Full text of Federal Reserve Bulletin : April 1939
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FEDERAL RESERVE BULLETIN APRIL 1939 °$ Recent Banking and Credit Developments Statement on Proposals to Maintain Prices Annual Reports of Foreign Central Banks— France, Belgium ********** BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM CONSTITUTION AVENUE AT 20TH STREET WASHINGTON TABLE OF CONTENTS Review of the month—Recent banking and credit developments National summary of business conditions Summary of financial and business statistics Law Department Ruling of the Board: Extension of time by committee of exchange after original period has expired Continuation of the^Reconstruction Finance Corporation and rel ated agencies Proposals to maintain prices at fixed levels through monetary action Analysis of member bank assets by classes of banks Condition of all member banks on December 31, 1938 (from Member Bank Call Report No. 78) Behavior of deposits prior to suspension in a selected group of banks—analysis by type of deposit holder British currency and bank notes act, 1939 Annual Report of the Bank of France Annual Report of the National Bank of Belgium Statistics of international capital transactions, United States j 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 Money 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 Chart book series on bank credit, money rates, and business International financial statistics: Gold reserves of central banks and governments Gold production Gold movements Central banks Bank for International Settlements Money rates Discount rates of central banks Commercial banks 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 243-248 249-250 252 253 253 253-254 255-259 259-262 263-264 265-270 271 272-278 279-283 284-296 298 299-303 304 305 306 307 308-309 310-313 314 315 316 317 318-319 320-321 322-330 331 332-333 336 337 337-338 339-342 343 343 344 „ 344-345 346 347 348 348 350 351 FEDERAL RESERVE BULLETIN VOL. 25 APRIL, 1939 No. 4 ing, resulted in a lengthening of the average Investment holdings of member banks have maturity of the public debt, as have other been increasing since last summer and are Treasury debt operations during recent years. now almost as large as they Changes in the structure of the United States Recent banking were late in 1936 and early Government debt were discussed in the Jandevelopments *n '1937. Bank deposits and uary BULLETIN. reserves, both of which in- Treasury receipts from income taxes and creased to new high levels late in 1938 and other sources around the middle of the month again in January of this year, have shown no exceeded its expenditures, including interest further growth during recent weeks. Gold payments due at that time, and consequently imports have continued in large volume, but the Treasury's balance at the Federal Retheir effect in increasing bank reserves and serve banks was somewhat increased. In deposits has been largely offset by substan- February there had been an addition to this tial increases in Treasury balances at the balance from sales of guaranteed obligations Federal Reserve banks. These balances were in the form of notes of two of the Governincreased in December and again in Feb- ment agencies. The Treasury's balance with the Reserve banks on March 22 was about ruary by proceeds from sales of direct and $1,200,000,000. In addition the Treasury has guaranteed obligations of the United States about $600,000,000 of unpledged gold in its Government, and were also increased in the working balance and $900,000,000 of deposits third week of March by income tax receipts. at commercial banks. These three items conTreasury financing in March took the form stitute the Treasury's cash balance, and as of offering additional amounts of three out- the Treasury makes disbursements out of its standing Treasury issues, holdings in vault and with the Federal Rereasury nancmg ^ exchange for Treasury serve banks to meet the expected current exnotes maturing June 15, 1939. Holders of the cess of expenditures over receipts, bank dematuring notes were offered the choice of ex- posits and reserves will increase. changing them for the 1% per cent notes Following the announcement by the Treasmaturing December 15, 1943, with a premium ury on February 27 that no new cash would of one point, the 2i/2 per cent Treasury bonds be raised in the March of 1950-1952 with a premium of 2!/2 points, or Security markets finandng> t h e r e w a g a CQn. the 2% per cent Treasury bonds of 1960-1965 siderable rise in Government security prices. with a 2%-point premium. The maturing From February 27 to March 10 the average notes totaled $1,290,000,000 and all but about yield on long-term Treasury bonds declined $30,000,000 were exchanged for the issues from 2.42 per cent to a new record low level offered by the Treasury. The exchanges con- of 2.32 per cent. This compares with an sisted of $890,000,000 of the longer bonds, average of 2.52 per cent early in December. $320,000,000 of the 2i/2 per cent bonds, and The longer-term Treasury notes showed a $50,000,000 of the notes. These operations, similar change, with the yield on the Decemby increasing the amount of Treasury bonds ber 1943 issue declining from 0.85 per cent and reducing the volume of notes outstand- on February 27 to 0.70 per cent on March 10. REVIEW OF THE MONTH 243 244 FEDERAL RESERVE BULLETIN APRIL 1939 Treasury bills have been selling on practi- holdings at New York City banks, as shown cally a no-yield basis for the past three by the chart, and increases at Chicago banks, representing principally shifts in Treasury months. Prices of the highest-grade bonds of utility bill holdings between these two groups of and industrial corporations rose to new high banks. During the five weeks ending March levels in the first half of March and those of 22 reporting member banks in New York lower-grade corporate bonds advanced to the City increased their holdings of direct oblihighest prices since early in 1937. With the gations by $190,000,000; their bond holdings development of international difficulties in increased by $425,000,000, while holdings of Europe around the middle of March, there notes and bills declined by $235,000,000. It were sharp declines in stock prices, but the appears that about $100,000,000 of these decline in bond prices was not as large as the changes represented conversions of notes into bonds at the March financing. New York City advance in recent weeks. The principal demand for Government se- banks also purchased additional amounts of curities during the recent sharp rise in prices Government guaranteed obligations in Febcame from banks and other ruary. Chicago banks have recently shown Changes in financial institutions, reflecting little further change in Government security i^cTtyTanks t h ^ abundant supply of funds holdings. in the market seeking invest- At banks in the 99 other reporting cities ment outlets. In the early weeks of the year holdings of guaranteed obligations have inthere were declines in Government security creased somewhat, while those of direct obliMEMBER BANKS IN LEADING CITIES WEDNESDAY FIGURES BILLIONS OF DOLLARS BILLIONS OF DOLLARS 10 10 1935 1936 1937 1938 Banks in 101 leading cities ; latest figures for March 15. U. S. Government obligations include direct and fully guaranteed. Commercial loans based on new classification beginning May 19, 1937. APRIL 1939 FEDERAL RESERVE BULLETIN 245 gations have declined slightly. The decline peak levels. In addition, country banks conin direct obligations occurred principally in tinued to add moderate amounts to their real holdings of bonds until the time of the new state loans, while commercial and agriculTreasury financing on March 15, when there tural loans showed little change and holdings was a substantial shift of some $250,000,000 of corporate securities were further reduced. from notes to bonds. The chart shows that Reserves of country banks carried with Fedthe combined holdings of direct and guar- eral Reserve banks have increased slightly anteed Government obligations at banks in since the middle of last year, while their bal100 leading cities outside New York have in ances with other banks have been built up to recent weeks been at approximately the pre- new high levels. vious maximum reached at the end of 1936. Changes in security holdings of country Holdings of securities other than those banks are shown in the chart. After declinof the United States Government increased ing in the first half of the year, countrysomewhat at New York City banks during bank holdings of United States Government the early weeks of the year but showed little securities increased considerably in the latter change at banks in other cities. More de- half of 1938 to a total of $3,200,000,000, an tailed call report figures show that all classes amount more than twice as large as in June of banks have steadily increased holdings of 1933. Since that time holdings of State and State and local government obligations in re- local government securities at country banks cent years, but that holdings of corporate have shown a gradual growth. securities, which increased somewhat in 1936, INVESTMENTS OF COUNTRY MEMBER BANKS declined substantially in 1937 and slightly further in 1938 to about the 1934 level. Bank loans have shown little change of importance in recent months. Loans to brokers and dealers in securities rose somewhat in the latter part of 1938 and also showed a temporary increase early in March to finance dealers' commitments in connection with Treasury debt operations. Com2,000 mercial loans at city banks increased slightly 2,000 in March, following a slow decline since the middle of last year. 1,500 1,500 Developments at banks outside of leading cities are shown by the call report figures for 1,000 member banks other than re- 1,000 Loans and serve city and central reserve f city banks, the so-called country 5 0 0 500 banks. The latest complete report of condition for these banks, that of December 31, 1938, has just become available. 1930 1932 1934 1936 1938 In the latter half of 1938 the principal developments at country banks were similar to While country bank holdings of obligations those at banks in leading cities outside New of various governmental bodies have been York. Demand deposits and holdings of rising, corporate security holdings of these United States Government and of State and banks have fallen rapidly over the past two local government obligations increased to years to the low level of 1933-1934. Declines 246 FEDERAL RESERVE BULLETIN have occurred in holdings of securities of railroads, public utilities, and other domestic corporations. As compared with holdings in the 1928-1929 period immediately preceding the depression, holdings of domestic corporate securities at country member banks have been cut by one third, while at city member banks they have shown little net change. Commercial, industrial, and agricultural loans at country banks were maintained at a rather stable level in 1938. Holdings of open-market paper declined for the first time since 1933, the decline for the year 1938 amounting to about $75,000,000, which was somewhat less than the decline in the volume of open-market commercial paper outstanding. Real estate loans at country banks increased by about $135,000,000 in 1938, continuing the steady advance that began in the spring of 1936. Since March 1936 the increase has amounted to $310,000,000, a growth of about 30 per cent, with increases occurring at country banks in each Federal Reserve district. The growth in these loans has been on real estate other than farm land. At the end of 1938 about 13 per cent of their total real estate loans was on farm land, while 65 per cent was on residential property, excluding farm residences, and 22 per cent was on other properties, principally commercial and industrial. Further analysis of the call report figures for all classes of banks with special reference to new information obtained in the latest report is given in an article on pages 259-264 of this BULLETIN. Since last spring, when substantial growth of bank reserves was resumed, most of the increase in reserves has been Shifts in f o r t j l e acCount of New York bank reserves APRIL 1939 those of foreign and domestic banks, increased at reserve city banks and at country banks by about the same amounts as at New York banks. It appears from the following table that the additional funds received by country banks were used in large part to increase their investments, that a smaller part was placed on deposit with correspondent banks, and a small amount was added to their reserves. At reserve city banks, including Chicago banks, most of the funds received were loaned or invested, the amount added to reserve balances being less than the increase in required reserves. This was due in part, however, to a temporary decline in reserves over the end-of-year period. New York City banks showed a smaller increase in loans and investments than other banks and, as previously indicated, a larger growth in their reserves. PRINCIPAL CHANGES IN CONDITION OF MEMBER BANKS BY CLASSES OF BANKS, J U N E 30-DECEMBER 31, 1938 [In millions of dollars] All member banks Deposits: Adjusted demand and time 3__ U. S. Government Domestic banks Foreign banks __ Total deposits 3 New Other York reserve CounCity city try banks 1 banks 2 banks +1,358 +247 +410 +180 +433 +17 +174 +151 +435 + 155 +170 +28 +490 +75 +67 +2, 195 +775 +788 +632 Reserves with F. R. banks: Required _ _____ Excess. . _-____-__ +387 +303 +186 +401 +144 -130 +57 +32 Total reserves Balances with domestic banks +690 +156 +587 -11 +14 +17 +90 +150 +270 + 1,080 +90 +232 + 124 +543 +56 +305 + 1,350 +322 +667 +361 Loans Investments Total loans and investments 4 1 Central reserve city banks only. 23 Includes central reserve city banks in Chicago. Adjusted to exclude cash items reported as in process of collection. 4 The increases shown are reduced by the separate reporting on December 31 of $145,000,000 of investments and other assets (principally loans) indirectly representing real estate. City banks. Fluctuations m these reserves at banks in New York and in other leading cities are shown on the chart. In the early weeks of 1939 New York City The growth in deposits in that period, how- banks continued to gain large amounts of reever, was not concentrated in New York. serves, while Chicago banks lost reserves, In the latter half of 1938 deposits, other than FEDERAL RESERVE BULLETIN 247 reflecting in part the previously mentioned ket. The following table shows changes in shift in Treasury bill holdings. In the first the exchange quotations for these currencies half of February city banks generally lost re- from January 31 to March 13, before the serves owing to payments for the guaranteed exchange markets were unsettled by developobligations sold by the Treasury. In the first ments in Europe. three weeks of March, which included the income tax collection period, banks outside New EXCHANGE QUOTATIONS FOR LEADING CURRENCIES York showed some gain in reserves, while [Cents per unit] New York City banks showed little change. Jan. March PerNew York banks continued to obtain reserves 31, 13, centage Unit 1939 change 1939 from gold imports, but they lost funds as a result of income tax payments and also be- Pound sterling +.3 469.125 467. 750 +.3 franc - - 2.651 2. 643 cause of their own increased purchases of French +.7 Swiss franc 22. 740 22. 584 53.100 -1.3 guilder 53. 806 Treasury bonds and purchases of June Treas- Netherlands 16. 824 Belgian belga _ __ _ _ _ . _. _ 16. 904 -.5 ury notes by dealers and others in New York, who acquired them largely from out-of-town Noon buying rates in New York for cable transfers. banks to exchange for the issues offered in the With the reduction in net foreign purchases March Treasury financing. Between the first of February and the of dollars to cover commercial requirements middle of March gold imports to the United and private capital transactions, foreign cenStates amounted to $320,- tral banks and governments began to expand Recent gold and 000,000, compared with their holdings of gold and dollar balances in capital movements . this country. Between the first of February $290,000,000 m the pre-and the middle of March gold under earmark ceding six-week period. The continuance of for foreign account in the United States ingold imports at a high level, however, re- creased by $111,000,000 and deposits of forflected to a smaller extent than in previous eign central banks at the Federal Reserve months the excess of merchandise exports banks increased by $83,000,000. This infrom the United States and the continued crease of $195,000,000 in official foreign gold transfer of private short-term balances to holdings and balances in the United States this country from abroad. For the most part compares with a decrease of about $10,000,the movement was attributable to the opera- 000 from the middle of December to the first tions of foreign monetary authorities. of February. The United States export surplus declined In the latter half of March the recurrence from $175,000,000 in the last two months of of war fears in Europe led not only to some 1938 to $95,000,000 in the first two months liquidation of foreign holdings of American of 1939. In view of the usual delays in settle- securities, but to a renewed flight of foreign ment for foreign trade transactions it is short-term funds to the United States on probable that the foreign commercial demand private account. Some of the official refor dollars diminished in February and sources recently accumulated in this market March. The inflow of private short-term were employed to meet the private demand funds, which reached substantial proportions for dollars. Deposits of foreign central banks during the week ending January 30, largely at the Federal Reserve banks declined $35,subsided in succeeding weeks. There was 000,000 in the week ending March 22. continued pressure on the guilder and the In view of the importance of official operabelga but the pound sterling and the French tions from time to time in the movement of and Swiss francs rose on the exchange mar- 248 FEDERAL RESERVE BULLETIN funds between the United States and foreign countries the statistics of international capital transactions of the United States, which appear on pp. 284-296 of the current issue, will henceforth show the movement of central bank funds in New York separately from that of other foreign short-term funds in the United States. Beginning with this issue the statistics of international capital transactions will be published every month. APRIL 1939 Appointment of Class C Director at Federal Reserve Bank of Philadelphia On March 2, 1939, Alfred H. Williams, Dean of the Wharton School of Finance and Commerce of the University of Pennsylvania, Philadelphia, Pennsylvania, was appointed a Class C director of the Federal Reserve Bank of Philadelphia for the unexpired portion of the three-year term ending December 31, 1941. 249 FEDERAL RESERVE BULLETIN APRIL 1939 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled March 23 and released for publication March 26] In February industrial activity continued at the January rate, without showing the usual rise, and retail trade increased less than seasonally. In the first three weeks of March, however, industrial activity and trade showed seasonal increases. Commodity prices continued to show little change. Production.—Volume of industrial production was at about the same rate in February as in the two previous months, although usually there is an increase, and the Board's seasonally adjusted index declined further to INDUSTRIAL PRODUCTION 140 140 130 120 j 110 Textile production in February was at about the same rate as in January. At cotton and woolen mills activity increased somewhat but at silk mills there was a marked decline. Output of shoes and tobacco products continued at high levels. In the meat-packing industry activity declined further and there was also a decrease in activity at sugar refineries. Bituminous coal production was maintained in February, and crude petroleum output likewise continued in substantial volume. Anthracite output declined in February, and in March was reduced further as mine owners and workers agreed on a curtailment program. Value of construction contracts awarded declined in February, according to F. W. Dodge Corporation figures, owing principally 100 80 J f\ / 1 V 90 CONSTRUCTION CONTRACTS AWARDED MILLIONS OF DOLLARS MILLIONS OF DOLLARS 80 500 500 70 60 60 L 1934 1935 1936 300 Monthly index of physical volume of production, adjusted for seasonal variation, 1923-1925 average = 100. 98 per cent of the 1923-1925 average. In the steel industry activity did not show the usual seasonal advance. Pig iron production increased, but new orders for steel were in limited volume and ingot production remained at about 54 per cent of capacity throughout the month. There was some decline in automobile assemblies, following a period of considerable increase. Output of lumber and plate glass continued to decrease in February, while cement production, which had been curtailed in January, increased considerably. In the first three weeks of March steel production increased to about 56 per cent of capacity and automobile output was also in somewhat larger volume. 200 1934 1935 1936 1937 1938 1939 Three-month moving averages of F. W. Dodge data for value of contracts awarded in 37 Eastern States, adjusted for seasonal variation. Latest figures based on data for January and February and estimate for March. to a further decrease in awards for publiclyfinanced work. Contracts for privatelyfinanced residential building increased further, while awards for private nonresidential building remained at the low level of other recent months. Employment. — Factory employment and payrolls increased somewhat less than is 250 FEDERAL RESERVE BULLETIN APRIL 1939 usual between the middle of January and the Bank credit.—Investments in United States middle of February. Changes in nonmanu- Government obligations by New York City facturing lines were largely of a seasonal banks increased considerably in February and the first half of March. In this period nature. member banks reduced their holdings of Treasury notes and increased their bonds, reFACTORY EMPLOYMENT flecting in part exchanges of notes for new 1ZU 1^0 bond issues on March 15. Excess reserves of 110 110 member banks continued somewhat below the / high level of $3,600,000,000 reached at the 100 100 \ end of January, fluctuating largely in accords \ 90 90 ance with changes in Treasury balances at / \ J the Federal Reserve banks. 1 V 80 80 PER CENT PER CENT \/ MONEY RATES IN NEW YORK CITY 60 60 1934 1935 1936 1938 Monthly index of number employed at factories, adjusted for seasonal variation, 1923-1925 average = 100. Distribution.—Department store sales were in about the same volume in February as in January, although some increase is usual, and sales at variety stores increased less than seasonally, while mail order sales rose by slightly more than the seasonal amount. In the early part of March department store sales increased. Freight-car loadings declined somewhat from January to February, reflecting for the most part reduced shipments of grains, forest products, and miscellaneous freight. Commodity prices.—Wholesale commodity prices were generally maintained with little change during February and the first three weeks of March. As is usual at this season prices of livestock and meats increased while dairy products declined. Silk prices advanced considerably in this period. In the early part of March current prices of pig iron and of semifinished and finished steel were reaffirmed for the second quarter of this year. 1934 1935 1936 1937 1938 1939 Minimum rate on rediscounts for and advances to member banks by Federal Reserve Bank; weekly averages of daily yields on 3- to 5-year Treasury notes and Treasury bonds callable after 12 years, and average discount on new issues of 91-day Treasury bills offered within week. For weeks ending January 6, 1934, to March 18, 1939. Money rates.—Average yields on United States Government securities declined to new record low levels from February 27 to March 10, following the announcement by the Treasury that no cash would be raised in the March financing. Yields rose slightly after the middle of March accompanying renewed tension in Europe. New issues of 91-day Treasury bills continued to sell on practically a no-yield basis during March. Other open-market rates continued unchanged. 251 FEDERAL RESERVE BULLETIN MEMBER BANK RESERVES AND RELATED ITEMS WEDNESDAY FIGURES BILLIONS OF DOLLARS BILLIONS OF DOLLARS 16 16 TREASURY DEPOSITS AT F. R. BANKS 1934 1935 1936 1937 1938 Latest figures for March 15. See table on page 298. 1939 252 FEDERAL RESERVE BULLETIN SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1939 Feb. 1938 Jan. __ 1938 1937 1936 1935 1933 1929 2,598 2,618 2,598 2,602 2,628 2,600 2,554 2,481 2,475 2,429 5 1 1,459 5 1 1 11 1 11 1 16 3 9 1 14 3 6 4 7 5 283 83 2,567 2,568 2,564 2,564 2,564 2,565 2,565 2,540 2,430 14, 778 14, 599 14,416 12, 768 12,756 12,765 13,250 12,162 10,578 2,820 2,807 2,783 2,662 2,643 2,627 2,711 2,567 2,503 6,697 6,712 6,888 6,319 6,397 6,618 6,510 6,475 6,101 2,758 2,726 2,673 3,630 3,630 3,622 2,804 3,225 2,474 723 164 653 446 827 127 188 158 1,055 757 711 788 685 664 713 658 595 551 .. 2,431 9,059 2,478 5,585 2,791 2,052 4,059 2,271 5,576 952 241 208 128 288 55 507 497 406 5,001 2,469 2,343 2,358 528 43 22,064 19,997 17,505 8,462 8,028 9,156 22,599 16,887 8,925 9,029 I 3, 373 3,484 8,745 3,226 7,230 1,406 7,183 1,353 6,879 1,071 7,935 2,522 6,830 1,220 5,989 2,512 3,996 2,015 4,476 207 22 Averages of Wednesday figures; in millions of dollars REPORTING MEMBER BANKS IN 101 LEADING CITIES Total loans and investments |21, 527 Loans-total I 8,197 Commercial, industrial and agricultural | 3, 760 To brokers and dealers in securities 795 Other loans for purchasing • or carrying • securities.. ••• 533 All other loans 3,109 Investments—total 13, 330 U. S. G Government direct obligations 8,178 1,891 Obligations fully guaranteed by U. S. Govt Other securities3,261 Reserve with Federal Reserve banks.. 7,358 Cash in vault 410 Balances with domestic banks 2,543 Demand deposits—adjusted.._ 16, 042 8 Time deposits (excluding interbank) .. 5,181 Deposits of domestic banks 3 1 Borrowings _-. -. MONEY RATES AND BOND YIELDS Commercial paper Stock exchange call loans U. 8. Treasury bills (91 days).. 