sales, as measured by the Board's seasonally
adjusted index, declined from 90 percent of
the 1923-1925 average in January to 88 perFREIGHT-CAR LOADINGS
•
\
Index of total loadings of revenue freight, adjusted for seasonal
variation, 1923-1925 average = 100.
257
FEDERAL RESERVE BULLETIN
cent in February, and in the first three weeks
of March there was a further decrease.
Sales at variety stores and mail order houses
in February showed somewhat less than the
usual seasonal increase.
Freight-car loadings decreased further in
February, reflecting chiefly reduced shipments of coal and grain, and showed a seasonal increase in the first two weeks of
March. The current level of carloadings is
about 25 percent less than a year ago.
Commodity prices.—The general level of
wholesale commodity prices, as measured by
the Bureau of Labor Statistics' index, showed
little change from the middle of February to
the third week of March. There were seasonal increases in prices of livestock and
meats, while prices of such basic commodities
as wheat, cotton, rubber, zinc, and bituminous coal declined.
WHOLESALE PRICES
PER CENT
PER CENT
110
110
90
90
80
\
80
70
70
60
60
50
50
Index compiled by United States Bureau of Labor Statistics,
1926 = 100. By weeks, January 6, 1934, to March 19, 1938.
Bank credit.—Excess reserves of member
banks increased during the first three weeks
of March to over $1,500,000,000, the highest
level since last April. The bulk of the increase occurred at New York City banks,
which in the third week of the month held
over $700,000,000 of excess reserves.
EXCESS RESERVES OF MEMBER BANKS
BILLIONS OF DOLLARS
1934
BILLIONS OF DOLLARS
1937
Wednesday figures of estimated excess reserves for all member
banks and for selected New York City banks, January 3, 1984,
to March 23, 1938.
During February and the first half of
March, there was little net change in deposits and in total loans and investments at
reporting member banks in 101 leading cities.
Holdings of United States Government obligations declined at banks in New York but
increased in Chicago. Commercial loans,
which had decreased sharply in the four preceding months, showed a further moderate
decline.
Money rates and bond yields.—Conditions
in the short-term money market continued
easy in March. Rates on Treasury bills were
slightly lower and prime commercial paper
was quoted at a range of from % to 1 percent
as against the flat 1 percent rate which had
prevailed since a year ago. Yields on Treasury bonds and notes, after declining for the
past six months, advanced slightly around
the middle of March. Yields on corporate
bonds also advanced in March, reflecting
principally declines in prices of railroad
bonds.
258
FEDERAL. BESEEVE BULLETIN
APEIL 1938
MEMBER BANK RESERVES AND RELATED ITEMS
WEDNESDAY
BILLIONS OF DOLLARS
FIGURES
BILLIONS OF DOLLARS
14
13
Ill
14
13
II'"*
12
/
12
11
11
GOLD \B T O C K - - ^
10
10
3
8
7 -
MONEY I Si CIRCULATION^
w
6
4
3
i---...
TREASURY CA SH
RESERVE BANK
CRED IT
2
1
2
K
i TREASlJRY DEPOSITS
:
ft
AT F .R. RANK'?
0
1934
1935
1936
I-
1
1937
1938
1937
1938
9
8
7
MEMBER BANK
RESERVE BALANCES
6
5
4
±241: REQUIRED RESERVES
3
2
1
0
1934
1935
1936
Latest figures for March 28. See table on page 290.
259
FEDERAL RESERVE BULLETIN
APRIL 1938
SUMMARY OF FINANCIAL AND BUSINESS STATISTICS
1938
1938
1937
1937
1937
1936
Feb.
Jan.
Dec.
Feb.
Jan.
Dec.
Annual average 5
1934
1933
1929
2,502
36
25
2,432
7,512
2,381
5,403
2,798
81
438
2,429
283
83
2,052
4,059
2,271
5,576
288
55
497
1,450
952
241
208
3,996
2,015
4,476
207
22
406
3,676
1,564
2,343
528
2,358
43
21, 214 21, 285 21,484 22, 600 22,734 22,760 22,198 22,064 19,997 18, 672 17, 505
738
825
903 1,217 1,228 1,248 1,226 1,181
990
981
777
1,890 1,910 1,959 2,021 2,007 2,034 2,006 2,055 2,131 2,545 3,157
6,308 6,402 6,589 5,744 5,763 5,748 6,314 5,226 4,907 4,965 5,222
22,599
•2,208
•5,448
9,231
1937
1936
1935
RESERVE BANK CREDIT, MEMBER BANK RESERVES,
AND RELATED ITEMS
Averages of daily figures; in millions of dollars
Reserve bank credit outstanding—total
Bills discounted
Bills bought
U. S. Government securities
Monetary gold stock,__ .
_
__
Treasury currency outstanding
Currency in circulation _
Treasury cash holdings
Treasury deposits with F. R. banks
Nonmember deposits and other accounts— _ _ _ _
Member bank reserve balances:
Total
Excess.
2,598 2,603 2,628 2,475 2,485 2,498 2,554 2,481 2,475
11
11
3
14
16
3
6
7
1
3
1
3
3
4
3
3
5
2,564 2,564 2,565 2,431 2,430 2,434 2,504 2,430 2,431
12, 768 12, 756 12, 765 11,399 11,310 11,220 12,162 10, 578 9,059
2,662 2,643 2,627 2,531 2,531 2,528 2,567 2,503 2,478
6,319 6,397 6,618 6,369 6,400 6,563 6,475 6,101 5,585
3,630 3,630 3,622 2,569 2,450 2,357 3,225 2,474 2,791
164
127
167
200
155
188
446
128
158
685
664
554
561
506
713
551
507
595
7,230
1,406
7,183
1,353
6,747
2,152
6,879
1,071
6,716
2,093
5,001
2,469
5,228
2,865
3,121
1,822
240
1,322
2,847
1,725
248
1,142
2^822
115
Averages of weekly figures; percent per annum
MONEY RATES AND BOND YIELDS
1.00
1.00
.08
2.46
3.23
1.00
1.00
.10
2.47
3.20
1.00
1.00
.11
2.54
3.23
199
82
117
121
92
29
511
190
321
103
41
49
46
164
122
42
57
43
377
152
62
4
14
225
.75
1.00
.15
2.31
3.22
.75
.75
1.00
.17
2.29
3.10
1.00
.12
2.27
3.10
.95
1.00
.28
2.57
3.27
.75
.91
.17
2.47
3.24
1.02
1.00
.28
3.10
4.00
1.72
1.16
.52
3.31
4.49
180
116
64
189
34
41
15
89
60
29
155
26
18
959
841
118
781
667
115
.76
.56
.17
2.70
3.60
5.85
7.61
3.60
4.73
Amounts per month; in millions of dollars
CAPITAL ISSUES
All issues—total
- New
Refunding
Domestic corporate issues—total
New
Refunding
*
603
244
360
726
266
459
300
96
1 323
626
218
204
408
173
150
518
164
354
198
99
382
99
99
282
392
121
270
32
13
Index numbers
PRICES
81
83
81
130
126
123
112
111
78
72
63
190
80
70
81
72
82
73
86
91
86
91
84
89
86
86
81
81
80
79
75
65
66
51
74
83
78
76
84
80
80
84
83
87
84
85
87
83
85
86
82
83
86
85
85
82
80
82
84
78
80
71
78
74
61
71
66
95
105
100
92
105
P79
Common stocks (1926=100)
Wholesale commodity prices (1926=100):
All commodities
Farm products
Foods
Other commodities Retail food prices (1923-25=100)
62
88
80
76
108
52
26
74
84
72
65
90
84
79
114
62
30
88
89
81
67
89
P163
289
171
319
209
Index numbers, adjusted for seasonal variation, 19X3-25=100
BUSINESS INDEXES
.
__
_- -
„-
P101
P30
P64
P83
P74
116
116
115
62
47
75
100
96
82
95
114
115
110
63
45
77
99
91
80
93
121
121
117
66
45
83
99
95
83
92
110
109
115
59
41
74
99
98
78
92
105
105
104
55
37
70
92
82
75
88
90
90
91
37
21
50
86
71
64
79
79
78
86
32
12
48
83
63
62
75
76
75
82
25
11
37
72
49
58
67
110
110
115
117
87
142
105
100
107
111
178
138
140
121
437
367
Amounts per month; in millions of dollars
MERCHANDISE EXPORTS AND IMPORTS
p Preliminary.
• Partly estimated.
i Includes loans on securities to banks, 1929-1934.
* Figures not available.
»Includes time deposits of banks, domestic and foreign, 1929-1934.
* Does not include time deposits 1929-1934.
5,989
2,512
8,168 8,118 8,046 9,118 9,263 9,241 8,394 9,080 7,989 6,856
1,147 1,131 1,113 1,212 1,230 1,242 1,164 1,250
928
•325
2,963 2,899 2,874 3,288 3,243 3,247 3,094 3,272 3,052 •3,000
5,646 5,614 5,358 5,326 5,292 5,264 5,307 4,799 4,024 2,875
294
387
315
341
401
427
383
337
326
271
2,016 1,986 1,850 2,252 2,307 2,439 1,884 2,358 2,112 1,688
14, 509 14,438 14, 570 15, 572 15, 516 15,544 15,097 14,619 12,729
5,237 5,210 5,203 5,094 5,052 5,045 5,202 4,999 4,883 4,937
5,286 5,286 5,053 5,988 6,085 6,155 5,298 5,810 4,938 3,814
1
11
12
3
4
10
3
5
6
8
Commercial paper
Stock exchange call loans
U. S. Treasury bills (91 days)
U. S. Treasury bonds, long term
Corporate high grade bonds (Moody's Aaa)
Exports, including re-exports
General imports
6,830
1,220
Averages of Wednesday figures; in millions of dollars
REPORTING MEMBER BANKS
Total loans and investments
*
Loans to brokers and dealers in securities 1
Loans on securities to others (except banks)
All other loans
U. S. Government obligations:
Direct
Fully guaranteed- _ _
Other securities
Reserve with Federal Reserve banks
Cash in vault
Balances with domestic banks
Demand deposits—adjusted
Time deposits (excluding interbank) 8
Deposits of domestic banks 4 Borrowings
- -
Industrial production
Manufactures
Minerals
O onstruction—total
Residential _
All other
Factory employment
Factory payrolls (unadjusted)
Freight-car loadings
Department store sales
6,665
2,046
\
233
278
223
240
230
245
1 279
1
27
5
205
202
190
171
260
FEDERAL RESERVE BULLETIN
APRIL 193
LAW DEPARTMENT
Time When Guarantee Is Filed With Secretary of
Exchange
Amendment of Regulation T
The Board recently adopted Amendment
Under section 6(c)(2) of Regulation T,
No. 1 of its revised Regulation T. The amendone of the requirements for a guarantee being
given effect for the purposes of the regulation ment became effective on March 21, 1938,
is that "a duplicate original of the guarantee and made certain technical changes to fahas beenfiledwith the secretary of a national cilitate transactions involving withdrawals
securities exchange of which the creditor is from special omnibus accounts, shipments of
a member or through which his transactions securities in connection with special cash
accounts, or financing of odd-lot dealers in
are effected."
The Board recently considered a case in special omnibus accounts. It amended the
which a creditor had received a guarantee revised regulation as indicated below.
that satisfied all other requirements for its
1. Section 4 (b) of said regulation was amended
by striking out the word "and" after the semieffectiveness under the regulation, but the
colon in paragraph (2) of said section, by strikcreditor's office was located at such a distance
ing out the period at the end of paragraph (3)
of said section and substituting therefor a semifrom an appropriate national securities excolon and the word "and", and by adding at the
change that it would require several days for
end thereof a new paragraph reading as follows:
the duplicate original to reach the secretary
"(4) A transaction consisting of a withdrawal of cash or registered or exempted seof the exchange by mail. The question precurities from the account shall not be subject
sented was whether in such circumstances,
to the restrictions specified in the second paragraph of section 3 (b)."
if the creditor mailed the duplicate original
2. The second paragraph following paragraph
to the secretary of the exchange and also
(2) of section 4(c) of said regulation was
advised the secretary of these facts by teleamended by adding the following sentence at
the end thereof:
graph, the creditor might thereupon treat the
"If any shipment of securities is incidental
guarantee as having been appropriately filed,
to the consummation of a transaction in a speinstead of allowing time for the duplicate
cial cash account, the period applicable to the
transaction under the foregoing provisions of
original to reach its destination.
this paragraph or the preceding paragraph
It is recognized that filing requirements of
shall be deemed to be extended by the number
of days required for such shipment, except
other statutes or regulations frequently are
that the total extension of such period purheld not to be complied with until the docusuant to this sentence shall not exceed 7 days
for any transaction."
ment in question has been received in the
3. Paragraph (2) of section 4(f) of said
office of the person with whom it is to be filed.
regulation was amended to read as follows:
The Board expressed the opinion, however,
"(2) Effect and finance, for any member of
that in view of the purposes of this requirea national securities exchange who is regisment in Regulation T it would be proper in
tered and acts as an odd-lot dealer in securities on the exchange, such member's transa case such as that described to treat the
actions as an odd-lot dealer in such securities,
duplicate original of the guarantee as having
or effect and finance, for any joint adventure
in which the creditor participates, any transbeen filed with the secretary of the exchange
actions in any securities of an issue with reas of the time when the duplicate original
spect to which all participants, or all participants other than the creditor, are registered
has been mailed to him and he has been adand act on a national securities exchange as
vised by telegraph.
odd-lot dealers."
APRIL 1938
261
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT CORPORATIONS AND CREDIT AGENCIES IN 1937
Total outstanding loans and investments in given in this table differ from those in statestock of financial institutions by Government ments released by the various agencies themcorporations and credit agencies were re- selves in that interagency assets and liabiliduced by $370,000,000 in 1937, or nearly as ties are here excluded.
much as in 1936, and at the end of the year In Table 2 loans and investments are aramounted to $8,560,000,000. The proprie- ranged so as to show separately those agencies
tary interest of the United States was which are not primarily lending agencies and
$4,070,000,000 on December 31, 1937, an in- so as to group the lending agencies in five
crease of $160,000,000 over 1936. Practically classes. This table is based in part on addiall of this increase resulted from the transfer tional data furnished by the Treasury Deto the United States Housing Authority, or- partment. Out of the total of outstanding
ganized in 1937, of $150,000,000 of assets of loans and investments of $8,560,000,000 at
the Public Works Administration which had
GOVERNMENT
not previously been reflected in the Treas- TABLE 1.—ASSETS AND LIABILITIES OP DECEMBER 31,
CORPORATIONS AND CREDIT AGENCIES,
ury's combined statement of assets and liabilities. There was a moderate increase in 1937.
[In millions of dollars]
the combined equity of private stockholders.
Change from
Real estate and other property held for sale
Dec. 31, 1937
Dec. 31, 1936
increased by $290,000,000 during the year to
a total of $620,000,000. Liabilities in the
FiFiFiFinanced nanced nanced nanced
form of bonds and notes were $6,010,000,000
wholly partly wholly partly
at the end of 1937, or $90,000,000 less than a
from
from
from
from
Govt. Govt. Govt. Govt.
year earlier.
funds funds funds
funds
The decrease in loans and investments of
ASSETS
these agencies during 1937 reflected principally declines in home mortgage and farm Loans and preferred stock:
Loans tofinancialinstitutions...
211
+59
290
-79
mortgage loans that were made during the
Preferred stock, etc
.
i 206
+81
-95
555
-367
2,398
emergency period. Loans to financial instituHome mortgage loans
Farm mortgage loans
-61
2,876
tions and others by the Reconstruction FiOther agricultural loans
266 " " - 8 6 "
+48
+144
All other loans
.
1,343
nance Corporation and its holdings of preTotal loans and preferred stock. 2,484 5,957
-241
ferred stock, capital notes and debentures of
-117
banks declined much less in 1937 than in Cash
94
204
+26
+14
+60
73
533
+41
1936. Further liquidation of Commodity United States direct obligations
Obligations of Government credit
Credit Corporation loans that were made in agencies:guaranteed by U. S
Fully
14
-16
166
1934-1935 was partly offset by new loans on
34
Other
-1
+3
27
Production credit association class A
cotton. Agricultural production loans out- stock
76
+1
standing increased as did also the outstand- Shares of Fed. sav. and loan associa-1
tions held by U.
48
ing loans of Federal Home Loan Banks to Accounts and otherS. Treasury
receivables
-11
77
200
+3
+273
580
39
+16
their member institutions. Further invest- Property held for sale
45
-36
405
+200
.
ments were made in savings and loan associa- Other assets
Total assets other than intertions. The Federal Housing Administration
agency
3,289
7,738
+58
+157
insured a large volume of privately made
LIABILITIES
home mortgage loans, and the United States
Housing Authority was given the power to Bonds, notes, and debentures:
Guaranteed by United States
297
4,347
+46
-70
Other
64
299
—9
— 57
issue obligations guaranteed by the United Other liabilities (including reserves). 111 1 475 +19 +104
States to obtain funds to lend to public housTotal liabilities other than ining agencies.
teragency
_.
472
6,121
-22
+56
Table 1 shows for December 31, 1937, the Excess of assets over liabilities, excombined assets and liabilities of agencies cluding interagency transactions... 2,817 1,617 +101 +80
361
+22
classified by the Treasury as wholly financed Privately owned interests
U. S. Government interests
2, 817
1,256
+101
+57
from Government funds and of those classified as financed partly from Government 1
Shares of Federal and other savings and loan associations held by
funds and partly from private funds. Home Owners' Loan Corporation.
Less than $500,000.
Changes in the various items from the end 32 Excludes $761,000,000 of Federal Land bank bonds held by Federal
of the preceding year are also indicated. Data Farm Mortgage Corporation.
3
262
FEDERAL RESERVE BULLETIN
TABLE 2.—LOANS AND INVESTMENTS OF GOVERNMENT
CORPORATIONS AND CREDIT AGENCIES AND PROPRIETARY INTEREST OF UNITED STATES, DECEMBER
31, 1937.
[In millions of dollars]
Agency or group of agencies
Outstanding
loans; investments in pre- Proprietary
ferred stock,
interest
capital notes
and debentures of U. S.
and shares of Government
financial
institutions
Dec.
31,
1937
Agencies engaged primarily in lending:
Reconstruction Finance Corporation
2,084
and affiliated agencies 1
3
2,876
Farm mortgage agencies 4
2,852
Home mortgage agencies
Other agricultural credit agencies:
Federal intermediate credit banks
and banks for cooperatives
__. 5 266
Regional agricultural credit corporations and production credit corp92
orations
Congressional appropriations administered by Farm Credit Admin6
98
istration
123
Resettlement Administration
Other lending agencies:
10
U. S. Housing Authority
__.
75
U. S. Maritime Commission
Other lending agencies financed
73
wholly by United States
Total, lending agencies
8,548
Other agencies:
Federal Deposit Insurance Corporation, Federal Savings and Loan
Insurance Corporation, and Federal
Housing Administration
Tennessee Valley Authority
Other non-lending agencies financed
wholly by United States
Total, all agencies
11
Change
Change
from Dec. from
31,
Dec.
Dec.
31,
1936
1937
2 - 1 3 7 1,781
—61
487
241
-233
31,
1936
-119
+28
+11
+48
267
+14
—9
141
-6
—47
+35
135
123
-46
+35
+10
-7
147
103
+147
+25
69
+22
2 - 3 7 5 3,496
+74
294
202
+10
+75
+4
-12
APRIL 1938
the end of 1937, $7,810,000,000 was held by
three groups of agencies, namely: (1) the
Reconstruction Finance Corporation, together with certain affiliated corporations,
and the Public Works Administration; (2)
the farm mortgage institutions under the
Farm Credit Administration; and (3) the
institutions under the Federal Home Loan
Bank Board. Other agricultural loans
amounted to $580,000,000, and miscellaneous
loans of various agencies accounted for the
remaining $170,000,000.
The Government's proprietary share in
agencies which are, have been, or will be engaged primarily in lending, also shown in
Table 2, amounted to $3,500,000,000 at the
end of 1937. The equity of the United States
in the assets of three insuring agencies, the
Federal Deposit Insurance Corporation, the
Federal Savings and Loan Insurance Corporation, and the Federal Housing Administration, totaled $290,000,000. Certain
other Government corporations and agencies
are primarily operating organizations. The
Government's equity in three of these agencies, the Tennessee Valley Authority, the
Panama Railroad Company and the Inland
Waterways Corporation, amounted to $270,000,000 at the end of 1937 or $80,000,000
more than the year before owing to an increase in equity in the Tennessee Valley Authority.
Reconstruction Finance Corporation and
affiliated agencies.—The decrease in outstand82
5
()
+1 ing loans and investments of the Reconstruc8,564 2 - 3 7 1 4,073
+159 tion Finance Corporation, four corporations
to which it supplies funds, and the Public
NOTE.—Farm mortgage and home mortgage agencies, the Federal intermediate credit banks and banks for cooperatives and the Federal De- Works Administration, for whose loans the
posit Insurance Corporation and Federal Savings and Loan Insurance Reconstruction Finance Corporation acts as
Corporation are classified in Treasury statements as agencies "partly
financed by the United States," as is also the War Finance Corporation, distributing agent, amounted to $140,000,which is not included in groups shown in this table and for which the
000 in 1937 as compared with $500,000,000
amounts were less than $500,000.
1 Including Commodity Credit Corporation, Export-Import Bank> in 1936. Table 3 shows in detail the loans
RFC Mortgage Company and Disaster Loan Corporation. Including and investments of this group of agencies.
also, though not an affiliated agency, the Public Works Administration.
2
As shown in this table, Reconstruction
In computing these changes an adjustment has been made in previously published figures for loans outstanding on December 31, 1936. Finance Corporation investments in preSee table 3.
3
The difference between this figure, derived from the Treasury De- ferred stock, capital notes and debentures of
partment statement, and the sum of correspondingfiguresin the regular
BULLETIN table on Farm Credit Administration loans is due to the in- banks were reduced during 1937 by $100,000,clusion of Federal Land bank "loans called for foreclosure" and matured 000. This was a much smaller amount of net
"extensions" and of Federal Farm Mortgage Corporation "extensions"
in4the Treasury figure.
repayments than was received in 1936 when
Including loans by Home Owners' Loan Corporation and Federal
Home Loan banks, and investments in shares of building and loan a few very large banks completely retired
associations by Home Owners' Loan Corporation and the Treasury.
Reconstruction Fi5
The difference between this figure and the sum of corresponding their preferred stock.
figures in the regular BULLETIN table on Farm Credit Administration nance Corporation loans to banks and loans
loans is due to the exclusion from thisfigureof loans and discounts by the
to aid in the reorganization or liquidation of
Federal intermediate credit banks to the banks for cooperatives.
6
The difference between this figure and the sum of corresponding closed banks were also reduced further by
figures in the regular BULLETIN table on Farm Credit Administration
loans is due chiefly to deduction in the Treasury figure of reserves for $50,000,000, as compared with a reduction of
uncollectible items.
7
$180,000,000 in 1936. Outstanding loans on
Less than $500,000.
7
APRIL 1938
FEDERAL RESERVE BULLETIN
263
dating projects increased by $43,000,000,
loans to industrial and commercial businesses
by $11,000,000, and loans to refinance in[In millions of dollars]
debtedness of drainage, levee and irrigation
districts by $13,000,000. Outstanding loans
Out- Change
of the RFC Mortgage Company increased by
DisRe- stand- from
bursed paid
ing
Dec.
$31,000,000, largely through purchases of
in
in
Dec.
31,
1937
1937
31,
Federal Housing Administration insured
1936
1937
loans on newly constructed homes. Loans by
the Disaster Loan Corporation which was
Investment2 in preferred stock, etc.,
116
566
- 9 8 formed at the time of the floods in 1937
of banks
17
Loans for distribution to depositors
- 2 2 amounted to $6,000,000 at the end of the
38
60
86
of closed banks
Other loans to banks
-28 year.
94
28
(3)
11
Miscellaneous loans 4
-37
49
105
Loans on commodities
-31
200
In summary, the net decline during 1937 in
P.W.A. loans held by P.W.A. and
-34 outstanding loans and investments of the ReR.F.C.
214
Loans to railroads
20
10
356
+10 construction Finance Corporation and affiliSelf-liquidating loans
46
4
238
+43
Loans to industrial and commercial
+11 ated agencies amounted to about $140,000,23
12
businesses
75
000. Funds returned to the Treasury were
Loans to drainage, levee and irriga1
+13
14
tion districts - 78
R F C Mortgage Company loans
67
5+31 somewhat larger than this as a result of
Disaster Loan Corporation loans
6
+6 earnings of the Reconstruction Finance CorTotal
..
2,084 5-137 poration. The principal other changes in the
assets and liabilities of these agencies were
1 Including Commodity Credit Corporation, Export-Import Bank, an increase of $45,000,000 in Reconstruction
RFC Mortgage Company, and Disaster Loan Corporation. Including
also, though not an affiliated organization, the Public Works Administra- Finance Corporation guaranteed notes held
tion. Except as otherwise indicated by title or footnote all items are by the public, and the acquisition of $34,000,Reconstruction Finance Corporation loans or investments.
2
000 of United States securities by the ReIncluding loans secured by preferred stock, etc., of banks.
3 Less than $500,000.
There
* Including all loans of Commodity Credit Corporation and Export- construction Finance Corporation.
Import Bank in addition to Reconstruction Finance Corporation loans. was also a decrease of $12,000,000 in short• * This change differs from that which will be found in comparing this
table with the similar table in the April 1937 BULLETIN because adjust- term notes of the Commodity Credit Corporament has been made for a reclassification in the Treasury statement of
tion outstanding.
certain assets as loans rather than as investments.
Farm mortgage loans.—Outstanding loans
commodities by the Reconstruction Finance of the permanent Federal Land banks and
Corporation, Commodity Credit Corporation of the emergency Federal Farm Mortgage
and Export-Import Bank also declined some- Corporation (the loans of which are known
what less than in 1936, in part as a result of as "Land Bank Commissioner loans" and may
the new loans made by the Commodity be made until February 1, 1940) declined in
Credit Corporation on the 1937 cotton crop. 1937. A smaller amount of new loans was
A much smaller amount of new loans were made than in any year since 1932. Voluntary
made by the Public Works Administration repayments and foreclosures exceeded new
than in 1936; on the other hand, the transfer loans so that the outstanding balances of
of such obligations to private investors mortgage loans were reduced by $60,000,000
through the agency of the Reconstruction Fi- to a total of $2,880,000,000, of which $2,060,nance Corporation amounted only to $65,000,- 000,000 are first mortgage loans of the Fed000 as compared with $215,000,000 in 1936. eral Land banks.
Reconstruction Finance Corporation loans to Principal payments on Land Bank Commisrailroads increased slightly but there was a sioner loans, most of which are either first
further small reduction in the outstanding mortgage loans or second mortgage loans
amount of miscellaneous Reconstruction Fi- made in conjunction with a Federal Land
nance Corporation loans to mortgage loan bank loan, are not required during the first
companies, building and loan associations, three years of a loan. The first principal ininsurance companies, other financial institu- stalments came due on a large number of
Land Bank Commissioner loans in 1937.
tions and certain other borrowers.
Four classes of loans made from Recon- There is a moratorium on principal paystruction Finance Corporation funds con- ments on Federal Land bank loans in good
tinued to increase during 1937 as in preced- standing until July 1938 provided the loan
ing years. Outstanding loans for self-liqui- was made before June 1935. Nevertheless,
TABLE 3.—LOANS AND INVESTMENTS OF THE RECONSTRUCTION FINANCE CORPORATION AND AFFILIATED
AGENCIES 1 DURING 1937.
264
FEDERAL RESERVE BULLETIN
voluntary repayments of loans in full or in
part continued to be substantial and were
larger than in 1936. The percentage of land
bank loans in good standing on December
31, 1937 was 79.4 percent as compared with
77.5 percent a year earlier and 55.0 percent
in 1932.
In 1937 Congress extended for another
year the period during which all borrowers
from the Federal Land banks are to pay interest at a 31/2 percent rate instead of at the
rates fixed in their mortgage contracts which
range from 4 to 6 percent. At the same time
Congress reduced the rate of interest payable on Land Bank Commissioner loans until
July 1939 from 5 percent to 4 percent. Payments by the Treasury to the Federal Land
banks and the Federal Farm Mortgage Corporation to reimburse them for these temporary interest rate reductions amounted to
about $40,000,000 in 1937.
The following table, derived from a consolidation of Treasury statements for the
Federal Land banks and the Federal Farm
Mortgage Corporation, gives a general indication of the sources from which funds were
obtained and the uses to which they were
put in 1937.
APRIL
1938
transferring about $10,000,000 to a general
reserve against future losses on Federal
Farm Mortgage Corporation loans. At the
end of the year this reserve amounted to
about 4 percent of outstanding loans of the
Federal Farm Mortgage Corporation and
will be increased further until it amounts to
10 percent of outstanding second mortgage
loans and 2i/2 percent of outstanding first
mortgage loans, a total about $25,000,000
larger than at the end of 1937.
Home mortgage loans.—Government lending agencies under the supervision of the
Federal Home Loan Bank Board include the
permanent Federal Home Loan banks, which
lend to private home-financing institutions,
and the emergency Home Owners' Loan Corporation, whose loans were made directly to
home owners in a refinancing program which
terminated on June 12, 1936.
Outstanding loans of the Federal Home
Loan banks on December 31, 1937, were
$200,000,000. These loans are almost entirely to member building and loan associations and the outstanding volume has been
increasing steadily since March 1935. The
following summary of changes in the consolidated condition statement of the Federal
Home Loan banks during 1937 shows that
the increase in loans, amounting to $55,000,000, was financed by the sale of debentures:
Assets and liabilities1 other than funded debt:
Loans decreased
$61,000,000
Cash and United States Government direct obligations
decreased
36,000,000
Real estate held for sale increased
2,000,000 Assets and liabilities other than members' deposits and
Other assets less reserves and miscellaneous liabilities
funded debt:
decreased...
40,000,000
Loans increased
Cash and United States Government direct and guarAn aggregate net decrease of
$135,000,000
anteed securities increased
Funded debt and net worth:
An aggregate increase of
F.F.M.C. bonds fully guaranteed by United States decreased
$12,000,000 Members' deposits, funded debt and net worth:
Federal Land bank bonds decreased
164,000,000
Members' deposits increased
Private capital stock decreased
1,000,000
Consolidated debentures increased
Earned surplus increased
14,000,000
Capital paid in by members increased
United States Government proprietary interests:
Earned surplus increased
Paid-in capital and surplus increased
$32,000,000 .
United States Government proprietary interest:
Net liability to other agencies decreased. 4,000,000
Capital paid in by United States increased
—a net increase of
28,000,000
$55,000,000
40,000,000
$95,000,000
$2,000,000
78,000,000
6,000,000
2,000,000
7,000,000
$135,000,000
$95,000,000
Outstanding bonds were reduced during
the year by about $180,000,000 of which
about $100,000,000 was made possible by repayments and liquidation of loans and by reductions in holdings of cash and United
States securities. The remainder was financed chiefly by temporary borrowings in
anticipation of further repayments, by capital
contributions by the United States Treasury,
and by earnings. The increase of $14,000,000 in earned surplus was after setting aside
valuation reserve appropriations as well as
Payments on capital subscription by the
United States during the year brought the
total amount paid to within a few hundred
thousand of the $125,000,000 authorized by
Congress for this purpose. In May, 1937
the Federal Home Loan banks made their
first offering of debentures; during the year
three issues of consolidated debentures with
maturities from one to three years were sold
to investors in an aggregate amount of $78,000,000.
Home Owners' Loan Corporation loans to
home owners were reduced by $370,000,000
in 1937 and the amount outstanding at the
i Exclusive of interagency liabilities.
A.PRIL 1938
FEDERAL RESERVE BULLETIN
end of the year was $2,400,000,000. These
loans are to be amortized in 15 years, with
the exception of most of the loans made before April 27, 1934, on which a moratorium
was granted until June 13, 1936 and which
have been reamortized over a 12-year period.
It appears that foreclosures and voluntary
transfers of title accounted for about threefifths of the reduction of outstanding loans
in 1937. A peak of foreclosure actions authorized by the Corporation was reached in
August 1936.
The Home Owners' Loan Corporation is
authorized to invest up to $300,000,000 in
shares of Federal and other savings and loan
associations. Investments of this kind increased by $81,000,000 to $206,000,000 at the
end of 1937. In addition, the Treasury holds
$48,000,000 of shares of Federal savings and
loan associations which were acquired in
1934 and 1935.
There follows a summary of changes in the
condition statement of the Home Owners'
Loan Corporation during 1937:
Assets and liabilities other than funded debt:
Loans decreased
$367,000,000
Cash and United States Government direct obligations
increased
1
46,000,000
Shares of Federal and other savings and loan associations increased
81,000,000
Other net assets (largely property held for sale) less miscellaneous liabilities increased
186,000,000
An aggregate net decrease of
_ $54,000,000
Funded debt and net worth:
Bonds fully guaranteed by United States decreased* ___ $59,000,000
Earned surplus (United States Government proprietary interest) increased
5,000,000
$54,000,000
1
Data include a small amount of bonds guaranteed as to interest only
which were called for redemption on July 1, 1935.
The Federal Housing Administration
makes no mortgage loans but insures approved lending institutions against losses on
home mortgages and housing project mortgage loans that meet certain requirements.
Insured home mortgages that had become premium-paying by the end of 1937 had aggregate principal amounts of about $830,000,000
and commitments on housing project loans
totaled about $40,000,000. The mutual mortgage insurance fund held $20,000,000 of
United States securities at the end of 1937 or
$6,000,000 more than a year earlier. The principal credits to the fund during the year came
from appraisal fees at the rate of %0 of one
percent on loans for which insurance approval
was requested, and from annual premiums at
the rate of V2 of one percent on the original
principal amount of loans subject to insur-
265
ance at any time during the year. Guaranteed debentures outstanding at the end of the
year, that were issued in settlement of insurance claims, amounted to $224,000, and
property held was valued at $234,000.
The Federal Housing Administration insured modernization and repair notes made
by private lending institutions prior to April
1,1937, and is again insuring such notes since
the enactment of amendments to the National
Housing Act on February 3, 1938. The total
amount of notes which had been insured
through 1937 was about $560,000,000. Claims
of $13,000,000 had been paid with Treasury
funds advanced through the Reconstruction
Finance Corporation and $9,000,000 of claims
paid were carried as recoverable assets at the
end of the year; the difference represented
chiefly collections and repossessions.
Short-term agricultural loans.—Agricul-
tural loans and investments, other than those
of the Reconstruction Finance Corporation
and its affiliated agencies—the Commodity
Credit Corporation and the Export-Import
Bank—and other than farm mortgage loans
discussed above, totaled $580,000,000 at the
end of 1937, an increase of $30,000,000 in
the year, as shown in Table 2. Of this total,
$358,000,000 were loans and investments of
corporations and banks under the supervision of the Farm Credit Administration.
These include the regional agricultural credit
corporations, the production credit corporations, the Federal intermediate credit banks
and the banks for cooperatives. Loans of
the regional agricultural credit corporations,
which were originally financed by the Reconstruction Finance Corporation and are
now in liquidation, declined in 1937 to $16,000,000. Investments of the production
credit corporations in class A stock of the
Federally chartered but privately managed
production credit associations were $76,000,000 at the end of the year, slightly larger
than a year earlier. These investments, made
almost entirely in 1933 and 1934, provide
capital funds which are largely invested by
the associations in marketable securities to
be offered as additional collateral for rediscounts obtained from the Federal intermediate credit banks.
Discounts and loans of the Federal intermediate credit banks and the banks for cooperatives increased by $48,000,000 during
1937, to $266,000,000. The total outstanding
266
FEDERAL RESERVE BULLETIN
at the end of the year included $136,000,000
of discounts for production credit associations, $40,000,000 for other financing institutions (chiefly State-chartered agricultural
credit corporations), and $89,000,000 of loans
to cooperatives.
The following summary, derived from a
consolidation of Treasury statements for the
Federal intermediate credit banks and the
banks for cooperatives, shows that expansion
of their loans in 1937 was financed principally
by an increase of $31,000,000 in debentures
outstanding, by payments on capital subscriptions by the United States of $7,000,000,
and by earnings.
Assets and liabilities 1 other than funded debt:
Loans increased
Other assets less miscellaneous liabilities decreased
An aggregate net increase of
$48,000,000
2,000,000
$46,000,000
Funded debt and net worth:
Federal intermediate credit bank debentures increased. $31,000,000
Private capital and equity in earned surplus of banks for
cooperatives increased...
1,000,000
United States Government proprietary interests:
Capital of banks for cooperatives increased
7,000,000
United States equity in earned surplus of the two
systems increased
6,000,000
Net liability to other agencies increased
1,000,000
$46,000,000
i Exclusive of interagency liabilities.
Other agricultural loans outstanding at the
end of 1937 were loans financed by special
appropriations from Congress. Rural rehabilitation loans of the Farm Security Administration, formerly the Resettlement Administration, amounted to $123,000,000 as
APRIL
1938
compared with $87,000,000 a year earlier.
Emergency crop loans and drought relief
loans, administered by the Farm Credit Administration, were outstanding in the amount
of $72,000,000 after reserves for uncollectibles. Loans of the old Federal Farm Board
and of the Agricultural Marketing Act Revolving Fund, to which the assets of the Federal Farm Board were transferred in 1933,
totaled $26,000,000 after reserves for uncollectibles; these are principally loans to cooperative marketing associations.
Other loans.—A major part of loans not
discussed above is made up of shipping loans,
rural electrification loans, and wartime railroad loans. The Rural Electrification Administration had outstanding loans of about
$30,000,000 at the end of 1937, the major
part of which was disbursed in 1937. Outstanding lpans of the United States Maritime
Commission were $7,000,000 smaller on December 31, 1937, than a year earlier. Wartime railroad loans carried by the Treasury
as a recoverable asset remained unchanged
in amount. ^ The United States Housing Authority, which was organized in 1937, held
at the end of the year $10,000,000 of loans
which had been taken over from the Public
Works Administration, and also housing project properties valued at $110,000,000 which
were similarly transferred. No loans had
been made by the United States Housing Authority under the enabling act which empowers it to issue $500,000,000 of obligations
guaranteed by the United States.
267
FEDERAL RESERVE BULLETIN
APRIL 193S
STATISTICS OF INTERNATIONAL CAPITAL TRANSACTIONS OF THE
UNITED STATES FOR 1937
Weekly statistics of international capital ury Regulation of November 12, 1934.
transactions of the United States for the year Monthly and weekly data for the period from
1937 are published in the tables on this and May 1929 to the end of 1936, together with
following pages. These statistics are col-five charts and a detailed description of the
lected by the Federal Reserve banks from
banks, bankers, brokers, and dealers in the statistics, were published in the BULLETIN for
,United States in accordance with the Treas- May 1937, pages 394-431.
TABLE 1.—TOTAL CAPITAL MOVEMENT
Net Movement to United States since Jan. 2, 1935
[In millions of dollars. Minus sign indicates net movement from TJ. S.]
In banking funds
From Jan. 2, 1935, through—
Increase in
foreign
funds
in U. S.
Total '
Total '
In security transactions
Decrease
in U. S.
funds
abroad r
In
brokerage
balances
Total
securities
Domestic
securities
Foreign
securities
1935—Dec. 31.
1936—Dec. 30.
1,412. 5
8.4
964.6
1, 362. 0
603.3
930.5
361.4
431.5
6.0
12.9
441.8
1,233. 6
316.7
917.4
125.2
316.2
1937—Jan.
Jan.
Jan.
Jan.
6_._
13..
20..
27..
2,620. 3
2,615.8
2, 653.0
2.681.0
1,357. 8
1,341.5
1, 359.1
1,450. 6
924.0
906.9
931.6
1, 026. 8
433.8
434.6
427.5
423.8
15.6
13.0
7.6
8.1
1,
1,
1,
1,
8
3
3
2
918.5
927.9
948.9
957.9
328.3
333.4
337.4
264.3
Feb.
Feb.
Feb.
Feb.
3._
10.
17.
24.
2, 718. 3
2, 738.1
2,775. 3
2,809. 2
1, 472.1
1,477. 7
1, 501. 4
1, 566. 8
1,051.4
1, 056.8
1, 067. 3
1,136. 8
420.8
420.9
434.0
429.9
10.9
.9
7.3
2.3
1, 235. 3
1, 259. 6
1, 266. 6
1, 240.1
968.3
1,000. 4
1,004. 3
1,014.5
266.9
259.2
262.3
225.6
Mar.
Mar.
Mar.
Mar.
Mar.
3-_
1017.
24.
31.
2.830.1
2,875. 5
2, 901. 3
2,924.1
2,931. 4
1, 521. 9
1, 540. 4
1, 517. 2
1, 541. 6
1, 532. 5
1, 094. 8
1,102. 9
1,100. 0
1,110.6
1,121. 6
427.0
437.4
417.2
431.0
411.0
4.7
2.9
5.6
3.3
4.1
1, 303. 5
1, 338. 0
1, 378. 5
1, 379. 3
1, 394. 8
1, 025. 7
1.054, 4
1.064. 7
1,062.1
1,075. 7
277.9
283.7
313.9
317.1
319.1
Apr. 7 - .
Apr. 14 _
Apr. 21.
Apr. 28.
2,962. 3
3,041.7
3,075. 5
3,113. 3
1, 548. 6
1, 614. 2
1,657. 3
1, 701.1
1,140.0
1,185. 9
r
l, 222. 6
' 1 , 278. 8
408.6
428.3
433.7
422.3
1.0
8.6
7.2
9.4
1, 412. 7
1,418.9
1,411.0
1, 402. 8
1,083.
1, 084.
1, 075.
1, 063.
5
0
4
7
329.2
334.8
335.5
339.1
May
May
May
May
3,151.1
3,198. 6
3,237. 4
3, 306. 5
1, 765. 3
1, 866. 7
1,844. 0
1,901.4
'1,321.3
1 , 353. 8
r
l, 376. 5
n, 438.0
443.9
452.9
467.5
463.4
13.0
12.4
1, 370. 7
1, 382. 0
1, 380. 4
1, 392. 6
1, 040.
1, 050.
1,044.
1, 053.
8
2
8
6
329.8
331.9
335.6
338.9
June 2 _.
June 9 . .
June 16.
June 23 _
June 30.
3, 342. 3
3,412.8
3, 499. 5
3, 562. 5
3, 561. 9
1, 895. 4
1, 950. 6
2,021. 8
2,089. 5
2,078. 8
% 436. 2
1,490. 3
n, 559. 0
' I , 615. 6
n, 612. 4
459.2
460.3
462.8
473.9
466.4
14.2
15.0
19.2
18.6
18.3
1, 432. 7
1, 447. 2
1, 458. 5
1, 454. 4
1, 464. 7
1, 058. 3
1, 064.1
1, 069. 9
1, 062. 9
1, 069. 5
374.4
383.1
July 7...
July 14..
July 21 _.
July 28-.
3,
3,
3,
3,
614. 8
636. 0
685. 8
718. 4
2,130. 5
2,142. 0
2,188.1
2, 204. 7
1, 673. 5
1, 676. 4
1, 712.1
1, 721. 7
457.0
465.6
476.0
483.0
20.0
18.2
17.6
14.1
1,
1,
1,
1,
464. 3
475. 7
480.1
499. 6
1.065. 7
1, 073. 5
1, 076. 4
1, 091. 5
398.7
402.2
403.7
408.0
Aug.
Aug.
Aug.
Aug.
3, 732. 5
3, 767. 9
3, 795.1
3, 820. 5
2,187. 0
2, 204. 6
2, 233. 6
2, 246. 2
1, 718. 7
1, 712. 8
1, 716. 6
1, 722. 4
468. 3
491.8
517.0
523.8
14.3
18.7
11.0
13.3
1,
1,
1,
1,
531.
544.
550.
561.
2
5
5
0
1,099. 3
1,107. 4
1,108.1
1,114. 0
431.9
437.1
442.4
447.1
3, 826. 4
3, 839.1
3, 898. 6
3, 879. 3
3,911.9
2, 217.
2, 221.
2, 257.
2, 234.
2, 261.
1, 706.1
1, 712.1
1, 728.1
1, 721. 4
1, 743. 6
511.2
509.3
529.3
513.2
518.1
14.9
15.5
20.5
26.6
31.9
1, 594. 2
1, 602. 2
1, 620. 6
1, 618. 0
1, 618. 4
1,114. 8
1,117.8
1,130.1
1,125. 4
1,125.1
479.4
484.4
490.5
492.6
493.3
3, 925. 9
3, 884.1
3, 840. 8
3,811.9
2, 240. 0
2, 206. 9
2,156. 2
2,110. 9
1, 714.
1, 684.
1, 632.
1, 594.
6
2
0
4
525.4
522.7
524.2
516.5
40.3
42.2
47.2
49.4
1, 645. 6
1, 635. 0
1, 637. 4
1, 651. 6
1.122. 7
1,110.1
1,106. 4
1,116. 3
522.9
524.9
531.1
535.3
2, 045.
1, 964.
1, 908.
1, 888.
6
3
6
7
1, 531. 6
1, 490. 6
1, 431.1
1, 407. 8
514.0
473.7
477.5
480.9
49.6
49.0
48.5
48.7
1,
1,
1,
1,
678. 6
679. 2
688.1
687. 5
1.123. 8
1,119.6
1,125. 0
1,121. 5
554.8
559.5
563.2
566.1
1, 865.1
1, 760. 9
1, 748. 2
1, 673. 9
1, 617. 6
1, 392. 3
1, 294. 4
1, 278. 8
1,198. 6
1,168. 5
472.8
466.5
469.4
475.3
449.1
48.4
49.8
49.5
48.2
47.5
1, 700. 0
1, 709. 0
1, 720. 6
1, 732. 5
1, 745. 2
1,128. 4
1,134. 5
1,143. 2
1,151.3
1,162.0
571.6
574.5
577.4
581.2
583. 2
5..
12.
19.
26.
4 _.
11.
18.
25.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
1..
8..
15.
22.
29.
6-..
13..
2027..
Nov.
Nov.
Nov.
Nov.
310.
17.
24.
3,
3,
3,
3,
Dec.
Dec.
Dec.
Dec.
Dec.
1__
8..
15.
22.
29.
3, 613.
3, 519.
3, 518.
3, 454.
3, 410.
773. 8
692. 4
645. 2
624. 9
5
7
3
6
3
3
4
5
6
7
246.
261.
286.
222.
391.5
395.2
r
Revised. Figures infirst,second, and fourth columns have been revised for dates prior to July 7, 1937. For details see BULLETIN for January
1937, p. 14.
268
FEDERAL RESERVE BULLETIN
APRIL 1938
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
Net Movement to United States since Jan. 2, 1935
[In millions of dollars. Minus sign indicates net movement from U. S.]
From Jan. 2, 1935,
through—
1935—Dec. 31
1936—Dec. 30
1937—Jan. 6.
Jan. 13
Jan. 20
Jan. 27
Total'
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
1,412. 5
. 2,608.4
2, 620. 3
2, 615. 8
2, 653. 0
2, 681.0
554.9
829.3
210.2
299.5
114.5
229.7
130.4
335.5
36.6
83.1
24.0
45.6
843.7
834.6
855.6
843.0
295.7
297.8
285.7
291.4
226.5
228.0
231.3
238.0
340.7
342.9
346.8
350.3
84.0
83.7
85.6
83.5
Other
Total
Latin'
Europe Europe Canada America
Far
East
All
Other
1,200.6
2,051.3
150.5
0)
70.9
201.2
128.3
184.0
12.7
21.4
43.8
41.6
39.6
37.7
130.0
228.5
233.7
232.4
239.9
237.3
2,068. 2
2,061.1
2, 084. 4
2, 081.1
149.0
144.3
146.5
143.9
206.2
216.6
256.4
182.0
188.4
189.6
182.9
17.3
15.9
15.9
16.6
Feb.
Feb.
Feb.
Feb.
3
10
17
24
2, 718. 3
2,738.1
2,775. 3
2,809. 2
849.6
848.3
871.7
891.5
295.1
303.7
301.1
308.5
240.5
248.4
249.8
250.2
350.7
351.5
357.4
349.7
93.1
100.4
101.3
103.1
34.8
32.5
29.9
38.4
237.5
232.9
236.1
229.9
2,101. 4
2,117. 7
2,147. 3
2,171. 4
151.1
154.3
160.6
161.5
261.5
262.4
270.8
272.3
187.8
186.1
180.4
186.2
16.5
17.7
16.2
17.9
Mar.
Mar.
Mar.
Mar.
Mar.
3
10
17
24
31
2, 830.1
2, 875. 5
2,901. 3
2,924.1
2, 931. 4
921.5
931.6
945.3
927.2
312.2
316.8
309.6
321.2
308.9
257.3
259.8
260.3
263.3
267.1
354.1
359.0
359.8
358.4
363.5
106.7
102.3
103.4
102.6
103.5
34.9
40.8
39.1
38.9
37.0
221.3
224.1
242.7
251.0
258.1
2,186. 5
2, 224. 3
2, 246. 5
2, 280. 8
2, 265. 2
164.7
168.8
168.0
155.9
142.0
275.1
278.2
284.4
293.1
336.6
187.0
185.3
183.3
177.7
170.4
16.8
19.0
19.1
16.6
17.2
Apr.
Apr.
Apr.
Apr.
7
14
21
28
2,962.3
3,041.7
3,075. 5
3,113. 3
957.9
1,007. 2
1,020. 6
1,014. 2
288.0
298.5
295.9
297.4
268.9
276.6
283.5
289.8
365.8
373.6
379.7
393.4
103.4
91.0
91.3
91.3
37.2
47.5
47.9
47.3
264.0
262.6
268.0
269.8
2, 285. 3
2,357. 0
2,386. 9
2, 403.1
138.7
131.8
130.7
136.5
341.4
347.8
346.8
361.3
178.4
186.3
191.2
191.4
18.4
18.7
19.8
21.0
May
May
May
May
5_
12
19
26
_ 3,151.1
3,198. 6
3,237. 4
3, 306. 5
1,018. 5
1,040. 8
1,036.7
1.064.3
305.6
301.3
297.9
311.2
279.8
281.4
275.6
286.9
413.5
432.0
471.9
493.8
92.2
81.9
83.0
85.0
43.3
50.0
39.0
32.8
278.1
280.0
284.1
281.7
2, 431.1
2, 467. 4
2, 488.1
2, 555. 6
134.9
135.0
138.2
141.1
369.0
374.1
379.4
382.5
194.4
200.6
211.2
204.8
21.7
21.6
20.5
22.4
June
June
June
June
June
2
9
16
23
30
3, 342. 3 1,061.2
3, 412. 8 1,080. 7
3, 499. 5 1,079. 6
3, 562. 5 1.087. 7
3, 561. 9 1.078.7
319.7
322.7
334.3
335.7
343.5
291.9
301.8
322.7
336.3
356.7
'529. 4
'568. 8
'601. 9
'616. 2
'619.9
86.7
93.4
95.2
100.7
107.6
26.1
22.8
27.0
26.0
21.7
282.6
291.8
298.9
304.9
303.5
2, 597. 4
2, 681. 9
2, 759. 5
2,807. 5
2, 831. 5
134.4
127.8
137.2
151.1
131.3
383.2
380.0
376.9
376.0
381.5
204.9
199.8
203.7
205.1
194.4
22.4
23.3
22.2
22.8
23.1
July
July
July
July
7
14
21
28
3.614.8
3, 636. 0
3, 685. 8
3, 718. 4
1.110.8
1.088. 7
1,096. 5
1,107. 4
337.0
327.9
327.6
324.8
368.0
377.2
381.3
383.4
631.9
648.8
659.1
665.5
110.2
107.1
111.7
114.8
19.3
27.1
25.6
25.5
304.8
309.9
315.6
321.9
2, 882.1
2, 886. 8
2,917. 3
2, 943. 3
126.2
128. 7
138.2
149.1
381.2
382.3
384.9
387.5
203.3
215.5
220. 9
213.4
22.2
22.7
24.5
25.0
Aug. 4
Aug. 11
Aug. 18
Aug. 25
3, 732. 5
3.767.9
3, 795.1
3,820. 5
1,094. 0
1.089. 7
1.090. 8
1.096.4
325.0
321.7
325.6
319.9
385.1
390.1
394.1
395.5
671.6
686.5
697.0
709.8
115.2
112.5
110.3
113.3
23.8
21.9
22.3
22.0
321.8
327.8
328.9
333.7
2, 936. 5
2,950. 2
2,969. 0
2,990. 6
159.0
168.1
164.2
175.6
395.5
410.6
409.1
406.6
218.4
217.0
229.1
224.2
23.1
22.1
23.6
23.4
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
3, 826. 4
3, 839.1
3, 898. 6
3,879. 3
3,911.9
1,102. 5
1,113. 7
1,122.3
1,106. 5
1.105.9
324.6
327.2
334.7
332.8
338.1
394.8
389.8
397.7
395.9
390.8
710.3
723.1
734.5
727.9
737.7
119.3
118.8
120.9
122.5
127.3
21.9
22 5
22.8
24.3
24.4
332.4
338.2
342.3
344.4
358.9
3,005. 8
3,033. 4
3,075.1
3, 054. 3
3, 083.1
167.3
170.7
177.5
182.9
175.9
406.8
412.6
406.4
408.1
407.9
223.6
198.3
216.1
210.5
221.4
22.9
24.1
23.5
23.5
23.7
Oct.
Oct.
Oct.
Oct.
3, 925. 9
3, 884.1
3, 840. 8
3,811.9
1,090.0
1,079.0
1, 071. 8
1,076. 0
345.1
337.3
323.2
306.9
390.3
380.1
374.8
376.2
764.5
758.7
747.9
733.1
127.2
129.3
122.2
121.1
24.7
25.2
26.5
25.1
359.6
359.7
352.4
348.0
3,101. 4
3,069.1
3,018. 7
2, 986. 3
180.0
182.7
181.8
181.4
403.9
399.0
401.4
399.9
213.4
209.1
213.7
220.4
27.1
24.2
25.1
23.9
6
13.
20.......
27
Nov.
Nov.
Nov.
Nov.
3
10
17
24
3, 773. 8
3, 692. 4
3, 645. 2
3, 624. 9
1,064. 2
1,043. 9
1,034. 2
1,019.9
308.2
303.6
285.8
376.1
354.2
349.2
348.5
709.5
694.4
686.9
689.5
123.6
124.3
119.7
118.5
21.8
16.2
19.0
19.8
347.5
322.1
323.3
316.9
2, 951. 0
2, 858. 6
2,818. 2
2,800.0
183.4
183.6
183.3
178.7
394.9
391.0
388.1
387.4
219.6
235.4
232.7
238.3
24.9
23.8
23.0
20.6
Dec.
Dec.
Dec.
Dec.
Dec.
1
8
15
22
29
3, 613. 5
3, 519. 7
3, 518. 3
3, 454. 6
3, 410. 3
1,009. 4
1,006. 0
1,003. 5
1,005.5
993.7
283.8
280.0
280.5
276.3
281.7
353.1
304.0
306.0
309.6
311.9
683.4
683.0
691.0
606.4
607.5
119.2
116.3
118.5
120.3
123.9
25.7
26.3
26.7
26.3
22.1
310.4
313.4
313.6
313.3
312.2
2, 784. 9
2, 729.1
2, 739. 7
2, 657. 8
2, 653. 0
174.1
152.3
151.3
161.9
106.3
393.4
385.0
382.7
386.3
410.6
240.6
234.7
225.1
230.4
224.6
20.5
18.7
19.6
18.2
15.9
' Revised. See page 267.
i Inflow less than $50,000.
269
FEDEKAL KESERVE BULLETIN
APRIL 1938
TABLE 3.—T0TAL BANKING FUNDS, BY COUNTRIES
Net Movement to United States since Jan. 2, 1935
[In millions of dollars. Minus sign indicates net movement from United States]
From Jan. 2,1935,
through1935—Dec. 31
1936—Dee. 30
1937—Jan. 6
Jan. 13.
Jan, 20
Jan. 27
United
Kingdom
France
Netherlands
Switzerland
337.4
341.6
177.6
206.2
55.4
62.6
74.0
112.5
28.8
68.7
1,357.8
1,341. 5
1.359.1
1,450. 6
354.0
345.5
361.0
345.4
201.8
201.6
188.4
192.6
59.0
56.8
57.5
61.8
117.4
115.6
114.3
114.4
Total r
964.6
_ 1.362.0
_
Other
Europe
Total
Europe
21.0
39.3
69.5
101.7
763.7
932.5
41.4
123.6
53.6
174.2
96.1
120.7
10.8
69.2
69.0
71.6
69.7
37.6
35.6
33.7
31.8
103.7
102.2
108.4
104.5
942.6
926.4
935,0
920.2
113.0
106.3
105.7
180.1
176.5
178.8
188.9
228.6
119.2
125.0
124.6
116.3
5.0
5.0
5.4
Germany
Italy
Latin '
Canada America
Far
East
All
Other
Feb.
Feb.
Feb.
Feb.
3
10
17
24
1,472.1
1,477. 7
1, 501.4
1, 566. 8
348.4
320.8
337.3
348.0
194.6
201.5
198.5
203.2
61.0
60.5
58.2
52.5
112.6
108.5
113.0
79.6
87.9
89.5
91.8
29.0
26.9
24.5
33.1
103.5
125.5
128.2
117.7
928.7
931.6
949.1
946.1
185.1
191.1
197.9
206.6
233.3
233.4
239.9
294.5
119.6
116.0
110.6
114.6
5.4
5.4
3.9
4.9
Mar.
Mar.
Mar.
Mar.
Mar.
3—.
10—
17__.
24._.
31...
1, 521. 9
1, 540. 4
1, 517.2
1, 541. 6
1,532. 5
355.1
359.6
371.1
347.2
205.6
209.8
202.9
215.9
203.9
54.5
50.6
46.9
49.8
49.1
100.8
102.7
101.1
99.5
102.6
95.9
92.0
93.3
92.6
93.5
29.5
35.6
34.0
34.0
32.1
108.0
111.3
101.5
108.8
115.9
943.2
957.1
939.2
971.7
944.3
164.2
165.6
159.9
152.4
135.3
297.2
300.3
305.8
314.3
357.1
113.9
111.7
106.3
99.9
92.3
3.4
5.7
5.9
3.2
3.5
Apr.
Apr.
Apr.
Apr.
7_—
14. _
2128.-
1, 548. 6
1,614. 2
1,657. 3
1,701.1
378.9
'418.8
'440. 9
»-438. 2
183.7
194.0
191.1
194.0
45.7
53.3
60.7
70.0
104.0
113.3
116.8
129.8
93.3
81.0
81.3
81.4
32.5
42.9
43.4
42.6
122.1
119.7
125.1
125.8
960.2
1,023. 0
1,059.2
1,081.9
126.2
114.8
115.6
120.3
358.1
365.1
365.1
380.3
99.7
106.7
111.9
112.2
4.4
4.5
5.4
6.4
May
May
May
May
5.-.
12..
1926..
1, 765. 3
1,806.7
1, 844. 0
1,901. 4
'453.4
'474.5
'473.2
'495. 5
202.9
198.8
195.9
209.0
62.0
62.3
55.7
66.8
144.4
160.1
197.7
216.0
82.5
72.5
73.6
75. 8
38.4
45.2
34.3
28.2
132.9
134.7
138.7
136.0
1,116.4
1,148.1
1,169. 3
1, 227. 2
116.7
116.3
117.7
118.4
409.8
414.3
418.8
421.6
115.4
121.5
133.0
127.0
6.5
5.2
7.2
June 2__.
June9._.
June 16_.
June 23..
June 30-.
1,895.4
1,950. 6
2,021.8
2,089. 5
2,078.8
'494.1
'513.1
'516. 5
'527. 2
'517.5
218.5
219.6
230.3
232.2
239.7
71.0
81.5
100.6
116.8
137.1
'252. 2
r
281. 7
'307.2
'320. 9
r
322. 3
77.6
84.4
86.0
91.5
98.2
21.5
18.3
22.0
21.0
16.8
137.6
146.6
153. 3
158.5
155.9
1,272. 5
1, 345.1
1,415.9
1,468.1
1,487. 3
109.3
103.8
105.9
121.1
99.3
379.0
371.1
366.0
363.9
368.2
127.4
122.3
126.1
127.2
114.6
7.2
8.3
7.9
9.1
9.4
July 7_._.
July 14—
July 21—
July 28...
2,130. 5
2,142. 0
2,188.1
2, 204.7
553.4
530.9
536.9
538.1
234.3
225.5
224.6
221.7
144.2
152.2
155.0
155.0
333.6
345.4
353. 0
356.9
100.7
97.6
102.1
105.3
14.4
22.2
20.6
20.3
156.1
161.6
166.7
171.2
1, 536. 8
1, 535. 3
1, 558. 9
1, 568. 5
94.0
96.4
109.1
120.3
367.1
366.4
368.2
370.6
123.6
135.8
141.9
134.5
9.1
8.1
10.0
10.8
Aug. 4—
Aug. 11...
Aug. 1 8 —
Aug. 25—
2,187.0
2, 204. 6
2, 233. 6
2,246. 2
525.7
517.3
522.0
524.5
221.1
216.4
222.2
215.8
155.7
157.1
159.6
160.6
361.9
374.2
381.3
390.4
105.8
103.1
100.9
104.0
172.3
178.3
178.6
184.0
1, 561.1
1, 563.4
1, 581. 8
1, 596. 4
129.8
136.6
133.6
140.6
346.2
357.4
355.6
351.5
140.8
139.8
153.5
148.8
9.1
7.4
9.1
8.9
Sept. 1 —
Sept. 8 —
Sept. 15Sept. 22Sept. 29-
2, 217. 3
2,221.4
2, 257. 5
2,234. 6
2, 261. 7
534.6
546.9
546.9
533.4
530.5
221.7
223. 8
230.7
228.6
232.9
160.0
155.2
158.9
159.2
154.3
393.7
404.6
412.4
407.8
415.7
109.9
109.3
111. 5
113.4
118.5
18.6
16.9
17.3
17.1
16.8
17.4
17.6
19.2
19.1
181.5
186.5
189.5
190.2
203.9
1, 618. 2
1, 643. 6
1, 667. 6
1, 651. 8
1,675.0
131.6
134.9
138.9
137.5
133.8
311.3
310.5
300.5
300.4
298.2
148.4
123.2
141.1
135.6
145.9
9.1
9.4
9.3
8.8
Oct.
Oct.
Oct.
Oct.
2.240.0
2, 206. 9
2,156. 2
2,110. 9
517.2
510.8
503.9
497.4
239. 4
232.3
218.2
202.3
. 154.6
147.7
142.8
142.6
444.6
440.8
432.9
423.4
118.3
120.7
113.5
112.2
19.5
19.9
21.2
19.7
202.1
201.3
191.4
184.2
1, 695. 8
1, 673. 3
1, 623. 9
1, 581. 8
138.8
142.2
136. 4
132.3
255.4
248.7
247.9
244.2
137.8
133.6
138.3
144.3
12.2
9.1
9.7
8.3
6—.
13...
20—
27...
Nov.
Nov.
Nov.
Nov.
3...
ML.
17-.
24-.
2,045.6
1,964. 3
1,908. 6
1,888. 7
482.0
462.6
451.0
438.6
202.9
199.2
182.0
183.8
143.5
122.0
116.1
117.1
400.0
384.8
377.4
380.3
114.7
115.1
110.3
109.1
16.2
10.7
13.6
14.4
180. 9
155.6
155.3
148.3
1, 540. 2
1, 449. 9
1, 405. 7
1, 391. 6
135.5
136.3
133.6
127.5
217. 4
209.1
204.3
202.3
143.4
160.8
157.8
162.4
9.2
8.2
7.2
4.8
Dec.
Dec.
Dec.
Dec.
Dec.
l-_8—
15—
22_.
29—
1.865.1
1, 760. 9
1, 748. 2
1, 673. 9
1, 617. 6
426.4
418.6
415.4
412.1
396.7
181.3
176.9
176.4
171.9
177.0
120.6
69.8
69.9
71.3
71.9
374.3
372.5
377.0
292.7
291.0
109.9
107.1
109.5
111.2
114.7
17.9
18.3
18.1
17.6
13.4
137.0
138. 2
138.7
137.4
136.3
1,367. 4
1,301. 4
1,304.9
1,214. 3
1, 201. 0
123.8
104.0
100.7
111.8
54.6
205.7
195.9
192.9
194.8
217.9
163.6
157.0
146.4
151. 2
144.8
4.6
2.7
3.4
1.8
r Revised—See page 267.
270
FEDERAL RESERVE BULLETIN
APRIL 1938
TABLE 4.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES
Net Movement to United States since Jan. 2, 1935
[In millions of dollars. Minus sign indicates net movement from U. S.]
From Jan. 2, 1935,
through—
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Latin
Canada America
Far
East
All
Other
1935—Dec. 31.
1936—Dec. 30.
603.3
930.5
128.6
163.5
129.6
144.2
55.7
65.9
72.4
109.8
— 8
2. 7
7.3
23.0
60.7
79.7
453.5
588.9
46.0
86.8
33.5
149.3
58.8
90.4
11.5
15.2
1937—Jan 6._.
Jan. 13.
Jan. 20.
Jan. 27.
924.0
906.9
931.6
1,026.8
175.7
162.3
176.8
159.2
142.0
141.3
128.5
"133. 4
62.2
60.3
60.1
63.0
114.7
112.6
111.3
111.5
1.7
.9
2.4
21.3
19.6
17.5
16.0
80.8
79.3
85.5
81.3
598.4
576.3
582.1
564.9
79.1
75.9
82.5
162.7
148.9
152.2
161.2
200.1
86.0
91.9
95.2
87.9
11.7
10.6
10.6
11.2
Feb. 3.
Feb. 10.
Feb. 17.
Feb. 24.
1,051.4
1,056. 8
1,067.3
1,136. 8
168.6
142.8
146.9
156.9
134.9
141.9
137.2
142.4
61.3
59.9
58.7
53.3
109.3
105.4
109.9
96.9
9.9
18.2
19.8
23.3
13.9
12.7
9.3
18.4
80.5
103.8
105.4
98.6
578.3
584.8
587.1
590.0
165.7
164.6
167.4
176.2
204.5
206.9
213.0
268.7
91.1
88.5
87.5
89.8
11.7
12.0
12.3
12.1
Mar. 3—-.
Mar. 10—
Mar. 17—
Mar. 24....
Mar. 31—
1.094.8
1.102.9
1,100. 0
1,110. 6
1,121. 6
149.0
156.5
170.1
173.6
154.7
144.4
148.2
142.1
155.5
140.9
55.2
50.0
48.5
48.9
47.6
97.7
99.6
97.9
98.0
99.4
26.6
22.2
23.9
23.8
24.5
15.1
20.1
19.8
19.9
17.9
89.4
90.7
81.6
86.1
94.2
577.5
587.4
583.9
605.8
579.2
128.5
125.4
129.3
115.8
110.7
268.4
275.6
278.0
283.9
326.4
109.0
101.2
95.8
93.2
94.7
11.5
13.3
13.0
11.9
10.5
Apr.
Apr.
Apr.
Apr.
7...
14. _
21_.
28—
1,140.0
1,185.9
1, 223. 5
1,278.8
183.0
'211.7
'233.7
'230.9
125.5
131.1
129.5
130.4
44.6
52.2
58.7
69.8
100.7
110.2
112.9
125.5
24.8
12.9
12.2
11.9
18.7
29.0
29.0
28.5
99.8
95.8
99.6
102.0
597.1
'642.9
'675. 5
'699.0
106.9
100.2
102.8
108.1
328.1
334.7
335.0
349.3
96.9
97.3
99.6
110.7
10.9
10.8
10.5
11.7
May
May
May
May
5—
12..
19..
26..
1,321.3
1,353. 8
1,376. 5
1,438.0
'236. 8
'251.8
'254.1
'277. 2
138.7
134.4
131.2
150.1
64.3
64.7
57.2
66.3
140.6
156.3
193.5
211.7
11.2
1.2
.1
1.6
24.9
31.5
21.2
15.0
107.9
110.5
114.5
112.6
'724. 5
'750.4
'771. 6
'834. 6
100.6
100.9
100.5
100.0
375.7
381.2
386.3
386.6
108.4
108.3
106.2
103.1
12.1
12.9
11.8
13.8
June 2...
June 9__.
June 16..
June 23..
June 30..
1,436.2
1,490. 3
1.559.0
1,615. 6
1,612. 4
'284. 6
'300. 0
'306. 6
'310.0
'300.9
155.9
157.9
164.9
167.5
174.1
67.2
76.6
95.4
111.4
132.2
'247.9
'277.3
'302. 9
'316. 8
'317. 7
.5
1.5
4.4
8.4
10.9
8.9
8.8
9.3
7.9
4.3
113.1
121.3
126.9
132.8
131.3
'878.2
'943. 6
1,010.5
1,054.8
1,071.5
94.3
91.0
93.3
104.3
90.8
344.1
336.8
332.6
330.1
334.2
106.0
104.6
108.7
111.2
100.6
13.
14.4
13.8
1 2
15.4
July 7_.._
July 14—
July 21—
July 28...
1,673. 5
1, 676.4
1.712.1
1, 721. 7
339.4
329.8
330.0
324.8
168.1
160.3
156.8
154.2
138.3
146.6
150.2
150.9
329.2
340.6
348.4
352.2
11.6
6.6
10.1
11.7
2.2
10.0
7.6
7.3
132.1
135.2
141.1
145.4
1,121. 0
1,129.0
1,144. 3
1,146. 5
91.7
89.1
97.1
102.5
332.9
331.7
332.2
333.3
112.7
112.3
122.4
122.8
15.2
14.2
16.1
16.6
Aug.
Aug.
Aug.
Aug.
1.718.7
1.712.8
1, 716. 6
1, 722.4
321.5
307.9
303.3
303.8
153.6
149.5
154.5
148.1
152.4
153.9
155.8
156.6
357.2
369.6
376.9
385.7
10.7
9.7
6.2
8.8
5.5
5.5
5.8
5.9
145.0
150.8
151.1
156.5
1.146.0
1.146.8
1,153. 8
1,165. 5
108.3
112.8
112.6
116.0
309.4
297.8
294.2
290.2
139.6
141.6
140.5
135.4
15.3
13.9
15.4
15.3
Sept. 1 —
Sept. 8 —
Sept. 15..
Sept. 22..
Sept. 29..
1,706.1
1,712.1
1,728.1
1,721.4
1,743.6
316.7
316.7
316.2
318.8
313.7
153.8
156.0
163.3
162.9
165.2
159.0
157.5
156.1
159.8
154.8
389.5
400.1
408.1
403.7
411.8
12.1
11.5
12.2
14.2
19.4
6.0
5.7
7.3
6.8
8.8
153.7
157.6
160.1
161.1
176.9
1.190.9
1.205.1
1, 230. 7
1, 226. 9
1,250. 5
115.3
116.3
117.5
122.0
120.0
250.3
250.1
241.8
241.1
239.2
135.1
125.9
123.5
116.7
120.0
14.5
14.7
14.5
14.7
13.9
Oct.
Oct.
Oct.
Oct.
6___.
13—
20...
27
1, 714.6
1, 684. 2
1.632.0
1, 594.4
295.0
288.1
276.4
272.1
172.5
166.4
152.2
135.9
154.7
151.8
147.9
148.8
441.0
437.6
430.1
420.7
19.6
19.5
13.3
12.3
9.1
9.7
11.9
11.3
174.0
173.3
163.8
157.5
1,265.9
1,246.3
1,195. 5
1,158. 5
125.3
127.7
127.1
125.3
196.4
191.9
189.9
187.0
110.2
104.6
105.4
110.6
16.8
13.7
14.1
13.0
Nov. 3—
Nov. 10..
Nov. 17..
Nov. 24..
1,531. 6
1,490. 6
1.431.1
1,407.8
259.1
254.9
243.7
229.5
136.6
134.9
117.3
119.4
147.9
127.9
121.9
121.9
397.9
383.0
375.9
378.2
14.3
14.6
7.8
5.7
6.3
2.0
5.3
5.7
155.0
130.7
132.3
126.0
1,117. 2
1,048.1
1,004. 2
986.3
129.7
130.5
128.1
124.2
161.3
154.9
149.2
146.8
109.9
143.6
137.1
138.9
13.6
13.6
12.5
11.5
Dec. 1_—
Dec. 8 - . _
Dec. 15___
Dec. 22.._
Dec. 29. _.
1, 392. 3
1, 294. 4
1,278.8
1,198. 6
1,168. 5
218.6
215.0
211.0
203.2
115.5
111.2
111.2
105.9
111.8
124.8
72.7
72.9
76.2
76.3
372.5
371.6
375.3
290.5
288.4-
5.7
3.7
5.0
6.5
9.6
9.0
9.8
9.6
9.6
6.9
114.3
114.7
113.1
111.1
109.4
960.5
898.6
897.9
803.0
791.7
116.5
96.9
94.0
106.4
76.3
150.7
144.7
141.7
141.7
166.3
154.4
144.3
134.7
137.8
126.2
10.1
9.9
10.5
9.7
8.0
r
4...
11..
18_.
25..
Revised—See page 267.
271
FEDERAL RESERVE BULLETIN
APRIL :
TABLE 5.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES
Net Movement to United States since Jan. 2, 1935
[In millions of dollars. Minus sign indicates net movement from U. S.]
Total'
United
Kingdom
France
Netherlands
Switzerland
1935—Dec. 31_.
1936—Dec. 30..
361.4
431.5
208.8
178.0
48.1
62.0
-.4
-3.3
1.6
2.7
29.7
66.0
1937—Jan. 6-_.
Jan. 13...
Jan. 20__.
Jan. 27...
433.8
434.6
427.5
423.8
178.3
183.2
184.2
186.2
59.8
60.3
60.0
59.2
-3.2
-3.5
-2.6
-1.2
2.7
3.0
3.0
3.0
Feb.
Feb.
Feb.
Feb.
3__.
10_.
17_.
24_.
420.8
420.9
434.0
429.9
179.8
178.0
190.3
191.1
59.7
59.6
61.3
60.8
-.3
.6
-.5
Mar.
Mar.
Mar.
Mar.
Mar.
3...
10_
17.
24_
31.
427.0
437.4
417.2
431.0
411.0
199.8
198.6
189.5
197.6
192.4
61.2
61.6
60.8
60.4
63.0
Apr.
Apr.
Apr.
Apr.
7—
14_.
21..
28..
408.6
428.3
433.7
422.3
195.9
207.1
207.1
207.4
May
May
May
May
5...
12..
19..
26..
443.9
452.9
467.5
463.4
June 2__.
June 9—.
June 16..
June 23..
June 30-
Other
Europe
Total
Europe
Canada
13.7
16.3
8.8
22.0
310.2
343. 7
-4.6
36.9
20.1
24.9
37.3
30.4
-1.6
-4.4
67.4
68.2
69.3
69.1
16.4
16.0
16.2
15.8
22.8
23.0
22.9
23.2
344.2
350.2
352.9
355.3
33.9
30.4
23.2
17.4
27.6
26.6
27.7
28.5
33.2
33.1
29.3
28.4
-5.1
-5.6
-5.6
-5.8
3.4
3.0
3.1
2.9
69.7
69.8
69.7
68.4
15.2
14.2
15.3
14.7
22.9
21.7
22.8
19.0
350.3
346.9
361.9
356.1
19.4
26.5
30.5
30.4
28.8
26.6
26.9
25.8
28.5
27.5
23.1
24.9
-6.2
-6.6
-8.5
-7.2
-.7
.6
-1.5
.9
1.5
3.1
3.1
3.2
1.5
3.2
69.3
69.0
14.4
15.5
14.2
14.1
14.2
18.6
20.6
19.9
22.7
21.7
365.7
369.8
355.4
365.9
365.1
35.7
40.2
30.6
36.6
24.6
28.8
24.7
27.8
30.5
30.7
4.9
10.5
10.5
6.7
-2.4
-8.0
-7.7
-7.1
-8.7
-7.0
58.2
62.9
61.6
1.1
1.1
2.1
.2
3.3
3.1
3.8
4.3
68.4
68.0
69.2
69.5
13.8
13.9
14.4
14.0
22.3
23.9
25.5
23.8
363.0
380.2
383.7
382.9
19.3
14.6
12.7
12.2
30.0
30.4
30.1
31.1
2.8
9.4
12.3
1.5
-6.4
-6.3
-5.1
-5.3
216.6
222.7
219.1
218.2
64.2
64.4
64.8
58.8
-2.3
-2.4
-1.5
.5
3.8
3.9
4.2
4.3
71.2
71.3
73.5
74.2
13.5
13.6
13.2
13.1
25.0
24.2
24.2
23.4
391.9
397.7
397.6
392.6
16.1
15.3
17.2
18.4
34.1
33.1
32.6
35.1
7.0
13.2
26.7
23.9
-5.3
-6.4
-6.6
459.2
460.3
462.8
483.9
466.4
209.5
213.0
209.9
217.2
216.5
62.6
61.7
65.4
64.7
65.6
3.8
4.8
5.2
5.4
4.9
4.2
4.4
4.2
4.1
4.6
77.1
82.9
81.6
83.1
87.3
12.6
9.4
12.7
13.1
12.4
24.5
25.3
26.4
25.7
24.6
394.3
401.6
405.4
413.3
415.9
14.9
12.8
12.6
16.9
8.4
34.9
34.3
33.4
33.8
34.0
21.3
17.7
17.3
15.9
14.0
-6.3
-6.1
-6.0
-6.1
-6.0
July 7...
July 14_.
July 21..
July 28._
457.0
465.6
476.0
483.0
214.0
201. i
206.9
213.3
66.2
65.2
67.8
67.5
5.9
5.6
4.7
4.1
4.3
4.8
4.6
4.7
89.1
91.0
92.0
93.6
12.2
12.1
13.0
13.1
2410
26.4
25.6
25.8
415.8
406.3
414.6
422.0
2.2
7.3
12.0
17.9
34.2
34.7
36.0
37.2
10.9
23.4
19.5
11.7
-6.1
-6.2
-6.2
-5.8
Aug. 4...
Aug. 11..
Aug. 18..
Aug. 25_.
468.3
491.8
517.0
523.8
204.2
209.4
218.6
220.7
67.5
66.9
67.7
67.7
4.7
4.7
4.4
4.7
95.1
93.4
94.7
95.2
13.1
11.4
11.5
11.2
27.3
27.5
27.5
27.5
415.1
416.6
428.0
430.9
21.5
23.8
21.0
24.7
36.8
59.6
61.4
61.3
1.2
-1.7
12.9
13.4
-6.2
-6.4
-6.4
-6.4
Sept.
Sept.
Sept.
Sept.
Sept.
511.2
509.3
529.3
513.2
518.1
217.9
230.2
223.4
215.1
216.8
67.8
67.8
67.4
65.6
67.7
3.2
3.3
3.7
4.0
1.0
-2.3
2.8
-.6
-.5
4.2
4.5
4.3
4.1
3.9
97.8
97.8
99.3
99.1
99.1
10.8
11.6
10.3
12.4
10.4
27.8
28.9
29.4
29.2
27.0
427.3
438.5
436.9
424.9
424.5
16.2
18.6
21.4
15.5
13.8
61.0
60.4
58.6
59.2
59.0
13.3
-2.6
17.5
18.9
25.9
-6.6
-5.6
-5.1
-5.4
-5.0
From Jan. 2,1935,
through—
1815.
22.
29.
Germany
Italy
Latin r
America
Far
East
All
Other
Oct.
Oct.
Oct.
Oct.
525.4
522.7
524.2
516.5
222.2
222.7
227.6
225.4
67.0
65.9
66.1
66.4
-4^2
-5.1
-6.2
3.6
3.2
2.8
2.7
98.7
101.2
100.1
10.4
10.2
9.3
8.4
28.1
28.0
27.6
26.7
429.9
427.1
428.4
423.3
13.5
14.5
9.2
7.0
59:1
56.8
58.0
57.3
27.5
29.0
33.0
33.6
-4.5
-4.6
-4.3
-4.6
Nov.
Nov.
Nov.
Nov.
31017.
24.
514.0
473.7
477.5
222.9
207.7
207.3
209.1
66.3
64.3
64.7
64.4
-4.5
-5.9
-5.9
-4.7
2.1
1.8
1.5
2.1
100.4
100.5
102.6
103.4
8.7
8.3
8.7
25.9
24.8
23.1
22.3
423.0
401.9
401.5
405.2
5.8
5.8
5.5
3.3
56.0
54.3
55.1
55.5
33.5
17.2
20.8
23.5
-4.4
-5.5
-5.3
-6.7
Dec.
Dec.
Dec.
Dec.
Dec.
r
6—
132027_.
1—
8__.
15..
22..
29..
472.8
466.5
469.4
475.3
449.1
207.8
203.6
204.4
208.9
207.4
65.8
65.7
65.2
66.0
65.3
-4.2
-2.9
-3.0
-4.9
-4.4
1.8
.9
1.7
2.2
2.6
104.2
103.4
104.5
104.6
105.1
8.5
8.5
8.1
6.5
22.6
23.5
25.5
26.4
26.9
406.9
402.8
407.0
411.3
409.3
7.3
7.1
6.6
5.4
-21.7
54.9
51.1
51.2
53.1
51.6
9.2
12.7
11.7
13.4
18.7
-5.5
-7.2
-7.1
-7.9
-8.7
Revised. See page 267.
i
272
FEDERAL RESERVE BULLETIN
APRIL 1938
TABLE 6.—BROKERAGE BALANCES BY COUNTRIES
Net Movement to United States since Jan. 2, 1935
[In millions of dollars. Minus sign indicates net movement from U. S.]
From Jan. 2, 1935,
through—
1935—Dec. 31
1936—Dec. 30
1937—Jan. 6
Jan. 13
Jan. 20
Jan. 27
Total
6.0
12.9
_.
_
United
Kingdom
0)
4.0
France
Netherlands
Switzerland
Germany
2.4
10.4
1.3
2.5
9.1
-.2
-.7
15.6
13.0
7.6
8.1
4.2
5.1
4.6
4.9
9.5
9.2
-.6
-.2
-1.4
9.0
8.4
9.6
8.0
-.4
-1.5
-1.0
-1.2
7.5
7.6
9.4
8.2
.4
1.2
10.3
Total
Europe
1.4
.4
22.6
-4.5
-7.6
-4.2
2.9
2.1
24.1
23.5
19.7
22.0
-5.7
-7.9
-8.6
-10.1
-4.4
-4.3
-4.5
-4.6
1.7
1.7
1.0
1.0
-. 1
23.8
15.6
20.9
17.0
-9.2
-10.3
-9.1
-8.6
-4.8
-4.7
-3.7
-5.1
1.6
.4
-.3
-.8
21.5
17.8
21.8
24.1
24.3
-8.7
-9.8
-6.4
r-11.5
-10.0
-5.8
-6.1
-5.1
-5.1
-5.4
-2.1
-4.6
-4.9
-4.5
-5.4
1.3
1.4
20.9
24.4
25.7
29.8
-10.4
-7.0
-8.9
-11.3
-5.3
-6.0
-7.2
-7.1
-4.8
-3.4
-3.0
-2.5
1.6
1.5
1.4
1.6
33.5
28.3
30.3
30.5
-10.8
-10.2
-10.7
-11.5
-7.5
-7.5
-6.5
-5.4
-1.3
Q
1.7
1.7
1.3
2.1
2.0
31.2
34.3
37.7
36.9
35.8
-11.1
-12.4
-11.8
-11.5
-11.3
7.7
8.5
2.7
Other
Europe
1.7
.4
-.2
.1
Italy
8.4
7.4
7.9
0)
7.6
Feb.
Feb.
Feb.
Feb.
3
10
17
24
10.9
.9
7.3
2.3
7.5
1.6
3.7
2.5
Mar.
Mar.
Mar.
Mar.
Mar.
7
10
17
24
31
4.7
-2.9
5.6
3.3
4.1
3.8
-.1
2.2
2.4
Apr.
Apr.
Apr.
Apr.
7
14
21
28
1.0
8.6
7.2
9.4
.3
2.1
3.6
7.3
9.4
9.8
9.6
10.1
2.0
1.8
1.3
9.4
9.3
9.6
May
May
May
May
5
12
19
26
15.2
9.9
13.0
12.4
9.2
4.4
4.4
5.3
11.0
10.6
11.2
11.5
2.7
3.5
4.4
3.2
8.9
8.3
8.8
8.7
June
June
June
June
June
2
9
16
23
30
14.2
15.0
19.2
18.6
18.3
4.8
7.3
6.1
6.7
6.1
10.9
10.7
12.4
12.2
11.7
3.8
3.7
5.7
4.8
4.2
10.0
10.9
12.1
11.0
11.8
July
July
July
July
7
14
21
28
20.0
18.2
17.6
14.1
7.5
6.5
6.6
7.0
11.1
10.6
10.7
10.3
6.7
4.9
4.8
4.4
12.2
12.5
11.8
10.7
3.2
2.4
2.7
2.5
40.8
36.9
36.8
34.8
Aug.
Aug.
Aug.
Aug.
4
11
18
25
14.3
18.7
11.0
13.3
6.0
8.6
8.3
6.0
10.7
11.6
9.4
10.6
3. 6
3.0
3.8
3.9
11.0
10.2
9.6
10.3
2.4
2.0
2.7
2.4
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
14.9
15.5
20.5
26.8
31.9
5.0
5.1
5.2
8.0
10.0
10.7
10.7
10.8
11.5
3.9
3. 6
3.9
4.4
4.4
10.8
11.2
11.5
11.8
12.3
3.0
3.3
3.5
4.7
3.5
33.6
35.3
33.8
33.2
32.8
33.9
35.0
39.7
40.0
Oct.
Oct.
Oct.
Oct.
40.3
42.2
47.2
49.4
11.2
12.8
11.8
11.6
11.9
11.7
12.6
13.0
5.2
6.0
7.6
6.7
14.2
14.4
13.8
12.8
13.3
13.8
12.7
13.2
6.0
5.7
5.6
5.2
12.1
11.7
12.1
11.5
12.3
12.2
12.0
11.5
11.5
5.2
4.8
5.4
5.2
5.0
10.9
11.4
11.7
10.3
10.8
6
13
20
27
Nov.
Nov.
Nov.
Nov.
3
10
17
24
49.0
48.5
10.0
11.7
11.5
11.8
Dec.
Dec.
Dec.
Dec.
Dec.
1
8
15
22
29
48.4
49.8
49.5
48.2
47.5
11.8
11.3
11.4
12.0
11.5
i Inflow less then $50,000.
8.0
8.6
10.3
9.4
» Outflow less than $50,000.
.2
0)
0)
0)
()
-.1
0)
.0
-.1
0)
0)
(2)
-.1
-.1
-. 1
-.1
(0
0)
0)
.1
0)
0)
0)
4.4
4.7
4.8
5.5
Latin
Canada America
1.0
Far
East
All
Other
-.1
.1
-.1
-.1
2
-.5
)
-.4
-.2
-.1
.2
.3
.5
-.8
— ll 3
.5
.7
.2
-5.2
-5.6
-5.9
-6.0
-5.5
-1.0
-1.5
-1.2
.3
.3
.3
-13.2
-12.6
-12.8
-13.2
-5.9
-5.6
-6.0
-6.6
-.4
-.8
-.6
-12.3
-10.6
-16.4
-14.1
-6.3
-6.3
-6.6
-6.1
-6.2
-5.9
-5.3
-5.2
-3.2
-12.8
-13.9
-11.2
-9.9
-8.6
-7.0
-8.0
-5.8
-2.9
5.7
5.2
5.0
5.1
46.9
49.5
50.8
49.9
47.4
48.2
47.1
46.9
5.4
6.0
5.2
5.3
5.0
45.7
46.0
45.9
44.3
44.0
1.8
3.2
3.5
3.4
3.5
.2
.3
1.2
2.0
-2.9
-2.6
-1.1
-.5
-.3
-.8
-.5
Q
Q
'.2
.2
.4
.9
1.2
3.4
3.2
3.9
3.7
3.6
3.5
3.0
.3
-.4
2.5
.6
(*)
.3
-.1
—# 7
-.5
-.5
.9
.8
1.0
1.1
.5
1
C)
1.3
.3
.3
-.3
.1
)
-1.4
-1.0
-.5
-.3
-.2
-.2
o
-.1
1
j^
273
FEDERAL RESERVE BULLETIN
TABLE 7.—TOTAL SECURITIES, BY COUNTRIES
Net Purchases by Foreigners since Jan. 2, 1935
[In millions of dollars. Minus sign indicates net sales by foreigners.]
From Jan. 2,1935,
through—
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
57.9
168.0
53.9
213.9
7.9
15.1
2.9
6.1
59.1
126.4
429.4
1,096.2
34.4
16.4
31.2
29.3
61.2
10.6
168.1
171.4
175.2
176.9
214.6
218.9
225.1
228.0
14.9
14.6
14.0
13.9
6.0
5.8
5.8
5.7
128.4
129.8
131.7
132.8
1,101.4
1,111.2
1,129. 7
1,138.9
41.8
45.9
49.4
-26.1
31.7
31.6
32.2
32.5
61.1
61.8
64.0
65.6
10.8
10.8
11.0
11.3
Italy
Other
Europe
Total
Europe
Latin
Canada America
Far
East
All
Other
1935—Dec. 31..
1936—Dec. 3 0 -
441.8
1,233. 6
217.5
483.8
1937—Jan.
Jan.
Jan.
Jan.
6....
13...
2O._.
27—
1.246.8
1,261.3
1,286.3
1.222.2
485.4
484.0
490.0
492.7
30,2
82.9
84.0
86.7
88.0
89.0
Feb.
Feb.
Feb.
Feb.
3...
ML.
17..
24..
1.235.3
1,259.6
1,266. 6
1,240.1
493.7
526.0
530.7
540.9
91.5
93.8
93.0
97.4
179.9
189.4
192.6
198.9
230.6
235.4
235.0
241.7
13.3
12.5
11.8
11.3
5.7
5.4
5.3
5.0
134.2
108.0
108.9
113.1
1,148. 9
1,170. 4
1,177.4
1, 208. 2
-24.8
-26.5
-28.1
-36.6
33.0
33.7
34.6
-17.1
66.6
69.7
70.1
72.4
11.5
12.3
12.7
13.2
Mar.
Mar.
Mar.
Mar.
Mar,
3...
101724..
31..
1,303.5
1.338.0
1,378. 5
1.379.3
1,394.8
547,3
566.5
569.9
571.8
579.2
97.8
98.9
98.0
95.1
95.6
202.4
207.9
212.7
212.7
215.3
245.6
247.8
248.9
249.1
250.5
10.8
10.4
10.2
10.0
10.0
5.1
5.0
4.9
4.8
4.7
112.9
112.8
140.8
141.4
141.3
1,221.9
1,249. 3
1,285.4
1.285.0
1,296. 6
9.2
13.0
14.5
15.0
16.8
-16.3
-16.0
-16.2
-16.2
-15.2
75.2
78.2
81.8
82.3
83.4
13.5
13.4
12.9
13.1
13.2
Apr.
Apr.
Apr.
Apr.
7...
14..
21. _
28..
1,412. 7
1.418.9
1,411.0
1,402.8
578.7
586.3
576.1
568.7
94.9
94.7
95.3
93.2
222.3
221.3
221.0
218.4
251.9
250.9
253.7
254.0
10.1
10.1
10.1
4.5
4.4
4.4
4.6
141.7
142.0
141.5
142.6
1,304. 2
1,309.6
1,302.0
1,291.4
22.9
24.0
24.1
27.5
-11.4
-11.3
-11.2
-11.9
83.5
83.0
82.3
81.7
13.4
13.6
13.7
14.1
May
May
May
May
5—_
12..
19..
26..
1, 370. 7
1,3S2. 0
1.380.4
1,392. 6
555.9
562.0
559.1
563.5
91.8
91.9
90.7
90.7
215.1
215.6
215.5
217.0
260.2
263.6
265.4
269.1
9.7
9.4
9.4
9.1
4.8
4.7
4.5
4.5
143.8
144.0
144.1
1, 281.1
1, 291.0
1,288.5
1,297.9
29.0
28.9
31.1
34.2
-33.4
-32.7
-33.0
-33.7
79". 8
80.3
79.0
79.1
14.2
14.6
14.6
15.0
June 2...
June9_._
June 16. _
June 23..
June 30—
1, 432. 7
1,447. 2
1,458. 5
1,454.4
1,464. 7
562.3
560.3
557.0
553.8
555.2
90.2
92.5
91.7
91.3
92.1
217.1
216.7
216.4
214.6
215.5
267.2
276.2
282.7
284.4
285.8
9.1
9.1
9.2
9.2
9.4
4.4
4.4
4.9
4.9
4.8
143.3
143.5
144.2
144.3
145.6
1.293.8
1,302. 5
1.305.9
1,302. 5
1,308. 4
36.2
36.4
43.1
41.4
43.4
9.4
14.4
16.8
18.1
18.7
78.5
79.1
78.8
78.6
80.3
14.9
14.8
14.0
13.8
13.9
July 7_...
July 14...
July 21...
July 28...
1.464.3
, 475, 7
, 480.1
, 499.6
549.9
551.4
553.0
562.3
91.6
91.9
92.2
92.8
217.0
220.1
221.5
224.1
286.1
290.9
294.3
298.0
9.6
9.6
9.7
9.7
4.8
4.8
4.8
5.0
145.5
145.9
146.2
148.3
1,304. 5
1,314. 6
1,321. 7
1,340.0
45.4
44.8
41.9
41.9
20.0
21.5
22.6
23.6
80.0
80.5
79.6
79.7
14.4
14.3
14.3
14.4
Aug.
Aug.
Aug.
Aug.
4.__
11..
18..
25..
., 531. 2
., 544.5
., 550,5
1, 561.0
562.3
563.8
560.5
565.9
93.3
93.8
94.0
93.5
225.8
230.0
230.8
231.0
298.7
302.1
306.1
309.1
9.6
9.6
9.6
9.5
5.0
4.8
4.8
4.7
147.1
147.5
147.6
147.4
1.341.8
1,351.6
1.353. 4
1.361.1
41.5
42.0
47.0
49.1
55.7
59.5
60.0
61.2
77.9
76.9
75.4
75.0
14.3
14.5
14.6
14.6
Sept.
Sept.
Sept.
Sept.
Sept.
1...
8...
15.
22..
29..
1,594. 2
1,602. 2
1,620.6
1, 618. 0
1.618.4
562.9
561.8
570.1
565.0
567.2
92.9
92.8
93.3
93.4
93.7
230.9
231.1
234.8
232.3
232.0
305.8
307.3
310.5
308.3
309.7
9.5
9.6
9.5
9.2
5.0
5.0
5.0
5.0
5.1
147.8
148.4
149.3
149.4
151.5
1.354. 8
1.355.9
1,372. 5
1,362. 7
1,368.0
48.5
49.7
49.7
55.4
50.8
101.7
108.0
111.2
112.9
112.9
74.4
73.8
71.6
71.8
71.6
14.7
14.7
15.5
15.2
15.1
6....
13...
20...
27...
1,645.6
1, 635.0
1,637.4
1,651. 6
561.7
555.4
556.0
566.9
93.8
93.3
92.3
91.5
230.5
226. 4
224.4
226.8
305.7
303.5
301.2
296.9
8.9
8.7
5.1
5.1
5.2
5.2
153.1
153.7
156.2
158.4
1,358,7
1.346.2
1,344.0
1,354. 6
48.2
48.5
51.2
52.0
151.4
152.9
154.7
156.2
72.0
71.9
71.9
73.1
15.3
15.5
15.6
15.7
Nov. 3_..
1.678. 6
1.679. 2
1.688.1
1,687. 5
572.2
569.6
571.8
569. 6
92.0
90.6
91.1
226.6
226.5
227. 5
226.2
297.4
297.9
297.4
297.7
9.2
9.3
9.4
5.5
5.4
5.3
5.3
160.9
161.4
162.9
163.5
1.363.4
1.360.5
1,365.4
1.361.6
47.7
47.0
48.5
49.2
177.9
181.8
183.5
185.4
73.7
74.0
74.8
75.5
16.0
15.8
15.9
15.9
1, 700.0
1,709.0
1, 720. 6
1,732. 5
1, 745. 2
571.2
576.1
576.7
581.5
585.5
90.2
90.9
92.1
93.0
93.1
227.3
229.4
230.7
233.1
235.1
298.2
299.0
302.3
303.4
305.6
9.3
9.2
9.0
9.1
9.2
7.6
7.9
8.5
8.6
8.6
168.0
169.2
169.7
170.5
170.9
1,371.8
1.381.8
1.388.9
1,399.2
1, 408.1
48.5
45.0
47.1
46.8
48.2
187.7
189.2
190.6
192.0
193.2
76.1
76.8
77.7
78.1
79.2
15.9
16.1
16.3
16.5
16.6
Oct.
Oct.
Oct.
Oct.
Nov. 10..
Nov. 17Nov. 24..
Dec. 1 —
Dec.
Dec.
Dec.
Dec.
8...
15..
22..
29..
3.7
274
FEDERAL RESERVE BULLETIN
APRIL 1938
TABLE 8.—DOMESTIC SECURITIES, BY COUNTRIES
Net Purchases by Foreigners since Jan. 2, 1935
[In millions of dollars. Minus sign indicates net sales by foreigners.]
From Jan. 2, 1935, Total
through—
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Latin
Europe Canada America
Far
East
All
Other
1935—Dec 3i
1936—Dec. 30
316.7
917.4
149.8
367.7
23.4
64.7
50.5
157.6
55.1
200.2
-5.4
-7.5
-.1
-3.3
12.9
38.5
286.2
818.0
2.8
32.6
3.7
15.5
21.4
44.1
2.6
7.1
1937—Jan. 6
Jan. 13
Jan. 20
Jan. 27
918.5
927 9
948.9
957.9
368.8
367.1
373.6
376.5
65.8
67.9
68.8
69.2
157.9
161.0
164.5
165.6
200.9
204.3
209.9
212.5
-7.7
-7.9
-8.9
-9.3
-3.4
-3.5
-3.5
-3.6
38.7
39.5
40.9
41.1
821.0
828.4
845.4
852.0
30.0
31.1
32.7
33.5
15.8
15 9
16.3
16.3
44.4
44 8
46.8
48.1
7.3
7 6
7.8
8.0
Feb. 3
Feb. 10
Feb. 17
Feb. 24
968 3
1,000.4
1,004.3
1,014. 5
378.4
393.6
397.8
404.6
71.7
73.5
72.6
74.6
168.4
176.6
179.0
182.2
214.8
218.8
217.8
216.4
-9.8
-3.6
-10.6 . - 3 . 7
-11.2
-3.8
-11.8
-4.0
41.1
42.3
42.4
43.3
860.9
890.5
894.6
905.3
34.1
32.8
32.1
29.9
16.4
16.7
16.7
16.6
48 8
51.5
51.8
53.5
81
8.8
9.0
9.2
Mar. 3
1,025 7
1,054.4
Mar. 10.
Mar. 17 _ 1,064.7
Mar. 24
Mar. 31_.
1,062 1
1,075. 7
408.7
427.2
431.3
432.3
438.7
74.9
76.1
75.2
72.4
72.9
185.9
191.0
195.5
195.2
197.5
219.4
221.0
221.9
221.7
222.7
-12.3
-12.7
-13.1
-13.4
-13.6
-4.3
-4.3
-4.5
-4.5
-4.6
42.6
42.0
42.2
42.0
42.4
914.9
940.3
948.5
945.7
956.0
28.5
29.1
29.0
28.9
30.2
16.8
16.8
16.3
16.2
16.9
56 1
58.9
62.1
62 4
63.6
9 4
9.3
8.7
89
9.0
Apr.
Apr.
Apr.
Apr.
7
14
21
28
1,083. 5
1,084 0
1,075. 4
1,063.7
72.1
72.0
72.5
70.5
204.3
203.3
202.6
198.6
223.9
222.5
225.0
224.9
-13.8
-13.9
-14.0
-14.2
-4.6
-4.7
-4.7
-4.6
42.5
42.5
41.8
42.9
962.3
964.7
956.4
942.8
31.9
30.5
31.2
33.2
16.7
16 8
16.7
17.1
63.6
63 0
62.2
61.3
May
May
May
May
51
12
19
26
1,040 8
1,050.2
1,044.8
1,053.6
437.9
443.1
433.3
424.7
407.7
414.0
410.9
414.2
69.3
69.1
68.0
68.0
194.2
194.5
194.2
195.3
227.6
230.5
232.0
234.9
-14.3
-14.4
-14.5
-14 t 4
-4.6
-4.6
-4.8
-4.8
42.5
42.9
42.7
42.6
922.3
932.0
928.6
935.9
32.5
31.2
31.5
33.6
17.9
18.2
17.4
16.7
58.7
59.0
57.5
57.3
8.9
90
9.0
9.2
9.4
9.8
9.8
10.2
June 2
June 9
June 16
June 23
June 30
1,058 3
1,064.1
1,069 9
1,062.9
_ 1,069. 5
418.3
416.9
413.9
411.1
412.2
67.5
69.7
68.7
68.3
69.0
195.8
194.9
194.4
192.4
193.1
235.9
242.7
248.2
249.0
249.7
-14.5
-14.7
-14.7
-14.9
-14.9
-4.9
-4.9
-4.9
-5.0
-5.0
42.5
42.5
43.0
43.2
44.2
940.6
947.1
948.4
944.0
948.2
33.8
32.6
37.4
35.4
36.4
16.6
16.5
17.1
17.1
16.8
57 2
58.1
57 8
57.5
59.2
10 0
9.8
91
8.9
9.0
July 7
July 14 _
July 21
July 28
1,065 7
1,073. 5
1,076.4
1,091.5
407 5
409.5
411.7
420.3
68.7
68.8
69.1
69.7
194.4
196.7
197.7
200.0
249.3
253.1
255.7
258.8
-15.0
-15.1
-15.3
-15.4
-5.0
-5.0
-5.0
-4.8
44.2
44.6
44.9
45.7
944.2
952.6
958.9
974.4
36 4
34.8
32.2
31.6
17 2
17.8
18.2
18.5
58 8
59.2
58.1
58.3
91
9.0
9.0
8.8
Aug.
Aug.
Aug.
Aug.
1,099. 3
1,107. 4
1,108.1
1,114. 0
424.2
425.4
422.1
426.8
70.0
70.4
70.6
70.0
202.0
206.1
206.8
206.9
261.9
264.8
268.4
270.1
-15.5
-15.6
-15.7
-15.8
-4.8
-4.9
-4.8
-4.8
983.9
992.3
993.5
998.9
31.4
32.0
33.2
34.2
18.7
18.6
18.5
18.8
56.6
55.7
54.1
53.2
8.8
8.8
8.8
8.8
Sept. 1__
Sept. 8
Sept. 15
Sept. 22
Sept. 29
1,114. 8
1,117 8
1,130.1
1,125 4
1,125.1
429.6
428 6
436.2
431.4
432.1
69.7
69.6
69.9
69.9
70.0
207.3
207.6
211.3
208.6
208.6
268.4
271.9
274.4
271.6
272.2
-15.8
-15.9
-16.0
-16.0
-16.1
-4.9
—4.9
-4.9
-4.9
-4.9
46.0
46.2
46.1
45.7
46.1
46.4
47.0
46.9
47.9
1,000.4
1,003.3
1,018.0
1,007.4
1,009. 8
33.8
34.6
34.3
40.2
39.7
19.1
19.0
19.1
19.2
17.6
52.6
52.0
49.5
49.5
49.2
8.8
88
9.4
9.1
8.9
Oct.
Oct.
Oct.
Oct.
6
13_.
20
27
1,122 7
1,110.1
1,106. 4
1,116.3
430.4
424.2
423.7
433.2
69.7
69.2
68.3
67.8
208.1
204.2
202.3
204.9
272.7
270.5
268.2
265.1
-16.2
-16.3
-16.5
-16.6
-4.8
-4.8
-4.8
-4.8
48.2
47.7
48.3
48.9
1,008.0
994.7
989.5
998.5
39.2
40.2
41.9
41.6
17.1
16.9
16.7
16.8
49.4
49.2
49.1
50.2
9.0
Mar.
Mar.
Nov.
Nov.
3
10
17
24
1,123 8
1,119.6
1,125.0
1,121. 5
439.3
436.2
438.3
436.0
68.6
67.3
67.9
66.6
205.7
205.8
206.9
205.7
266.9
267.8
267.5
267.9
-16.6
-16.4
-16.4
-16.5
-4.8
-4.8
-4.8
-4.8
49.7
49.4
49.8
49.8
1,008. 7
1,005. 3
1,009.0
1,004.8
38.0
37.2
38.1
38.0
17.1
17.1
17.1
17.4
50.6
50.8
51.5
52.0
9.4
9.3
9.4
9.4
Dec. 1 __ _ 1,128. 4
1,134.4
Dec. 8
1,143. 2
Dec. 15
1,151.3
Dec. 22
Dec. 29
_ 1,162. 0
437.2
441.1
441.0
444.8
448.7
67.2
67.8
69.2
70.1
70.3
206.6
208.6
209.7
212.0
213.8
268.6
269.4
272.6
273.5
275.3
-16.7
-16.9
-17.3
-17.3
-17.4
-4.9
-4.9
-4.9
-4.8
-4.9
53.9
55.0
55.0
55.5
55.7
1,011.8
1,020.1
1,025.4
1,033. 7
1,041.6
37.1
34.4
36.7
36.2
37.6
17.7
17.6
17.8
17.9
18.2
52.4
53.0
53.7
53.8
54.7
9.4
9.5
9.6
9.7
4. .
11
18 .
25
9.0
9.1
9.1
9.8
275
FEDERAL RESERVE BULLETIN
APRIL 1938
TABLE 9.—FOREIGN SECURITIES, BY COUNTRIES
Net Purchases by Foreigners since Jan. 2, 1935
[In millions of dollars. Minus sign indicates net sales by foreigners.]
From Jan. 2, 1935,
through—
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
1935—Dec. 31 _
1936—Dec. 30.
125.2
316.2
67.8
116.1
18.2
7.4
10.4
-1.2
13.7
13.3
22.5
2.9
9.4
1937—Jan. 6—
Jan. 13_.
Jan. 2 0 Jan. 27-
328.3
333.4
337.4
264.3
116.6
116.9
116.4
116.2
18.3
18.8
19.2
19.7
10.2
10.4
10.8
11.3
13.7
14.6
15.1
15.5
22.6
22.5
22.9
23.2
9.3
9.2
9.3
Feb.
Feb.
Feb.
Feb.
3__
1017_
24_
266.9
259.2
262.3
225.6
115.3
132.4
133.0
136.3
19.8
20.3
20.3
22.8
11.5
12.8
13.6
16.6
15.8
16.6
17.2
25.4
23.2
23.1
23.1
23.1
9.1
9.0
9.0
Mar.
Mar.
Mar.
Mar.
Mar.
31017_
24_
31.
277.9
283.7
313.9
317.1
319.1
138.6
139.3
138.6
139.6
140.5
22.9
22.8
22.8
22.7
22.7
16.5
16.9
17.2
17.5
17.8
26.1
26.8
27.1
27.4
27.8
23.1
23.1
23.3
23.4
23.6
Apr.
Apr.
Apr.
Apr.
7___
14__
21__
28. _
329.2
334.8
335.5
339.1
140.8
143.2
142.9
144.0
22.8
22.7
22.8
22.8
18.0
18.0
18.3
19.8
28.1
28.4
28.7
29.1
May
May
May
May
5_-.
12..
1926_.
329.8
331.9
335.6
338.9
148.2
148.0
148.1
149.2
22.5
22.8
22.7
22.7
20.9
21.2
21.3
21.7
June 2__.
June 9__.
June 16_.
June 23..
June 30..
374.4
383.1
388.6
391.5
395.2
144.0
143.4
143.1
142.7
143.0
22.7
22.8
22.9
23.0
23.1
July7_._
July 14. _
July 2 1 . .
July 28..
398.7
402.2
403.7
408.0
142.3
141.8
141.3
142.0
Aug.
Aug.
Aug.
Aug.
431.9
437.1
442.4
447.1
Sept. 1 —
Sept. 8 —
Sept. 15_.
Sept. 22..
Sept. 29..
Other
Latin
Total
Europe Europe Canada America
Far
East
All
Other
46.1
87.9
143.1
278.3
-39.7
1.7
12.7
15.7
7.9
17.0
1.1
3.5
90.3
90.7
91.7
280.4
282. 8
284.3
286.9
11.8
14.8
16.6
15.8
15.7
16.0
16.2
16.8
17.0
17.2
17.5
3.5
3.2
3.3
3.3
93.1
65.7
66.5
288.0
279.9
282.7
303.0
-58.9
-59.3
-60.2
-66.5
16.6
17.1
17.9
-33.7
17.8
18.2
18.3
18.8
3.4
3.5
3.7
4.0
9.4
9.4
9.4
9.3
70.3
70.7
307.0
309.1
336.9
339.3
340.6
-19.3
-16.1
-14.5
-13.9
-13.4
-33.1
-32.8
-32.5
-32.3
-32.1
19.1
19.3
19.7
19.9
19.8
4.1
4.2
4.2
4.2
4.2
23.9
24.0
24.1
24.1
9.2
9.1
9.1
9.1
99.3
99.4
99.7
99.7
342.0
344.9
345.6
348.6
-28.1
-28.1
-27.9
-29.0
19.9
20.0
20.2
20.4
4.5
4.6
4.7
4.9
32.6
33.1
33.4
34.2
24.1
23.8
23.9
23.5
9.4
9.3
9.3
9.3
101.1
100.9
101.3
101.5
358.8
359.0
360.0
362.1
-9.0
-6.5
-7.1
-5.7
-3.5
-2.3
-.3
.7
-51.2
-50.9
-50.4
-50.4
21.0
21.3
21.5
21.8
4.7
4.8
4.8
4.9
21.4
21.8
22.0
22.2
22.4
31.4
33.5
34.5
35.4
36.2
23.6
23.8
23.9
24.1
24.3
9.3
9.3
100.7
100.9
101.2
101.1
101.4
353.1
355.4
357.5
358.4
360.2
2.5
3.9
5.6
6.1
7.0
-7.3
-2.1
-.3
1.0
1.9
21.3
21.0
21.0
21.2
21.2
4.9
4.9
4.8
4.8
4.9
22.9
23.1
23.2
23.1
22.6
23.4
23.8
24.0
36.8
37.8
38.5
39.2
24.5
24.7
24.9
25.1
101.3
101.4
101.3
102.5
360.3
362.0
362.8
365.7
9.0
10.0
9.7
10.3
2.9
3.7
4.4
5.1
21.2
21.3
21.5
21.4
5.3
5.3
5.3
5.5
138.1
138.5
138.4
139.2
23.2
23.4
23.4
23.4
23.8
23.9
24.0
24.1
36.7
37.3
37.7
39.0
25.1
25.2
25.3
25.2
101.2
101.3
101.5
101.7
357.9
359.2
359.9
362.2
10.1
10.1
13.9
14.9
37.0
40.8
41.6
42.4
21.2
21.2
21.3
21.8
5.5
5.7
5.8
5.8
479.4
484.4
490.5
492.6
493.3
133.2
133.1
133.9
133.7
135.1
23.2
23.2
23.4
23.5
23.7
23.6
23.5
23.5
23.7
23.5
37.4
35.5
36.1
36.7
37.5
25.3
25.4
25.4
25.2
25.0
9.9
9.9
10.0
101.8
102.0
102.3
102.6
103.6
354.4
352.6
354.5
355.3
358.3
14.7
15.1
15.4
15.2
11.1
82.6
89.0
92.2
93.8
95.3
21.8
21.8
22.2
22.3
22.4
5.9
5.9
6.1
6.1
6.2
Oct. 6 . . .
Oct. 1 3 . .
Oct. 20._
Oct. 27..
522.9
524.9
531.1
535.3
131.2
131.2
132.3
133.7
24.1
24.1
24.0
23.8
22.4
22.2
22.1
22.0
33.1
33.0
32.9
31.8
25.1
25.1
25.3
25.4
350.7
351.6
354.5
356.2
9.0
8.2
9.3
10.3
134.3
136.0
138.0
139.4
22.6
22.7
22.8
22.9
6.3
6.4
6.5
10.0
104.9
106.0
107.9
109.5
Nov.
Nov.
Nov.
Nov.
3...
10..
17..
24..
554.8
559.5
563.2
566.1
132.9
133.4
133.5
133.5
23.5
23.3
23.2
23.2
20.9
20.6
20.7
20.6
30.5
30.1
30.0
29.9
25.5
25.6
25.8
25.9
10.3
10.1
10.1
10.1
111.3
112.0
113.1
113.7
354.7
355.2
356.4
356.8
9.7
9.9
10.5
11.2
160.8
164.7
166.4
168.0
23.0
23.2
23.4
23.5
6.6
6.5
6.5
6.5
Dec.
Dec.
Dec.
Dec.
Dec.
1_._
S.15__
22__
29__
571.6
574.5
577.4
581.2
583.2
134.1
135.0
135.7
136.7
136.8
23.0
23.1
22.9
22.9
22.8
20.7
20.8
21.0
21.1
21.2
29.6
29.6
29.7
30.0
30.4
26.0
26.1
26.3
26.4
26.6
12.5
12.8
13.3
13.4
13.5
114.1
114.2
114.7
115.0
115.2
360.0
361.7
363.5
365.5
366.4
11.4
10.7
10.3
10.6
10.5
169.9
171.6
172.8
174.1
175.0
23.7
23.9
24.1
24.3
24.5
6.7
6.8
6.8
4...
ll._.
18..
25..
9.8
9.7
276
FEDERAL RESERVE BULLETIN
APRIL 1938
TABLE 10.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES
[Outstanding amounts, in millions of dollars.]
Total
Date
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Latin
Canada America
Far
East
All
Other
Reported by Banks in New York City
2,672. 7
2, 335. 0
1,303. 5
745.6
392.0
1929—Dec. 31
1930— Dec. 31
1931—Dec. 30
1932—Dec. 28
1933—Dec. 27
301.5
214.5
104.9
169.7
48.9
923.7
799.4
549.2
71.1
27.0
'99.1
122.2
44.6
11.9
28.0
" 105. 2
222.2
66.0
78.0
11.5
204.5
161.0
41.1
32.9
17.5
157.4
111.2
33.2
39.8
11.7
371.3
281.3
122.2
66.2
31.1
2,162. 8
1,911.7
961.2
469.6
155.7
241.8
216.8
148.3
98.2
86.1
188.2
130.8
103.3
121.7
96.7
49.0
38.2
69.0
43.5
42.7
31.0
37.5
21.6
12.6
10.9
Reported by Banks in United States
1934—Dec. 26
1935—Dec. 31
1936— Dec. 30
610.6
1,200. 2
1,491. 6
83.0
205.5
235.7
39.6
163.5
176.3
12.2
68.6
78.8
13.5
86.1
123.5
30.0
29.0
32.0
19.5
26.1
41.7
47.1
107.5
126.3
245.0
686.3
814.3
97.9
145.3
186.1
125.2
156.3
263.9
130.1
188.9
200.2
12.4
23.4
27.1
1937—Jan. 6.
Jan. 13
Jan. 20
Jan. 27
1,485.1
1, 468.0
1, 492.7
_. 1, 587.9
247.9
234.5
249.0
231.3
174.1
173.4
160.6
165.5
75.0
73.2
73.0
75.8
128.4
126.3
124.9
125.1
31.1
30.2
31.7
29.9
40.0
38.3
36.2
34.8
127-4
125.8
132.1
127.9
823.8
801.7
807.5
790.3
178.4
175.2
181.8
262.0
263.5
266.8
275.7
314.7
195.8
201.8
205.1
197.8
23.6
22.6
22.6
23.1
Feb.