4 U.S. Treasury bonds, long-term .. Corporate high grade bonds (Moody's Aaa) Dec. 2,594 _ _ Jan. Annual averages Averages of daily figures; in millions of dollars MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Reserve bank credit outstanding—total Bills discounted. __ Bills bought U S Government securities.. Gold stock Treasury currency outstanding _ Money in circulation __ _ Treasury cash holdings Treasury deposits with F. R banks Nonmember deposits and other accounts Member bank reserve balances: Total Excess. _ ... _- Feb. Dec. 1937 21,468 21,586 21, 214 21,285 21,484 21,023 22,198 8,338 8,465 8,936 9,137 9,451 8,506 9,546 3,800 3,863 4,391 4,462 4,626 4,059 (0 738 903 852 825 850 701 1,226 616 648 623 547 566 588 3,139 3,186 3,191 3,227 3,274 3,158 13,130 13,121 12, 278 12,148 12,033 12, 517 8,191 8,191 8,168 8,118 8,046 7,982 12,652 1,728 1,708 1,147 1,131 1,113 1,451 8,394 3,211 3,222 2,963 2,899 2,874 3,084 1,164 7,437 7,219 5,646 5,614 5,358 6,400 3,004 341 294 315 440 483 382 5,307 337 2, 561 2,452 2,016 1,986 1,850 2,289 16,054 16,087 14, 509 14,438 14, 570 15,033 1,884 5,173 5,140 5,237 5,210 5,203 5,202 15,097 6,327 6,191 5,286 5,286 5,053 5,770 5,202 10 1 3 4 3 5,298 12 Averages of daily figures; per cent per 8 1.00 1.00 1.00 1.00 .11 2.67 3.21 .56 1.00 56 1.00 2.44 j 3.00 2.47 3.01 63 1.00 .03 2.49 3.08 561 398 163 160 24 136 256 200 57 16 5 10 453 218 234 244 47 197 199 82 117 103 41 62 123 93 29 51 46 4 92 92 81 82 82 77 67 72 80 78 77 68 73 80 79 80 70 74 83 78 81 72 76 84 80 82 73 80 84 83 2.64 3.20 1.00 1.00 .10 2.65 3.17 .81 1.00 .07 2.56 3.19 .95 1.00 .28 2.68 3.26 0) 1,181 (0 0) 0) 990 0) 0) 0) 0) 777 •2,208 (0 0) 0) 0) 13,602 11,969 8,349 5,712 9,080 1,250 3,272 4,799 7,989 5,228 2,865 3,052 4,024 3,121 1,822 2,847 1,725 2,358 2,112 14,619 12,729 4,999 4,883 5,810 4,938 1,322 1,142 383 928 326 240 0) 248 0) 4,946 2,822 6,788 2,787 6 115 674 .76 .56 .17 2.79 3.60 1.72 1.16 6.85 7.61 3.31 4.49 3.60 4.73 392 121 270 189 34 155 89 60 29 32 13 18 950 841 118 781 667 110 5 annum .75 .91 .17 2.65 3.24 Amounts per month; in millions of dollars CAPITAL ISSUES All issues—total New Refunding Domestic corporate issues—total.. New Refunding 164 ' 122 42 57 43 14 328 178 150 203 102 101 518 164 354 382 99 282 83 112 111 78 63 190 79 69 74 82 79 86 86 86 85 85 81 81 82 80 82 80 79 84 78 '81 66 51 61 71 66 95 105 100 92 108 90 90 91 37 21 50 91 74 64 79 76 75 82 25 11 37 73 50 58 67 119 119 115 117 87 142 106 110 107 111 190 171 140 121 437 367 365 194 170 173 71 102 Index numbers Common stocks (1926=100) Wholesale commodity prices (1926=100): All commodities Farm products Foods Other commodities Retail food prices (1923-25=100) Index numbers, adjusted for seasonal variation, 1923-25—100 BUSINESS INDEXES Industrial production Manufactures Minerals Construction contracts awarded—total Residential All other Factory employment Ft ll ((unadjusted) Factory payrolls F r e i g h t c a r loadings loadg Freight-car Department store sales D t t t p p 97 109 p p 91 85 67 87 101 100 110 86 55 111 92 83 69 88 104 104 109 96 57 128 92 87 69 89 80 76 108 52 26 73 90 75 65 90 84 79 115 61 30 87 95 84 67 89 86 84 98 64 45 80 87 78 62 85 110 109 115 59 41 74 106 102 78 92 105 105 105 55 37 70 98 86 75 88 Amounts per month; in millions of dollars MERCHANDISE EXPORTS AND IMPORTS Exports, including re-exports. General imports 79 75 103 51 32 66 89 77 62 88 P158 213 178 171 262 163 171 323 209 258 163 279 257 205 202 r p Preliminary. Revised. 'Partly estimated. * Figures not available. a Includes time deposits of banks, domestic and foreign, 1929-1934. » Does not include time deposits 1929-1934. * Averages of yields of all outstanding bonds due or callable after 12 years. See BULLETIN for December 1938, pp. 1045-1046 FEDERAL RESERVE BULLETIN 253 LAW DEPARTMENT Extension of Time by Committee of Exchange after Original Period Has Expired Section 3 (b) of Regulation T provides that when a customer effects certain transactions in a general account the creditor must obtain the deposit of certain cash or securities in the account, and must obtain such cash or securities before the expiration of three full business days following the date of the transaction. Section 3(e) provides that if such cash or securities are not obtained within the specified period, certain liquidations must be effected in the account during the period. Section 3(f) provides, however, as follows: "Extensions of time.—In exceptional cases, the three-day period specified in section 3 (b) may, on application of the creditor, be extended for one or more limited periods commensurate with the circumstances by any regularly constituted committee of a national securities exchange having jurisdiction over the business conduct of its members, of which exchange the creditor is a member or through which his transactions are effected, provided such committee is satisfied that the creditor is acting in good faith in making the application and that the circumstances are in fact exceptional and warrant such action." Section 4(c) relating to the special cash account provides that, in general, if a customer does not make full cash payment for a security purchased by him in the account within seven days after the date on which the security was purchased, the creditor shall promptly cancel or otherwise liquidate the transaction. Another paragraph of the section specifies different periods of time for certain special types of transactions, and the section then provides: the customer in the account, authorize the transfer of the transaction to a general account or special omnibus account and the completion of the transaction pursuant to the provisions of this regulation relating to such accounts." The Board has recently been asked whether an application for such an extension of time pursuant to section 3(f), or for an extension of time or transfer of a transaction pursuant to section 4(c), may be approved by a business conduct committee after the expiration of the period originally applicable to the transaction. It is the view of the Board that such an application may not be granted after such period has expired. Thus an application for an extension of the three-day period applicable to a transaction in the general account could not be approved by the committee after midnight of the third full business day following the date of the transaction. Similarly, in the case of a transaction in the special cash account to which the standard seven-day period is applicable, an application for an extension of time or for a transfer of the transaction should be passed upon by the committee not later than midnight of the seventh calendar day after the date of the transaction. In case an extension of time has been granted for a particular transaction, any application for a further extension or for a transfer of the transaction should be received and acted upon before the expiration of the prior extension. In order to facilitate its consideration of the applications, each business conduct committee may, of course, further limit the period following a transaction within which it will receive any such application. "If any regularly constituted committee of a national securities exchange having jurisdiction over the business conduct of its members, of which exchange the creditor is a member or through which his transactions are effected, is satisfied that the creditor is acting in good faith in making the application, that the application Continuation of the Reconstruction Finance Corporarelates to a bona fide cash transaction, and that tion and Related Agencies exceptional circumstances warrant such action, such committee, on application of the creditor, There is set forth below the text of two Acts may (A) extend any period specified in the two preceding paragraphs for one or more limited of Congress, each approved March 4, 1939, periods commensurate with the circumstances, under which (1) the period within which the or (B) in the case of the purchase of a registered or exempted security which has been effected by Reconstruction Finance Corporation, the 254 FEDERAL RESERVE BULLETIN APRIL 1939 Electric Home and Farm Authority, the Com- amended, is hereby further amended by inserting after the second sentence thereof the following senmodity Credit Corporation, and the Export- tence: "Such obligations may mature subsequent to Import Bank of Washington are authorized the period of succession of the Corporation as proby section 4 hereof."; and (d) the Act approved to continue to perform their respective func- vided February 11, 1937 (50 Stat. 19), as amended, is tions is extended until the close of business on amended by striking from the first sentence "$20,000,000" and inserting in lieu thereof, $40,000,000"; and June 30, 1941, (2) the capital stock of the by striking from the second paragraph "or 1938" and Disaster Loan Corporation is increased from inserting in lieu thereof "1938, 1939, or 1940". $20,000,000 to $40,000,000, (3) the authority Approved, March 4, 1939. of the latter corporation to make loans be[PUBLIC—No. 3—76TH CONGRESS] cause offloodsor other catastrophies is con[CHAPTER 5—1ST SESSION] tinued for the years 1939 and 1940, (4) the [H. R. 4011] AN ACT aggregate amount of loans that the ExportImport Bank of Washington may have out- To continue the functions of the Commodity Credit Corporation the Export-Import Bank of Washington, and for other standing at any one time is limited to $100,- and purposes. 000,000, and (5) the amount of bonds, notes, Be it enacted by the Senate and House of Repredebentures and similar obligations, guaran- sentatives of the United States of America in Conassembled, That (a) section 7 of the Act apteed by the United States, which the Com-gress proved January 31, 1935 (49 Stat. 4), as amended, is modity Credit Corporation may have out- hereby further amended by striking from the first sentence thereof "June 30, 1939" and inserting in lieu standing at any one time is increased from thereof "June 30, 1941"; (b) section 9 of the Act ap$500,000,000 to $900,000,000. proved January 31, 1935 (49 Stat. 4), as amended, is hereby further amended by striking from the first sentence thereof "June 30, 1939" and inserting in lieu thereof "June 30, 1941"; (c) section 9 of the Act approved January 31, 1935 (49 Stat. 4), as amended, [S. 1102] is hereby further amended by inserting before the period at the end of the last sentence thereof a colon AN ACT and the following: "Provided further, That the ExTo continue the functions of the Reconstruction Finance Corpora- port-Import Bank of Washington shall not have outtion, and for other purposes. standing at any one time loans or other obligations Be it enacted by the Senate and House of Represen- to it in excess of $100,000,000, the capital for which tatives of the United States of America in Congress the Reconstruction Finance Corporation, when reassembled, That (a) section 1 of the Act approved quested by the Secretary of the Treasury with the January 26, 1937 (50 Stat. 5), is hereby amended by approval of the President, may continue to supply striking therefrom "June 30, 1939" and inserting in from time to time through loans or by subscription lieu thereof "June 30, 1941"; (b) section 1 of the Act to preferred stock"; and (d) section 4 of the Act approved March 31,1936 (49 Stat. 1186), as amended, approved March 8, 1938 (52 Stat. 108), is hereby is hereby further amended by striking from the first amended by striking from the first sentence thereof sentence thereof "June 30, 1939" and inserting in lieu "$500,000,000" and inserting in lieu thereof $900,000,thereof "June 30, 1941"; (c) section 9 of the Recon- 000". struction Finance Corporation Act (47 Stat. 9), as Approved, March 4, 1939. [PUBLIC—No. 2—76TH CONGRESS] [CHAPTER 4—1ST SESSION] APRIL FEDERAL RESERVE BULLETIN 1939 255 PROPOSALS TO MAINTAIN PRICES AT FIXED LEVELS THROUGH MONETARY ACTION In response to requests for comments on proposals having as their objective the stabilization of prices through monetary action, the Board of Governors prepared the following statement, which was released to the press on March 13, 1939. From time to time the Board of Governors of the Federal Reserve System is asked to give its opinion about proposals to require some agency of the Government to raise the general level of prices and then to keep it constant. Some would make it the duty of the Board to do this and some would create a new agency for the purpose. All would require that prices be controlled by regulating the amount and cost of money. Those who favor such proposals believe that prices can be raised by increasing the supply of money, that prices can be lowered by reducing the supply of money, and that prices can be kept fairly steady by changing the supply of money in the right direction at the right time. They believe that, if prices were kept fairly steady, we would not have booms, depressions, and panics, business would run along on an even keel, and much suffering and hardship would be prevented. The Board of Governors is in complete sympathy with the desire to prevent booms and depressions, and has always considered it its duty to do what it could to help accomplish these results. Experience has shown, however, that (1) prices cannot be controlled by changes in the amount and cost of money; (2) the Board's control of the amount of money is not complete and cannot be made complete; (3) a steady average of prices does not necessarily result in lasting prosperity; and (4) a steady level of average prices is not nearly as important to the people as a fair relationship between the prices of the commodities which they produce and those which they must buy. Steady prices and lasting prosperity cannot be brought about by action of the Federal Reserve System alone, because they are affected by many factors beyond the control of the Federal Reserve System. 1. Prices do not depend on money alone.— Experience in recent years has shown that prices are not controlled by the amount or cost of money. If currency alone is considered as money, the facts are clear and simple. There was $3,600,000,000 of currency in the hands of the public, outside the banks, in the middle of 1926 and about the same amount in the middle of 1929, while at the end of 1938 the amount of currency had increased to $5,700,000,000. If prices were governed by the amount of currency, prices would have been about the same in 1929 as in 1926 and would have increased sharply by the end of 1938. The facts are that the average of wholesale prices, expressed in an index number, was 100 in 1926, 95 in 1929, and 77 in 1938. From 1926 to 1929, there was no change in the amount of currency but there was a drop of 5 per cent in prices. From 1929 through 1938, there was an increase of 60 per cent in currency while there was a decrease of 20 per cent in prices. Evidently cash and prices do not move together. It is easy to understand why the amount of currency does not control prices. Currency is not the principal means used by people in paying for what they buy. In fact, it is the small change of business. Most people keep only as much money in their pockets as they require for their day-to-day needs, such as car-fares, lunches, gasoline, and other items, and what they do not need they deposit at the banks. Business firms require currency to meet payrolls, stores to make change. Banks keep on hand only a reasonable supply to meet the demands of their customers and send the rest to the Federal Reserve banks. Because of the way we have come to use our currency, chiefly for small payments, we cannot expect to raise prices or increase pros- 256 FEDERAL RESERVE BULLETIN perity by the issuance of more currency either by the Treasury or by the Federal Reserve banks. Any surplus above the amount needed would only come back to the Reserve banks. People can always get all the currency they need so long as they have deposits to draw on. But more than nine-tenths of the bills in this country are paid by checks drawn on bank deposits. Therefore the deposits that the public holds in banks and can use as a means of paying for what it buys, as well as the currency outside of banks, need to be considered as money. Again the facts show clearly that the volume of money does not control the price level. The amount of demand deposits was $22,000,000,000 in June 1926, $23,000,000,000 in June 1929, and $26,000,000,000 at the end of 1938. As already stated, currency outside of banks was $3,600,000,000 in 1926 and in 1929, and $5,700,000,000 in 1938. The amount of money, therefore, was larger in 1929 than in 1926 and larger in 1938 than in 1929. But what happened to prices? In 1929 they were 5 per cent lower than in 1926; and in 1938 they were 23 per cent lower than in 1926. This proves that factors quite apart from the volume of money, i.e., of currency and deposits together were influencing the price level. There have been times when the amount of money and prices have changed together; but usually they have not. When they have moved together this may have been due to the fact that it takes more money to do the same amount of business when prices are high than when they are low. Whether prices and the volume of money do or do not move together depends on many other conditions, such as weather and the size of harvests, inventions, foreign trade, Government spending, taxes, wages, and the general attitude of business. When people are venturesome and expect good times, they lay in supplies and this tends to raise prices. When people are discouraged and expect things to go badly, they tighten their belts APRIL 1939 and buy as little as possible. The demand for goods declines and prices fall. Usually other things have a greater influence on prices than has the amount of money. Neither do prices depend on the cost of money. This also has been shown by the experience of the last 10 years. The cost of money now is lower than it has ever been at any time for which we have a record. This is true not only of the rate at which the Government can borrow, and of the rate at which large corporations can get money in the money market, but also of the rate charged by banks to their regular customers. The average rate charged by banks in 36 cities on their business loans was around 5 per cent in 1926; it rose to over 6 per cent in 1929, and fell to 314 per cent in 1938. Federal Reserve discount rates in 1926 were 3 ^ to 4 per cent; in 1929, 4*/2 to 6 per cent. In 1938 rates were 1 to IV2 per cent. During this period when the cost of money was so drastically cut, prices went down by about onefourth. In view of these facts the Board finds it impossible to believe that prices can be controlled by changes in the volume and cost of money2. Federal Reserve cannot completely control amount of money.—The Federal Reserve System, furthermore, does not and cannot have complete control of the amount of money and its use. It has an influence on the amount and when other things are favorable this influence can become effective, but there are many occasions when the System's powers are limited. As already explained, currency is not the most important item in our business life, and the Federal Reserve System supplies at all times the currency that the public demands. If the Reserve System should engage in socalled open-market operations, that is, if it should buy Government bonds, and if it should pay out Federal Reserve notes for them, as has been proposed in some of the bills before Congress, this currency would APRIL FEDERAL RESERVE BULLETIN 257 come right back to the Reserve banks and thing like the same proportion; because the would serve no useful purpose. banks have not found it possible to use all the The Federal Reserve System has more in- reserves they held. At this time they have fluence on the amount of deposits than it has about $3,500,000,000 more reserves than the on the amount of currency, but there are law requires and are not finding any way to limits to the System's influence. The System use these reserves. has power to give the banks more reserves The Federal Reserve System can see to it by buying Government bonds. The sellers that banks have enough reserves to make would receive checks which they would de- money available to commerce, industry, and posit in their banks. The banks in turn would agriculture at low rates; but it cannot make deposit these checks in the Federal Reserve the commercial banks use these reserves, it banks, thus increasing their balances which cannot make the people borrow, and it cannot under the law are the member banks' legal make the public spend the deposits that rereserves. sult when the banks do make loans and inAt a time when things are going well and vestments. there is a demand for as much bank credit as 3. Steady prices do not assure prosperity. the banks can supply, increasing the reserves —Even if the amount of money did determine of the banks will usually increase the amount prices and even if the Federal Reserve Systhat they are willing and able to lend or in- tem could determine the amount of money, vest. As the banks lend or invest the money experience shows that steady prices would they can pass on to the public not only the not necessarily mean prosperity. amount of unused reserves that they have, It is true that violent changes in prices are but all the banks together can pass on several harmful. A very rapid rise in prices results times the amount of these reserves. This is in speculation, in accumulation of inventories because the banks are required to keep as re- and in unsound undertakings, which later reserves only a portion of their deposits. The sult in a collapse with falling prices, failing proportions are different for different classes business, and general distress. of banks; but, at the present time, all the But that does not mean that lasting prosbanks together can lend or invest about six perity is assured when prices are steady. We times as much as their reserves. (A detailed had fairly steady prices from 1921 to 1929; explanation of the way this works was given but during that period there was developing in the Board's Annual Report for 1936.) a speculative situation which led to the colWhen conditions are such that banks lend lapse in 1929. It was during this period that or invest all the money they can, the Reserve billions of unsound foreign loans were made; banks by buying $1,000,000 of Government that expensive and unsoundly financed apartsecurities can enable the banks to increase ment houses and office buildings were erected deposits held by the public by $6,000,000. far beyond the needs of the people; that stock Conditions, however, are not always such as prices rose to fantastic levels. It was during to bring this about. They have not been so this period that the ground was prepared for for a number of years. The Federal Reserve the depression which began in 1929 and from banks have bought more than $2,500,000,000 which we have not yet completely emerged. of Government securities. There has been a An unchanged average of wholesale prices large inflow of gold from abroad, and the alone, therefore, does not assure the people reserves of our banks have increased from of lasting prosperity. While prices are stable, about $2,700,000,000 in December 1933 to destructive forces may be at work that lead $9,000,000,000 in January 1939. Deposits of to panic and disaster. To require the Board banks, however, have not increased in any- to be guided in its policies entirely or prin- 258 FEDERAL RESERVE BULLETIN cipally by changes in the level of prices would prevent it at times from doing its best to serve the public interest. 4. Relations of prices more important than average prices.—One reason why steady average prices do not assure prosperity is that the average can be steady while prices of some of the commodities that make it up change violently. People are more interested in the relation between the prices of what they produce and sell and the prices of what they buy and use than in the general price level. A farmer is interested not only in what he can get for his products over and above the cost of production but also in what he has to pay for the things that he needs to buy— how many bushels of wheat or pounds of cotton it takes to get a suit of clothes or a new plow. For the industrial producer the cost of his raw materials and labor compared with the prices that his products will fetch is what counts. To a wage earner or salaried man the important thing is the relation between his income and the cost of living. Even the ability of people to pay their debts does not depend so much on the average level of prices as upon the amount by which their net income exceeds their living expenses. A steady average of prices, furthermore, may cover up sharp movements in prices of important commodities upon which large sections of the country depend. For example, from March to September 1937, while the average of wholesale prices was steady, grains declined by 19 per cent and cotton by 38 per cent. Many people are misled by averages. At the present time, with the average of all wholesale prices at 77 per cent of the 1926 level, prices of farm products are at only 67 per cent, while industrial commodities are at 80 per cent. Even prices of different farm products differ widely. Cotton and grain prices are 50 per cent of the 1926 level, while livestock prices are 80 per cent. An attempt to maintain a steady average of prices would run into serious difficulty in years when prices of some commodities were APRIL 1939 forced up by drought, armament demand, or other things beyond the control of the monetary authority. When prices of industrial materials advanced in 1936-1937, a steady average of prices could have been maintained only if prices of finished products had declined, and if that had occurred, it would have made it unprofitable to buy materials on a rising market with the prospect of selling finished products on a falling market. This would have resulted in a slowing down of industrial and building activity. Differences between price movements of raw materials and finished products were, in fact, an important reason of the turn down in business in 1937. Summary.—To summarize, the Board of Governors is in complete sympathy with the real purpose of the price-stabilizing bills, which is to prevent booms and depressions and have business always on an even keel. But experience has shown that prices do not depend primarily on the volume or the cost of money; that the Board's control over the volume of money is not and cannot be made complete; and that steady average prices, even if obtainable by official action, would not assure lasting prosperity. The Board exerts all its powers to provide a constant and ample flow of money at reasonable rates to meet the needs of commerce, industry, and agriculture. In order to maintain a lasting prosperity many other agencies of the Government, as well as many groups in the general public, must cooperate, since policies in respect to taxation, expenditures, lending, foreign trade, agriculture, and labor all influence business conditions. The Board believes that an order by Congress to the Board or to any other agency of Congress to bring about and maintain a given average of prices would not assist but would hinder efforts to stabilize business conditions. It would hinder, because the price average frequently would indicate a policy that would work against rather than for stability. Such an order would also raise in the APRIL 1939 FEDERAL RESERVE BULLETIN public mind hopes and expectations that could not be realized. Conclusion.—In view of all these considerations the Board does not favor the enactment of any bill based on the assumption that the 259 Federal Reserve System or any other agency of the Government can control the volume of money and credit and thereby raise the price level to a prescribed point and maintain it there. ANALYSIS OF MEMBER BANK ASSETS BY CLASSES OF BANKS Revisions in bank reports.