Feb.
Feb.
Feb.
3
10
17
24
1, 612. 5
1,617.9
1,628. 5
1,698.0
240.8
214.9
219.1
229.1
167.0
174.0
169.3
174.5
74.1
72.8
71.6
66.2
122.9
119.1
123.5
110.6
39.3
47.5
49.1
52.7
32.6
31.5
28.0
37.2
127.1
150.4
152.0
145.2
803.7
810.2
812.5
815.4
265.0
263.9
266.7
275.6
319.1
321.4
327.6
383.2
201.0
198.4
197.4
199.6
23.6
24.0
24.3
24.1
Mar.
Mar.
Mar.
Mar.
Mar.
3_-_.
10
17
24
31
1,656.0
1.664.0
1, 661.1
1,671.7
1, 682. 7
221.2
228.6
242.2
245.7
226.9
176.5
180.4
174.3
187.6
173.0
68.1
62.8
61.3
61.8
60.4
111.4
113.3
111.6
111.7
113.1
55.9
51.6
53.2
53.1
53.9
33.8
38.9
38.5
38.7
36.6
136.0
137.3
128.2
132.7
140.8
802.9
812.8
809.3
831.2
804.7
227.8
224.7
228.6
215.1
210.0
383.0
390.1
392.5
398.4
441.0
218.9
211.1
205.7
203.1
204.6
23.4
25.3
25.0
23.8
22.5
Apr.
Apr.
Apr.
Apr.
7
14
21
28
1, 701.1
1 , 747. 0
1 , 784. 7
1,839. 9
255.1
'283.9
'304. 9
'303. 0
157.7
163.2
161.6
162.5
57.4
65.0
71.5
82.7
114.3
123.9
126.6
139.1
54.2
42.3
41.5
41.3
37.5
47.7
47.7
47.3
146.4
142.4
146.1
148.6
822.6
'868.3
'900.9
'924. 4
206.2
199.5
202.1
207.4
442.7
449.3
449.6
463.8
206.8
207.2
209.5
220.6
22.8
22.8
22.5
23.7
May
May
May
May
5
12
19
26
'1,882. 4
1 , 914. 9
1 , 937. 6
1 , 999.1
'308. 9
'323. 9
'326. 3
'349.4
170.8
166.5
163.3
182.2
77.2
77.6
70.1
79.1
154.3
169.9
207.2
225.4
40.6
30.5
29.4
31.0
43.7
50.3
39.9
33.8
'949. 9
154.4
157.1
'975. 8
161.0
'997.1
159.1 '1,060.1
199.9
200.2
199.8
199.3
490.3
495.8
500.9
501.1
218.3
218.2
216.1
212.9
24.1
24.9
23.7
25.7
June
June
June
June
June
2
9
16
23
30
1,997. 3
% 051. 4
•2,120.1
% 176. 7
% 173. 6
'356. 7
'372. 3
'378. 8
'382. 2
'373.1
188.0
190.0
197.0
199.6
206.2
80.1
89.5
108.3
124.3
145.0
'261.6
'290.9
'316. 6
'330.4
'331. 4
29.9
30.8
33.8
37.8
40.3
27.6
27.6
28.0
26.6
23.0
159.7
167.8
173.5
179.3
177.9
'1,103. 6
'1,169.0
'1, 235. 9
'1, 280. 2
'1, 296. 9
193.6
190.3
192.6
203.6
190.1
458.7
451.4
447.1
444.7
448.8
215.9
214.5
218.6
221.1
210.4
25.5
26.3
25.8
27.1
27.4
July
July
July
July
7
14....
21.. .
28....
2.234.7
2,237. 6
2, 273. 2
2.282.8
411.6
401.9
402.1
396.9
200.2
192.4
188.9
186.3
151.2
159.4
163.1
163.8
342.9
354.3
362.1
365.8
40.9
35.9
39.5
41.1
20.9
28.8
26.4
26.0
178.6
181.7
187.6
192.0
1, 346. 4
1,354. 5
1, 369. 7
1,371.9
191.0
188.4
196.4
201.8
447.5
222.6
446.3 < 222.2
446.8
232.2
447.9
232.7
27.2
26.2
28.1
28.6
Aug.
Aug.
Aug.
Aug.
4
11..._
18
25
2, 279. 8
2, 273. 9
2, 277. 7
2, 283. 5
393.7
380.0
375.5
375.9
185.7
181.6
186.7
180.2
165.3
166.7
168.7
169.4
370.9
383.2
390.6
399.4
40.1
39.0
35.5
38.2
24.3
24.3
24.5
24.7
191.5
197.3
197.7
203.1
1,371.4
1,372. 2
1, 379. 2
1,390.9
207.6
212.1
211.9
215.3
424.0
412.3
408.7
404.8
249.5
251.5
250.4
245.3
27.3
25.8
27.4
27.2
Sept.
Sept.
Sept.
Sept.
Sept.
1__ .
8....
15
22
29
_
2, 267. 2
2, 273. 2
2, 289. 3
2, 282. 5
2,304. 8
388.9
388.9
395.7
390.5
385.8
185.9
188.1
195.4
195.0
197.3
171.9
170.3
169.0
172.7
167.6
403.2
413.8
421.8
417.4
425.5
41.4
40.9
41.5
43.6
48.7
24.8
24.5
26.1
25.5
27.5
200.2
204.2
206.6
207.6
223.4
1,416.3
1, 430. 5
1, 456. 2
1, 452. 3
1, 475. 9
214.6
215.6
216.9
221.3
219.3
364.9
364.7
356.4
355.7
353.8
245.0
235.7
233.4
226.6
229.9
26.4
26.7
26.5
26.7
25.8
6
13.
20...
27...
2, 275. 7
2, 245. 3
2.193.1
2,155. 5
367.2
360.2
348.5
344.2
204.6
198.5
184.3
168.0
167.5
164.7
160.8
161.7
454.7
451.2
443.8
434.3
48.9
48.8
42.7
41.6
27.8
28.4
30.6
30.0
220.6
219.8
210.3
207.1
1,491.3
1,471.7
1, 420. 9
1, 383. 9
224.7
227.0
226.4
224.6
310.9
306.4
304.5
301.5
220.1
214.5
215.2
220.5
28.7
25.7
26.0
24.9
Nov.
Nov.
Nov.
Nov.
3....
10
17
24
2,092. 8
2,051. 7
1,992. 2
1, 968. 9
331.2
327.1
315.8
301.6
168.7
167.0
149.4
151.5
160.8
140.8
134.8
134.7
411.6
396.7
389.5
391.8
43.7
44.0
37.1
35.0
25.1
20.7
24.1
24.4
201.5
177.3
178.8
172.6
1,342. 6
1, 273. 5
1,229.6
1,211.7
229.0
229.8
227.4
223. 5
275.9
269.4
263.8
261.4
219.7
253.5
246.9
248.8
25.6
25.6
24.5
23.4
Dec.
Dec.
Dec.
Dec.
Dec.
1
8..
15
22
29
1, 953. 4
1,855. 5
1,840.0
1, 759. 7
1, 729. 6
290.7
287.1
283.1
275.3
261.5
147.6
143.3
143.3
138.0
143.9
137.7
85.6
85.7
89.1
89.1
386.2
385.2
388.9
304.2
302.1
35.1
33.0
34.3
35.9
39.0
27.7
28.5
28.3
28.3
25.7
160.9
161.2
159.7
157.6
156.0
1,185. 9
1,124.0
1,123. 4
1,028. 4
1,017. 1
215.8
196.2
193.3
205.7
175.6
265.3
259.3
256.3
256.2
280.9
264.3
254.2
244.5
247.7
236.0
22.1
21.8
22.4
21.6
20.0
Oct.
Oct.
Oct.
Oct.
r
Revised—See page 267.
NOTE.—The outstanding amounts shown above for Dec. 30, 1936, and subsequent dates indicate movements since earlier dates shown that
differ from the movements recorded in tables 1, 4, and 5, due to a change on Aug. 12, 1936 in the reporting practice of one bank. See BULLETIN
for May 1937, pages 425 and 431.
277
FEDERAL RESERVE BULLETIN
APRIL 1938
TABLE 11.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES
Reported by Banks in New York City
[Outstanding amounts, in millions of dollars]
Date—
Total-
United
King-r
dom
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Latin
Canada America
Far
East
All
Other
Reported by Banks in New York City
1931—Dec. 30
1932—Dec. 28
1933—Dec. 27
1,103.3
937.9
166.2
87.3
192.5
29.5
62.9
66.9
20.9
13.0
18.4
12.6
6.2
12.3
467.2
434.9
260.9
18.7
11.8
16.7
149.2
97.0
83.2
864.3
713.1
651.0
58.1
42.2
32.3
136. 5
155.2
159.7
41.8
24.0
49.7
2.6
3.5
6.2
Reported by Banks in United States
1,132.6
778.6
672.6
281.8
88.1
114.1
85.7
32.5
16.8
17.6
19.0
21.9
8.3
6.6
5.4
233.6
202.0
165.1
29.7
13.5
10.9
81.0
71.2
57.8
737.6
433.0
392.1
94.0
100.9
59.4
175.2
154.5
141.1
117.8
80.1
67.2
8.0
10.1
12.9
670.3
669.5
736.5
680.3
113.8
109.0
108.0
105.9
19.0
18.4
18.8
19.5
21.8
22.2
21.2
19.8
5.4
5.1
5.0
5.1
163.7
163.0
161.9
162.1
10.8
11.2
11.0
11.4
56.9
56.8
56.9
56.6
391.5
385.6
382.8
380.5
62.4
65.9
73.1
78.8
138.4
139.4
138.3
137.5
64.4
64.5
68.3
69.2
13.6
14.1
14.1
14.3
3—
101724_.
683.3
683.2
670.1
674.2
112.3
114.2
101.8
101.0
19.0
19.2
17.5
18.0
18.9
18.0
19.1
19.5
4.7
5.0
5.0
5.1
161.5
161.4
161.5
162.7
12.1
13.0
11.9
12.5
56.8
58.0
57.0
60.8
385.4
388.9
373.8
379.6
76.9
69.8
65.7
65.9
137.2
139.4
139.0
140.2
69.1
70.1
74.5
72.7
14.7
15.1
16.9
15.7
Mar. 3...
Mar. 10..
Mar. 17_.
Mar. 24..
Mar. 3 1 -
677.1
666.6
686.9
673.1
693.1
92.4
93.6
102.6
94.6
99.7
17.5
17.2
18.0
18.3
15.8
19.3
18.0
20.2
17.7
17.1
5.0
5.0
4.9
6.6
4.9
161.8
161.4
161.8
162.4
162.2
12.8
11.7
13.0
13.1
13.0
61.2
59.2
59.9
57.1
58.1
370.0
366.0
380.4
369.9
370.7
60.6
56.1
65.7
59.7
71.7
137.2
141.2
138.2
135.5
135.3
92.7
87.1
87.1
90.9
100.0
16.5
16.2
15.5
17.2
15.5
Apr. 7—
Apr. 14Apr. 2 1 Apr. 2 8 -
695.5
675.8
670.4
681.8
96.2
85.0
85.0
84.8
20.6
15.8
17.1
15.1
17.5
17.5
16.5
18.4
4.8
5.0
4.3
3.7
162.7
163.1
162.0
161.7
13.4
13.3
12.8
13.2
57.5
55.9
54.2
56.0
372.7
355.6
352.0
352.9
77.0
81.7
83.5
84.1
136.0
135.6
135.9
134.9
94.8
88.2
85.3
96.1
14.9
14.7
13.6
13.8
May S.May 12..
May 19..
May 26..
660.2
651.2
636.6
640.7
75.6
69.5
73.0
73.9
14.6
14.4
14.0
19.9
21.0
21.0
20.1
18.1
4.3
4.2
3.9
3.8
159.9
159.9
157.6
157.0
13.7
13.6
14.0
14.1
54.8
55.6
55.5
56.4
343.8
338.1
338.2
343.2
80.1
80.9
79.1
77.8
131.8
132.9
133.4
130.9
90.6
84.4
70.9
73.7
13.8
14.9
15.1
15.0
June2_..
June 9...
June 16June 23June 30-
644.9
643.8
641.3
630.2
637.7
82.7
79.2
82.3
75.0
75.6
16.1
17.1
13.3
14.0
13.2
14.9
13.8
13.4
13.2
13.7
3.8
3.6
3.8
4.0
3.5
154.1
148.3
149.6
148.1
143.9
14.6
17.8
14.5
14.1
14.8
55.3
54.5
53.4
54.1
55.2
341.4
334.2
330.3
322.4
319.9
81.3
83.5
83.7
79.4
87.8
131.1
131.7
132.5
132.2
132.0
76.3
80.0
80.3
81.7
83.6
14.8
14.6
14.5
14.6
14.5
July
July
July
July
78.1
91.0
85.2
78.8
88.0
82.7
73.5
71.5
12.6
13.6
11.0
11.3
15.0
15.1
14.3
14.1
14.1
15.8
15.7
16.0
55.7
53.4
54.2
54.0
52.5
52.3
52.3
52.3
94.0
88.9
84.2
78.4
14.6
14.6
14.7
14.3
320.7
319.2
307.7
304.9
74.8
72.5
75.3
71.6
131.8
131.3
130.0
128.8
129.2
106.3
104.5
104. 6 *
86.7
74.2
78.1
85.9
3.4
3.4
3.7
3.4
142.1
140.2
139.2
137.6
136.1
137.8
136.5
136.0
320.0
329.5
321.1
313.8
11.3
11.9
11.1
11.0
12.7
13.0
13.9
14.5
15.4
15.4
14.9
14.6
3.7
3.3
3.4
3.4
Aug. 4.__.
Aug. 11...
Aug. 18...
Aug. 25—
647.1
638.5
628.1
621.1
635.8
612.3
587.1
580.3
96.4
99.3
84.7
84.2
14.7
14.9
14.9
14.9
Sept.
Sept.
Sept.
Sept.
Sept.
592.9
594.8
574.8
590.9
586.0
74.2
61.9
68.8
77.0
75.3
10.9
10.9
11.4
13.1
11.1
17.6
20.9
15.8
19.2
19.1
3.9
3.6
3.8
4.0
4.2
133.4
133.4
131.8
132.0
132.0
16.5
15.6
16.9
14.8
16.8
51.9
50.9
50.3
50.6
52.8
308.5
297.2
298.9
310.8
311.3
80.0
77.7
74.9
80.8
82.5
105.0
105.6
107.3
106.7
107.0
84.3
100.2
80.1
78.7
71.7
15.1
14.1
13.6
13.9
13.5
578.7
581.4
579.9
587.6
70.0
69.4
64.6
66.8
11.8
12.9
12.7
12.3
18.7
22.8
23.7
24.8
4.5
4.9
5.3
5.4
132.4
130.0
131.1
131.2
16.8
17.0
17.9
18.8
51.7
51.8
52.1
53.1
305.9
308.7
307.4
312.5
82.8
81.8
87.0
89.3
106.9
109.1
108.0
108.7
70.1
68.6
64.6
64.0
13.0
13.1
12.8
13.1
Nov. 3....
Nov. 10—
Nov. 17...
Nov. 24...
590.1
630.4
626.6
623.2
69.2
84.5
84.8
83.0
12.5
14.4
14.1
14.4
23.1
24.5
24.5
23.4
5.9
6.3
6.6
6.0
130.8
130.7
128.6
127.8
17.4
18.5
19.0
18.5
53.9
55.0
56.7
57.5
312.8
333.9
334.2
330.5
90.4
90.5
90.8
93.0
109.9
111.7
110.9
110.5
64.1
80.4
76.8
74.1
12.9
14.0
13.8
15.1
Dec.
Dec.
Dec.
Dec.
Dec.
631.3
637.6
634.7
628.8
655.0
84.3
88.6
87.7
83.2
84.8
13.0
13.0
13.5
12.8
13.5
22.9
21.6
21.6
23.5
23.0
6.3
7.1
127.0
127.7
126.7
126.5
126. 1
18.3
18.7
18.7
19.1
20.8
57.1
56.3
54.2
53.4
52.9
328.9
333.0
328.8
324.5
326.5
89.0
89.1
89.6
90.9
118.0
111.0
114.8
114.8
112.8
114.4
88.4
84.9
85.9
84.2
78.9
14.0
15.7
15.6
16.3
17.2
1934—Dec. 261935—Dec. 311936—Dec. 301937—Jan. 6...
Jan. 13Jan. 20_.
Jan. 27_.
Feb.
Feb.
Feb.
Feb.
Oct.
Oct.
Oct.
Oct.
7_14..
21. _
28..
1...
8—
15..
22_.
29..
6._.
13..
20..
27..
1-.
8—
1522—
29-
* Revised—see page 267.
6. 3
5.9
5.5
278
FEDERAL RESERVE BULLETIN
APRIL 1938
ANNUAL REPORT OF THE BANK OF FRANCE
The annual report of the Bank of France
for the year ending December 24, 1937, was
submitted to the general meeting of stockholders on January 28, 1938. The main text
of the address of the Governor of the Bank,
M. Pierre Fournier, is given herewith:1
During the past year, domestic conditions
were often difficult and international developments not always favorable. France,
nevertheless, consistently strove to adjust
her economic activity to the new conditions
created by the fluctuations of her currency
and by the far-reaching social reforms effected eighteen months ago.
Trade balance.—The primary cause of the
wide fluctuations in franc exchange last year
is to be sought in the trade import surplus.
The effects of our payments abroad were intensified during certain periods, and at other
times lessened, by capital movements between our country and foreign centers.
The position of our foreign trade was determined chiefly by the considerable increase
of imports. Purchases abroad were necessary in the early part of the year because of
the temporary revival of industrial activity,
which began as early as 1936 as a result of
the currency devaluation. Later on, in the
case of certain raw materials, they reflected
a decline in national production.
The general rise of prices throughout the
world during the first three months, and
afterwards the weakening of our exchange,
made these imports very costly. Although
their volume rose by only 23 percent during
the first nine months, their value in French
currency was more than 73 percent higher
than for the corresponding period of 1936.
Exports increased less rapidly; with an
advance of 58 percent in value they rose less
than 5 percent in volume. They encountered
trade barriers in nearly all markets, and
were adversely affected by increased costs
of production which, during much of the
year at least, often brought French prices
above those of competing industries. For
the year as a whole the trade of France and
her colonies with foreign countries left us
with a debit balance of about 17,000,000,000
francs, settlement of which exerted continuous pressure on franc exchange.
1
The report, available in French, contains in addition a section
on personnel and tables showing the operations of the bank in
detail. For earlier reports see BULLETIN for April 1937, March
1936, 1935, 1934, 1933, 1932, 1931, 1930, etc.
Capital movements.—Capital movements
varied from time to time both in amount and
direction. Purchases of foreign exchange in
excess of strictly commercial requirements
were made on a number of occasions, especially during the early weeks of the year, in
May and June, and in September.
On the other hand, the measures taken to
reestablish a free gold market, bring about
budget equilibrium, or lighten the burden
on the Treasury, caused large repatriations
of short-term foreign balances; in March,
for subscription to the loan issued with an
exchange guarantee; on a still larger scale
in July and August; and in the last quarter
of the year, when the tendency of the market
was reversed. The influx of tourists during
the period of the Exposition and, later on,
the depression experienced in certain foreign
markets, gave additional support to the favorable movements mentioned.
This mobility of capital is evidence of the
extreme sensitiveness of French opinion; it
also reflects the unstable conditions in which
most of the great financial markets, alternating between confidence and alarm, have
operated since the war.
Transfers of capital also took place when
credits were negotiated by the State railways in several foreign markets. A loan of
£40,000,000, floated in London in February,
was repaid in December. Two credits, of
200,000,000 Swiss francs and 100,000,000
guilders, respectively, were obtained in October and November, in Zurich and Amsterdam.
Exchange quotations.—As a result of these
various influences, franc exchange showed
wide fluctuations. During the first half year
it fluctuated between the values represented
by 49 and 43 milligrams of gold .900 fine,
as provided in the monetary law of October
1, 1936. In January and February it stood
around 105 to the pound sterling, between
106 and 107 until the middle of April, and
somewhat above 110 until the end of June.
The law of June 30, giving the Government more extensive powers for the purpose
of bringing about financial recovery, and a
Cabinet decree of the same date, suspended
for the time being any definition of the
franc in terms of gold. During the second
half year, accordingly, a new equilibrium
for the franc outside the previously established limits was sought.
FEDERAL RESERVE BULLETIN
The pound, quoted at 129 francs on July
1, rose to 134 on July 22, remained at about
133 until the end of August, and then rose
gradually to 151 on October 5. Thereafter,
until the end of the year, the quotation was
around 147 francs.
The Stabilization Fund, operated by the
Governor of the Bank of France under instructions of the Minister of Finance, intervened whenever it seemed necessary, in order
to prevent abnormal and temporary exchange movements and to safeguard the
regular functioning of the market. Its efforts were greatly facilitated by active cooperation on the part of the monetary
authorities in the countries participating in
the tripartite agreement.
Reserve of the Bank of France.—According as the Stabilization Fund was called upon
to buy or sell foreign exchange, it had either
to strengthen its franc resources by sales of
gold to the central bank, or to build up its
foreign exchange holdings by purchases of
gold from the public or the Bank, by utilizing the proceeds of foreign loans, or by
direct purchases of foreign exchange in the
market. Thus the reserves of the Bank were
affected by the operations of the Stabilization Fund.
At the beginning of the year, the gold reserve was 60,359,000,000 francs, valued at
the rate of 49 milligrams of gold .900 fine
per franc. Three withdrawals, aggregating
11,500,000,000 francs, brought it down to
48,859,000,000 francs at the end of the first
half year.
Under the monetary law of June 30 a convention with the Government was signed on
July 21, revaluing the gold and foreign exchange holdings on the basis of 43 milligrams of gold .900 fine per franc. In consequence, the metallic stock of the bank was
shown on the weekly balance sheet of July
29 at 55,677,000,000 francs, representing an
increase in value of 6,818,000,000 francs.
A transfer of 3,127,000,000 francs from
the Stabilization Fund on November 10 and
the repayment of several short-term foreign
investments increased the gold reserve of
the Bank to 58,933,000,000 francs, which is
the figure shown on the final balance sheet
for 1937, and which represents approximately 2,534 tons of gold .900 fine.
The full covering of Treasury engagements
and the gradual improvement of Government
finance enabled the authorities to make important decisions, and the Bank of France
279
was called upon to collaborate in carrying
out those which fell within its sphere of
operations.
On March 5 the public departments were
instructed to limit their expenditures, while
holders of gold ceased to be subject to previous legislation.
On June 30 the Government was authorized
by a decree of the Cabinet to take measures
designed to resist attacks on the credit of the
Government, check speculation, and insure
economic recovery, price supervision, budget
and Treasury equilibrium, together with the
defense of the central bank's reserve without
setting up exchange control.
Assistance to the Government.—The Bank
gave its utmost cooperation in carrying out
the measures in which it was concerned.
Besides buying gold and foreign exchange
from individuals as authorized by law, the
Bank participated largely in Government issues intended to furnish resources for special
expenditures, to procure liquid funds for the
Treasury, or to consolidate outstanding loans;
it also offered its facilities for the sale of
bonds of the Caisse des Pensions and securities of various public bodies.
In addition, since the Treasury resources,
whether derived from taxation or loan issues,
were insufficient for its requirements, we
granted new temporary advances to the Government for a maximum amount of 15,000,000,000 francs under the convention of June
30, 1937. These advances had been drawn
upon to the amount of 9,820,000,000 francs
on December 30.
Finally, the revaluation of the gold and
foreign exchange reserve under the convention of July 21 made it possible to set up a
fund for the support of rentes out of the increment accruing from the revaluation. This
Fund is under the supervision of the Governor of the Bank of France.
Whatever cash balance shall be available
upon the liquidation of this Fund is to be used
for repayment of the direct advances made
by the Bank to the Treasury in execution of
the conventions of June 18,1936, and June 30,
1937. If the balance available for repayment
is less than the initial amount of the Fund,
the difference remaining due to the Bank
shall be provided out of the resources of the
Exchange Stabilization Fund upon its liquidation.
Movement of prices.—The evolution of
Government finance, the investment of private capital, and the development of the for-
280
FEDERAL RESERVE BULLETIN
eign exchanges, like the currency itself, are
dominated by the economic and social problems of the country.
The rise in prices, which began late in 1936
and continued through 1937, threatens to put
our trade and industries in a difficult position.
The index of wholesale prices rose from 499
at the end of 1936 to 601 at the close of 1937,
after reaching a peak of 620 on October 16.
Retail prices followed, but lagged somewhat behind, wholesale prices. The retail
price index rose without interruption; it rose
gradually during the first half of the year
and then more rapidly until it reached 676
in December, as compared with 550 for the
corresponding period of 1936. This advance,
which amounted to about 23 percent during
the year, tended to reduce domestic consumption.
To offset this danger the Government appointed special committees to supervise prices
and to check any unjustified price increase.
It also appointed representatives of the Government, agriculture, industry, commerce
and labor, to make an extensive study of production. The suggestions made by these experts as a result of their study of each branch
of our economic activity were made the basis
of a number of decisions which seem likely
to assist economic recovery and increase national production.
The money market.—The various economic
and monetary trends of the past year inevitably had their effect on the capital market. Private establishments experienced
great difficulty in obtaining long-term loans,
owing to the Government's appeals to the
market. They were, therefore, compelled to
have recourse to short and medium-term
loans not only for the larger working capital
required to meet increased costs of production, but also for purposes which represented
actual capital investment.
Nor was the money market always in a
position to meet these demands easily. At
times when the market was cramped by the
conversion into foreign exchange and by
hoarding of part of its normal capital supply,
the withdrawals of the Government against
the advances authorized by the existing conventions supplied the market with new cash
resources. The Bank, also, was compelled to
increase its aid to private business whenever
the effects of a sharp contraction of credit
seemed dangerous. Relative ease, however,
was restored only as a result of repatriations
during the last months of the year.
APRIL
1938
The average of bills discounted by the Bank
rose from 6,970,000,000 francs during the
fourth quarter of 1936 to 9,331,000,000 francs
in July 1937, 10,111,000,000 francs in October, and amounted to 8,568,000,000 francs
in December.
To thesefiguresshould be added the amount
of rediscounts of bills created under the laws
of August 15 and 19,1936. The first of these
laws related to the financing of the wheat
harvest, and the second provided for temporary assistance to commerce and industry.
Our portfolio showed these operations at a
maximum of 728,000,000 francs and 1,187,000,000 francs, respectively.
We also continued to aid exporters by mobilizing the foreign balances which the Exchange Clearing Offices could not liquidate
promptly. In this matter we cooperated
closely with the Reichsbank for the repurchase of credit receipts issued under the former Franco-German agreement.
In the distribution of these credits, however, we were always careful to verify the
commercial character of the paper, in cooperation with the banks which assisted us
in this difficult task.
The discount rate.—Although the Bank desired to keep credit conditions as easy as possible, we were compelled to raise the official
rates, both for discounts and for advances
on securities, when we found that demands
for credit were creating tension in the exchanges, but we never failed to lower the
rates a,s soon as circumstances permitted.
We raised the discount rate from 2 to 4 percent in January, from 4 to 6 percent in June,
and in the following months lowered it from
5 to 4 percent in August, to 3 ^ percent in
September, and to 3 percent in November.
Similarly, the rate for advances on securities
was raised from 3 ^ to 5 percent in January,
from 5 to 7 percent in June; then it was reduced to 6 percent in July, 5 percent in
August, 4i/2 percent in September and 4 percent in November.
The Bank remained firmly attached to the
tradition of limiting the costs imposed on industry and commerce during monetary crises
by keeping its rates as moderate as possible.
In this connection it is interesting to note that
the rate of discount remained at 4 percent
or less during more than three-fourths of the
period between January 1, 1935, and December 31, 1937.
Assistance to production.—We have wished
to supply the needs of production so far as
APRIL
1938
FEDERAL RESERVE BULLETIN
permitted under our statutes, and have
always given it a liberal measure of assistance. We therefore favor the wider development of the banker's acceptance market, because this mechanism is admirably suited to
foreign commercial operations; and also—as
we have urged consistently—the creation of
trade bills for all transactions of a short-term
character.
We strongly urge that the influence of
chambers of commerce and syndical organizations might be used to this end with those
houses that still refuse to accept bills drawn
upon them by their creditors; this unjustifiable practice results in substituting bank
advances for commercial drafts; it is more
difficult to realize upon these advances, and
consequently the interest rate is more burdensome. The intervention of the Caisse Nationale des Marches de TEtat has enabled
the banks and the central bank to participate
more effectively in financing operations which
have been of importance to a large number
of enterprises.
The extension of short-term credit, however, even if readily adjusted to current trade
requirements, could not remedy the insufficiency of working capital. An increase of
working capital seems necessary if the new
conditions of production are to be met. This,
however, can be accomplished, while waiting
for enterprises to build up their own resources or for the possibility of recourse to
281
the money market, only by the extension of
medium-term credit.
Recent measures provide for the extension
of the medium-term market, under the auspices of specialized organizations such as the
Credit National, the Credit Foncier, the
Caisse Nationale des Marches, and the Caisse
des Depots et Consignations. The assistance
of the Bank, should it ultimately be needed,
will be rendered only by way of rediscounting
and without affecting the indispensable
liquidity of our commercial portfolio.
Conclusions.—During 1937 various incidents again exercised a depressing influence
on our economic life and on the position of
our money market. These difficulties, however, are not peculiar to our own country;
the solution of the problems posed—f or every
nation—by the necessity of developing its
economic activity and improving the living
conditions of its people, would be greatly
facilitated by the broadening of international
relationships and by close collaboration between all countries which are still suffering
from the remote repercussions of the war.
Without waiting for the results of agreements which should be sought in this sphere,
France should find in her own resources and
in her traditional qualities of work and thrift
the elements needed to restore progressively
the situation of her public finances, to develop her industry and trade, and to bring
about a harmonious balance between the
forces of production, labor, and saving.
282
FEDERAL RESERVE BULLETIN
APRIL 1938
BALANCE SHEET OF THE BANK OF FRANCE AS OF DECEMBER 23, 1937 AND
DECEMBER 24, 1936
[In thousands of francs]
Assets
Gold reserve (coin and bullion)
Silver and copper coins
Funds available on demand abroad
Foreign bills:
Negotiable
Other
Domestic bills:
Negotiable
Other
Agricultural bills and warehouse receipts
guaranteed by the National Wheat Board
(law of Aug. 15, 1936)
Bills rediscounted at the Central Coordinating Committee for the Banques Populaires (law of Aug. 19, 1936)
Advances against gold coin and bullion
Advances against securities
Advances for 30 days against Government
securities having a maturity of not more
than 2 years
Postal current accounts
Negotiable bills of the Caisse Autonome
d'Amortissement (convention of June 23,
1928, and Dec. 7, 1931)
Loans to the Government without interest
(law of June 9, 1857; convention of Mar.
29, 1878; law of June 13, 1878, extended;
laws of Nov. 17, 1897, Dec. 29, 1918, and
June 25, 1928)
Temporary noninterest bearing advances to
the Government:
Convention of June 18, 1936 (approved
by law of June 23, 1936):
Articles 1 and 2
Article 3
Convention of June 30, 1937 (decree of
June 30, 1937)__i
Rentes earmarked for special purposes
Bank buildings and equipment
Miscellaneous resources
Total assets..
J
Dec. 23,
1937
Dec. 24,
1936
58, 932, 539
378, 299
29,445
60, 358, 742
552, 350
9,648
19, 769
1, 436, 914
15,313
307, 387
8, 744,174
307, 291
7, 544, 433
673, 857
584, 457
579
3, 692, 506
756, 743
1, 258, 498
3, 508, 784
529, 504
625,959
342, 263
769, 210
5, 637, 303
5, 639, 771
3, 200, 000
3, 200, 000
Liabilities
Demand liabilities:
Notes in circulation
Current account of the Treasury
Current account of the Caisse Autonome d'Amortissement
Other current accounts and deposits...
Other demand liabilities
Capital
Surplus (laws of June 9, 1857, and Nov. 17,
1897)
•Reserve invested in legal securities (law of
May 17, 1834; decree of Apr. 27 and May
2, 1848; law of June 9, 1857)
Depreciation reserve (real estate)
Profit and loss:
Special reserve
Provision against risk on foreign exchange
Provision for exceptional payment
Provision for payment to the Government of an amount equal to part of
annual dividend in excess of 240 francs
net
Gross dividends 1501 francs
Carried forward
Miscellaneous liabilities
Total liabilities..
Total demand liabilities....
Ratio of gold reserve to demand liabilities
(percent)
12, 088, 806
10, 000, 000
Dec. 24,
1936
91, 263, 046
32, 274
87, 419, 591
136,687
2, 391, 067
16, 548, 443
109, 687
182, 500
1, 968, 446
12, 612, 957
73, 525
182, 500
303, 231
294,980'
22,106
4,000
22,106
4,000
25,000
23,000
40, 000
47, 000
266
1,100
27, 375
25, 454
2, 703, 958
22, 813
25,826
2,141,652
113, 679, 242
104, 975, 349
110,344,517
102, 211, 206
53.41
59.05
12, 298, 092
3, 800, 000
4, 820, 000
112, 981
4,000
3,012, 246
Dec. 23,
1937
112, 981
4,000
2,475,860
113, 679, 242 104, 975, 349
For the second half year 1937. Gross dividend for first half year 1937,135 francs. In accordance with the law of Dec. 23, 1933, and the decrees
of July 11,1934, July 16,1935, and July 8,1937, which modified the rate of taxation on the yield of French registered shares, the net dividend of shares
of the Bank of France was 224.70 francs for the year for shares subject to a tax of 18 percent for the first half year and to a tax of 24 percent for the
second half year; and 246.30 francs for the year for shares subject to a tax of 12 percent for the first half year and to a tax of 15 percent for the second
half year.
APRIL 1938
FEDERAL RESERVE BULLETIN
283
ANNUAL REPORT OF THE NATIONAL BANK OF BELGIUM
The annual report of the National Bank of regulator of the market, it was authorized
Belgium for the year ending December 25, to engage in "open market" operations, i. e.,
1937, was presented to the general meeting ;o buy or sell Government securities in such
of shareholders on February 28, 1938. Sec- amounts as seemed expedient to adjust the
tions from the address of the Governor of volume of money to the needs of monetary
the Bank, M. Georges Janssen, are given policy. In adopting a technique so new to
herewith.1
our market, however, certain precautions
Reform of the statutes of the bank.—For seemed desirable, in order to prevent this
the National Bank of Belgium the year 1937 means of intervention from being diverted
was important for the reform of its organic from its purposes.
laws and its statutes. These changes were The amount of public securities which the
effected under provisions of the royal decree Bank may buy under these provisions is limof July 23, 1937,2 issued in accordance with ited in two ways:
the law of June 10, 1937, for coordination of
(a) On the one hand, the maximum
the activities, organization and functions of
amount of short-term and medium-term
certain institutions of public interest. Since
securities which the bank may buy has
the charter of the Bank is in the form of a
been fixed at 500,000,000 francs, but
contract, these reforms could not be made
the total value of such bills shall not exwithout the consent of the shareholders—a
ceed 200,000,000 francs for more than
principle which the directors were at pains to
12 consecutive months.
preserve by a convention concluded between
(b) On the other hand, the maximum
the Government and the Bank on June 8,
amount of long-term Government securi1937. Amendment of the text of the statutes
ties which the Bank may buy has been
in conformity with that of the royal decree
fixed at 1,000,000,000 francs; these seof June 23, 1937, was voted by the sharecurities must have been issued at least
holders in extraordinary session on August
2 years previously and be quoted on the
30, and September 3, 1937. NotwithstandBourse. This limit of 1,000,000,000
ing the publicity given to the prolonged disfrancs is increased by an amount equal
cussions which preceded the voting, we beto total repayments or realization of
lieve it may be useful to review the essentials
bills, annuities, and obligations of the
of this reform.
Belgian Treasury held by the Bank under
Means of intervention in the credit market.
the laws of December 27, 1930, and June
—The rapid and far reaching changes in
19, 1932.
economic life and organization made it neces- To complete the record, it should be stated
sary to give the Bank power to intervene in that in addition to the securities which may
the credit market. Within the limits of its be purchased by way of open market policy,
statutory powers, the Bank is obligated to and in addition to those which are held by
insure the stability of the currency and a virtue of the laws of December 27, 1930, and
satisfactory distribution of credit. These July 19, 1932, the Bank may buy public sefunctions call for regulation of the means of curities to an amount corresponding to its
payment available to the national economy. capital, surplus, and amortization accounts.
For a long time discount policy was the ex- Inauguration of open market operations
clusive technical means which could be used presuppposes not only a detailed preliminary
for this purpose.
study but also the realization of certain techChanges in banking organization and tech- nical conditions. It would be premature to
nique, along with the decline in the volume of go into details on this matter; suffice it to
trade bills offered for discount at the Bank, say that this new policy—which is not a submade it increasingly difficult for the Bank to stitute for discount policy but rather comintervene in the money market. In order to plements it—will not be inaugurated until
enable the Bank to perform its function as the conditions of intervention by the Bank
shall have been exactly defined, both as re1
The report, available in French, contains in addition sections
dealing with credit agreements, industry, commerce and agricul- gards the public authorities and the market.
ture, and the Belgian Congo, as well as tables showing the operaThe provisions governing the Bank's distion of the bank in detail. For earlier reports see BULLETIN for
March 1937, April 1936, 1932, 1931, May 1930, April 1929, etc count operations have been revised to bring
2
For full text of this decree see BULLETIN for October 1937;
them in line with current market practice.
pages 1003-1006.
284
FEDERAL RESERVE BULLETIN
The maximum maturity of trade bills which are likewise excluded from the Administrathe Bank may admit to discount has been ex- tive Council and the College of Censors.
tended from 100 to 120 days. On the other
Duration of the Bank.—The duration of
hand, the form and the character of the the Bank has been extended from December
paper admitted to discount has been left to 31, 1952, to December 31, 1961. This measthe judgment of the Bank, which enables it ure, taken on the initiative of the Governto follow the development of commercial and ment, postpones for nine years the maturity
banking practice more easily.
of the Government debt to the Bank.
Administration.—The administration o f
the Bank will henceforth be carried on by the
ORGANIZATION OF CREDIT
Committee of Management with the Governor of the Bank as chairman. The Adminis- The organization of credit has occupied the
trative Council will not participate in the attention of the Government ever since 1935.
daily conduct of the Bank but will advise the During the last months of 1937 it was made
Committee of Management, as it is well the subject of important reforms.
qualified to do because its members represent Several royal decrees issued in execution
the various economic activities of the country. of the law of June 10, 1937, successively reIt is, therefore, the logical body to decide on vised the statutes of the National Bank, of
the general policy of the bank of issue in the Caisse Generale d'Epargne et de Retraite,
matters which concern interest rates and of the Office Central de Credit Hypothecate,
conditions of discount operations and ad- of the Office National du Ducroire, and of
vances.
the Caisse Centrale du Petit Credit ProfesThe number and complexity of the prob- sionnel. Other royal decrees created a Caisse
lems to be dealt with by the management of. Nationale de Credit aux Classes Moyennes,
the Bank, as well as the great number of an Institut National de Credit Agricole, and
duties to be performed by its directors in a Conseil de Coordination des Institutions
various organizations, led the general meet- de Credit aux Classes Moyennes.
ing of shareholders to increase the number The royal decree of October 22,1937, which
of managers from three to four.
created the Conseil des Institutions de
In order to guarantee the independence of Credit, went far toward completing the work
the Bank, the disqualifications attaching to of reform inaugurated by the revision of the
members of the General Council were made organic law of the central bank.
more severe. The Governor, the Vice-Gov- The Conseil des Institutions de Credit is
ernor, and the managers cannot be members to supervise the coordination of the activity,
of any commercial enterprise, or of any enter- the organization and the functions of the
prise which is commercial in form, except the credit organizations created by special law.
bank of issue of the Belgian Congo, the Bank A basis of permanent collaboration has thus
for International Settlements, and financial been established between the different credit
organizations of public interest created by institutions. The National Bank will, of
special law.
course, be called upon to participate largely
The Administrative Council and the Col- in the work of the Conseil.
lege of Censors respectively can include no Besides its participation in the Conseil des
more than two members who perform any Institutions de Credit and its long-standing
duties in one of the banks referred to in collaboration in the Conseil General de la
article 1 of royal decree No. 185 of July 9, Caisse Generale d'Epargne et de Retraite,
1935. Even these duties must be purely con- the National Bank is or will be represented
sultative or supervisory, excluding any par- in the majority of the eight financial organiticipation in administration or current man- zations created by special law: la Societe
agement if these duties are performed in Nationale de Credit a F Industrie, Tlnstitut
banks constituted under the form of joint de Reescompte et de Garantie, 1'Office Nastock companies, limited liability companies, tional du Ducroire, la Caisse Nationale de
or limited partnership companies.
Credit aux Classes Moyennes, VOffice Central
Persons holding any office in a commercial de Credit Hypothecaire, le Fonds d'Amorconcern or concern which is commercial in tissement de la Dette Publique, 1'Office Cenform, which controls directly or indirectly tral de la Petite Epargne, le Conseil de Co25 per cent of the capital of a bank consti- ordination des Institutions de Credit aux
tuted under the forms previously mentioned, Classes Moyennes.
APRIL
1938
FEDERAL RESERVE BULLETIN
Under a provision of the new statutes, the
Bank will be able to participate freely in subscriptions to the capital of financial organizations of public interest created by special
law. It will, however, be able to do this only
by permission of the Minister of Finance,
and then only to the amount of one-fourth
the total of its capital and reserves, irrespective of its share subscription to the capital
of the Bank for International Settlements.
All these provisions make it easier for the
Bank to perform its appointed task of regulating credit. Its participation in the work
of the Banking Commission supplies it with
information which supplements that furnished directly by the private banks. It may
be noted in this connection that the royal
decree of November 24, 1937, has defined the
character and form of the reports which article 12 of the royal decree of July 9, 1935,
requires the banks to furnish periodically
to the National Bank.
Finally, the creation of a service of public
credit at the Ministry of Finance by royal
decree of December 2,1937, insures the necessary cooperation between the public authorities and the public credit institutions.
Only the experience of several years will
make it possible to pass judgment on the
value of the reforms which have been briefly
reviewed. Their results will depend to a
great extent on the manner in which they are
carried out. It is undeniable, however, that
the efforts made are in line with the necessity of adapting the organization of credit
more closely to the needs of the general public. Up to the present time, reforms in the
organization of public credit have been characterized by the autonomy permitted to each
institution, an independence tempered nevertheless by legitimate concern for the interests
of the Government and by the necessity of
insuring a coordination of the activity of the
various organizations.
Movements of gold.—The Anglo-Saxo-n
markets, and particularly the United States,
have absorbed almost all the increase in gold
production during the past year.
Large quantities of the metal were also
sent to these markets as a result of exports
of foreign refugee capital.
During the first months of the year gold
moved principally toward the United States.
At the end of October the situation changed
somewhat, and gold moved in moderate
amount toward the Continent.
On the London gold market the value of a
285
fine ounce of gold averaged 142s. 0.1/2d. during the first quarter of 1937, 140s. 9 5/6d.
during the second quarter, 139s. 11 2/3d. in
the third quarter, and 140s. 113/15d. during
the fourth quarter. This decline in the value
of gold naturally brought a corresponding
appreciation in the pound sterling in foreign
markets.
Movements of gold were greatly influenced
by the confidence of public opinion in the
metal as a medium for hoarding. Early in
the year, when it was rumored that the price
of gold might be lowered in certain markets,
especially in the United States, a great part
of the gold hoarded by individuals went into
the central banks and into exchange equalization funds. During the closing months of
the year purchases for private account were
resumed on a large scale.
The metallic reserve of the Bank fluctuated
in response to movements of gold and certain
international exchanges. Up to the middle of
March, the reserve was practically unchanged. In the second quarter a reduction
took place. In June a rapid increase more
than compensated for the earlier withdrawals. Then followed a decline which continued at an increasing rate up to mid-November. At that time, an opposite trend set in
and lasted to the end of December.
To strike a balance of the total inflow and
outflow of gold, it is necessary to include also
foreign debt payments made during the past
year.
While the appeal to foreign markets for
account of the Government and public organizations was limited to the issue of the
31/2 per cent loan of 48,000,000 guildersrepresenting 780,720,000 Belgian francs—
capital repayments amounted to 2,312,000,000 Belgian francs. During the same period
foreign debt repayments for account of private Belgian companies and those of the Belgian Congo amounted to 1,906,000,000 francs.
Currency and exchange.—The international position of the Belgian currency was
strong throughout the entire year. The belga
fluctuated very little in relation to the dollar
and the Swiss franc, but showed an almost
continuous depreciation in relation to the
guilder, which steadily grew stronger in
terms of gold. The exchange rate on England
for reasons given in discussing the gold
market, rose during the year from 29.08
belgas to 29.46 belgas. In New York the
pound rose from $4,91 to $4.99%.
286
FEDERAL RESERVE BULLETIN
APRIL
1938
The year was marked by a new declifte of
We might, however, call attention to the
the French franc in the international mar- fact that the defense of currencies depends
kets. In our own market the principal move- far more upon a sound economic policy and
ments of this currency were as follows: In upon the equilibrium of public finances than
March the average rate declined from 27.60 upon central banks, whose task—essentially
belgas to 27.30 belgas. During the first 10 days that of regulator—cannot be adequately perof April it .declined to about 26.50 belgas and formed unless the preliminary conditions
remained at about this level until the end of have been realized. It is a, matter of joint
June. On July 1 the franc was detached from effort, for the success of which the collaboragold; it declined at once by 16 per cent, which tion of industrial leaders is no less essential
brought it to a rate in the neighborhood of than that of the public authorities.
22.25 belgas. Then, about the beginning of
Money market.—Discount operations and
October, it declined to about 20 belgas, fluctu- advances, which had declined sharply in volating around this level until the end of the ume since the monetary reform of 1935, reyear.
covered to a certain extent during 1937. This
On the forward market, the tendency was recovery, however, was rather slight because
consistently favorable to the belga. The the private banks had abundant resources
pound sterling showed a slight discount until and had recourse to the bank of issue only
August. Thereupon a moderate premium now and then and for relatively small
developed and was maintained up to the end amounts. The development of the operations
of the year. Dollar and guilder futures were of our discount offices do not seem to have
slightly above the rate for spot transactions. been in harmony with the terms which they
The Swiss franc maintained the same price were in a position to give to their clients.
for spot and forward during the first three Our official rates remained unchanged during
quarters of the year. During the fourth the entire year. The discount rate for acquarter forward quotations were a little cepted bills was lowered to 2 per cent on
higher. The French franc was continuously May 16, 1935, and has not varied since that
time. The discount rate for promissory notes
quoted at a heavy discount.
The technical arrangements made within and that on advances against Government
the framework of the Tripartite Agreement securities have remained at the extremely
—to which, as is well known, Belgium ad- low level of 2*4 per cent and 3 per cent per
hered—continued to function normally. This annum.
collaboration between central banks is still At the beginning of the year the Minister
limited to certain countries. The Bank for of Finance decided to undertake the issue of
International Settlements, on its part, tried Treasury certificates. Among the different
to contribute by technical methods to the solu- methods which were considered in this contion of the difficult problem of international nection the choice fell upon that of making
the award to the highest bidder, the system
transfers.
The political situation in various parts of employed with success for some time by the
the world, together with the obstacles en- Government of the Colony and by Flnstitute
countered by international trade, unfortu- de Reescompte et de Garantie, and for a connately seems more than likely to postpone siderable time in foreign centers.
for some time longer a settlement of the whole The maximum issue, which was originally
problem of international monetary relations. fixed at 300,000,000 francs, was increased at
It is interesting at this point to note the the beginning of August by 200,000,000
remarkable stability of our monetary circu- francs, so that the total volume of certificates
lation, which even shows a slightly downward in circulation was thus increased to 500,000,trend. Although in existing circumstances 000 francs. Every Friday—with certain exthis trend cannot be associated with the de- ceptions—awards are made for account of
velopment of domestic prices, we can say the Treasury in the amount of 40,000,000 or
that in relation to world prices this trend 50,000,000 francs, with a maturity of three
has fostered the conditions which have as- months. The subscriptions are always many
sured the favorable development of. Belgian times larger than the amount offered.
economy since 1935. Generally speaking, Because of the importance of these issues
the decline of French exchange does not seem from the point of view of credit policy and
to have had unfortunate consequences in this particularly from the point of view of openrespect.
market policy, the organization of the market
287
FEDERAL RESERVE BULLETIN
APRIL 1938
comes within the framework of the tasks to
be performed by the National Bank. From
now on the Bank is entrusted with the business of awarding these certificates.
Various issues of short-term bills floated
by the Belgian Congo at irregular intervals
have also provided investment for some available funds seeking employment. Furthermore, Tlnstitut de Reescompte et de Garantie
has continued to cooperate with credit institutions in granting medium-term facilities to
their clients. The financing of these operations has been made by issues of short-term
bills, sold under very favorable conditions.
The course of the short-term open market
during 1937 can be summed up as follows:
During the early months an almost excessive abundance of funds was reflected in an
abnormally low interest rate. From the second half of September until the second half
of December the market experienced some
tension. End of year payments were made
with the greatest ease, since the abundance
of available funds was increased by the return flow of capital brought about by maturing forward foreign exchange contracts.
BALANCE SHEET OF THE NATIONAL BANK OF BELGIUM AS OF DEC. 25,1937 AND 1936
[In thousands of francs]
Assets
1936
Gold reserve..
17, 612, 425
18, 684, 229
Foreign exchange
4, 747, 959
Belgian bills
1,107, 045 > 6, 874, 618:
Foreign bills
24, 093
Subsidiary coin
254, 486
271, 834
Advances on Belgian public securities
191,911
350, 535
Government debt:
Treasury bonds (law of Dec. 27, 1930)
500, 000
> 773,512
Treasury certificates (law of July 19, 1932)..
248, 042
Public securities:
Representing capital, reserve, and amortization accounts
579, 803
Purchased under the convention of July
27, 1932, implementing the law of July
358, 091
19, 1932
549, 990
To be liquidated
21,184
Bills deposited for collection in current
account
80, 743
200, 613
Bank premises
157, 435
154, 693
2,772
Furniture and fixtures
3,050
Provision for the manufacture of bank notes..
3,496
2,041
Interest earned on public securities
21, 889
21, 281
Assets written off and to be liquidated
2,796
Liabilities
Bank notes in circulation
Current accounts:
Treasury
Organizations created by a special law
Banks
,
Clearing
Private
21,460,065
287, 780
933, 387
2, 367, 989
209, 457
140, 857
22, 451, 814
539, 864
4, 111, 207
3, 939, 470
Bills deposited
account
Capital
Reserves:
Statutory
Special
for
collection
in
4, 561, 071
80, 743
200, 000
200, 631
200,000
102, 369
225, 824
328,193
100, 050
60, 202
504
2,695
59, 702
current
Amortization account for bank premises,
furniture and fixtures
Treasury reserve
Rediscount
Taxes payable to the Government:
Yield of discount and loan operations exceeding 33^ percent
Tax on fiduciary circulation
Share of the Government in profits
105
15, 836
5,843
100, 050
1, 815
21, 784
Unpaid dividends for second half year..
Total assets.
Total liabilities
26,103, 551
27, 697, 032
16, 212
5,842
22, 054
9,984
9,894
26,103, 551 27, 697, 032
* Of which, it is stated in the Report, 5,442,953,382 francs represented foreign exchange, 907,041,636 francs represented Belgian bills,
and 24,093,237 francs represented foreign bills.
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
289
290
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve bank credit outstanding
U. S.
GovOther
Bills
Bills
erndisbought ment Reserve Total
counted
bank
securi- credit*
ties
Date
Treasury
Mone- curtary
rency
gold
outstock standing
Currency
in circulation
Treasury
cash
holdings
Member bank
reserve balances
Treasury
Other
deposits NonFedmemwith
eral
Federal ber de- Reserve
Excess
Reserve posits
ac(estibanks
counts Total mated)
End of month figures:
1937—Jan. 31
Feb. 27
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 30
Nov. 30
Dec. 31
1938—Jan. 31
Feb. 28
2,430
2,430
2,430
2,525
2,526
2,526
2,526
2,526
2,526
2,526
2,564
2,564
2,564
2,564
2,497
2,465
2,458
2,565
2,585
2,562
2,574
2,577
2,579
2,580
2,606
2,612
2,593
2,590
11,358
11,436
11,574
11,799
11,990
12,318
12, 446
12, 567
12, 741
12, 803
12,774
12,760
12,756
12, 776
2,532
2,536
2,541
2,543
2,547
2,550
2,572
2,585
2,599
2,609
2,621
2,637
2,655
2,668
6,349
6,399
6,377
6,426
6,462
6,447
6,460
6,524
6,542
6,555
6,561
6,550
6,320
6,334
2,520
2,608
2,753
2,967
3,144
3,445
3,586
3,720
3,582
3,661
3,631
3,619
3,648
3,594
195
194
311
88
73
93
233
139
141
114
121
142
150
180
281
288
236
288
272
285
301
337
374
472
465
407
Wednesday figures:
1937—Apr. 7
Apr. 14___
Apr. 21__.
Apr. 28___
2,459
2,487
2,487
2,526
2,493
2,528
2,523
2,571
11,592
11, 697
11,737
11,782
2,539
2,541
2,540
2,541
6,387
2,774
2,876
2,914
2,956
275
112
119
95
6,388
6,381
253
258
257
255
260
258
257
265
263
261
263
260
257
6,781
6,695
6,639
6,881
6,915
6,900
6,753
6,751
7,014
6,928
6,962
7,027
7,237
7,248
2,152
2,078
1,398
1,594
918
865
791
773
1,038
1,055
1,169
1,212
1,383
1,415
247
236
245
270
258
258
259
258
6,684
6,901
6,877
6,934
1,442
1,627
1,587
1,643
237
250
261
257
257
256
256
6,882
6,943
6,918
6,944
887
936
907
938
6,854
6,929
May
May
May
May
5
12___.
19.__.
26—
2,526
2,526
2,526
2,526
2,577
2,576
2,565
2,557
11,838
11,882
11,907
11, 977
2,547
2,545
2,547
2,546
6,426
6,405
6,399
3,013
3,056
3,079
3,140
97
106
117
June
June
June
June
June
2
9
16
23.__.
30
2,526
2,526
2,526
2,526
2,526
2,573
2,573
2,583
2,562
2,562
12,027
12,118
12,220
12,270
12,318
2,548
2,547
2,548
2,550
2,550
6,487
6,435
6,415
6,394
6,447
3,182
3,254
3,348
3,396
3,445
115
85
250
151
255
279
267
324
285
256
255
263
263
260
6,854
6,900
931
752
814
865
July 7
July 14____
July 21___.
July 28....
2,526
2,526
2,526
2,526
2,578
2,585
2,564
2,560
12,376
12,423
12,404
12, 433
2,552
2,551
2,553
2,574
6,524
6,457
6,436
6,424
3,511
3,550
3,527
3,576
101
90
184
228
285
275
258
305
258
258
258
258
6,827
6,928
6,858
6,776
875
964
874
813
Aug.
Aug.
Aug.
Aug.
4
11_._.
18....
25___.
2,526
2,526
2,526
2,526
2,561
2,572
2,565
2,565
12,462
12,497
12, 527
12, 541
2,572
2,573
2,577
2,577
6,468
6,482
6,500
6,495
3,605
3,640
3,672
3,683
309
253
156
161
320
327
340
356
258
259
258
258
6,636
6,681
6,744
6,730
704
740
782
761
__^t. 1...
Sept. 8 —
Sept. 15..
Sept. 22..
Sept. 29_.
2,526
2,526
2,526
2,526
2,526
2,579
2,572
2,598
2,578
2,573
12, 567
12,604
12,651
12, 694
12, 734
2,585
2,587
2,590
2,593
2,596
6,532
6,597
6,554
6,529
6,520
3,719
3,756
3,495
3,537
3,575
156
130
348
193
140
337
314
313
362
369
256
257
266
266
266
6,731
6,710
6,865
6,977
7,033
750
756
880
1,020
1,062
Oct. 6.__.
Oct. 13...
Oct. 20...
Oct. 27...
2,526
2,526
2,526
2,526
2,583
2,558
2,565
2,570
12,765
12,784
12,793
12,801
2,596
2,601
2,605
2,607
6,569
6,585
6,546
6,519
3,610
3,634
3,654
3,666
76
83
82
94
421
458
479
485
265
264
264
264
7,003
6,919
6,951
1,090
992
1,021
1,073
Nov.
Nov.
Nov.
Nov.
3_...
10...
17...
24 ..
2,526
2,537
2,555
2,564
2,559
2,576
2,590
2,596
12,804
12, 789
12, 789
12,774
2,608
2,611
2,611
2,619
6,565
6,564
6,534
6,554
3,662
3,648
3,633
3,626
111
139
135
113
482
483
503
485
263
263
262
261
6,879
6,922
6,949
1,046
1,066
1,100
1,138
Dec.
Dec.
Dec.
Dec.
Dec.
1...
8—.
15.
22.
29.
2,564
2,564
2.564
2,564
2,564
2,603
2,612
2,631
2,658
2,602
12, 774
12,764
12, 765
12, 765
12, 760
2,621
2,623
2,625
2,630
2,634
6,568
6,591
6,596
6,681
6,571
3,627
3,622
3,620
3,625
3,620
177
242
232
153
140
459
446
419
470
413
261
262
270
269
6,906
6,836
6,884
6,855
1,119
1,052
1,057
1,007
1,157
1938—Jan. 5—.
Jan. 12..
Jan. 19...
Jan. 26..
2,564
2,564
2,564
2,564
2,603
2,599
2,610
2,594
12, 755
12, 755
12, 755
12,755
2,639
2,640
2,639
2,654
6,510
6,395
6,346
6,294
3,622
3,628
3,621
3,642
127
115
135
117
404
401
418
393
262
262
264
261
7,071
7,193
7,219
7,296
1,267
1,386
1,371
1,440
Feb.