—Improvements deposits of States and local governments are have recently been made in the forms of con- reported separately; and assets indirectly dition reports that are submitted by member representing bank premises or other real esbanks. These changes provide additional in- tate owned are classified as in the new call formation and also bring into agreement the report form and included under "other" items shown in the call report, which is sub- assets. mitted three or four times a year by all Distribution of bank loans by borrowers member banks, and in the weekly condition and by classes of banks.—Classification of report, which is submitted by a selected group loans according to purpose, now included in of reporting member banks in 101 leading the call report form, was adopted in the cities. The tables regularly published in the weekly reports in May 1937. This revision BULLETIN giving data from these reports of the call report eliminates the classificaare revised in this issue of the BULLETIN to tion of loans on securities to others than take account of the changes in reported data. security brokers and dealers and provides The changes also affect some of the charts for all member banks information as to comshown in the Federal Reserve Chart Book. mercial loans, agricultural loans, and loans See pages 332 and 333 of this BULLETIN. for the purpose of purchasing or carrying Revisions in the statistical sections of the securities made to others than brokers and call report form, effective as of December dealers. The distribution by classes of mem31, 1938, were described in the January issue ber banks of the various types of loans of the BULLETIN, pages 22-23. Briefly, the reported on the new basis as of the end of new call report form redefines the loan classi- 1938 is given in the table. fications largely in terms of the purposes for About 10 per cent of member bank loans which credit is extended; shows real estate may be called open-market loans and the loans made on residential property separately rest are customers' loans, i. e., loans made from those made on other non-farm real es- largely on the basis of a customer relationtate, which comprises mostly commercial ship between the bank and the borrower. and industrial properties; adds a breakdown Most of the open-market loans are made by of security holdings according to maturity New York City banks and represent loans to groups; and also classifies separately cer- New York brokers and dealers in securities. tain assets indirectly representing real estate Almost one quarter of the loans of New York owned by the bank, which with some excep- banks are of this sort. In addition, New tions were heretofore reported among loans York banks hold a moderate amount of and investments. Approximately $150,000,- bankers' acceptances. Reserve city banks 000 of such assets were reported on December have a few brokers' loans and hold some ac31, 1938. ceptances and commercial paper, while the In the weekly report beginning February open-market loans of country banks are 8 United States Government direct obliga- practically all in commercial paper, including tions are divided into bills, notes, and bonds; short-term paper of finance companies. 260 FEDERAL RESERVE BULLETIN APRIL 1939 So-called "other" loans, which are made up of loans not separately classified, are relatively largest at country banks, amountNew All Other York reserve Counmeming to 26 per cent of total loans at these City try ber city banks banks banks * banks banks, 16 per cent at New York banks, and 21 per cent at other city banks. These dif24 1 3 Brokers' loans 7 4 3 ferences may be an indication either that a Open-market paper _ _ 3 3 45 24 larger share of country bank loans is perCommercial and industrial loans 41 36 11 5 4 Agricultural loans 21 4 30 sonal loans, etc., or that country banks, which Real estate loans: Total _ 22 4 have not previously reported loans on the On farm land 2 2 () On residential properties 14 19 13 2 2 6 7 basis of the new classification, have found On other properties 6 Loans for purchasing or carrying greater difficulties in properly classifying a 7 5 6 securities 6 16 21 Other loans _. 22 26 larger part of their loans. Total loans. _ _ 100 100 100 100 Maturity distribution of bank investments. —In view of the increased importance in i Central reserve city banks. 2 Includes central reserve city banks in Chicago, also out-of-town recent years of security holdings of banks, branches of reserve city banks. 3 Less than 0.5 per cent. the data in the new call report as to maturities of investment holdings are of importance About 95 per cent in amount of the loans for the purpose of analyzing both the condiof both country and city member banks out- tion of banks and developments in security side of New York are in customer loans. In markets. For each of the principal classes of New York City the proportion is 72 per cent. securities information is given as to amounts City banks make between 40 and 45 per cent maturing in 5 years or less and for direct of their loans to commercial and industrial obligations of the United States Government borrowers, while at country banks the pro- a more detailed classification of maturities is portion is only about half as large. This dif- reported. The maturity distribution of holdference is partly made up by the greater ings of various types of securities held by volume of agricultural loans at country banks, the different classes of member banks is which amount to about one-tenth of their given in the accompanying table. For member banks taken as a whole about total loans. 40 per cent of their Government securities, Country banks also have a larger proporincluding both direct and guaranteed obligation of their loans made against real estate, tions, have a maturity of five years or less: 30 per cent as against 4 per cent for New about 2 per cent are in Treasury bills, all of York City banks and 22 per cent for other which mature within 90 days; 26 per cent in reserve city banks. A large portion of the notes, all of which mature within 5 years; real estate loans reported by reserve city 5 per cent in Treasury bonds maturing in banks is in the San Francisco district. Some 5 years or less; and 7 per cent in the shorterof the reserve city banks in that district have term guaranteed obligations. Of the longermany out-of-town branches, the loans of term Treasury bonds the amounts held are which are reported in the banks' consolidated fairly equal in the 5-10 and 10-20 year macondition reports. Country member banks turities, with some holdings maturing after as well as city banks extend relatively small 20 years. Two-thirds of the banks' holdings amounts of loans on the basis of farm land. of obligations of Government agencies not About two-thirds of their real estate loans are guaranteed by the Government are of shorter on residential properties and nearly a fourth maturities, including debentures of the Fedis on commercial and industrial properties. eral Intermediate Credit banks and Federal LOANS OF MEMBER BANKS, DECEMBER 31, 1938 Per cent distribution of amounts by types and by classes of banks 2 3 261 FEDERAL RESERVE BULLETIN Home Loan banks and notes of the Federal corporate stocks. This low percentage probNational Mortgage Association. ably reflects in part the type of securities Of the total direct obligations publicly- available for bank purchase, since corporaoffered by the Government, member banks tions raise a relatively small amount of their hold a relatively larger share of the notes funds through notes or other short-term seand shorter-term bonds outstanding than curities and since they have taken advanthey do of the bills and longer-term bonds. tage in recent years of the low yields on the At the end of 1938 they held about 40 per cent bond market to refund, whenever possible, of the notes and about 42 per cent of the through longer-term issues. Also, many corpublicly-offered bonds maturing within five porate obligations with relatively long mayears. For the bills and longer-term bonds turities contain provisions which permit their the proportions ranged from 22 to 29 per being called at much earlier dates under cercent. The relatively small amount of Treasury tain conditions. In the case of corporate oblibills held by member banks is due mainly to gations as well as of Government obligations, the large holdings of bills by the Federal Re- there is a larger proportion of holdings of serve banks, which on December 31, 1938, shorter-term maturities at New York City comprised 43 per cent of the total outstand- banks and at reserve city banks than at ing. country banks. A striking fact brought out by the table is the relatively larger proportion of shorter- INVESTMENTS OF MEMBER BANKS, DECEMBER 31, 1938 term obligations that New York City banks Per cent distribution by maturities and by classes of banks hold as compared with reserve city banks and New All Other that reserve city banks hold as compared memYork reserve Counber City try city with country banks. Taking direct and fully banks b a n k s banks banks guaranteed obligations together, the proporS. Government direct and guartion of those with maturities of five years or U.anteed—total __ _. 100% 100% 103% 100% less to the total is 56 per cent at New York Direct obligations: 4 Bills 2 0 2 City banks, 36 per cent at reserve city banks, 30 26 Notes 3 25 23 5 4 9 Bonds maturing in 5 years or less. 4 including Chicago, and 32 per cent at country 19 20 15 Bonds maturing in 5-10 years 19 22 25 14 Bonds maturing in 10-20 years__ 25 banks. 9 10 5 Bonds maturing after 20 years 10 State and local government securities held Fully guaranteed obligations: Maturing in 5 years or less 7 5 5 13 by member banks are in general of much After 5 years ___. 14 9 10 10 shorter term than their holdings of Federal U. S. Government agencies, not __ ___ _. 100% 100% 100% 100% Government securities. The proportion of guaranteed—total Maturing in 5 years or less_ 34 99 67 59 State and local government securities with 1 41 Maturing after 5 years 33 66 maturities of five years or less is about 60 State and local government securi100% 100% 100% 100% per cent of the total. This high proportion is ties—total In default ( ) due in part to holdings at banks in New York 1 6 9 7 Without specific maturity 85 61 52 56 Maturing in 5 years or less City, but at other classes of banks as well 33 35 41 14 Maturing after 5 years over 50 per cent of the holdings of such se- Other securities —total _ _ 100% 100% 100% 103% curities are in the shorter maturities. 4 6 5 3 I n default _ _ 20 M a t u r i n g in 5 years or less_ ___. 18 13 25 For securities other than Federal, State, M a t u r i n g after 5 years 70 78 74 84 and local government obligations, representCentral reserve city banks only. ing mostly corporate bonds, notes, and de- Includes central reserve city banks in Chicago, also out-of-town branches of reserve city banks. bentures, the proportion with maturities of Some of these notes have a maturity up to 5 years but none longer. Excludes securities in default to the extent they have been written five years or less was relatively small, amount- off the books. Less than 0.5 per cent. ing to 18 per cent of the total, excluding Excludes ho Idirjgs of stocks. ! 4 5 6 4 1 2 3 4 5 fi 2 262 FEDERAL RESERVE BULLETIN Measures of liquidity.—Information re- garding the maturity distribution of banks' investments makes it possible to obtain from the new condition reports better measures of the liquid position of individual banks than have heretofore been available in published data. From the standpoint of an individual bank liquid assets or secondary reserves include balances payable on demand, loans that may be readily called or sold in the open market without involving customer relations, and securities that may be sold without risk of material loss of principal. In general, such assets include most of the following: brokers' loans, bankers' acceptances, open-market commercial paper, and short-term high-grade securities, as well as cash and balances with other banks. The following table shows, by classes of banks and in terms of percentages of total deposits, holdings of reported assets corresponding approximately to these various classes. The table shows that central reserve city banks in New York and Chicago hold relatively larger proportions of their assets in the form of short-term securities and open-market loans and also have much larger amounts of excess reserves relative to their deposits than do banks in other places. Other banks depend for liquidity to a greater extent upon balances with city correspondents. Although these figures are shown as totals by classes of banks, they indicate in effect the APRIL 1939 LIQUID ASSETS OF MEMBER BANKS, BY CLASSES OF BANKS, DECEMBER 31, 1938 Per cent of gross deposits All member banks Gross deposits Central reserve city banks New York Chicago Reserve city banks Country banks 100 100 100 100 100 20 35 29 15 11 Required reserves Excess reserves . . 13 7 20 15 17 12 11 4 7 4 Cash in vaultBalances with other domestic banks .. _ Cash items in process of collection 2 1 1 2 3 10 1 7 12 15 4 5 4 5 2 Reserve balances Open-market paper and loans. . Securities maturing in 5 years or less Total 3 8 2 2 1 17 24 21 15 13 56 73 65 50 45 average ability of the individual banks within each group to meet, without borrowing, shifts of deposits and reserves among banks; they do not measure the ability of the banking system as a whole, or even each group of banks as a whole, to meet widespread losses of reserves. Banks may also borrow from the Federal Reserve banks on any sound assets. From the standpoint of the banking system as a whole liquidity depends upon the amount of excess reserves held, the ability of banks to borrow at the Federal Reserve banks, and open-market operations by the Reserve System. 263 FEDERAL RESERVE BULLETIN APRIL 1939 ALL MEMBER BANKS—CONDITION ON SELECTED CALL DATES, DECEMBER 30, 1933, TO DECEMBER 31, 1938 [Amounts in thousands of dollars] 1933 D e c . 30 1934 D e c . 31 1935 D e c . 31 1936 D e c . 31 1937 D e c . 31 Sept. 28 13, 359, 853 11, 639, 486 1, 905, 718 13, 957, 823 10, 574,143 1, 797,407 12, 937, 437 10, 712, 818 2, 298, 477 13, 207, 760 10, 882, 288 2, 340, 243 2, 046, 611 2, 566,080 529, 411 31, 751, 755 7, 005, 209 589,457 276, 671 2, 317, 492 2, 545, 618 538, 376 31, 626,889 8,192, 978 774, 887 330,879 2, 447, 792 2,401, 538 459, 990 32, 070, 490 8, 694, 388 745, 650 620 837 480 209 275 975 486 3,319, 785 94, 605 69, 723 3,578 2, 259, 351 971, 465 342, 694 3, 817, 382 119, 644 73, 374 1,261 1,460, 367 968, 380 335, 567 4,119, 695 119, 824 50, 553 4,196 1, 758, 709 945, 037 325, 634 179, 414 154, 504 112, 965 1938 Dec. 31 ASSETS 12, 833, 483 12, 028,103 12,175,102 Loans (including overdrafts)1 7, 254, 234 9, 905, 692 10, 500, 527 United States Government direct obligations 1, 767, 864 Obligations guaranteed by United States Government--. Obligations of Government corporations and agencies, 364, 452 272, 990 not guaranteed by United States 1 1, 964, 736 2,177, 515 1, 788, 686 Obligations of States and political subdivisions 2, 747,199 2, 380, 764 2, 581, 404 Other bonds, notes, and debentures 1 596, 041 517, 323 509, 472 Corporate stocks (including Federal Reserve bank stock)1 25, 219, 643 28,150, 278 29, 984, 874 Total loans and investments1 2, 677, 693 4, 081, 565 5, 573, 212 Reserve with Federal Reserve banks 608,602 664, 778 471,006 Cash in vault Demand balances with banks in United States (except i 3,035,834 3, 621,009 private banks and American branches of foreign banks). 1,969,141 e 61, 868 e 113,139 154, 870 Other balances with banks in United States 158, 683 184, 515 50, 788 Balances with banks in foreign countries 143, 816 5,572 92, 536 Due from own foreign branches 7 1,132, 338 7 1, 903, 307 2, 254, 755 Cash items in process of collection 981, 206 1, 001, 087 991, 684 Bank premises owned and furniture and fixtures 274, 966 313, 556 366, 979 Other real estate owned Investments and other assets indirectly representing real estate 1 241, 951 459, 264 179, 071 Customers' liability on acceptances Income accrued but not yet collected 349, 060 263, 306 280, 353 Other assets 2 33,839,977 2 40,075,430 Total assets.. 295, 2, 226, 3, 031, 541, 628 412 028 559 32,999,684 6, 571, 694 697,380 3, 918, 147, 55, 14, 2, 533, 981, 367, 240, 701 182,160 207, 832 44,110, 898 2 48, 707, 755 46, 744, 286 2 47, 691, 526 / \ 144, 508 120, 722 100,638 129,791 49,329, 835 LIABILITIES Demand deposits—Total Individuals, partnerships, and corporations United States Government States and political subdivisions Banks in United States Banks in foreign countries Certified and officers' checks, cash letters of credit and travelers' checks, etc Time deposits—Total Individuals, partnerships, and corporations: Savings deposits Certificates of deposit Christmas savings and similar accounts Open accounts Postal savings States and political subdivisions Banks in United States Banks in foreign countries Total deposits Due to own foreign branches Bills payable, rediscounts, and other liabilities for borrowed money Acceptances outstanding Dividends declared but not yet payable 4 Income collected but not yet earned Expenses accrued and unpaid Other liabilities Total liabilities 18, 041, 733 12,108, 621 967,167 1, 319, 689 3,138, 755 129, 248 23,940, 477 14, 951,169 1, 635, 516 1, 799, 435 4, 569, 264 146, 838 28,040, 086 18, 035, 082 844,041 2,139, 464 5, 695, 795 443, 998 31,896,215 20, 970, 304 881, 961 2, 329,180 6, 401, 831 431, 808 29,317,024 19, 747, 450 781,034 2,131, 984 5, 436, 442 452, 772 30,368,394 20, 438, 710 707, 267 2, 079, 830 6,088,093 456, 517 31, 852, 795 21,119,188 789, 816 2, 385, 689 6, 510, 303 500, 641 378, 253 9,125,241 838, 255 9,907, 928 881, 706 10, 414, 097 881,131 10, 989, 111 767, 342 11, 521, 632 537, 887 11, 462,315 547,158 11,510, 343 6, 428, 536 900, 043 18,061 s 610,402 778, 205 300, 559 82, 793 6,642 27,166, 974 13, 748 7, 599, 028 881, 978 19, 347 520,089 451, 988 294, 452 133, 552 7,494 33, 848, 405 8, 293, 860 815, 901 21, 503 548, 372 217, 564 361, 346 150, 775 4,776 38, 454,183 51, 379 8, 991, 216 765, 315 25, 319 647, 498 104, 369 296, 229 153, 372 5,793 42, 885, 326 63,968 9, 461,126 740, 327 28, 761 575, 832 94, 653 481, 721 128, 641 10, 571 40, 838, 656 117, 510 9, 398, 613 724, 377 121, 292 544, 378 69, 605 464, 427 130,009 9,614 41, 77f, 619 117,432 702, 077 20, 971 566,116 3 61, 288 461, 512 131, 637 10,044 43, 363,138 143, 425 155,009 491, 694 19,128 262, 767 40, 312 14,199 197, 571 41,019 17,135 201, 487 45, 431 14,621 173, 611 43, 423 14,001 121,414 35, 817 1,040,190 850,323 207, 375 219, 229 185, 290 222, 359 2 28,867,615 35,020,935 38, 965, 726 43,432,576 41,373,111 42,281,642 2, 415, 629 1, 749, 935 355, 386 441, 412 2, 664,086 1, 661, 656 391,013 335, 218 2,522 2, 633, 740 1, 710, 599 458, 292 336, 375 6,166 2, 453, 840 1, 936, 370 560, 324 309, 817 14, 828 2, 430, 606 2, 010, 421 602, 430 311, 355 16, 363 138, 737 32, 664 43, 649 69, 683 108, 083 43, 905, 588 CAPITAL ACCOUNTS Capital Surplus Undivided profits4 Reserves for contingencies.. Other capital accounts 4 Total capital accounts4 Total liabilities and capital accounts.. Net demand deposits subject5 to reserve. Demand deposits—adjusted Number of banks 2, 425, 2, 046, 645, 274, 17, 628 844 543 395 474 2, 403,098 2, 082, 726 635, 548 265, 345 37, 530 5, 054, 495 5,145,172 5, 275,179 5, 371,175 5, 409, 884 5, 424,247 33,829,977 2 40, 075, 430 44,110,898 48, 707, 755 46,744,286 47,691,526 49,329,835 14, 821,139 12, 674, 225 6,011 18, 850, 646 15, 685, 552 6,442 22,169, 397 18, 801, 497 6,387 25,449,917 21, 647, 340 6,376 23, 740, 652 20, 387, 425 6,341 25,038, 348 21, 596, 060 6,341 25, 982, 672 22, 293, 326 6,338 4, 962, 362 1 Figures of loans and investments beginning December 31, 1938 are not entirely comparable with prior call dates because investments and other assets (principally loans) indirectly representing bank premises and other real estate are now reported separately. Such investments and other assets amounted to $94,569,000 and $49,939,000, respectively, on December 31, 1938. Federal Home Loan bank debentures, now reported as "Obligations of Government corporations and agencies, not guaranteed by United States," were heretofore included in "Other bonds, notes, and debentures." 2 Revised to exclude acceptances of other banks and bills sold with endorsement, now reported as contingent liabilities. 34 Includes United States Treasurer's time deposits, open account. Reserves for dividends payable in common stock, $5,544,000 on December 31, 1938, were heretofore published as part of undivided profits. Reserves for undeclared cash dividends on capital stock and for accrued interest on capital notes and debentures, $10,691,000 on December 31, 1938, were.heretofore reported in combination with dividends declared but not yet payable. Beginning Dec. 31, 1938 these two reserves are included in "Other capital accounts." 5 Demand deposits other than interbank and United States Government, less cash items reported as in process of collection. 6 Balances with private banks and American branches of foreign banks, not reported separately, are included in "Other assets." 7 Includes some cash items not in process of collection. 8 Includes $27,288,000 reported separately as deposits the payment of which was deferred by agreement or otherwise. 264 FEDERAL RESERVE BULLETIN APRIL 193S ALL MEMBER BANKS—CONDITION ON DECEMBER 31, 1938, BY CLASSES OF BANKS [Amounts in thousands of dollars] All member banks All national member banks All State member banks Central reserve city member banks l New York Chicago Reserve city memberl banks Country member banks 1 ASSETS 13, 207, 760 8,469,381 Loans (including overdrafts) 10, 882, 288 7,157, 338 United States Government direct obligations Obligations guaranteed by United States Government. __ 2, 340, 243 1, 533, 441 Obligations of Government corporations and agencies, 330, 879 227,185 not guaranteed by United States 2. 447, 792 1, 604, 446 Obligations of States and political subdivisions 2, 401, 538 1, 683, 698 Other bonds, notes, and debentures 459, 990 227, 392 Corporate stocks (including Federal Reserve bank stock) _ 32. 070, 490 20, 902, 881 Total loans and investments 8, 694, 388 4, 775, 236 Reserve with Federal Reserve banks 745, 650 Cash in vault. 551,158 Demand balances with banks in United States (except private banks and American branches of foreign banks). 4,119, 695 3.144, 921 119, 824 89,775 Other balances with banks in United States 50, 553 Balances with banks in foreign countries 29, 724 Due from own foreign branches 4,196 4,196 Cash items in process of collection 1, 758, 709 1, 100, 827 615, 923 Bank premises owned and furniture and fixtures 945, 037 Other real estate owned . 325, 634 146, 780 Investments and other assets indirectly representing 144,508 69, 522 real estate 120, 722 64, 394 Customers' liability on acceptances 100, 638 60, 424 Income accrued but not yet collected 129, 791 48,166 Other assets Total assets 4, 738, 379 3, 724, 950 3, 262, 309 2, 962, 971 894, 302 538, 602 1,004,937 108,909 4, 962, 906 4, 278. 074 739, 905 4, 443, 943 2, 636, 306 597,127 103, 694 843, 346 717, 840 232, 598 11,167, 609 3,919,152 194, 492 121, 082 517, 209 404,626 172, 283 27, 393 140, 748 118, 603 29, 709 1, 968,901 883, 775 34, 572 100,174 807, 504 610,753 154, 644 11, 653, 960 2, 354,176 320, 553 82, 230 982, 331 1, 267, 556 103, 354 10,112, 847 1, 352, 670 322, 278 222, 527 12, 764 1.992 1. 904, 710 50,886 3,196 119,728 21,097 5,502 1, 885, 687 54, 398 11, 289 4,004 786, 776 329, 265 118,816 906 523 896 076 985 2,431 8,391 6,621 97, 551 27,147 41, 580 34, 984 29, 066 1,621 19, 771 45,110 49,329, 835 31, 603, 927 17, 725, 908 13, 657, 020 3,289, 286 17, 720,186 14, 663, 343 31, 852, 795 19,981, 091 21.119,188 12, 942. 704 789,816 530,183 2. 385. 689 1, 769, 791 6, 510. 303 4,167, 506 500, 641 227,003 11, 871, 704 11, 011, 639 8,176, 484 7, 273, 337 259, 633 139, 413 615. 898 280,100 2, 342, 797 2, 687, 377 273, 638 436, 776 2. 558, 360 1, 596, 974 83, 419 181, 490 657, 821 9,493 11,196, 531 7,034, 292 424, 317 796, 320 2, 719, 227 52, 673 7, 086,265 5, 214. 585 142, 667 1,127, 779 445, 878 1,699 547,158 11, 510, 343 203, 254 194, 636 694,113 3, 495, 713 2, 880, 208 387, 611 157, 549 28, 075 6, 377 876 305, 910 235. 366 9.920 98, 731 36, 239 34, 338 302 2,680 5,644 15, 367, 417 11, 705, 752 143, 425 45, 596 29,163 461, 111 169, 702 4, 632,174 153, 657 5, 722, 945 404, 785 14, 718 143 32, 115 4, 954, 696 475, 338 12,411 66.234 44,004 147, 179 23, 083 3, 019, 471 3, 809, 606 183, 946 7,541 232, 401 17,284 268, 744 108, 252 4,400 15, 828, 705 12, 809, 210 104, 228 12, 654 8,560 15, 864 73, 981 2,666 800 1,486 7,760 252 378 30,173 11, 839 21, 731 29, 506 20, 606 5, 831 1,670 7,371 11,872 16, 553 13, 244 28,282, 974 15, 622, 614 12, 064, 464 3, 032, 435 15, 942, 938 12, 865, 751 796, 435 643, 532 219, 812 105, 671 11, 798 931, 768 558, 954 217, 354 67, 373 22,143 974, 774 30, 049 20, 829 657, 882 329,114 178, 854 74, 986 56. 328 40, 214 81, 625 8, 334, 782 4,103. 767 68, 247 106, 771 1,776 34, 076 192 579, 743 213, 474 33, 791 16, 89, 30, 43. 272, 462 381, 201 167, 525 LIABILITIES Demand deposits—Total Individuals, partnerships, and corporations United States Government States and political subdivisions Banks in United States Banks in foreign countries Certified and officers' checks, cash letters of credit and travelers' checks, etc Time deposits—Total Individuals, partnerships, and corporations: Savings deposits Certificates of deposit Christmas savings and similar accounts Open accounts Postal savings 2 States and political subdivisions Banks in United States Banks in foreign countries Total deposits Due to own foreign branches Bills payable, rediscounts, and other liabilities for borrowed money _. Acceptances outstanding Dividends declared but not yet payable Income collected but not yet earned Expenses accrued and unpaid Other liabilities Total liabilities 343, 904 8, 014, 630 9, 556, 698 6. 676, 490 702,077 544, 528 14, 594 20, 971 260, 206 566,116 51, 368 61, 288 362, 781 461, 512 131,637 97, 299 10, 044 7,364 43, 363,138 27, 995, 721 143,425 97, 829 6, 209 138, 737 32, 664 43, 649 69, 683 108, 083 43, 905, 588 5,608 71, 775 18, 707 29, 288 40, 877 23,169 601 66, 962 13, 957 14, 361 28, 806 84, 914 9, 350 CAPITAL ACCOUNTS Capital Surplus Undivided profits Reserves for contingencies.. Other capital accounts Total capital accounts 2, 403, 098 2, 082, 726 635, 548 265, 345 37, 530 1, 566, 847 1,146, 800 419, 426 158,318 29, 562 836, 251 935, 926 216,122 107, 027 7,968 548, 395 807, 960 169, 635 63, 350 3,216 3, 320, 953 2,103, 294 126, 72, 28, 28, 500 280 747 951 373 _. 5, 424,247 1 ; 592, 556 256, 851 1, 777,248 1, 797, 592 Total liabilities and capital accounts. 49, 329, 835 31, 603, 927 17, 725, 908 13, 657, 020 3, 289,286 17, 720,186 14, 663, 343 25, 982, 672 22, 293, 326 6,338 15, 738, 373 10, 244, 299 10, 325,125 13, 955, 572 8, 337. 