Feb.
Feb.
Feb.
2__.
9__.
16..
23_.
2,564
2,564
2,564
2,564
2,594
2,594
2,600
2,591
12, 755
12, 756
12, 781
12, 784
2,657
2,661
2,662
2,665
6,323
6,306
6,302
6,324
3,648
3,650
3,626
3,620
143
156
187
155
383
434
454
443
259
258
258
7,249
7,205
7,216
7,240
1,385
1,385
1,364
1,412
Mar.
Mar.
Mar.
Mar.
2...
9...
16..
23..
2, 564
2,564
2,564
2,564
2,563
2,594
2,608
2,592
12, 767
12, 768
12, 778
12, 781
2,669
2,670
2,672
2,674
6,343
6,334
6,328
6,325
3,579
3,562
3,550
3,545
185
181
264
270
421
389
325
312
256
256
264
263
7,215
7,311
7,328
7,333
1,391
1,467
1,460
1,559
10
17
iIncludes industrial advances.
NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article,
together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in
Annual Report for 1936 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Averages of daily figures for recent
months and years are shown in the table on p. 259.
291
FEDERAL RESERVE BULLETIN
APRIL 1938
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
W e d n e s d a y figures
E n d of m o n t h
1938
M a r . 23
M a r . 16
Mar. 9
Mar. 2
1937
F e b . 23
F e b . 16
Feb. 9
Feb.
Jan.
Feb.
ASSETS
Gold certificates on hand and due from XJ. S.
Treasury
_
Redemption fund—F. R. notes
Other cash
_
),
),
9,116, 399 8, 847,1
602 1,178, 601 9,173, 603 9, 167, 600 9, 163, 600 9, 116, 097 9,173,
, 197, 203 9, 188, 602 9,
10,183
9,104
9,308
9,155
9,155
9,309
10,313
9,600
11,475
9,874
477,843 478,179 471, 610 455, 851 439, 441 441, 200 437, 550 453, 853 428, 832 275,480
,
684,920 9, 676, 381 9, 659, 315 9, 638, 762 9, 616,196 9, 613, 955 > 563, 830 9, 636, 764 9, 555, 544 9,134, 353
Total reserves.
Bills discounted:
For member banks
For nonmember banks, etc..
1,523
8,419
9,634
8,149
8,419
9,634
10,148
542
17, 314
542
17, 259
542
17, 357
550
17, 453
550
17, 517
11,135
10, 048
12,082
80
4,619
1,920
11,215
10, 048
12,162
4,619
548
17, 536
548
17, 625
550
17, 459
548
17, 939
3,08323, 257
10, 068
80
i,523
Total bills discounted.
Bills bought:
Payable in foreign currencies .
Industrial advances
8,149
U- S. Government securities:
Bonds
Treasury notes
Treasury bills
__
714, 683 719, 573
732, 320 723, 595 702, 683 702, 683 714,i
., 175,103 1,175,103 1,170, 213
1,165, 691 1,164,191 1,185,103 1,185,:
674, 229
666, 004 676, 229 676, 229 676, 229 674, 229 674, 229
Total Government securities..
Other Reserve bank credit
J,
L
2, 564,015 2, 564, 015 2, 564, 015 2, 564,
1,015 2, 564, 015 2, 564, 015 2, 564,, 015 2,
7,674
226
18, 316
3,517 -29,090
-1,637
1,015
Total Reserve bank credit outstanding
714, 683 727, 573 533, 682
, 175,103 1,172, 213 1, 303, 971
674, 229 664, 229 592, 574
564, 015 , 564, 015 , 430, 227
4,232
-2,108
2, 592,409 2, 608, 281 2, 593, 850 2, 562, 562 2, 590, 593 2, 599, 693 2, 593, 629 2, 590, 243 2, 592, 556 2, 465, 418-
LIABILITIES
F . R. notes in actual circulation
__. 4,119, 858 4,124, 888 4,134, 01 4,144, 684 4,126, 230 4,119, 686 4,125,104 4,139,017 4,137, 916 4,190, 294
Deposits:
Member bank—reserve account
U. S. Treasurer—general account..
Foreign bank
Other deposits.
Total deposits-
',
',
',
, 328,137 7, 310, 761 7,215,012 7, 240, 498 7, 215, 592 7, 204,
7, 333,1
269, 586 263, 623 180, 851 184, 501 155, 041 187, 286 156, 272
153, 380
113, 661 103, 356 117, 260 124,158 145, 809 152, "
198,646 222,136 272,052 296, 461 297, 660 301, 712 280, 341
7, 914, 943 7, 917, 252 , 880, 924
Ratio of total reserves to deposit and F. R. note
liabilities combined (percent)
247, 546 7,, 236, 741 6, 694, 612
179,
150, 244 193, 854
125, 769 149, 647 114, 760
296, 963 238, 547, 173, 541
', 820,132 7, 839,008 7, 856, 670 7, 794, 701 850,116 7, 775,1791 , 176, 767
80.5
80.2
,0.4
0.2
MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Bills discounted:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Bills bought in open market:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Industrial advances:
Mar. 2
Mar. 9
_
.
Mar. 16
Mar. 23
U. S. Government securities:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
91 days
6 months 1 year
to
to
1 year 2 years
2 years
to
5 years
Within
15 days
16 to 30
days
31 to 60
days
61 to 90
days
to 6
months
9,634
8,419
8,149
9,523
7,832
6,579
6,489
7,817
425
428
426
558
758
719
584
454
292
373
320
247
313
306
316
417
550
542
542
542
93
47
47
86
297
379
449
371
198
116
93
17, 453
17, 357
17, 259
17, 314
._
1,590
1,343
1,577
1,898
470
752
416
72
402
274
330
346
354
447
463
610
1,865
1,766
1,830
1,656
3,324
3,328
3,308
3,285
5,204
5,207
5,142
6,758
_
2,
2,
2,
2,
4,244
4,240
4 193
2,689
564,015
564, 015
564,015
564, 015
126, 282
104, 218
86, 903
56, 383
90,644
56, 383
56,482
63, 623
129, 204
136, 562
158, 638
173, 474
183, 568
194,321
183, 218
287, 477
318,164
293, 578
369, 693
263, 752
133, 569
133, 569
123, 851
123,851
303, 605
329,405
348, 214
349, 714
629, 629
666,629
574, 647
574,647
Over
5 years
14
14
14
30
Total
649,350
649,350
662, 369
671,094
292
FEDERAL RESERVE BULLETIN
APRIL 1938
ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
New
York
Boston
Philadelphia
Cleveland
Rich- Atmond lanta
MinSt.
hicago Louis neapolis
Kansas Dallas
City
San
Francisco
ASSETS
Gold certificates on hand and due
from U. S. Treasury:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Redemption fund — Federal Reserve notes:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Other cash:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Total reserves:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Bills discounted:
Secured by U. S. Government
obligations direct or fully
guaranteed:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Other bills discounted:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Total bills discounted:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Bills bought in open market:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Industrial advances:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
U. S. Government securities:
Bonds:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Treasury notes:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Treasury bills:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
9,173, 603 488, 865
9,178,601 V ""
9,188, 602
9,197, 203 485,358
819, 419 478, 090
777, 708 ), 612
777, 331 466, 545
891,432 460,754
9,308
9,104
9,600
9,874
547
511
500
471
1,064
917
1,835
1,714
455, 851
471, 610
478,179
477,843
48,920
50, 225
49, 855
48, 669
111, 074
120,165
117, 567
117, 364
1,072
1,073
977
924
616, 210 285, 698 230,428
— •"
628,466 291, 509228,556
646,291 279,613 232,810
620,922 272,043 227,180
702
862
847
581
1,338
1,312
1,265
1,246
273,865 .86,009 262,266 .75,011
, 692,108
277,373 .87, 747 259, 520 .75,192
, 711, 465
279, 256
, 700, 527 5 . .81, 533 258,804 .77, 698
, 672,038 265,465.77, 508 257, 562 .68,832
697
685
642
631
354
347
338
733
442
433
412
404
665, 634
669, 812
695, 384
698,109
478
470
462
457
1,049
1,035
1,007
1,496
14, 329 9,477 27, 238 13,170
14, 364 9,588 26, 777 12, 809
14, 272 10, 094 29, 075 13, 479
15, 450 10, 032 29, 677 13,441
> 638, 762
,
538, 3323, 931, 55:515, 237 656, 750314, 486 249, 768 1, 759, 302 288, 891.95,840 289, 946 188, 659
>, 659, 315
552, 377 " "98,790 """1,411 672, 487 320, 253 247, 964 781, 910 292,422 97,682 286, 730188,471
> 676, 381
,
543,165 3, 896, 733505,011 690, 741 307,"" 253, 078 , 775, 251
988
294,170 91,965 288, 291 191, 639
), 684, 920
534, 4984, 010, 510497, 947 665, 688 300, 475 247, 786 , 746, 337 546 188, 273 287, 643182, 730
281,
43, 311
40,971
41,958
41,882
36, 075
37,726
37, 489
36, 269
789
734
657
607
18, 002
39, 751
43, 28" 27,882 18, 096
43, 793 27, 528 19,003
44,159 27, 851 19, 360
776
725
658
610
66, 418
69, 720
74, 066
73, 689
6,471
5,366
5,193
6,415
691
64'
641
85^
2,520
2,098
1,859
2,340
1,238
960
975
1,274
461
314
306
476
370
350
500
478
404
426
426
424
150
65
65
90
187
55
60
85
3,163
3,053
2,956
3,108
87
84
85
89
440
326
354
288
888
676
588
656
156
161
166
230
455
554
542
593
18
16
12
11
40
40
40
100
76
75
7'
9,634
8,419
8,149
9,523
778
731
726
946
2,960
2,424
2,21
2,628
2,126
1,636
1, 563
1,930
617
475
472
706
149
20:
208
270
519
55:
708
748
859
980
968
1,017
168
81
7
101
18'
9.
100
12,
100
76
75
7
550
542
542
542
41
41
41
41
215
207
207
207
56
56
56
56
51
51
51
51
19
19
19
19
68
.68
68
68
17, 453
17, 357
17, 259
17, 31'
2,650
2,660
2,668
2,667
4,316
4,312
4,332
4,325
3,413
3,319
3,293
3,290
990
990
995
970
126
124
122
122
682
682
682
686
201
201
154
154
702, 683
702, 683
723, 595
732,320
51, 589
51, 589
53,125
53, 764
202, 678
202, 67!
208, 71
211, 227
57,992
57,992
59, 718
60, 439
77, 391
77, 391
79, 693
80, 655
341, 826
341, 826
335, 794
336, 228
676, 22$ 49, 64c 195, 04t
676, 22£ 49, 64E 195, 04!
676, 229 49, 64£ 195, 04S
666, 004 48, 89, 192, 098
97, 808
97, 808
96, 082
96, 205
69, 347 37, 353 29, 451
69, 34' 37, 353 29, 451
71,41 38, 464 30, 327
72, 271
38, 929 30, 693
116, 95£ 62, 99' 49, 668
116, 955 62, 99' 49, 668
114, 891 61, 886 48, 793
115, 040 61, 965 48, 85£
130, 522
130, 522
128, 220
128, 384
28,34
28,34
28,34
27, 91;
74, 47'
74, 47'
74, 47'
73, 35
31, 373
31, 373
32, 307
32, 697
52, 913
52, 913
51, 979
52, 045
30,192
30,192
30,192
29, 736
1,185,10:
1,185,102
1,164,19:
1,165, 69:
87,00£
87, 005
85, 469
85, 580
55, 81C
55, 81C
55, 810
54, 966
66, 73i
66, 736
66, 736
65, 727
24
24
24
1,706
1,705
1,696
1,791
35, 94'
35, 94'
35, 947
35, 403
153
164
138
138
709,994
711, 818
738,349
741, 487
250
240
165
215
463
466
433
354
4'
4'
58
38
271
254
255
254
616
630
571
492
318
301
313
292
386
433
363
461
16
16
16
16
16
16
16
16
39
39
39
39
573
574
562
556
468
468
467
467
927
922
913
913
1,401
1,400
1,375
1,373
22, 814
22, 814
23, 493
23, 776
38, 477
38, 47^
37, 798
37, 84'
36, 203
36, 203
37, 281
37, 730
61, 059
61,059
59, 981
60, 059
34, 841
34,841
34,84"
34, 31'
27,341
27, 341
28,154
28, 495
59,150
59,150
60, 911
61, 644
46,113
46,113
45, 300
45, 35r
99, 759
99, 759
97, 998
98,126
26, 313
26,313
26,313
25,915
56,923
56, 923
56, 923
56, 062
21, 955
21, 955
21, 955
21, 623
136
193
198
246
293
FEDERAL RESERVE BULLETIN
APRIL 1938
ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS,
BY WEEKS—Continued
[In thousands of dollars]
Boston
Total
Philadelphia
New
York
Cleveland
Richmond
Atlanta
St.
Chicago Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
ASSETS—Continued
Total U. S. Government securities:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Total bills and securities:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Due from foreign banks:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Federal Reserve notes of other
banks:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Uncollected items:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Bank premises:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
All other assets:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Total assets:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
2,
2,
2,
2,
564,015
564,015
564,015 188, 239
564,015 188, 239
739,
739,
739,
739,
2,
2,
2,
2,
591, 652 91, 708
590, 333191,671
589,965 191, 674
591, 394191, 893
747,045 217, 205
746, 497 216, 621
746, 306 216,522
746, 714
554 211, 610
554 211, 610
554 211,610
554 211, 610
253,038 136, 297 07, 461 282, 390 114, 478
,
253, 038 136 297 107|
136, 297 "^461 282, 390 114,478
,
253,
107,461 282, 390 114, 478
253,038 136, 297 107,461 282, 390 114, 478
253,038 136, 297
,308 114, 869
254, 696 138, 546 108, 465 283,
,
""
,583 108,584 283, 221 114, 777
283 217
, 556 138, 725 108, 570 283, 217 114, 735
, 765 138, 860 108, 619 283, 245 114, 760
83, 246 132, 103 99,
!
,
83,
!,103 99,
!,103 99,
83, 246 132,
83, 246 132,103 99,
12
12
12
12
249
249
256
383
3,968
3,772
4,067
3,502
568, 503
500,039
742,758
531, 219
56,147
49, 350
67, 729
52, 768
44,861
44, 861
44, 865
44,852
2,992
2,992
2,992
2,991
9,940
9,940
9,940
9,940
4,805
4,805
4,805
4,805
6,190
6,190
6,190
6,190
2,687
2,687
•2, 687
2,687
46, 646
49, 250
40, 698
42,130
2,961
3,087
2,533
2,634
13, 701
14, 111
11, 882
12, 344
4,453
5,637
3,972
4,070
5,097
5,254
4,509
4,645
2, 79J
2,904
2,485
2,567
83,921 133, 203
83, 898 133;1 7
"2
1,157
83, 885 133,
!
,
83,881 133,078
101,028
101, 006
101,009
100,988
217, 658
217, 704
217, 609
217, 705
5
5
5
5
12
12
12
12
64
73
72
72
19, 569
17, 644
20, 613
19,889
215,832
215,832
215,832
215,832
5
5
5
5
169
178
177
177
767
767
767
767
797
812
782
910
133, 584 45, 406
119, 366 36, 728
54, 561
124, 596 40, 874
1,320
1,080
1,406
1,295
2,013
1,106
1,811
1,503
1,1
2,603
1,801
2,075
2,801
3,203
3,665
2,578
2,073
1,163
2,296
1,933
557
368
1,416
1,211
1,436
1,908
492
555
427
539
1,987
1,522
2,086
2,331
81, 204
63, 697
105,132
69, 557
26, 527
24,158
29, 739
26, 321
13, 489
13,888
16, 557
14, 418
32,480
25, 677
36, 569
26, 935
22, 792
23, 810
29,902
23, 716
30, 880
31, 472
51, 633
33,946
2,112
2,112
2,112
2,109
4,569
4,569
4,569
4,569
2,333
2,333
2,333
2,333
1,493
1,493
1,497
1,497
3,142
3,142
3,142
3,142
1,269
1^269
1,269
3,329
3,329
3,329
3,320
1,865
1,929
1,623
1,673
4,442
4,618
3,798
3,962
1,
1,897
1, 591
1,652
1,617
1,664
1,411
1,454
2,156
2,241
1,883
1,955
1,737
1,771
1,515
1,571
3,996
4,137
3,496
3,603
58, 638 47, 609 19, 747
44, 945 44, 358 22, 590
76, 794 56, 428 28, 728
47, 961
23, 447
12,910,162' . 401 4,839, 859 787, 920 982, 706 508,143
792,
12, 861, 620 799, 738 4, 792, 549 773, 031 984, 526 509, 898
808,
13,115,457 808,3614, 857, 986
,
785, 670 1, 034, 212510,131
12,914, 581 785,179 4, 907, 678
,
765, 509 980, 560 492, 779
967, 856
296, 919 462, 348 315,
1
,
383, 859 2,135, 647 436, 522
298, 995 452, 223 316J 887 969, 994
,
385,788 2,141. 239 436, 75:
, ,
',
.
395, 918 2,175, 653 444, 866 295, 897 464,483 325, 1, 016, 514
75,
i 766
,
385, 7ir 2,110, 269 428, 547
~
"" "™
•— •-. 666 ~ 290, 457 454, ~~~ 310, 818 1, 002, 404
LIABILITIES
Federal Reserve notes in actual
circulation:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Deposits:
Member bank—reserve account:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
U. S. Treasurer—general account:
Mar. 2
• Mar. 9
Mar. 16
Mar. 23
Foreign bank:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
4,144,684 277, 527
4,134,017 277, 219
4,124,888 279, 051
4,119,858 297, 776
918, 258 311, 083
910, 207 310, 339
911, 594 310; 849
902,189 308, 450
7, 215, 012412, 863 3, 249,1' 384, 596
7, 310, 761427,915 3, 291,151 376, 40"
7, 328,13" 652 3, 350,924 362, 041
413,
•
7, 333, 050381, 740 3, 455, 631 357, 243
'""
184,
180,
263,
269,
501 8,033
851 6,576
623 7,414
586 15, 349
124,158
117, 260
103, 356
113, 661
8,403
7,385
8,148
98, 379
2,488
4,350
87, 561 12, 384
118,176 13,168
87, " •
44, 862
42, 452
37, 607
41,495
12,107
11, 437
10, 052
11, 090
417, 063 197, 631
418, 808 196,817
414, 569 196,877
413,136 195, 526
450,
460,
465,
458,
153, 621
152, 516
152,068
150, 733
621 234.
:,514 187,
61 241,199 186,
345 221, 910 184,
460 214,165 178,
970, 012 179, C59 136,462 167, 407 81, 350
967,110 178, 321 136, 304 167, 511 81, 050
964, 945 178, 553 136, 395 165, 938 80,184
962,98! 177,11; 136, ~ "" - 958 79, 729
,
89, 375 205, 991 127, 777 238, 367186,
733
544 1,017,0" 207, 586 130, 014 238, 273186,
209 989, 010 203, 351 122, 679 238, 770188,
194, 275 120,161 238, 022 175,
759
335, 211
337, 815
333, 865
330, 842
343
977
797
583
547, 657
547, 0C8
587, 449
570, 323
9,186
496
13, 512 2,991 4,442
34, 967 13, 462 11,119
15, 624 12,011 12, 029
32, 756
30, 029
56, 956
28,836
3,352
5,154
11, 720
7,
3,408
3,430
5,824
4,181
8,344 4,058
7,000 5,758
9,002 6,699
9,426 12, 049
11, 039
9,928
6,515
21, 040
5,312
5,019
4,410
4,866
14, 702
13, 888
12, 206
13, 466
3,706
3,501
3,07"
3,395
2,841
2,684
2,359
2, 60:
3,583
3,384
2,975
3,282
3,689
3,384
2,975
3,
8,771
8, 286
7,283
8,034
11, 366
10, 737
9,437
10, 411
4,324
4,085
3,590
3,590
£94
FEDERAL RESERVE BULLETIN
APRIL
1938
ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS,
BY WEEKS—Continued
[In thousands of dollars]
Total
Boston
New
York
4,694
4,759
4,748
4,336
247, 828
227,187
175, 346
149, 379
Philadelphia
Cleveland
Richmond
Min- KanAtSt.
sas
lanta Chicago Louis neap- City Dallas
olis
San
Francisco
LIABILITIES—Continued
Other deposits:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Total deposits:
Mar. 2
Mar. 9
Mar. 16
Mar. 23—
Deferred availability items:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Capital paid in:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Surplus (section 7):
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Surplus (section 13b)
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Reserve for contingencies:
Mar. 2
Mar. 9
Mar. 16__. _
Mar. 23
All other liabilities:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Total liabilities:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Contingent liability on bills purchased for foreign correspondents:
MaY. 2
Mar. 9
Mar. 16
Mar. 23
Commitments to make industrial
advances:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
4, 001 7, 979
4,042 4,660
4,119
5, 250
4,458
2,960
3,036
2,785
2,615
949
954
1,282
2,047
6,245
6,345
5,970
8,009
3,450
3,661
3,725
3,441
87'
709
467
425
3,528
3,062
3,434
2,870
58, 283
44,470
73, 448
46, 069
47, 241
44,165
53,198
44, 747
19, 382
22, 227
29, 212
25, 054
83, 061
67,147
106, 238
69,160
27, 651
25, 260
31, (
27,460
13, 625
13, 465
15, 514
14, 219
33, 696
25,192
37,165
28, 351
25, 993
25, 577
32, 593
26,200
27, 536
29, 652
42, 940
34,095
13,188
12, 728
13, 901
13,455
251,171
399, 953 475,174 248, 301 197, 97' 1, 037, 782 219. 137,476 251,171 197, 618 580,655
1,294
,
7, 820,132 434, 485 ! 640, 244
3,
',653
7, 880, 924 447, 3, 648, 471393,103 488,903 253; 869 198,107 1, 061, 946 222, 586
!
, 139, 789 249, 366 199,181 577, 950
,
,199
7, 917,252 433, 3, 651, 438 385, 586 513, 868 245,032 201, 703 1,059,454 224,118 134; 587 251, 214 201, 905 615,148
:
993
1,573
7, 914, 943 409, 3,764,681 382, 714 488,953 237, 440 196," i; 033,037 213i 376 130, 385 251,155 193, 784 612, 852
296,461
272,052
222,136
198,646
597, 762
496, 700
724, 619
530, 381
762
909
1,109
1,213
56, 220 160, 836 44, 238
50, 641 113,115 35,7
71, 879 174, 285 56, 509
53, 533 119, 932 41, 561
133,217
133, 265
133, 297
133, 306
9,404
9,404
9,404
9,405
50, 944
50, 942
50, 943
50, 943
12, 277
12, 277
12, 276
12, 278
13,154
13,154
13,157
13,157
4,952
4,949
4,948
4,950
4,446
4,445
4,451
4,452
13, 026
13, 085
13, 094
13,095
3,893
3,894
3,894
3,r
2,903
2,903
2,902
2,902
4,143
4,144
4,144
4,144
3,925
3,925
3,938
3,938
10,150
10,143
10,146
10,146
147, 739
147, 739
147, 739
147, 739
9,900
9,900
9,900
9,900
51, 943
51, 943
51, 943
51, 943
13, 466
13, 466
13, 466
13, 466
14, 323 4,964
14,323 4,964
14, 323 4,964
14, 323 4,964
5,626
5,626
5,626
5,626
22, 387
22, 387
22, 387
22, 387
4,667
4,667
4,667
4,667
3,153
3,153
3,153
3,153
3,613
3,613
3,613
3,613
3,892
3,892
3,892
3,892
9,805
9,805
9,805
9,805
27, 683 2,874
27, 683 2,874
27, 683 2,874
27, 683 2,874
7,744
7,744
7,744
7,744
4,411
4,411
4,411
4,411
1,007
1,007
1,007
1,007
3,409
3,409
3,409
3,409
730
730
730
730
1,429
1,429
1,429
1,429
545
545
545
545
1,001
1,001
1,001
1,001
1,142
1,142
1,142
1,142
1,270
1,270
1,270
1,270
2,121
2,121
2,121
2,121
32,984 1,448
32, 985 1,448
32, 950 1,448
32,950 • 1, 448
8,210
8,210
8,210
8,210
2,000
2,000
2,000
2,000
3,177
3,177
3,177
3,177
1,401
1,401
1,401
1,401
1,602
1,603
1,603
1,603
7,285
7,285
7, 257
7,257
1,215
1,215
1,215
1,215
1,936
1,936
1,929
1,929
934
934
934
1,77
1,776
1,776
1,776
2,000
2,000
2,000
2,000
1,680
1,91"
1,829
2,036
492
1,646
573
629
525
684
663
738
244
324
302
342
473
534
525
524
665
850
849
922
264
236
275
363
444
416
444
242
321
333
369
158
216
208
229
378
508
489
543
5,961
8,307
7,029
7,721
543
599
606
670
12, 910,162 792, 4014, 839, 859 787, 920 982, 706 508,143 383, 859 2,135, 647 436, 522 296, 462, 348 315, 982 967, 856
919
12, 861, 620 799, 738 4, 792, 549 773; 031
984, 526 509, 898 385, 788 2,141, 239 436, 752 298, 452, 223 316, 88' 969,994
995
986
897
13,115, 457 808, 361 4, 857, 785, 670 1,034, 212 510,131 395, 918 2,175, 653 444, 866 295, 464,483 325,
1,016,514
457
12, 914, 581 785,179 4, 907, 678 765, 509 "~ 560 492, 779 385, 715 2,110, 269 428, 547 290, 454, 666 310, 818.1 002, 404
,
640
640
630
222
13, 031 1,508
12,995 1, ~~
12, 911 1,485
12, 904 1,483
230
23C
220
73
4,344
4,328
4,273
4,261
45
45
45
16
141
146
146
121
1,462
1,462
1,510
1,555
1,552
1,549
1,547
284
282
281
281
485
485
485
485
268
2,862
2,836
2,824
2,818
APRIL
295
FEDERAL RESERVE BULLETIN
1938
INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL
RESERVE ACT, JUNE 19, 1934, TO MARCH 23, 1938
[Amounts in thousands of dollars]
Date (last Wednesday of
each month)
Applications
received to date,
net
Number
1934—Dec. 26.
1935—June 26.
Dec. 313
1936—June 24.
Dec. 30_.
1937—Jan. 27..
Feb. 24 .
Mar. 31
Apr. 28..
May 26.
June 30
July 28..
Aug. 25
Sept. 29.
Oct. 27 _
Nov. 24.
Dec. 29_
1938—Jan. 26 .
Feb. 23.
Mar. 23*
5,053
6,618
7,615
8,158
8,379
8,427
8,483
8,510
8,524
8,546
8,554
8,572
8,633
8,677
8,711
8,766
8,873
Applications recommended for
approval by Industrial Advisory
Committees to date,
(with and without conditions)
Amount Number
187, 696
263,482
306, 708
331,391
342, 699
342,999
343,904
346,911
348,342
349,288
351,420
352,024
352,666
354,426
354, 872
359,706
363,292
364, 487
367,754
372,337
1,122
1,815
2,176
2,394
2,500
2,506
2,517
2,543
2,563
2,577
2,587
2,590
2,598
2,610
2,618
2,624
2,640
2,660
2,683
2,707
Amount
Applications approved to date by Federal Eeserve banks (with and
without conditions)
Expired,
Federal Federal
repaid,
Reserve Reserve Approved or withbank
bank
but not drawn by
advances commitcomappliments
outpleted^
cant,
outetc.
Amount standing standing
Total
Number
54, 531
102, 331
132, 460
142,811
149,204
149, 527
149, 711
150, 561
152,724
153, 720
154,960
155,023
155, 514
155,902
156,413
156,533
158, 743
159, 370
160, 603
162,354
1,646
1,993
2,183
2,280
2,287
2,297
2,323
2,336
2,353
2,361
2,367
2,373
2, 381
2,386
2,392
2,406
2,419
2,433
2,458
49, 634
88, 778
124, 493
133, 343
139,829
140,213
140, 515
141, 545
144, 564
145,228
145, 758
145,887
146,457
146,724
147,295
148,208
150, 987
151, 587
152, 543
154, 818
13, 589
27, 518
32,493
30, 487
25, 533
24, 781
24,208
23,054
23,904
23,196
23,014
22,462
21,752
21,395
20,875
20,616
20,200
19,861
19, 659
19, 504
8,225
20, 579
27, 649
24, 454
20,959
20,238
19, 523
18,611
17,528
17,188
16,331
15,726
15,179
14,880
14,488
13,316
12, 780
13, 388
13,078
12, 904
20, 966
11, 248
11, 548
9,381
7,697
7,709
7,898
9,045
8,462
1,470
1,098
1,151
534
899
1,382
3,369
1,563
2,059
3,704
Financing institution
participations
outstanding^
5,558
24, 900
44,025
61,422
77,903
80,500
82,163
85,215
1,296
4,533
8,778
7,599
7,208
6,997
6,912
6,767
7,281
7,114
7,275
7,330
7,236
7,304
7,227
7,145
7,238
7,773
7,755
7,740
89,268
97,668
99,271
101,139
102,611
103,806
105,749
109,400
9,002
109,992
110, 966
1
2
Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant.
Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to
$11,321,017 on March 23, 1938.
3
Tuesday.
4
March 30, not yet available.
NOTE.—On March 23, 1938, there were 91 applications amounting to $5,642,100 under consideration by the Industrial Advisory Committees
and the Federal Reserve banks.
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Federal Reserve notes:
Issued to F. R. bank by F . R. agent:
Mar. 2
Mar. 9
Mar. 16
___
Mar. 23
Held by Federal Reserve bank:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
In actual circulation: 1
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due
from U. S. Treasury:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Eligible paper:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
U. S. Government securities:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Total collateral:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Boston
4, 458, 426 312, 365
4, 459, 063 311, 000
4, 439, 952 313, 950
4,441,195 331,916
313, 742
325, 046
315, 064
321,337
New
York
Philadelphia
Chicago
MinneapSt.
Louis olis
26, 581
25, 674
27, 261
26, 643
10,045
11, 032
10,173
8,902
17, 083
17, 631
17,184
18, 002
918, 258 311, 083 417, 063 197, 631
153, 621
'
910, 207 310,339 418808 '"
5,808 196,817 152, 516
4,569 196, 877 152, 068
911, 594 310, 849 414,
902,189 308,450 413,136 195, 526 150, 733
24, 646
27, 589
22, 961
25, 354
11, 623
12, 631
11,819
12, 809
728
672
668
900
2,919
2,394
2,182
2,607
1,446
1,141
1,11
1,472
468
321
313
519
557
708
688
25, 000
20, 000
4, 566, 098
4, 563, 940
4, 549, 720
4, 532,981
341, 728
341, 672
341, 668
341, 900
1, 037, 919
1, 037, 394
1, 027,182
1,017, 607
338, 446 448,
338,141 445,
338,115 445,
338,472 445,
468 208, 519
321 209,,55r
~~~>55r
313
1,708
r
498 207,,688
136,
142,
142,
136,
500
500
500
500
177, 000
500 404, 000
177, 000 93, 500 404, 000
t,
177, 000 93, 500 404,
:,000
177,000 91, 500 404,,000
:
604
612
559
316
299
311
280
378
423
354
453
176, 635 1, 000,168 196, 819 141, 598 177, 604
176, 678 1,000, 081 196, 68: 142,575177, 612
~*
196] 692
172, 666 1, 000, 077 196, 69! 142, 575 177, 559
172, 708 1,000,101 193, 717 141, 577 177,480
93,816
93, 799
93, 811
91,780
404,
:,378
4C4,
:,423
404, 354
404, 453
63;
678
666
708
20, 000
20, 000
10, 000
10,000
10, 000
15,000
3,806 7,445
44, 074
3,883 8,853 10, 376 43, 232
4,044 9,827 10, 628 47, 355
3,704 10,001 10,197 47, 582
970, 012 179, 136, 462 167, 407 81, 350 335, 211
1,059
967,110 178, 321 136, 304 167, 511 81, 050 337!
7,815
964, 945 178,553 136, 39,' 165, 938 ~"), 184 333, 865
,
962, 982 177,113 136,424 164, 958 79, 729 330, 842
:
,
4, 532, 632341, 000 1, 035, 000 337, 000 448, 000 208, 000 000 1, 000, 000 196, 632
156,
4, 536, 632341,000 1, 035, 000 337, 000 445, 000 209, 000
156,000 1, 000, 000 196, 632
4, 532, 632341, 000 1, 025, 000 337, 000 445, 000 2C9, 000 000 1,000, 000 196,632
162,
4, 509, 632341,000 1,1,
162,000 :, ooo, ooo 193, 632
1
. 000 015,000 337,000 445, 000 207, 000
,
8,466
7,308
7,088
8,349
KanSan
sas Dallas FranCity
cisco
, 016, 366 336, 990 443, 644 207, 70, 704 994, 658 190, 682 140, 268 .74, 852 90, 936 379,
676
>,285
016,209 334,701444, 482 207; 849 170,147 994,1" 190, 952 140,187 .76, 364 91,426 381, 047
830
, 009, 311 332, 045 441, 207, 050 169, 252 987, 906 190, 372 140,439 .75, 765 90, 812 381, 220
779
),
378,424
, 005,441 329, 201 439, 204,428 168, 735
189, 922 140] 128 .74,959
34, 838 98,108 25, 907
33, 781 106, 002 24, 362
34,899
97, 717 21,196
34,140 103, 252 20, 751
4,144, 684 277, 527
4,134, 017 277, 219
4,124, 888 279, 051
4,119, 858 297, 776
Cleve- Rich- Atland mond lanta
168
81
77
101
187
55
60
98
75
75
77
5,000
5,000
i Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank.
296
FEDERAL RESERVE BULLETIN
APRIL 1938
RESERVE POSITION OF MEMBER BANKS,
FEBRUARY, 1938
MEMBER BANK RESERVE BALANCES,
BY CLASSES OF BANKS
[Averages of daily figures. In millions of dollars]
[Averages of daily figures. In millions of dollars]
Classes of banks
and districts
Gross Net
deTime
dedemand mand
dede- posits
posits posits J
All member banks. _ 28, 626 23, 802 11, 548
Central reserve city banks:
9,686
New York
2,132
Chicago
Reserves with
Federal Reserve
banks
Required Held
5,824
Ex-
7,230
9,079
1,891
762
461
2,406
519
1,877
139
854
1,077
477
426
839
549
256
621
405
1,522
180
37
186
260
108
96
198
120
57
134
88
419
271
55
230
316
140
107
244
151
64
171
105
495
10,197
8,035
4,586
1,882
2,350
Country banks:
756
Boston district
1,221
New York district
554
Philadelphia district..
551
Cleveland district
466
Richmond district
447
Atlanta district
755
Chicago district
324
St. Louis district
280
Minneapolis district...
427
Kansas City district...
508
Dallas district
322
San Francisco district.
589
950
426
405
325
301
544
229
188
280
336
224
1,406
2,906
109
162
247
737
203
172
510
172
93
157
120
1,904
All
member 1
banks
Reserve city banks:
Boston district
New York district
Philadelphia district._
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis district...
Kansas City districtDallas district
San Francisco district.
Total
Total
961
171
1,022
1,326
613
571
1,113
712
326
6,611
4,796
563.
1,411
875
665
334
210
656
232
275
156
97
265
5,739
78
116
218
112
97
65
55
116
46
43
49
53
47
141
311
144
131
84
73
169
60
58
69
81
58
1,016
1,377
361
i Gross demand deposits minus demand balances with domestic banks
(except private banks and American branches of foreign banks) and
cash items in process of collection.
NOTE.—See table at foot of page 307, for percentages of deposits required to be held as reserves.
Total reserves held:
1937—January
_
February
March a
__
April
May*
___
June
___
July
_._
August
___
September
October
November
December
1938—January
February
Week ending (Friday):
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Excess reserves:
1937—January
February
March 2
April
May*
__.
June
July
August..
__
September
October
November
December
1938—January
February
Week ending (Friday):
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Central reserve
city banks
New
York
Chicago
6,716
6,747
6,704
6,824
6,932
6,878
6,845
6,701
6,854
6,954
6,919
6,879
7,183
7,230
2,719
2,812
2,652
2,739
2,684
2,669
2,652
2,522
2,672
2,767
2,720
2,657
2,856
2,906
568
546
533
7,246
7,215
7,212
7,243
7,253
7,309
7,359
2,939
2,882
2,885
2,917
2,930
2,950
3,016
2,093
2,152
1,371
1,552
927
876
876
750
900
1,043
1,104
1,071
1,353
1,406
767
868
401
530
203
176
199
108
235
354
373
305
461
1,401
1,394
1,389
1,422
P I , 436
H, 477
n, 516
515
482
484
510
520
534
592
Reserve
city
banks
Country
banks*
2,158
2,128
2,203
2,201
2,272
2,230
2,252
2,248
2,232
2,240
2,246
2,272
2,345
2,350
1,271
1,261
1,315
1,321
1,386
1,377
1,360
1,362
1,375
1,366
1,365
1,352
', 378
.
,377
598
598
605
592
584
586
584
2,335
2,351
2,347
2,361
2,356
2,388
2,378
,373
,384
,376
,372
,383
,385
147
128
54
101
51
70
52
34
43
59
662
651
488
490
316
289
301
287
289
307
333
366
451
518
505
428
431
357
341
324
321
333
323
328
319
355
361
451
467
463
480
482
513
503
355
365
360
359
P370
*>372
^368
603
581
568
576
581
588
599
604
,381
1 Weekly figures of excess reserves of all member banks and of country
banks are estimates.
2
Reserve requirements increased March 1, 1937, and May 1, 1937; see
table at foot of page 307 for amount of changes.
p Preliminary.
DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
Member banks in larger centers Member banks in smaller centers
(places over 15,000)
(places under 15,000)
Al! member banks
Federal Reserve district
Gross demand
Feb.
Boston. __
New York
Philadelphia
Cleveland . _
Richmond
Atlanta
Chicago
St. Louis
Minneapolis _
Kansas City
Dallas
San Francisco
1,718
1,576
1,877
1,078
1,018
4,000
1,036
606
1,326
1,114
2,199
28, 626
_ _ 11, 078
.
Total
1
Jan.
__
_ _
_ _
Time
Gross demand
Time
Time
Feb.
Jan.
Feb.
Jan.
Feb.
1,719
11,094
1, 602
1,920
1,087
1,008
4,026
1,049
615
1,348
1,116
2,226
672
2,335
1,122
1,402
537
382
1,627
404
368
313
216
2,169
674
2,315
1,114
1,384
535
380
1,624
404
369
313
215
2,177
1,605
i 1,121
1,369
1,660
903
865
i 1, 575
843
438
1,012
829
2,083
1,604
i 1, 092
1,392
1,701
909
859
i 1, 593
851
446
1,026
831
2,106
i 1,082
671
1,109
349
300
1894
291
180
198
173
2,071
550
i 1,077
662
1,091
347
299
1895
291
181
198
172
2,080
113
271
207
217
175
152
292
193
168
314
285
116
115
264
210
219
178
149
292
198
170
322
285
120
126
492
451
293
188
82
272
113
188
115
43
98
124
492
451
292
188
82
273
112
188
115
43
98
28,811
11, 548
11, 503
14, 304
*14, 411
7,865
i 7, 842
2,504
2,522
2,460
2,459
546
Jan.
Excluding central reserve city banks, for which figures for latest month are shown in table above.
Gross demand
Feb.
Jan.
Feb.
Jan.
APRIL
297
FEDERAL RESERVE BULLETIN
1938
KINDS OF CURRENCY IN CIRCULATION
[Outside Treasury and Federal Reserve banks. In millions of dollars]
Total
End of month
Gold
certificates
Silver
dollars
Silver
certificates
Treasurynotes
of 1890
Subsidiary
silver
Minor
coin
United
States
notes
Federal
Federal Reserve
Reserve bank
notes
notes
National
bank
notes
1936—No vember...
December...
6,466
6,543
96
95
37
38
1,051
1,057
1
1
334
337
141
142
289
289
4,156
4,233
45
44
316
307
1937—January
February
March
_..
April
May
June
July
_
August.
September—
October*
November.._
December..,
6,349
6,399
6,377
6,426
6,462
6,447
6,460
6,524
6,542
6,555
6,561
6,550
94
92
91
90
89
88
87
86
86
85
84
83
37
37
37
37
38
38
38
39
39
39
40
40
1,012
1,022
1,022
1,039
1,062
1,078
1,088
1,115
1,127
1,129
1,144
1,137
1
1
1
1
1
1
1
1
1
1
1
1
329
329
333
335
338
341
341
345
348
349
352
350
140
140
141
142
143
144
144
146
147
147
148
148
276
288
287
291
289
281
286
286
284
285
284
283
4,118
4,155
4,139
4,171
4,189
4,169
4,175
4,213
4,222
4,238
4,232
4,237
42
41
40
40
38
38
37
36
35
35
34
33
300
294
287
281
275
269
263
258
253
248
243
239
1938—January
February
6,320
6,334
82
81
39
39
1,085
1,097
1
1
339
338
145
144
264
267
4,099
4,104
33
32
234
231
Back figures.—See Annual Report for 1936 (table 36).
PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION
[Outside Treasury and Federal Reserve banks. In millions of dollars]
Total
in circulation!
End of month
1
°aper
currency
i
Unassorted >
$50 and over
Coin
$2
$1
$5
$10
$20
$50
$100
$500
$1,000
1936—November.
December.
6,466
6,543
513
517
492
499
33
35
900
906
1,548
1, 563
1,486
1,501
1,501
1,530
390
399
690
707
132
135
258
265
7
1937—January...
February..
March
April
May
June
July..
August
September
October . . .
November.
December.
6,349
6,399
6,377
6,426
6,462
6,447
6,460
6,524
6,542
6,655
6,561
6,550
506
506
511
514
518
523
523
529
534
535
540
537
472
475
476
482
489
487
488
498
503
502
504
505
33
33
33
33
33
34
33
33
33
33
33
33
864
874
869
883
893
885
894
907
908
909
912
905
1,500
1,519
1,519
1,542
1,558
1,539
1,550
1,574
1,574
1,576
1,574
1,560
1,458
1,464
1,451
1,468
1,466
1,458
1,454
1,466
1,467
1,474
1,480
1,475
1, 525
1,538
1,520
1,507
1,507
1,526
1,520
1,520
1,527
1,531
1,525
1,542
393
395
386
381
380
384
381
382
382
384
381
387
702
706
696
687
689
699
697
698
702
704
701
710
135
135
136
137
136
138
137
137
138
138
136
139
269
273
275
277
278
283
283
283
285
286
287
288
8
9
9
9
8
8
7
7
1938—January...
February _
6,320
6,334
522
520
474
473
31
32
856
863
1,482
1,489
1,424
1,421
1,532
1,538
382
382
705
708
138
138
288
291
Total
$5,000 $10,000
23
18
7
8
6
5
6
18
19
18
17
17
14
15
14
14
13
14
12
9
10
2
3
4
5
2
4
4
5
6
7
7
7
12
13
1
2
7
7
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 $1,000,000 of currency of unknown denominations reported by
the Treasury as destroyed.
Backfigures.—SeeAnnual Report for 1936 (table 37).
SHIPMENTS AND RECEIPTS OF UNITED
STATES PAPER CURRENCY
TREASURY CURRENCY OUTSTANDING
[Held by Treasury and Federal Reserve banks and in circulation, In
millions of dollars]
End of month
Total
Silver
dollars
and
silver
bullioni
1936—November. 2,521
December.. 2,532
1,310
1,323
FedSuberal
Nasid- Minor United Re- tional
iary
coin States
bank
notes bank notes
silver
notes
351
356
146
147
347
347
314
2,532
2,536
2,541
2,543
2,547
2,550
2,572
2,585
2,599
2,609
2,621
2,637
1,332
1,343
1,355
1,365
1,375
1,382
1,409
1,424
1,441
1,455
1,468
1,486
356
356
357
357
358
359
361
363
364
367
370
372
148
149
149
150
150
161
151
152
153
154
155
156
347
347
347
347
347
347
347
347
347
347
347
347
305
298
291
284
278
272
266
262
257
251
247
242
1938—January...
February^
2,655
2,668
1,509
1,526
373
373
156
156
347
347
237
233
Includes silver held against silver certificates amounting to $1,433,000,000 on Feb. 28, 1938 and $1,209,000,000 on Feb. 28, 1937.
Year or month
1932
1933
1934
1935
1936
322 1937
1937—January....
FebruaryMarch
April
May
_.
June
July..
August
September.
October
November.
December
1
[By selected banks in New York City. In thousands of dollars]
_
ShipReceipts
ments to
from
Europe Europe
567
554
345
10,628
34,774
21, 500
83,838
91,059
40,587
19,966
26,216
47,550
1937—February..
March
April
May.
June
July
_
August
September.
October __.
November.
December.
4,279
968
1,434
909
7,000
809
877
1,946
781
336
3,265
3,728
3,023
1,865
1,972
2,586
2.839
2,271
4,531
13, 326
5,947
1938—January...
February..
189
28
Net
shipments
4,658
3,824
Net
receipts
83,271
90,505
40,242
8,558
26,050
1,014
2,760
1,589
956
5,028
Back figures.—See Annual Report for 1936 (table 39).
Description.—See BULLETIN for January 1932, pp. 7-8.
1,777
1,962
326
3,750
12,990
5,878
4,469
3,796
298
FEDERAL RESERVE BULLETIN
ANALYSIS OF CHANGES IN MONETARY GOLD
STOCK
A P R I L 1938
MOVEMENT OF GOLD TO AND FROM
UNITED STATES»
[In millions of dollars]
[In thousands of dollars]
Gold stock at
end of year
or month
Year or month
Total
1934
1935
1936
1937
_
1936—March
April
May
June
July
August
SeptemberOctober
November. _
December __
8,238
10,125
11, 258
12, 760
10,184
10, 225
10, 402
10, 608
10, 648
10, 716
10,845
11,045
11,184
11,258
DoIncrease
mesNet
in
Net
release tic
total
gold
gold
from
gold import
proearducmark
Inactive stock
tion
account
4,202. 5 1,133.9
82.6
1,887. 2 1,739.0
.2
26.5 1,132. 5 1,116.6 - 8 5 . 9
1, 227.9 1, 502. 5 1, 585. 5 -200.4
26?5
17.2
41.0
176.7
206.6
39.2
68.4
129.0
199.7
139.6
73.3
1937—January
February...
March
_
April
May
_„
June
July
August
SeptemberOctober
November..
December—
11,358
11,436
11, 574
11, 799
11, 990
12, 318
12, 446
12, 567
12, 741
12,803
12, 774
12, 760
126.5
204.7
342.5
568.0
759.1
1,086.8
1,214.1
1,335.7
1,210.0
1, 271.9
1, 242. 5
1, 227.9
100.1
78.2
137.9
225.6
191.1
327.8
127.3
121.6
174.3
62.0
-29.3
-14.0
1938—January
February . . .
12, 756
12, 776
1, 223. 2
1, 200. 6
5.5
28.1
170.0
277.8
15.4
67.5
171.8
218.8
75.8
57.0
1.0
-.2
-3.2
-24.8
2.3
-11.9
-28.8
-11.3
3.0
-.7
121.3 - 4 8 . 3
120.3
-8.0
154.3
-.4
215.8
7.2
155.4
26.2
262.0 - 1 5 . 9
175.4 - 3 5 . 5
104.8
-5.3
145.5
9.3
90.5
-8.0
22.1 - 2 0 . 1
18.0 -101.6
-4.6
20.7
2.1
8.0
-1.1
-18.2
1938
From or to—
96.3
110.7
131.6 Belgium
143.1 France
_ _
Germany
9.6 Netherlands
9.6 Switzerland
10.4 Union of Soviet
10.0
Socialist Re12.8
publics
13.1 United K i n g d o m . . . .
12.1 Canada
13.8 Central America. _
11.8 Mexico...
10.9 Argentina
Bolivia _
9.5 Chile
._
8.2 Colombia
10.8 Ecuador . .
9.1 Peru
12.3 Venezuela
11.2 Australia.
12.6 British India
16.8 China and Hong
12.1
Kong
14.8 Japan
13.8 Philippine Islands._
11.8 All other countries 2 . _
10.9
Total
Pll.3
January
February
Imports
Exports
Imports
Jan.-Feb.
Imports
Exports
26
15
5,000
1
693
329
12
1
2
649
260
162
865
41
46
33
1
25
l, 056
280
14
1,318
2,105
341
175
152
74
r
1,943
431
88
l , 025
1,043
189
2,968
1,043
1,676
1,330
3,006
317
128
174
207
26
r
262
2,105
167
8,211
5,000
2
1,341
589
1,748
22
883
Exports
r
7,155
15, 365
5,067
5,241
r
Revised.
p Preliminary.
1
Figures represent customs valuations which, with some exceptions,
NOTE.—Figures for domestic production of gold are those published
in table, p. 327, adjusted to exclude production in Philippines. Adjust- are at rate of $35 a fine ounce.
2
ment based on annual figures reported by Director of Mint and monthly
Includes all movements of unreported origin or destination.
imports of gold to U. S. from Philippines. For back figures, other than
Back figures.—See table p. 327, and Annual Report for 1936 (tables
those of domestic gold production, see Annual Report for 1936 (table 30.)
32 and 33).
BANK SUSPENSIONS 1
Total,
all
banks
Number of banks suspended:
1934
1935
1936
1937
1938—Jan -Feb
Deposits of suspended banks
(in thousands of dollars) :3
1934
1935
1936
1937
_
1938—Jan -Feb
57
34
44
59
16
36, 937
10, 015
11, 306
19, 723
4,997
Member
banks
National
Nonmember
banks
Not
InState sured2 insured
1
4
1
4
1
8
22
40
2
40
5,313
507
•7, 379 1, 708
36
47
12
1,912
3,763
10, 207
10,156
4,250
r
Number
of
centers
48
8
3
6
3
34, 985
939
592
480
711
» Revised.
•
1 Represents licensed banks suspended; does not include nonlicensed
banks placed in liquidation or receivership.
2 Federal deposit insurance became operative January 1, 1934.
3
Deposits of member banks and insured nonmember banks suspended
are as of dates of suspension, and deposits of noninsured nonmember
banks are based on the latest data available at the time the suspensions were reported.
Back figures—See Annual Report for 1936 (table 71).
BANK DEBITS
[Debits to individual accounts. Amounts in millions of dollars]
New York City
Outside New York City..
Federal Reserve districts:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
1
140
1938
1937
Feb.
Jan.
10, 915
14, 623
14, 477
17, 597
16, 907
17, 620
1,444
11, 504
1,265
1,386
561
773
3,710
741
461
858
621
2,215
1,743
15,122
1,564
1,751
680
881
4,492
902
554
1,067
724
2,592
1,951
17, 588
1,525
1,773
649
819
4,615
835
520
967
640
2,645
25, 538 32, 073
34,526
Back figures—See Annual Report for 1936 (table 67).
Feb.
APRIL
299
FEDERAL RESERVE BULLETIN
1938
ALL BANKS IN THE UNITED STATES
Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks
and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period
June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to
the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve Bulletin for
December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are
available.
NUMBER OF BANKS
DEPOSITS, EXCLUSIVE OF INTERBANK
DEPOSITS2
Nonmember
banks
Member banks
Total
Call date
[In millions of dollars]
Member banks
Nonmember banks
Total
National
State
Other
Mutual
savings nonmembanks ber banks
1933—June 30
37,998
Dec. 30— 38, 505
23,338
23,771
14,772
15,386
8,566
8,385
9,713
9,708
4,946
5,026
25,293
26,615
27,484
28,943
16,203
17,097
17,693
18,519
9,090
9,518
9,791
10,424
9,780
5,475
9,828
6,000
Other
nonsavings member
banks
banks
Mutual
Call date
All
banks
Total
State
14,519
15,011
1933—June 30
Dec. 30
National
5,606
6,011
4,897
5,154
709
857
576
579
8,337
8,421
15,835
5,288
5,417
5,461
5,462
918
958
972
980
578
8,882
579
9,018
1934—Mar. 5*__
June 30— 41,870
Oct. 17 i . Dec. 3 1 — 44,770
1934—Mar. 5 1
June 30
Oct. 17 *
Dec. 31
_
16,039
6,206
6,375
6,433
6,442
1935—Mar. 4.
June 29
Nov. 1
Dec. 31
_ 16,024
_ 15,994
_ 15,904
15,837
6,422
6,410
6,400
6,387
5,446
5,425
5,403
5,386
976
985
997
1,001
579
571
571
570
9,023
9,013
8,933
8,880
1935—Mar. 4 . . .
June 29—
Nov. 1.
Dec. 3 1 —
44, 455
45, 766
47, 522
48,964
28,589
29, 496
31,072
32,159
18, 502
19,031
20,128
20,886
10,087
10,465
10,944
11,273
9,837
9,920
9,936
9,963
6,029
6,350
6,513
6,842
1936—Mar. 4.
June 30
Dec. 31
15,808
15, 752
_ 15,628
6,377
6,400
6,376
5,375
5,368
5,325
1,002
1,032
1,051
569
566
565
8,862
8,786
8,687
1936—Mar. 4____ 48, 716
June 30— 51, 335
Dec. 3 1 — 53, 701
31,774
34,098
35,893
20, 605
21,986
23,107
11,169
12,112
12, 786
9,972
10,060
10,143
6,970
7,176
7,666
15, 569
15, 527
15, 391
6,367
6,357
6,341
5,305
5,293
5,260
1,062
1,064
1,081
565
564
563
8,637
8,606
8,487
1937—Mar. 31 ._ 52, 577
June 30 K. 53, 287
Dec. 31P_. 52, 374
34, 746
35, 440
34, 810
22,355
22, 926
22, 655
12,390
12, 514
12,155
10,157
10, 213
10, 257
7,674
7. 635
7,307
1937—Mar. 31
June 30 3
Dec. 31 P
For footnotes see table below.
For footnotes see table below.
LOANS AND INVESTMENTS
[In millions of dollars]
All banks
Member banks
Nonmember banks
Mutual savings banks
Call date
Total
1933—June 30
P e c . 30
Loans
Investments
40,076
40,319
22,203
21,977
17,872
18,342
Total
Loans
Investments
Total
Loans
Investments
Other nonmember banks
Total
Loans
Investments
24,786
25,220
12,858
12,833
11,928
12,386
10,044
9,985
5,941
5,906
4,103
4,079
5,246
5,115
3,404
3,238
1,841
1,877
12,706
12, 523
12,293
12,028
13,842
14,652
15,267
16,122
9,904
5,648
4,256
5,423
3,108
2,315
9,782
5,491
4,291
5,526
2,955]
2,571
1934—Mar 5 *
June 30
Oct. 17 1
Dec. 31
42, 502
21,278
21,224
43,458
20,473
22,984
26,548
27,175
27, 559
28,150
1935—Mar. 4 . . _
June 29
Nov. 1
Dec. 31
.
43,747
44,416
45,008
45, 717
20,394
20,272
20,140
20,329
23,353
24,145
24,868
25,388
28,271
28,785
29,301
29,985
11,953
11,928
11,841
12,175
16,318
16,857
17,460
17,810
9,775
9,852
9,854
9,804
5,478
5,341
5,302
5,210
4,297
4,511
4,552
4,594
5,701
5,779
5,853
5,927
2,963
3,003
2,997
2,944
2,738
2,777
2,856
2,983
1936—Mar. 4
June 30
Dec. 31
46,115
48,458
49, 524
20,267
20,679
21,449
25,847
27,778
28,075
30,288
32,259
33,000
12,099
12, 542
13,360
18,189
19,717
19,640
9,795
9,961
10,060
5,202
5,105
5,027
4,592
4,856
5,034
6,032
6,238
6,464
2,966
3,032
3,062
3,066
3,206
3,402
49,138
49, 696
48, 565
21,790
22, 514
22,198
27,348
27,182
26, 367
32, 525
32, 739
31, 752
13, 699
14, 285
13,958
18,826
18,454
17,794
10,096
10,180
10,171
5,026
5,002
4,980
5,070
5,178
5,191
6,518
6,778
6,643
3,065
3,227
3,260
3,453
3,550
3,382
1937—Mar 31!
June 30 Dec. 3 1 p
- -
1
Nonmember bank figures not available, P Figures for nonmember banks are preliminary.
* 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 on all call dates include interbank deposits to the extent (estimated as $150,000,000 on June 30, 1937)
that they were not shown separately in a few State bank abstracts.
« Beginning with this date (1) the figures exclude private banks in Georgia which no longer report to the State banking department (43 such
banks reported deposits of $2,491,000 and loans and investments of $1,087,000 on December 31, 1936); and (2) the figures include Morris Plan and
industrial banks in New York and North Carolina, of which there were 45 on June 30,1937 with deposits of $50,287,000 and total loans and investments of $61,165,000. The figures already include such Morris Plan and industrial banks in other States as are covered by State banking department reports.
Back figures.See Annual Report for 1936 (tables 48-49).
300
FEDERAL RESERVE BULLETIN
APRIL
1938
ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]
Loans to customers (except banks)
Total
loans
and
investments
Call date
Total
35,934
24,786
28,150
29,985
30,288
32,259
33,000
32, 525
32, 739
31, 752
23,193
11,337
10,509
10,548.
10,460
10,943
11,628
11,862
12, 369
12, 638
8,774
7,133
7,761
8,418
8,802
9,556
9,280
9,101
9,006
8,313
Open-market loans
Investments
U.S. GovernPurchased paper
ment obligaTo
tions
Re- OtherLoans
broTo
port- wise Loans
to
kers others Real ing
to
sebroOther
outAcon estate banks' cured banks ceptkers in Total
securiside
own and
Bills Com- New
New securi- loans accept- unsemer- York
ances payFully ties
York ties
cial
Direct guarances cured
able paper Cityi
Cityi
abfein
anteed
United abroad >ought
States
TOTAL—ALL MEMBER BANKS
1929—Dec.
1933—June
1934—Dec.
1935—Dec.
1936 M a r
31 _
30 a
31
31
4
June 30 - -Dec. 31
_
1937—Mar. 31
June 30
Dec 31
11, )15
192 4,857
232 4,708
169 5,006
156 4,960
117 5,355
131 6,041
128 6,220
113 6,663
130 6,996
714
330
155
98
82
81
85
99
115
70
212
291
256
181
164
144
161
170
131
126
80
25
31
29
25
18
18
22
15
23
291
87
232
272
280
278
324
386
377
364
1,660
788
843
1,047
1,089
1,079
M44
1,159
1,278
738
9,784
11,928
16,122
17,810
18,189
19,717
19,640
18,826
18,454
7,794
3,863
6,887
9,906
10,501
10,564
11,721
11,639
10,856
10,870
10, 574
989
1,768
1 880
1,950
1,906
1 861
1,819
1,797
5,921
5,041
5,227
5,541
5,745
6,045
6,095
6,108
5,765
5,422
322
162
63
42
29
28
42
51
62
29
128
224
210
158
141
123
136
119
98
112
46
10
16
16
13
8
10
6
1
6
21
10
6
5
4
3
5
4
5
6
1,202
720
662
1,018
1,043
1,028
1,095
1,105
1,219
703
2,091
3,709
4,602
4,985
5,355
6,028
5,425
5,140
4,730
4,640
1,112
2,551
3,246
3,425
3,602
4,196
3,739
3,356
3,176
3,207
278
401
505
567
470
473
454
388
979
1,158
1,078
1,159
1,248
1,265
1,217
1,311
1,100
1,045
237
202
249
251
284
402
407
437
426
88
30
11
6
5
5
6
4
2
1
9
27
29
1
2
3
3
2
3
1
5
7
5
1
1
2
1
1
1
2
5
12
27
12
10
10
10
12
16
16
11
13
26
1
1
1
1
1
1
309
610
1,049
1,392
1,470
1,419
1,467
1,220
1,295
1,266
116
384
743
1,061
1,131
1,014
1,107
853
907
916
78
88
89
92
94
94
94
94
193
226
229
243
250
312
266
273
294
255
1,538
1,131
1,090
1,094
1,096
1,101
1,124
1,135
1,164
1,176
3, )79
46 1,678
49 1,671
46 1,851
43 1,805
40 1,941
56 2,231
55 2,276
39 2,389
47 2,610
258
99
55
34
31
31
23
29
34
27
42
36
13
19
18
16
17
37
25
10
24
6
9
10
9
7
5
10
7
12
102
38
108
120
120
113
131
154
145
132
239
45
105
21
30
34
36
38
44
26
2,944
4,011
5,715
6,432
6,375
6,863
7,000
6,725
6,635
6,211
1,368
2,483
3,809
4,076
3,958
4,349
4,426
4,250
4,267
3,961
279
656
656
651
697
669
635
637
1,576
1,528
1,628
1,701
1,761
1,863
1,877
1,805
1,733
1,612
1,462
1,055
1,026
1,035
1,043
1,078
1,123
1,150
1,179
1,219
4, 705
2,005
2 1,810
2 1,810
2 1,791
2 1,891
3 1,881
2 1,937
2 2,062
2 2,149
45
38
27
17
17
16
14
15
16
13
33
4
5
3
3
2
4
12
4
3
5
1
2
2
1
1
2
5
5
3
163
27
92
135
145
152
178
216
211
208
208
10
50
7
14
16
13
16
15
9
4,439
3,598
4,756
5,002
4,989
5,407
5,747
5,741
5,794
5,677
1,267
1,469
2,108
1,940
1,873
2,163
2,368
2,397
2,520
2,490
355
623
630
640
645
626
635
678
3,172
2 129
2,293
2,439
2,486
2,605
2 734
2,719
2,639
2,510
803
165
187
196
211
266
266
258
258
212
7,685
3,752
3,110
2,893
2,832
2,863
2,785
2,816
2,829
2,752
3,191
2,372
2,273
2,284
2,301
2,340
2,405
2,440
2,505
2,547
4,964
2,297
2,202
2,196
2,215
2,338
2,567
2,676
2,890
2,817
55
38
54
60
64
76
78
74
76
58
2,145
1,044
820
793
792
813
753
790
824
733
169
157
139
140
148
146
144
142
149
141
1,757
1,287
1,581
1,868
1,946
1,951
2,100
1,868
1,969
1,901
1,330
589
435
455
456
513
613
629
651
615
240
48
29
28
32
59
50
52
50
41
533
251
170
149
148
145
140
155
145
129
21
30
18
15
13
14
13
14
13
12
12,029
8,492
10,028
10, 780
10, 655
11, 306
11, 795
11,611
11,629
11, 414
8,418
4,258
4,024
4,144
4,071
4,242
4,582
4,618
4,739
4,996
425
63
90
96
101
115
123
114
114
97
2,775
1,340
1,124
1,057
1,027
1,044
1,048
1,039
1,032
1,066
13, 375
7,873
8,780
8,919
8,885
9,446
9,825
9,945
10,134
10,124
8,481
4,194
3,849
3,754
3,716
3,850
3,866
3,940
4,089
4,210
83
15
14
13
15
17
16
17
18
16
2,231
1,117
996
894
865
861
843
833
828
824
NEW YORK CITY 8
1929—Dec.
1933—June
1934_Dec.
1935—Dec.
31
30 a
31
31
1936—Mar. 4
June 30
Dec. 31
_
1937—Mar. 31
J u n e 30
Dec 31
CITY OF CHICAGO
V 595
120
164
107
99
65
65
69
65
74
937
,024
L,096
L 112
,
,238
L 527
,
L,600
,776
L.811
8
1929—Dec. 31
1933—June 30 2
1934—Dec. 31
1935—Dec. 31
1936—Mar. 4
J u n e 30 _
Dec 31
1937—Mar. 31
J u n e 30
Dec 31
_
5 (5
24
16
14
12
10
8
2
6
6
RESERVE CITY
BANKS
1929—Dec
1933 J u n e
1934—Dec.
1935—Dec.
31
30 2
31
31
1936—Mar. 4
June 30 _ _
_
Dec. 31
1937—Mar. 31 _
June 30 _ _
_
Dec. 31
COUNTRY BANKS
1929—Dec. 31 2
1933—June 30
1934—Dec. 31_
1935—Dec. 31
1936—Mar. 4
June 30
Dec. 31
1937—Mar. 31
J u n e 30
Dec. 31
_
_
* Loans (secured by stocks and bonds) to brokers and dealers in securities
» Beginning June 30,1933,figuresrelate to licensed banks only.
» Central reserve city banks.
Backfigures.—SeeAnnual Report for 1936 (table 53).
APRIL
301
FEDERAL RESERVE BULLETIN
1938
ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS
[In millions of dollars]
Demand deposits
Reserves
with
Federal
Reserve
banks
Call date
Cash
items
Bal- report- Interbank
ances
Jash with ed as
in
in
doprocvault mesForDotic 1 ofess
eign
col- mesbanks leck
tic
5
banks
tion
United
States Pub
lic
Gov- unds
ernment
Time deposits
Certified
and
officers'
checks
cash
letters
of
credit a
Individuals,
partnercorporations,
etc.
Demand
deposits adjusted4
Interbank
Individuals, BorPos- Pub- part- rownertal
Do- For- sav- lic ships, ings
es- eign ings funds cortic
poraanks >anks
tions,
etc.
TOTAL—ALL MEMBER BANKS
1929—Dec. 31
1933—June 30 *
1934—Dec. 31
1935—Dec. 31
1936—Mar. 4
June 30
Dec. 31
1937—Mar. 31
June 30
Dec. 31
_
2,168
2,008
3.149
3,776
3,970
3,944
4,066
3,445
3,207
3,414
2,374
2,235
4,082
5,573
5,784
5,607
6,572
6,613
6,897
7,005
3,896
1,485
1,903
2,255
1,718
2,147
2,533
1,974
2,201
2,259
3,517
3,057
4,569
5,696
6,148
5,986
6,402
5,752
5,298
5,436
544
145
147
444
394
465
432
458
615
453
143
806
1,636
844
600
1,037
882
415
628
781
335 1,681
087
657
,799
838
,139
882
,173
779
,320
789
,329
881
,564
677
,577
752
,132
767
17,526
11,830
14,951
18,035
17,927
19,322
20,970
20,085
20,272
19, 747
16,647
12,089
15,686
18,801
19,161
20,284
21,647
21,352
21,401
179 2,406
101
874
103 1,069
111 1,133
108
829
114
982
133 1,087
123
853
105
996
120
989
1,198
1,255
1,798
2,338
2,527
2,390
2,493
2,171
2,014
2,108
464
127
126
410
363
428
393
419
575
416
20
332
792
224
140
215
225
129
306
382
1,180
461
540
524
496
489
457
354
427
404
154
1
7
5
5
20, 387
L2,267
7,803
9,020
9,680
9,784
.0,099
.0,429
.0,639
L0,818
L0,806
879
191
13
6
11
6
15
18
16
12
5,847
4,676
5,370
6,479
6,471
6,891
7,274
7,237
6,934
6,507
4,750
4,358
5,069
6,193
6,398
6,756
6,929
7,051
6,733
6,111
1,112
671
591
591
586
601
679
758
767
696
179
1,041
870
1,073
1,301
1,243
1,444
1,495
1,001
1,409
1,354
957
912
1,189
1,401
1,390
1,546
1,554
1,128
1,509
1,438
19
332
358
381
413
407
444
449
440
452
445
41
30
59
117
134
135
135
137
137
108
107
NEW YORK CITY 6
1929—Dec. 31
1933—June 30 *
1934—Dec. 31
1935— Dec. 31
1936—Mar. 4
June 30
Dec. 31
1937—Mar. 31
June 30
Dec. 31
CITY OF CHICAGO
827
846
1,576
2,541
2,493
2,106
2,658
2,719
2,749
2,738
12
1
3
6
1929—Dec. 31
1933—June 30 »
1934—Dec. 31
1935—Dec. 31
1936—Mar. 4
June 30
Dec. 31
1937—Mar. 31
June 30
Dec. 31
133
203
207
209
195
195
188
93
156
179
169
232
415
511
480
749
558
482
596
596
310
259
445
522
594
635
599
596
536
528
46
46
98
81
102
72
96
41
64
1,041 1,604
401 1,315
537 1,984
752 2,422
607 2,594
763 2,551
971 2,826
764 2,546
805 2,339
841 2,389
76
312
620
385
285
513
407
132
212
256
423
349
585
707
733
733
843
935
934
777
300
108
169
204
151
152
230
155
163
192
5,547
3,708
4,919
6,001
5,961
6,419
7,023
6,833
6,840
6,743
5,229
3,764
5,136
6,161
6,238
6,541
7,126
7,159
7,132
6,870
39
116
178
137
93
207
178
57
69
78
742
555
804
901
965
1,008
1,011
1,113
1,067
959
169
72
106
127
106
121
167
130
139
149
5,091
2,576
3,589
4,254
4,252
4,567
5,177
5,013
5,089
5,143
5,711
3,054
4,292
5,047
5,136
5,440
6,039
6,012
6,027
5,968
158
61
90
135
96
147
159
114
130
146
RESERVE CITY BANKS
1929—Dec. 31
1933—June 30 s
1934—Dec. 31
1935—Dec. 31
1936—Mar. 4
June 30
Dec. 31
1937—Mar. 31_
June 30
Dec. 31
751
705
1,268
1,594
1,794
1,763
2,108
2,108
2,215
2,310
156
122
207
256
264
289
285
264
212
200
947
1,002
1,543
1,779
1,910
1,907
1,816
1,545
1,392
1,470
627
452
822
927
1,017
989
1,247
1,304
1,337
1,361
321
203
275
908
702
1,296
1,676
1,757
1,727
1,929
1,"'
1,554
1,645
41
388
186
79
72
65
35
34
35
34
371
208
206
266
251
288
203
176
190
266
4,433
2,941
3,494
3,796
3,853
3,960
4,026
4,064
4,140
4,161
292
16
61
285
210
136
95
87
69
64
64
61
133
86
84
83
82
80
80
79
85
158
6,390
3,833
4,554
4,879
4,938
5,094
5,275
5,377
5,459
5,504
367
167
13
6
8
6
3
11
12
12
COUNTRY BANKS
1929—Dec. 31
1933—June 30 5
1934—Dec. 31
1935— Dec. 31
1936—Mar. 4
June 30
,Dec. 31
1937—Mar. 31
June 30
Dec. 31
Q|
6
\
21
322
319
321
330
307
291
149
207
235
187
256
316
242
269
283
405
228
342
415
433
410
483
440
409
412
i Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in " Other assets." Since Oct. 25, 1933,
includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets."
* Does not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31,1935, includes cash items on
hand 3but not in process of collection, amounting on that date to $16,000,000.
Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31,1935.
4
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.
6 Beginning June 1933 figures relate to licensed banks only.
• Central reserve city banks.
Back figures.—See Annual Report for 1936 (table 54).
302
FEDERAL RESERVE BULLETIN
APRIL
1938
REPORTING MEMBER BANKS IN 101 LEADING CITIES
[Monthly data are averages of weekly figures. In millions of dollars]
]Loans
1
Investments
Total
loans
and
investments
Total
To
brokers
and
dealers
insecurities!
1937—February
August
September .
October
November
Decamber.. _ _ __
1938—January
_
February
22,600
22, 332
22,187
21,889
21, 556
21,484
21,285
21, 214
8,982
9,929
10,026
9,890
9,559
9,451
9,137
8,936
1,217
1,362
1,317
1,103
881
903
825
738
2,021
2,002
2,007
1,996
1,976
1,959
1,910
1,890
72
145
117
90
74
73
67
67
1,150
1,164
1,164
1,168
1,169
1,167
1,163
1,160
1938—Jan. 12
Jan. 19
Jan.26
Feb. 2
Feb. 9.
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar. 23
21, 333
21, 285
21,275
21, 234
21,226
21,231
21,167
21, 231
21, 262
21,144
20, 912
9,195
9, 089
9,038
8,981
8,925
8,944
8,896
8,933
9,020
8,889
8,805
842
812
806
762
714
747
731
769
881
759
721
1,914
1,907
1,898
1,897
1,890
1,886
1,887
1,888
1,893
1,897
1,881
66
67
67
65
63
73
67
82
86
76
87
1937—February
August
September
October
November
December
1938—January
February
8,543
8,355
8,273
8,068
7,875
7,891
7,834
7,826
3,521
4,021
4,040
3,881
3,605
3,545
3,373
3,260
1,017
1,148
1,108
915
715
729
665
587
731
739
727
713
710
696
668
664
1938—Jan. 12 .
Jan. 19.
Jan. 26
Feb. 2
Feb. 9 .
Feb. 16
Feb. 23
Mar. 2_ _
Mar. 9
Mar. 16
Mar. 23
7,852
7,852
7,857
7,823
7,818
7,837
7,826
7,833
7,867
7,724
7,584
3,413
3,344
3,317
3,285
3,244
3,267
3,242
3,281
3,367
3,243
3,187
682
654
651
611
572
588
578
608
700
603
575
14,057
13,977
13,914
13, 821
13, 681
13, 593
13,451
13, 388
5,461
5,908
5,986
6,009
5,954
5,906
5,764
5,676
13, 481
13,433
13,418
13, 411
13, 408
13, 394
13, 341
13, 398
13, 395
13, 420
13, 328
5,782
5,745
5,721
5,696
5,681
5,677
5,654
5,652
5,653
5,646
5,618
Date or month
On
securities to
To
others banks
(except
banks)!
U. S. Government obligations
Reserve
with
Federal
Reserve
banks
Balances
Cash
with
in
domesvault
tic
banks
Openmar- Other
ket
loans1
paper1
Total
399
467
468
479
481
472
461
446
4,123
4,789
4,953
5,054
4,978
4,877
4,711
4,635
13,618
12,403
12,161
11,999
11, 997
12,033
12,148
12, 278
9,118
8,229
8,068
7,914
7,970
8,046
8,118
8,168
1,212
1,160
1,131
1,132
1,127
1,113
1,131
1,147
3, 288
3,014
2,962
2,953
2,900
2,874
2,899
2,963
5,326
5,149
5,313
5,384
5,348
5,358
5,614
5,646
387
296
305
326
320
341
315
294
2,252
1,683
1,703
1,781
1,804
1,850
1,986
2,016
1,164
1,162
1,162
1,161
1,161
1,158
1,160
1,158
1,155
1,155
1,148
460
459
459
455
450
441
436
431
431
428
422
4,749
4,682
4,646
4,641
4,647
4,639
4,615
4,605
4,574
4,574
4,546
12,138
12,196
12,237
12, 253
12, 301
12, 287
12, 271
12, 298
12, 242
12, 255
12,107
8,097
8,143
8,176
8,165
8,202
8,160
8,147
8,137
8,081
8,089
7,876
1,131
1,130
1,139
1,141
1,146
1,150
1,150
1,159
1,152
1,164
1,166
2,910
2,923
2,922
2,947
2,953
2,977
2,974
3,002
3,009
3,002
3,065
5,600
5,647
5,735
5,674
5,617
5,622
5,673
5,627
5,735
5,733
5,773
330
302
305
277
304
280
313
279
304
282
316
1,957
2,023
2,046
2,010
1,972
2,038
2,041
2,039
2,030
2,045
1,945
43
107
83
62
38
37
38
40
129
135
134
135
133
130
128
126
136
162
168
185
187
192
184
169
1.465
,730
,820
,871
,822
L, 761
L690
1,674
5,022
4,334
4,233
4,187
4,270
4,346
4,461
4,566
3,455
2,944
2,866
2,814
2,943
3,045
3,098
3,131
453
420
395
390
384
365
386
404
1,114
970
972
983
943
936
977
1,031
2,670
2,362
2,527
2,597
2,540
2,518
2,683
2,719
53
50
53
60
59
60
54
51
80
66
66
67
69
72
71
65
669
669
665
666
662
663
664
668
672
670
660
37
38
38
36
36
46
40
54
59
48
55
129
128
128
127
127
126
126
126
125
125
118
186
181
176
175
171
165
163
160
158
155
152
1,710
1.674
L, 659
,670
L, 676
L, 679
L, 671
L, 665
L, 653
,64?,
L. 627
4,439
4,508
4,540
4,538
4,574
4,570
4,584
4,552
4,500
4,481
4,397
3,069
3,121
3,150
3,123
3,151
3,123
3,127
3,071
3,016
3,003
2,851
383
392
396
398
401
405
411
420
417
427
429
987
995
994
1,017
1,022
1,042
1,046
1,061
1,067
1,051
1,117
2,660
2,718
2,769
2,764
2,676
2,695
2,741
2,712
2,788
2,824
2,938
56
51
52
49
52
49
54
48
51
47
49
71
73
67
65
65
67
65
69
68
70
69
200
214
209
188
166
174
160
151
1,290
1,263
1,280
1,283
1,266
1,263
1,242
1,226
29
38
34
28
36
36
29
27
1,021
1,029
1,030
1,033
1,036
1,037
1,035
1,034
263
305
300
294
294
280
277
277
2,658
3,059
3,133
3,183
3,156
3,116
3,021
2,961
8,596
8,069
7,928
7,812
7,727
7,687
7,687
7,712
5,663
5,285
5,202
5,100
5,027
5,001
5,020
5,037
759
740
736
742
743
748
745
743
2,174
2,044
1,990
1,970
1,957
1,938
1,922
1,932
2,656
2,787
2,786
2,787
2,808
2,840
2,931
2,927
334
246
252
266
261
281
261
243
2,172
1,617
1,637
1,714
1,735
1,778
1,915
1,951
160
158
155
151
142
159
153
161
181
156
146
1,245
1,238
1,233
1,231
1,228
1,223
1,223
1,220
1,221
1,227
1,221
29
29
29
29
27
27
27
28
27
28
32
1,035
1,034
1,034
1,034
1,034
1,032
1,034
1,032
1,030
1,030
1,030
274
278
283
280
279
276
273
271
273
273
270
3,039
3,008
2,987
2,971
2,971
2,960
2,944
2,940
2,921
2,932
2,919
7,699
7,688
7,697
7,715
7,727
7,717
7,687
7,746
7,742
7,774
7,710
5,028
5,022
5,026
5,042
5,051
5,037
5,020
5,066
5,065
5,086
5,025
748
738
743
743
745
745
739
739
735
737
737
1,923
1,928
1,928
1,930
1,931
1,935
1,928
1,941
1,942
1,951
1,948
2,940
2,929
2,966
2,910
2,941
2,927
2,932
2,915
2,947
2,909
2,835
274
251
253
228
252
231
259
231
253
235
267
1.886
L, 950
,979
L, 945
1 907
L,
L, 971
97fi
1,970
1,962
1, 975
1,876
Real
estate
loans
Fully
Direct guaranteed
Other
securities
TOTAL—101 CITIES
N E W YORK CITY
OUTSIDE N E W YORK
CITY
1937— February __
August
September
October
November
December
1938—January
February
1938—Jan. 12..
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16.
Feb. 23
Mar. 2 .
Mar. 9___
Mar. 16
Mar. 23
_
1
Loan classification revised May 19,1937 and beginning with that date figures for the items indicated are not strictly comparable with those
formerly published; for explanation of revision see June, 1937 BULLETIN, pages 530-531.
APRIL
303
FEDERAL RESERVE BULLETIN
1938
REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
[Monthly data are averages of weekly figures. In millions of dollars]
Date or month
Cash
items
reported as
Other
in proc- assets
ess of
collection i
Total
assets
Demand deposits
Time deposits
Interbank
United Certified
States
Total Domes- Foreign Govern- checks, Other
etc.
tic
liabilbanks ment
ities banks
Demand
deposits—adjusted
Interbank
DoFormestic eign
banks banks
Other
Borrowings
Other Capiliabil- tal acities count
TOTAL—101 CITIES
1937—February
August
September
October
November
December
1938 January
February. _
1,573
1,322
1,568
1,568
1,511
1,585
1,334
1,206
1,360
1,269
1,286
1,304
1,305
1,294
1,270
1,310
33, 498
32,051
32,362
32,252
31,844
31,912
31,804
31, 686
5,854
4,880
4,878
4,976
4,928
4,943
5,174
5,172
410
568
559
503
425
411
421
383
409
515
616
555
424
579
665
638
573
402
510
448
467
495
433
367
16, 571
15,838
15,900
15,875
15,681
15, 659
15,339
15, 348
15, 572
14,918
14,843
14, 756
14,636
14, 570
14,438
14, 509
134
99
112
112
111
110
112
114
4
18
18
21
19
15
8
9
5,094
5,245
5,283
5,278
5,287
5,203
5,210
5,237
1
36
11
5
6
10
4
3
880
843
863
862
873
857
814
792
3,568
3,607
3,612
3,617
3,623
3,630
3,624
3,623
1938—Jan. 12
Jan 19
Jan. 26
Feb. 2
Feb 9
Feb. 16
Feb. 23
Mar. 2
Mar 9
Mar. 16
Mar 23
1,423
1,400
1,155
1,223
1,023
1,333
1,246
1,314
1,238
1,423
1,311
1,275
1,268
1,283
1,276
1,319
1,325
1,320
1,330
1,333
1,272
1,269
31,918
31, 925
31, 799
31, 694
31, 461
31, 829
31, 760
31, 820
31, 902
31, 899
31, 526
5,155
5,218
5,207
5,201
5,129
5,213
5,146
5,270
5,246
5,271
5,069
424
413
416
408
381
375
366
358
353
339
345
675
654
653
639
639
638
638
673
707
725
697
462
489
360
410
317
377
363
409
436
445
490
15,424
15, 398
15, 378
15, 277
15, 217
15,441
15,459
15, 286
15,316
15,313
15,122
14,463
14, 487
14, 583
14,464
14, 511
14, 485
14, 576
14, 381
14, 514
14, 335
14, 301
109
115
115
115
115
112
114
114
117
117
116
8
8
9
9
9
8
9
10
9
9
9
5,203
5,199
5,213
5,225
5 223
5,248
5,249
5,260
5,258
5,223
5,231
6
826
807
821
787
806
786
790
805
818
826
824
3 626
3 624
3 626
3,' 621
3 623
3,622
3 626
3,630
3,628
3,626
3 623
1937—February
August
September
October
November __
December
„
1938—January
February
767
541
722
675
695
749
601
5C6
490
450
459
459
478
473
471
477
12, 603
11,824
12,100
11,926
11,716
11,763
11, 714
11, 644
2,392
1,863
1,896
1,941
1,940
1,984
2,094
2,095
375
524
516
466
390
375
386
347
138
275
346
303
232
310
358
343
398
241
332
287
301
319
276
222
6,825
6,298
6,397
6,324
6,228
6,232
6,110
6,143
6,457
5,998
6,007
5,936
5,834
5,802
5,785
5,859
3
14
14
18
15
12
6
7
631
726
726
728
747
674
646
660
367
379
390
380
381
368
353
339
) 474
1 48^
L, 477
478
481
,483
L, 482
L, 486
1938—Jan 12
Jan.19
Jan 26
Feb 2
Feb. 9
Feb 16
Feb. 23
Mar. 2
Mar 9
Mar. 16
Mar 23
668
666
499
542
420
549
513
571
602
661
662
475
470
474
472
476
481
477
476
476
473
475
11,782
11, 830
11,718
11,715
11, 507
11, 678
11, 676
11, 709
11, 852
11, 799
11, 777
2,083
2,131
2,126
2,125
2,073
2,088
2,094
2,137
2,134
2,161
2,043
386
378
381
373
349
343
325
321
316
301
306
364
352
351
343
343
343
343
344
343
344
307
313
329
217
255
185
228
220
247
292
273
354
6,140
6,159
6,151
6,139
6,072
6,168
6,194
6,146
6,242
6,222
6,274
5,785
5,822
5,869
5,852
5,837
5,847
5,901
5,822
5,932
5,834
5,966
6
6
6
6
7
7
7
7
7
7
7
641
641
651
651
648
672
669
670
670
645
646
361
351
353
337
344
335
338
344
349
363
361
,48?
,483
L,482
1.486
,486
1,485
,48fl
,488
1,483
1,479
1937—February _
August
September
October
November
December _
1938—January
February
806
781
846
893
816
836
733
700
870
819
827
845
827
821
799
833
20, 895
20, 227
20,262
20,326
20,128
20,149
20,090
20, 042
3,462
3,017
2,982
3,035
2,988
2,959
3,080
3,077
35
44
43
37
35
36
35
36
271
240
270
252
192
269
307
295
175
161
178
161
166
176
157
145
9,746
9,540
9,503
9,551
9,453
9,427
9,229
9,205
9,115
8,920
8,836
8,820
8,802
8,768
8,653
8,650
134
99
112
112
111
110
112
114
1
4
4
3
4
3
2
2
4,463
4,519
4,557
4,550
4,540
4,529
4,564
4,577
513
464
473
482
492
489
461
453
2,094
2,125
2,135
2,139
2,142
2,147
2,142
2,137
1938—Jan 12
Jan.19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23 .
Mar 2
Mar 9
Mar. 16
Mar 23
755
734
656
681
603
784
733
743
636
762
649
800
798
809
804
843
844
843
854
857
799
794
20,136
20,095
20,081
19,979
19,954
20,151
20,084
20, 111
20 050
20,100
19, 749
3,072
3,087
3,081
3,076
3,056
3,125
3,052
3,133
3,112
3,110
3,026
38
35
35
35
32
32
41
37
37
38
39
311
302
302
296
296
295
295
329
364
381
390
149
160
143
155
132
149
143
162
144
172
136
9,284
9,239
9,227
9,138
9,145
9,273
9,265
9,140
9,074
9,091
8,848
8,678
8,665
8,714
8,612
8,674
8,638
8,675
8,559
8,582
8,501
8,335
109
115
115
115
115
112
114
114
117
117
116
2
2
3
3
2
1
2
3
2
2
2
4,562
4,558
4,562
4,574
4,575
4,576
4,580
4,590
4,588
4,578
4,585
465
456
468
450
462
451
452
461
469
463
463
2,144
2,141
2,144
2,135
2,137
2,137
2,140
2,142
2,143
2,143
2,144
1
2
2
9
5
14
5
NEW YORK CITY
22
6
1
1
6
3
2
6
9
5
14
485
OUTSIDE NEW YORK
CITY
1
14
5
4
5
4
1
1
1
2
2
5
1
Does not include cash items in process of collection reported in balances with domestic banks.
* Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
NOTE.—For back figures and description of figures see BULLETIN for November 1935, pp. 711-738, or reprint, which may be obtained from the
Division of Research and Statistics. See also p. 876 of BULLETIN for December 1935 and Annual Report for 1932 (tables 78-82).
304
FEDEKAL RESERVE BULLETIN
APRIL
1938
REPORTING MEMBER BANKS IN 101 LEADING CITIES
ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO
[In millions of dollars]
Federal Reserve District
Total
Boston
MinNew Phila- Cleve- Rich- Atlan- Chica- St. neapdelYork phia- land mond
ta
Louis olis
go
City
KanSan New Chicasas Dallas Fran- York
go
City
cisco
ASSETS
Loans and investments—
total:
21, 231
1,205 8,678
Mar. 2
Mar. 9
-. 21, 262 1,203 8,722
21,144
1,195 8,574
Mar. 16
20, 912
1,197 8,436
Mar. 23
Loans—total:
627 3,693
8,933
Mar. 2
631 3,790
9,020
Mar. 9
635 3,655
8,889
Mar. 16
634 3,598
8,805
Mar. 23
Commercial, industrial, and
agricultural loans:
On securities:
559
234
Mar. 2
r
562
237
Mar. 9
563
234
Mar. 16
558
234
38
Mar. 23
Otherwise secured and
unsecured:
3,798
247 1,576
Mar. 2
% 780
249 1,570
Mar. 9
252 1,557
Mar. 16
._... 3,772
3,748
254 1,542
Mar. 23
Open market paper:
82
431
173
Mar. 2
,
431
81
172
Mar. 9
428
Mar. 16
.
422
Mar. 23
Loans to brokers and dealers:
769
614
Mar. 2
881
715
Mar. 9
759
Mar. 16
721
Mar. 23
581
Other loans for purchasing
and carrying securities:
616
Mar. 2
'614
287
Mar. 9
615
289
Mar. 16
282
Mar. 23
Real estate loans:
1,158
232
Mar. 2
1,155
231
Mar. 9
1,155
231
Mar. 16
1,148
224
Mar. 23
Loans to banks:
54
Mar. 2
60
Mar. 9
49
Mar. 16
56
Mar. 23
Other Loans:
On securities:
713
263
Mar. 2
'"717
265
Mar. 9
719
265
Mar. 16
261
715
Mar. 23
Otherwise secured and
unsecured:
807
Mar. 2
259
794
Mar. 9
253
802
Mar. 16
253
Mar. 23
798
253
U. S. Government direct
obligations:
Mar. 2
8,137
427 3,291
8,081
Mar. 9
419 3,235
Mar. 16
407 3,227
Mar. 23
407 3,076
7,876
Obligations fully guaranteed
by U. S. Government:
Mar. 2
21
1,159
Mar. 9
1,152
21
467
Mar. 16
1,164
20
478
1,166
Mar. 23
20
Other securities:
Mar. 2
3,002
130 1,225
Mar. 9
3,009
132 1,230
Mar. 16
3,002
133 1,214
Mar. 23
3,065
136 1,282
Reserve with Federal Reserve bank:
Mar. 2
5,627
322 2,853
Mar. 9
5,735
338 2,916
Mar. 16
5,733
324 2,957
Mar. 23
. 5,773
296 3,063
r
Revised.
1,100
1,098
1,103
1,102
1,802
1,790
1,785
1,775
618
606
610
604
549
554
3,025
3,033
3,071
653
658
657
653
388
390
383
382
644
644
648
640
486
485
490
492
2,083
2,079
2,077
2,078
7,833
7,867
7,724
7,584
1,995
1,996
2,032
1,969
449
447
450
448
706
704
709
706
243
242
244
243
287
286
287
285
940
939
308
307
307
305
167
165
163
162
259
258
256
255
232
232
231
1,022
1,019
1,012
1,007
3,281
3,367
3,243
3,187
618
617
614
606
221
224
221
221
23
23
22
23
931
48
155
156
158
159
239
236
240
240
145
144
145
144
525
'521
524
517
141
141
141
140
145
144
142
142
139
139
138
138
319
315
308
305
1,469
1,463
1,451
1,436
390
387
390
385
27
27
29
29
13
14
14
14
4
4
4
4
47
47
47
46
10
10
10
10
19
19
18
18
2
2
2
2
34
35
36
36
160
158
155
152
28
28
27
27
19
19
18
18
25
24
23
22
7
7
7
6
44
50
42
38
4
4
5
4
3
4
2
2
2
2
19
22
17
18
608
700
603
575
45
37
33
38
38
38
38
57
57
57
57
215
214
215
208
71
'70
71
71
173
173
172
172
372
371
371
371
126
125
125
118
12
12
12
12
3
3
5
3
2
2
2
2
54
59
48
55
123
124
124
124
232
234
234
231
23
'22
21
22
105
103
104
102
196
190
191
191
31
30
34
33
653
3,071
3,016
3,003
1,034
48
27
301
304
305
306
781
769
757
752
90
60
62
62
61
189
179
176
174
46
46
46
126
126
126
127
420
417
427
429
101
101
100
101
260
260
260
260
255
255
257
256
412
414
417
414
114
111
113
113
282
285
285
282
1,061
1,067
1,051
1,117
278
280
284
282
247
238
227
224
333
345
328
324
358
349
2,712
2,788
2,824
2,938
574
592
573
578
344
282
265
262
149
151
137
132
153
160
156
161
110
108
106
101
1,484
1,501
1,539
1,480
785
814
787
791
204
203
201
143
144
141
132
168
172
167
167
225
229
233
226
166
165
163
168
174
174
175
176
113
113
113
103
654
662
2,851
305
FEDERAL RESERVE BULLETIN
APRIL 1938
REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO—Continued
[In millions of dollars]
Federal Reserve District
Total
Phila- Cleve- Rich- Atlan- Chica- St.
delLouis
ta
go
phia- land mond
City
Minneapolis
KanSan
sas Dallas FranCity
cisco
Boston
New
York
New
York
Chicago
279
304
282
316
36
38
41
61
63
67
62
65
16
17
15
16
34
37
35
36
16
18
16
18
11
11
10
11
51
55
49
52
9
11
10
10
5
6
5
6
10
13
11
12
9
11
9
10
19
20
19
19
48
51
47
49
22
23
20
21
2,039
2,030
2,045
1,945
127
124
126
119
154
149
151
148
157
146
146
133
207
206
201
179
123
138
138
143
118
125
129
117
352
320
303
289
121
119
118
118
72
72
84
81
217
222
226
214
184
194
194
181
207
215
229
223
69
68
70
69
162
138
116
115
1,330
1,333
1,272
1,269
79
79
78
77
606
608
559
562
84
84
83
83
103
103
102
102
34
37
34
36
38
39
39
38
86
84
82
81
23
24
23
23
17
16
16
16
23
23
22
22
27
27
27
26
210
209
207
203
476
476
473
475
53
52
50
49
14,381
14, 514
14, 335
14, 301
992
1,005
996
987
6,400
6,507
6,363
6,492
770
754
745
735
1 014
1,021
1,011
990
404
410
400
402
328
329
328
324
2,112
2,119
2,090
2,019
401
413
402
398
250
251
246
240
464
474
473
468
400
403
404
392
846
828
877
854
5,822
5,932
5,834
5,966
1,392
1,388
1,359
1,303
5,260
5,258
5,223
5,231
265
265
265
265
1,086
1,084
1,059
1,059
281
281
281
281
749
749
747
746
197
197
197
197
182
182
182
183
884
882
881
881
184
184
185
185
122
121
121
121
145
145
145
145
130
130
130
130
1,035
1,038
1,030
1,038
670
670
645
646
469
468
468
468
673
707
725
697
23
22
12
12
352
351
352
315
23
23
23
23
18
18
18
18
13
12
12
13
17
23
23
23
117
131
144
144
11
11
13
16
1
2
7
14
17
18
18
21
26
24
27
63
71
79
81
344
343
344
307
92
103
116
116
5,384
5,363
5,388
5,185
215
216
216
210
2,208
2,206
2,232
2,112
283
277
276
269
331
325
322
311
211
216
209
204
204
208
207
196
790
778
778
771
256
251
252
240
123
125
122
122
341
335
338
329
182
184
188
177
240
242
248
244
2,137
2,134
2,161
2,043
586
576
579
578
368
362
348
354
10
10
11
11
329
324
309
314
4
4
5
6
1
1
1
1
1
1
1
1
9
8
8
8
13
13
12
12
328
323
3U8
313
8
7
ASSETS—continued
Cash in vault:
Mar. 2_
„
___
Mar. 9_
Mar. 16
Mar. 23
Balances
with
domestic
banks:
Mar. 2
Mar. 9.
Mar. 16
Mar. 23
.
Other assets, net:
Mar. 2_
Mar. 9 _ _ _
Mar. 16
Mar. 23.__
LIABILITIES
Demand deposits—adjusted:
Mar. 2
Mar. 9
Mar. 16
_
Mar. 23
Time deposits:
Mar. 2
Mar. 9 __
Mar. 16
Mar. 23
U. S. Government deposits:
Mar. 2
Mar. 9__
Mar. 16
Mar. 23
Interbank deposits:
Domestic banks:
Mar. 2___
Mar. 9
Mar. 16
Mar. 23
Foreign banks:
Mar 2
Mar. 9
Mar. 16
Mar. 23
Borrowings:
Mar 2
Mar. 9
Mar. 16
Mar 23
Other liabilities:
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Capital account:
Mar. 2
Mar. 9__
Mar. 16
Mar. 23
r
Revised.
5
14
5
805
'818
826
824
3,630
' 3 , 628
3,626
3,623
7
5
14
5
14
25
24
24
25
1
1
1
1
3
2
2
356
'361
375
373
16
17
17
18
17
17
20
20
23
23
24
24
5
5
5
5
20
20
22
22
8
8
8
8
7
7
7
7
3
3
3
3
5
6
6
5
239 1,618
240 ' I , 615
240 1,613
240 1,609
227
227
227
226
349
350
349
350
92
92
93
93
89
89
89
89
367
368
367
367
89
89
89
89
56
56
56
57
93
93
93
93
81
81
81
81
344
'349
363
361
17
17
18
18
330 1,488
328 ' 1 , 485
329 1,483
329 1,479
242
242
242
242
320
327
315
314
306
FEDERAL RESERVE BULLETIN
APRIL 1938
COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
By classes
B y holders
Commercial
paper
outstand-
Total
outstand-
ing*
End of month
ing
Held by accepting
banks
Own
Total
1937—February
March-
bills
1938—January. _ _ _ _
February
341
317
318
295
273
265
263
274
282
279
278
160
150
147
137
130
144
143
148
153
148
147
180
166
171
159
143
121
120
127
129
131
131
299
293
May
June .
July
August
SeptemberOctober
November
December
401
396
395
386
364
352
344
344
346
348
343
326
307
266
246
147
140
Based
on ex- Dollar
exports
from change
U.S.
on
im
For ac- Held
For count of
by
own ac- foreign others
bought count correspondents
ports
into
U.S.
Bills
268
290
285
287
285
325
329
331
323
311
279
April
Held by Federal
Reserve banks
158
160
167
168
157
143
133
127
127
122
117
85
84
83
81
77
71
71
77
82
84
87
2
2
2
2
1
119
106
61
80
76
86
87
83
79
69
62
67
63
59
61
106
96
82
78
(J)
1
3
1
(2)
1
2
4
3
2
1
2
2
Based on goods
stored in or shipped
between points in
Foreign
U. S.
countries
2
79
76
68
62
55
65
68
73
75
79
78
77
76
76
75
74
71
69
66
62
61
59
3
2
75
70
60
61
1
1
1
2
2
1
1
1
* As reported by dealers; includes some finance company paper sold in open market.
2 Less than $500,000.
Back figures.—See Annual Report for 1936 (table 66).
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
End of month
Debit
balances in
partners'
investment
and trading
accounts
Debit
balances in
firm
investment
a n d trading
accounts
Cash on
hand
a n d in
banks
Money
borrowed 2
1,098
1,258
1,351
1,267
1,317
1,395
65
75
67
67
72
64
119
135
168
164
141
164
182
179
181
219
227
249
771
930
995
985
995
1,048
257
286
303
276
289
342
89
79
89
86
99
103
1,482
1,549
1,559
1,503
1,489
1,493
1,509
1,363
1,053
1,034
985
61
61
58
56
55
56
54
48
40
38
34
188
175
163
149
161
157
149
128
135
120
108
230
223
227
209
214
206
202
239
263
225
232
1.084
,172
L, 215
,188
L, 217
213
,233
088
781
723
688
366
346
314
284
266
265
252
256
272
270
278
958
937
31
31
103
104
220
207
641
628
288
280
Customers'
debit
balances
(net) i
1935—September
December __
1936—March
June
September
December
_ _ _
1937—February...
March
April
May
June
July. ._
August
September
October.
November
December
1938—January
February
Free
Other
(net)
Other credit balances
In
partners'
investment and
trading
accounts
In
firm
In
investcapital
ment and accounts
trading
(net)
accounts
23
24
12
10
23
24
24
30
15
14
14
12
116
115
111
101
92
96
92
96
107
95
85
32
29
25
18
29
24
25
25
26
18
12
13
13
13
26
24
12
12
87
80
28
26
24
26
396
410
429
420
423
424
11
10
418
419
417
408
397
397
391
385
383
376
355
11
10
333
324
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)
of firms' own partners.
2 Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges-).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. Th3 article describes the methods
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, page 196.
307
FEDERAL RESERVE BULLETIN
APRIL 1938
FEDERAL RESERVE BANK DISCOUNT RATES
[Percent per annum]
Rediscounts and advances under sees. 13 and 13a of the Federal Reserve Act»
Advances secured by
direct obligations of
the United States
Advances under sec.
10 (b) of the Federal
Reserve Act
sec. 13 of the Federal
Reserve Act)
Federal Reserve Bank
Rate
In effect
Mar. 31 b e g i n n i n g Boston
New York.—
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
MinneapolisKansas C i t y Dallas
San Francisco
IK
IK
IK
IK
IK
IK
IK
IK
IK
IK
Sept. 2, 1937
Aug. 27, 1937
Sept. 4, 1937
M a y 11,1935
Aug. 27, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 3, 1937
PreRate
effect
Rate
In effect
vious Mar. 31 b eIni n n i n g - Mar. 31 beginning—
g
rate
2
IK
2
2
2
2
2
2
2
2
2
2
Sept. 2,
Oct. 10,
Sept. 4,
Oct. 19,
Sept. 10,
Aug. 21,
Aug. 21,
Sept. 2,
Aug. 24,
Sept. 3,
Aug. 31,
Sept. 17,
1937
1935
1937
1935
1937
1937
1937
1937
1937
1937
1937
1937
3K
4
4
4
4K
3K
4
4
Oct.
Feb.
Oct.
May
Feb.
Mar.
Oct.
Feb.
Apr.
May
Mar.
Oct.
20, 1933
8, 1934
20, 1933
11, 1935
19, 1934
17, 1934
16, 1933
23,1935
15, 1933
10, 1935
12, 1934
19, 1933
i Rates indicated also apply to United States Government securities bought under repurchase agreement.
Back figures.—See Annual Report for 1936 (table 40).
FEDERAL RESERVE BANK
BUYING RATES ON ACCEPTANCES
FEDERAL RESERVE BANK
RATES ON INDUSTRIAL ADVANCES
[Percent per annum]
Rates in effect Mar. 31, 1938, on advances and commitments under Sec.
13 (b) of the Federal Reserve Act as amended June 19, 1934.
[Percent per annum except as otherwise specified]
Rate in
effect on
Mar. 31
Maturity
In effect beginning—
Previous
rate
Oct. 20, 1933
do
1-15 days K.
16-30 days—
31-45 days
46-60 days—
61-90 days—
91-120 days..
121-180 days
—do
do
.—_do
do
do
1
1
1
1
1
1
IX
i This rate also applies to acceptances bought under repurchase agreements, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. T h e same minimum
rates apply to purchases, if any, made by other Federal Reserve banks.
Back figures.—See Annual Report for 1936 (table 41).
Maximum rates that m a y be paid b y member banks as established by
the Board of Governors under provisions of Regulation Q.
[Percent per annum]
Savings deposits
Postal Savings deposits
Other time deposits payable in:
6 months or more
90 days to 6 months
Less than 90 days
In effect
beginning
Jan. 1, 1936
2K
2K
2K
2K
2K
2K
2
1
NOTE.—Maximum rates that may be paid b y insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member banks. In some States the maximum rates established by the Board
and the Federal Deposit Insurance Corporation are superseded by
lower maximum rates established by State authority.
Boston
New Y o r k —
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis—
Kansas C i t y Dallas
San Francisco
MAXIMUM RATES ON TIME DEPOSITS
Nov. 1, 1933 Feb. 1, 1935
to
to
Jan. 31, 1935 Dec. 31, 1935
Federal Reserve Bank
Advances to financing institutions—
Advances
Commitdirect to
ments
industrial
On poror comtion for
to make
On re- advances
mercial or- which
ganizations institu- maining
portion
tion is
obligated
3
3
3K-6
4-6
4-6
1-2
4-6
5
5-6
4
1-2
i 2K
3K
4K-5
4K-5
4
4
3-4
4
5-6
4-5
4K-6
6
5-5
5-6
4-5K
6
4-6
5-6
5-6
3K
4-5
(2)
4
2
2K
3K
4-6
5
K-2
1
2
3
Authorized rate 1 percent above prevailing discount rate.
Same as to borrower b u t not less than 4 percent.
Flat charge.
Back figures.—See Annual Report for 1936 (table 40).
MEMBER BANK RESERVE REQUIREMENTS
[Percent of deposits]
June 21,
1917Aug. 15,
1936
Aug. 16,
1936Feb. 28,
1937
Mar. 1,
1937Apr. 30,
1937
M a y 1,
1937,
and after
On net demand deposits:
Central reserve cityReserve city
Country
13
10
7
19K
10K
22U
17K
12M
26
20
14
On time deposits:
All member banks—
3
4K
5X
Classes of deposits
and banks
15
i See footnote to table on page 296 for explanation of method of computing net demand deposits.
308
FEDERAL RESERVE BULLETIN
APRIL 1938
MONEY RATES AND BOND YIELDS
OPEN-MARKET RATES IN NEW YORK CITY
[Percent per annum]
Prevailing rate o n -
RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
I Weigh ted averages of prevailing rates; percent per annum]
Average rate on—
1929
Year,
month, or
week
Prime
bankers'
acceptances,
Prime
commercial
paper,
4 to 6
months
90
days
Stock- Stock
exexchange change
time
call
loans, loan
90
redays
newals
1935 average...
1936 average . . .
1937 average..-
.76
.75
.95
.13
.15
.43
1.16
1.25
1937—February
March..
April....
May
June
July
August —
Sept
October.
Nov
Dec
1938—January.
February
X
M~l
Vie
IX
1
1
1
1
1
1
1
1
1
1
1
Week ending:
Feb. 12____
Feb. 19.___
Feb. 26
Mar. 5
Mar. 12___.
Mar. 19.._.
Mar. 26 —
7
Ae-V2
Vie
Vie
Vie
Vie
Vie
Vie
Vie
Vie
.56
IS
IK
IK
IX
IX
IK
IX
IX
IX
IX
IK
.56
.91
1.00
AverU. S. Treasury bills
yield on New York City:
January
U. S.
February..
TreasMarch
91New
ury
April
issues day
3 to 5
May
ofdealyear
June
fered
ers'
notes
July
within1 quoAugust
period tation
SeptemberOctober
November..
.14
.17
1.29
December
.14
.17
1.11
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.45
.28
1.40
.38
.58
.70
.65
.58
.49
.52
.53
r
. 34
.15
.10
.10
.08
.15
.38
.56
.41
.36
.28
.29
.31
.20
.09
.11
.10
.08
1.22
1.42
1.59
1.48
1.54
1.44
1.45
1.50
1.42
1.31
1.27
1.13
1.09
_
Year.
8 other northern and
eastern cities:
January
February
_
March
April
May
__.
June
July
August
September
October
November
December
Year
27 s o u t h e r n and
western cities:
January
February
March
_
M~l
April
H-i
May
June
July
1 Series comprises 182-day bills to February 23,1935, 273-day bills from
August
March 1,1935, to October 15,1937, bills maturing about March 16, 1938,
September
from October 22, to December 10, 1937, and 91-day bills thereafter.
October
Back figures.—See Annual Report for 1936 (tables 42 and 43). Figures
November
forr 91-day Treasury bills available on request.
December
Revised.
Year
1
1
1
1
Vie
Vie
Vie
Vie
Vie
Vie
Vie
IK
IK
IK
IK
IK
IK
IK
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.08
.09
.09
.07
.07
.07
.09
.08
.08
.09
.07
.07
.07
.08
1.13
1.08
1.05
1.00
.98
1.03
1.01
1931
1932
1933
1934
1935
1936 1937
5.74
5.73
5.81
5.85
5.88
5.93
5.88
6.05
6.06
6.08
5.86
5.74
L24
L31
L20
1.17
Lll
L13
L05
3.97
3.93
4.27
4.67
4.64
4.71
4.71
4.72
4.69
4.55
4.61
4.42
4.45
4.30
4.35
4.12
4.22
4.12
4.11
4.88
4.33
4.24
4.10
3.93
3.97
3.79
3.76
3.52
3.48
3.58
3.43
3.31
3.39
3.42
3.30
3.30
3.33
3.26
3.28
3.22
3.18
2.83
2.90
2.64
2.61
2.69
2.66
2.61
2.67
2.72
2.72
2.77
2.61
2.64
2.56
2.61
2.54
2.51
2.44
2.44
2.42
2.40
2.46
2.43
2.43
1938
2.50 2.36
2.41 2.34
2.50 2.40
2.53
2.44
2.34
2.36
2.41
2.39
2.38
2.45
2.40
5.88 4.22 4.49 4.02 3.33 2.70 2.49 2.43
5.87
5.86
5.91
6.00
6.09
6.02
6.08
6.11
6.24
6.25
6.12
5.94
4.61
4.63
4.62
4.57
4.55
4.49
4.48
4.47
4.48
4.62
4.87
4.91
5.07
5.13
5.14
5.10
5.14
5.13
5.05
5.12
5.03
4.96
4.88
4.88
4.89
4.84
5.39
5.09
4.99
4.97
4.82
4.68
4.65
4.51
4.54
4.59
4.65
4.49
4.52
4.52
4.39
4.30
4.15
4.12
4.11
4.13
4.08
3.98
4.08
4.02
4.05
3.99
3.88
3.78
3.87
3.79
3.75
3.75
3.63
3.67
3.62
3.63
3.6C
3.47
3.45
3.51
3.61
3.47
3.45
3.50
3.47
3.46
3.36
3.43
3.34
3.36
3.45
3.32
3.32
3.29
3.33
3.37
3.42
3.36
3.37
3.29
3.25
6.04 4.61 5.05 4.83 4.29 3.86 3.52 3.36
5.94
5.96
6.04
6.07
6.10
6.16
6.17
6.22
6.27
6.29
6.29
6.20
5.50
5.43
5.40
5.36
5.26
5.34
5.30
5.28
5.32
5.38
5.53
5.56
6.14
4.16
4.09
4.15
5.39 5.62 5.56 5.17 4.69 4.35 4.17
5.61
5.61
5.64
5.63
5.64
5.62
5.63
5.68
5.63
5.56
5.55
5.60
5.60
5.56
5.66
5.68
5.66
5.62
5.54
5.53
5.55
5.50
5.42
5.43
5.40
5.39
5.40
5.34
5.28
5.19
5.07
5.05
5.04
5.05
4.93
4.92
4.95
4.84
4.85
4.80
4.79
4.76
4.58
4.63
4.51
4.55
4.51
4.55
4.47
4.51
4.44
4.40
4.43
4.39
4.35
4.25
4.29
4.23
4.24
4.14
4.16
4.15
4.15
4.21
4.17
4.18
4.19
4.18
4.18
4.16
4.17
4.15
BOND YIELDS1
[Percent per annum}
Corporate 4
U. S.
Treasury 2
Year, month, or week
Municipal 3
By ratings
Total
Aaa
Aa
By groups
Industrial
Baa
A
Railroad
Public
utility
Number of issues
7-12
15
120
30
30
30
30
40
40
40
1935 average
1936 average
1937 average
2.70
2.47
2.57
3.41
3.07
3.10
4.46
3.87
3.98
3.60
3.24
3.27
3.95
3.46
3.50
4.55
4.02
4.04
5.75
4.77
5.11
4.02
3.50
3.55
4.95
4.24
4.46
4.43
3.88
3.93
1937—February
March
April
May
June
July
August
2.31
2.50
2.74
2.67
2.64
2.59
2.59
2.67
2.65
2.60
2.54
2.47
2.46
2.96
3.19
3.24
3.14
3.11
3.07
3.01
3.18
3.24
3.17
3.15
3.03
2.99
3.75
3.87
3.98
3.92
3.92
3.91
3.92
4.04
4.20
4.30
4.27
4.33
4.39
3.22
3.32
3.42
3.34
3.28
3.26
3.25
3.30
3.29
3.26
3.23
3.20
3.23
3.40
3.50
3.58
3.49
3.45
3.45
3.45
3.51
3.60
3.62
3.59
3.61
3.65
3.85
3.98
4.05
3.99
3.99
3.97
3.98
4.07
4.23
4.32
4.30
4.32
4.38
4.54
4.69
4.86
4.87
4.97
4.97
5.00
5.27
5.67
6.01
5.95
6.19
6.31
3.46
3.55
3 65
3.55
3.51
3 50
3.47
3.55
3.63
3.65
3 66
3.54
3.57
4.04
4.17
4 29
4.27
4.29
4 31
4.40
4.60
4.88
5.20
5 12
5.44
5.54 *
3 76
3.90
3 99
3.95
3.97
3 92
3.89
3.96
4.08
4.06
4 03
4 01
4.07
2.43
2.41
2.42
2.46
2.46
2.99
2.98
2.96
2.96
2.99
4.35
4.35
4.42
4.54
4.64
3.22
3.21
3.23
3.25
3.28
3.63
3.63
3.64
3.70
3. 78
4.34
4.32
4.37
4.51
4.60
6.22
6.23
6.42
6.72
6.92
3.55
3.54
3.53
3.56
3,59
5.46
5.49
5.71
6 04
6.29
4 05
4.01
4.01
4 04
4.06
_
.
Sp.pt.p.mbfir
October
November
December
193g—January
February
Week ending:
Feb 26
Mar 5
Mar. 12
Mar 19
Mar 26
_.
_ . __
.
.
1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
> Average of yields of all outstanding bonds due or callable after 8 years.
* Standard Statistics Co.
* Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, less than 40 industrial bonds are included;
the industrial Aaa group has been reduced from 10 to 3 and the industrial Aa group from 10 to 4.
Back figures.—See Annual Report for 1936 (table 74).
309
FEDERAL RESERVE BULLETIN
APRIL 1938
STOCK MARKET
BOND PRICES *
3
Year, month, or date
Corporate
U. S.
Treas- Municipal*
ury*
Total Indus- Rail- Utility
trial road
Number of issues..
7-12
106.1
107.0
104.4
1935 average..
1936 average..
1937 average..
15
105.3
110.8
110.3
20
20
88.2
92.2
90.1
Stock prices*
Year, month, or
date
Volume of
tradings
Common (index, 1926=100)
Preferred*
Industrial
Total
Railroad
Utility
79.4
94.7
89.6
20
98.2
105.4 Number of issues
20
32
420
348
40
100.4
= =
133.8
1935 average
1,411
91
78
71
1937—February
107.2
105.1 1936 average
94.7 100.2
_ 138.9
112.7 100.0
127
1,824
111
104
March
105.2
98.5
98.3
103.6 1937 average
136.2
93.5
108.9
131
1,519
112
95
102.6
96.6
95.3
102.4
92.0
April
108.0
103.3
96.2
95.0
101.8 1937—February
141.2
91.9
May
109.6
152
130
111
2,564
103.5
95.0
93.2
100.6
138.0
91.2
March
110.1
153
June
130
106
2,133
104.0
95.3
93.2
101.2
136.0
91.4
April
110.8
147
July...
125
101
1,466
104.0
94.8
91.0
101.4
91.9
111.8
May.
-- 135.4
137
August
116
94
859
103.3
91.3
85.6
98.4
90.0
109.0
June.
_ 135.2
134
September..
114
91
697
103.5
78.4
95.2
85.5
108.1 86.4
July.
__ 135.7
139
October
118
96
917
104.0
83.3
72.1
95.0
137.2
82.7
109.1
August
144
November.
121
97
729
104.7
82.7
72.5
94.3
81.4
109.5
S e p t e m b e r - 136.4
126
December..
106
89
1,498
105.3
80.6
66.2
94.0
133.5
81.7
111.5
October
107
1938—January
91
81
2,324
105.4
79.3
65.0
92.2
112.2
November.. _ 132.3
96
February. _.
83
80
1,420
132.1
December
94
81
78
1,174
81.2
133.5
105.6
112.2
79.9
Feb. 23..
65.7
92.7 1938—January
97
83
76
1,069
81.2
133.3
105.8
112.3
79.8
Mar. 2...
64.6
93.6
February
96
81
71
719
80.7
105.8
112.7
78.0
Mar. 9__
60.7
92.6
80.1
133.2
4 104. 5 112.7
76.1
Feb. 23
Mar. 16..
56.7
91.4
904
85
73
79.4
134.0
112.2
Mar. 2
Mar. 23..
74.8
54.6
90.3
496
83
72
134.1
Mar. 9
638
80
70
133.7
Mar. 16
903
68
77
131.6
1 Monthly data are averages of daily figures except for municipal bonds,
1,231
65
Mar. 23
72
which are averages of Wednesday figures.
2
Average prices of all outstanding bonds due or callable after 8 years,
based on quotations from Treasury Department.