754 7,168, 330 5,224 i; 114 2, 216, 925 1, 687, 899 13 Net demand deposits subject3 to reserve. Demand deposits—adjusted Number of banks 8, 527,008 7, 213, 538 344 4, 913, 614 6, 223, 559 5, 945 * Banks are classed according to the reserves which they are required to carry (see p. 315). Some banks classed as "country b a n k s ' ' are in outlying sections of reserve cities or central reserve cities, and some banks classed as "reserve city banks" are in outlying sections of central reserve cities. Figures, for each class of banks include assets and liabilities of their domestic branches, whether located within or outside the cities in which the parent banks are located. 2 Includes United States Treasurer's time deposits, open account. * Demand deposits other than interbank and United States Government, less cash items reported as in process of collection. APRIL 1939 FEDERAL RESERVE BULLETIN 265 BEHAVIOR OF DEPOSITS PRIOR TO SUSPENSION IN A SELECTED GROUP OF BANKS ANALYSIS BY TYPE OF DEPOSIT HOLDER The March 1939 FEDERAL RESERVE BULLE- ing for 42 per cent of the total. The contribuTIN presented a preliminary analysis of data tion of business balances to presuspension recently made available by a Works Progress deposit reductions was somewhat greater Administration study1 of the records of a se- than their "normal" contribution to the comlected group of banks suspended in the period position of total deposits (38.4 per cent). 1930-1933. The data introduced there sug- The presuspension reduction of business degest the inference that large demand deposits posits represented 48 per cent of "normal" not only exhibited a greater instability than business balances. small ones, but also that the percentage re- 2. Interbank withdrawals were second in duction of balances in the period prior to importance, comprising 25.9 per cent of the suspension became progressively greater the total presuspension decline in demand degreater the size of the account. posits. The substantial contribution of interThe present discussion classifies similar bank withdrawals to deposit losses can be statistical material by type of holder. This explained by the volatility of this class of acclassification has a twofold purpose. The first counts. Interbank deposits decreased 59.6 is to discover whether or not significant vari- per cent of their "normal" level, a percentage ations exist in the presuspension behavior of decline considerably in excess of those shown the deposits of different types of holders. by personal demand deposits, business deThe second objective is to explore the possi- mand deposits, or public funds as a whole, and bility that these variations may explain the corresponding to the rate of withdrawal charvariations observed in the behavior of de- acteristic of deposits of large size. Although posits of different sizes. no analysis was made of interbank deposits Deposit reductions are measured from a by size of account, such accounts are known base date to the date of suspension. The base to be large. 3. Personal deposits contributed 12.9 per dates selected were dates on which banks suspended at different times had not experienced cent of the total decrease in demand deposits, serious deposit withdrawals. For the nine slightly less than their share (13.3 per cent) banks suspended before June 30, 1931, the in the composition of total demand deposits. base date is June 30, 1928. For the 58 banks The presuspension reduction of personal desuspended thereafter, the base date is June posits represented 42.6 per cent of "normal" 30, 1931. In the following pages, deposit personal balances. Personal accounts are less balances on the base date are referred to stable than business accounts of comparable as "normal" balances and the composition of size but because personal balances are pretotal deposits on the base date is referred dominantly small balances, personal accounts to as the "normal" composition. In this as a whole are more stable than business acarticle, interbank deposits are treated as a counts as a whole. 4. In general, variations distinguishable in part of total demand deposits. The results of the investigation may be the behavior of deposits of different holders are distinctly less pronounced than those dissummarized as follows: 1. Withdrawals from business accounts covered in deposits of different sizes. The comprised the largest single item in presus- same general differences in the behavior of pension demand deposit reductions, account- accounts of different sizes appear in the data This report was prepared by R. C. Breithut and Martin Krost. classified by type of holder as in the data for 1 266 FEDERAL RESERVE BULLETIN all types of holders. As stated, no analysis business deposits (42 per cent). The major was made of the behavior of interbank de- part of business withdrawals in turn is atposits of different sizes. tributable to the larger accounts, those in ex5. Comparisons of the presuspension be- cess of $5,000 being responsible for 37 per havior of deposits owned by holders engaged cent of the total deposit reduction. Interbank in different types of business show relatively withdrawals represent 25.9 per cent of the minor differences. There appears to be no total decline, a share considerably greater consistent tendency for withdrawals of cerTABLE 1 tain types of business demand deposits to ALLOCATION OF THE DECREASE IN TOTAL DEPOSITS exceed others. BETWEEN BASE DATE AND DATE OF SUSPENSION BY TYPE OF HOLDER Limitations of the Data.—The figures presented in this discussion have been drawn 14 banks 9 banks sus- 44 banks from a group of 67 medium-sized banks, suspended sussusbetween pended 67 pended pended during the period November 1930 to after Type of holder sample before June 30 and Dec. 31, banks June 30, March 1933. The size and location of these 1931 Dec. 31, 1931 1931 banks are described in the March 1939 FEDERAL RESERVE BULLETIN, page 179. As the Total decrease in demand depresent analysis consists of a reclassification posits, inclusive of interbank.. 100.0 100.0 100.0 100.0 Public funds.. _ _ _ 4.3 8.6 of the same basic data, it is subject to similar 25.2 Interbank deposits 13.6 42.9 25.9 Miscellaneous demand destatistical qualifications. It should be noted 31 9 9 2 12 8 posits 14 9 69.4 48.4 Personal and business 53.4 54.9 that the figures for the percentage composi16.6 Personal -_ 12.9 12.6 10.7 tion of deposits in this article are based on 52 8 Business 42 0 37 7 40 8 "Total demand deposits, inclusive of interLess than $5,000: 9.1 3.9 7.3 7.1 Personal __ _ bank." The category "Miscellaneous demand 1 9 2 9 Business 6 0 5 0 deposits" includes fraternal, charitable, inac$5,000 and over: 7.5 6.8 5.2 5.8 Personal tive, unlisted, unidentified and other nonper50.9 34.8 34.8 Business .... 37.0 sonal deposits as well as certificates of de1 June 30, 1931 for banks suspended after that date; June 30, 1928 for posit. The largest component of miscellane- those suspended earlier. For a fuller explanation see p. 265. ous demand deposits is unidentified deposits, Increase. Fraternal, charitable, other non personal, inactive, unlisted, unidenthat is, deposits whose ownership could not tified, and certificates of deposit. be definitely assigned either to a business than that of all personal accounts. Business concern or to a person using the account pri- and interbank deposits together account for marily for nonbusiness transactions. It is about two-thirds of the total reduction of probable that the bulk of these deposits are deposits. personal balances. The contribution of a class of deposits to The Allocation of the Presuspension De- the total deposit decline depends on two faccrease in Deposits.—The figures shown in tors. The first is the importance of the Table 1 indicate the extent to which the with- class in the original composition of total drawal of different classes of deposit holders deposits. Clearly any class representing a contributed to the total decrease in deposits. very large share of a bank's total deposits While the contribution of public funds to the may be responsible for substantial deposit total withdrawal is not large in any group of reductions even though the accounts in this banks, the behavior of these deposits is some- class are less heavily drawn upon than other what irregular. Personal and business de- accounts. The second factor is the stability posit reductions are responsible for more of the accounts in the class. A group of acthan half (54.9 per cent) of all deposit losses, counts showing exceptional instability in and the bulk of these are withdrawals of times of stress may exercise an influence on 1 (2) 3 2 3 (2) APRIL 267 FEDERAL RESERVE BULLETIN 1939 deposit losses of substantially greater importance than its contribution to the original composition of total deposits. In Table 2, the composition of total deposits is compared with the composition of the deposit decline. Interbank deposits constitute about one-fifth of all deposits, but account for about one-fourth of deposit reduction. Personal deposits account for slightly less than their proportionate share of the deposit decline. The reverse is true of business deposits. If personal and business deposits are divided into comparable size groups, it becomes clear that size is a factor of sufficient importance in deposit reduction to obscure the variations between groups of deposits having different size compositions. Withdrawals from business accounts under $5,000 represented only 5 per cent of the total deTABLE 2 ALLOCATION OF THE DECREASE IN DEMAND DEPOSITS BETWEEN BASE DATE AND DATE OF SUSPENSION IN ALL SAMPLE BANKS Type of holder Total demand deposits, inclusive of interbank Public funds Interbank deposits Miscellaneous 1 demand deposits Personal and business Percentage composition of the decrease in demand deposits Percentage composition of total demand deposits on base date 100.0 4.3 25.9 14.9 54.9 100.0 10.5 19.1 18.7 51.7 12.9 42.0 13.3 38.4 Less than $5,000: Personal Business 7.1 5.0 9.3 9.3 $5,000 and over: Personal Business 5.8 37.0 4.0 29.1 Personal.. Business. 1 Fraternal, charitable, other non-personal, inactive, unlisted, unidentified, and certificates of deposit. posit reduction, although these accounts constitute 9.3 per cent of total deposits on the base date. Corresponding figures for personal accounts are 7.1 per cent and 9.3 per cent. In the case of accounts of $5,000 and over, both business and personal accounts show withdrawals representing a larger share of total deposit losses than their original contribution to total deposits. Large business accounts represent 29.1 per cent of total deposits, but had a substantially greater share in deposit reduction (37 per cent). Large personal accounts constitute only 4 per cent of all deposits, but are responsible for 5.8 per cent of all deposit losses. Table 3 measures directly the presuspension instability of deposits owned by different types of holders. The decrease in deposits between base date and date of suspension is measured as a percentage of the deposits in each class on the base date. Considering all sample banks, total demand deposits, inclusive of interbank, decreased 43.9 per cent. Over the entire period, interbank deposits exhibit considerably greater percentage reductions than personal or business deposits or public funds; in the case of banks suspending during the last six months of 1931, more than five-sixths of the normal balances in this class of accounts were withdrawn before suspension. Personal accounts are consistently TABLE 3 PERCENTAGE CHANGES IN DEMAND DEPOSIT BALANCES BETWEEN BASE DATE AND DATE OF SUSPENSION BY TYPE OF HOLDER Type of holder Total demand deposits, inclusive of interbank Public funds Interbank deposits Miscellaneous demand deposits i Personal and business Personal Business Less than $5,000: Personal Business $5,000 and over: Personal Business 9 banks suspended 67 sample before banks June 30, 1931 14 banks sus- 44 banks pended susbetween pended June 30 after Dec. 31, and Dec. 31, 1931 1931 -38. c -47.0 -17.8 -59.6 +80.4 -21.1 +2.2 -84.5 -34.5 -60.9 -35.0 -46.6 -56.3 -44.2 -17.5 -37.1 -33.4 -49.3 42.6 48.0 -40.7 -45.4 -31.8 -38.9 -45.5 -50.6 33.4 23.8 -30.3 -8.7 -18.0 -10.9 -37. 3 -29.8 -64.5 -55. 7 -69.7 -54.0 -57.2 -49.4 65.0 -57.6 -43.9 1 Fraternal, charitable, other non-personal, inactive, unlisted, unidentified, and certificates of deposit. 268 FEDERAL RESERVE BULLETIN less stable than business accounts of comparable size, but business balances are predominantly large balances and thus business accounts as a whole are less stable than personal accounts as a whole. The percentage reductions in personal accounts exceed those of business accounts in the case of accounts under $5,000 as well as in the case of accounts of $5,000 and over. Table 4 presents a more detailed comparison of the behavior of business and personal deposits of different sizes. The presuspension decrease in personal deposits exceeds the decline in business deposits in each size class shown, but the excess is clearly of a different order of magnitude than the difference in variation of large and small deposits. small business deposits may reflect the widening spread of apprehension from the middle of 1931 until the Banking Holiday. Behavior of Business Demand Deposits Classified by Type of Business.—In Table 5, business demand deposits are grouped according to the type of business in which their holders are engaged. The differences in the percentage reductions shown appear to be TABLE 5 PERCENTAGE CHANGES IN DEMAND DEPOSIT BALANCES BETWEEN BASE DATE AND DATE OF SUSPENSION BY TYPE OF BUSINESS Type of business 67 sample banks TABLE 4 9 banks suspended before June 30, 1931 PERCENTAGE CHANGES IN BUSINESS AND PERSONAL Accounts of all sizes DEMAND DEPOSITS BETWEEN BASE DATE AND SUSPENSION BY SIZE OF ACCOUNT All business demand deposits.... - 4 8 . 0 -45.4 67 sample banks Size of deposit on base date Business Personal Less than $500.__ 500- 999 1,000- 2,499 2, 500- 4, 999 5,000- 9,999 10,000-24,999 25,000-49, 999.. _. 50,000-99,999 100,000 and over _. _. _ Total __ +11.1 — 19.9 -27.6 -36.6 -40.3 -50.0 -53.0 -60.4 -66.7 -48.0 -38.9 -50. G -51.1 -57.8 -47.2 -58.8 -49.7 -37.4 -53.3 -54.9 -59.2 -53.6 -40.9 -50.3 -51.9 -54.3 -34.0 -44.8 -54. 5 -23.0 -31.6 -55.6 — 13.4 -38.9 -46.4 -53.8 Accounts oi less than $5,000 -59.2 - 6 2 . 5 All business demand deposits. _. - 2 3 . 8 -8.7 1 >-70.8 Manufacturing and mining... - 1 4 . 0 +54.1 Building and construction. __ - 2 9 . 7 -60.4 Transportation, public utili-42.6 ties, etc +15. 6 +30.9 Automobile distribution and -39.4 -21.8 related services -15.4 -28.8 Trade and service -30.0 Financial -15.2 -20.2 Other, including agriculture. - 3 0 . 8 Certain classes of accounts show significant variations of behavior in banks suspended during different periods. Both public funds and small business deposits exhibit a tendency toward increasingly heavy withdrawals over the period. Although the contrast between the behavior of small business accounts and large business accounts is marked throughout the period, the rate of reduction in accounts of less than $5,000 more closely approaches the rate of reduction in larger business accounts in banks suspended after the end of 1931 than in banks suspended earlier. Increasingly heavy withdrawals of Manufacturing and mining.. Building and construction... Transportation, public utilities, etc Automobile distribution and related services Trade and service Financial Other, including agriculture. 14 banks sus- 44 banks pended susbetween pended after June 30 Dec. 31 and Dec. 31, 1931 1931 -43. -10.9 -7.9 4 -57.4 -44.9 -50.1 -55.3 +18.7 -28.0 -31.5 -6.0 +17.3 -8.8 -16.0 -2.1 -20.5 -47.8 -34.7 -14.5 -35. 3 Accounts of $5,000 and over All business demand deposits Manufacturing and mining. _ Building and construction.__ Transportation, public utilities, etc Automobile distribution and related services Trade and service __ _ Financial Other, including agriculture. -55. 7 -54.0 -49.4 -57.0 -68.7 — 57. 5 -57.6 -43. 7 -67.4 —48 2 — 51.7 —31 6 -57.5 -59.5 -70.8 -48.1 -66. 1 -49.4 -59.0 -65. 3 -76.1 -45. 2 -49. 1 -76.8 -46.8 -42.5 -66.9 -34.6 -65.7 -52.2 -59.1 -66.7 too small to justify a statement that some types of business accounts are more unstable than others. Such differences as exist become less as the number of banks considered 269 FEDERAL RESERVE BULLETIN APRIL 1939 is enlarged. Moreover, no single business class consistently outranks other classes in the percentage of its "normal" balance withdrawn prior to suspension. In the chart the variations in pre-suspension reductions of deposits of different sizes are compared with those of different types of business. The data plotted in the bar diagrams on the left of this chart were presented in Table 6, p. 181, in the March 1939 FEDERAL RESERVE BULLETIN. The diagrams on the right are plotted from the figures presented in Table 5 of this article for accounts of all sizes. The bars on the right have been ranked in accordance with the severity of the deposit reductions of different types of business holders when all banks and sizes of accounts are included. The summary bar preceding the size of account diagrams is based on the percentage reductions in total demand deposits; the bar preceding the type of business diagrams is based on total business demand PERCENTAGE REDUCTIONS IN DEMAND DEPOSITS, CLASSIFIED BY SIZE OF ACCOUNT BY TYPE OF BUSINESS 60 60 67 SAMPLE BANKS 40 ••nil 20 0 40 20 0 60 40 20 0 - • III 1 1111 1 iiillllll 60 1 40 20 0 9 BANKS SUSPENDED 1 BEFORE 1 JUNE 30,19311 1 ..•ill II •1 • 14 BANKS 1 SUSPENDED 1 BETWEEN • • JUNE 30,19311 1 AND 1 1 DEC. 31,1931 1 - • • • I I I 1 1 1 1 1 1" lllllll 20 0 40 20 0 60 • 1 1• III ii 1 1 40 20 0 60 60 40 60 I 1 Hill H llllllll SUSPENDED! ' 40 20 0 TOTAL DEMAND DEPOSITS l l l l l l l I I § s ft £ g g 8 5 i 8' I ALL BUSINESS DEMAND DEPOSITS co o i UJ UJ 2 CO H g < < 6 K " 3 Z 2 £ 270 FEDERAL RESERVE BULLETIN deposits; both sets of basic figures exclude interbank deposits. The chart illustrates the marked contrast both in the extent and the consistency of variation in deposit behavior. The diagrams measuring variations in presuspension reductions in deposits by size of account exhibit a clearly discernible trend of the percentage reduction to increase as the size of the account becomes greater.1 This trend becomes more regular as the number of banks considered is increased. Business deposits, when classified by types APRIL 1939 of business, show no such distinct variation. There is a comparatively small difference between the largest and smallest percentage reductions shown in the data derived from all the banks in the sample. This reflects the relative importance of the data derived from the 44 banks suspended after December 31, 1931 in the data for all sample banks. It is noteworthy that in the largest group of banks the divergence is less marked than in the two smaller groups of banks. 1 The figures for classes of accounts where increases in balances are shown because of technical reasons are not charted. For a fuller explanation see March 1939 FEDERAL RESERVE BULLETIN, p. 182. APRIL 1939 FEDERAL RESERVE BULLETIN 271 BRITISH CURRENCY AND BANK NOTES ACT, 1939 The Currency and Bank Notes Act, 1939, Provided that adjustments may, if the Treasury so be made in respect of interest affecting the which received Royal assent on February 28 direct, current price of any securities and, in the case of and became effective March 1, makes impor- securities standing at a premium, in respect of that tant amendments to the laws governing the premium. (3) If, as the result of any such valuation, the operations of the Bank of England. It pro- value of the assets then held in the Department differs the total amount of the Bank of England notes vides for valuing gold in the Issue Depart- from then outstanding, there shall be paid to the Department each week at current prices instead of ment from the Exchange Equalisation Account (in Act referred to as "the Account") or to the Acat the legal gold parity of the pound sterling, this count from the Department such sum as will counteras formerly. Securities held in the Issue De- act that difference, and separate payments may be in respect of differences arising from changes partment as cover for the fiduciary issue are made in the value of gold and differences arising from also to be valued at current prices. The stand- changes in the value of other assets. ard fiduciary issue, by amendment to the Cur- Any payment required by this subsection may be effected in cash or, by agreement between the Treasrency and Bank Notes Act, 1928,1 is raised ury and the Bank of England, by a transfer of gold from £260,000,000 to £300,000,000. The or securities (whichever is appropriate), or partly Treasury's powers to authorize changes in in cash and partly by such a transfer. (1) Gold held in the Department may be sold the amount of the fiduciary issue for various to 3.— the Account and gold may be bought for the Deperiods remain unaltered. Section four of partment from the Account, in each case at the price the Bank Charter Act, 1844, requiring the at which gold was valued for the purposes of the last under the last preceding section. Bank to buy gold at a fixed price, is repealed. valuation (2) The Treasury shall pay into the Account all The full text of the new Act is given below. sums received by them after the commencement of this Act in respect of the profits of the Department An Act to amend the law with respect to the Issue under section six of the Currency and Bank Notes Department of the Bank of England, the Exchange Act, 1928. Equalisation Account and the issue and place of payment of Bank of England notes. [28th February, 4.— (1) Notwithstanding anything in any enactment, bank notes for five pounds and upwards may 1939] issued by the Bank of England otherwise than at Be it enacted by the King's most Excellent Majesty, be by and with the advice and consent of the Lords their head office without being made payable at the Spiritual and Temporal, and Commons, in this pres- place of issue, and all bank notes for five pounds and ent Parliament assembled, and by the authority of upwards issued by the Bank shall, wherever issued, be payable only at the head office of the Bank unless the same, as follows:— 1. The fiduciary note issue shall, unless and until, expressly made payable also at some other place. (2) Section four of the Bank Charter Act, 1844 after the commencement of this Act, it is reduced under subsection (2) of section two of the Currency (which requires the Department to issue notes in and Bank Notes Act, 1928, or increased under sub- return for gold), shall cease to have effect. section (1) of section eight of that Act, be three 5.— (1) This Act may be cited as the Currency and hundred million pounds and accordingly— Bank Notes Act, 1939. (a) in subsection (1) of the said section two and (2) This Act shall come into operation on the first subsection (1) of the said section eight, for the after the day on which the Royal Assent words "two hundred and sixty million pounds" Wednesday is given thereto. there shall be substituted the words "three hun(3) The enactments set out in the Schedule to this dred million pounds"; and (6) any Treasury Minute in force at the com- Act are hereby repealed to the extent mentioned in mencement of this Act under the said section the third column of that Schedule. eight shall cease to have effect. 2.— (1) The assets held in the Issue Department of SCHEDULE—ENACTMENTS REPEALED the Bank of England (in this Act referred to as "the Department") shall be valued on the day on which Session and this Act comes into operation and thereafter once in Extent of Repeal Chapter Short Title each week. (2) For the purposes of every such valuation, the The final proviso to secThe Country Bankers assets shall be valued at such prices as may be cer- 7 Geo. 4. c.46. tion fifteen. Act, 1826. Bank of England Section four. tified by the Bank of England to be the current prices 3 & 4 Will. 4. c.98. The Act, 1833. of those assets respectively on the day of the valua- 7 & 8 Viet. c.32. The Bank Charter Act, Section four. tion, ascertained in such manner as may be agreed 1844. 22&23Geo.5.c.25. The Finance Act, 1932. Subsections (2) to (6) of between the Treasury and the Bank: section twenty-five. 1 BULLETIN for August 1928, pp. 567-569. 272 FEDERAL RESERVE BULLETIN APRIL 1939 ANNUAL REPORT OF THE BANK OF FRANCE The annual report of the Bank of France j dollar, after being quoted at 147.30 and 29.45 for the year ending December 22, 1938, was francs respectively on January 3, moved up submitted to the general meeting of stock- to 154.90 and 30.98 francs on the 27th of the holders on January 27, 1939. The main text same month and then rose by successive steps of the address of the Governor of the Bank, to 165.65 and 33.50 francs on March 15. Thereafter quotations were relatively stable M. Pierre Fournier, is given herewith:1 Throughout 1938 France continued her ef- until the end of the first half of April. But forts to adapt the economic structure to the the latter weeks of that month were marked new monetary and social conditions which by new tension, which led the authorities to it had to meet; but developments abroad dur- let foreign currencies reach a level at which ing this period made the necessary adjust- the franc could more easily be held. On May 5 the pound sterling stood at slightly less than ments more difficult. International tension on various occasions 179 francs, the rate which the President of led to movements of capital throughout the the Council in a broadcast statement on May 4 world, an increase in gold hoarding, and other had announced as the future minimum level economic difficulties which could not fail to for the franc. have their effect on France. Furthermore, This decision caused an immediate reversal the increase in rearmament expenditure of the trend. Substantial repatriations of forced the majority of governments to resort capital took place; the rate of interest on to repeated borrowing, which upset the equi- various short-term issues of the Treasury librium of the capital and money markets. was lowered on several occasions; and the In addition, the economic depression, which Bank was able to reduce the discount rate followed the rapid rise of raw material prices to 2V2 per cent. in the spring of 1937, lasted until the begin- At the same time a series of decrees was ning of 1938. The partial improvement issued by the Government in execution of the which took place in the United States during law of April 13, 1938, for the purpose of the second half year had little effect in meeting national defense expenditures and France, because of the troubles in which this reorganizing the country's financial and ecocountry found itself involved. In these par- nomic structure. ticularly difficult circumstances the Bank of Beginning with July, however, the foreign France made continuous efforts to adjust its exchange market was again subjected to policy to the needs of the moment and to strain. It is true that the value of the franc give its full cooperation in the work of do- in terms of sterling did not change to any mestic recovery. notable extent; the pledge made by the PresThe franc and the exchanges.