* Standard Statistics Co. Monthly data are averages of Wednesday
» Prices derived from average yields, as computed by Standard Statistics Co.
Average prices of industrial high-grade, derived from yields.
4
3
Substitution of bonds lowered the average by 0.9 on March 15.
Average daily volume of trading in stocks on the New York Stock
Back figures.—See Annual Report for 1936 (table 73); for U. S. Treas- Exchange, in thousands of shares. Weekly figures are averages for the
week ending Saturday.
ury bonds, see BULLETIN for May 1936, p. 317.
Backfigures.—Forstock prices, see Annual Report for 1936 (table 73).
97.5
93.4
I,
CAPITAL ISSUES
[In millions of dollars]
]For
Total
(new
and
refunding)
Year or
month
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
„
.
1937—Feb
Mar....
Apr
May...
June...
July—.
Aug...Sept.—
Oct. . . .
Nov
Dec
1938—Jan
Feb.
]For
Domestic
Total
(domestic
and
Total
foreign)
Federal
agen- Total
Corporate
Bond
and Stocks
notes
5,346
8,002
4| 483
1,551
2,385
2,078
2,980
1,239
1,386
1,409
1,949
2,076
762
483
803
855
735
727
325
161
178
404
1,192
1,192
305
40
144
334
839
789
190
185
159
150
360
247
79
154
93
94
122
92
81
34
47
70
44
91
77
28
41
27
43
79
41
40
4
0
11
29
0
89
0
0
0
25
0
6
0
152
138
78
78
269
81
51
113
67
26
43
46
41
96
99
38
47
187
39
34
87
46
22
27
39
41
6,789
9,420
6,004
2,860
1,165
190
185
159
150
360
247
79
154
96
94
122
92
82
1
s
State
and
municipal
708
1,379
1,418
1,434
1,235
refunding
Domestic
64
0
87
75
77
64
405
150
22
157
9,898 8,040
11,513 10,091
7,619 6,909
4,038 3,089
1,751 1,194
720
1,063
2,160 1,386
4,699 1,457
6,214 1,972
3,878 2,080
511
382
303
266
560
340
187
221
203
136
164
121
199
new capital
2,961
5,924
1,503
311
20
120
35
69
352
403
56
39
40
31
82
42
17
25
21
4
16
6
(3)
Foreign^
Total
(domestic
and
forTotal
eign)
State
and
municipal
1,251
1,858
1,422
1,620
1,387
709
949
557
343
774
527
893
498
283
765
671
905
229
29
12
0
48
23
4
3,242
4,242
1,798
0
0
0
0
0
0
0
0
3
(3)
1
0
1
321
197
144
116
200
93
109
67
107
42
42
29
117
Federal
agen- Total
cies*
Corporate
Bonds
and Stocks
notes
0
0
0
51
93
26
317
987
353
280
1,584
1,374
"1,054
* 542
3,216
4,123
1,639
36
13
53
21
87
37
136
365
382
175
474
821
319
219
312
451
789
315
187
312
1,864
3.387
1,184
1,782
3,187
255
197
123
116
200
93
109
67
106
42
42
29
117
9
12
14
8
21
8
25
7
2
4
5
8
22
21
4
22
16
30
29
27
20
34
27
23
18
32
225
181
87
92
149
57
56
39
70
10
14
4
62
Foreign1
833
530
833
23
32
4
32
0
81
200
351
238
35
182
56
59
60
0
26
119
159
140
162
69
71
139
20
51
(3)
70
10
14
3
62
84
19
18
21
11
37
6
39
0
(3)
(3)
1
0
66
0
21
0
0
0
0
0
2
0
0
0
0
Includes issues of noncontiguous U. S. Territories and Possessions.
Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
»Less than $500,000.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject
to revision.
Backfigures.—SeeAnnual Report for 1936 (table 72).
310
FEDERAL RESERVE BULLETIN
APRIL
1938
TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
VOLUME AND KIND OF DIRECT OBLIGATIONS
[On basis of daily statements of United States Treasury. In millions of dollars]
Nonmterestbearing
Interest-bearing
:
Publicly
Total
gross
debt
End of month
_.
19,487
22,539
27,053
28,701
33,779
19,161
22,158
26,480
27,645
32,989
34,601
34,728
34,941
35,213
36,425
36, 716
37,045
36,875
36,956
37,094
37,279
37,453
37, 633
1937—February..
March
April
May
__
June.
July
August
September.
October. __
November.
December.
1938—January...
February..
i
Bonds
Total
interest
bearing
1932—June
1933—June
1934—June
1935—June
1936—June.
offered
33,926
34,064
34,295
34,591
35,800
36,113
36,450
36,264
36,366
36,511
36, 708
36,887
37,080
Total
Treas- U.S.
ury 2 Savings
Prewar
6
AdSocial
justed
seservice curity4
issues3 issues
Notes
Bills
616
954
1,404
2,053
2,354
105
92
118
156
1,071
2,253
2,203
2,353
2,553
2,303
2,453
2,653
2,403
2,403
2,403
1,952
1,952
1,952
475
461
451
445
926
915
905
896
888
883
876
872
867
18,816
«21,782
6
26,006
26,910
31,297
753
75.3
753
753
79
13,460
13,417
15, 679
14,019
17,168
62
316
1,261
4,548
6,653
10,023
11,381
32, 617
32,722
32,884
33,107
33,734
33,918
34,146
33,877
33,900
33,924
34,018
34,114
34,144
79
79
79
79
79
79
79
79
79
79
79
79
79
19,452
19,936
19,936
19,936
19,936
19, 936
19,936
19,936
19,936
19,936
20,476
20, 476
20,476
567
722
752
775
800
833
862
885
908
932
964
1,060
1,106
10,267
9,783
9,764
9,764
10, 617
10, 617
10,617
10,675
10,575
10,575
10, 547
10, 547
10,531
All
other6
Matured
debt
Other
19
240
284
356
580
601
60
66
54
231
169
266
315
518
825
620
204
322
407
489
579
649
769
868
957
1,086
1,188
1,263
1,399
630
559
552
550
560
632
630
623
620
619
626
638
669
139
136
126
110
119
103
100
122
109
106
99
99
91
536
528
520
512
506
499
494
489
482
477
472
466
462
* Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System.
2 Includes Liberty bonds.
«Includes adjusted service bonds of 1945 and special issues of adjusted service bonds 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 retiremenfaccount.
B
Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation.
6
Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000.
FULLY GUARANTEED OBLIGATIONS, BY AGENCIES*
MATURITIES OF PUBLICLY OFFERED DIRECT
OBLIGATIONS, FEBRUARY 28, 1938
[In millions of dollars]
[In millions of dollars]
Date maturing
Total
Bonds*
Notes
Bills
End of month
1938—Before Apr. 1
Apr. l-June30
July 1-Sept 30
Oct. 1-Dec. 31
1939—Jan. i-Mar. 31
Apr 1-June 30
July 1-Dec 31
1940
1941
1942
1943
1945
1946
1947
1948
1949
1951
1952__
1953
1954
1955
1956
1959
1960
1961
Total
1,206
1,669
747
433
942
1,294
953
2,854
2,219
1,001
898
2,125
1,858
2,149
2 1,168
819
1,223
_ 1,250
1,786
2,663
755
489
982
2,611
50
34,144
834
455
618
596
433
942
1,294
953
2,854
1,385
1,001
751
1,051
150
10,531
1,952
681
3,063
4,123
4,494
4,718
4,662
312
980
1,226
L,387
L,422
L,422
134
1,834
2,647
2,855
3,044
2,988
235
249
250
252
252
252
1937—February..
March
April
_
May
June
July
August
September.
October. __
November
December.
1938—January...
February..
1
Issues classified as of date of final maturity; most issues callable at
earlier dates; most of the U. S. Savings bonds are redeemable at option
of 8holder.
Includes unclassified U. S. Savings bonds.
Home
ReconFederal
Owners' struction
Farm
Finance
Mortgage Loan
Corpora- Corpora- Corporation
tions
tion
1934—June
December.
1935—June
December.
1936—June
December.
898
2,125
1,858
2,149
i 1,168
819
1,223
1,250
1,786
2,663
755
489
982
2,611
50
21,661
otal
4,662
4,662
4,660
4,660
4,665
4,703
4,633
4,633
4,634
4,644
4,645
4,646
4,646
1,422
L,422
1,422
L,422
L,422
1,420
•L,400
L,400
1,400
L 410
1,410
1,410
L410
2,988
2,988
2,987
2,987
2,987
2,987
2,937
2,937
2,937
2,937
2,937
2,937
2,937
252
251
250
250
255
295
296
296
297
297
297
298
299
1 Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the
public debt. The total includes guaranteed debentures of the Federal
Housing Administrator, amounting to $314,000 on February 28,1938.
2
Excludes obligations guaranteed as to interest only.
APRIL
311
FEDERAL RESERVE BULLETIN
1938
SUMMARY OF TREASURY OPERATIONS
[On basis of daily statements of United States Treasury. In millions of dollars]
General and special accounts
Expenditures 1
Receipts
General
Period
Fiscal year ending:
June 1935
3,800
June 1936 ____. 4,116
5,294
June 1937
1,099
1,427
2,158
National
Other
interAll
nal
reve- other
8
nue
Total Inter- deest on fense
253
2,179
2,086
2,187
523
603
697
8,477
8,001
1,312
1,450
1,583
403
447
424
In- Social
come security
taxes taxes2
Total
()
debt
All
and other
Veterans'
Adm.*
Recovery
and
relief
Trust Increase or deaccrease during
counts,
period
etc.7
Excess excess
of reof receipts ceipts
Re- Trans- (+)or (+)or
volv- fers to
exex*
ing
trust pendifunds acc'ts. tures pendi- General Gross
tures
(net)* etc.*
fund
()
balance debt
821
749
1,089
1,340
1,436
1,315
1,310
1,994
3,366
3,341
3,079
141
» 78
» 244
71
1,814
4,398
4,687
4,861
407
437
465
830
940
1,022
1,192
1,339
2,139
2,141
1.338
13
9 215
170
141
193
526
553
754
708
552
1,300
659
556
680
616
542
730
566
512
20
159
112
121
129
119
128
128
127
125
126
128
134
130
123
214
252
243
211
232
198
175
159
168
159
173
150
156
9 13
9 46
97
45
45
45
45
540
125
61
55
55
55
63
56
56
-3,002
-4,361
-2,707
+613
+123
-2,050
-1,971
-1,000
+257
+157
+6
+214
-7
-98
-345
-217
-432
-249
-103
+108
-283
-215
+136
-231
-162
-3
+20
+44
+37
+20
+18
+10
+43
+35
+7
-67
8 months ending:
Feb. 1936.
Feb. 1937
Feb. 1938
2,348
2,717
3,860
633
807
1,272
581
1937—February....
March
_
April
May
June
July
August
September _
October
November. _
December __
1938—January
February. __
275
1,012
363
335
58
700
57
47
547
57
35
501
40
37
487
52
62
10
50
78
59
53
53
60
50
52
60
138
57
110
453
788
333
327
349
148
190
166
170
212
221
301
186
189
182
192
172
141
58
71
62
60
56
77
56
51
52
49
49
53
36
194
12
21
159
67
9
163
16
17
176
225
230
169
179
197
162
161
183
165
141
180
150
92
27
92
10
20
16
25
56
34
10
-279
+8
- 7 4 1 +1,648
+840 +5,078
- 1 2 8 +2, 646
- 7 5 +1,819
-1,143
+822
+421 +1, 208
-187
+287
-124
+52
+800
+85
+263
-43
-184
-68
+365
-23
+25
+99
+127
+212
+272
+1,212
+291
+329
-170
+81
+137
+186
+173
+180
* Excludes debt retirement.
2
Includes taxes under Social Security Act and on carriers and their employees.
»Includes miscellaneous internal revenue, unjust enrichment tax, and processing taxes.
* Excludes expenditures for adjusted service which are included under "Transfers to Trust Accounts, etc."
8
Includes revolving funds of Reconstruction Finance Corporation, Commodity Credit Corporation, Public Works Administration, Farm
Credit Administration, and Export-Import Banks.
6
Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account, and railroad retirement account.
7
Includes, also, increment resulting from reduction in weight of the gold dollar, and expenditures chargeable against increment on gold (other
than retirement of national bank notes), receipts from seigniorage, transactions in checking accounts of Governmental agencies, unemployment
trust fund, old-age reserve account, and railroad retirement account.
s Less than $500,000.
» Excess of credits.
GENERAL FUND BALANCE
[On basis of daily statements of United States Treasury. In millions
of dollars]
Total
E n d of m o n t h
Inactive
gold
Increment
on gold
Seigniorage
Working
balance
417
862
2,582
1,841
2,682
811
700
140
140
316
417
862
1,771
1,001
2,225
1936—September
October
November
December
2,188
1,764
1,406
1,906
26
140
141
141
141
329
332
333
337
1,719
1,291
931
1,401
1937—January
February
March
April
May
June
July .
August.
September
October..
November
December
1,726
1,539
1,826
1,702
1,754
2,553
2,639
2,902
2,860
2,676
2,608
2,973
127
205
343
568
758
1,087
1,213
1,335
1,209
1, 271
1,243
1,228
141
141
141
141
141
141
141
141
141
141
141
142
340
344
348
350
354
356
369
375
382
388
394
401
1,118
849
995
642
501
970
915
1,051
1,128
875
831
1,202
2,950
2,975
1,223
1,201
142
142
413
421
1,172
1,212
1932—June
1933—June
1934—June.
1935—June .
1936—June
„
_
._
_
1938—January
February
312
FEDERAL RESERVE BULLETIN
APRIL 1938
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JANUARY 31, 1938
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]
Financed wholly from Government funds
Reconstruction
Finance
Corporation
Commodity
Credit
Corporation
Public AgriculWorks
tural
Admin- credit Other
istrainstitution
tions
Financed partly from Government
funds
Total
Farm
Other Home
mortfarm
mortgage
credit
gage Other
institu- institu- institutions
tions
tions
Jan. 31, Dec. 31, Jan. 31,
1938
1937
1937
ASSETS
Loans and preferred stock:
Loans tofinancialinstitutions. _
Preferred stock, etc
Home mortgage loans.
Farm mortgage loans
Other agricultural loans
All other loans
Total loans and preferred
stock
. _
Cash
United States direct obligations
Obligations of Government credit
agencies:
Fully 2
guaranteed by U. S.
Other
Production credit association class
A stock
Accounts and other receivables
All other assets
Total assets other than interagency 2 -
1
285
551
191
3 207
2,371
0)
10
2,868
1
891
1,729
7
35
15
93
383
1
200
476
80
34
49
200
49
8
5
(l)
14
27
38
12
1,821
C1)
75
1
1
22
201
0)
71
146
%
0)
263
2,868
66
51
486
759
2,371
2,868
572
1,324
501
762
2,398
2,876
561
1,343
505
762
2,729
2,932
590
1,193
263
26
116
(2) 1
10
38
355
8,380
350
617
8,440
299
606
8 711
246
511
42
7
0)
2,769
124
20
14
102
171
36
180
32
195
30
39
415
171
154
4
23
3 517
4
20
75
280
1,141
76
277
1,116
75
283
702
1,046
3,311
458
3,466
529
11, 050
11, 027
10, 754
129
4,646
1,367
597
4,645
1,363
585
4,687
1 324
449
6,461
LIABILITIES
Bonds, notes, and debentures:
Guaranteed by United States.__
Other2
Other liabilities (including reserves)
Total liabilities other than
interagency 2
_
Excess of assets over liabilities, excluding interagency transactions..
Privately owned interests
U. S. Government interests
0)
57
60
(')
4
52
1,410
2 1.044
197
181
6
2,937
78
151
356
60
4
56
2,651
187
3,167
129
6,611
6,593
1,466
140
71
141
990
660
180
271
4
298
41
400
139
4,439
364
4,434
361
1,466
140
71
141
990
480
267
258
261
4,075
4,073
298
0)
•
4,293
341
3,952
2
i Less than $500,000.
Excludes $761,000,000 of Federal land bank bonds held by Federal Farm Mortgage Corporation.
« Shares of Federal savings and loan associations subscribed by HOLC are classified in "Preferred stock, etc." Shares held by U. S. Treasury
amounting to $48,000,000 are classified under "All other assets."
NOTE.—For explanation of table and back figures see BULLETIN for April 1936, p. 220.
RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS
[Amounts outstanding. In thousands of dollars]
Feb. 28,
1937
Loans tofinancialinstitutions.
Loans on preferred stock of banks and insurance companiesPreferred stock, capital notes, and debentures..
Loans to railroads (including receivers).
_
Loans for self-liquidating projects..
_
_.
Loans to industrial and commercial businesses
Loans to drainage, levee, and irrigation districts
Other loans 2
Securities purchased from Public Works Administration
Total loans and investments, other than interagency-.
Loans to Federal land banks
Loans to Commodity Credit Corporation
Capital stock of Commodity Credit Corporation
Capital stock of, and loans to R. F. C. Mortgage Co
Preferred stock of Export-Import banks...
Capital stock of Disaster Loan Corporation
Loans to Rural Electrification Administration
Capital stock and surplus of National Mortgage Assoc
Total loans and investments..
304,815
41, 465
607, 777
345,447
206, 721
63, 838
66, 553
3,355
108, 714
Aug. 31,
1937
266,283
39,414
567,879
351,855
227,108
72,833
75,038
3,867
86,843
Sept. 30,
1937
261,104
39,167
566,090
356, 279
231,171
73,101
77,180
3,870
85,621
256,965
38,949
563,465
355. 932
232,414
73, 283
77,160
3,946
N o v . 30,
1937
249, 594
38,800
559, 623
355, 923
234,113
72,686
77,179
3,970
117, 504
Dec. 31,
1937
251,368
38, 650
555,312
355,894
237,637
74, 794
77, 522
3,920
132,564
J a n . 31,
1938
246, 598
38, 417
551, 335
358, 216
235, 263
73, 703
77, 715
3,846
140,916
Feb. 28,
1938
1245,303
37, 854
537,199
361, 951
233, 782
73,196
77, 802
3,962
140, 659
1, 748, 684 1,691,120 1,693, 584 1,691,114 1, 709,392 1,727, 661 1, 726,009 1, 711, 708
22,191
129, 320
97, 000
39, 233
20,000
1,000
13, 275
1,876
97,000
53,073
20,000
7,000
5,948
13, 212
3,361
97,000
57,487
20,000
8,000
8,423
13,042
10,165
97,000
60,150
20,000
8,000
11, 698
12, 308
31, 298
97,000
62, 779
20,000
8,000
16,849
11,617
63,120
97,000
20,000
10,000
21, 598
11,481
80, 206
97,000
68, 207
20,000
10,000
26,055
7,829
88,016
97, 000
69, 888
20, 000
10,000
29, 505
11, 000
2, 057, 825 1,889, 291 1,901,067 1,911,168 1,957,624 2,017,403 2,038,957 2,044, 945
1 Includes $81,000,000 of loans for distribution to depositors of closed banks.
2 Includes agricultural loans formerly shown separately.
NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p . 220.
Oct. 31,
1937
313
FEDERAL RESERVE BULLETIN
APRIL 1938
FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In thousands of dollars]
Farm mortgage loans
by-
End of month
Federal intermediate
credit bank loans to
and discounts for—
Regional
agricultural
Other
credit cor- financing
Land
porations,
instituBank
Federal
tions,
land banks Commis- production
credit asexcept
sioner
sociations, cooperaand banks
tives
for cooperatives i
1934—December.
1935—December.
1936—December.
1,915,792
2,071,925
2,064,158
616,825
794,726
836,779
99,675
104,706
129,872
55, 672
47,162
41,017
1937 FebruaryMarch
April
_
May
June
July
August
September.
October. __
November.
December.
1938—January...
February _
2,060,233
2,057,930
2,055,397
2,053, 558
2,052,319
2,050, 522
2,047,650
2,045, 276
2,042,637
2,039,005
2,035, 307
2,031, 290
2, 029, 517
835, 509
130,139
144,250
153,795
159,073
164,977
170,110
171,270
167,477
159,898
160,627
165,194
164,700
173, 384
41,061
42,367
44,042
45,131
47,337
48,167
832,881
831,705
830,577
828, 771
826,317
823,257
820,163
816,653
812,749
807, 788
804, 212
46, 573
42,414
40,857
40,464
39,263
38, 852
Loans to cooperatives by—
EmerProduc- Regional
gency
agricultion credit tural cred- crop and
associadrought
it corpotions
loans
rations
87,102
43,400
25,288
94,096
105,212
24,249
114, 551
131, 905
143,902
152,466
160,051
163, 553
162,515
153,977
142,652
137,473
23,588
23,453
22,914
22,069
21,126
19,434
17,491
16,208
15, 592
15,488
15,198
138,996
147, 983
Federal
intermediate
credit
banks
Banks for Agricultural
cooperMarketatives,
including ing Act
revolvCentral
ing fund
Bank
33,969
2,731
1.641
27,851
50,013
69,647
54,863
44,433
53,754
1,359
1,305
1,249
1,070
635
1,126
1,047
1,157
1,229
1,509
1,813
1,576
1,502
••111, 182
172,489
164,887
60,356
56, 736
49,314
45,000
45,032
52,405
56,341
66,897
73,450
82,026
87,633
86,856
87,113
52,359
51,810
48,522
47,732
46,854
45,664
44,281
47,236
45,296
45,284
30,982
30,259
27,875
163,250
174,709
187,185
189,686
189,141
187,353
185,802
182,331
177,362
173, 701
172,130
170,429
169, 609
••Revised
i Some of the loans made by the regional agricultural credit corporations and the banks for cooperatives and most of the loans made by the
production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the
three columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended.
FEDERAL HOME LOAN BANK BOARD
POSTAL SAVINGS SYSTEM
LOANS OUTSTANDING, BY INSTITUTIONS
[In millions of dollars]
[Loans in thousands of dollars]
Assets
Home mortgage loans b y Federal savings and
loan associations
End of month
Home
Owners'
Loan Corporation i
Number of
associations
Total
Reporting
Loans
reported
Federal
home
loan
bank
loans to
member
institutions 3
tory
banks
U. S. Government
securities
Total
Direct
obligations
Guaranteed
obli
gations
Cash,
reserve
funds,
etc.*
1934:—June
1935—June
1936—June
1934—December.
1935—December.
1936—December.
2,379,491
2,897,162
2,765-098
1,023
1.212
455
881
1,065
69, 734
315,683
544,107
1937—February..
March
April
May
June
July
August
September.
October
November.
December.
1938—January....
February..
2,698, 611
2,661,542
2, 625,493
2, 591,115
2, 556,401
2, 524,129
2,497,224
2,472, 421
2,446,002
2,422,149
2, 397, 647
2,370, 984
2, 348, 025
1,240
1,249
1,257
1,270
1,286
1,293
1,296
1,307
1,311
1,318
1,328
1,332
1,334
1,157
1,168
1,168
1,166
1,181
1,181
1,200
1,211
1,211
1,194
1,198
1, 250
1,250
611,212
630,680
652, 557
679,949
703,996
722,442
746,958
769,117
782,846
782, 495
808, 546
••843, 626
1,198
1,205
1,232
1,225
1,236
1,265
695
385
203
453
777
967
418
630
800
35
147
167
77
74
95
86,658
102,795 1936—December
145,401 1937—January
February
141,205
March
April
__
142, 720
146,149
May
153,491
June
167,057
July
169, 571
August
175,607
September
179,511
October
184,041
November
187,336
December
200,095 1938—January. _
190, 538
February
187, 518
1,260
1,266
1,270
1,272
1,270
1,268
1,268
1,271
1,273
1,270
1,269
1,270
1,270
vlt 272
P I , 271
1,296
1,303
1,307
1,310
1,307
1,306
1,307
1,309
1,312
1,307
1,308
1,306
1,308
145
136
133
132
134
134
136
134
133
133
130
129
130
1,058
1,060
1,061
1,097
1,100
1,100
1,100
1,100
1,100
1,100
1,100
1,101
1,097
891
893
894
930
933
933
933
933
933
933
933
934
930
167
167
167
167
167
167
167
167
167
167
167
167
167
93
107
113
81
73
72
71
75
79
74
78
76
81
r Revised.
i In addition to loans the HOLC held en Feb. 28, 1938, $811,000,000 in
other assets, consisting principally of investments in the Federal Savings
and Loan Insurance Corporation and in various savings and loan associations, real estate and other property, and accrued interest receivable.
a Includes loans to Federal savings and loan associations, all of which
are members, and a negligible amount to others than member institutions
End of month
DeposCash
itors
in debalances1 Total posi-
p Preliminary.
i Outstanding principal, represented by certificates of deposit. Does
not include accrued interest nor outstanding savings stamps.
8
Includes working cash with postmasters, 5-percent 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.
314
FEDERAL RESERVE BULLETIN
APRIL 1938
PRODUCTION, EMPLOYMENT, AND TRADE
[Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]
Industrial production**
Year
and
month
Manufactures
Total
Ad- Unad- Ad- Unadjusted justed justed justed
Minerals
Adjusted
90
105
110
Factory employment8
Total
Residential
All other
Factory
payrolls*
Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed
77
84
87
67
86
101
94
105
108
106
112
119
95
80
63
75
78
90
105
109
83
87
67
85
101
95
104
108
106
111
119
96
81
64
76
79
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
Construction contracts awarded (value) *
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
89
70
74
105
96
99
108
107
106
115
99
84
71
82
86
91
104
115
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
107
108
82
90
104
96
100
101
99
99
105
91
66
72
83
86
92
99
Freight-car
loadings4*
Adusted
Unad- Ad- Unadjusted usted justed
84
91
78
85
100
98
103
107
104
104
107
92
74
55
58
62
64
75
78
98
118
77
82
103
96
101
104
102
102
109
89
67
46
49
63
71
82
98
77
Department
store sales*
(value)
78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
75
79
88
92
1935
Jan
Feb
Mar
April....
May.—
June
July
Aug
Sept
Oct.
Nov
Dec
90
90
88
86
85
87
86
88
91
95
96
101
88
91
91
89
87
86
83
87
90
97
98
96
90
88
87
86
84
85
87
89
92
95
97
101
87
91
91
91
87
84
83
87
89
96
98
95
95
97
97
88
90
99
85
83
87
93
93
102
92
93
90
79
88
97
85
86
93
101
96
97
27
28
26
27
27
30
35
38
43
48
60
68
22
24
26
30
32
35
39
40
44
45
63
54
12
14
16
18
21
24
25
24
25
25
26
26
10
13
16
22
25
26
25
24
25
25
25
22
39
39
35
33
32
36
43
50
68
66
88
103
32
33
34
38
39
43
50
64
59
62
76
80
84
85
86
86
85
84
85
86
86
87
88
89
82
85
86
86
85
83
84
86
88
89
89
88
65
70
72
72
69
67
67
71
74
76
76
78
63
66
65
62
61
64
59
63
64
68
68
68
59
62
63
59
60
63
59
64
71
75
69
64
76
77
79
75
74
79
80
77
81
78
82
83
59
61
71
79
76
76
55
61
86
86
91
145
97
94
93
101
95
95
96
104
92
75
63
60
57
87
87
88
89
74
74
78
79
90
39
45
46
47
41
39
38
65
90
90
91
81
81
109
110
110
111
115
121
75
63
62
67
70
78
82
81
70
65
62
65
89
87
88
89
105
106
107
111
115
114
25
25
26
30
32
36
44
46
47
43
40
45
21
22
28
35
105
104
104
111
97
106
102
100
101
99
102
105
62
52
47
47
46
52
108
108
109
110
114
121
95
93
97
105
105
105
105
106
107
110
115
114
100
107
90
95
101
104
96
92
93
100
101
65
68
64
68
71
73
77
77
84
86
84
77
81
83
84
84
87
87
91
86
88
90
94
92
63
66
77
85
89
84
63
68
94
100
105
161
114
116
118
118
118
114
114
117
111
102
88
84
112
117
122
122
122
115
111
115
109
102
90
115
116
117
118
118
114
114
79
45
47
45
44
44
42
44
40
37
36
32
30
37
42
47
61
52
47
45
40
37
35
31
25
77
75
64
61
66
77
86
81
71
65
76
88
63
64
110
101
85
79
113
118
122
125
123
114
110
114
106
99
86
75
99
100
101
102
102
101
103
102
101
98
94
89
80
79
76
22
1936
Jan.
Feb
Mar
April
May.—
June
July
Aug
Sept
Oct.
Nov
Dec
105
117
102
104
110
115
115
111
62
59
67
58
66
50
45
47
53
56
60
65
65
60
54
51
53
110
115
128
115
116
114
112
112
115
113
109
114
106
111
118
105
117
117
115
120
125
122
112
107
63
62
56
53
56
61
67
62
56
52
56
62
51
64
56
61
68
72
75
66
56
49
50
49
112
101
101
69
38
71
75
69
69
72
83
90
93
93
94
94
96
99
94
96
97
97
98
80
84
84
89
91
95
70
71
66
71
72
73
76
76
75
77
82
83
97
99
101
102
102
101
101
102
102
101
95
89
91
96
101
105
105
103
100
104
100
100
90
81
80
82
83
84
80
78
80
79
78
76
71
67
73
76
80
79
80
79
82
81
87
84
72
62
93
95
93
93
93
93
94
92
94
93
91
89
72
76
90
89
95
90
65
72
100
103
101
166
65
62
59
57
90
88
70
70
1937
Jan.
Feb
Mar
ApriL...
May....
June
July
Aug
Sept
Oct
Nov
Dec
'117
63
68
81
92
99
87
72
61
65
68
•JQOQ
Jan
Feb
75
P76
108
P101
103
P97
52
43
26
P48
P42
P30
74
60
84
82
72
P64
P54
P83
P83
J>74
p Preliminary.
* Average per working day.
1
For indexes of groups and separate industries see pp. 315-316; 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 page 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 and back figures for the seasonally adjusted index of factory employment compiled by F R. Board of Governors see pages 950-978 of
BULLETIN for December 1936. For current indexes of groups and separate industries see pp. 317-320. Underlying figures are for payroll period
ending nearest middle of month.
« For indexes of groups see p. 322.
Back figures,—SQQ Annual Report for 1936 (table 75). For department store sales see p. 631 of BULLETIN for August 1936, and for freight-car
oadings, see pp. 522-529 of BULLETIN for June 1937.
315
FEDEKAL EESERVE BULLETIN
APRIL 1938
INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average = 100]
r
193'
Industry
Jan.
May
June
July
Aug.
Sept.
116
117
118
118
114
114
117
110
101
85
79
76
129
107
131
126
108
128
130
109
132
134
114
136
119
107
121
140
121
141
142
123
144
125
119
125
100
95
101
68
67
68
49
50
49
52
47
52
50
46
51
124
129
121
126
128
136
128
139
125
101
114
124
130
119
128
118
96
120
123
130
121
132
120
93
109
126
136
119
129
118
94
115
111
125
95
102
96
71
97
115
129
106
120
96
83
92
108
121
88
96
80
80
103
91
101
65
63
74
59
105
80
91
51
51
58
41
94
77
88
56
54
66
'43
69
75
82
54
52
67
40
80
?61
pgg
'93
118
126
132
129
132
137
104
112
87
65
111
130
175
87
98
86
66
108
122
151
89
89
89
69
113
136
139
89
108
93
75
113
130
142
95
123
76
54
99
124
145
89
98
77
49
111
134
145
94
69
70
44
99
129
139
91
91
78
50
111
141
148
83
96
87
67
109
140
150
83
45
89
76
102
120
139
86
73
86
74
96
115
139
86
101
86
72
101
114
143
88
142
92
77
106
113
160
86
99
86
66
109
111
164
89
83
63
142
62
145
64
. 144
62
144
62
147
61
145
64
140
65
141
65
147
63
145
64
130
63
134
57
132
53
129
120
13
121
24
130
33
135
31
130
30
129
25
157
21
135
29
142
32
92
22
78
16
65
14
62
137
108
111
90
119
155
134
106
108
92
114
'153
132
103
106
85
115
151
131
107
107
94
121
147
133
109
111
82
133
148
119
102
99
83
128
129
115
94
91
68
127
130
109
93
93
63
124
120
98
86
87
60
108
106
'89
79
85
52
92
'95
81
77
'81
63
83
84
86
'75
76
'73
74
93
94
78
72
80
91
105
P100
86
77
85
244
93
229
87
241
78
223
74
260
75
206
73
216
73
199
79
179
76
151
71
108
59
62
57
35
125
80
76
131
83
70
144
107
75
138
110
85
115
116
76
112
115
70
100
112
82
108
110
82
136
116
77
141
115
81
115
108
79
88
108
87
91
98
69
85
90
67
189
236
117
136
111
137
21
194
245
106
130
126
136
22
190
242
108
126
120
138
25
195
249
103
123
131
141
25
200
253
112
130
131
143
31
202
256
114
133
129
134
29
206
261
119
139
124
144
32
207
265
121
134
121
149
28
216
277
109
147
126
148
25
217
277
110
147
134
128
20
211
268
113
144
127
104
14
201
255
108
140
123
89
11
200
253
111
140
116
87
9
85
8
123
128
91
133
138
99
132
137
99
133
138
100
132
137
94
123
128
84
102
105
73
'93
'96
'69
106
110
'75
94
98
'69
75
78
'53
66
70
'42
66
69
44
56
58
41
165
83
234
76
168
78
242
81
153
83
212
84
158
82
220
89
155
74
221
81
150
73
212
80
164
78
233
86
159
73
229
79
162
77
231
81
155
73
221
82
155
73
221
83
170
74
247
84
157
75
225
77
157
73
226
77
110
115
128
115
116
114
112
112
115
113
109
114
108
P101
86
56
164
_
Cotton consumption
Wool
C onsumption
Machinery activity l
Carpet and rug loom activity!_
Silk deliveries
Apr.
120
11
TEXTILES „
Mar.
139
107
142
_
Feb.
115
Manufactures—Total
IRON AND STEEL
Pig iron
Steel ingots
1938
98
50
168
112
81
173
72
97
174
110
85
103
78
37
181
126
110
82
139
86
52
177
113
116
77
116
83
55
176
91
115
81
91
78
65
174
40
108
79
119
P168
107
75
93
79
47
174
121
112
82
148
65
66
177
83
70
94
80
74
172
122
115
70
107
77
69
176
80
76
99
80
63
176
159
116
76
101
108
87
104
98
69
96
Oct.
Nov.
Dec.
Jan.
Feb.
P75
85
88
FOOD PRODUCTS:
Slaughtering and meat packing...
Hogs
Cattle
Calves
Sheep
Wheat flour
Sugar meltings
PAPER AND PRINTING:
Newsprint production
Newsprint consumption TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
LEATHER AND PRODUCTS
Tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Boots and shoes
P114
CEMENT AND GLASS:
Cement
Glass, plate
_ __
NONFERROUS METALS:
Tin deliveries 1
Zinc
Lead
FUELS, MANUFACTURED:
Petroleum refining __
Gasoline *
Kerosene „
Fuel oil l
Lubricating oil *
Coke, byproduct
Coke, beehive
__
1
RUBBER TIRES AND TUBES _
Tires, pneumatic *
Inner tubes l
TOBACCO PRODUCTS _
Cigars
Cigarettes
Manufactured tobacco
_
Minerals—Total
Bituminous coal
Anthracite
Petroleum, crude
Iron ore
Zinc
Lead.
_
Silver
. _
P63
90
67
i Without seasonal adjustment.
* Preliminary.
' Revised.
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, November 1936, p. 911, and March 1937, p. 255. Series on silk-loom activity and on production of book paper, wrapping
paper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process
of revision.
316
FEDERAL RESERVE BULLETIN
APRIL 1938
INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Board of Governors; without seasonal adjustment.
1923-25 average=100]
1937
Industry
Jan.
Manufactures—Total..
Feb.
1938
Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
113
118
122
125
123
114
110
114
106
134
105
136
135
109
138
'143
114
145
144
115
146
146
116
149
119
105
121
130
115
131
139
118
141
123
116
124
130
136
123
130
131
'93
135
134
141
135
144
137
104
120
132
143
129
141
125
101
110
127
140
117
124
118
96
119
123
134
116
122
120
93
108
119
130
113
116
118
94
102
103
114
89
91
96
71
92
108
116
102
111
96
83
96
107
118
91
101
80
80
109
100
87
112
121
176
85
64
85
73
95
114
142
137
126
83
127
67
99
141
133
87
143
74
52
96
140
142
83
109
76
50
104
139
142
83
82
111
70
38
109
129
150
88
108
83
50
121
134
173
98
48
63
137
62
143
63
149
154
63
151
63
144
62
124
64
126
65
144
120
10
120
13
140
24
158
30
163
30
147
29
132
25
116
23
'127
104
112
75
113
'141
••137
110
116
85
119
154
136
103
107
76
117
-168
-129
105
107
85
120
••144
122
103
105
78
124
-135
114
100
97
80
128
123
-114
51
244
67
241
85
265
92
234
125
85
77
131
89
72
144
113
77
138
114
84
189
236
119
135
111
138
24
194
245
108
130
126
140
28
190
242
104
126
120
142
123
128
91
133
138
TOBACCO PRODUCTS
156
64
230
77
158
67
220
82
Minerals—Total.
IRON AND STEEL .
Pig iron
Steel ingots.TEXTILES
Cotton consumption
Wool
Consumption
Machinery activity
._.
Carpet and rug loom activitySilk deliveries
Jan.
Feb.
P76
75
53
47
53
95
93
104
P84
91
P64
P67
74
59
105
P69
P49
94
FOOD PRODUCTS:
Slaughtering and meat packingHogs
Cattle
Calves
Sheep
Wheat flour
Sugar meltings
95
81
110
117
137
93
79
101
94
107
109
140
85
81
107
104
107
105
161
84
85
73
96
104
154
86
81
154
63
139
63
138
58
127
53
127
53
30
100
32
111
23
94
79
118
127
121
94
91
76
122
138
-113
91
91
70
113
-127
97
84
88
62
96
-106
91
234
92
185
94
216
92
199
90
179
115
117
75
112
111
72
100
104
79
108
103
79
136
110
73
195
249
102
123
131
142
27
200
253
108
130
131
142
28
201
256
106
133
129
132
24
206
261
110
139
124
140
25
207
265
115
134
121
145
23
132
137
133
138
100
132
137
94
123
128
84
102
105
73
'93
146
76
201
85
145
77
200
157
76
224
82
164
80
234
82
178
82
256
84
67
125
139
64
119
126
153
PAPER AND PRINTING:
Newsprint production
Newsprint consumption. __
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
LEATHER AND PRODUCTS
Tanning
Cattle hide leathers
Calf and kip leathers..
Goat and kid leathers.
Boots and shoes
62
17
73
-73
-74
-62
80
74
95
P115
76
151
56
108
62
34
35
141
112
84
115
108
82
110
91
103
70
216
277
112
147
126
145
22
218
277
115
147
134
128
20
212
268
122
144
127
106
15
202
255
117
140
123
90
12
200
253
113
140
116
88
10
87
10
-106
-110
-75
94
75
78
-53
70
-42
66
69
44
56
58
170
76
247
81
179
88
254
88
167
89
233
85
158
86
219
81
138
55
202
150
58
221
78
143
63
206
78
P102
CEMENT AND GLASS:
Cement
Glass, plate
NONFERROUS METALS:
Tin deliveries
Zinc
Lead
FUELS, MANUFACTURED:
Petroleum refining
Gasoline
Kerosene
Fuel oil
Lubricating oil
Coke, byproduct
Coke, beehive
RUBBER T I R E S AND T U B E S _
Tires, pneumatic
Inner tubes
Cigars
Cigarettes
Manufactured tobacco.
85
97
106
111
118
105
117
117
115
120
125
122
112
107
103
P97
Bituminous coal —
Anthracite
Petroleum, crudeIron o r e . . .
96
61
158
103
54
165
112
67
171
61
101
174
113
77
102
114
84
104
77
37
184
257
103
79
138
92
53
182
218
110
73
111
92
70
177
156
112
84
90
87
67
172
34
108
82
128
P67
P56
P165
72
102
72
38
177
245
104
79
126
72
72
170
85
77
100
72
65
175
240
111
72
105
82
68
171
Lead
z n
Silver
70
63
177
238
117
75
110
88
105
103
70
97
97
69
;
p Preliminary.
- Revised.
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, and March 1937, p. 256. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box
board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision.
APRIL
317
FEDERAL RESERVE BULLETIN
1938
FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933. 1923-25 average=100]
1938
1937
Industry and group
Jan.
Blast furnaces, steel works
Bolts, nuts, washers, rivets...
Cast-iron pipe
Cutlery, edge tools
Forgings
;
Hardware
Plumbers' supplies
Steam, hot-water heating —
Stoves
_
Structural, ornamental
Tin cans, tinware.
Tools
Wirework
MACHINERY
__
_ .
Agricultural implements
Cash registers, etc. _._
Electrical machinery
Engines turbines etc.
Foundry, machine-shop productsMachine tools
Radios, phonographs
Textile machinery
Typewriters
_
_
TRANSPORTATION E Q U I P M E N T
Aircraft
Automobiles
Cars, electric, steam railroadLocomotives
Shipbuilding
RAILROAD R E P A I R
SHOPS
Electric railroad
Steam railroad
NONFERROUS METALS, PRODUCTS
Aluminum copper...
Brass, bronze,
Clocks, watches
Jewelry
Lighting equipment
Silverware, plated wareSmelting, refining
Stamped, enameled ware
LUMBER PRODUCTS...
.
Furniture _
Lumber, millwork
Lumber, sawmills
STONE, CLAY, GLASS PRODUCTS
Brick, tile, terra cotta
Cement
Glass
_
_
Marble, granite, slate _
_
Pottery
T E X T I L E S , PRODUCTS
A. Fabrics
Carpets, rugs
Cotton goods _
Cotton small wares
Dyeing, finishing textiles
Hats, fur-felt
Knit goods
Silk, rayon goods _
_
Woolen, worsted goods _ _
__
B. Wearing apparel
Clothing, men's
_
_
Clothing, women's
Corsets, allied garments
Men's furnishings
_
Millinery
Shirts, collars
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
99.7
93.9
105.8
100.9
96.3
105.9
101.6
97.4
106.2
102.2
98.4
106.2
101.4
97.8
105.3
103.0
100.1
106.2
102.4
99.3
105.6
100.7
98.6
102.9
98.4
96.7
100.2
94.1
91.4
97.0
89.0
84.4
94.0
84.2
76.8
92.1
83.1
74.4
92.4
102.3
113
87
68
89
69
80
94
76
114
73
103
98
179
103.7
112
89
69
87
70
96
90
78
117
75
105
99
176
106.4
116
90
71
87
69
99
95
80
116
76
104
101
187
108.0
118
93
72
87
73
99
97
82
113
78
105
101
186
108.7
120
94
72
89
73
98
98
82
113
77
107
103
183
100.7
106
82
69
86
73
96
91
80
118
78
107
102
181
108.3
121
88
68
89
77
96
89
81
107
79
110
103
176
108.7
122
87
66
92
73
93
92
77
111
79
109
105
171
108.4
123
88
64
91
74
93
95
77
105
80
104
99
170
105.4
119
85
62
88
72
94
93
71
99
78
98
96
187
98.4
110
81
59
86
65
91
90
64
85
75
99
91
180
90.5
100
74
61
83
60
83
82
61
80
70
94
87
161
83.0
91
63
56
79
52
71
81
59
75
66
92
82
135
80.3
88
63
56
77
48
67
79
56
80
64
91
79
125
116.0
109
123
104
128
102
136
201
79
145
118.9
113
127
109
134
104
136
196
81
148
121.1
125
131
111
137
106
141
190
83
153
123.7
130
131
115
140
108
147
189
85
154
125.6
136
134
118
147
110
150
155
87
154
129.4
146
113
153
190
87
159
131.5
147
137
121
150
114
154
214
87
156
131.3
148
135
121
151
114
161
201
88
155
130.2
151
137
121
155
112
157
180
87
150
128.0
158
136
119
157
110
157
162
84
147
120.8
145
134
113
152
105
152
127
78
134
113.2
140
129
105
143
99
146
115
73
123
104.8
135
127
96
133
91
141
104
68
117
99.9
132
128
90
123
87
132
111
65
116
110.2
740
120
62
49
95
113.0
772
123
66
54
100
117.3
783
127
71
54
106
118.6
798
128
70
55
106
122 2
807
133
71
55
104
122.6
794
134
70
57
104
123.5
768
136
69
60
102
121.3
812
132
69
61
106
123.9
799
136
67
64
106
126.3
817
138
71
66
106
119.1
795
128
73
64
107
102.8
789
109
61
60
103
82.7
787
83
50
57
99
80.9
777
83
44
51
95
62.3
63
62
I B O N , STEEL PRODUCTS
Mar.
98.8
92.4
105.4
Total ..
Durable goods
Nondurable goods
Feb.
61.9
63
62
62.2
64
62
62.4
64
62
62 4
63
62
63.7
63
64
64.4
63
64
62.4
63
62
60.1
63
60
58.7
63
58
57.4
63
57
53.2
64
52
48.4
63
47
47.2
62
46
109.6
121
120
120
90
75
72
80
163
111.7
121
122
120
89
98
73
79
159
113.2
119
122
122
90
104
73
81
161
114.3
121
126
124
90
100
74
85
158
115.4
123
124
125
95
100
73
88
160
115.0
132
123
124
95
96
73
89
159
115.4
138
121
120
101
94
82
94
153
115.9
138
121
128
99
93
78
94
156
113.7
131
117
126
93
97
80
94
152
109.4
103
112
124
92
98
78
90
152
105.1
122
103
119
90
93
76
86
143
97.9
114
96
111
88
85
74
84
125
90.6
106
90
101
87
71
72
81
111
87.7
101
88
102
85
66
71
77 106
68.8
89
57
50
68.1
87
57
50
71.4
88
58
54
71.4
90
58
53
71 7
91
56
54
72.3
92
56
54
72.9
91
56
56
71.4
88
55
54
69.3
86
55
53
66.4
81
54
51
62.1
75
51
47
58.8
73
48
44
56.9
71
46
43
56.1
69
48
42
69.5
54
68
98
43
77
72.6
55
68
109
43
77
72.6
54
70
109
43
78
71.8
54
66
108
43
78
71.3
52
62
110
44
79
70.4
50
62
109
42
82
70.4
51
61
110
41
79
70.3
48
64
112
41
79
70.5
49
66
111
42
78
69.4
47
67
109
41
78
67.2
44
67
105
41
75
64.9
43
67
100
39
73
61.2
42
61
92
38
72
59.4
42
59
86
40
70
108.3
101.7
101
101
107
120
90
123
81
93
120.9
114
159
93
140
57
132
107.3
100.7
101
102
102
117
89
123
79
85
119.8
111
161
91
141
57
129
107.0
101.1
99
103
102
116
88
122
80
88
117.9
110
156
90
141
58
129
107.9
103.8
101
105
103
119
86
122
85
94
115.0
113
146
88
140
54
124
107.6
103.2
102
106
96
119
84
121
84
90
115.3
116
144
89
138
53
119
105.4
101.3
102
104
100
114
90
118
86
87
112.0
109
142
90
141
54
118
106.2
102.0
100
105
102
116
87
123
84
84
113.1
109
145
91
147
52
119
105.9
100.9
101
106
104
116
84
121
81
78
115.1
108
156
90
139
54
117
100.9
95.9
101
101
101
114
79
117
76
70
109.7
103
147
89
129
51
115
96.4
90.4
87
93
97
113
82
112
73
68
107.4
100
143
89
128
50
114
91.6
85.8
85
90
91
108
87
108
67
60
103.0
94
139
89
122
48
109
88.4
82.6
79
87
85
104
87
101
61
61
99.7
89
136
90
114
50
107
85.4
80.1
69
85
79
102
84
101
56
59
95.8
87
132
88
105
51
99
86.4
79.4
72
84
77
100
82
103
56
56
100.9
91
139
86
114
52
104
136
120
318
FEDERAL RESERVE BULLETIN
APRIL 1938
FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL
VARIATION)—Continued
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933. 1923-25 average •= 100]
1937
1938
Industry and group
Jan.
Feb. Mar. Apr. May June
July
Aug. Sept.
95.2
97
95
93.0
94
94
90.0
90
116.2
134
210
88
155
82
77
75
114.8
134
209
87
151
76
74
76
88
108
113.8
136
199
86
138
80
75
72
89
110
67
L E A T H E R PRODUCTS
Boots, shoes
Leather
101
97
98.1
100
97
97.4
99
97
96.5
97
100
96.0
96
100
97
F O O D PRODUCTS.
Baking.
Beverages
Butter
Canning, preserving
Confectionery
Flour
_
Ice cream
_
Slaughtering, meat packing
Sugar, beet
Sugar refining, cane.
114.8
133
203
86
148
83
75
71
93
44
64
116.7
135
202
88
157
81
75
73
91
89
78
117.0
136
205
88
152
80
75
73
93
95
77
116.1
134
199
86
154
79
77
73
91
98
84
114.8
135
203
88
144
78
76
76
90
90
78
114.7
135
206
90
143
77
75
77
89
90
75
119.4
136
209
91
169
81
78
76
91
91
79
62.0
56
61.8
57
62
61.7
56
62
61.1
56
62
61.2
56
62
60.2
58
61
61.3
57
62
57
61
60.2
56
61
P A P E R , PRINTING
Boxes, paper
Paper, p u l p
_
Book, job printing
Newspaper, periodical printing..
104.0
103
114
94
103
105.5
104
116
96
104
107.4
106
118
98
105
107.5
106
119
97
105
108.0
106
120
98
106
108.2
106
121
98
106
107.3
105
120
98
105
107.4
104
119
98
105
CHEMICALS, P E T R O L E U M PRODUCTS.
A. Other t h a n petroleum
ChemicalsCottonseed oil, cake, meal
Druggists' preparations
Explosives
Fertilizers
P a i n t s , varnishes
R a y o n , allied products
Soap
B . Petroleum refining
120.7
120.9
133
85
105
94
87
131
364
102
120
121.6
121.8
133
80
109
92
86
133
363
110
121
122.5
122.7
135
67
111
90
88
135
370
111
122
124.4
124.8
136
77
113
95
94
136
378
107
123
126.0
126.1
138
77
112
127.5
128.0
137
72
114
97
110
134
408
103
125
127.7
128.1
138
62
112
97
104
136
413
104
126
R U B B E R PRODUCTS
R u b b e r boots, shoes
__
R u b b e r goods, other
R u b b e r tires, inner tubes
102.3
75
140
95
101.7 96.0
73
82
140
142
94
80
95.8
82
144
79
101.7
81
145
100.0
76
144
89
67
140
87
TOBACCO MANUFACTURES
Tobacco, snuff
Cigars, cigarettes
134
392
103
125
Oct. Nov. Dec,
85.7
88
83
Jan. Feb
78
87.2
91
77
87.6
92
76
114.2
134
209
84
141
80
75
74
90
105
111.5
132
204
84
135
78
75
75
87
79
76
111.7
133
207
87
134
79
74
72
90
39
68
111.8
132
211
88
133
78
74
73
87
75
74
59.3
56
60
59.6
56
59.6
56
60
56.2
56
56
60.9
57
61
107.8
100
119
99
107
107.0
107
105.0
97
114
98
106
102.1
94
109
95
105
100.7
92
108
94
103
100.9
92
109
94
103
127.2
127.3
137
62
114
97
105
136
407
103
127
127.4
127.9
137
97
112
97
94
134
407
102
125
123.7
123.4
135
87
110
94
89
132
380
99
124
120.9
120.2
129
90
109
93
86
129
367
98
124
115.5
114.2
123
85
108
93
89
124
330
96
121
112.9
111.4
120
98
104
90
82
119
312
96
119
112.7
111.3
117
97
105
86
85
117
323
97
118
99.8
77
140
90
99.5
76
137
91
98.1
74
135
90
90.4
66
126
83
86.3
63
121
79
79.1
58
110
73
74.8
56
110
75
90
N O T E . — F i g u r e s for February 1938 are preliminary. For description and back data see pages 950-978 of the BULLETIN for December 1936 and
page 259 of the BULLETIN for March 1937. Underlying figures are for payroll period ending nearest middle of month
319
FEDERAL RESERVE BULLETIN
APRIL 1938
FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT
SEASONAL ADJUSTMENT)
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average=100]
Factory employment
Industry and group
1937
Factory payrolls
1938
Jan.
Feb.
Oct.
96.5
90.4
103.0
99.0
93.2
105.2
100.5
97.6
103.6
94.7
92.4
97.3
88.6
84.3
93.3
82.2
75.1
82.5
73.8
91.8
100.0
112
87
68
87
69
80
91
74
97
71
105.8
118
85
62
90
72
94
94
74
108
79
101
97
187
98.1
109
81
58
88
65
92
90
66
91
75
97
92
180
90.0
100
74
60
84
61
84
80
62
77
70
91
88
161
81.2
91
63
55
78
52
71
79
57
64
64
86
82
135
80.1
179
103.4
114
89
67
88
71
97
91
77
108
72
98
100
176
55
78
49
68
80
56
74
61
85
80
125
114.9
111
123
104
125
101
135
187
80
146
118.6
119
127
109
135
104
138
171
83
147
128.9
151
136
119
153
110
158
201
83
148
121.4
143
134
113
148
105
154
157
78
138
113.1
140
129
105
141
98
148
124
74
127
104.0
138
127
96
130
90
139
97
69
118
112.7
725
125
56
45
95
116.0
756
127
63
50
122.7
784
134
68
64
107
121. 8
795
133
66
62
106
105.5
781
113
56
60
105
61.2
63
61
61.6
63
62
59.0
63
59
57.4
63
57
52.7
64
52
106.9
119
119
118
84
73
69
80
155
111.5
122
122
120
89
97
72
79
159
112.7
105
113
128
106
100
81
92
154
108.4
124
106
125
100
96
79
88
144
LUMBER PRODUCTS
65.0
86
54
47
65.8
86
55
48
69.5
87
54
53
63.5
80
51
48
STONE, CLAY, GLASS PRODUCTS..
62.5
46
57
93
36
75
67.2
47
58
108
38
78
71.4
50
69
110
43
79
107.1
102.3
98
103
107
122
88
120
83
93
115.6
110
155
89
130
55
119
110.2
103.6
100
104
107
123
90
123
84
92
122.6
114
166
92
143
62
127
91.9
89
94
98
112
83
116
75
68
112.1
104
150
90
136
52
121
Total
Durable goods
Nondurable goods.
IRON, STEEL PRODUCTS
._.
Blast furnaces, steel works. _
Bolts, nuts, washers, rivets.
Cast-iron pipe
Cutlery, edge tools
Forgings
Hardware
Plumbers' supplies
Steam, hot-water heating.__
Stoves
Structural, ornamental
Tin cans, tinware
Tools
Wirework
MACHINERY
Agricultural implements
Cash registers, etc
Electrical machinery
Engines, turbines, etc
Foundry, machine-shop products.
Machine tools
Radios, phonographs
Textile machinery
Typewriters
TRANSPORTATION EQUIPMENT
Aircraft
Automobiles
Cars, electric, steam railroad..
Locomotives
Shipbuilding
RAILROAD REPAIR SHOPS.
Electric railroad
Steam railroad
NONFERROUS METALS, PRODUCTS..
Aluminum
Brass, bronze, copper
Clocks, watches
Jewelry
Lighting equipment
Silverware, plated ware
Smelting, refining
Stamped, enameled ware
Furniture
Lumber, millwork.
Lumber, sawmills..
Brick, tile, terra cotta
Cement
Glass
Marble, granite, slate
Pottery
TEXTILES, PRODUCTS
A. Fabrics
Carpets, rugs
Cotton goods
Cotton small wares
Dyeing,finishingtextiles.
Hats, fur-felt
Knit goods
Silk, rayon goods
Woolen, worsted goods
B. Wearing apparel
Clothing, men's
Clothing, women's
Corsets, allied garments _.
Men's furnishings
Millinery
Shirts, collars
Nov. Dec.
1937
Feb.
Oct.
Nov.
Dec.
95.8
92.5
100.1
101.7
98.2
89.5
89.9
89.0
77.0
85.8
94
103
161
103.9
119
106
52
81
68
90
68
75
97
68
99
109
156
106.8
119
97
46
86
68
115
76
67
94
82
108
101
202
85.7
93
79
43
81
56
100
64
53
65
75
100
90
162
71.9
76
66
44
75
49
81
55
49
56
68
94
82
136
76
108
61.5
65
53
35
64
34
60
54
42
56
57
89
73
101
100.0
139
128
90
124
87
134
97
66
115
111.0
132
121
97
120
99
137
146
83
131
118.2
140
130
107
131
105
142
124
88
138
134.2
204
148
125
159
114
170
166
81
128
121.2
185
141
114
155
102
158
123
701
106
110.6
174
138
103
144
93
149
99
63
107
95.5
172
129
88
128
79
132
76
53
77
91.8
178
123
82
122
77
120
72
52
90
84.3
772
87
45
52
82.8
761
86
42
48
94
100.7
606
108
59
31
97
112.3
652
122
67
37
129.9
723
138
83
56
124
120.0
725
126
81
51
121
92.4
701
91
65
54
127
675
64
49
38
114
67.9
687
64
48
37
108
47.6
63
46
47.0
62
46
61.2
65
61
63.4
65
63
64.9
68
65
88.4
104
89
100
82
69
69
81
105
87.6
102
88
102
84
65
71
77
106
97.1
115
113
109
62
69
58
69
148
103.5
122
120
111
66
90
63
69
155
109.9
116
107
133
89
104
81
91
156
58.1
75
48
53.7
69
44
40
54.2
68
46
40
54.9
71
47
37
58.2
75
50
40
68.2
46
66
107
42
77
63.2
41
61
100
38
74
55.1
35
50
88
32
70
54.9
35
49
85
35
70
52.7
36
50
85
29
92.0
87.2
86
91
91
109
83
112
68
60
101.0
91
135
88
130
44
115
88.2
84.0
84.6
80.6
67
87
79
104
83
99
58
59
91.7
83
128
84
98
50
88.7
81.5
72
86
81
105
84
103
59
61
103.3
94
144
87
115
56
102
94.6
96.0
96
100
104
112
86
120
69
114
97
115
90
87
76
85
123
85
105
84
103
63
61
95.6
84
131
88
119
44
106
Jan.