—During the ident of the Council was fully kept even durlast three months of 1937, fluctuations in the ing this period. But, in relation to the dollar value of the franc in relation to the principal and to gold, the franc suffered a depreciation foreign exchanges were kept within very nar- corresponding to that of the British currow limits. From the beginning of 1938, rency, the rate of which, expressed in dollars, however, the currency was subject to con- declined below $4.61 on September 28, 1938. stant pressure. The pound sterling and the The September crisis.—During the grave The report, available in French, contains in addition a sum- events which marked the month of Septemmary of the legislation of November 12, 1938, affecting the Bank of France and the Treasury, which was published in THE BULLETIN ber, the banking and monetary mechanism of for January 1939, pages 29-30; a section on personnel; and tables the country showed a strength worthy of a showing the operations of the Bank in detail. For earlier reports see BULLETIN for April 1938, 1937, March 1936, 1935, 1934, 1933, nation whose traditional qualities of calmness 1932, 1931, 1930, etc. 1 FEDERAL RESERVE BULLETIN and courage always prove equal to any time of difficulty. No flight of capital took place during this crisis. Withdrawals by depositors from banks and savings institutions were made chiefly in order that consumers and producers might have on hand—in case the situation should become worse—the cash required for current expenses during the first weeks of military and economic mobilization. Since the Government had decided that no moratorium measures should be taken, no matter what turn events might take, it was the duty of the Bank to afford the greatest possible facilities to savings institutions and private banks which had to meet deposit withdrawals, and to industrialists and merchants who needed to strengthen their cash reserves. We wish to emphasize the thoroughly sound character of the securities offered to the Bank at that time. The portfolio of the Bank expanded during September by 13,000,000,000 francs, of which 8,000,000,000 francs were received during the most critical week. By December 15 this increase had been practically wiped out by the normal incidence of maturities. At the same time, in order to meet expenditures of exceptional character, and especially the cash disbursements of Government departments, the Treasury also had to borrow from the Bank; between September 8 and 29, advances by the Bank of France to the State increased by 10,000,000,000 francs. Similarly, the note circulation rose from 101,760,000,000 francs on September 1 to 124,428,000,000 francs on September 29. As soon as the crisis had passed, however, the circulation declined rapidly, and on December 15 last it had gone down to approximately 108,000,000,000 francs. At the end of the year it stood at 110,935,000,000 francs, as compared with 93,837,000,000 francs on the corresponding date of 1937. The subsequent recovery.—Beginning with September 29 the international tension relaxed. On October 5 the Government received 273 from Parliament, for the second time in the course of the year, extensive powers enabling it to pass a series of decrees during November, looking toward reestablishment of equilibrium in the ordinary budget, more flexible application of the law providing for the 40hour week, and revaluation of the gold reserve of the Bank of France. A renewed inflow of capital then began and, after a temporary slowing up toward the end of November, continued steadily to the end of the year. The monthly average rate of the pound sterling declined from 178.81 francs in October to 178.66 francs in November and to 177.44 francs in December, while the corresponding averages for the dollar varied between 37.51 and 37.99 francs. In the forward exchange market the 3months' premium on British and United States currencies declined from a maximum of 18.4 per cent for the pound and 19.2 per cent for the dollar on October 4, to less than 2.3 and 3.4 per cent respectively beginning with December 1. Several times during December forward operations in sterling were effected at par or even at a slight discount. The Stabilization Fund.—In cooperation with similar organizations of the powers adhering to the Tri-partite Agreement, the Exchange Stabilization Fund endeavored as it had done in the past to safeguard the franc so far as possible from exchange fluctuations due to artificial and temporary influences of purely speculative origin. In February, the Fund had to ask for the return of the 3,127,000,000 francs in gold which it had turned over to the Bank on November 10, 1937. After this strengthening of its gold reserves the Fund had no further need to call upon the reserves of the Bank. The scope of its activities was further increased by the authorization conferred upon the Treasury to make non-interest bearing advances in francs to the Fund, and by the permission given to the Fund for the Support of Rentes to utilize its available balances temporarily for the purchase of gold. 274 FEDERAL RESERVE BULLETIN Balance of payments.—While movements of capital during the past year appear to have been approximately in balance, other elements in the French balance of payments showed a more favorable development than in recent years. The unfavorable balance of 17,000,000,000 francs incurred by France as a result of the trade of the mother country and the colonies with foreign countries in 1937 was reduced to no more than 13,000,000,000 francs in 1938. French exports to foreign countries rose in value by 5,000,000,000 francs; this increase applies particularly to finished products, the volume of which increased by 10 per cent during the first 11 months, whereas sales of certain raw materials, such as iron ore, declined appreciably. Imports, on the other hand, rose by 1,500,000,000 francs in value, but were sharply contracted in volume both as to raw materials and manufactured products; this was owing especially to the increased output of French coal mines, which made it possible to reduce purchases abroad by a considerable amount. Another development, the importance of which should be emphasized, was the considerable growth of the trade of the mother country with the colonies and protectorates. Exports to the colonies increased in value by 1,500,000,000 francs for a tonnage approximately equal to that of 1937; they were chiefly manufactured products, the sales of which rose by 6 per cent in volume during the first 11 months. Imports from the colonies, representing almost altogether foodstuffs or raw materials belonging to the vegetable kingdom, increased by 2,000,000,000 francs for a tonnage slightly larger than that of 1937. There are today further opportunities for business between the mother country on the one hand and the colonies and protectorates on the other, in which French industrialists and merchants should participate to a greater extent, with the aid of the authorities, through taking advantage of the protection afforded them by the existing rates of exchange. Economic activity.—Domestic trade was well sustained during the first part of 1938 but declined sharply during the summer. Since October it has shown a marked trend toward recovery, and the Bank has received confirmation of this trend from its offices and from the enterprises which make up its clientele. Agricultural production of all kinds was abundant, not to say exceptional. Industry, with some lag, experienced the depressing effects of the worldwide decline in the prices of raw materials; but with a calmer international situation most enterprises have benefited from an improved business trend as compared with figures at the beginning of the year. Coal production reached almost 48,000,000 tons in 1938 as compared with 45,000,000 tons the year before. The production of steel, which declined to less than 450,000 tons per month during the summer, amounted to 580,000 tons in December. For the year as a whole it was about 1,740,000 tons below the production of 1937. Activity in the textile industry has increased during recent months. The index of wholesale prices compiled by the Statistique Generale de la France, which maintained an average level of 645 until August, rose to 684 at the end of December, that is, a rise of about 8 per cent in comparison with the year before. The check to depreciation of the prices of the principal raw materials in the great international markets resulted in the disappearance of a moderating influence which had contributed to the stability of French wholesale prices during the first half of last year. On the other hand, the index of retail prices, reflecting the recovery of wholesale prices of foodstuffs, reached 754 in December 1938, a rise of 11 per cent as compared with the corresponding month of 1937. APRIL 1939 FEDERAL RESERVE BULLETIN The trend of domestic prices still leaves French industries with a marked advantage in foreign markets: although the effect of this advantage is lessened by the many obstacles to international trade, the situation ought nevertheless, to stimulate and facilitate the indispensable recovery of French economy. The money market.—The Bank did its part in contributing to the rise in production by maintaining very easy credit conditions. The discount rate did not go above 2V2 per cent for a period of almost six months, nor above 3 per cent during the remainder of the year. At the time of the September crisis, the Bank was compelled to raise the official discount rate by one-half of a point. It reduced the rate to 2^2 per cent again on November 24; at the beginning of the present year the discount rate was further lowered to 2 per cent, a level which had not been reached since January 27, 1937. In accordance with a tradition from which the Bank has never departed in previous years except under pressure of absolute necessity, it succeeded—in spite of all the difficulties experienced—in maintaining great stability in money rates. Only three changes of rates were made in 1938, whereas six were necessary in 1937, eleven in 1936, and eleven in 1935. The rate on 30-day advances followed the same modifications as that of the discount rates. The rate for advances on securities, which had stood at 4 per cent since the beginning of the year, was reduced to 314 per cent on May 12, raised to 4 per cent on September 27, and finally reduced again to 3 % per cent on November 24. At the beginning of the current year it was reduced to 3 per cent. As from June 30, on the other hand, the General Council, anxious to broaden the cooperation of the Bank with the money market and to increase the marketability of bills and obligations issued by the Government, raised from 80 to 90 per cent of their par 275 value, and even to 95 per cent in the case of certain securities, the amount that would be advanced against Government securities maturing in not more than 2 years. By the terms of Article 3 of the Convention of June 23, 1928, between the Caisse Autonome d'Amortissement and the Bank of France, the Bank was authorized—for the purpose of regulating the volume of credit and exercising control over the circulation— to sell on the open market and to repurchase before maturity the bills of the Caisse Autonome d'Amortissement appearing on the balance sheet of the Bank. Moreover, Article 9 of the Convention entered into on June 23, 1928, between the Treasury and the Bank, authorized the Bank to purchase bills and short-term securities for account of foreign banks of issue and to rediscount, if requested to do so by these institutions, the bills and securities in question for which the Bank is accustomed to give its guarantee of final payment. The operating facilities made available along these lines were made more flexible and were extended by a decree law of June 17, 1938, which authorized the Bank to buy and sell, without endorsement, on the open market, short-term Government securities and private bills eligible for discount. These operations, which in no circumstances could be a source of profit to the Treasury or to the departments issuing such bills, reached the sum of 1,892,000,000 francs on the weekly balance sheet of December 29 last. They were of effective assistance in easing interest rates in the money market and facilitated the lowering of the Bank's discount rates and rates on advances. As in the past, the Bank continued to give the most liberal support to all legitimate demands for credit on the part of commerce and industry. It assisted agriculturists by greatly increased accommodation; financing operations for wheat crops had amounted to 1,797,000,000 francs by December 29 as compared with 276 FEDERAL RESERVE BULLETIN 651,000,000 francs by the corresponding date of the previous year. The Bank likewise continued its aid to foreign commerce and cooperated in mobilizing acceptance credits opened by the private banks for exporters, as well as in mobilizing overdue credits of the clearing offices, notably the Franco-Italian office. All these measures have been dominated by the desire to secure to the money market the benefit of abundant funds and moderate rates of interest. The Bank in the September crisis.—During the September crisis, and as a result of the sudden great increase in its various operations, the physical tasks which devolved upon the services of the Bank showed a very considerable expansion within a few days. Following are some figures which give an idea of the exceptional effort demanded of the personnel. Between September 20 and October 10, the increase in discounts required the head office of the Bank to handle 2,700,000 bills. More than 1,200,000 securities, representing 74,850 separate deposits, were received at the Paris and provincial offices during the same period; this movement is equal to approximately 75 per cent of the deposits accepted in the course of one entire normal year. A number of safety-deposit vaults and storage rooms were rented in Paris and in areas remote from the frontiers. Deliveries of bank notes—which on September 26 alone exceeded 1,900,000,000 francs at Paris and an aggregate of 1,990,000,000, francs at the branches—increased to such an extent that the Bank was obliged to give out even 5,000 franc notes, which it had held in reserve. Advances to the Government.—The condition of the capital and money market forced the Treasury to borrow once again from the Bank, which agreed in the Convention of March 22, 1938, approved by the law of March 25, 1938, to raise from 15,000,000,000 to 20,000,000,000 francs the maximum amount of temporary advances to the Government provided for in the Convention of June 30, 1937. The Convention of April 14, 1938, sanctioned by the decree-law of June 17, 1938, increased this maximum to 30,000,000,000 francs. The total advances thus utilized, plus advances granted by virtue of the Convention of June 18, 1936, amounted to 52,083,000,000 francs on November 14, the date on which the revaluation operations as provided for by the Convention of November 12, 1938, were carried out. In meeting the demands made upon it by the Government, the General Council of the Bank felt morally bound in these serious circumstances to insure the regularity of Government disbursements, to aid in the effort being made for economic recovery, and to put at the disposal of successive Governments the resources of the Treasury required for the execution of the financial programs which had received the majority approval of Parliament. On each occasion, however, the Bank called attention to the effects which repeated calls for advances from the Bank of issue would have on French currency. A continued unbalance of Government finances inevitably causes a depreciation of the currency, the consequences of which are felt in every branch of a nation's activity. Undoubtedly, monetary stability demands rigid financial management and often even heavy sacrifices; but at whatever price it may be achieved one must not forget that thsre can be neither prosperity nor social progress while there is continued uncertainty as to securities and constant fear that savings may become worthless. The Bank has always endeavored to limit the amount of its advances to the State and to make sure of their subsequent redemption. This concern is reflected particularly in the law of April 13, 1938, by the terms of which the proceeds of the liquidation of the Ex- APRIL 1939 FEDERAL RESERVE BULLETIN change Stabilization Fund and the cash balance of the Fund for the Support of Rentes are to be applied in toto to the definitive repayment of a corresponding amount of the temporary advances granted to the Treasury by the Bank. The revaluation of gold.—This arrangement was renewed and extended by the Convention of November 12, 1938, approved by a decree law of the same day, which made the same allocation of the increment resulting from the revaluation of our gold reserve and foreign exchange holdings, as well as of any further increment which may eventually result from a subsequent revaluation. The gold and the foreign exchange holdings convertible into gold were revalued on the basis of a weight of 271/2 milligrams of gold 0.900 fine per franc; foreign exchange holdings not linked to gold were revalued on the basis of their average quotations on the Paris Stock Exchange. Accordingly the gold reserve was entered on the weekly balance sheet as of November 17 at 87,264,000,000 francs, showing a bookkeeping profit of 31,456,000,000 francs, which was applied in its entirety to the definitive repayment of a corresponding amount of the temporary advances granted to the Treasury by the Bank since 1936. This operation reduced the advances granted to the Government from 52,083,000,000 to 20,627,000,000 francs. On the other hand, under the terms of Article 9 of the Convention of November 12, and in consideration of the increased outlays of the Treasury, the per- 277 manent advance of the Bank to the Government was increased from 3,200,000,000 to 10,000,000,000 francs. Recovery.—In recalling the principal events of the past year, the results achieved by way of economic recovery and better financial conditions deserve to be emphasized. The effort demanded of the country made it possible to reduce the requirements of the Treasury; and the public authorities have declared their intention to find, through normal appeal to a market well supplied with repatriated capital, the resources which they will need in future to cover Government outlays without asking further advances from the Bank. Since May, the fluctuations of the currency on the exchange market have been held within narrow limits. The improvement in the balance sheet of the Bank, brought about by the Convention of November 12, 1938, is absolutely assured on the basis of current exchange rates. The ordeal of September gave proof of the soundness of the financial organization. The modification of working hours, the lowering of interest rates, and the advantages of the existing price level to French exports, are all favorable economic factors. In continuing its self-imposed effort, France can depend upon the energy and patriotism of its people. The virtues, of which it has given so many proofs throughout its history, justify our looking forward with confidence to the future destiny of our country. 278 FEDERAL RESERVE BULLETIN APRIL 1939 BALANCE SHEET OF THE BANK OF FRANCE AS OF DECEMBER 23,1938 AND DECEMBER 23,1937 [In thousands of francs] Dec. 22, Assets 1938 D e c . 23, 1937 Gold reserve (coin and bullion) Silver and copper coins Funds available on demand abroad Foreign bills: Negotiable Other Domestic bills: Negotiable. Negotiable (decree of June 17, 1938) 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 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, 1911, Dec. 20,1918, and June 25,1928) 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, 1911, Dec. 20, 1918, and June 25, 1928; convention of Nov. 12, 1938; decree of Nov. 12, 1938) 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) Temporary noninterest bearing advances to the Government, redeemable in accordance with Art. 8 of the convention of Nov. 12, 1938 (decree of Nov. 12, 1938) Rentes earmarked for special purposes Bank buildings and equipment Miscellaneous assets 87, 264, 778 540, 236 16, 450 58, 932, 539 378, 299 29, 445 781, 381 22.158 19, 769 1,909.067 7, 442. 274 8, 744,174 1, 793, 577 673, 857 3, 639, 626 579 3, 692, 506 447, 526 641, 281 529. 504 625, 959 5, 530, 254 5, 637, 303 Total assets.. 307, 387 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 payment to the Government of an amount equal to part of annual dividend in excess of 240 francs net Gross dividends 1602 francs Carried forward Miscellaneous liabilities Total liabilities- 3, 200,000 Total demand liabilities Ratio of gold reserve to demand liabilities (per cent) Dec. 22, 1938 Dec. 23, 1937 108, 531, 713 3, 669, 388 91, 263,046 32, 274 2, 241, 047 26,163, 055 126, 052 182, 500 2, 391, 067 16, 548, 443 109, 687 182, 500 303, 231 303, 231 22,106 4,000 22,106 4,000 25,000 40, 000 1,792 29, 200 13, 760 2, 300,112 1,100 27, 375 25, 454 2, 703, 958 143, 587, 956 113, 679, 242 140, 731, 255 110, 344, 517 62.01 53.41 10, 000, 000 12,088, 806 10,000,000 4, 820,000 20,627,441 112,981 4,000 2, 814, 925 112, 981 4,000 3, 012, 246 143, 587, 956 113, 679, 242 1 For the second half year 1938. Gross dividend for first half year 1938, 160 francs. In accordance with the decree-laws of May 2 and Nov. 12, 1938, which modified the rate of taxation on the yield of French registered shares, the net dividend of shares of the bank of France was 235 20 francs for the year for shares subject to a tax of 26 per cent for the first half year and to a tax of 27 per cent for the second half year; and 265.28 francs for the year for shares subject to a tax of 16.20 per cent for the first half year and to a tax of 18 per cent for the second half year. APRIL 1939 FEDERAL RESERVE BULLETIN 279 ANNUAL REPORT OF THE NATIONAL BANK OF BELGIUM The annual report of the National Bank of A remarkable fact during these events was Belgium for the year ending December 25, that not only did the gold reserves of the 1938, was presented to the general meeting of Bank continue to pile up, but the Bank had shareholders on February 27, 1939. Sections no demand made upon it for gold on the part from the address of the Governor of the of the domestic market. Bank, M. Georges Janssen, are given here- The fiduciary circulation was afterwards with:1 gradually reabsorbed; it remains, however, Monetary development.—In 1938 there was somewhat higher than at the end of the previa steady flight of capital from Belgium until ous year. the month of May. This was partly the re- During the last three months of the year, sult, first, of domestic political factors, such neither the weakness of the pound, notwithas heated discussions regarding the public standing its potential ability to create disfinances; and then of international political turbances in international trade, nor the dofactors, such as the fear of war in central mestic political uncertainty during the month Europe. It was also the result of fears for of December, had any appreciable effect on the stability of Belgian currency in view of the money market. the trend shown by some of the leading interThe above summary of events may be illusnational foreign exchanges. Two events in trated by a few comparative figures. particular, the Anschluss in March and the In the first two months of 1938 the Bank depreciation of the French franc in May, sold gold to the market in only negligible greatly aggravated the capital movements. amounts. The sales increased in March and The violence and magnitude of the crisis in then slowed down in the weeks following but May was without precedent. It compelled the did not entirely cease. From December 25, Bank to use all its technical means of defense, 1937 to April 28, 1938, 1,966,000,000 francs from the traditional tactic of raising the dis- of gold were sold. count rate to supervising—with the coopera- During these four months withdrawals of tion of all the banks—the use of credit. funds were made almost exclusively at the Within a few days the crisis was over and expense of bank reserves. This was reflected the outflow of capital was checked. Soon in the stability of the Bank's portfolios of disafterwards a flow of capital from foreign counts and advances as well as in the trend of countries into Belgium got under way and its deposits in general current account, which continued practically without interruption to declined from 3,652,000,000 francs on Dethe end of the year. cember 25, 1937, to 1,994,000,000 francs on In September, the turn of the international April 28, 1938. The monthly average of the political situation brought about a new devel- fiduciary circulation rose from 21,578,000,000 opment; the concern of business houses and francs in January to 22,077,000,000 francs in of people generally to make certain of having April. enough cash on hand led to an increase in the From April 28 to June 1, sales of gold fiduciary circulation. At the time of the totalled 4,542,000,000 francs. In connection Munich accord the volume of notes in circu- with these considerable withdrawals of capilation reached the highest level in the mone- tal, deposits in general current account detary history of Belgium. clined from 1,994,000,000 to 1,067,000,000 The report, available in French, contains in addition sections francs; the fiduciary circulation declined and dealing with the capital market, the position of the commercial banks, the general economic situation, industry, trade and agri- reached its minimum, 20,453,000,000 francs culture, as well as tables showing the operations of the Bank in detail. For earlier reports, see BULLETIN for April 1938, March on June 23, that is, a decline of 1,496,000,000 1 1937, April 1936, 1932, 1931, May 1930, etc. 280 FEDERAL RESERVE BULLETIN APRIL 1939 francs as compared with April 28; the Bank the Bank were recorded at the beginning of was called upon to supply credit, so that dis- December. The fiduciary circulation was reduced from counts and advances rose respectively from 971,000,000 to 2,508,000,000 francs and from a maximum of 25,498,000,000 francs on September 29 to 21,905,000,000 francs on De160,000,000 to 672,000,000 francs. From the beginning of June a recovery cember 21, while deposits in general current began to be evident. From June 1 to August account between the same dates rose from 25 the market yielded gold in an amount of 826,000,000 to 2,233,000,000 francs. Aggre1,814,000,000 francs and the cash position of gate demand liabilities of the Bank declined the banks improved. Resort to the Bank for from 26,357,000,000 to 24,726,000,000 francs. credit was likewise reduced. At the end of Gold movements.