Feb
Jan.
90.7
86.6
96.0
116
98
51
80
65
82
108
85
93
41
100
Jan.
71.6
63.8
81.5
59.2
62
49
36
63
36
56
56
43
44
Feb
73.5
64.2
85. 3
55.7
70
55
47.3
68
46
48.2
68
47
99.9
128
92
122
79
94
73
84
142
86.5
111
80
105
71
72
73.3
97
71
89
61
53
54
74
73.6
97
71
88
61
55
57
70
65.3
77
52
49
55.1
66
46
40
48.4
60
43
34
42.5
49
37
32
45.3
53
41
59.8
38
53
107
30
69.6
44
72
119
38
73
63.6
36
67
112
35
70
54.5
31
58
96
31
60
43.4
24
44
76
24
51
45.8
26
44
78
28
100.1
97.6
98
100
105
112
94
127
71
82
100.9
99
125
93
114
50
112
84.2
81.0
64
85
97
95
62
123
62
53
87.0
80
110
87
112
36
113
71.5
71.5
50
77
79
89
61
112
51
43
68.6
61
84
82
104
27
103
68.7
68.9
54
74
75
87
65
95
48
50
65.2
56
86
80
90
27
87
65.3
64.8
46
70
68
84
65
90
40
49
63.7
58
83
75
67
34
71
74.0
69.3
55
71
76
90
73
103
46
51
80.2
72
107
115
44
84
320
FEDERAL RESERVE BULLETIN
APRIL 1938
FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL
ADJUSTMENT)—Continued
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average=100]
Factory employment
Industry and group
Factory payrolls
1937
1938
1937
1938
Jan.
Feb.
Oct.
Nov.
Dec.
Jan.
Feb.
Jan.
Feb.
Oct.
Nov.
Dec.
Jan.
97.5
99
97
99.9
102
98
89.5
91
90
80.3
81
83
81.8
84
79
85.8
89
77
89.2
94
77
86.3
82
103
90.9
88
105
66.3
59
95
53.8
46
83
58.4
53
79
65.6
63
77
72.9
72
80
105.2
131
182
80
90
80
75
61
96
38
62
105.1
132
182
81
92
79
75
62
91
37
75
125.0
138
203
86
186
96
77
69
89
253
69
114.6
135
194
84
119
92
76
65
91
252
70
107.3
132
187
82
89
87
75
64
91
146
75
102.7
130
186
81
82
76
74
61
93
34
66
101.5
130
190
81
79
76
74
62
88
32
72
100.5
118
188
62
86
76
71
56
96
42
51
101.3
122
189
64
97
76
71
57
88
44
66
125.0
137
222
70
188
98
81
64
100
224
64
115.9
130
213
67
111
90
77
62
102
267
67
110.4
127
202
66
87
87
74
60
105
136
72
106.4
125
200
66
79
74
73
58
108
41
59
104.3
126
210
66
77
74
73
58
96
42
65
57.1
57
57
60.5
59
61
62.6
56
63
62.9
57
64
60.8
57
61
51.9
57
51
59.6
59
60
47.1
64
45
52.6
67
51
57.9
68
57
57.2
64
56
55.7
68
54
44.6
67
42
50.2
68
48
104.3
105.7
102
116
98
104
107.9
105
117
99
108
106.4
103
114
98
107
104.1
97
109
98
107
101.0
89
108
96
103
101.1
90
109
95
103
98.7
98
110
91
97
100.5
103
114
91
99
105.1
109
117
93
107
101.5
103
105
93
106
100.8
93
99
96
108
95.6
83
98
91
101
96.7
89
103
89
101
CHEMICALS, PETROLEUM PRODUCTS... 120.2
120.4
A. Other than petroleum
Chemicals..
__
._ 131
91
Cottonseed oil, cake, meal
Druggists' preparations ... _ 107
_
94
Explosives
87
Fertilizers
128
Paints, varnishes
368
Rayon, allied products
100
Soap
119
B. Petroleum refining
121.9
122.4
131
82
110
93
96
131
370
110
120
126.5
126.7
135
127
115
97
81
132
388
103
126
122.7
122.4
130
121
113
95
75
128
374
100
124
116.3
115.4
123
110
111
95
82
121
337
95
120
112.5
111.0
118
104
106
90
83
116
315
94
119
113.0
112.0
115
100
106
87
95
116
329
97
117
119.4
119.4
132
76
113
98
78
120
338
107
120
123.6
123.9
135
67
119
93
87
127
345
125
123
137.5
136.1
151
119
129
111
83
134
375
121
142
132.1
129. 6
142
113
126
107
77
125
360
117
140
124.4
120.3
130
105
124
100
82
116
314
111
138
117.4
112.2
125
97
118
82
79
106
276
109
134
119.4
113.9
123
90
116
93
88
111
283
111
138
101.3
77
139
93
101.6
73
142
93
97.7
78
137
87
90.9
72
128
81
86.0
68
121
77
78.3
59
109
71
74.7
56
111
65
99.4
67
136
95
104.4
65
141
101
94.3
70
140
84
82.0
62
122
73
77.1
55
111
71
65.9
44
95
61
59.2
40
99
50
LEATHER PRODUCTS
Boots, shoes
Leather
FOOD PRODUCTS
Baking
Beverages
Butter
Canning, preserving
Confectionery
Flour
Ice cream
Slaughtering, meat packing
Sugar, beet
Sugar refining, cane
TOBACCO MANUFACTURES
Tobacco, snuff
Cigars, cigarettes
PAPER, PRINTING
100
Boxes, paper
114
Paper, pulp
96
Book, job printing
Newspaper, periodical printing... 103
RUBBER PRODUCTS
Rubber boots, shoes
Rubber goods, other
Rubber tires, inner tubes
Feb.
NOTE.—Figures for February 1938 are preliminary. For description see pages 950-953 of the BULLETIN for December 1936. Back data may be
obtained from the Bureau of Labor Statistics. Underlyingfiguresare for payroll period ending nearest middle of month.
APRIL
321
FEDERAL RESERVE BULLETIN
1938
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.]
Total
Month
1937
1937
242.7
188.3
231 2
269.5
243 7
317.7
321 6
281.2
207 1
202.1
198 4
209.5
January
February
March
April
May
June
July
August
September
October
November
December
Year
1938
195.5
119.0
78.4
63.0
90 2
107.8
83 9
93.0
81 0
73.4
65 6
65. 5
59 9
43.5
1938
1938
1937
o6.2
40.0
37.0
12.6
22.2
30.1
18.5
36.8
58.5
37.9
12.9
12 6
13.5
20.9
905.3
2, 913.1
Commercial
Factories
Residential
6.6
4.9
Public works
and public
utilities
1937
1937
19381
68.5
59.6
52.5
65.7
66.7
99.9
102.5
90.6
65 8
61.6
61 4
64.8
101.8
30.5
1938
15.4
13.0
21.5
22.3
30 0
28.5
25 6
24.5
29 1
29.6
25.3
25.2
18 9
16.5
297.0
313.7
1937
All other
19381
19.6
11.3
10.0
14.0
22.0
37.4
15.8
17.2
15 8
10.8
19 3
37.6
1937
19.0
15.7
19381
16.4
14.9
17.8
19.4
26.4
23.4
26 9
26.1
34.7
32.5
21.5
26.4
25.4
26.1
306.7
230.7
859.6
i Not strictly comparable with data for earlier years due to changes in classification,
able for publicaticn in the next BULLETIN.
Educational
Comparablefiguresfor 1937 are expected to be avail-
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
Month
1933
January
February
March
April— _
May
June
July....
August
September
October.
November
December
Year.
1
1934
1935
83
53
60
57
77
102
83
106
120
145
162
207
.
Privatelyfinanced1
Publicly financed i
186
97
178
131
134
127
120
120
110
135
112
93
100
75
123
124
127
148
159
169
167
201
188
264
215
140
199
235
216
233
295
275
234
226
208
200
243
188
231
270
244
318
322
281
207
202
198
209
1,256
1,543
1,845
2,675
2,913
1936
1938
1933
1934
1935
1936
1937
1938
1933
1934
1935
1936
195
119
39
27
25
18
24
29
20
47
71
100
126
156
157
65
126
78
72
73
52
69
69
79
74
61
55
38
68
53
47
64
67
92
97
114
118
196
149
79
96
105
94
116
153
153
116
101
89
82
112
69
66
74
93
137
131
104
80
78
93
115
121
51
44
26
35
39
53
74
63
59
49
45
36
51
29
31
52
53
63
54
67
51
41
57
38
32
45
37
55
71
80
84
93
76
70
87
70
68
66
62
103
130
122
116
141
122
119
125
119
117
130
119
165
195
151
180
191
178
127
124
106
94
683
1937
975
1,007
1,334
1,152
573
568
837
1,341
1, 761
1937
1938
75
68
Backfigures.—SeeBULLETIN for February 1938, p. 159. Data for years prior to 1932 not available.
CONSTRUCTION CONTRACTS AWARDED, BY
DISTRICTS
COMMERCIAL FAILURES, BY DISTRICTS
[Figures reported by Dun & Bradstreet. Amounts in thousands of
dollars.]
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars.]
Number
Liabilities
1937
Federal Reserve district
Feb.
Jan.
7,492
20,007
8,926
14,397
14, 741
10, 828
17, 289
6,683
5,394
5,342
7,939
9,249
73, 558
10,071
19,379
19,438
11, 379
18,943
11,986
3,292
7,631
10, 546
119, 038
195, 472
Feb.
Federal Reserve
district
1938
Feb.
Boston
New York
Philadelphia
Cleveland
_
_
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Total (11 districts)
10,824
48, 758
17, 292
17, 408
22,103
11,411
28,970
10,193
2,687
8,966
9,646
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
188, 257 Dallas
San Francisco
Total
_
1937
Jan.
Feb.
1938
1987
Feb.
Jan.
Feb.
96
265
85
91
45
60
161
52
23
49
25
119
133
374
84
89
59
84
201
50
19
70
25
132
61
242
41
53
44
21
107
19
22
31
18
62
1,179
3,103
874
906
491
460
1,711
493
260
445
245
3,192
2,348
4,441
816
965
719
527
2,093
454
298
850
217
1,307
666
3,899
633
641
402
251
1,724
162
230
452
218
493
1,071
1,320
721
13, 359
15,035
9,771
322
FEDERAL RESERVE BULLETIN
APRIL 1938
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports 2
Merchandise exports 1
Excess of exports
Month
1938
1934
1935
1936
1937
289
136
133
158
167
152
177
187
193
199
240
278
307
269
290
265
147
155
136
171
171
157
203
192
191
180
179
221
268
277
297
127
120
132
177
169
162
221
270
223
265
226
230
333
315
319
130
151
132
189
169
187
2,283
2,456
3,345
1,655
2,047
1934
April
May
June
July
August
SeDtember
October
November
199
182
195
223
233
257
179
160
171
164
165
170
193
201
186
173
172
199
2,133
Year
176
163
185
206
195
171
T) p.pp.m bp,r
1937
162
172
191
-- -
1936
172
163
191
January
February
IVCarch
1935
P263
1938
1934
1935
1936
1937
1938
37
30
33
9
11
8
11
-11
-4
-18
-45
—51
287
285
286
33
6
34
-6
-5
13
-10
9
-5
-18
5
-21
195
193
216
265
246
233
34
52
60
-3
3
37
-15
-14
5
3
31
63
• 213
196
245
224
223
209
77
44
38
32
100
37
52
30
-15
108
»-92
110
3,084
478
235
33
261
2,423
171
P163
119
P100
p Preliminary.
1 Including both domestic and foreign merchandise.
2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source: Bureau of Foreign and Domestic Commerce.
Back figures.—See BULLETIN for January 1931, p. 18, for July 1933, p. 431, and for February 1937 p. 152.
FREIGHT-CAR LOADINGS, BY CLASSES
DEPARTMENT STORES—SALES, STOCKS
[Index numbers; 1923-25 average=100]
[Index numbers based on valuefigures;1923-25 average=100]
1937
Feb.
1938
Oct. Nov. Dec.
Jan. Feb
Month
Adjusted
Adjusted
Without
Without
for seasonal seasonal for seasonal seasonal
variation adjustment variation adjustment
Adjusted for seasonal variation
Total
Coal
Coke
Grain and grain products.
Livestock
Forest products
Miscellaneous
Merchandise *
82
77
76
70
41
51
76
81
74
82
45
46
71
72
59
92
42
41
95
68
81
66
76
64
67
70
46
88
42
40
65
62
46
89
44
40
62
54
35
76
41
38
69
62
69
61
69
62
70
Without seasonal adjustment
Total
Coal
Coke
Grain and grain products..
Forest products
Ore...
Miscellaneous1
Merchandise
76
91
102
64
34
49
27
82
66
84
89
74
82
63
48
117
92
69
72
78
69
86
51
40
40
78
65
62
78
51
75
40
34
21
63
59
59
71
54
80
43
35
18
59
58
Index of stocks (end of
month)
Index of sales i
57
63
47
69
34
37
19
59
60
1937
1
1938
1937
1938
1937
90
88
72
76
90
70
70
74
76
76
71
70
66
72
78
93
93
93
76
76
76
65
72
100
77
78
77
76
75
72
63
67
69
74
80
103
101
156
1938
79
78
73
93
91
89
_
_
89
95
90
94
92
94
May
June..
July
August
September
October
November
December
Year
1937
93
95
93
January
February
March
April
1938
85
86
68
92
76
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
1
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 pages 522-529 of BULLETIN
Backfigures.—Departmentstore sales, see p. 631 of BULLETIN for
for June 1037. Based on daily average loadings. Basic data compiled August 1936; department store stocks, see p. 232 of BULLETIN for March
by Association of American Railroads. Total index compiled by com- 1938.
bining indexes for classes with weights derived from revenue data of
th« Interstate Commerce Commission.
323
FEDERAL RESERVE BULLETIN
APRIL 1938
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics.
1926=100]
Other commodities
All
commodities
Farm
products
Foods
1929
1930
1931
1932
1933
1934
1935
1936
1937
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80 9
86.4
99.9
90.5
74.6
61.0
60.5
70.5
83 7
82.1
85.5
91.6
85.2
75.0
70 2
71.2
78.4
77.9
79 6
85.3
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95 4
104.6
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
100.5
92.1
84.5
80 2
79.8
86.9
86.4
87.0
95.7
96.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
94.2
89 1
79.3
73 6
72.6
75 9
B0 5
80 4
83.9
94.3
92 7
84.9
76 1
76.8
81 6
80. e
81 7
89.7
82.6
77 7
69.8
64 4
62.5
69 7
68.3
70 5
77.8
1937—January
February
March
April
May
June
JulyAugust
September
October
November
December
85.9
86.3
87.8
88 0
87.4
87.2
87.9
87.5
87.4
85 4
83.3
81.7
91.3
91.4
94.1
92.2
89.8
88.5
89.3
86.4
85.9
80.4
75.7
72.8
87.1
87 0
87.5
85.5
84 2
84.7
86.2
86.7
8^.0
85.5
83.1
79.8
83.4
84,1
85.5
86.5
86.3
86.1
86.3
86.1
85.9
85.1
84.3
83.6
101.7
102.7
104.2
106.3
106.7
106.4
106.7
108.1
107.6
106.7
101.4
97.7
77.5
77.5
78.3
79.5
78.7
78.2
78.3
77.1
75.3
73.5
71.2
70.1
76.6
76.8
76.2
76.8
77.2
77.5
78.1
78.4
78.7
78.5
78.2
78.4
90.9
91 7
96.0
96.5
95.8
95.9
96.1
97.0
97.1
96 4
96.8
96.3
91.3
93.3
95.9
96.7
97.2
96 9
96.7
96.3
96.2
95 4
93.7
92.5
87.7
87 8
87 5
86 9
84 5
83 6
83.9
82.2
81.4
81 2
80.2
79.5
86 5
87 9
88 4
89 0
89 3
89 5
89 7
91.1
91.1
91 0
90 4
89.7
76 2
77 3
79.5
81 1
80 5
79 4
79 0
77 3
77.0
76 2
75 4
75.0
80.9
79.8
71.6
69.8
76.3
73.5
83.5
83.0
96.7
94.7
69.7
68.6
78.3
78.5
96.6
96.0
91.8
91.1
79.6
79.1
88.3
88.0
75.2
74.8
83.8
83.2
82.9
82.0
82.0
81.9
81.5
81.2
81.0
80.8
81.0
80.8
80.3
80.1
79.6
79.4
79.6
79.8
79.8
77.7
77.8
75.9
73.4
73.9
73.4
73.2
72.9
73.0
72.7
73.4
71.8
70.8
70.9
70.1
69.6
70.2
71.1
71.7
84.3
83.6
83.2
81.5
80.7
80.7
79.7
78.9
77.8
76.8
76.8
76.1
74.6
74.5
73.2
73.3
73.5
73.8
73.8
84.3
84.0
84.2
83.9
83.9
83.7
83.7
83.6
83.6
83.5
83.6
83.7
83.5
83.2
83.1
83.0
83.1
82.9
82.9
104.2
103.0
101.8
100.2
99.8
98.3
98.2
98.4
98.3
97.9
97.4
97.1
96.3
95.9
95.6
94.9
94.6
94.3
94.2
71.6
71.0
70 5
70 0
69.8
69.9
69.5
69.4
69.4
69.2
69.3
69.0
68.9
68.5
68.2
68.1
67.8
67.9
67.8
78.9
79.0
78.6
78.6
78.6
78.6
78.6
78.6
78.7
78.8
78.8
79.1
79.0
78.8
78.7
78.6
78.9
78.3
78.3
95.1
94.6
96.6
96.1
96.3
96.2
96.4
96.2
96.1
96.1
96.5
96 5
96.3
96.1
96.2
96.2
96.2
96.2
96.1
94.4
94.0
93.8
93.7
93.0
93.0
92.8
92.5
92.4
92.3
92.1
92.0
91.8
91.6
91.2
91.1
91.1
90.8
90.6
80.1
80 0
79 8
79.6
79.4
78.9
79.1
79.2
79 2
79.2
79.5
79.5
79.2
79 0
78.9
78.8
78.9
78.9
78.6
92 2
92 1
92.1
92 1
92.1
92 1
92.1
91 4
91.2
90 8
90.8
90 7
90.7
90.5
89.7
89.7
89 6
89.6
89.6
75.5
75 0
75.4
75 0
75.1
74 8
74.8
74 9
74.6
74 5
75.0
75 1
75.2
74.7
74.6
74.6
74 7
74.7
74.5
Year, month, or week
193g—January
February.
Week ending—
1937—Nov. 6
Nov. 13
Nov. 20
Nov. 27
Dec. 4_
Dec. 11
Dee. 18
Dec. 25
1938—Jan. 1
Jan. 8
Jan. 15 . .
Jan. 22
Jan. 29
Feb. 5
Feb. 12
Feb. 19..
Feb. 26
Mar. 5
Mar. 12
._ _
Total
1937
Hides and Textile Fuel and Metals Building ChemiHouseleather
lighting and metal
cals and furnishproducts products materials products materials
drugs ing goods
1938
Subgroups
Grains
Livestock and poultrv
Other farm products
Jan.
Feb.
111.5
89.9
86.3
69.2
86.2
70.7
71.5
78.4
69.3
75.0
78.5
66.1
73.0
78.1
63.5
88.7
89.3
87.8
90.3
78.8
89.2
81.5
61.5
98.3
73.6
90.2
82.0
57.8
88.8
71.5
83.3
83.0
56.7
82.6
69.5
78.3
83.2
56.8
78.4
66.7
FOODS:
Dairy products
Cereal products
Fruits and vegetable 3
Meats
Other foods
HIDES AND LEATHER PRODUCTS:
Shoes _
Hides and skins
Leather
Other leather products.._ ._
TEXTILE PRODUCTS:
ClothingCotton goods
Hosiery and underwejar 1
Silk and rayon
Woolen and worsted goods
Other textile product s._ _ __
FUEL AND LIGHTING M A TE RIALS:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products.
1938
Subgroups
Feb. Nov. Dec.
FARM PRODUCTS:
1937
Miscellaneous
101.4 106.9 105.6 104.7 104.6
114.9 94.6 85.5 82.3 74.6
95.5 92.7 86.9 86.6 84.4
101.7 103.1 102.7 102.4 102.4
84.2
91.3
64.7
33.7
93.1
65.9
87.3
70.5
64.2
30.1
85.1
69.0
86.7
68.7
63.4
29.4
83.5
68.5
86.3
68.2
63.0
28.9
83.8
67.7
85.8
67.6
60.9
28.5
81.0
67.0
81.6 79.8 80.0 80.1 79.8
97.4 99.2 101.1 103.2 103.2
97.6 105.4 105.5 105.5 105.5
80.8 83.1 83.1
80.7 83.1 81.3 81.8
59.1 60.6 59.5 58.8 ~58~6~
Feb.
METALS AND METAL PRODUCTS:
Agricultural implements
Farm machinery2
Tron and steel
Motor vehicles* _
Nonferrous metals
Plumbing and heating
BUILDING MATERIALS:
Brick and tile
Cement
Lum ber
Pain t and rtaint materials
Plumbing and heating.
Structural steel
Other building materials.
Nov. Dec.
Jan. Feb.
93.1
92.8
92.0
86.3
89 4
77.4
95 9 96 1
97.6 97.6
99 3 99 0
95.3 95.6
78 5 75 1
79 6 79 6
96 2
97.7
99 6
95.6
75 0
79 6
91.0
95.5
99.0
83.4
77.4
104 7
95.0
96 2
97.7
99 3
95.6
72 1
79 6
92.9 92 0 91.8 91 5
95 5 95 5 95 5 95 5
94.8 93.8 92.6 91.0
81 5 80 2 80 1 79 2
79.6 79 6 79.6 79 6
114 9 114 9 114 9 114 9
98.7 96.9 95.8 95.3
CHEMICALS AND DRUGS:
Chemicals
Drugs and pha rmaceutica Is
Fertilizer mate rials
Mixed fertilizei•s
HOUSEF LJRNISHING GOODS:
Fun lishings
FurLliture
95.6
83.0
70.7
71.7
84 2
76.8
71.9
74 5
83 5
75.1
72.0
74 4
84 1
74.0
72.1
73 4
83 6
73.9
72.3
72 3
91.2
84.5
94.8
86.0
93.5
85 9
92.8
83.7
92.2
83 7
53.1
129.4
87.5
44.3
84.2
57.4
83.3
90 4
30.6
83.5
57 4
81.7
89 8
31.2
82.7
57.4
91.6
90 0
30.5
82.4
57 4
86.7
89 7
30.2
82.2
MISCELLANEOUS:
Auto tires and tubes
Catt le feed
Papt\r and miln
Rubber, crude.
Other miscellaileous
1 Formerly called "knit goods."
2 New series.
3 Preliminary revision.
Backfigures.—Formonthly and annual indexes of groups, see Annual Report for 1936 (table 80); for indexes of subgroups, see Annual Report for
1936 (table 81). Figures for new and revised series available at Bureau of Labor Statistics.
INTERNATIONAL FINANCIAL STATISTICS
325
326
FEDERAL RESERVE BULLETIN
APRIL 1938
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Total*
(52
United
coun- States
tries)
End of. Month
1934—December.
1935—December.
1936— November.
December.
1937—February...
March
April
May
June
July
August
September.
October, __
November.
December .
Europe
Canada
(26
countries)
21,051
21,604
8,238
10,125
134
189
11,010
9,517
22,010
22,630
11,184
11,258
188
188
8,829
9,307
22, 806
11,436
11, 574
11, 799
11,990
12,318
12,446
12, 567
12, 741
12, 803
12,774
12,760
191
194
199
193
187
188
188
186
187
187
184
9,268
9,295
9,302
9,464
9,466
9,159
9,141
9,129
9,191
9,359
9,379
12, 756
12,776
186
188
Asia
and
Africa
Ocean(5
ia (8
coun- countries)
tries)
!4, 032
Europe
United
Kingdom2
GerFrance many
Belgium
601
263
291
270
283
310
317
295
291
281
267
267
264
266
266
736
732
733
731
716
730
721
711
711
706
P695
P693
1,584
1,648
2,049
2,584
2,584
2,584
2,584
2,647
2,689
2,689
2,689
2,689
2,689
2,689
2,689
5,445
4,395
3,194
2,995
2,846
2,846
2,846
2,846
2,722
2,422
2,424
2,428
2,428
2,564
2,564
518
270
208
208
208
208
208
208
208
208
2,689
2,689
805
816
852
858
870
858
879
875
863
876
717
702
691
687
P687
?9, 451
v% 349
22, 971
23,204
23,529
23, 845
23,656
23, 592
23, 733
23, 845
P23, 968
?23,970
1938—January
February
Latin
America
(11
countries)
2,564
2,428
Switzerland
Nether- Nalands tional B.I.S.
Bank
208
208
208
590
611
630
632
626
619
607
609
625
617
607
590
572
570
597
573
438
388
490
598
626
670
769
848
862
862
862
906
940
624
454
624
655
657
657
635
635
635
628
615
612
646
644
648
208
208
599
593
957
977
687
Europe—Continued
End of month
Austria
HunBul- Czecho- Denslogaria vakia mark Greece gary
1934—December _.
1935—December,.
1936—NovemberDecember-.
1937—FebruaryMarch
April
May
June
July
August
SeptemberOctober
NovemberDecember.
Norway
Poland
13
11
12
lfi
11
17
8
Latin America
Portu- Ruma- Spain^ Swenia
gal
den
other ArYugo- 6coun- genslavia tries
tina
Brazil
112
112
740
735
159
185
403
444
8
17
91
91
113
114
718
718
239
240
452
501
24
25
91
91
91
90
91
90
90
90
90
91
92
1938—January _._
February—
104
109
115
115
115
116
116
117
118
118
119
119
120
718
718
718
718
718
718
718
718
718
718
718
241
241
241
242
242
243
243
243
244
244
244
489
487
494
483
496
487
477
481
479
471
26
26
27
28
28
29
29
30
30
31
32
120
P120
718
718
245
253
93
86
83
53
Latin America—Continued
End of month
Chile
1934—December _
1935—December.
1936—November.
December.
1937—January ___
February—
March
April
May
„
June
__
July
August
September.
October. __
November.
December .
1938—January-„
Colombia
Mexico
69
Asia and Oceania
4
Peru
Uruguay
82
77
77
77
77
77
77
77
77
77
77
77
77
77
77
74
P74
463
other British
coun- India
tries
Jhina Japan
275
275
275
275
275
275
275
274
274
274
274
274
274
274
274
274
274
394
425
459
463
466
469
456
459
452
443
412
261
261
261
261
261
261
18
19
19
19
19
20
18
19
19
19
19
19
20
20
P20
P20
P20
Java
P32
P79
Africa
New
Zealand
Turkey
3
other
South other
coun- Egypt Africa countries
tries
2
184
212
191
217
230
237
215
211
201
187
189
189
189
189
189
189
24
24
25
25
25
25
25
25
25
25
25
23
20
22
22
J»22
P22
p Preliminary.
i See notes under United Kingdom, Italy, and Spain.
» Bank of England only. In addition, according to official announcements, British Exchange Equalization Account held $934,000,000 of gold
on Mar. 31, 1937, and $1,395,000,000 on Sept. 30, 1937.
»Decline in gold holdings of Bank of Italy from official figure for December 1935 to that for December 1936 has been distributed monthly on
basis of gold imports from Italy reported by other countries. December 1936 figure carried forward for January 1937; figures for February and
March 1937 officially reported as of 20th of month; March figure carried forward for subsequent months.
* No statements have been received from Bank of Spain since Aug. 1,1936. Figure for that date has been carried forward.
NOTE.—The countries for which figures are not shown separately are, in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania;
in Latin America: Bolivia, Ecuador, El Salvador, and Guatemala; in Asia and Oceania: Australia and Siam; and in Africa: Algeria, Belgian Congo,
and Morocco.
For back figures and for full description of this table, see BULLETIN for May 1932, pp. 311-318; June 1933, pp. 368-372; July 1936, pp. 544-547
August 1936, p . 667; and December 1937, p. 1262.
FEDERAL RESERVE
A P R I L 1938
327
BULLETIN
GOLD PRODUCTION
Outside U. S. S. R.
f£n thousands of dollars]
Year or month
1929..
1930_.
1931..
1932..
1933..
1934..
19351936 .
1937.
1936—August
September..
October
November _.
December..
1937—January
February _.
March
April
_.
May
June
July...
August
September.
October
November..
December..
1938—January
Estimated
world
production
outside
U.S.S.R.
382, 532
401,088
426,424
458,102
469, 257
Production reported monthly
Africa
Total
South
Africa
359,347
373,154
394,399
421,656
420,093
215,242
221, 526
224,863
238,931
227,673
794,498 711,260
823,000 723, 530
882, 533 C771,827
970,206 856,383
1,045, 470 '918, 344
84, 344
85, 304
87,322
83,328
83,893
84, 27879, 256
84, 864
83, 253
87,500
87,133
89,159
73,928
75,139
76,861
72,730
73, 752
73,348
68, 523
74, 203
72,660
76,697
76, 702
78,423
P92,439 *81, 747
P77, 806
*>90,196 P79, 763
*90,226 ?79,849
?88,828 P78, 621
z>87, 479 P76, 542
Rhodesia
North and South America
West
Africa
Belgian United
Congo States* Canada
Far East
ColomJapan
Chile Austra- proper
bia
lia
Mexico
$1 =25-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold=$2O.67
2,390 45,835
2,823
3P, 862 13,463
683
11,607
4,297
428
11,476
4,995
2,699 47,123
43, 454 13,813
3,281
442
11,193
5, 524
3,224 49, 524
55,687 12,866
4,016
788
12,CCO
5,992
3,642 50,626
62,933 12,070
5,132
13,335
$1=15-5/21
385,474 22. 578
366, 795 24. 264
377,090 25, 477
396. 768 28 053
410, 710 28,296
6,623
3,631 52,842
grains of gold 9/10 fine;
11,214
6,148 89,467
12,153
6,549 108,191
13, 625 7,159 126,325
16 295 7.386 P2.509
8,018 167,723
20,784
1,412
1,444
1,493
2,292
1,506
2,270
1,544
2,262
2,315
1,671
2,109
1,563
2,416
1,605
2,391
1,669
2,408
1,559
2,339
1,649
2,364
1,650
2,441
1,822
2,421
1,890
2,399
1,896
2,352
1,854
2,341
1,957
v2, 376 P 1 , 9 4 1
2,425
33,816
34,199
33,042
33,858
34,352
32,330
34,381
34,308
34,010
34,132
34,895
34, 598
34,170
34, 559
34, 279
34,696
P34, 591
675
696
691
634
631
586
579
634
11, 568 1,818
11, 635 2,346
11, 749 1,943
11,229
2,291
11,612
1,647
13,106
11, 597 11, 499 2,854
2,227
10,285
10,853
12,645
11, 420 2,510
2,111
11,245
11,317
1,678
14,361
11,904
3,701
13,150
12,071
2,452
14,984
12,162
2,451
18,254
12,196
2,246
15,059
12,184
2,449
16,111 C12,559
15,987
12,349 P2, 835
14,046
12,658 P2, 380
12,618 P12, 565 P2, 520
729
P729
6,927
8,021
8,109
8,198
8,968
60,968 13,169
6,165
3,C09
i. e.} an ounce of fine gold= $35
103, 224 22,297 10, 438 5.094 28.428 15,183
8, 350 30'. 447 16,354
104,023 23,135 12,045
9 251 31,117 20,043
114,971 23,858 11,517
131,181 J26. 465 13,632
9,018 39, 793 23,684
143,172 29,893 15, 478 10,803 46, 827 '25,065
13, 756
14,409
15,950
710
8,712
9,553
12,134
14,563
16,790
1,098
1,236
1,108
1,035
1,113
1,332
1,117
1,285
1,269
1,234
1,246
1,476
1,422
1,298
1,281
1,373
1,144
Pl, 456
1,029
467
784
758
708
935
769
620
926
1,860
643
962
782
847
907
724
J>829
3,422
3,515
3,596
3,467
4,170
3,158
3,714
3,550
3,725
3,897
4,033
3,861
3,961
3,964
3,878
4,374
4,712
3,858
1,916
2,246
2,075
2,162
2,118
2,065
2,077
2,156
2,106
2,122
1,945
P2, 135
P2, 100
P2.065
P2,100
*>2, 100
v2,100
British
India
7,508
6,785
6,815
6,782
6,919
11. 71B
11, 223
11,394
11, 599
11, 574
981
966
983
984
899
982
956
982
957
979
975
932
961
938
1,029
Gold production in V. 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, $40; 1933,$ >; at $35 per fine ounce: 1933, $95;
1934, $135; 1835, $158; 1936, $200.
c
Corrected.
p Preliminary.
i Includes production in the Philippines.
NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-35; February 1934, p. 108;
November 1934, p. 737, July 1937, p. 687; and March 1938, p. 265. 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. Figures for Canada beginning January 1937 are subject to official revision.
GOLD MOVEMENTS
fin thousands of dollars at approximately $35 a fine ounce]
United States
Year or month
1934 *
1935
1936
1937
1936—September
October
November
December
1937—January
February
March
April
May
June
July
August
September
October
November
December
1938—January
February
N e t imports from or net exports (—) to:
Total
net
imports
or net
exports
United
King- France
dom
1,131,994
1,739,019
1,116, 584
1. 585, 503
499,870
315, 727
174,093
891, 531
260, 223
934, 243
573, 671
-13,710
171,824
218,812
75,836
66,970
121, 325
120, 326
154, 332
215,811
155, 362
262,022
175,417
104,844
145, 49.*
90,477
22,110
17,982
'2,088
8,036
8,204
72,154
44, 665
32,998
73,950
75, 238
121,451
175,165
103,822
156,943
76, 432
30,147
59,066
24,402
-5,046
-40
-20
-11
136, 671
95,013
20
9
10,864
1,138
76
596
1,375
11,059
1,138
r
-24,968
-14,987
--4,974
15
Belgium
Netherlands
8,902 94,348
3 227,185
3,351 71,006
6,461
90,859
799
2,545
2
10, 691
1,131
5,399
5,228
22, 556
10,118
13. 703
22,030
1,463
25, 745
271
14
1,086
1,392
3,177
521
Switzerland
Canada
12, 402 86,829
968 95,171
7,511 72,648
54,452 111,480
524
8
3,698
3,281
6,506
8,155
1,166
36,235
2,390
6,338
12, 222
10,660
4,709
5,865
10, 661
4,925
7,225
14,434
20,946
7,428
12, 247
14, 497
9,669
816
2,767
649
692
Mexico
Colom- Philip- Auspine
bia
Islands tralia
30,270
13, 667
39, 966
38,482
16,944
10,899
11,911
18, 397
12,038
15, 335
21, 513
25, 427
634
530
368
462
1,945
9,153
3,242
1,973
2,800
665
5,348
3,524
2,054
2,089
2, 285
3,404
819
721
2,101
2,405
2,157
1,628
2,273
2,123
2,109
1,944
2,231
2,106
2,064
2,410
1,505
2,981
1,375
2,286
2,292
1,676
1,330
1
3
4,261
5,496
2,177
2
1
2,110
8
4,323
16
2,105
Japan
British
India
All
other
countries
1,029
4
3,498
23,280
34, 713 246, 464
76,820
75, 268
77,892
50,762
32,316
47,054
39, 745
30,185
2,831
1,869
3,781
936
1,617
2,910
3,467
2,388
2,613
2,167
3,796
3,710
3.010
2,076
3,173
3,786
n, 025
1,943
6,961
5,782
6,182
10,108
6,028
7,077
4,017
4,857
3,797
3,966
4,355
3,613
5,275
6,902
767
107
1,043
3, 693
2,530
2,289
2,193
1,463
3,870
7,296
1,737
1,160
3,866
1,925
1,761
1.871
2,051
1,326
1,862
1 , 870
1,241
5,696
9,978
16, 593
15,316
44,459
37, 697
40,927
19,875
37,148
18, 774
Revised.
i Diners from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
NOTE.—For gross import and export figures and for additional countries see table on page 298.
328
FEDERAL RESERVE BULLETIN
APEIL 1938
GOLD MOVEMENTS—Continued
[In thousands of dollars at approximately $35 afineounce]
Germany
United Kingdom
Net imports from or net exports (—) to:
1934
1935
1936
1937
Total
net imports
or net
exports
United France Germany
716,269
369, 722
1,169, 931
420, 427
Year or
month
-497,166
-435, 502
-276,830
-834,009
348,190
142,137
756, 215
541,187
121,017
- 4 , 726
23, 292
46,147
South
Africa,
Other
RhoBel- NetherAustra- desia, British British
gium lands U.S.S.E.
lia
India coun- China
West
tries
Africa
-13,585 32, 575
41,790 335, 253
-17,476 10, 796
931 37,981 404, 295 181, 602
-15,133 -21,215
26, 723 488, 814 128,421
-21,993 -16, 572 199,965 24,165 464, 837 66, 330
1936—Sept.
Oct.,
Nov.
Dec.
151,814
7,615
83,168
100, 505
-14,096 108,666
-72,441
-383
-49, 224 72, 506
-63,914 118, 655
1937—Jan..
Feb.
Mar.
Apr.
-25, 523
122, 296
78,484
12,036
-48, 319
22,957
127, 953
122, 643
-29, 775
- 6 , 348
22,054
20,976
-73, 568 22,453
-75, 615 163,919
-104,399 124,121
-149,444 11,281
-101, 710 -274
-128, 380 79,545
-79,498 112,113
-26,043 50,463
-86,145 -2,034
-16,236 -2,831
4,258 -2,488
2,006 -15,077
-1,029
3,964 -I, 1
2,458
-163
1,486
377
-624 -1,130
1,836
1,021
414
-220
1,756
452
153
507
965
1,587
927
104
-1,055
452
- 1 , 786 - 1 , 545
997
-7,915
16,348 -9,207
-208
12, 212
-662
416
8,245
-420
573
3,171
8,176 -10,047
84 -2,215 - 5 , 663
90 -12,834
5
27,487
51, 356
1,570 -10,689
-2,133
41 -1,215 - 6 , 278
22 - 3 , 334
77
May
June.
July.
Aug.
Sept.
Oct..
Nov.
Dec.
1938—Jan..
Feb..
2,084
1,984
2,304
2,126
5,628
22, 520
98, 510
8,430
14,027
14,153
16,914
19, 784
5,659
36, 517
45,323
2,504
1,968
2,727
2,122
2,353
1,552
705
1,981
2,039
1,476
2,359
2,379
3,787
2,956
Year or
month
1934
1935
1936
1937
1936—Sept.
Oct. _
Nov.
Dec.
41,683
1,219
1,199
1,610
1,172
16,903
24,113
26, 593
44.198
37,106
46,933
57,861
54,463
36.199
36, 244
47, 694
36, 528
3,953
8,705
5,760
2,848
8,368
2,782
6,129
7,178
4,735
5,739
4,960
5,174
786
592
1,220
873
1,251
1,296
1,171
989
1,032
3,877
8,300
32,982
43, 023
4,496
5,027
10, 743
7,397
-46,065 -12,784 - 4 5 , 955 - 2 9 , 2 3 5 18,397 19,431
647 -54,858 -181, 725 -13,940 25, 542
-230, 788
39,305 14. 531 51, 299
122, 279 - 9 , 1 2 7 - 1 , 7 1 4
-56,946 -51,608 11,940 - 4 5 , 0 6 1 27, 739 - 6 5 7
-13;
1937—Jan..
Feb.. -17,034
575
Mar.
Apr. . - 1 , 506
May
- 4 , 479
June
-49,417
July.
-6,038
Aug.
- 1 , ~~~
Sept.
-7,147
Oct..
-1,138
Nov.
4,113
Dec..
26.892
1938—Jan...
Feb.
40,875
656
1,241
-47
-286
8,177
1,723
659
-641
2,892
2,291
6,227
2,436
-463
-1,966
-1,174 -1,987
-36,242 - 4 , 3 5 1
-153
-1,243
-393
-376
3,286
4,869
5,810
-612
-1
-490
-289
-3,132
- 8 , 740
-1,831
-1,242
- 6 , 995
- 9 , 627
- 6 , 276
- 5 , 828
732
852
653
192
1,107
521
-512
8
-37
-109
-227
24, 558
-100
12,478 - 1 3 , 9 7 8
11,435 - 1 1 , 4 3 5
10,409
-575
19
- 3 , 676
-4,916
- 6 , 675
-6,247
10,826
2,516
Total
net imports
or net
exports
-90,920
42, 969
3,715
- 3 , 718
- 3 , 514
- 3 , 521
426
2,710
4,727
1,927
-137
17,426
27,024
588
1,778
2,956
-22,222
-11,355
-11,467
-8,182
63
-79
-247
-65
-200
7,227
8,454
British India
Net imports from or net exports (—) to:
Total
net
imports
or net
NethUnited
exports United KingBelerItaly
France
States dom
lands
()
33, 506
14,848
2,210
- 2 , 874
62,397
32, 754 14,051
28,067 13,930
22,079 15, 544
6,581
7,853
14,896
7,243
Switzerland
All
other
countries
-65
-33
2,580
342
4,600
6,553
487
57
97
20
-575
-566
55
96
274
-2,278
350
-1,186
- 5 6 1 4,559
559 3,275
- 5 5 9 2,553
-41
457
1,614
2,058
All
other
countries
Total
net
imports
or net
exports
()
1,500 - 2 3 0 , 720
- 6 , 795 - 1 6 1 , 8 7 2
23,378 -121,066
- 5 , 8 5 2 - 6 1 , 689
42 - 8 ,
—112 - 1 1 ,
-9,
-5,
Net imports from or net
exports (—) to:
United
United
Kingdom
- 8 2 , 1 8 3 -144,185
-46,172 -113,953
- 6 4 , 349
-57,167
- 6 , 459 - 5 5 , 0 7 6
All
other
countries
Change in:
Gold
production Re- Private
in sserves holdIndia I in
ings in
India* India"
-4,3521
-1,746
450
-154|
11,222
11,393
11,599
11,574
203
218
138
124
982
173 - 2 1 9 , 671
-150,472
-109,467
-41 -50,073
273
576
347
506
- 3 , 653
- 8 , 025
-7,116
- 3 , 677
-4,823
- 3 , 769
- 2 , 369
-1,953
1,1
-13, 507
819
584
611
-879
-25
-354
1,456
1,307
1,914
358
-8,477
-3,161
- 3 , 968
-6,068
- 4 , 933
-1,809
-596
—236
-620
-863
—1,101
984
-7,980
99
-7,493
899
-3,052
127
— 2 , 262
982
-3,473
125
- 2 , 986
956 -38 -5,074
-5,223
18
982
- 3 , 710
-3,951
-122
957
-2,118
1
-853
309
979
-7,253
208
— 4 - 7 , 706
975
- 4 , 759
- 4 , 222
-14
932
-4,883
-3,600
352
961
- 3 , 752
- - 3 , 694
73
938
-4,294
- 3 , 262
94
- 4 , 578 — 1,4211 1,029]
-4,970
335
686
-5,429
-5,197
-4,532
- 4 , 655
- 4 , 200
5r~~
- 1 , 644
-424
-976
I
P959'
-4,470
p Preliminary
1 Includes $17,465,000 exported to Rumania and unspecified net imports of $95,937,000.
2 Includes exports of $50,661,000 to Sweden and $12,571,000 to Norway; and net imports of $53,465,000 from Switzerland,
a Includes $10,129,000 exported to Sweden and unspecified net imports of $19,684,000.
* Includes $67,655,000 exported to Central and South America and net exports of $16,596,000 to Switzerland.
6
Includes $15,120,000 exported to Central and South America and $4,007,000 imported from Japan.
6
Includes $27,511,000 exported to Central and South America.
7
Includes $24,996,000 exported to Central and South America.
«Includes net exports of $12,119,000 to Switzerland.
9
Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred,
w Figures derived from preceding columns; net imports plus production minus increase in reserves in India.
11
Includes $14,292,000 exported to Germany.
NOTE.—Germany, Switzerland, and United Kingdom.—In some cases annual aggregates of official monthly figures differ somewhat from revised official totals published for year as a whole. German gold movements by individual countries not available beginning July 1937.
329
FEDERAL RESERVE BULLETIN
APBIL 1938
CENTRAL BANKS
issue
department)^
(Figures in millions of
pounds sterling)
(Uash
reserves
Notes
Coin
1929—Dec.
1930—Dec.
1931—Dec.
1932—Dec.
1933—Dec.
1934—Dec.
1935—Dec.
Dec 30
Discounts
and advances
Note
circulation
Securities
Deposits
Bankers'
145.8
147.6
120.7
119.8
190.7
192.3
200.1
- -
1937—Jan. 27
Feb. 24
Mar. 31
Apr 28
May 26
June 30
July 28
..
Aug 25
Sept. 29 __..
Oct 27
Nov. 24 ,
Dec. 29
,
1938—Jan. 26
Feb 23
Mar. 30P
26.3
38.8
31.6
23.6
58.7
47.1
35.5
22.3
49.0
27.3
18.5
16.8
7.6
8.5
84.9
104.7
133.0
120.1
101.4
98.2
94.7
379.6
368.8
364.2
371.2
392.0
405.2
424.5
71.0
132.4
126.4
102.4
101.2
89.1
72.1
1.0
.7
65.9
63.1
46.3
6.6
6.8
99.7
98.6
155.6
442.7
445.6
467.4
313.7
313.7
313.7
313.7
321.3
326.4
326.4
326.4
326.4
326.4
326.4
326.4
.4
.7
1.0
1.0
.9
.9
1.1
1.5
1.7
1.6
8.0
4.9
7.1
5.5
4.9
6.3
5.8
4.3
6.2
8.1
1.5
.8
61.4
58.6
39.8
44.8
46.0
38.0
28.1
38.1
37.9
43.3
66.0
41.1
97.4
105.3
123.4
119.7
119.7
164.3
135.2
128.5
126.6
121.1
97.0
135.5
326.4
326.4
326.4
—
.2
.6
.6
.8
1.0
248.7
248.7
313.7
25
31
30
28
27
26
25
1936—Oct. 28
N o v 25
Liabilities of banking department
Asset 3 of banking department
Gold (in
Bank of England
.6
.8
.8
53.2
51.9
41.0
10.4
117.9
116.9
131.0
.5
.6
.6
17.5
8.6
9.2
6.5
8.7
Public
22.2
9.9
12.1
8.9
35.8
36.2
40.3
33.8
36.5
36.4
37.1
17.9
18.0
18.0
18.0
18.0
18.0
86.5
97.6
150.6
27.6
12.1
12.1
41.4
41.7
39.2
17.8
18.0
452.3
455.1
473.8
468.8
475.2
488.4
498.3
488.3
488.5
483.1
480.4
505.3
98.4
100.4
62.3
87.6
91.4
140.5
104.3
92.8
95.1
87.7
83.6
120.6
12.1
13.0
62.2
26.2
24.9
10.8
10.5
25.4
21.8
32.2
35.4
11.4
38.4
37.9
38.5
39.6
37.5
40.2
37.3
36.0
37.2
36.6
36.3
36.6
18.1
18.2
18.3
17.7
17 8
18.0
18.1
18.2
18.3
17.7
17.8
18.0
473.2
474.5
485.4
113.1
105.6
108.1
13.6
16.7
17.8
37.3
35.5
37.4
18.1
18 2
18.3
7.7
18.0
17.7
Liabilities
Deposits
:Loans on—
Advances
Negotia- Other Note
Other
to
ShortcirculaliabiliOther ble seGovterm
Other ern- Govern- securi- curities assets tion Govern- Other ties
ment
ment ment se- ties
curities
Domestic bills
B a n k of F r a n c e
(Figures in millions of francs) Gold"
Foreign
exchange
Special'
573
2,521
2,901
2,730
2,515
2,921
3,211
3,253
5,612
5,304
7,157
6,802
6,122
6,837
5,800
5,603
6,609
8,545
9,196
8,251
8,288
7,879
68,571
76, 436
85, 725
85,028
82,613
83,412
81,150
11,737
12,624
5,898
2,311
2,322
3,718
2,862
7,850
11, 698
22,183
20,072
13,414
15,359
8,716
1,812
2,241
1,989
2,041
1,940
1,907
2,113
668
702
715
3,447
3,464
3,683
5,640
6,640
5,640
8,204
8,029
8,344
87,198
86,651
89,342
3,973
2,069
2,089
9,247
13,058
13,655
3,553
3,160
2,657
19, 772
19, 772
20,066
19,991
19, 980
21,380
23,887
25, 218
25,999
26, 918
26,918
31,909
1,168
873
225
965
385
776
958
476
1,340
483
314
675
3,701
3,594
3,698
3,918
3,777
4,013
4,064
3,763
4,175
3,710
3,675
3,781
5,640
5,640
5,640
5,642
5,642
5,641
5,641
5,637
5,637
5,637
5,637
5,580
8,209
8,235
8,543
9,256
8,158
8,110
8,467
8,417
8,558
7,218
7,343
7,277
87, 688
87,062
85, 746
87,063
85,745
85,985
89,307
88, 255
91,370
91,336
90,131
93,837
1,955
2,315
1,977
4,361
3,154
2,209
2,563
2,251
2,351
2,648
2,686
3,461
15, 280
15, 386
16,404
13,408
14,766
15, 710
15,812
15,927
15, 886
14, 679
17,893
19,326
2,534
2,547
2,552
2,518
2,502
2,549
3,152
3,196
3,133
3,121
3,452
3,160
31,904
31, 904
925
866
3,824
3,652
5,580
5,575
7,019
7,187
92, 255
92,740
2,689
2,226
23, 720
20,147
3,285
3,154
8,624
8,429
7,389
3,438
4,739
3,971
9,712
27
26
30
30
29
28
27
41,668
53 578
- 68,863
83,017
77,098
82,124
66,296
25,942
26 179
21, 111
4,484
1,158
963
1,328
1936—Oct. 30
N o v . 27
64, 359
64,359
60,359
1,471
1,466
1,460
547
925
1,379
7,332
8,056
8,465
12,303
12,298
17,698
57,359
57,359
57,359
57,359
57, 359
54,859
55,677
55,718
55,805
55,805
58,932
58,933
1,435
1,323
1,194
1,112
1,053
1,058
951
911
825
829
965
911
1,620
1,524
1,514
1,470
1,437
1,260
991
833
600
562
722
652
8,553
8,990
8,440
7,639
8,377
9,356
10,197
8,655
9,799
10, 620
9,655
10,066
58. 933
55,807
871
874
841
821
12,053
11, 582
—
Dec 30
1937—Jan. 29
Feb 26
Mar. 26
Apr 30
May 27
June 24
July 29
Aug. 26
Sept 30
Oct. 28 _ —
Nov. 25
Dec 30
Other
8.8
6.6
Assets
1929 D e c
19Qn D P P
1931—Dec.
1932 D e e
1933—Dec
1934—Dec
1935—Dee
Other
liabilities
_ _
—
1938—Jan. 27
Feb. 24
p Preliminary.
1 Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000. However, by direction
of British Treasury under Section 2, paragraph (2), of Currency and Bank Notes Act, 1928 (see BULLETIN for August 1928, pp. 567-569), reductions
in amount of fiduciary issue (and securities held as cover) have been in effect as follows: Dec. 16,1936, to Nov. 10, 1937, £60,000,000; Nov. 17,1937, to
Jan. 12, 1938, £40,000,000; since Jan. 19, 1938, £60,000,000. From August 1, 1931, to March 31,1933, increase of £15,000,000 in fiduciary issue (and
securities held as cover) was authorized by British Treasury under Section 8 of Currency and Bank Notes Act.
2 By law of October 1, 1936, gold provisionally revalued at rate of 49 milligrams gold 0.900 fine per franc (see BULLETIN for November 1936,
pp. 878-880). Of total gold increment of about 17,000,000,000 francs, 10,000,000,000 francs was initially turned over to Stabilization Fund established
by law of October 1. By decree of July 22,1937, gold was again revalued on basis of 43 milligrams of gold 0.900 fine per franc, and resulting increment of about 6,800,000,000 francs was allocated to fund for regulating market for Government securities (see BULLETIN for September 1937, p. 853).
3 Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for October 1936, pp. 785-786), and bills redisoounted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788).
NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83; July 1935, p. 463; July 1936, p. 603; and September 1937, p. 951.
330
FEDERAL RESERVE BULLETIN
APRIL 1938
CENTRAL BANKS—Continued
Assets
Reichsbank
(Figures in millions of
reichsmarks)
Gold
Foreign
exchange
241
206
172
114
98
1
9
5
5
49
45
53
66
6
62
67
1938—Jan 31
Feb. 28
404
469
386
79
82
-
Liabilities
Other
Treasury bills (and Security
bills
loans
checks)
2,283
2,216
984
806
1929—Dec. 31
1930—Dec. 31
1931—Dec 31
1932—Dec. 31
1933—Dec. 30 .„
1934—Dec. 31
1935—Dec. 31
1036—Dec 31
1937—Feb 27
Mar 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept 30
Oct 30
Nov. 30
Dec. 31
Reserves
6
35
68
68
69
69
6
6
6
6
10
29
54
61
6
6
6
6
70
6
6
5
60
71
5
Note
circulation
Other
assets
251
256
92
102
656
638
245
176
161
398
1,065
1,114
21
183
146
84
259
445
349
322
319
315
74
221
303
765
102
222
302
51
52
50
55
167
106
104
104
312
310
310
300
1,059
1,021
4,816
4,938
4,979
4,902
4,992
5,112
5,116
5,256
5,275
5,196
5,493
896
947
878
52
52
51
44
104
104
105
105
46
105
286
870
60
106
286
861
66
108
286
982
81
110
286
953
299
299
293
293
860
905
905
844
Other
liabilities
Deposits
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
735
827
853
5,459
5,637
119
71
Other
4,777
5,101
5,124
5,001
5,262
5,316
5,283
5,538
5,578
5,520
6,013
27
71
Eligible
as note
cover
2,608
2,366
4,144
2,806
3,177
4,021
4,498
5,448
29
33
53
7
69
70
70
70
Securities
5,199
5,278
755
652
736
822
755
540
1,338
1,313
640
984
1,001
836
1,032
1,012
923
953
785
968
970
794
804
880
826
816
835
862
766
967
732
736
838
711
892
901
927
959
1,059
970
851
986
891
996
NOTE—For explanation of above table see BULLETIN for February 1931, pp. 81-83, and July 1935, p . 463.
Central bank
[Figures as of last report
date of month]
National Bank of Albania (thousands of francs):
Gold
_
_.
Foreign assets
Loans and discounts
Other assets
Not© circulation
Other sight liabilities..
Other liabilities
Central Bank of the Argentine
Republic (millions of pesos):
Gold at home
Gold abroad and foreign exchange
Negotiable Government bonds..
Other assets
_
Note circulation.
Deposits—Member bank
Government
Other
Other liabilities
Commonwealth Bank of Australia (thousands of pounds):
Issue department:
Gold and English sterling-_.
Securities
Banking department:
Coin, bullion, and cash
London balances
Loans and discounts
Securities
Deposits
Note circulation
Austrian National Bank (millions
of schillings):
Gold
Foreign exchange (non-reserve) ~
Loans and discounts
Government debts
Other assets
Note circulation.
Deposits
Other liabilities
National Bank of Belgium! (millions of belgas):
Gold
Foreign* balances and bills
Discounts
Loans. __
Other assets
1938
Feb.
1937
Jan
Dec.
7,583
22, 489
4,094
4,508
11,131
14, 810
12,733
1,345
47
96
150
1,149
333
114
3
1,354
87
166
1,150
355
125
5
40
16,006
40,801
1,317
31,384
12,368
52,653
93,718
49, 534
243
177
186
612
161
953
267
159
1,092
201
30
464
16,008
45,284
36,987
11, 516
42,974
88,417
54,034
168
188
612
151
892
315
153
243
161
189
612
177
944
253
185
3,533
1,012
206
29
3,525
954
228
32
464
Feb.
Central bank
[Figures as of last report
date of month]
N a t i o n a l B a n k of Belgium—Cont.
Note circulation.
7,555
Demand deposits—Treasury
24, 234
Other
3,819
Other liabilities
3,755 C e n t r a l B a n k of Bolivia (thousands
11,469
of bolivianos):
16, 237
Gold at home and abroad
11,657
Foreign exchange..
Loans and discounts
Securities—Government
Other
1,224
Other assets..
Note circulation
307
Deposits
154
Other liabilities
1,134 B a n k of Brazil (millions of milreis):
391
Cash
124
Correspondents abroad
6
Loans and discounts
30
Deposits
N a t i o n a l B a n k of B u l g a r i a (millions of leva):
Gold
16,012
Foreign exchange
Loans and discounts,
38, 561
Government debt
_
1,297
Other assets
22,680
Note circulation
_
17, 594
Deposits
38,251
Other liabilities
_
76, 509 B a n k of C a n a d a (thousands of Ca47,039
nadian dollars):
Gold
Sterling and United States ex243
change
96
Canadian Gov't. securities:
202
2 years or less
620
Over 2 years
130
Other securities
893
Other assets
241
Note circulation
_._
156
Deposits-Chartered banks
Dominion Government
Other
3,690
Other liabilities_._
2 1,363
(3)
34
316
1 Form of official statement revised effective December 1937.
2 Discounts, domestic and foreign; includes certain items carried in other assets beginning December 1937.
3
Not reported separately on bank statement; see note 2.
1937
Feb.
Jan
Dec.
Feb.