—At the end of the year August the advances on public funds at 214,- the assets of the Bank in the form of gold, 000,000 francs and the portfolio of Belgian foreign exchange, discounts and advances, securities at 1,127,000,000 francs had re- stood as follows as compared with December turned approximately to their level at the be- 25, 1937: In millions of francs ginning of the year. From August 25 to September 29 the fiduciOther DisAdDisgold counts— counts— vances ary circulation increased from 21,115,000,000 on doGold and doTotal mestic foreign mestic to 25,498,000,000 francs, that is, by 4,383,- Position on reserve foreign securiexsecuri- securities ties change ties 000,000 francs. Up to September 22 the banking system met withdrawals of deposits Dec. 25,1937- 17,612 4,748 1,107 24 192 23, 683 194 22, 939 10 almost without any recourse to the credit of Dec. 25,1938- 17,128 4,586 1,021 -14 -744 -86 +2 the Bank. During the following week the dis- Differences... -484 - 1 6 2 count portfolio rose to 2,740,000,000 francs, advances on public securities to 896,000,000 The above comparison shows that the derepresenting increases of 1,613,000,000 cline in gold holdings is the principal element francs and 682,000,000 francs respectively of changes in the situation of the Bank over from August 25 to September 29. During the the year. This decline, however, is relatively same period deposits in general current ac- unimportant if one considers the extent of count were reduced from 1,720,000,000 to the gold and exchange movements in 1938. 826,000,000 francs, while the market brought In order to have a proper understanding to the Bank 665,000,000 francs of gold. of the receipts and withdrawals of gold reFrom the beginning of October the im- flected in the comparative statement, one provement of the international political situa- should take into consideration the outflow of tion was reflected in a steady return of bank foreign capital, the extraordinary repaydeposits and by a corresponding decline in the ments of foreign debt, the recourse to foreign fiduciary circulation. Developments in both markets by private enterprises, and the transthe spot and forward exchange markets as- fers of gold effected between the Treasury sisted the return flow of gold. The demand and the Bank. for credit at the Bank of Belgium was rapidly The Treasury delivered to the Bank 3,606,reduced. At the end of November such bor- 000,000 francs and received 1,126,000,000 rowings amounted to little more than at the francs in the course of the year. The net end of August and at the beginning of the c elivery, therefore, amounted to 2,480,000,000 year. francs. On December 25, 1938, the gold Between September 29 and December 1 the holdings of the Treasury were thus reduced Bank acquired from the market 1,559,000,000 to 1,286,000,000 francs as compared with francs of gold. A few unimportant losses by 2,381,000,000 francs on December 25, 1937. APRIL 1939 FEDERAL RESERVE BULLETIN The resort to foreign markets by the Treasury in 1938 was limited to the issue in June of 35,000,000 Netherlands guilders of 3months Treasury bills renewable three times; and of 25,000,000 Swiss francs of 6-months Treasury bills renewable once. At the beginning of the year the Treasury also cashed the greater part of the yield of the loan of £5,000,000 issued in December 1937. The repayment of foreign loans by private enterprises in Belgium and the Congo amounted to 396,283,000 francs. Private borrowings in foreign markets were limited to two loans, representing 10,000,000 Swiss francs and 1,500,000 Netherlands guilders, respectively. The exchange market.—The international position of the Belgian currency was weak during the first five months of the year. After that it showed great firmness, which was not broken for a moment by the international political events of September. Up until the beginning of March the pound sterling, the guilder, and the Swiss franc remained relatively stable around the respective rates of 29.55 belgas, 329.38 and 136.72 belgas. A temporary recession of these exchanges at the time of the Anschluss was succeeded by a period of recovery which, except for the Swiss franc, brought the rates up to a maximum level during the second half of April. In May these exchanges showed a downward trend. While the Swiss franc experienced a partial recovery during July and August, the decline of the pound sterling and the guilder was accentuated during the third quarter, carrying the Swiss franc with them at the end of August. The violent disturbances which the foreign exchange markets suffered during the second half of September and the early days of October, in the course of which the guilder and the Swiss franc reached their lowest levels for the year, marked the beginning of a divergent course for the pound sterling on the one hand, and of the guilder and the Swiss franc on the other. Whereas these latter 281 exchanges rose to about their end-of-August and beginning-of-September levels, and continued approximately at these levels throughout the last quarter, the pound sterling showed a marked decline, particularly in November. The French franc, which was quoted at 20 belgas for 100 French francs at the beginning of the year, depreciated steadily to about 18 belgas at the beginning of May. At that time a realignment of the French franc was effected on the basis of a maximum rate of 179 francs to the pound sterling, a rate equivalent to about 16.8 belgas. At the end of the year the French exchange showed increased strength in relation to the pound sterling. On the forward market the trend was favorable to the belga until the beginning of March, when the rates began to rise, reaching a maximum in May. The subsequent easing of tension progressed rapidly until July but was slowed down by the international events of September; it again became very marked in the period from October to December, when the rates went back to about the levels prevailing at the beginning of the year. The Bank aided this improvement by intervening in the market from time to time in order to enlarge and regularize it. To the extent to which market operations satisfied the demands for normal exchange requirements, such intervention was justified because of the close relations existing between this market and the short-term money market. These intervention operations, which were facilitated by the continued firmness of spot quotations for the belga in the closing months of the year, were effected by means of spot purchases of foreign exchange against forward sales at one month or three months. Discounts and advances.—Transactions in discounts and advances increased in importance during 1938, but for exceptional and temporary reasons. This proves, if indeed 282 FEDERAL RESERVE BULLETIN proof were necessary, that the market normally keeps out of the Bank, and that the Bank, in order to be able to discharge its regulatory functions at all times, should be in a position to adapt its technique at any time to the trend of the money and credit markets. Our official rates, which had stood unchanged at an extremely low level since May 16, 1935, were raised on May 10, 1938, for reasons which have been stated elsewhere. The discount rates on acceptances and on promissory notes were raised from 2 to 4 per cent and from 2*/£ to 4*/2 per cent, respectively. The rate on advances was raised from 3 to 5 per cent. Having thus shown its determination to defend the currency against the attacks to which it was being subjected, the Bank took cognizance of the easing of tension to the extent to which it was effectively realized in the market. By May 30, improvement was sufficiently evident to justify lowering the discount rate on acceptances and that on promissory notes respectively to 3 and 314 per cent, while the rate on advances was reduced to 4 per cent. These rates remained unchanged until October 27, the date on APRIL 1939 which the official discount rate on acceptances was reduced to 2^2 per cent. This latter reduction was limited to only one category of bills. The Bank endeavored in this way to encourage the use of acceptances and to improve the quality and the degree of security of commercial credit. During the closing months of the year the Bank envisaged the possibility of applying a preferential rate to the discount of bills representing sales for export of products manufactured in Belgium. Fiduciary circulation and demand liabilities.—Over the year the demand liabilities of the bank declined from 25,399,000,000 to 24,665,000,000 francs, that is, by 734,000,000 francs. The decline in the current accounts of the banks with the Central Bank constituted the determining factor in the decline of the aggregate demand liabilities of the Bank. This was partly offset by the increase in the fiduciary circulation. Aside from the fact that this phenomenon is of comparatively recent date and appears to be associated in part at least with the events of September, it should not be forgotten that to a certain extent this supplementary bank note circulation has been substituted for other means of payment. APRIL 283 FEDERAL RESERVE BULLETIN 1939 BALANCE SHEET OF THE NATIONAL BANK OF BELGIUM AS OF DECEMBER 25, 1938 AND 1937 [In thousands of francs] Assets 1938 1937 17,128,114 17, 612, 425 Gold reserve 4, 585,913 Foreign exchange 4, 747, 959 1,021, 477 1,107,045 Belgian bills 10, 431 24,093 Foreign bills 276, 407 Subsidiary coin 254, 486 194, 541 Advances on Belgian public securities 191,911 Government debt: 500,000 Treasury bonds (law of Dec. 27, 1930) 500,000 222, 037 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 549, 990 19, 1932 549, 990 602, 257 Purchased under the statutes To be liquidated 21,184 Bills deposited for collection in current account 80, 743 160,000 160, 486 Bank premises, furniture and fixtures Provision for the manufacture of bank notes, _ 3,496 Interest earned on public securities 21, 889 "51," 600" Temporary accounts Liabilities 1938 Bank notes in circulation Current accounts: Treasury Organizations created b y a special law__. Banks Clearing Private 22,017, 822 21, 460,065 572, 618 902, S95 906, 972 115, 332 149, 914 287, 780 933, 387 2, 367, 989 209, 457 140, 857 !, 647, 832 3, 939, 470 Bills deposited for collection in current account Capital Reserves: Statutory Special 1937 200,000 80, 743 200,000 103, 727 303, 247 102, 369 225, 824 406, 974 328,193 Amortization account for bank premises, furniture and fixtures Treasury reserve Rediscount Taxes payable to the Government: Yield of discount and loan operations exceeding 3 ^ per cent Tax on fiduciary circulation Share of the Government in profits 60, 202 504 2,695 105 15, 836 5,843 21, 784 Temporary accounts Unpaid dividends for second half year.. Total assets,. 25, 302, 765 26,103, 551 Total liabilities. 8,126 22,011 25, 302, 765 26,103, 551 284 FEDERAL RESERVE BULLETIN APRIL 1939 STATISTICS OF INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES FOR 1938 Weekly statistics of international capital transactions of the United States for the year 1938 are published in the tables on the following pages. These statistics are collected by the Federal Reserve banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Hereafter they will be published monthly in the International Financial Statistics section of the FEDERAL RESERVE BULLETIN. As on previous occasions when these figures were published in the BULLETIN the data are presented in a series of related tables, the first of which shows the total capital movement and the major forms which this movement has taken. Each of the eight columns of this table, with the exception of two columns for which such treatment is not feasible, is then made the subject of a succeeding table in which the data are classified according to leading countries and areas. Tables 8 and 9 show the outstanding foreign liabilities and assets reported by banks. While the general method is the same as before, several changes have been made in the arrangement of Table 1, and new statistics on central bank funds have been introduced. The new arrangement is designed to bring together those forms of capital movement which appear to be most closely related in their response to the influences that play upon the flow of international capital. The same grouping has been employed as that which underlay the analysis of capital inflow to the United States in the FEDERAL RESERVE BULLETIN for February 1939, pp. 92-96. This analysis distinguished three main types of capital movement: 1) the movement of foreign short-term funds, which has been sharply inward as financial or political crises developed abroad and outward at other times, particularly when depression in the United States created uncertainties with regard to the dollar; 2) the return of American capital from abroad, which has been persistent since the breakdown of the international gold standard and the spread of foreign bond defaults, with little tendency for these repatriated American funds to go abroad again; 3) theflowof foreign funds into American securities, which has been concentrated at times of stock market booms, but which has not turned to an outflow during periods of business decline or uncertainty with regard to the dollar—although recently European war fears have been the occasion of some liquidation of foreign positions here. In this first table the three columns following the grand total record the inflow of foreign short-term funds, most of which are deposited in American banks; the next two columns record the return flow of American capital, both short and long-term, from abroad; the next column records the movement of foreign funds into American securities. The final column records the movement in brokerage balances, which largely reflects the shifting net debit of foreigners to American brokers and is associated to a considerable extent with foreign operations in American securities. While this grouping keeps together all the movements in short-term banking funds, foreign and American, the total of these funds is no longer given. Whether it is more useful to combine the movement of American shortterm funds with foreign funds or with American capital invested in foreign securities is a question of the problem in hand. In the analysis in the February BULLETIN, for instance, when the entire inward movement of capital since January 1934 was being considered from the standpoint of possible reversal of the movement, a combination of the return flow of American short-term funds from abroad with the liquidation of American holdings of foreign securities seemed to be more illuminating than a combination of American with foreign short-term funds. The larger part of this return flow of American short-term funds represented liquidation of blocked balances abroad similar to the liquidation of foreign securities, although a substantial amount represented the return flow of balances accumulated in England in 1933 when the dollar was falling on the exchanges. American funds withdrawn from London after dollar stabilization have tended in some measure to go back at those periods when interest rates in conjunction with forward exchange rates have offered a substantially better yield in London than in New York. This movement of American funds between London and New York is similar to that of foreign funds under the same in- APRIL 1939 FEDERAL RESERVE BULLETIN 285 fluences; and while the accumulation of are drawn down, central banks may buy the American funds abroad is undoubtedly sub- dollars offered on the exchange market and ject to more limitations than the return home add them to their own balances here. These of foreign funds, nevertheless that portion of opposite movements in central bank and prithe flow of American balances which is in vate balances are likely to occur, however, for response to net yields appears to have rather brief periods only. Over longer periods the more in common with foreign balances than considerations that make New York attracwith American investments in foreign securi- tive or unattractive to private foreign funds ties. The arrangement of the table permits also tend to govern the placement of central either combination to be made. The move- bank funds; and through gold transfers cenment of American short-term funds abroad tral banks can maintain whatever volume of is not totaled either with that of foreign dollar balances they desire. short-term funds here or American funds in The figures shown in the third column of foreign securities. It is placed between them the table for short-term funds of foreign cenwhere it may be considered in relation to tral banks include all such funds held with either. the Federal Reserve banks, most of which are For similar reasons the total of security reported in the weekly condition statement transactions formerly published in the BUL- of those banks either as a deposit of foreign LETIN has been dropped. The factors govern- banks or as a contingent liability on bills puring the repatriation of American capital in- chased for foreign correspondents. These vested in foreign bpnds or American pur- funds are all handled by the Federal Reserve chases of new foreign issues differ widely Bank of New York. Beginning with Septemfrom those that determine the timing and ber 28, 1938, the figures also include shortthe amounts of the flow of foreign funds into term funds held in commercial banking instiAmerican stocks, which appear to constitute tutions in New York City by those central the largest element in foreign purchases of banks that maintain accounts at the Federal American securities. A total of these two Reserve Bank of New York. They omit a differing security movements would make it negligible amount of short-term funds held more difficult to associate together in the by these central banks outside New York table the return flows of short-term and long- City and also any funds held in this market term American capital from abroad, which, by foreign central banks that do not have acalthough far from identical, seem to have counts at the Federal Reserve Bank of New more in common from the standpoint of be- York. A portion of the funds held in the havior. The two security columns are, how- names of foreign central banks belongs not to ever, side by side should the reader wish to those banks, but to the governments of their study together the movement of foreign and respective countries. American funds in securities. The movement of other foreign short-term Aside from the rearrangement of columns funds, shown in the fourth column, consists and the omission of two of the subtotals pre- largely of private funds, but includes also viously given, the only change in the table is those official funds not covered in the third the subdivision of the movement of foreign column. It is not feasible to show the split between banking funds into "central bank" and "other". This split is significant partly be- central bank and other foreign short-term cause the accumulation of central bank funds funds in the United States according to the here reflects the building up of dollar reserves country of the holders. To do so would tend rather than exchange pressures with which to disclose the accounts of individual central the foreign monetary authorities must deal, banks abroad. The two columns are therefore and partly because the movement of foreign totaled and the totals are shown subdivided central bank funds is often contrary to that by countries in table 3. Back figures and revisions.—Similar tables of private funds. When dollars are in demand by those who wish to acquire balances in the covering the year 1937 were published in the United States, foreign central banks may BULLETIN for April 1938, pp. 267-277. draw down their accounts here in order to Monthly and weekly data for the period from prevent or steady a decline in the exchange May 1929 to the end of 1936 and a detailed rates of their currencies. Conversely, when description of the statistics were published private foreign balances in the United States in the BULLETIN for May 1937, pp. 394-431. 286 FEDERAL RESERVE BULLETIN APRIL 1939 These tables for the years preceding 1937 credit balances with U. S. brokers; 4) foreign should be revised on the basis of certain fig- exchange transactions, forward exchange ures on short-term foreign assets that have contracts, and the net position in foreign cursubsequently been reported. The following rencies of banks and bankers in the United list of revisions shows the amounts that States. should be added to the figures in Table 1, Statistics for the period preceding the Total Capital Movement; Table 2, Total Cap- Treasury regulation are available from two ital Movement, by Countries; Table 3, Total sources—the Federal Reserve Bank of New Banking Funds, by Countries; and Table 5, York and the Department of Commerce. FigUnited States Banking Funds Abroad, by ures of short-term foreign liabilities for the Countries. In Table 1, the amounts indicated period May 1929-November 1934 and of shortshould be added to the grand total, to the term foreign assets for the period March total in banking funds, and to the decrease in 1931-November 1934 were collected by the U. S. funds abroad. In Tables 2, 3, and 5 they Federal Reserve Bank of New York in coshould be added to the total and to the figures operation with a group of leading New York for Latin America. City banks and bankers. These figures were published by countries on a monthly basis REVISIONS IN TABLES 1, 2, 3, AND 5 until July 15, 1931, and on a weekly basis thereafter, in the FEDERAL RESERVE BULLETIN Amount to be added for May 1937, pp. 420-423 and 426-429. (millions Date More comprehensive figures for all forms of dollars) of capital movement (not, however, subdivided by countries) are available on a yearly Feb. 6, 1935, to July 31, 1935, inclusive. Aug. 7, 1935, to July 29, 1936, inclusive, 1.1 Aug. 5, 1936, to Dec. 30, 1936, inclusive 1.7 basis in the annual studies by the Department of Commerce on "The Balance of International Payments of the United States." These The following table shows the revisions are for substantially the same catethat should be made in Table 9, Outstanding figures gories of capital movement as thefiguresnow Short-term Foreign Assets, by Countries: being collected by the Federal Reserve banks. As regards short-term banking funds the REVISIONS IN TABLE 9.—OUTSTANDING SHORT-TERM FOREIGN ASSETS basis employed in these earlier years was almost as comprehensive as that now emAmounts to be Amounts to be ployed. As regards the movement of funds added subtracted in securities the reported data for the years _ Date preceding 1935 were more limited and less Latin United Total Amer- King- Total reliable than those subsequently available. dom Europe ica The figures, representing transactions throughout the year, were obtained by ques(Millions of dollars) tionnaire at the year-end from leading banks, 1.0 1.0 A u g 2t , 1931. to Feb. 3 1932 inc 5.2 24.9 5.2 brokers, and dealers, and had to be adjusted 19.7 Feb. 10 , 1932, to July 26, 1933 inc 24.2 5.2 5.2 Aug. 2, 1933, to Dec. 27 1933 inc 19.0 The figures 23.5 5.2 5.2 for those who did not report. Jan. 3, 1934, to June 27, 1934, inc 18.3 22.8 5.2 5.2 July 3, 1934, to Jan. 30, 1935, inc 17.6 22.0 5.2 Feb. 6, 1935, to July 31, 1935, inc 5.2 now being gathered are all reported weekly 16.8 21.7 5.2 5.2 on a comprehensive basis. A u g 7, 1935, to July 29, 1936, inc 16.5 21.1 5.2 A u g 5, 1936, to Dec. 30 1937 inc 5.2 15.9 While due allowance must be made for the less satisfactory character of the figures preAdditional capital movement statistics.— vious to 1935, it appears desirable for the Additional selections from the statistics col- sake of perspective to show annual figures for lected by the Federal Reserve banks under the period 1930-1938 under the same classifithe Treasury Regulation of November 12, cations as those now employed in the regular 1934, are available monthly in the BULLETIN BULLETIN tables. This has been done in the OF THE TREASURY DEPARTMENT. This bulletin table below. Thefiguresprevious to 1935 are contains figures by countries for 1) various Department of Commerce figures with the types of foreign short-term assets and lia- exception of the division between central bilities; 2) purchases and sales of securities bank funds at the Federal Reserve Bank of with separation of foreign, domestic, and New York and other foreign banking funds joint arbitrage accounts; 3) foreign debit and in the United States. This division was made 287 FEDERAL RESERVE BULLETIN APRIL 1939 possible by the use of Federal Reserve data. Certain Commerce figures which do not fit the classifications are omitted. These are 1) currency movements, 2) commercial shortterm funds not reported by banks or brokers, and 3) international credit operations of government lending agencies. Beginning with 1935 the same figures are used as those published in the regular BULLE- TIN tables except that data of the Department of Commerce with regard to certain direct investments and other transactions not handled by banks or brokers are included in the figures for security operations. The figures are shown on an annual basis, however, rather than on a cumulative basis from January 2, 1935, as in the regular BULLETIN tables. N E T CAPITAL MOVEMENT TO UNITED STATES [Annual figures in millions of dollars. Minus sign indicates net movei•nent from United States] Increase in foreign b a n k i n g funds in U . S. Year Total Total 1930 1931 1932 1933 1934 1935 1936 1937 1938 _ _ _ . _ . . -752 -490 -192 s-363 -300 -1,272 -595 -383 3 404 1,433 1,177 813 86 603 327 238 264 P381 Central bank funds at Federal Reserve Banks -79 -152 -295 -47 11 10 71 153 4-27 Other -221 -1,120 -300 -336 75 593 256 85 291 Decrease in U. S. banking funds abroad Foreign securities: Return of U. S. funds 1 Domestic securities: Inflow of foreign funds i -185 -328 563 186 -29 106 361 70 18 29 166 273 -48 185 118 177 271 61 53 -56 137 -13 341 596 251 (2) (2) (2) (2) (2) P48 P50 (5) Inflow in brokerage balances 6 7 35 p1 Preliminary. Includes direct investments, some of which do not involve security transactions. Differences between figures in this column and those published under same caption on subsequent pages for period 1935-38 are due to certain direct investments and other transactions not handled by reporting banks and brokers. 2 No figures available. 3 Includes capital movement resulting from arbitrage transactions not shown in following columns. 4 From September 28 through December 28, 1938, includes, with some exceptions, changes in central bank accounts with commercial banking institutions in New York. 5 Inflow less than $500,000. 288 FEDERAL RESERVE BULLETIN APRIL 1939 TABLE 1.—TOTAL CAPITAL MOVEMENT Net movement to United States since Jan. 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States] Increase in foreign banking funds in U. S. From Jan. 2, 1935, through— Totalr Total Central bank funds in N. Y. Other Decrease in U. S. banking funds abroad r Foreign securities: Return of U. S. funds Domestic securities: Inflow of foreign funds Inflow in brokerage balances 1935—Dec. 31.. 1936—Dec. 30.. 1937—Dec. 29.. 1,412. 5 2, 608. 4 3, 410. 3 603.3 930.5 1,168. 5 81.1 243.9 593.5 849.4 924.6 361.4 431.5 449.1 125.2 316.2 583.2 316.7 917.4 1.162. 0 6.0 12.9 47.5 1938—Jan. 5... Jan. 12.. Jan. 19.. Jan. 26__ 3, 3, 3, 3, 5 5 2 7 1,157. 7 1,129. 2 1,102. 6 1,092. 