4,325
10
832
118
•
4,282
33
813
118
4,308
96
680
118
4,477
25
828
72
51,996 51,486 67,400
91,312 96,146 71, 773
34,961 29,824 11,068
398,926 393,434 413,360
4,584
4,586
4,795
14,738 13,857 12, 524
247,342 252,459 220, 568
292,065 277, 504 256,097
57,110 59,367 104,255
344
2,032
2,562
1,994
838
1,061
3,495
1,188
2,361
3,965
2,250
268
503
2,439
2,952
1,994
696
1,386
3,495
1,188
2,569
3,831
2,359
1,755
622
765
3,551
970
2,317
3,111
2,235
180,144 179,756 179, 764 179,423
19,079
16,815
68,783
86,497
12,203
8,395
149,108
188, 750
20, 572
3,665
13,005
76,329
90,753
12,201
8,514
14,885
14, 575
82,344 55,196
91,565 101,661
12,212
9,496
165,330 119, 218
196,040 195,045
17,800 11,083 30,038
1,315
1,735
3,457
12,951 14,355 12,230
331
FEDERAL RESERVE BULLETIN
APRIL 1938
CENTRAL BANKS—Continued
[Figures as of last report date of month]
1938
1937
1938
Central bank
Feb.
C e n t r a l B a n k of Chile (millions of
pesos):
Gold
Discounts for member banks
Loans to government
Other loans and discounts
Other assets
Note circulation
DepositsBank
Other
Other liabilities
B a n k of t h e Republic of Colombia
(thousands of pesos):'
Gold...
Foreign exchange
Loans and discounts
Government loans and securities.
Other assets
Note circulation...
Deposits
Other liabilities
_.
National B a n k of Czechoslovakia
(millions of koruny):
Gold
_
Foreign exchange
Discounts
Loans
Government debt
Other assets
_
Note circulation
Demand deposits
Other liabilities
B a n k of Danzig (thousands of
gulden):
Gold
Foreign exchange of the reserveOther foreign exchange
Loans and discounts
Otker assets
Note circulation
__.
Demand deposits
Other liabilities
N a t i o n a l B a n k of D e n m a r k (millions of kroner) :
Gold...
Foreign exchange
Discounts
____.
Loans—To Government agencies
Other
Securities
Other assets
Note circulation
Deposits
Other liabilities
,
Centra) B a n k of E c u a d o r (thousands of sucres):
Gold
Foreign exchange
Loans and discounts
Note circulation
Deposits
N a t i o n a l B a n k of Egypt * (thousands of pounds):
Gold..
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
C e n t r a l Reserve B a n k of El Salvador (thousands of colones):
Gold...
Foreign exchange
Loans and discounts
Jan.
Dec.
Feb.
144
5
791
115
50
701
144
13
791
106
49
709
143
12
196
76
133
199
64
131
196
106
124
32,134
12,696
16,370
45,722
26,287
48,863
43,492
40,855
29,861
6,527
23,350
46,671
26,122
52,967
38,205
41,359
37,779
12,725
7,705
45, 585
26,871
52, 730
41,413
36, 521
2,649
528
875
730
2,008
1,177
6,078
347
1,544
2,641
523
1,004
993
2,010
1,225
6,099
629
1,668
2,626
479
1,351
1,284
2,010
1,239
6,902
292
1,795
2,587
277
1,094
791
2,019
1,041
5,787
415
1,607
28,374
2,215
417
16,228
3,533
33,617
13,296
19,012
28,370
2,991
397
16,867
3,434
34,735
13,297
19,012
118
88
20
123
104
76
69
391
54
153
118
83
21
140
113
69
65
386
73
150
213
40
28,355 29,342
1,615
3,088
2,354
387
17,179 16,372
4,224
3,195
36,245 31, 373
11,647 13,905
19,012 19,115
118
72
23
212
140
73
67
417
125
162
118
15
32
173
135
56
63
375
72
146
33,235
25,171
38,879
57,313
38,751
6,545
2,593
5,818
6,545
2,612
6,585
6,545
3,535
5,059
34,873 35, 275 38,742
6,234 5,999
7,231
19, 830 20,674 21,545
8,954 8,833
9,163
19, 685 19, 350 21,321
8,274 8,183
8,381
13,172
2,653
2,009
13,138
5,720
1,279
Feb.
Central Reserve Bank of El Salvador—Cont.
Government debt and securities
Other assets
Note circulation.
Deposits
Other liabilities
Bank of Estonia (thousands of
krooni):
Gold
_.
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation.
Demand deposits
Other liabilities.
_.
Bank of Finland (millions of markkaa):
Gold..
Foreign assets
_.
Loans and discounts
_
Domestic securities
Other assets
__.
Note circulation
Deposits—Treasury
__.
Other
_
Other liabilities
Bank of Greece (millions of drachmas):
Gold and foreign exchange (net)..
Loans and discounts
Government obligations.—
Other assets
Note circulation
Deposits.
Other liabilities.
National Bank of Hungary (millions of pengos):
Gold
_
Foreign exchange reserve
__.
Discounts
_
Loans—To Treasury
,
Other
Other assets
Note circulation.
_
Demand deposits
Certificates of indebtedness
Other liabilities
Reserve Bank of India (millions
of rupees):
Issue department:
Gold at home and abroadSterling securities.
Indian Gov't. securities
Rupee coin
Note circulation
_
Banking department:
Notes of issue department..
Balances abroad
Loans to Gov't
Investments
Other assets
_
Other liabilities
B a n k of J a p a n (millions of yen):
Gold*
Discounts
Loans—Government
Other
Government bonds
_._
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
B a n k of Java (millions of guilders)
Gold
Foreign bills
Loans and discounts
i Items for issue and banking departments consolidated.
» By law of August 10,1937, gold revalued on August 25 at rate of 290 milligramsfinegold per yen.
1937
Central bank
Jan
Dec.
Feb.
5,922
1,196
15,149
5,715
4,088
6,546
2,464
18, 584
6,578
34,217
17,311
25,008
30,876
50, 774
34, 741
21,896
34,216
15,731
24,833
29, 781
48,770
34,942
20,847
34,214
17,007
26,697
28,888
49,081
37,690
20,035
34,176
12,390
25,871
21, 228
46,005
33,703
13,957
635
2,476
1,332
297
361
2,189
612
659
1,642
635
2,374
1,157
349
400
2,015
472
828
1,600
635
2,261
1,080
351
457
2,052
136
972
1,623
815
1,939
1,051
295
301
1,757
531
513
1,601
3,382
5,800
4,384
1,675
6,357
6,551
2,332
3,451
5,616
4,381
1,682
6,358
6,405
2,367
3,489
5,866
4,370
1,748
6,776
6,386
2,310
3,229
2,957
4,157
1,940
6,061
4,208
2,015
84
61
385
119
14
302
444
237
70
214
84
117
14
287
437
219
70
220
84
59
450
115
17
275
466
246
70
218
84
47
462
101
12
199
418
202
93
192
444
788
274
629
1,833
444
803
274
626
1,854
444
773
244
622
1,939
303
49
60
6
310
107
293
36
20
62
11
312
111
144
251
—----
801
496
3
161
1,210
174
2,051
432
88
274
801
496
3
165
1,126
181
2,155
219
112
286
556
547
199
148
571
179
1,529
314
83
275
117
3
117
4
67
89
2
67
801
463
3
107
1,175
222
1,907
519
71
273
6
368
106
332
FEDERAL RESERVE BULLETIN
APRIL
1938
CENTRAL BANKS—Continued
[Figures as of last report date of month]
1937
1938
1938
Feb.
Bank of Java—Cont.
Other assets
_..
Note circulation
Deposits
Other liabilities _._
Bank of Latvia (millions of lats):
Gold
Foreign exchange reserve
Loans and discounts
Other assets
Note circulation
Deposits
_
—
Other liabilities
Bank of Lithuania (millions of litu):
Gold
Foreign exchange..
Loans and discounts
Other assets
Note circulation.__
Deposits
Other liabilities
Netherlands Bank (millions of guilders) :
Gold
Silver (including subsidiary coin)
Foreign bills.
_
__
__
Discounts
Loans
Other assets
Note circulation
Deposits—Government
Other
Other liabilities...
Reserve Bank of New Zealand
(thousands of pounds):
Gold
Sterling exchange reserve
Advances to State or State undertakings.
Investments
Other assets
Note circulation
Demand deposits
Other liabilities
Bank of Norway (millions of
kroner):
Gold
Foreign assets
,
Total domestic credits and
securities
Discounts
Loans
Securities
Other assets..
Note circulation
Demand deposits—GovernmentOther
Other liabilities
_.
Central Reserve Bank of Peru
(thousands of soles) :
Gold and foreign exchange
Discounts
Government loans
Other assets
Note circulation
Deposits
,
Other liabilities
_
Bank of Poland (millions of zlotys):
Gold
Foreign exchange
Loans and discounts
Securities
Other assets
Note circulation
Other sight liabilities—
Other liabilities
Bank of Portugal (millions of
escudos):
Gold
Other reserves (net)
Non-reserve exchange
Jan
Dec.
108
185
84
26
102
178
55
25
78
44
128
61
66
191
53
78
43
130
66
62
198
56
77
43
137
39
65
197
35
77
33
117
52
43
203
32
79
4
114
32
118
90
20
79
4
114
29
117
88
20
79
6
116
29
117
92
21
77
7
100
32
113
80
21
1,436
16
5
9
271
65
902
109
744
47
1,406
18
5
9
226
188
606
47
1,366
17
5
23
195
63
868
100
656
45
879
20
2
21
173
62
774
76
261
45
2,802 2,802
17, 249 16,231
2,802
16,993
2,802
18,804
7,274 7,724
2,915
2,971
296
540
13, 772 14,240
15, 369 14,031
1,696
1,694
7,080
2,658
284
15,233
12,915
1,669
8,369
2,453
295
12, 753
18, 327
1,644
180
238
180
233
215
93
166
190
91
32
449
41
62
58
229
143
26
60
11
399
56
36
58
58,463
39,624
45,376
11,348
96,363
38, 467
19,981
46,964
37,663
44,989
7,552
93,103
31,731
12,334
435
36
709
129
480
1,059
360
369
400
36
690
135
437
1,000
254
444
917
550
157
912
554
163
179
241
166
0)
0)
0)
0)
418
56
77
(9
0)
0)
0)
0)
421
56
62
(0
437
26
610
126
459
1,016
307
336
436
32
622
128
465
1,014
327
343
Feb.
Feb.
105
185
78
28
c
1 Corrected.
Figures not yet available.
2 Agricultural and urban loans in process of liquidation.
1937
Central bank
Central bank
B a n k of Portugal—Cont.
Loans and discounts
Government debt
Other assets
Note circulation.__
__.
Other sight liabilities..
_.
Other liabilities
_.
N a t i o n a l B a n k of R u m a n i a (millions of lei):
Gold...
Special exchange accounts
Loans and discounts
Special loans 2
Government debt
_.
Other assets
Note circulation
Demand deposits
Other liabilities..
S o u t h African Reserve B a n k
(thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
_
Other liabilities
_
B a n k of Sweden (millions of
kroner).
Gold
Foreign assets
Discounts
' Loans
Domestic securities..
Other assets
Note circulation
Demand deposits
Other liabilities
Swiss N a t i o n a l B a n k (millions of
francs):
Gold
Foreign exchange
Discounts
Loans
Other assets
.
Note circulation
Other sight liabilities
Other liabilities
C e n t r a l B a n k of t h e R e p u b l i c of
T u r k e y (thousands of pounds):
Gold
_
Foreign exchange—Free
In clearing accounts
Loans and discounts
Securities
__
Other assets
Note circulation
Deposits
Other liabilities
_.
B a n k of t h e R e p u b l i c of U r u g u a y
(thousands of pesos):
Issue department:
Gold and silver
Note circulation
Banking department:
Cash reserves
Loans and discounts
Other assets
__
_.
Deposits..,
Other liabilities
N a t i o n a l B a n k of t h e K i n g d o m of
Yugoslavia (millions of dinars):
Gold
Foreign exchange
Loans and discounts
Government debt
Other assets
Note circulation
Other sight liabilities
Other liabilities
Jan
Dec.
Feb
338
1,042
1,409
2,193
1,042
1,177
328
1,044
1,220
2,062
1,105
1,054
16, 504
5,915
6,175
1,989
10, 549
9,174
30,102
10,642
9,561
16,458
5,652
5,994
1,997
10,531
9,163
29,391
11,143
9,261
15,708
4,670
6,146
2,432
10,555
9,188
24,961
11,755
11,982
22,936
3,176
2,973
12,932
16,995
21,757
3,265
22,937
6,875
3,818
12,818
18,093
23,474
4,881
27,962
6,014
22
16,086
15,918
30,478
3,688
539
12
21
21
304
921
829
134
1,030
12
23
16
288
906
879
125
1,045
13
25
10
291
980
813
131
530
877
11
23
33
322
842
795
160
2,890
515
13
23
635
1,471
1,969
637
2,842
519
15
24
630
1,451
1,947
635
2,679
513
19
35
636
1,531
1,716
637
2,718
25
30
40
615
1,376
1,412
640
36, 837 36,753
3
25
26, 781 23,857
49, 783 45, 502
188, 378 188,405
41, 238 ~1,237
176, 376 176,376
44,195 40,578
122,449 115, 825
36,723
16
23,658
60, 469
.89,028
28,014
.76, 677
42, 259
18,973
36,704
62
42,728
26,182
186,978
24,981
180,975
39,914
96, 746
42, 776
90, 746
41,601
89,654
21, 633 25,681
94, 858 81,611
60,093 84,168
85,204 101,981
91,381 89, 479
1,725
448
1,598
2,240
3,192
5,697
2,725
780
1,719
461
1,623
2,239
3,055
5,673
2,661
762
1,709
440
1,705
2,238
2,948
5,834
2,459
747
1,642
693
1,696
2,249
1,686
5,347
1,909
710
APRIL
333
FEDEKAL RESERVE BULLETIN
1938
BANK FOR INTERNATIONAL SETTLEMENTS
1
[In thousands of Swiss gold francs ]
1937
1938
1937
Liabilities
Assets
F e b . 28
Gold in bars
Cash on hand and on current account
with banks
Sight funds at interest
Rediscountable bills and acceptances
(at cost):
Commercial bills and bankers' acceptances.
Treasury bills._
...
J a n . 31
16,316
16,318
35,272
30,787
13,917
37, 604
13,346
39,245
26, 505
127,694
100, 663
127, 789
110,424
107,145
131, 574
228,357
238,213
238, 719
55, 665
38,414
26,095
853
34,418
107,366
30,011
86, 999
31,729
56,804
31,135
45, 775
24, 312
65,465
6,249
78, 780
26,963
55,121
Total..
Time funds at interestNot exceeding 3 months..
Between 3 and 6 months..
Sundry bills and investments:
Maturing within 3 months:
Treasury bills
Sundry investments
Between 3 and 6 months:
Treasury bills
Sundry investments
Over 6 months:
Treasury bills
Sundry investments
37,897
53,768
75,038
11,191
Total assets..
300, 776
298,453
259,791
978
53
996
55
1,351
646,850
Total..
Other assets:
Guaranty of central banks on bills
sold
Sundry items.
Feb. 28
649, 767
Central banks for account of others:
Demand
Other depositors:
Demand..
_
Time—Not exceeding 3 months.
Long-term deposits:
Annuity trust account
German Government deposit
French Government guaranty fund.
French Government deposit (Saar).
Total
Capital paid in
_
_
Reserves:
Legal reserve fund
_
Dividend reserve fund
General reserve fund
Other liabilities:
Guaranty on commercial bills sold,.
Sundry items
Total liabilities
9,441
9,435
23,518
39, 249
130,783
3,818
43,077
126, 063
7,812
110,222
173,850
176,952
135,120
3,170
3,572
3,082
1,243
4,509
1,049
284
154,334
77,16730,433
153,836
76,918
30,564
1,002
153,280
76, 640
43,285
1,419
262,931
262,320
274, 625
125,000
125,000
125,000
4,238
6,315
12,631
4,238
6,315
12,631
3,784
6,092
12,183
1,402
44,012
1,419
42, 729
1,362
42,369
646,850
Demand deposits (gold)
Short-term deposits (various currencies):
Central banks for own account:
Demand
_
Time—Not exceeding 3 months.
Time—Between 3 and 6 months
Total..
Jan. 31
2,704
F e b . 28
649,767
627,918
F e b . 28
627,918
i See BULLETIN for December 1936, p . 1025.
COMMERCIAL BANKS
[Figures are as of end of month, except those for United Kingdom, which are averages of weekly figures]
Assets
Money at
Cash
call and Bills disshort
counted
(Figures in millions of pounds sterling) reserves
notice
United K i n g d o m
Liabilities
Loans to
customers
Securities
Other
assets
:Deposits
Total
Demand 1
Time1
Other
liabilities
10 London clearing banks
1930—December
1931—December
1932—December
1933—December
1934—December
1935—December
1936—December
1937—December
_. _
208
184
207
213
216
221
236
236
144
119
127
119
151
159
187
155
322
246
408
311
255
322
316
295
285
297
472
565
594
605
630
605
11
1936—November _
December
1937—January
February
March
April.
May
—
August _
September
October
November..
December
1938—January
February
240
222
208
237
247
231
238
242
1,876
1,737
1,983
1,941
1,971
2,091
2,238
2,250
992
868
991
1,015
1,044
1,140
847
846
963
900
910
924
254
237
216
244
251
231
232
237
London clearing banks 2
233
244
. -
June _ -. _ July
933
905
778
740
759
784
864
954
_.
-
181
195
329
322
656
660
895
890
238
249
2,287
2,315
1,241
1,288
1,006
1,012
243
245
238
230
226
230
233
241
235
234
238
234
235
244
179
167
170
177
168
171
163
162
162
165
161
163
345
307
248
241
244
259
282
277
281
296
298
300
669
671
667
661
657
654
647
645
641
639
634
635
885
909
939
951
957
969
975
973
978
988
991
984
239
243
254
256
259
261
251
244
240
244
245
256
2,307
2,274
2,244
2,252
2,255
2,293
2,293
2,283
2,287
2,312
2,311
2,330
1,254
1,217
1,200
1,194
1,203
1,253
1,239
1,235
1,242
1,244
1,238
1,284
1,005
997
1,003
1,008
1,006
1,022
1,010
1,001
1,009
1,019
1,025
1,026
247
252
259
263
263
261
259
253
251
253
252
252
251
243
154
144
331
288
636
633
970
984
240
238
2,329
2,280
1,290
1,039
252
250
1
Excluding deposits of National Bank relating to offices outside United Kingdom, which are included in total. Figures for 10 banks not available beginning 1936.
2 District Bank included beginning in 1936.
NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pages 639-640.
334
FEDERAL RESERVE BULLETIN
A P R I L 1938
COMMERCIAL BANKS—Continued
[Figures as of end of month]
Assets
Franc©
(4 large banks.
Cash
reserves
Figures in millions of
francs)
1930—D ecember
1931—December.. ._
1932—December 1933—December
.
1934—December
1935—December . «_
1936—November
December
1937—January
February—
March
April _
May
June
July
._
August
September
October
November
December
__
._
_
_
- --
-
2,419
11,311
9,007
5,870
5,836
3,739
3,173
3,100
2,852
2,798
5,237
2,891
3,014
2,761
2,764
2,925
2,790
2,698
3,325
3,403
]Liabilities
Due from Bills disbanks
counted
4,675
2,168
1,766
1,416
1,421
2,484
2,835
2,975
3,589
3,770
3,59( 5
3,57!)
3,66(
3,93C\
4,176
4,258
4,551I
4,43' \
4,04()
4, IK>
Loans
Other
assets
10,743
9,274
7,850
8,309
8,159
8,025
7,625
7,631
7,949
8,056
8,357
8,116
7,996
8,514
8,276
8,008
8,723
8,172
7,834
7,624
20,448
18,441
22,014
19,848
18, 304
16,141
17,298
17,582
18, 289
17,825
16, 701
16,043
16, 479
15,869
16,954
16,842
16,802
19,079
18,046
18,249
Deposits
Total
2,361
2,130
1,749
1,827
1,717
1,900
1,824
1,957
1,340
1,397
1,448
1,481
1,446
1,595
1,602
1,689
1,832
1,952
2,011
2,134
Demand
36,681
38,245
37,759
32,635
30,943
27, 553
28,015
28,484
29,831
29,644
31,008
27,703
28,242
28,128
29,069
28,988
29,838
31, 277
30,142
30,348
35,284
37,023
36,491
31,773
30,039
26,859
27,467
27,955
29, 304
29,061
30,465
27,164
27, 682
27, 568
28,523
28,438
29, 288
30, 708
29, 539
29, 748
1930—November
_ __
1931—November
1932—November
_
1933—November
1934—November... __
1935—November
-- 1936—November
1937—January
February
March
April
May
June
July
.
August
September
October
November
1938—January
Due
from
banks
191
173
143
131
-
1,483
817
583
471
115
139
393
316
137
154
130
201
269
303
301
315
132
139
297
288
180
145
296
298
153
216
136
148
147
282
322
277
299
283
Bills dis- Loans
counted
2,453
1,431
1,631
1,702
2,037
2,162
2,567
2,895
2,966
2,908
3,204
3,171
3,091
3,099
2,995
2,860
3,041
3,205
2,942
7,416
5,377
4,570
3,731
3,331
2,884
2,729
2,679
2,673
2,732
2,666
2,637
2,636
2,676
2,701
2,754
2,667
2,628
2,594
Securities
Other
assets
482
807
938
860
880
1,127
991
1,003
874
983
983
1,027
1,112
1,020
1,022
1,014
949
1,039
1,037
981
1,083
1,070
1,050
1,020
1,083
257
205
135
103
106
103
83
114
119
119
124
121
117
116
114
114
100
82'
87
76
72
1,275
1,253
1,104
1,036
977
945
791
796
805
814
835
852
853
852
863
883
890
884
862
839
576
295
273
193
337
548
454
629
527
583
543
539
473
561
602
600
583
560
560
542
591
546
550
550
569
604
600
570
583
644
695
695
661
4 357
4,503
4,331
4,362
4,301
4,399
4,290
4,289
3,626
3,600
3,732
3,825
3 817
3,954
4.133
4,152
4,216
4,364
4,419
4,517
851
837
822
813
805
807
778
760
758
781
806
812
834
Total
9,091
6,062
6,161
5,754
5,816
5,376
5,751
5,973
6,029
6,135
6,213
6,246
6,204
6,164
6,175
6,172
6,141
6,264
6,081
Credits Other
obtained liabilifrom
Demand Time banks
ties
3,857
3,252
2,958
2,624
2,731
2,435
2,661
2,923
2,760
2,942
2,926
2,979
2,969
2,918
2,892
2,916
2,862
2,912
2,839
5,233
2,810
3,203
3,130
3,085
2,941
3,090
3,050
3,270
3,194
3,287
3,267
3,236
3,245
3,283
3,256
3,279
3,352
3,242
1,986
1,328
1,146
661
485
686
579
557
578
559
551
543
563
533
533
539
510
513
465
1,828
2,341
1,550
1,481
1,432
1,449
1,334
1,357
1,307
1,288
1 289
1,291
1,251
1,261
1 265
1,292
1,327
1,335
1,336
Liabilities
Security
Entirely in Canada
loans
Canada
abroad
and net Securi(10 chartered banks. Figures in milOther
ties
due
lions of Canadian dollars)
Security loans
from
Cash
reserves loans and dis- foreign
counts banks
207
201
211
197
228
228
240
247
239
242
246
240
238
231
241
238
252
273
255
921
Deposits
Assets
1930—December
1931—December „ . .
. . .
1932—December
1933—December
1934—December
1935—December
1936— December
1937 January
February ._ _
March _..__ .«
April
May . - ._ -_ June
_. _ - .
July
August.
_. __
September
October
- _
November
December
1938—January
.
1,397
1,222
1,268
862
904
694
Other
liabilities
Liabilities
Assets
Cash
(5 large Berlin banks. Figures in milreserves
lions of reichsmarks)
Own
acceptances
Time
171
146
155
134
155
141
161
173
214
161
141
139
128
139
119
110
114
121
102
96
604
694
778
861
967
1,155
1,384
1,412
1,422
1,427
1,440
1,438
1,442
1,431
1,446
1,446
1,411
1,391
1,411
1.434
Other
assets
602
510
439
432
449
485
507
468
483
516
511
491
520
472
483
507
496
486
510
480
"Motfl
circulation
133
129
115
121
124
111
103
103
108
105
106
103
107
107
105
103
106
101
96
92
Deposits payable in Canada excluding interbank
deposits
Total
2,115
2,058
1,916
1,920
2,035
2,180
2,303
2,330
2,369
2,370
2,383
2,372
2,379
2,322
2,345
2,371
2,333
2,351
2,335
2,314
Demand
689
698
538
563
628
694
755
782
805
786
799
799
809
750
767
797
749
781
752
723
Time
1,426
1,360
1,378
1,357
1,407
1,486
1,548
1,549
1,564
1,584
1,583
1,574
1,570
1,572
1,578
1,575
1,584
1,570
1,583
1,591
liabilities
816
752
760
725
718.
745
790
781
804
810
805
802
811
810
816
809
806
789
786
771
i Combined monthly balance sheets not published for December. Prior to merger of two of the banks in February 1932 figures refer to six large
Berlin banks. Beginning in 1935 figures are not entirely comparable with those shown for previous years due to changes in reporting practice.
(See BULLETIN for June 1935, p. 389).
NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pp. 641-646, and June 1935, pp. 388-390.
335
FEDERAL RESERVE BULLETIN
APRIL 1938
DISCOUNT RATES OF CENTRAL BANKS
Date effective
[Percent per annumj
Central bank o—
f
Central
GerUnited
Nether- Switzer- bank o—
f
Kingdom France many Italy lands
land
In effect Jan. 1, 1936
Jan. 2, 1936
Jan. 10
Jan. 16—
Feb. 4
Feb. 7__
Mar. 28
May 7
May 18
May 30
June 4
June 24
June 25
2
6
5
4
4
5
3H
4H
__ _
5
Albania
Argentina. __
Austria _
3K
4H
4
Jan. 28, 1937
4
6
5
4
S*
3
2
5
3
2lA
2
2H
Dec. 3
June 15 __
July 7
Aug. 4
Sept. 3
Nov. 13
In effect Mar. 26,1938
2
Date
effective
Central
bank o—
f
April 1, 1937 Japan
_
Mar. 1, 1936 Java
July 10, 1935 Latvia
3H
Belgium
May 16, 1935 Lithuania. __
2
Bolivia
6 July 5, 1932 Mexico
British India
Nov. 28, 1935 Netherlands
3
Bulgaria
Aug. 15, 1935 New Zea6
Canada
land
VA Mar. 11, 1935
Chile
3-4^ Dec. 16, 1936 Norway
Colombia.—
July 18, 1933 Peru
__
CzechosloPoland
vakia
Jan. 1, 1936 Portugal
3
Danzig
4 Jan. 2, 1937 Rumania
Denmark
Nov. 19, 1936 South Africa
4
Ecuador
Nov. 30, 1932 Spain
4
El SalvadorAug. 23, 1935 Sweden
4
Estonia
4M Oct. 1, 1935 SwitzerlandFinland
Dec. 3, 1934 Turkey
4
France
Nov. 13, 1937 United King3
Germany
dom
Sept. 22, 1932
4
Greece
6 Jan. 4, 1937 U. S. S. R . Hungary
Aug. 29, 1935 Yugoslavia. _
4
Italy4H May 18, 1936
4
June 26
June 30
July 7 .
July 10
Sept. 9
Sept. 25
Oct. 2 .
Oct. 9
Oct. 16
Oct. 20
Nov. 26
26
Rate
Mar.
26
Date
effective
2H
3
2H
3H
5
6
Rate
Mar.
2
6
3.29
3
5
r°
2
2
&A
6
4^
4-4^
4M
VA
5
2H
VA
2
4
5
Apr.
Jan.
Nov.
July
Mar.
Dec.
7, 1936
14, 1937
1, 1936
1, 1936
1, 1937
3, 1936
June
Jan.
May
Dec.
Aug.
Dec.
May
July
Dec.
Nov.
Mar.
29, 1936
5, 1938
20, 1932
18, 1937
11, 1937
15, 1934
15, 1933
15, 1935
1, 1933
26, 1936
2, 1933
June 30, 1932
July 1, 1936
Feb. 1, 1935
Changes since Feb 28: None.
3H
3
3
2
4
MONEY RATES IN FOREIGN COUNTRIES
[Percent per annum]
Month
Netherlands (Amsterdam)
Private Money for
Money for Day-to-day discount
1 month
money
1 month
rate
Germany (Berlin)
United Kingdom (London)
Bankers'
Bankers' Treasury
acceptances bills, 3 Day-to-day allowance
money on deposits
3 months
months
Private
discount
rate
1937—February—
March
April
May
_
June
July
_.
August
September
October
November.
December.
.55
.55
.55
.55
.68
.56
.55
.55
.55
.59
.75
.53
.51
.53
.51
.68
.53
.52
.50
.53
58
.75
.75
.75
.75
.75
.79
.79
.75
.75
.75
.75
.75
3.00
3.00
2.90
2.88
2.88
2.88
2.88
2.88
2.88
2.88
2.88
2.86
2.86
2.71
2.63
2.63
2.65
2.69
2.73
2.91
2.81
2.84
2.47
3.10
2.55
2.69
2.78
2.64
2.85
3.07
2.81
2.65
2.96
.38
.38
.31
.25
.19
.19
.20
.21
.25
.25
1.00
1.00
1.00
1.00
1.00
.92
.53
.50
.50
.50
.50
1938—January—_
February. _
.54
.53
.51
.50
.75
.75
2.88
2.88
2.88
2.88
2.98
2.73
.25
.25
.50
.50
Switzerland
Private
discount
rate
Belgium
(Brussels)
Private
discount
rate
1.25
1.18
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.39
1.78
1.72
2.22
4.01
4.06
4.00
3.93
5.02
5.20
4.11
3.54
3.62
3.26
3.00
4.50
4.50
4.50
4.50
4.50
5.00
5.00
5.00
5.00
5.00
5.00
5.00
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
2.63
2.67
2.83
2.86
2.69
2.80
2.70
2.85
2.46
2.65
2.63
2.59
1.00
1.57
3.00
5.00
4.75
2.38
Month
1937—January—
February..
March
April
May
June
July
August
September
October
November.
December.
1938—January...
France
(Paris)
Private
discount
rate
Italy
(Milan)
Private
discount
rate
Hungary
Sweden
(Stockholm)
Japan (Tokyo)
Loans up Discounted
Prime
Call
commer- Day-to-day
to 3
money
money
bills
cial paper
months
overnight
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, and
May 1930, p. 318.
336
FEDERAL RESERVE BULLETIN
APRIL 1938
FOREIGN EXCHANGE RATES
[Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency]
Year or month
Argentina
(peso)
AusAustria
tralia
(schil(pound;
ling)
Brazil (milreis)
Belgium
(belga)
Official
1929.
1930.
1931.
1932.
1933.
1934.
1935.
1936.
1937.
95.127
83. 505
66.738
58. 443
72.801
33. 579
32. 659
33.137
32.959
458. 60
351. 50
279.93
337.07
400.95
388.86
395. 94
393.94
14.058
14.089
14.023
13. 960
15.448
18. 793
18. 831
18. 792
18. 770
13.912 11.8078
13. 952 10. 7136
13.929
7.0290
13. 914 7.1223
17.900
7.9630
23. 287 8. 4268
18. 424 8. 2947
16. 917 8. 5681
16.876
8. 7190
1937—February
March
April
May
June
July
August
SeptemberOctober
November..
December..
1938—January
February. _
_
32.627
32. 570
32. 774
32.928
32. 898
33.107
33. 206
33.020
33.032
33. 309
33. 312
33. 334
33.451
389.93
389. 26
391. 78
393. 70
393. 25
395.70
396. 92
394.68
394. 80
398.16
398.10
398. 35
399. 81
18.677
18. 677
18.687
18. 719
18. 714
18. 775
18. 851
18.845
18. 823
18. 900
18. 892
18. 893
18.939
16. 861
16. 847
16. 860
16. 868
16.866
16. 835
16. 838
16. 838
16. 859
17.009
16. 985
16. 926
16.975
Year or month
8. 7053
8. 7021
8. 7105
8. 7192
8. 7179
8. 7266
8. 7314
8. 7216
8. 7232
8. 7635
Canada
(dollar)
Official
5. 8788
6.1806
36. 202
36.067
33. 690
26. 347
31. 816
37. 879
36.964
37. 523
37.326
6.1076
6.1069
6. 2538
6. 4164
6. 5543
6. 6335
6. 5449
6. 3997
5. 8322
5. 7266
5. 4492
5. 5803
5. 8303
36.973
36.888
37.120
37. 280
37. 245
37. 483
37. 601
37. 390
37.410
37. 711
37. 711
37. 747
37. 890
1. 2903
1. 2884
1. 2875
1. 2839
1. 2830
1. 2825
1. 2845
1. 2855
1. 2854
1. 2844
1. 2732
1. 2616
1. 2575
99.964
100.051
100.120
100.149
99. 944
99.858
99.982
99. 982
100.017
100.073
99. 948
99. 983
100. 023
99.965
99.952
99.930
99.941
99. 946
99.936
99.920
99.909
99.916
2.9609
2. 9640
2.9619
2.9618
3. 8232
4. 2424
4.1642
.4.0078
3. 4930
26. 680
26. 765
25.058
18. 832
19.071
22. 500
21. 883
22.189
22.069
498. 07
498. 60
465.11
359. 54
434.39
516.85
502. 60
509.68
506. 92
2. 5160
2. 5169
2. 3875
1. 5547
1. 8708
2. 2277
2.1627
2.1903
2.1811
5.1731
5.1726
5.1725
5.1725
5.1738
5.1767
5.1571
5.1579
5.1694
5.1680
5.1697
5.1680
5.1680
1937—February. _.
March
April
May
June.
_July.
August
September. _
October
November. _
December..
1938—January
February. _
_
99.917
99.917
99.918
99. 917
99. 919
99. 916
99.917
99. 905
99. 915
99. 917
99. 916
99. 917
99. 916
3. 4879
3.4862
3.4853
3. 4841
3.4854
3. 4875
3.4936
3. 4999
3. 5146
3. 5130
3. 5104
3. 5149
21. 847
21. 807
21.945
22.051
22. 031
22.173
22. 236
22.109
22.119
22. 301
22. 302
22. 317
22.399
501.78
500. 87
504.07
506. 49
506.05
509. 30
510. 83
507. 83
508. 05
512. 25
512. 29
512. 64
514. 50
2.1579
2.1531
2.1656
2.1784
2.1792
2.1918
2.1964
2.1888
2.1886
2. 2061
2. 2068
2.2085
2. 2155
23. 809 1. 2934 47.167 17. 441
23.854 1. 2959 33. 853 17. 494
23. 630 1. 2926 24. 331 17. 452
23. 749 .8320 23. 460 17.446
30. 518 .7233 29. 452 22.360
39. 375 .9402 38. 716 29.575
40. 258 .9386 48. 217 29.602
6.1141 40. 297
.9289 31.711 29. 558
4.0460 40. 204
.9055 30.694 19. 779
3. 9161
3.9249
3. 9200
3. 9276
5.0313
6. 5688
6. 6013
4. 6555
4. 5945
4. 4963
4. 4768
4.4399
3. 8048
3. 7501
3.5193
3. 3491
3.3946
3. 3948
3. 3352
3. 2814
40. 226
40.215
40. 206
40.171
40.071
40.196
40. 213
40.121
40.157
40. 364
40. 296
40. 281
40. 424
.8965
.8951
.9003
.9052
. 9043
.9088
.9116
.9074
.9076
.9152
.9157
.9162
.9190
30. 403
30. 355
30. 509
30. 600
30. 349
30. 343
30.993
30.959
30. 975
31.124
31.186
31. 231
31.339
19. 782
19.779
19. 785
19. 781
19. 771
19. 770
19. 764
19. 745
19. 741
19. 819
19. 836
19. 826
19. 841
China
(yuan)
Colombia
(peso)
4.0000
41.901
29. 917
22.437
21. 736
28. 598
34. 094
36. 571
29. 751
29. 606
96. 551
96.493
96. 570
95.275
81. 697
61.780
56. 011
57.083
56. 726
4.0000
4.0000
4.0000
4. 0000
29.600
29. 664
29. 714
29. 798
29. 653
29.494
29. 650
29. 660
29. 463
29. 444
29.468
29. 489
29. 602
57. 234
57.008
56. 956
56.967
57.006
56.992
56. 997
56.993
56.999
55. 958
54.244
55. 459
55.066
Export
.7216
99. 247 12.0601
.7209
99. 842 12.0785
.7163
96. 353 12.0669
.7193
7.9079
88.090
1.0039
91. 959 7. 6787
1. 2852 101.006 10.1452
1. 2951 99. 493 5.0833
1. 2958 99. 913 5.1240
I. 2846 100.004
5.1697
GerDenHong
Cuba Czecho- mark Egypt Finland France many Greece Kong Hunslovakia
(mar(drachgary
(peso) ;koruna) ^krone) (pound) kka)
(franc) (reichs- ma)
(dollar) [pengo)
mark)
1929.
1930.
1931.
1932.
1933.
1934.
1935.
1936.
1937.
Year or month
Free
market
Chile (peso)
Bulgaria
(lev)
British
India
(rupee)
Italy Japan Mexico Netherlands
(lira) (yen)
(peso) (florin)
5. 2334
5. 2374
5. 2063
5.1253
6. 7094
8.5617
8. 2471
7. 2916
5.2607
46.100
49. 390
48. 851
28. Ill
25. 646
29. 715
28. 707
29. 002
28. 791
48.183
47.133
35.492
31. 850
28.103
27. 742
27. 778
27. 760
27. 750
40.162
40. 225
40. 230
40. 295
51. 721
67. 383
67. 715
64. 481
55.045
5. 2608
5. 2608
5. 2607
5. 2606
5. 2607
5. 2600
5. 2603
5. 2603
5. 2604
5. 2623
5.2606
5.2608
5. 2607
28. 529
28.494
28. 635
28. 780
28. 711
28.882
29.027
28. 867
28.853
29.095
29. 081
29.052
29.035
27. 750
27. 750
27. 751
27. 750
27. 751
27. 751
27. 751
27. 750
27. 750
27. 750
27. 750
27.750
27. 750
54. 686
54. 702
54. 757
54.936*
54. 976
55. 091
55.151
55.150
55. 284
55. 452'
55.602
55. 711
55. 95&
New
Portu- Ruma- South Spain Straits Swe- Switz- Turkey United Uru- YugoKing- guay slavia
Settle- den erland
Zealand Norw ay Poland
nia
gal
Africa
dom
(pound) (krone) (zloty) (escudo) (leu)
pound) peseta) ments krona) (franc) (pound) pound) (peso) (dinar)
dollar)
1929-.
19301931..
193219331934..
193519361937.
483. 21
468.22
415. 29
320.19
340.00
402. 46
391. 26
398. 92
396.91
26. 683
26. 760
25.055
18.004
21. 429
25. 316
24. 627
24. 974
24.840
11.194
11. 205
11.197
11.182
14. 414
18. 846
18. 882
18.875
18.923
4.4714
4.4940
4. 2435
3.1960
3. 9165
4.6089
4. 4575
4. 5130
4. 4792
.5961
.5953
.5946
.5968
.7795
1.0006
.9277
.7382
.7294
483. 27
483. 79
480. 76
476. 56
414.98
498. 29
484. 66
491. 65
489. 62
14. 683
11. 667
9.545
8.044
10. 719
13. 615
13. 678
12. 314
6.053
1937—February...
March
April
May
June...
July...
August
SeptemberOctober
November..
December...
1938—January
February...
392.92
392. 32
394. 76
396. 61
396. 21
398. 74
400.10
397. 58
397.72
401. 08
401.06
401.36
402. 87
24.589
24. 544
24. 699
24. 819
24.797
24.957
25.030
24. 884
24. 895
25.100
25.103
25.120
25. 212
18.929
18.939
18.959
18.934
18. 928
18.915
18. 902
18.891
18. 890
18. 923
18.943
18.974
18.974
4.4457
4. 4411
4.4599
4. 4723
4. 4689
4. 4958
4. 5053
4.4864
4.4870
4. 5165
4. 5227
4. 5260
4. 5350
.7275
.7284
.7286
.7290
.7279
.7286
.7270
.7313
.7307
.7314
.7353
.7356
.7372
484.24
483. 81
486.89
489.17
488. 68
491.95
493. 61
490.66
490.89
494.98
495.04
495. 35
497.06
6.736
6.149
5.711
5.348
5.215
5.062
6.273
6.477
6.267
6.276
6.184
6.137
6.085
56. 012
55. 964
52. 445
40.397
49. 232
59.005
57.173
58. 258
57.973
26. 784
26.854
25. 254
18. 471
22.032
25. 982
25.271
25. 626
25.487
19. 279
19. 382
19.401
19. 405
24. 836
32. 366
32. 497
30.189
22.938
48. 411
47.061
47.181
47. 285
60. 440
79.047
80.312
80. 357
80.130
485. 69
486. 21
453. 50
350. 61
423. 68
503. 93
490.18
497. 09
494.40
98. 629
85. 865
55. 357
47.064
60. 336
79.956
80.251
79. 874
79.072
1. 7591
1.7681
1. 7680
1.6411
1. 7607
2. 2719'
2. 2837
2.2965
2.3060
57.404
57.312
57. 640
57.929
57.836
58. 240
58. 414
58.076
58.107
58. 572
58. 594
58. 631
58. 759
25. 232
25.186
25.339
25. 465
25. 444
25. 607
25. 683
25. 533
25. 546
25. 754
25. 750
25. 770
25.861
22.829
22.792
22. 824
22. 870
22. 879
22. 920
22. 963
22. 965
23.021
23.149
23.122
23.125
23. 231
79.700
79.953
80. 246
80.134
79. 897
80. 537
80.393
79. 665
79.824
80.492
80. 657
80.684
80. 800
489. 39
488. 51
491. 63
493.99
493. 55
496. 72
498. 22
495. 30
495. 51
499. 61
499. 64
499.98
501. 80
78. 856
78. 753
78. 626
78. 659
79.143
79.373
79. 250
79.118
79.052
79.140
79. 936
66.458
66. 021
2.3059*
2. 3057
2. 30562.3060
2. 3056
2.3072
2. 3051
2. 3019
2. 3025
2. 3096
2.3143
2.3276*
2.3398-
C
c
Corrected.
NOTE.—For information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the basis ofA
"
quotation, see note in BULLETIN for March 1938, p. 244.
337
FEDERAL RESERVE BULLETIN
APRIL 1938
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
France Germany
Canada Kingdom
Italy
(1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100)
United
States
Year or month
100
95
97
95
86
73
65
66
75
80
81
1937—January
February
March.
April
May.
June
July
August
September
October
November
December
__
1938—January
February
_
695
134
98
96
96
87
72
67
67
72
72
75
138
140
137
125
111
97
93
98
102
104
P85
109
642
645
627
554
502
427
398
376
338
411
P581
106
100
95
85
75
70
63
62
68
76
89
86
86
88
88
87
87
88
88
87
85
83
82
81
80
.__
100
86
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
Netherlands
Japan
(October
1900=100)
81
83
86
86
85
85
88
86
85
85
83
83
103
104
107
109
111
111
112
111
111
111
109
108
538
533
550
552
550
557
582
603
630
628
621
631
105
106
106
106
106
106
106
107
106
106
106
106
82
83
85
86
88
90
90
91
92
93
95
96
84
84
108
106
637
106
P106
95
245
258
c
Preliminary.
100
88
86
86
88
89
94
Switzerland
(1926-30=
100)
(July 1914
=100)
237
106
144
225
226
220
181
153
161
180
178
186
197
103
102
100
90
76
65
63
63
62
64
142
145
141
126
110
96
91
90
90
96
238
76
111
233
230
240
248
241
238
239
235
239
237
238
'241
73
74
76
77
77
76
78
78
77
77
76
76
108
111
113
113
113
112
112
111
111
111
110
110
75
74
110
Corrected.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United S t a t e s (1926=100)
Year or month
Farm
products
1926.—
1927 .
1928
1929__ 1930
1931
1932. .
1933
1934
1935. .
1936
1937_._
.._
_._
. . .
..
—
1937—January
February
March...
April
May
June
July
August
September
October
November
December
1938—January.
Februarv
Foods
Other
commodities
100
99
106
105
88
65
48
51
65
79
81
86
100
97
101
100
91
75
61
61
71
84
82
86
100
94
93
92
85
75
70
71
78
78
80
85
91
91
83
84
73
87
87
88
86
84
85
86
87
88
86
83
80
72
70
76
74
94
92
90
89
89
86
86
80
76
United Kingdom France (1913=100)
Germany (1913=100)
(1930=100)
Foods
IndusFarm
Indus- Agricultrial
and food
trial
tural
products products products products
100
100
87
85
87
90
90
96
112
581
599
584
579
526
542
482
420
393
327
426
P562
89
88
83
85
87
92
102
Provisions
793
678
697
669
579
464
380
380
361
348
397
P598
129
138
134
130
113
104
91
87
96
102
105
105
132
129
133
125
113
96
86
75
76
84
86
96
543
548
103
103
93
94
104
104
95
95
99
99
105
107
532
516
86
87
101
102
111
113
528
522
86
86
102
102
115
115
520
532
576
579
104
105
86
103
116
610
106
86
86
85
84
103
104
105
105
116
115
113
110
549
572
612
607
613
629
645
646
628
84
104
109
636
626
106
105
105
105
105
84
83
105
103
109
107
634
638
570
577
105
P105
98
98
98
98
97
97
96
94
96
P90
Industrial raw Indusand semi- trial finfinished
ished
products products
130
132
134
132
120
103
89
88
91
92
94
96
150
147
159
157
150
136
118
113
116
119
121
125
97
97
97
97
97
96
96
96
95
94
94
123
123
98
124
124
125
125
126
126
126
126
94
126
P94
P126
p Preliminary.
Sources.—See BULLETIN for March 1931, p . 159, March 1935, p . 180, October 1935, p. 678, March 1937, p . 276, and April 1937, p . 372.
124
124
338
FEDERAL RESERVE BULLETIN
APRIL
1938
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
Year or
month
COST OF LIVING
[Index numbers]
[Index numbers]
Ger- Nether- SwitzUnited E n g erStates land F r a n c e m a n y lands
July
land
July 1914=100 191319231911July
1914=100 1913=100 1914=100
1925=100 1914=100
1926
1927
1928
1929
1930
1931
1932
1933._
1934
1935.__
1936
1937
1937—January. _
February
M a r c h ___
April
May
June
July _ .August
September
October
November
December
1938—January. _
February.
109
105
103
105
100
82
68
66
74
80
82
85
161
156
157
154
145
131
126
120
122
125
130
139
85
85
85
86
87
86
86
86
86
85
84
83
136
135
135
135
136
136
140
140
140
143
146
146
80
78
145
142
554
557
549
611
614
611
536
491
146
153
161
United E n g - F r a n c e G e r - Nether- S w i t z erm a n y lands
land
Jan.States
land
June
191319111923July
July
1925=100 1914=100 1914=100 1914=100 1913=100 1914=100
Year or
month
103
101
100
100
97
89
80
76
79
81
82
84
P600
153
156
146
131
116
113
118
120
122
122
163
166
162
150
136
119
120
124
118
120
127
160
158
157
156
152
141
125
117
115
114
120
129
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
562
577
577
580
584
576
580
594
627
644
645
659
121
122
122
122
122
123
125
124
122
121
121
121
124
122
123
125
126
129
130
130
129
130
131
130
126
129
129
129
129
131
131
130
130
130
130
130
1937-January
February
March
April
130
1938-January, _
February.
481
423
470
C
688
121
122
84
May _
June
July
August
September
October
November
December
85
85
85
170
164
166
164
158
148
144
140
141
143
147
154
505
514
519
556
581
569
526
520
142
148
152
154
148
136
121
118
121
123
125
125
507
P619
151
151
151
151
152
152
155
155
155
158
160
160
581
606
630
658
159
157
162
160
161
161
158
150
138
131
129
128
130
137
125
125
125
125
125
125
126
126
125
125
125
125
516
483
168
168
169
168
161
151
141
139
140
136
1132
137
134
134
134
136
136
138
139
139
139
140
140
139
133
136
136
137
136
137
137
137
137
138
138
138
125
125
138
1
c
p Preliminary
Corrected
i Revised index as from March 1936 (see BULLETIN for April 1937, p . 373).
Sources.—See BULLETIN for April 1937, p . 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks
Bonds
Year or month
United
States
(average
price)i
Number of issues. _
(1926=100)
Germany
England
(average
(December France
(1913=100)
price)
1921=100)
139
87
36
1926
1927
1928
1929
1930 _
1931
1932
1933
1934.
1935
1936
1937
97.6
100 7
100.8
98 0
99.3
90.9
69.5
73.4
84.5
88.6
97.5
93.4
110.0
110.7
112.3
110.2
111.8
108.4
113.2
119.7
127.5
129.9
131.2
124.6
57.4
71.7
80.8
85.1
95.8
96.9
88.6
81.3
82.1
83.5
76.3
P75. 1
85.5
81.4
83.3
»83.4
»67.1
82.5
90.7
95.3
95.8
98.7
1937—January
February
March
April
May
June
July
August.
SeptemberOctober
NovemberDecember ___
100.3
100.0
98.5
96.6
96.2
95.0
95.3
94.8
91.3
86.4
83.3
82.7
129.7
125.5
124.3
125.3
125.0
123.9
123.3
123.2
122.8
123.6
124.1
123.9
77.5
75.1
74.6
72.6
72.3
74.6
75.0
77.2
74.8
75.6
76.4
75.5
96.7
97.4
97.7
98.5
98.8
98.9
99.0
99.4
99.3
99.4
99.6
99.7
80.6
79.3
124.7
125.1
75.1
99.8
99.9
60
1938—January
February
Netherlands'
United
States
England
France
Germany
Netherlands
(1930=100)
420
278
300
329
100.0
107.0
115.9
119.5
102.6
78.9
67.9
78.6
85.7
86.3
97.0
96.3
100.0
123.2
178.1
217.6
187.6
132.2
105.2
99.6
83.3
79.7
77.2
< 101.8
100.0
118.3
149.9
190.3
149.8
94.7
48.6
63.0
72.4
78.3
111.1
111.7
»>97.4
100.0
145.0
136.1
122.8
100.2
»78.0
3 50.3
61.7
71.1
82.9
91.6
102. 6
< 100.9
100.3
98.8
100.0
100.3
101.5
102.4
103.7
103.7
102.4
104.3
105.0
126.4
129.5
129.9
124.5
116.3
113.6
117.8
120.5
106.4
91.4
82.9
81.2
104.2
103.8
102.7
101.0
99.3
97.0
96.8
96.8
92.7
88.2
85.8
86.8
114.6
113.3
112.0
96.6
94.8
94.0
90.6
93.6
90.1
91.8
90.1
87.6
97.8
99.2
100.3
101.5
102.6
103.5
105.1
106.1
105.3
103.9
102.7
102.1
100.9
108.5
113.1
109.6
82.7
80.7
86.5
83.8
85.0
104.4
104.2
98.3
8
100.0
104.3
104.1
94.8
105.3
113.4
107.8
109.1
100
166.
70.
46.
52.
55.
55.
66.
104.
105. a
102.9
107.2
114.7
108.1
94.8
92.0
93.7
p Preliminary.
1
Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co.
J
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 JanuaryJune; index for 1932 represents average of months May-December.
»Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 percent. For new index
beginning January 1937, January-March 1937=100; average yield in base period was 3.39 percent.
* New index. See note 3
Sources.—See BULLETIN for February 1932, p. 121, June 1935, p. 394, April 1937, p . 373, July 1937, p . 698, and November 1937, p . 1172.
FEDERAL RESERVE DIRECTORY
339
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLBS, Chairman
RONALD RANSOM, Vice Chairman
M. S. SZYMCZAK
JOHN K. MCKEB
CHESTER C. DAVIS
ERNEST G. DRAPER
CHARLES S. HAMLIN, Special Counsel
LAWRENCE CLAYTON, Assistant to the Chairman
ELLIOTT THURSTON, Special Assistant to the Chairman
CHESTER MORRILL, Secretary
LISTON P. BETHEA, Assistant Secretary
S. R. CARPENTER, Assistant Secretary
J. C. NOELL, Assistant Secretary
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
GEORGE B. VEST, Assistant General Counsel
B. MAGRUDER WINGFIELD, Assistant General Counsel
LEO H. PAULGER, Chief, Division of Examinations
R. F. LEONARD, Assistant Chief, Division of Examinations
C. E. CAGLE, Assistant Chief, Division of Examinations
E. A. GOLDENWEISER, Director, Division of Research and Statistics
WOODLIEP THOMAS, Assistant Director, Division of Research and Statistics
LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics
EDWARD L. SMEAD, Chief, Division of Bank Operations
J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations
J. E. HORBETT, Assistant Chief, Division of Bank Operations
CARL E. PARRY, Chief, Division of Security Loans
PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
FEDERAL OPEN MARKET COMMITTEE
FEDERAL ADVISORY COUNCIL
MARRINER S. ECCLES, Chairman
District No. 1 (BOSTON)
THOMAS M. STEELE
GEORGE L. HARRISON, Vice Chairman
District No. 2 (NEW YORK)
W. W. ALDRICH
CHESTER C. DAVIS
ERNEST G. DRAPER
JOHN K. M C K E E
OSCAR NEWTON
J. N. PEYTON
District No. 3 (PHILADELPHIA)
HOWARD A. LOEB,
Vice-President
District No. 4 (CLEVELAND)
L. B. WILLIAMS
JOHN S. SINCLAIR
M. S. SZYMCZAK
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
E. A. GOLDENWEISER, Economist
JOHN H. WILLIAMS, Associate Economist
W. RANDOLPH BURGESS, Manager of System Open
Market Account
340
District No. 5 (RICHMOND)
ROBERT M. HANES
District No. 6 (ATLANTA)
District No. 7 (CHICAGO)
District No. 8 (ST. LOUIS)
EDWARD BALL
EDWARD E. BROWN
WALTER W. SMITH
District No. 9 (MINNEAPOLIS)
RONALD RANSOM
G. J. SCHALLER
JOHN CROSBY
President
District No. 10 (KANSAS CITY)
District No. 11 (DALLAS)
R. E. HARDING
District No. 12 (SAN FRANCISCO) . . . PAUL S. DICK
WALTER LICHTENSTEIN, Secretary
SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank o—
f
Chairman and Federal
Reserve Agent
First Vice President
President
Vice Presidents
Boston
F. H. Curtiss
R. A. Young
W. W. Paddock
W. Willett 2
New York
Owen D. Young
G. L. Harrison.
Allan Sproul
W. R. Burgess
W. S. Logan
J. H. Williams
R. M. Gidney
L. W. Knoke
C. H. Coe
Philadelphia
R L Austin
J S Sinclair
F J Drinnen
C A Mcllhenny 3
W. J. Davis
E. C. Hill
Cleveland
E. S. Burke, Jr
M. J. Fleming
F. J. Zurlinden
W. H. Fletcher
G. H. Wagner
W. F. Taylor *
Richmond
Robert Lassiter
Hugh Leach
J. S. Walden, Jr
J. G. Fry
G. H. Keesee«
Oscar Newton
R. S. Parker
H. F. Conniff
W. S. McLarin, Jr.»
Atlanta
. . . F. H. Neely
Chicago
R. E. Wood*
G. J. Schaller
H. P. Preston
W. H. Snyder 3
C. S. Young
J. H. Dillard
St Louis
W T Nardin
W McC Martin
F G Hitt
0 M Attebery
J. S. Wood
C M . Stewart»
Minneapolis
W. B. Geery
J. N. Peyton
0. S. Powell
H. I. Ziemer 3
E. W. Swanson
Kansas City
J. J. Thomas
G. H. Hamilton
C. A. Worthington_.._ H. G. Leedy
J. W. Helm 3
Dallas
J. H. Merritt
B. A. McKinney
R.R.Gilbert
San Francisco
A. 0. Stewart
W. A. Day
Ira Clerk
R. B. Coleman
W. J. Evans
S. G. Sargent
W
T T TTalft
V
C. E. Earhart »
1
Deputy chairman.
* Cashier.
8
Also cashier.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank o—
f
Managing director*
New York:
Buffalo branch
R. M. O'Hara
Cleveland:
Cincinnati branch
B. J. Lazar
Pittsburgh branch
P. A. Brown
Richmond:
Baltimore branch
W. R. Milford
Charlotte branch
W. T. Clements
Atlanta:
Birmingham branch
_ P. L. T. Beavers
Jacksonville branch. _
G. S. Vardeman, Jr.
Nashville branch
J. B. Fort, Jr.
New Orleans branch
L. M. Clark
Chicago:
R. H. Buss
Detroit branch
St. Louis:
A. F. Bailey
Little Rock branch—
F. D. Rash
Louisville branch
W. H. Glasgow
Memphis branch
Federal Reserve Bank o—
f
Minneapolis:
Helena branch
Kansas City:
Denver branch
Oklahoma City branch
Omaha branch
Dallas:
El Paso branch.__
Houston branch
San Antonio branch
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch
Seattle branch
Spokane branch
Managing director
_ R. E. Towle
J. E. Olson
C. E. Daniel
L. H. Earhart
J. L. Hermann
W. D. Gentry
M. Crump
W. N. Ambrose
R. B. West
W. L. Partner
C. R. Shaw
D. L. Davis
SUBSCRIPTION PRICE OF BULLETIN
The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member
banks of the Federal Reserve System and is the only official organ or periodical publication of
the Board. The BULLETIN will be sent to all member banks without charge. To others the
subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold
at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60;
single copies, 25 cents.
341
FEDERAL RESERVE DISTRICTS
«••••
—• . I
®
•
O
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
FEDERAL RESERVE BANK AGENCY
LOUISVILLE. LITTLE ROCK, AND MEMPHIS BRANCHES S E V CERTAIN DESIGNATED
WRE
CITIES RATHER THAN ZONES DETERMINED BY STATE OR COUNTY LINES
SPOKANE BRANCH SERVES CITY OF SPOKANE ONLY
@FedFRASER