7 248.7 249.9 242.7 233.8 909.0 879.3 859.9 858.9 426.3 462.3 461.3 465.2 588.0 590.8 591.8 1.163. 9 1.164. 9 1, 168. 0 1,167. 9 51.9 50.5 49.5 50.1 2___ 9— 16.. 23._ 3, 339. 2 3, 310. 7 3, 289.1 3, 284. 3 1,059. 7 1,025.4 1,010.6 1,009. 7 225 A 221.1 216.9 212.2 834.3 804.3 793.7 797.5 465.1 475.8 468.6 466.7 592.4 591.1 595.9 597.1 1,170. 2 1.165. 2 1,160. 6 1,159. 8 51.9 53.3 53.4 51.1 Mar. 2__. Mar. 9... Mar. 16.. Mar. 23.. Mar. 30.. 3, 233. 9 3,218.1 3,205.1 3, 221. 3 3, 207. 2 974.4 962.4 948.0 949.6 186.6 179.8 169.0 154.2 149.9 787.8 782.6 779.0 795.4 799.9 457.4 449.7 452.1 458.8 434.4 601.1 604.1 605.9 612.6 618.5 1,150.1 1,150. 7 1.147. 9 1.148. 7 1,150. 4 51.0 51.2 51.2 51.6 54.2 Apr. Apr. Apr. Apr. 6... 13._ 20.. 27- 3,179. 5 3.184.1 3,194. 0 3.206.2 899.1 894.8 892.7 897.6 147.7 145.0 159.8 150.9 751.4 749.8 732.9 746.7 445.1 449.0 454.5 459.6 625.5 626.7 627.5 628.7 1,150. 3 1,152. 3 1.159. 2 1.160. 8 59.5 61.2 60.1 59.5 May May May May 4___ 11_. 1825.. 3,168.1 3,123. 8 3,109. 8 3,110.6 863.9 831.4 817.3 824.6 142.2 153.2 150.4 142.7 721.7 678.2 666.9 681.9 446.9 437.8 434.4 427.3 639.0 639.6 643.4 643.4 1.159. 4 1,156.9 1,156. 5 1,156. 0 58.8 58.1 58.2 59.3 June 1... June 8 — June 15.. June 22.. June 29.. 3,084. 6 3,077. 4 3,070. 3 3,059. 0 3.045. 8 804.4 790.5 787.6 793.2 786.2 137.6 138.1 139.4 143.4 125.9 666.8 652.4 648.2 649.8 660.3 419.3 425.7 426.1 411.1 403.3 643.2 644.1 642.4 640.7 643.1 1.156. 4 1,155. 7 1,152. 8 1.154. 9 1.155. 3 60.8 61.4 61.4 59.1 57.8 July6.._ July 13.. July 20.. July 27.. 3, 038.1 3,015. 6 3, 020. 2 3,000. 2 765.9 737.6 740.2 735.8 121.8 116.7 114.1 115.2 644.1 620.9 626. 1 620.6 426.1 429.8 435.1 438.1 625.5 626.9 625.3 618.9 1,161.3 1.160. 8 1.157. 6 1.149. 7 59.3 60.4 62.1 57.7 Aug. Aug. Aug. Aug. Aug. 3.005. 2 3,003.1 3.006. 2 3,044. 4 3, 067. 3 739.2 743.4 752.6 771.6 803.2 110.5 105.7 104.0 105.4 111.6 628.7 637.7 648.6 666.2 691.6 445.2 447.9 445.7 461.6 460.6 618.2 616.9 615.6 618.0 617.6 1,143.0 1,136. 8 1,131.8 1.128. 4 1,125. 3 58.1 60.5 59.2 3,128. 4 3, 280. 0 3, 417.1 3, 452. 9 862.0 1,006. 7 1,127. 4 1,161.2 124.7 152.6 181.8 168.0 737.3 854.1 945.6 993.2 462.7 469.1 472.9 477.2 621.4 622.5 625.1 625.0 1,123. 6 1,120. 6 1.129. 3 1,125. 4 58.8 61.1 62.5 64.1 3, 521. 3 3, 548.1 3, 650. 2 3, 672. 2 1, 208.1 1, 204. 6 1,296.0 1, 298. 9 188.7 190.6 212.5 205.3 1,019.4 1,014. 0 1, 083. 5 1,093. 6 472.4 488.0 486.7 496.3 635.5 637.0 640.1 638.4 1,142. 6 1.161. 1 1,170. 2 1,182. 4 62.6 57.4 57.2 56.2 Feb. Feb. Feb. Feb. 3— 10.. 17.. 24.. 31.. Sept. Sept. Sept. Sept. Oct. Oct. Oct. Oct. 7— 14.. 21.. 28.. 5__. 12.. 19. 26. 389. 394. 372. 367. Nov. Nov. Nov. Nov. Nov. 2... 9... 16 . 23.. 30. 3, 3, 3, 3, 3. 650. 4 643.1 666. 2 710. 8 709. 2 1, 270. 5 1, 282. 2 1, 305. 5 1, 375. 7 1, 392.1 192.6 225.6 203.9 234.2 220.0 1,077.9 1,056. 6 ,101.6 , 141. 5 , 172.1 492.3 489.6 485.3 489.4 472.7 643.6 627.1 629.2 596.2 598.4 1,190. 7 1,192. 4 1,196. 9 1,198. 5 1,194. 4 53.4 51.8 49.4 51.1 51.5 Dec. Dec. Dec. Dec. 7... 14.. 21.. 28_. 3, 3, 3, 3, 720. 4 687. 6 750.1 779. 2 1, 409. 5 1, 395.4 1, 409. 2 1, 432. 7 238.9 188.1 204.1 216.3 , 170.6 ., 207. 3 , 205.1 ,216.4 453.5 442.7 482.1 478.1 604.6 605. 3 608.7 610.0 1, 201. 0 1,192. 5 1, 202. 2 1,210.9 51.7 51.7 48.0 47.6 • Revised. Previously published figures for 1938 have been increased by $10,000,000 on the basis of later reports. APRIL 289 FEDERAL RESERVE BULLETIN 1939 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES Net movement to United States since Jan. 2, 1935 [In millions of dollars. From Jan. 2, 1935, through— Total Minus sign indicates net movement from United States] United Kingdom France Netherlands Switzer- Germany land Italy Other Total Europe Europe Latin Canada' America 1935—Dec 31 1936—Dec. 30 1937—Dec. 29 1, 412. 5 2, 608. 4 3, 410. 3 554.9 829.3 993.7 210.2 299.5 281.7 114.5 229.7 311.9 130.4 335.5 607.5 36.6 83.1 123.9 24.0 45.6 22.1 130.0 228.5 312.2 1, 200. 6 2, 051. 3 2, 653. 0 1938—Jan. 5 Jan.12 Jan.19 Jan. 26 3, 389. 3, 394. 3, 372. 3, 367. 5 9 2 7 975.3 988.4 990.2 991.0 275.4 276.2 275. 7 271.3 310.9 307.7 303.8 302.4 611.1 609.9 591.2 589.6 128. 3 126.9 127.8 129.1 21.1 21.5 20.0 18.1 313.7 315.6 318.0 320.2 2, 2, 2, 2, 635. 646. 626. 621. 9 2 7 8 150.5 106.3 114.6 144.0 136.2 140.3 0) Far East All Other 70.9 201.2 410.6 128.3 184.0 224.6 12.7 21.4 15.9 406.5 380.1 382.8 383.3 216.7 206.3 210.8 206.2 15.8 18.3 15.8 16.1 Feb. Feb. Feb. Feb. 2 9 16 23 3, 3, 3, 3, 339. 2 310. 7 289.1 284. 3 977.1 972.0 954.6 964.5 271.6 268.7 268.2 265.1 294.1 284.9 280.8 272.7 578.3 568.8 572.5 567.6 126.8 121.9 124.9 123.3 17.4 17.2 17.7 20.9 323.9 325.6 325.0 322.1 2, 2, 2, 2, 589. 3 559.1 543. 6 536.1 143.9 141.4 139.3 141.8 385.5 388.0 389.7 389.4 205.3 206.8 201.3 201.7 15.1 15.4 15.1 15.2 Mar. Mar. Mar. Mar. Mar. 2.... 9_._. 16 23 30— 3, 3, 3, 3, 3, 233. 9 218.1 205.1 221. 3 207. 2 965.9 961.1 952.1 947.2 938.2 267.7 261.9 263.7 268.7 266.4 256.5 256.7 255.9 259.0 260.2 545.8 542.8 540.9 546.7 544.1 124.6 128.0 126.6 126.0 125.8 17.6 16.7 16.1 15.1 15.7 320.6 316.8 313.5 312.6 315.3 2, 498. 7 2, 484.0 2, 468. 8 2, 475. 2 2, 465. 8 133.9 139.7 135.5 143.7 134.7 393.2 391.0 395.3 393.9 400.3 194.1 188.4 189.5 191.6 187.7 14.1 14.9 16.1 16.9 18.8 Apr. Apr. Apr. Apr. 6_._ 13.. 20__ 27__ 3,179. 5 3,184.1 3.194.0 3, 206. 2 934.7 939.8 944.6 950.6 271.7 269.8 261.4 259.4 258.7 258.2 257.8 264.7 540.6 537.9 537.6 529.9 127.4 128.2 129.9 129.0 16.5 17.8 17.2 17.7 311.7 309.2 305.4 307.3 2, 461. 2, 461. 2, 453. 2, 458. 2 0 9 6 134.1 132.3 141.9 140.7 399.0 407.5 407.0 409.6 166.6 166.2 172.7 179.2 18.5 17.1 18.5 18.1 May May May May 4... 1118.. 25.. 3.168.1 3,123. 8 3.109. 8 3.110. 6 930.0 923.5 919.9 900.3 266.7 245.4 242.1 245.1 264.2 260.9 259.1 262.6 522.1 503.8 494.5 493.1 130.5 131.8 131.3 135.2 18.5 19.2 17.4 18.9 302.0 306.0 310.2 321.1 2, 433. 9 2, 390. 6 2, 374. 5 2, 376. 3 135.1 141.0 140.3 140.0 407.2 406.7 406.4 407.9 173.3 166.7 168.5 165.2 18.6 18.9 20.1 21.2 June 1__. June 8 — June 15.. June 22.. June 29.. 3,084.1 3,077. 4 3, 070. 3 3, 059. 0 3, 045. 8 879.5 886.5 886.8 884.1 889.7 238.7 239.5 239.8 239.4 237.4 262.7 261.0 261.0 261.8 266.0 485.7 486.9 486.8 485.6 484.1 133.6 135.5 135.9 135.6 137.7 23.7 24.7 24.6 24.5 21.4 321.9 317.9 314.5 312.6 313.4 2, 345. 9 2, 352. 2 2, 349. 4 2, 343. 6 2, 349. 7 143.2 137.5 137.6 136.5 124.1 416.1 416.7 413.0 414.2 412.0 158.0 152.3 150.8 146.6 140.5 20.9 18.7 19.5 18.1 19.5 July July July July 6 13.... 20—. 27 3, 038.1 3, 015. 6 3,020. 2 3,000. 2 877.2 879.9 883.6 881.2 238.0 239.9 242.1 238.6 269.3 269.0 265.7 262.9 485.8 478.7 477.6 475.9 139.9 137.8 137.3 137.3 22.8 22.1 21.4 21.5 312.7 305.4 302.6 300.9 2, 345. 7 2,332. 9 2, 330. 3 2, 318. 3 122.9 117.6 126.4 110.6 411.7 402.8 401.3 403.7 137. 9 141.6 140.1 144.5 19.9 20.6 22.1 23.0 Aug. Aug. Aug. Aug. Aug. 3... 10 17 24 31 3.005. 2 3,003.1 3.006. 2 3, 044. 4 3,067. 3 883.1 890.0 891.4 895.9 896.7 239.6 243.3 247.2 259.4 264.6 262.1 260.6 261.2 254.8 255.2 477.7 476.7 477.7 481.1 484.8 135.5 133.6 134.5 135.3 136.2 20.8 22.6 25.1 23.0 23.9 301.5 302.1 298.6 305.1 306.3 2, 320. 4 2, 328. 8 2, 335. 8 2, 354. 7 2, 367. 5 121.1 122.1 119.6 126.5 126.2 403.9 402.8 404.1 403.9 409.8 138.3 127.1 123.2 133.6 135.4 21.5 22.3 23.5 25.7 28.3 Sept. 7___ Sept. 14 Sept. 21 Sept. 28 3,128. 4 3, 280. 0 3, 417.1 3, 452. 9 937.0 959.2 1,010. 9 275.4 286.5 292.9 308.7 257.0 274.9 283.2 298.2 485.5 493.6 495.4 504.3 136.1 133.9 131.5 131.5 24.9 28.9 26.9 20.6 320.6 364.9 412.0 434.5 2, 436. 3 2, 541. 8 2, 652. 9 2, 681.1 124.5 125.7 134.1 124.8 408.1 423.6 429.9 442.9 130.4 158.2 165.9 167.1 29.0 30.7 34.3 37.1 Oct. Oct. Oct. Oct. 3, 3, 3, 3, 521. 3 548.1 650. 2 672. 2 1,002. 0 1,015.3 1,065. 8 1,081. 8 310.0 321.7 338.1 335.2 293.2 302.3 310.4 311.2 523.0 535.3 541.6 546.1 132.3 132.6 132.7 132.7 26.4 26.9 28.0 27.4 440.0 442.6 451.6 445.4 2, 727.1 2, 776. 8 2, 868.1 2, 879. 8 149.8 150.5 151.6 165. 5 443.6 425.6 427.0 422.3 163.0 157.0 167.4 168.1 37.8 38.2 36.1 36.4 5 12 19 26 Nov. Nov. Nov. Nov. Nov. 2.... 9___. 16 23 30 3, 650. 4 3, 643.1 3, 666. 2 3, 710. 8 3, 709. 2 1,080. 4 1, 094. 3 1,102. 8 1,111.0 1,114. 6 336.2 335.9 347.0 345.8 346.7 310.5 301.9 307.6 314.9 325.4 545.2 546.0 553.2 558.9 545.7 134.6 138.9 134.6 132.7 136.4 26.1 27.3 25.6 27.1 26.2 443.9 441.2 443.1 455.6 444.6 2, 876. 9 2,885. 5 2, 913. 9 2, 945. 8 2, 939. 5 167.7 163.8 161.0 168.8 189.9 414.3 401.1 394.1 397.4 389.6 156.3 154.5 160.8 162.9 152.8 35.3 38.1 36.3 35.9 37.3 Dec. Dec. Dec. Dec. 7 14 21 28 3, 720. 4 3, 687. 6 3, 750.1 3, 779. 2 1,156.1 1,133. 2 1,172. 0 1,186.1 324.0 330.3 333.9 339.5 326.8 313.4 322.5 324.6 546.2 547.1 554.9 554.0 135.2 136.2 139.9 140.7 28.8 29.6 32.8 33.0 449.4 455.4 454.2 463.8 2, 966. 5 2, 945.1 3,010. 2 3,041. 7 177.7 174.5 166.5 157.2 387.6 388.0 389.2 389.5 151.7 143.1 148.8 156.8 36.8 35.4 34.1 i Inflow less than $50,000. r Revised. See footnote, page 288. 290 FEDERAL RESERVE BULLETIN APRIL 1939 TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES Net movement to United States since Jan. 2, 1935 [In millions of dollars. From Jan. 2, 1935, through— Total United Kingdom France Minus sign indicates net movement from United States] Netherlands Switzerland Germany Italy Other Europe Total Europe Latin Canada America Far East All Other 1935—Dec. 31 _ 1936—Dec 30 1937—Dec. 29 603.3 930.5 1,168. 5 128.6 163.5 189.3 129.6 144.2 111.8 55.7 65.9 76.3 72.4 109.8 288.4 -.8 2. 7 9.6 7.3 23.0 6.9 60.7 79.7 109.4 453.5 588.9 791.7 46.0 86.8 76.3 33.5 149.3 166.3 58.8 90.4 126.2 11 5 15.2 8.0 1938—Jan. Jan. Jan Jan. 5 12 19 26 1,157. 7 1,129. 2 1,102. 6 1,092. 7 183.7 189.2 190.6 188.7 104.4 104.0 103.8 99.8 73.8 69.5 66.6 66.0 289.0 288.0 268.3 267.7 12.7 11. 1 10.0 10.5 5.7 5.4 3.6 1.1 108.7 108.4 110.7 112.9 777.9 775.7 753.5 746.9 81.0 86.6 78.9 81. 1 157.2 130.0 130.5 130.8 133.2 125.5 130. 4 124.4 • 8.4 11.4 9.4 9.6 Feb. Feb. Feb Feb. 2 9 16 23 1, 059. 7 1, 025. 4 1,010.6 1, 009. 7 177.7 171.9 160.5 177.9 99.1 95.8 96.5 92.6 59.2 50.0 48.7 40.0 256.3 248.7 253.4 249.9 8.0 1.1 2.1 -.5 -1.4 -1.9 1.1 114. 1 115.4 110.0 106.0 714.3 681.4 669.3 667.0 86.5 85.4 83.1 85.6 130.4 131.3 131.8 131.7 120.5 119.0 119.2 117.9 8.0 8.2 7.3 7.5 Mar. Mar Mar. Mar. Mar. 2 9 16 23 . _ 30 974.4 962.4 • 948.0 949.6 949.8 185.1 184.4 172.0 170.7 175.9 94.6 88.8 92.6 95.8 94.1 35.2 35.3 34.5 36.1 34.6 227.6 223.4 223.0 227.1 223.0 -1.5 -1.5 -2.6 -4.2 -3.9 -1.8 -3.2 -3.4 -4.4 -3.9 102.1 97.4 92.0 88.3 88.8 641 3 624.7 608.2 609 4 608.6 80 5 83.5 83.7 89. 5 86.3 133.5 134.3 134.3 132.8 137.0 113.0 113.1 114.6 109.9 108.5 6.0 6.8 7.3 8.0 9.3 Apr. Apr. Apr Apr. 6 13 20 27 899.1 894.8 892.7 897.6 156.9 157.5 162.2 168.0 98.8 97.0 89.8 86.0 32.4 31.0 28.8 33.3 218. 1 214.9 216.5 210.6 -3.2 -2.9 -1.9 -2.8 -3.2 -2.6 -3.6 -3.6 83.8 79.4 76.0 76.8 583.5 574.4 567.9 568.4 S3. 2 80.9 85.7 86.4 133.2 142.0 139.6 141.4 91.5 90.7 92.5 95.2 7.7 6.8 6.9 6.2 May May May May 4 11 ___ 18 25 863.9 831.4 817.3 824.6 160.9 149.2 153.1 141.0 92.8 79.8 75.4 76.6 33.0 32.3 30.4 34.4 203.9 185.7 176.6 175.1 -2.8 -2.0 -2.6 .6 -2.6 -2.4 -2.9 -1.7 63.2 66.2 67.9 79.4 548.4 508 8 497.9 505.5 79.4 85.7 83.3 83.4 138.5 140.2 138.3 139.1 91.3 90.8 91.0 88.8 6.4 5.8 6.8 7.8 June June June June June 1 8. _ 15 22 29 804.4 790.5 787.6 793.2 786.2 127 A 132.7 134.3 139.0 145.2 74.6 73.6 72.9 73.1 70.1 33.2 30.5 30.0 30.8 34.7 167.4 167.3 165.8 164.9 160.1 -2.8 -2.1 -2.6 -4.2 -2.3 1.0 2.3 2.2 1.6 -.5 79.3 75.1 74.0 71.4 75.0 480 0 479.4 476.7 476.6 482.2 86.4 81.8 83.6 85.8 73.4 146.0 147.4 143.0 143.2 140.8 84.3 76.8 78.4 81.6 83.4 7.7 5.0 5.9 6.1 6.5 July July July July 6 13 20 27 765.9 737.6 740.2 735.8 137.9 136.7 146.2 149.1 69.5 71.3 71.6 69.7 34.7 32.9 29.8 31.1 161.0 152.6 153.3 152.2 -1.5 -2.9 -4.4 -5.8 -.7 -1.9 -2.8 -2.9 72.6 65.4 61.0 59.4 473.7 454.2 454.8 452.9 69.0 66.3 75.7 73.5 141.0 132.8 128.6 130.4 74.7 75.9 71.1 68.5 7.6 8.5 10.0 10.4 Aug. Aug. Aug Aug. Aug. 3 10 17 24 31 739.2 743.4 752.6 777.1 803.2 152.5 155.7 155.2 157.2 166.0 71.9 73.9 83.5 93.4 94.5 32.3 33.1 35.8 29.6 30.7 154.2 153.5 155.8 158.6 162.5 -6.8 -9.6 -9.2 -8.9 -8.0 -2.9 -1.9 -- 1 1 .. 0 2 59.5 59.2 55.3 61.0 62.5 460.7 463.8 476.5 489.8 507.3 74.9 75.8 75.9 83.1 84.5 128.3 129.0 128.9 127.2 133.3 66.4 65.5 61.5 65.2 64.0 8.9 9.2 9.7 11.9 14.2 Sept. Sept. Sept. Sept. 7 14 21 . . . 28 862.0 1, 006. 7 1,127. 4 1,161.2 201.0 218.7 263.3 236.3 104.2 114.1 119.3 133.5 30.7 48.6 54.0 68.3 163.5 170.8 168.8 177.3 -8.2 -10.2 -11.5 -12.0 -1.5 1.7 1.3 -1.5 74.7 117.9 164.4 185. 9 564.4 661.6 759.6 787.8 85.0 88.3 93.8 90.7 132.2 147.7 152.8 164.1 65.7 92.6 101.8 96.9 14.7 16.6 19.4 21.7 1, 208.1 1,204.6 1, 296. 0 1, 298. 9 246.3 250.0 294.2 295.3 137.1 141.8 160.7 158.2 61.2 62.7 67.8 66.6 191.6 200.8 204.3 205.9 -12.4 -12.1 — 11.4 -11.6 3.5 2.5 2.7 3.9 189.9 190.7 199.3 191.8 817.3 836.5 917.6 910.1 111.6 109.4 108.7 126.4 160.8 141.7 142.6 138.9 96.2 93.6 105.2 101.7 22.3 23.5 21.9 21.8 281.1 286.5 292.5 301.2 307.3 155.8 155.2 168.0 163.7 166.2 65.1 58.7 61.9 68.8 81.0 205.1 203.1 208.5 213. 1 201.9 -9.6 -5.3 -10.0 -12.8 -10.8 3.1 3.9 3.7 2.1 2.1 189.3 185.8 188.9 200.0 187.6 889.8 887.9 913.6 936.1 935.2 126.0 122.6 121.3 164.9 183.1 131.4 144.1 136. 4 141.3 134.7 102.4 104.1 111.8 111.8 115.4 20.9 23.5 22.3 21.7 23.7 341.7 328.6 351.1 366.7 155.6 154.4 154. 9 158.8 81.6 76.4 82.5 84.4 201.2 202.2 206.4 203.7 -12.8 -12.1 -10.3 -9.8 .8 .9 3.8 3.8 191.5 196.6 194.4 203.0 959.6 947.1' 982.8 1,010.6 170.6 169.1 143.0 135.1 134.5 134.4 135.3 134.0 121.7 120.9 126.4 132.7 23.0 23.8 21.8 20.4 Oct. Oct. Oct. Oct. .. 5.12 19 26 - Nov. Nov. Nov. Nov. Nov. 2 _ . 9 16 23 30 1, 1, 1, 1, 1, 270. 5 282. 2 305. 5 375. 7 392.1 Dec Dec. Dec. Dec. 7 14 21 28 1, 409. 1, 395. 1, 409. 1, 432. 5 4 2 7 i Inflow less than $50,000. 2 Outflow less than $50,000. 0) 291 FEDERAL RESERVE BULLETIN APRIL 1939 TABLE 4.—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 United States] Neth- Switzererland lands From Jan. 2, 1935, Total' through— United Kingdom France 1935—Dec 31 1936—Dec. 30 1937—Dec. 29 _ _ 361.4 431.5 449.1 208.8 178.0 207.4 48.1 62.0 65.3 -.4 -3.3 -4.4 1.6 2.7 2.6 29.7 66.0 105.1 13.7 16.3 6.5 22.0 26.9 8.8 310.2 343. 7 409.3 -4.6 36.9 -21.7 20.1 24.9 51.6 37.3 30.4 18.7 -1.6 -4.4 -8.7 1938—Jan. 5 Jan.12 Jan.19 Jan. 26 426.3 462.2 461.3 465.2 195.9 208.6 206.1 205.8 66. 3 66.8 66.1 66.2 -3.9 -4.3 -5.7 -7.0 2.4 2.8 3.0 3.2 106.4 106.5 108.4 109.3 6.5 7.0 6.8 7.2 25.9 27.6 27.4 27.5 399.4 415.1 412.1 412.2 -18.0 7.0 9.2 12.7 50.7 49.9 51.3 50.5 3.3 .2 -.8 .1 -9.2 -9.9 -10.4 -10.3 2 9 16 23 465.1 475.8 468.6 466.7 201.7 206.1 203.8 199.1 66.6 66.6 65.9 66.5 -7.0 -5.4 -6.9 -6.3 2.8 2.1 7.4 8.5 9.7 27.9 27.0 27.5 28.1 408.9 416.2 415.1 412.6 11.9 12.2 11.5 12.1 52.1 52.7 52.8 51.6 2.3 4.9 1.6 109.5 111.3 113.2 114.0 .5 -10.2 -10.1 -9.9 -10.1 Mar. 2 Mar. 9 Mar. 16 Mar 23 Mar. 30 457 4 449.7 452.1 458.8 434.4 193.4 189.9 193.8 188.5 171.5 66.5 66.5 66.0 67.3 67.4 -6.8 -7.4 -7.9 -7.5 -4.9 1.7 2.3 2.3 2.7 3.3 116.3 119.5 119.1 119.7 119.2 9.2 9.5 9.0 9.1 9.1 26.4 26.5 28.0 28.0 28.7 406.7 406.8 410.4 407.8 394.4 9.4 11.8 8.0 11.5 2.9 53.5 49.4 52.0 51.9 52.5 -2.3 -8.4 -9.2 -3.2 -6.5 -9.9 -9.9 -9.1 -9.1 -8.9 Apr. Apr. Apr. Apr. 6 13 20 27 445.1 449.0 454.5 459.6 185.3 189.5 187.3 186.2 67.4 67.9 67.1 68.2 -4.5 -5.4 -5.2 -3.3 119.8 120.4 120.9 120.8 9.2 9.9 10.4 10.8 28.8 29.7 28.9 29.9 409.1 415.4 412.4 415.4 3.1 3.2 5.2 3.6 51.5 50.0 51.2 51.2 -11.0 -11.1 -7.1 -3.6 -7.7 -8.4 -7.3 -7.0 May May May May 4__ _ 11 18 _ 25 446 9 437.8 434 4 427.3 171.5 178.5 170.1 163.1 68.1 61.5 62.5 64.0 -3.1 -5.8 -6.4 -6.9 3.2 3.4 3.0 2.8 3.5 3.4 3.3 3.3 122.2 122.6 122.6 123.2 10.5 11.0 9.6 9.9 30.6 31.0 32.1 31.9 403.3 402.2 393.8 388.6 3.9 4.4 6.3 5.7 51.1 48.3 50.0 49.9 -4.7 -11.3 -10.0 -11.2 -6.8 -5.9 -5.6 -5.7 June 1 June 8 June 15 June 22 June 29 419 3 425.7 426.1 411.1 403.3 156.4 158.4 157.1 151.0 150.7 59.6 61.9 62.6 61.1 62.6 -6.3 -5.5 -5.3 -6.0 -6.6 3.0 3.0 2.9 2.6 2.2 125. 3 126.1 127.1 128.3 128.6 12.0 11.7 11.7 12.2 11.1 32.0 31.7 32.2 32.5 30.8 382.0 387.4 388.2 381.7 379.3 5.4 6.5 8.6 7.8 8.7 50.3 48.9 49.2 49.9 49.4 -12.5 -11.7 -14.4 -21.9 -28.8 -5.9 -5.5 -5.5 -6.5 -5.3 July 6 July 13 July 20 July 27 426 1 429.8 435 1 438.1 145.6 148.4 144.7 146.7 62.9 63.5 64.0 61.9 -6.7 -7.1 -8.1 -7.2 2.8 2.9 3.4 3.5 130.0 129.2 130.1 131.3 12.0 12.4 12.4 12.5 31.5 31.7 32.1 32.3 378. 1 380.9 378.6 380.9 8.4 7.6 10.4 3. 6 68.3 67.0 69.0 69.4 -22.8 -19.8 -17.0 -10.4 -5.9 -6.0 -5.9 -5.4 445.2 447 9 445.7 461 6 460.6 146.6 154.9 156.6 161.4 154.8 61.8 63.1 57.1 59.4 63.6 -7.0 -6.6 -5.8 -6. 1 -7.1 3.7 3.6 3.5 3.7 3.3 130.6 131.3 131.9 132.6 132.6 11.9 12.7 13.4 12.4 13.1 32.0 32.8 32.4 32.9 32.5 379.5 391.8 389.1 396. 3 392.8 14.3 16. 2 15.2 16. 2 16.3 71.1 69.5 70.1 71.5 71.1 -14.3 -24.4 -24.2 -17.8 -15.3 -5.5 -5.2 -4.5 -4.5 -4.3 158.1 163.1 168.0 170.3 64.7 65.0 65.7 67.4 -5.9 -5.4 -4.1 -4.0 2.9 3.4 3.9 3.7 132.8 132.7 131.6 132.1 14.4 15.2 13.7 10.2 34.0 34.1 34.0 33.4 401.0 408.0 412.7 413.1 17.2 16.5 15.2 12.3 -21.8 -20.7 -21.8 -16.0 -4.0 -4.3 -3.9 -3.9 174.6 182.3 181.4 192.2 63.6 69.2 66.1 64.9 -5.8 -3.5 -2.9 -1.9 3.2 3.8 4.0 4.2 133.3 133. 5 133.9 134.5 31.4 32.1 32.3 32.4 411.2 429.8 428.2 437.7 12.0 12.3 13.2 10.5 70.2 69.5 70.7 71.8 73.2 74.2 74.6 73.1 -20.2 -23.6 -23.9 -19.8 -3.8 -4.7 -5.4 -5.2 32.5 31.7 31. 1 31.5 32.0 444.4 446.3 444.5 448.9 443.2 12.8 13.0 12.8 12.7 18.2 72.5 71.3 71.8 69.9 68.1 -32.0 -35.2 -37.5 -35.9 -50.1 -5.4 -5.8 -6.3 -6.2 -6.8 32.1 32.5 32.7 33.0 435.0 434.2 457.2 453.0 17.0 15.9 32.6 30.6 66.4 66.3 65.5 66.8 -58.4 -66.3 -66.3 -65.0 -6.5 -7.4 -7.0 -7.2 Feb. Feb. Feb. Feb. Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 Sept. 7 Sept. 14 Sept. 21 Sept. 28 .- 2.0 Germany Italy 9.5 Oct. Oct. Oct. Oct. 5 12 19 26 462.7 469 1 472.9 477.2 472.4 488.0 486.7 496.3 Nov. Nov. Nov. Nov. Nov. 2 9 16 23 30. 492.3 489.6 485.3 489.4 472.7 197.0 203.2 205.5 203.0 201.2 68.4 68.0 65.7 68.0 65.9 3.1 -6.3 -6.6 -6.1 -8.0 3.9 3.8 3.9 3.8 2.6 134.7 134.7 135.0 135.8 137.4 10.9 12.4 13.3 11.5 11.0 11.3 9.9 12.9 12.1 453.5 442.7 482.1 478.1 204.0 195.5 210.6 204.5 54.1 60.4 64.2 65.5 -8.6 -8.5 -7.6 -6.9 2.1 2.3 3.3 2.6 138.2 138.4 140.2 140.3 13.0 13.5 13.8 13.9 Dec. 7 Dec. 14 Dec. 21 Dec. 28 • Revised. See footnote, Other 1 Total 7 Latin Europe Europe Canada " America Far East -.9 All Other 292 FEDERAL RESERVE BULLETIN APRIL 1939 TABLE 5.—FOREIGN SECURITIES, BY COUNTRIES Net purchases by foreigners since Jan. 2, 1935 [In millions of dollars. From Jan. 2, 1935, through— Total United Kingdom France Netherlands Minus sign indicates net sales by foreigners] Switzerland Germany Italy Other Europe Total Europe Canada Latin America Far East All Other 1935—Dec. 31__ 1936—Dec. 30.. 1937—Dec. 29. _ 125.2 316.2 583.2 67.8 116.1 136.8 6.8 18.2 22.8 7.4 10.4 21.2 -1.2 13.7 30.4 13.3 22.5 26.6 2.9 9.4 13.5 46.1 87.9 115.2 143.1 278.3 366.4 -39.7 1.7 10.5 12.7 15.7 175.0 7.9 17.0 24.5 1938—Jan. Jan. Jan. Jan. 5_.._ 12... 19... 26_._ 589.8 588.0 590.8 591.8 135.8 134.0 134.8 135.3 22.8 22.7 22.7 22.9 21.2 21.1 21.1 21.4 30.0 29.4 29.9 30.1 26.8 26.9 27.0 27.1 13.6 13.7 14.3 14.3 117.6 117.6 118.1 118.3 367.8 365.4 367.8 369.3 10.1 8.7 7.8 6.4 180.6 182.3 183.4 184.1 24.6 24.7 25.0 25.1 Feb. Feb. Feb. Feb. 2... 9... 16__ 23.. 592.4 591.1 595.9 597.1 135.8 134.7 133.6 133.1 23.1 23.5 23.3 23.4 21.2 21.0 20.9 20.9 30.1 29.5 29.2 29.3 27.1 27.4 27.5 27.7 14.6 14.7 14.7 14.7 119.1 119.7 124.6 125.2 371.1 370.6 373.9 374.3 3.8 1.8 2.2 2.0 185.0 186.0 186.9 187.7 25.4 25.5 25.7 25.8 7. 1 7.2 7.2 7.3 Mar. Mar. Mar. Mar. Mar. 2... 9__. 16_. 23.. 30.. 601.1 604.1 605.9 612.6 618.5 132.4 132.4 132.6 134.2 135.9 23.5 23.6 23.6 23.7 23.7 21.0 21.1 21.1 21.5 21.5 28.9 29.0 29.1 29.3 29.5 27.8 27.9 28.0 28.4 28.6 14.9 15.0 15.1 15.1 15.1 129.1 130.1 130.4 133.6 134.6 377.6 379.1 379.9 385.7 388.9 1.9 2.2 1.9 1.4 3.1 187.9 188.7 189.6 190.5 191.3 26.3 26.8 27.2 27.4 27.5 7.4 7.3 7.3 7.6 7.7 Apr. Apr. Apr. Apr. 6___ 13__ 20__ 27_. 625. 5 626.7 627.5 628.7 136.4 136.5 136.5 136.8 23.8 23.8 23.8 23.8 21.6 21.8 21.9 22.0 30.0 30.1 29.7 29.8 29.0 29.1 29.3 29.4 15.1 15.1 15.1 15.1 135.7 136.3 136.6 136.8 391.6 392.7 392.9 393.7 4.2 3.4 3.3 3.0 194.1 194.7 195. 3 195.9 27.7 27.8 27.8 28.0 8.0 8.1 8.1 8.2 May May May May 4... 11.. 18.. 25.. 639.0 639.6 643.4 643.4 138. 6 138.6 140.0 139.9 23.8 23.8 23.7 23.6 22.1 22.2 22.1 22.0 28.2 28.2 28.5 28.7 29.5 29.6 29.9 30.0 15.1 15.1 15.3 15.3 144.4 145.0 145.7 146.0 401.7 402.6 405.3 405.4 4.4 3.7 3.7 2.6 196.6 197.0 197.8 198.5 28.0 28.1 28.3 28.5 8.2 8.3 8.3 8.4 June 1__. June 8__. June 15_. June 22_. June 29.. 643.2 644.1 642.4 640.7 643.1 138.4 138.5 137. 8 137.1 137.9 23.7 23.8 23.8 23.8 23.7 22.1 22.1 22.2 22.3 22.5 28.7 28.8 29.4 29.8 30.3 30.0 30.2 30.3 30.4 30.5 15.3 15.4 15.4 15.4 15.6 146.4 146.7 146.8 147.2 147.3 404.6 405.5 405.6 406.0 407.8 2.9 2.5 -.1 -2.1 -2.1 199.2 199.6 200.0 200.4 200.8 27.9 28.1 28.3 28.4 28.6 8.5 8.5 8.5 8.0 8.0 July 6 . . . July 1 3 . . July 2 0 . . July 27._ 625.5 626.9 625.3 618.9 137.4 138.6 137.1 134.0 23.7 23.6 23.6 23.6 23.4 23.8 23.8 23.8 29.8 . 29.8 29.6 29.8 30.5 30.6 30.7 31.0 16.3 16.4 16.5 16.6 147.8 148.0 148.1 148.3 408.9 410.8 409.5 407.1 -.5 -1.6 -2.7 -7.3 180.3 180.8 181.5 181.9 28.7 28.8 29.1 29.2 8.0 8.1 7.9 8.0 Aug. Aug. Aug. Aug. Aug. 618.2 616.9 615.6 618.0 617.6 132.9 132.6 131.6 130.9 130.8 23.5 23.6 23.7 23.8 23.8 23.8 23.7 23.7 23.6 23.7 29.8 29.7 29.7 29.9 29.9 31.1 31.2 31.3 31.4 31.5 16.7 16.7 16.8 16.8 16.8 149.6 149.8 150.3 150.6 150.7 407.3 407.2 407.0 406.9 407.2 -9.0 -10.7 -12.4 -10.4 -11.8 182.6 182.9 183.2 183.4 183.7 29.3 29.4 29.6 29.9 30.2 8.0 8.1 8.2 8.2 8.3 7... 14.. 21.. 28.. 621.4 622.5 625.1 625.0 130.7 130.7 130.1 129.3 23.8 23.9 24.1 24.2 23.7 23.5 23.7 23.8 29.8 29.9 30.0 30.5 31.6 31.7 31.8 31.9 16.9 17.0 17.0 17.0 153.1 153.9 154.5 155.2 409.7 410.6 411.2 411.9 -10.6 -11.0 -9.8 -11.2 183.9 184.2 184.5 184.7 30.3 30.4 30.7 30.9 8.3 8.6 8.7 Oct. Oct. Oct. Oct. 5... 12.. 19.. 26.. 635.5 637.0 640.1 638.4 129.0 127.9 127.9 126.3 24.7 24.8 24.8 24.9 24.2 24.5 24.6 24.9 30.4 30.9 31.4 31.8 32.0 32.0 32.0 31.9 17.1 17.1 17.1 17.1 159.1 159.3 159.6 160.0 416.5 416.4 417.4 416.9 -7.5 -6.4 -4.6 -6.5 186.7 187.1 187.2 187.8 31.0 31.2 31.3 31.4 8.7 8.8 8.8 8.8 Nov. Nov. Nov. Nov. Nov. 2... 9___ 16_. 23.. 30.. 643.6 627.1 629.2 596.2 598.4 128.2 130.4 129.4 130.4 130.1 25.2 25.4 25.4 25.5 25.7 24.9 25.7 26.1 26.4 26.6 32.2 35.0 35.4 36.3 36.5 32.0 32.0 32.1 32.3 32.4 17.1 17.1 17.1 17.2 17.2 160.5 162.8 163.2 163.5 164.1 420.1 428.4 428.7 431.6 432.5 -5.2 -6.2 -4.8 -41.1 -40.6 188.3 163.8 163.9 164.1 164.6 31.5 31.8 32.0 32.3 32.6 9.3 9.3 9.3 9.3 Dec. Dec. Dec. Dec. 7— 14_. 21_. 28_. 604.6 605.3 608.7 610.0 130.2 129.4 129. 1 129.1 25.8 25.8 25.9 26.2 26.7 26.8 27.1 27.3 36.7 36.9 37.0 37.1 32.5 32.6 32.9 33.1 20.2 20.4 20.4 20.5 164.6 165.1 165.5 165.9 436.7 437.0 437.7 439.1 -39.7 -40.3 -38.3 -38.9 165.2 165.8 166.1 166.3 33.3 33.5 33.6 33.8 9.2 9.3 9.5 9.7 3.... 1()__ 1724... 31__. Sept. Sept. Sept. Sept. 1.1 3.5 6.8 293 FEDERAL RESERVE BULLETIN APRIL 1939 TABLE 6.—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, through— Total 1935—Dec. 31.. 1936—Dec. 30__ 1937—Dec. 29— 316.7 917.4 1.162. 0 Netherlands Switzerland Germany 23.4 64.7 70.3 50.5 157.6 213.8 55.1 200.2 275.3 -5.4 -7.5 -17.4 -.1 -3.3 -4.9 12.9 38.5 55.7 286.2 818.0 1, 041. 6 32.6 37.6 3.7 15.5 18.2 21.4 44.1 54.7 70.7 70.9 71.0 69.0 214.6 216.5 216.6 216.9 277.1 277.7 278.6 279.6 -17.5 -17.6 -17.6 -17.7 -4.8 -4.8 -4.8 -4.7 55.9 56.3 56.2 55.5 1,043.1 1, 043. 3 1,046. 6 1, 047. 6 37.5 38.2 37.5 36.5 19.0 18.9 18.7 18.8 54.4 54.5 55.2 55.0 7.1 9.8 9.9 9.9 10.1 10.0 215.4 213.6 212.5 212.5 279.6 278.7 278.4 277.8 -17.8 -17.8 -17.9 -17.9 -4.8 -4.8 -4.8 -4.7 56.7 57.4 56.9 56.9 1,048. 6 1, 043. 3 1,038. 7 1,037. 6 37.0 37.8 37.5 37.5 19.4 19.5 19.5 19.5 55.1 54.5 54.7 55.0 10.0 10.1 10.1 10.1 United Kingdom France 149.8 367.7 448.7 Italy Other Total Europe Europe Latin Canada America Far East All Other 1938—Jan. 5___. Jan. 12... Jan. 19... Jan. 26... 1.163. 9 1.164. 9 1,168. 0 1,167. 9 447.1 444.4 446.6 449.1 Feb. Feb. Feb. Feb. 2__. 9__. 16... 23_. 1,170. 2 1.165. 2 1,160. 6 1,159.8 450.4 447.1 444.5 443.3 Mar. 2... Mar. 9... Mar. 16. Mar. 23. Mar. 30_ 1,150.1 1,150.7 1,147.9 1.148. 7 1,150. 4 443.9 442.8 442.3 441.5 441.9 70.2 70.3 68.1 68.3 67.7 210.3 202.0 202.7 203.2 202.4 278.8 278.7 278.4 279.1 279.7 -18.0 -18.0 -18.0 -18.0 -18.2 -4.8 -4.8 -4.9 -4.9 -4.9 57.2 57.4 57.6 57.9 58.1 1,028. 6 1,028. 4 1, 026. 2 1,027. 2 1.026. 7 36.8 37.4 36.7 35.6 36.8 19.5 19.8 20.0 20.2 20.7 55.0 54.9 54.7 55.4 55.6 10.1 10.2 10.1 10.3 10.5 Apr. 6 Apr. 13.. Apr. 20__ Apr. 27__ 1,150.3 1,152. 3 1,159. 2 1.160.8 441.4 442.5 444.9 445.7 67.0 66.8 67.2 67.1 202.2 203.6 205.0 205.5 280.2 280.1 278.6 277.8 -18.2 -18.4 -18.5 -18.5 -4.9 -4.9 -4.9 -4.9 57.8 57.8 58.1 57.9 1.025. 5 1.027. 5 1,030. 4 1, 030. 7 37.6 37.1 39.7 40.4 21.2 21.3 21.3 21.6 55.4 55.9 57.2 57.4 10.5 10.5 10.6 10.7 May May May May 1.159. 4 1,156. 9 1,156. 5 1,156. 0 445.1 443.4 443.3 442.5 67.4 67.1 67.0 66.7 205.1 205.2 206.0 206.1 277.9 277.9 277.0 277.5 -18.6 -18.6 -18.6 -18.6 -4.9 -4.9 -4.9 -4.9 58.0 57.9 58.0 58.2 40.3 40.0 39.5 40.1 21.9 21.6 21.2 21.1 56.4 56.7 57.4 56.8 10.7 10.7 10.6 10.7 277.7 279.2 279.0 279.5 283.1 -18.7 -18.8 -18.9 -18.9 -19.0 -4.9 -4.9 -4.9 -5.0 -5.0 58.4 58.5 55.6 55.5 54.2 1,030.1 1,027. 9 1,027. 9 1.027. 4 1, 028.1 1,028.1 1.026. 2 1.028. 7 1.029. 2 40.6 39.7 38.8 38.7 40.1 21.2 21.2 21.3 21.3 21.1 55.8 56.2 56.0 55.8 54.7 10.7 10.5 10.5 10.4 10.2 1,034. 9 1,033.0 1,033.1 1, 024. 9 40.5 41.9 39.0 38.0 22.1 21.9 21.9 21.8 53.9 54.2 53.7 55.2 10.0 9.9 9.8 1,019.4 1,013.2 1, 009. 0 1,006. 3 1,006. 2 37.8 38.3 37.6 36.6 33.5 21.7 21.5 21.6 21.8 21.7 54.3 54.1 53.8 54.0 54.2 9.8 9.7 9.7 9.7 4... 11.. 18_. 25.. June 1__. June 8... June 15.. June 22.. June 29.. 1.156. 4 1,155. 7 1,152.8 1.154.9 1,155. 3 443.1 441.8 442.3 442.2 440.2 66.0 65.2 65.7 67.4 67.1 206.6 207.0 207.3 208.0 208.6 July 6 . . . July 13. _ July 20.. July 27_. 1,161.3 1.160. 8 1.157. 6 1.149. 7 441. 2 439.8 441.1 437.7 68.2 66.0 67.1 69.1 212.0 213.8 214.6 209.6 282.7 283.7 281.2 280.0 -19.1 -19.2 -19.2 -19.2 -5.0 -4.9 -5.0 -5.0 Aug. 3.... Aug. 10... Aug. 17... Aug. 24... Aug. 31... 1.143.0 1,136.8 1,131.8 1.128. 4 1,125. 3 436.6 433.0 433.3 430.7 430.2 67.5 67.8 67.5 67.8 67.8 207.6 205.3 202.7 202.7 202.8 279.8 279.5 278.6 278.4 278.5 -19.3 -19.4 -19.5 -19.7 -19.9 -5.0 -5.1 -5.2 -5.2 -5.2 54.8 53.8 53.3 52.8 52.2 52.1 51.5 51.7 51.8 Sept. 7 — Sept. 14._ Sept. 21_. Sept. 28._ Oct. 5._. Oct. 12.. Oct. 19._ Oct. 26._ 1,123. 6 1,120. 6 1.129. 3 1,125. 4 432.4 431.1 433.7 430.5 68.1 67.8 68.7 203.1 202.4 203.5 203.3 278.7 278.7 281.2 282.2 -20.0 -20.2 -20.3 -20.4 -5.2 -5.1 -5.3 -5.3 51.9 52.4 52.7 53.0 1,008. 9 1,007.1 1,014.2 1,011.2 29.1 27.4 29.4 27.7 21.7 21.9 21.7 21.9 54.1 54.5 53.9 54.5 9.8 10.0 10.1 1,142. 6 1.161.1 1, 170. 2 1,182. 4 436.5 441.1 448.8 454.0 69.3 71.1 71.2 72.5 207.2 212.9 214.1 215.2 286.4 289.0 290.8 293.5 -20.5 -20.6 -21.6 -21.9 -5.3 -5.3 -5.3 -5.3 53.9 54.6 54.7 55.3 1.027. 5 1,042. 8 1,052. 7 1,063. 2 27.9 31.3 31.0 32.3 22.5 22.5 22.5 22.7 54.4 54.2 53.5 53.5 10.3 10.4 10.5 10.7 Nov. 2... Nov. 9... Nov. 16.. Nov. 23.. Nov. 30_. 1,190. 7 1,192.4 1,196. 9 1,198. 5 1,194. 4 460.1 460.9 461.6 462.7 462.0 72.6 73.5 75.0 75.3 75.4 216.7 217.2 219.2 218.2 218.5 293.4 293.1 294.9 296.5 295.6 -22.1 -22.3 -22.3 -22.4 -22.5 -5.3 -5.3 -5.4 -5.4 -5.4 55.5 55.4 55.2 55.1 55.0 1,070. 8 1,072. 5 1,078.1 1,079. 8 1, 078. 7 32.8 33.2 31.3 30.5 27.4 22.4 22.4 22.6 22.7 22.6 53.9 53.6 54.3 54.7 55.0 10.7 10.7 10.6 10.7 10.8 Dec. Dec. Dec. Dec. 1, 201. 0 1,192. 5 1, 202. 2 1, 210. 9 465.8 465.5 467.7 472.6 76.0 76.7 76.6 76.5 219.3 211.4 213.3 212.9 296.6 295.8 298.5 301.7 -22.5 -22.6 -22.6 -22.7 -5.4 -5.4 -5.4 -5.4 55.5 55.5 56.1 56.6 1,085. 2 1,076. 8 1,084. 2 1, 092. 3 26.8 26.5 27.8 27.8 23.0 23.1 23.3 23.4 55.2 55.3 56.0 56.4 10.8 10.9 10.8 11.0 7___. 14.. 21_. 28_. 294 FEDERAL RESERVE BULLETIN APRIL 1939 TABLE 7.—BROKERAGE BALANCES, 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, through— Total United Kingdom France Netherlands Switzerland Other Europe Total Europe -.2 —. 7 1.4 .4 5.0 7.6 22.6 44.0 -4.5 -7.6 3.5 1.0 -4.2 -.5 2.1 .5 -.1 -.1 5.7 5.7 5.6 5.9 47.7 46.7 46.7 45.7 4.0 3.5 2.9 3.6 -1.1 -1.0 -1.0 1.2 1.4 1.0 1.7 6.0 6.1 6.1 6.0 46.4 47.6 46.6 44.6 4.7 4.3 5.0 4.6 -1.3 -1.5 -1.3 -1.1 2.0 2.9 2.7 2.6 .4 .4 5.7 5.3 5.4 4.7 5.2 44.5 45.1 44.2 45.1 47.2 5.3 4.8 5.2 5.6 5.5 -1.3 -1.2 -.7 -1.4 — 1.2 2.1 2.1 2.2 2.1 2.6 .4 .5 .4 .2 .1 -1.0 -.5 -.5 -.5 3.0 2.8 2.3 2.2 0) 2.2 2.3 1.9 2.4 0) 0) (2) 0) Germany Italy Latin Canada America Far East 1935—Dec. 31.. 1936—Dec. 30.. 1937—Dec. 29.. 6.0 12.9 47.5 () 4.0 11.5 2.4 10.4 11.5 1.3 -.9 5.0 2.5 9.1 10.8 1938—Jan. 5— Jan. 12_. Jan. 1 9 Jan. 26. _ 51.9 50.5 49.5 50.1 12.8 12.3 12.3 12.1 11.3 11.7 12.0 13.5 5.2 5.0 5.2 5.2 12.7 12.0 11.4 9.0 Feb. Feb. Feb. Feb. 2... 9__. 16_. 23_. 51.9 53.3 53.4 51.1 11.5 12.2 12.1 11.0 13.9 13.8 13.3 12.8 5.3 5.6 5.5 5.6 9.5 9.8 9.5 9.0 Mar. 2__. Mar. 9__. Mar. 16. Mar. 23. Mar. 30_ 51.0 51.2 51.2 51.6 54.2 11.1 11.6 11.4 12.4 13.0 12.8 12.7 13.3 13.6 13.4 5.8 5.6 5.6 5.8 6.6 9.5 8.2 8.4 8.7 Apr. 6__. Apr. 13,. Apr. 20_. Apr. 27.. 59.5 61.2 60.1 59.5 14.6 13.9 13.7 13.9 14.7 14.3 13.5 14.3 7.1 7.3 7.4 7.2 9.2 9.4 9.8 8.9 5.7 5.9 5.7 5.8 51.5 51.0 50.3 50.4 6.0 7.8 7.9 7.4 May May May May 58.8 58.1 58.2 59.3 13.9 13.8 13.3 13.8 14.5 13.3 13.5 14.2 7.2 7.0 6.9 7.0 8.7 8.5 9.1 8.5 5.8 5.9 6.5 5.6 50.4 49.0 49.6 49.4 7.1 7.3 7.5 8.3 June 1__. June8-_. June 15June 22-. June 29- 60.8 61.4 61.4 59.1 57.8 14.3 15.1 15.4 14.8 15.7 14.8 15.0 14.7 14.0 13.9 5.9 6.0 5.8 6.0 6.2 51.2 51.8 52.7 50.6 51.2 7.8 7.0 6.7 6.3 4.0 -.4 -.5 -.6 -.1 2.4 2.9 2.4 2.7 2.6 July 6.__. July 1 3 July 2 0 July 27... 59.3 60.4 62.1 57.7 15.1 16.5 14.5 13.8 13.6 15.5 15.8 14.5 5.8 5.7 5.5 5.5 9.6 10.1 10.3 () 0) 0) 0) 6.0 6.5 8.2 8.1 50.2 54.0 54.3 52.5 5.5 3.5 3.9 2.7 -.1 .3 .3 .2 3.5 2.6 3.3 2.0 Aug. 3___ Aug. 10Aug. 17-. Aug. 24.. Aug. 31-. 59.6 58.1 60.5 59.2 60.6 14.6 13.8 14.6 15.7 14.9 14.9 15.0 15.4 15.1 14.8 5.4 5.1 4.8 5.1 5.1 10.1 10.4 10.1 10.5 10.5 C1) 8.2 8.2 9.0 9.0 53.4 52.7 54.2 55.4 54.1 3.1 2.6 3.3 1.2 3.7 .2 2.6 2.5 2.6 2.3 2.3 Sept. 7. Sept. 14 Sept. 21 Sept. 28 58.8 61.1 62.5 64.1 14.8 15.7 15.9 16.8 14.7 15.6 15.2 15.9 5.4 5.7 6.0 6.8 10.5 10.8 11.6 10.7 6.8 6.6 6.4 6.9 52.3 54.4 55.2 57.2 3.9 4.6 5.6 5.3 .2 .4 .2 .4 2.1 1.4 1.3 Oct. Oct. Oct. Oct. 5.. 12. 1926.. 62.6 57.4 57.2 56.2 15.6 14.0 13.5 14. 1 15.3 14.9 15.3 14.7 6.4 5.8 6.7 6.4 11.4 10.8 11.1 10.7 5.8 5.9 5.6 5.9 54.6 51.3 52.3 51.9 5.8 4.0 3.2 2.8 .4 .2 .1 -. 1 1.6 1.7 1.4 1.3 Nov. 2 Nov. 9 Nov. 16. Nov 23Nov. 30- 53.4 51.8 49.4 51.1 51.5 14.0 13.4 13.8 13.7 13.9 14.2 13.8 13.0 13.4 13.6 6.9 6.6 6.9 7.7 7.4 10.6 11.0 10.5 9.2 9.2 6.1 5.5 4.7 5.4 5.9 51.7 50.4 49.0 49.5 50.0 1.3 1.2 .4 1.8 1.7 -.3 -.5 -.5 -.7 -.3 .6 .3 .2 .1 Dec. 7— Dec. 14_Dec. 2 1 . . Dec. 28__ 51.7 51.7 48.0 47.6 14.3 14.2 13.6 13.2 12.6 12.9 12.2 12.6 7.8 7.4 7.2 6.8 9.6 9.8 9.7 8.8 5.7 5.6 5.5 5.3 50. 1 50.0 48.3 46.7 2.9 3.3 1.3 2.6 -1.5 -1.6 -1.0 -. 1 -.3 -.9 -1.0 4__. 1118.. 25_. i Inflow less than $50,000. 2 8.9 8.6 9.7 8.8 8.4 Outflow less than $50,000. 0) () 0) 0) 0) -.2 (0 }) -.1 -.1 0) All Other 2.9 () 0) .1 .1 0) 295 FEDERAL RESERVE BULLETIN APRIL 1939 TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES [Outstanding amounts in millions of dollars] Total Date United Kingdom France Netherlands land Germany , Italy Other Europe Total Europe Latin Canada America Far East All Other Reported by Banks in New York City 1929—Dec. 31. _. 1930—Dec. 31___ 1931—Dec. 30__. 1932—Dec. 28___ 1933—Dec. 27_ — 1934—Nov. 28L. 2, 672. 7 2, 335. 0 1, 303. 5 745.6 392.0 466.7 301.5 214.5 104.9 169.7 48.9 59.1 923.7 799.4 549.2 71.1 27.0 32.7 99.1 122.2 44.6 11.9 8.0 12.7 1934—Dec 52.._ 1935—Jan. 2____ Dec. 31_. 1936—Dec. 30-_ 1937—Dec. 29__ 584.8 597.0 1, 200. 2 1, 491. 6 1, 729. 6 79.6 76.9 205.5 235.7 261.5 36.1 33.9 163.5 176.3 143.9 13.5 12.9 68.6 78.8 89.1 12.1 13.7 86. 1 123. 5 302.1 28.4 29.9 29.0 32.0 39.0 16.8 18.8 26.1 41.7 25.7 1938—Jan. 53. 105.2 222. 2 • 66.0' 78.0 11.5 9.7 204.5 161.0 41.1 32.9 17.5 25.8 157.4 111.2 ' 33.2 39.8 11.7 14.3 2,162. 8 1,911.7 961. 2 469.6 155. 7 196.0 241.8 216.8 148.3 98.2 86.1 91.9 188.2 130.8 103.3 121.7 96.7 106.6 49.0 38.2 69.0 43.5 42.7 60.3 31.0 37.5 21.6 12.6 10.9 11.9 40.6 46.8 107.5 126. 3 156.0 227.1 232.9 686.3 814.3 1,017.1 103.3 99.3 145.3 186.1 175.6 117.4 122.8 156.3 263.9 280.9 125.1 130.1 188.9 200.2 236.0 12.0 12.0 23.4 27.1 20.0 371.3 281.3 122.2 66.2 31.1 41.7 Reported by Banks in United States 1,718.8 255.8 136.5 6.7 302.7 42.0 24.4 155.2 1,003. 3 180.3 271.8 243.1 20.3 Jan. Jan. Jan. Jan. 5 12___. 19... 26... 1, 1, 1, 1, 728. 700. 673. 663. 9 4 8 9 255.8 261.4 262.7 260.9 136.5 136.1 135.9 131.9 87.8 83.4 80.5 80.0 302.7 301.7 281.9 281.4 42.3 40.7 39.7 40.2 24.4 24.2 22.4 19.9 155.6 155.3 157.6 159.8 1, 005.1 1, 002. 9 980.7 974.1 181. 1 186.7 179.0 181.2 278.1 250. 9 251.4 251.7 244.2 236.5 241.4 235.3 20.3 23.3 21.3 21.5 Feb. Feb. Feb. Feb. 2___ 9__. 16 . 23_. 1, 1, 1, 1, 630. 596. 581. 580. 9 6 8 9 249.9 244.0 232.6 250.0 131.2 127.9 128.6 124.7 73. 1 63.9 62.7 54.0 269.9 262.4 267.1 263.6 37.6 30.7 31.8 29.2 18.7 17.3 16.8 19.8 161.0 162.3 156.9 152.9 941.5 908.6 896.5 894.2 186.6 185.6 183.3 185.7 251.4 252.2 252.7 252.6 231.5 229.9 230.2 228.9 20.0 20.2 19.2 19.5 Mar. Mar. Mar. Mar. Mar. 2.... 9_._. 16__ 23__ 30 1, 545. 6 1, 533. 6 1,519.3 1, 520. 8 1,521.0 257. 2 256.6 244.2 242.8 248. 1 126.7 121.0 124.7 127.9 126.3 49.2 49.3 48.4 50.1 48.5 241.3 237.0 236.7 240.8 236.7 28.1 28.2 27.0 25.4 25.7 17.0 15.6 15.4 14.4 14.9 149.0 144.3 138.9 135. 2 135.7 868.5 851. 9 835.4 836.6 835. 8 180.6 183.6 183.8 189.7 186.4 254.4 255. 2 255.2 253.7 257.9 224.0 224.1 225.6 220.9 219.5 18.0 18.8 19.3 19.9 21.3 Apr. Apr. Apr. Apr. 6__. 13.. 20.. 27_. 1, 470. 3 1, 466. 0 1,463.9 1, 468.8 229.0 229.7 234.4 240.1 130.9 129.1 121.9 118.1 46.3 44.9 42.8 47.3 231.7 228.6 230.2 224. 3 26.5 26.7 27.8 26.9 15.5 16.2 15.2 15.2 130.7 126.3 122.9 123.7 810.7 801.5 795.1 795.6 183.4 181.0 185.9 186.5 254.1 263.0 260.5 262.3 202.5 201.7 203.5 206.2 19.6 18.8 18.9 18.2 May May May May 4__. 11.. 18 25.. 1, 1, 1, 1, 435.1 402. 6 388. 5 395. 8 233.0 221.3 225.2 213.2 124.9 111.9 107.5 108. 7 46.9 46.2 44.3 48.4 217. 5 199.4 190.3 188.8 26.9 27.7 27.1 30.2 16.2 16.4 15.9 17.1 110.1 113.1 114.8 126.3 775.5 736.0 725.1 732.7 179.5 185.8 183.4 183. 5 259.4 261.1 259.2 260.0 202.3 201.8 202.0 199.8 18.4 17.8 18.7 19.8 June 1__. June8._. June 15.. June 22_. June 29.. 1, 375. 6 1,361.7 1, 358. 8 1, 364. 4 1, 357. 4 199.5 204. 9 206.5 211.2 217.4 106.7 105. 7 105.0 105.2 102.2 47. 1 44.5 44.0 44.7 48.6 181. 1 180.9 179.5 178.5 173. 8 26.9 27.6 27. 1 25.5 27.3 19.8 21.1 20.9 20.4 18.2 126.2 122.0 120.9 118.3 121.9 707.2 706.6 703.9 703.8 709.4 186.6 182.0 183.8 185.9 173.5 266.9 268. 3 263.9 264.1 261.7 195. 2 187.8 189.4 192.6 194.4 19.6 17.0 17.8 18.1 18.4 July 6 . . . July 13... July 2 0 . . July 27._. 1, 337. 1 1, 308. 8 1,311.4 1, 307. 0 210.1 208.9 218.4 221.3 101.6 103.4 103.7 101.8 48.6 46.9 43.8 45. 1 174.7 166.3 167.0 165. 9 28.2 26.7 25.3 23.9 18.1 16.9 16.0 15.9 119.5 112.3 107.9 106.3 700.9 681.4 682.0 680.1 169.1 166.4 175.9 173.7 262.0 253.7 249.5 251.4 185.6 186. 9 182.0 179. 5 19.5 20.5 21.9 22.4 Aug. Aug. Aug. Aug. Aug. 1,310.4 1,314.6 1,323.8 1, 348. 3 1, 374. 4 224. 6 227.9 227.4 229.4 238. 1 104.0 106.0 115.6 125. 5 126.6 46.3 47.0 49.8 43.5 44.6 167.8 167.2 169. 5 172.3 176.2 22.8 20.0 20.5 20.8 21.7 15.9 16.9 18.8 17.6 17.8 106.4 106.1 102.2 107.9 109.4 687.8 691.0 703.7 717.0 734.5 175. 0 175.9 176.1 183. 2 184.6 249.3 249.9 249.8 248.1 254.2 177.4 176.5 172.5 176.2 175.0 20.9 21.2 21.7 23.9 26.2 1, 1, 1, 1, 433. 577. 698. 732. 2 9 6 4 273.2 290.9 335.4 308.5 136.3 146.2 151.4 165.6 44. 6 62. 5 68.0 82.2 177.2 184.4 182. 5 191.0 21.5 19.5 18.1 17.6 17.3 20.4 20. 1 17.2 121.6 164.8 211.3 232.8 791.6 1,015.0 185.1 188.4 193.9 190.8 253.1 268.6 273. 7 285.0 176.7 203.6 212.8 207.9 26.6 28.6 31.4 33.7 1, 1, 1, 1, 779. 4 775. 8 867. 2 870.1 318.4 322.2 366.4 367.4 169.2 173.9 192.8 190.3 75.2 76.7 81.8 80.5 205.3 214.5 218.0 219.6 17.3 17.5 18.2 18.0 22.3 21.3 21.4 22.7 236.8 237.6 246.2 238.7 1,044. 1, 063. 1,144. 1,137. 5 7 8 3 211.7 209.5 208.9 226.5 281.7 262.6 263.5 259.9 207.2 204.6 216.2 212.7 34.2 35.4 33.8 33.7 3___ 10._ 17__ 24__ 31.. Sept. Sept. Sept. Sept. 7... 14__ 2l__ 28__ Oct. Oct. Oct. Oct. 5.__ 12. _ 19. _ 26.. Nov. Nov. Nov. Nov. Nov. 2... 9__. 16.. 23 30.. 1,841.7 1, 853. 4 1,876.7 1, 946. 9 1, 963. 3 353. 2 358.6 364.6 373.3 379.5 187.9 187.3 200. 1 195.8 198.3 79. 1 72.7 75.9 82.7 94.9 218.7 216.8 222.2 226.8 215.5 20.0 24.4 19.7 16.9 18.9 21.9 22.7 22.5 20.9 20.9 236.2 232.7 235.8 246.9 234.5 1,117.0 1,115.1 1,140. 8 1,163. 3 1,162. 4 226.1 222.8 221.4 265.1 283.3 252.3 265.0 257.3 262.2 255.6 213.3 215.1 222.8 222.8 226.3 32.9 35.5 34.3 33.6 35.7 Dec. Dec. Dec. Dec. 7__. 14__ 21_. 28.. 1, 980. 7 1,966.6 1,980.4 2, 003. 9 413.9 400.7 423.2 438. 8 187.7 186.5 187.0 190.9 95.6 90.3 96.5 98.4 214.8 215.9 220. 1 217.4 16.9 17.6 19.3 19.9 19.6 19.7 22.6 22.6 238.4 243. 5 241.3 249.9 1,186. 8 1,174. 3 1, 210. 0 1,237.8 270.8 269.3 243.2 235.2 255.4 255. 3 256.2 254.9 232.7 231.9 237.4 243.7 35.0 35.8 33.7 32.4 1 Last report date on old basis. 2 First report date on new basis. Figures adjusted to the basis employed in previous weeks. Certain of the figures for Jan. 5, 1938, and succeeding weeks are not precisely comparable with the corresponding figures for weeks preceding Jan. 5, owing to a revision in the instructions to reporting banks. 3 296 FEDERAL RESERVE BULLETIN APRIL 1939 TABLE 9.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES [Outstanding amounts in millions of dollars] Total Date United Kingdom France Netherlands Switzerland Germany Italy Other Europe Latin Total 7 Europe Canada America Far East All Other Reported by Banks in New York City 1931—Dec. 30 1932—Dec. 28 1933—Dec. 27 1934—Nov. 28i 1,103. 3 937.9 898.8 827.1 166.2 87.3 192.5 201.3 29.5 62.9 66.9 94.1 20.9 13.0 18.4 15.9 12.6 6.2 12.3 8.5 467.2 434.9 260.9 178.8 18.7 11.8 16.7 10.7 149.2 97.0 83.2 60.2 1 j 884.3 713. 1 651.0 569.5 58.1 42.2 32.3 84.4 136.5 155.2 159. 7 124.4 41.8 24.0 49.7 46.2 2.6 3.5 6.2 2.6 Reported by Banks in United States 1, 137.8 1,139. 9 778.6 672.6 655.0 266.4 296.9 88.1 114.1 84.8 108.2 80.5 32.5 16.8 13.5 19.2 18.6 19.0 21.9 23.0 8.3 8.2 6.6 5.4 5.5 239.6 231. 7 202.0 165.1 126.1 26.5 27.2 13.5 10.9 20.8 81.3 80.0 71.2 57.8 52.9 749.5 743.2 433.0 392. 1 326.5 91.2 96.3 100.9 59.4 118.0 170.7 174.6 154.5 141.1 114.4 118. 1 117.4 80.1 67.2 78.9 8.3 8.5 10. 1 12.9 17.2 1938—Jan. 5___ Jan. 12.. Jan. 1 9 Jan. 26.. 677.8 641.9 642.8 638.9 96.2 83.6 86.0 86.3 12.5 11.9 12.6 12.5 22.5 22.9 24.4 25.7 5.7 5.2 5.1 4.9 124.8 124.6 122.8 121.9 20.7 20.2 20.4 20.0 53.9 52.2 52.4 52.2 336.4 320.7 323.7 323.5 114.2 89.3 87.1 83.6 115.2 116.1 114.7 115. 5 94.3 97.4 98.4 97.5 17.7 18.4 18.9 18.8 Feb. 2 . . Feb. 9__ Feb. 16. Feb. 23. 639.0 628.3 635.5 637.4 90.5 86.1 88.3 93.0 12.1 12.2 12.8 12.3 25.6 24.0 25.5 24.9 5.3 6.0 6.1 6.5 121.7 119.9 118.0 117.2 19.8 18.7 17.7 17.5 51.9 52.7 52.3 51.7 326.8 319.6 320.7 323.2 84.3 84.1 84.8 84.1 113.9 113.3 113.2 114.4 95.3 92.7 98.5 97.1 18.7 18.6 18.4 18.6 Mar. Mar. Mar. Mar. Mar. 2__ 9.. 16. 23. 30. 646.7 654.4 652.0 645.3 669.7 98.7 102.3 98.3 103.6 120.6 12.2 12.2 12.8 11.4 11.4 25.5 26.0 26.6 26.2 23.5 6.3 5.8 5.8 5.4 4.8 114.9 111.7 112.1 111.5 112.0 18.1 17.8 18.2 18.1 18.1 53.4 53.2 51.7 51.8 51.0 329.1 329.0 325.4 328.0 341.4 86.8 84.4 88.3 84.7 93.3 112.4 116.6 113.9 114.1 113.5 99.9 106.0 106.8 100.8 104.1 18.4 18.3 17.6 17.6 17.4 Apr. Apr. Apr. Apr. 6___ 13. . 20. _ 27.. 659.0 655.0 649.6 644.5 106.9 102.7 104.9 106.0 11.4 10.9 11.6 10.5 23.1 24.0 23.9 22.0 4.9 4.7 5.1 5.3 111.4 110.8 110.3 110.3 18.0 17.4 16.8 16.4 51.0 50.0 50.9 49.9 326.6 320. 4 323.4 320.4 93.2 93. 1 91.1 92.7 114.5 116.0 114.7 114.7 108.6 108.7 104.7 101.2 16.2 16.9 15.5 15.7 May May May May 4... 11.. 1825.. 657.2 666.3 669.7 676.8 120.6 113.7 122.0 129.1 10.7 17.3 16.3 14.7 21.7 24.4 25.0 25.6 4.6 4.6 4.8 4.7 109.0 108.6 108.6 108.0 16.7 16.2 17.6 17.3 49.2 48.8 47.7 47.8 332.5 333.5 342.0 347.2 92.4 91.9 90.0 90.6 114.9 117.6 116.0 116.0 102.3 108.9 107.6 108.8 15.2 14.4 14.1 14.2 June 1__. June 8... June 15_. June 22_. June 29_. 684.8 678.4 677.9 693.0 700.8 135.7 133.7 135.1 141.2 141.4 19.2 16.8 16.1 17.7 16.2 24.9 24.1 24.0 24.6 25.2 5.0 5.0 5.1 5.4 5.9 105.8 105.1 104.1 102.9 102.6 15.2 15.5 15.5 15.0 16.1 47.8 48.1 47.6 47.3 49.0 353.7 348.4 347.5 354.1 356.4 90.9 89.8 87.7 88.5 87.6 115.7 117.0 116.8 116.0 116.6 110.1 109.3 112.0 119.5 126.4 14.4 14.0 14.0 15.0 13.8 July 6 . . . July 13.. July 20.July27_. 678.0 674.3 669.0 666.0 146.6 143.8 147.4 145.5 15.8 15.3 14.8 16.9 25.3 25.8 26.7 25.8 5.2 5.2 4.7 4.6 101.2 101.9 101.1 99.9 15.2 14.8 14.8 14.7 48.3 48.1 47.7 47.5 357.7 354.8 357.2 354. 8 87.9 88.7 85.8 92.6 97.6 98.9 97.0 96.6 120.4 117.4 114.6 108.0 14.4 14.5 14.3 13.9 Aug. Aug. Aug. Aug. Aug. 658.9 656.2 658.4 642.5 643.5 145.6 137.3 135.6 130.8 137.4 16.9 15.7 21.7 19.4 15.2 25.6 25.2 24.4 24.7 25.7 4.3 4.5 4.6 4.3 4.8 100.6 99.8 99.3 98.6 98.6 15.4 14.5 13.8 14.8 14.1 47.8 47.0 47.3 46.9 47.3 356.2 344.0 346.7 339.5 343.0 82.0 80.1 81.1 80. 1 80.0 94.8 96.5 95.8 94.4 94.8 111.9 122.0 121.8 115.4 112.9 14.0 13.7 13.0 13.0 12.8 641.4 635.0 631.2 626.9 134.0 129.1 124.2 121.9 14.0 13.7 13.1 11.4 24.5 24.0 22.7 22.6 5.2 4.6 4.2 4.4 98.4 98.5 99.6 99.1 12.8 12.0 13.5 17.0 45.8 45.7 45.8 46.3 334.7 327.7 323.0 322.7 79.1 79.8 81.1 84.0 95.8 98.5 95.3 94.2 119.4 118.3 119.4 113.6 12.4 12.8 12.4 12.4 4.9 4.3 4.1 3.9 97.9 97.7 97.3 96.7 16.3 14.8 13.9 15.7 48.4 47.7 47.4 47.4 324.6 305.9 307.6 298.1 84.3 84.0 83.1 85.8 92.7 91.8 91.4 92.9 117.8 121.2 121.5 117.4 12.3 13.2 13.9 13.7 1934—Dec. 5 K. 1935—Jan. 2 . . . . Dec. 3 1 1936—Dec. 30.. 1937—Dec. 29.. 3.... 10__. 17... 24._. 31... Sept. Sept. Sept. Sept. 7... 14.. 21.. 28.. Oct. Oct. Oct. Oct. 5.__ 12. _ 19. _ 26.. 631.7 616.1 617.4 607.8 117.6 109.8 110.7 100.0 15.1 12.7 13.9 24.4 22.2 21.5 20.5 Nov. Nov. Nov. Nov. Nov. 2__. 9__. 16_. 23.. 30.. 611.8 614.5 618.8 614.7 631.4 95.1 89.0 86.6 89.1 90.9 10.4 10.8 13.1 10.8 12.9 21.8 24.9 25.2 24.8 26.6 4.1 4.3 4.1 4.2 5.5 96.5 96.5 96.2 95.4 93.8 16.2 15.9 17.3 14.3 15.1 47.3 48.1 48.7 48.3 47.8 291.3 289.5 291.3 286.9 292.6 83.5 83.3 83.5 83.6 78.0 93.4 94.6 94.2 96.1 97.8 129.6 132.8 135. 1 133. 5 147.7 13.9 14.3 14.8 14.7 15.3 Dec. Dec. Dec. Dec. 7... 14-. 21.. 28. _ 650.6 661.3 622.0 626.0 88.1 96.6 81.6 87.7 24.7 18.3 14.5 13.3 27.3 27.1 26.2 25.5 5.9 5.7 4.8 5.4 93.0 92.7 91.0 90.9 14.2 13.7 13.4 13.3 47.7 47.3 47. 1 46.7 300.8 301.5 278.5 282.8 79.2 80.4 63.7 65.7 99.6 99.7 100.4 99.2 156.0 163.9 163.9 162.6 14.9 15.9 15.5 15. 7 9.6 r Revised. Previously published figures for 1938 have been decreased by $10,000,000 on the basis of later reports. 1 Last report date on old basis. 2 First report date on new basis. FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES 297 298 FEDERAL RESERVE BULLETIN APRIL 1939 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve bank credit outstanding U.S. GovOther Bills ern- Reserve Bills disment bank counted bought securicredit» ties Date End of month figures: 1937—Dec. 31 1938—Jan. 31 Feb. 2 8 . _ Mar. 3 1 — Apr. 3 0 . — May 31 June 30 July 31 Aug. 31.__. Sept. 30—Oct. 31 Nov. 30.— Dec. 31 1939—Jan. 31 Feb. 28____ Wednesday figures: 1938—Apr. 6 Apr. 13.— Apr. 20.— Apr. 27 May May May May 4 11— 18 25.... June June June June June 1 8 15 22 29 Gold stock Total Member bank reserve balances TreasTreasury Other ury Money Treas- deposits NonFedury with curin cirmemeral cash rency culaFederal ber de- Reserve Excess hold- Reserve posits outtion ac(estiings standbanks counts Total mated) ing 2,564 2,564 2,564 2,580 2,564 2,564 2,564 2,564 2,564 2,563 2,564 2,564 2,564 2,574 2,564 38 16 15 17 21 9 23 18 14 29 14 13 33 28 30 2,612 2,593 2,590 2,611 2,594 2,582 2,596 2,589 2,585 2,600 2,586 2,584 2,601 2,607 2,598 12,760 12,756 12, 776 12, 795 12,869 12,919 12,963 13, 017 13,136 13, 760 14, 065 14,312 14. 512 14, 682 14, 874 2,637 2,655 2,668 2,679 2,690 2,702 2,713 2,721 2,731 2,739 2,751 2,773 2,798 2,816 2,824 6,550 6,320 6,334 6,355 6,397 6,467 6,461 6,452 6,504 6,622 6,700 6,787 6,856 6,653 6,731 3,619 3,648 3,594 3,550 2,195 2,263 2,303 2,348 2,480 2,810 2,770 2,689 2,706 2,776 2,740 142 150 180 316 1,320 1,157 860 721 720 853 535 484 923 747 1,148 11 13 10 8 2,564 2,564 2,564 2,564 20 25 9 13 2,596 2,602 2,583 2,586 12, 803 12, 825 12,841 12,860 2,682 2,683 2,688 2,690 6,394 6.380 6,361 6,355 3,554 3,542 2,164 2,192 8 8 8 9 2,564 2,564 2,564 2,564 16 16 17 10 2,589 2,589 2,589 2,583 12, 870 12, 880 12, 892 12,905 2,693 2,695 2,697 2,701 6,407 6,396 6,402 6,393 2,564 2,564 2,564 2,564 2,564 20 9 24 17 16 2,593 2,582 2,598 2,591 2,590 12,918 12,940 12, 950 12,957 12, 962 2,703 2,703 2,707 2,710 2,712 2,564 2,564 2,564 2,564 30 22 13 11 2,603 2,596 2,585 2,583 12, 967 12, 979 12, 989 13,002 2.564 2,564 2,564 2,564 2,564 4 11 16 8 14 2,574 2,582 2,587 2,579 2,585 10 12 10 13 9 9 8 7 7 8 7 7 4 5 4 8 9 9 10 10 1 ] ] ] 423 315 355 390 363 384 313 356 424 574 441 458 488 263 260 257 262 263 261 261 257 255 260 260 259 260 255 254 7,027 7,237 7,248 7,287 7,623 7,665 8,024 8,164 8,179 8,198 8,713 8,876 8, 724 9,215 8,936 1,212 1,383 1,415 1,546 *2, 548 2,568 2,875 3,022 2,941 2,869 3,227 3,383 3,205 3,644 3,387 244 141 1,428 1,321 334 317 349 343 259 258 263 264 7,296 7,472 7,547 7,661 1,575 1,727 *2,492 2,579 2,196 2,215 2,226 2,248 1,429 1,361 1,283 1,183 353 370 383 387 263 262 261 261 7,504 7,560 7, 622 7,716 2,442 2,483 2,555 2,632 6,469 6,437 6,420 6,402 6,428 2,254 2,277 2,289 2,293 2,299 1,093 1,005 935 929 864 393 399 438 445 366 260 261 267 267 266 7,745 7,848 7,904 7,922 8,041 2,640 2,711 2,726 2,782 2,900 2,715 2,716 2,717 2,719 6,514 6,444 6,433 6,416 2,303 2,315 2,321 2,328 770 628 724 732 363 372 353 383 261 261 259 258 8,074 8,273 8,202 8,188 2,985 3,153 3,039 3,036 13,025 13,033 13,052 13,079 13,136 2,721 2,723 2,724 2,727 2,731 6,465 6,466 6,485 6,470 6,504 2,357 2,367 2,386 2,417 2,480 775 839 802 771 720 392 365 349 315 313 257 256 256 256 255 8,074 8,046 8,085 8,156 8,179 2,924 2,920 2,927 2,975 2,941 407 .388 July 6 July 13. _ July20.__. July 27 8 9 8 7 Aug. Aug. Aug. Aug. Aug. 3 10—_ 17— 24 31— 6 7 7 7 7 Sept. 7 Sept. 1 4 — Sept. 21.... Sept. 28—. 7 7 8 9 2,564 2,564 2,564 2,564 21 25 23 24 2,592 2,596 2,596 2,597 13, 237 13,421 13, 588 13,714 2,729 2,733 2,735 2,738 6,579 6,550 6,552 6,574 2,579 2,759 2,833 2,816 561 346 917 864 317 416 342 337 254 254 261 261 8,269 8,425 8,014 8,197 3,034 3,131 2,744 2,889 Oct. Oct. Oct. Oct. 5____ 12 19. __ 26.._. 7 9 6 7 2,564 2,564 2,564 2,564 21 32 17 8 2,593 2,605 2,589 2,580 13,812 13, 869 14,008 14,051 2,741 2,744 2,746 2,749 6,640 6,667 6,668 6,654 2,809 2,812 2,770 2,767 770 703 609 584 346 376 342 374 261 260 261 261 8,321 8,400 8,693 8,740 3,019 3,045 3,265 3,275 Nov. Nov. Nov. Nov. Nov. 2 9___ 1623.. _ 30— 8 8 7 7 7 2,564 2,564 2,564 2,564 2,564 9 -3 18 16 13 2,582 2,569 2,590 2,587 2,584 14, 071 14, 091 14,162 14, 240 14, 312 2,752 2,755 2,756 2,767 2,773 6,706 6,764 6,732 6,763 6,787 2,751 2,737 2,721 2,717 2,689 576 578 544 474 484 426 531 525 563 574 260 259 259 258 259 8,686 8,546 8,727 8,818 8,876 3,217 3,132 3,262 3,353 3,383 Dec. Dec. Dec. Dec. 7 14..._ 21—_ 28—_ 6 7 8 7 2, 564 2,564 2,564 2,564 20 29 84 39 2,591 2,600 2,656 2,610 14, 14, 14, 14, 367 380 454 508 2,775 2,784 2,788 2,790 6,844 6,858 6,943 6,912 2,681 2,651 2,677 2,707 407 413 1,025 941 576 551 514 505 258 258 267 265 8,966 9,034 8,472 8,577 3,442 3,476 2,979 3,072 4 5 4 5 1 2,564 2,564 2,564 2,564 35 23 18 14 2,604 2,592 2,588 2,583 14, 565 14, 577 14,615 14, 640 2,800 2,805 2,810 2,812 6,839 6,716 6,666 6,623 2, 725 2,712 2,726 2,754 891 873 800 767 436 459 435 470 258 258 256 256 8,819 8,956 9,130 9,166 3,298 3,436 3,559 3,597 5 7 5 4 1 1 1 1 2,564 2,564 2,564 2,564 13 12 17 23 2,582 2,584 2, 587 2.502 14, 14, 14, 14, 694 732 772 818 2,817 2,818 2,819 2,821 6,663 6,673 6,695 6,708 2,770 2,768 2,771 2,752 887 931 1,250 1,181 469 488 500 495 256 255 254 254 9,047 9,018 8,707 8,841 3,478 3,459 3,166 3,298 4 3 3 1 1 1 2,564 2,564 2,564 19 -3 27 2,586 2,565 2,595 14, 888 14, 923 14, 983 2,827 2,829 2,832 6,739 6,751 6,751 2,716 2,716 2,712 1,168 1,102 1,059 484 510 552 253 253 259 8,942 8,985 9,097 3,382 3,407 3,443 1939—Jan. 4 Jan. 11 Jan.18 Jan. 25 Feb. Feb. Feb. Feb. 1 8 15 21 Mar. 1 Mar. 8 Mar. 15—. 1 1 1 1 Includes industrial advances. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article, together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Averages of daily figures for recent months and years are shown in the table on p. 252. * Reserve requirements reduced by approximately 13H percent effective April 16. 299 FEDERAL RESERVE BULLETIN APRIL- 1939 PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures E n d of m o n t h 1939 1939 M a r . 15 Mar. 8 Mar. 1 F e b . 21 F e b . 15 Feb. 1 Feb. 8 1938 Jan. Feb. Feb. ASSETS Gold certificates on hand and due from 12, 253, 762 12,183, 719 12,154, 719 12, 049, 719 12,006,218 11,979,223 11,947, 218 12,114, 722 11, 937, 219 9,173, 602 U. S. Treasury 10, 440 9,309 10,130 9,904 9,908 10, 441 10, 260 9,295 10, 259 8,856 Redemption fund—F. R. notes. _. 441, 936 434, 587 453, 853 415, 243 432,094 440,142 436, 263 403, 401 445, 875 438, 850 Other cash _ _ _ Total reserves ._ 12, 666, 458 12, 609, 092 12, 596, 717 12, 505, 853 12, 453, 924 12, 431, 067 12, 397, 801 12, 561, 245 12, 382, 246 9, 636, 764 Bills discounted: For member banks For nonmember banks, etc Total bills discounted _ 3,457 3,345 3,698 4,417 5,059 7,394 4,873 4,201 4,598 10,048 3,457 3,345 3,698 4,417 5,059 7,394 4,873 4,201 4,598 10,048 Bills bought: Payable in foreign currencies Industrial advances U. S. Government securities: Bonds. Treasury notes Treasury bills . 554 553 553 553 553 556 556 553 556 550 14, 059 14,122 14, 586 14, 647 14, 662 14, 738 14, 811 14, 606 14, 823 17, 459 840, 893 911, 090 840, 893 840, 893 840, 893 840, 893 840, 893 714, 683 840, 893 840,893 1,145, 269 1, 215, 466 1, 215, 466 1, 215, 466 1, 215, 466 1, 209, 931 1, 209, 931 1, 215,466 1, 209, 931 1,175,103 507, 656 507, 656 507, 656 507, 656 507, 656 513,191 513,191 507, 656 523,191 674, 229 Total U. S. Government securities Other Reserve bank credit _ 2, 564, 015 2, 564, 015 2, 564, 015 2, 564, 015 2, 564, 015 2, 564, 015 2, 564, 015 2, 564,015 2, 574, 015 2, 564,015 12, 783 - 1 7 , 2 4 1 3,566 7,949 2,440 - 2 , 976 - 2 , 053 14, 513 13, 094 -1,829 Total Reserve bank credit outstanding 2, 594, 868 2, 564, 794 2, 586, 418 2, 591, 581 2, 586, 729 2, 583, 727 2, 582, 202 2, 597,888 2, 607, 086 2, 590, 243 LIABILITIES F. R. notes in actual circulation 4, 335, 313 4, 343, 566 4, 355, 946 4, 344, 462 4, 349, 836 4, 344, 753 4, 347, 209 4, 353, 291 4, 338, 726 4,139,017 Deposits: Member bank—reserve account „ 9,077, 284 8, 984, 989 8, 941, 650 8, 840, 548 8, 707,191 9.017, 844 9, 046, 811 8, 935, 923 9, 214, 921 7, 247, 546 U. S. Treasurer—general account. _ 1, 058, 714 1,101, 562 1,167, 818 1,180, 791 1, 250, 417 931, 295 887, 021 1,147, 566 747,040 179, 838 255, 935 269, 292 246, 296 225, 974 266, 340 245, 647 Foreign bank 208, 215 185, 766 167, 268 125, 769 254,113 282, 759 237, 344 268, 904 233, 476 241, 976 Other deposits 279, 377 283,161 290,850 296, 963 Total deposits 10, 688, 049 10, 596, 599 10, 593, 108 10, 516, 217 10, 457, 424 10, 436, 731 10, 402, 759 10, 571,112 10, 420, 079 7, 850,116 Ratio of total reserves to deposit and F. R. note liabilities combined (percent) Contingent liability on bills purchased for foreign correspondents __ _ _ _. 84 3 84 4 84 3 84 2 84 1 84 1 84 1 84 2 83 9 80 4 750 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Within 15 days 16 to 30 days Bills discounted: Feb. 21 Mar. 1 Mar. 8 Mar. 15 . . . . Bills bought in open market: Feb. 21 Mar. 1 . Mar. 8 Mar. 15 Industrial advances: Feb. 21 Mar. 1 Mar. 8 Mar. 15 _ _ . U. S. Government securities: Feb. 21 _ Mar. 1 Mar. 8 Mar. 15 4,417 3,698 3,345 3,457 3,316 2,688 2,269 2,394 138 140 176 236 .. 553 553 553 554 304 256 . 31 to 60 to 6 months 381 387 346 262 258 179 247 251 287 277 276 290 74 74 97 68 226 151 152 142 23 72 304 270 14, 647 14, 586 14,122 14, 059 2,143 2,428 2,231 2,123 147 145 419 430 648 566 342 337 266 243 202 205 1,949 2,022 1 934 2,050 3,387 3,335 3,213 3,187 3,924 3,794 3,732 3,692 _ 2, 564, 015 147, 733 74, 745 101, 710 124, 720 101, 710 124, 720 52,010 78, 510 72, 518 115, 848 164, 203 179,703 185,125 193,788 198, 233 85,197 135, 745 129, 497 90, 966 173,142 173,142 173,142 259,116 390,654 390, 654 390,654 349, 978 . _ 2, 564,015 2, 564,015 2, 564, 015 days 2 years 91 days 6 m o n t h s 1 year to to 2 years 1 year 61 to 90 days Total to 5 years Over 5 years 37 27 31 24 i 2,183 2,053 2,049 2,035 647, 647, 647, 546, 218 218 218 454 760,148 760,148 760, ] 48 830, 345 300 FEDERAL RESERVE BULLETIN STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total New York Boston Philadelphia Cleveland MinRich- At- Chicago St. neapLouis olis mond lanta Kansas Dallas City San Francisco ASSETS Gold certificates on hand and due from U.S. Treasury: Feb. 21 Mar. 1 Mar. 8 Mar. 15 Redemption fund—Federal Reserve notes: Feb. 21.... Mar. 1 Mar. 8 Mar. 15 Other cash: Feb. 21 Mar. 1 Mar. 8 Mar. 15 Total reserves: Feb. 21 Mar. 1 Mar. 8 Mar. 15 Bills discounted: Secured by U. S. Government obligations, direct or fully guaranteed: Feb. 21 Mar. 1 Mar. 8 Mar. 15 Other bills discounted: Feb. 21 Mar. 1 -.. Mar. 8 Mar. 15 Total bills discounted: Feb. 21 Mar. 1 Mar. 8 Mar. 15 Bills bought in open market: Feb. 21 Mar. 1 Mar. 8 Mar. 15 Industrial advances: Feb. 21 Mar. 1 Mar. 8 Mar. 15 U.S. Government securities: Bonds: Feb. 21 Mar. 1 Mar. 8 Mar. 15 Treasury notes: Feb. 21 Mar. 1 Mar. 8 Mar. 15 Treasury bills: Feb. 21..._ Mar. 1 Mar. 8 Mar. 15 Total U. S. Government securities: Feb. 21 Mar. 1 . . . Mar. 8 Mar. 15 _ 12, 049, 719 12,154, 719 12,183, 719 12, 253, 762 702,169 708,801 735, 944 728, 761 10, 259 9,904 10,130 9,295 1,105 1,068 1,051 1,005 445,875 432,094 415, 243 403, 401 40, 243 37,196 35, 455 33, 394 12, 12, 12, 12, 505, 853 596, 717 609,092 666,458 5, 627, 500 582,183 5, 5, 675, 364 589,013 5,», 543, 245 589, 1,540 " 547, 950 615,i, 260 5, 1,293 1,149 1,064 883 129, 120, 120, 112, 497 410 654 251 912 912 804 804 38, 865 36, 956 33,085 32, 377 743, 517 5, 758, 290 621,,960 747,065 5,. 796,, 923 626,,881 772, 450 5, 664,963 623, 429 763,160 5, 661,084 648, 441 779,152 329,031 256, 863 2,028, 690 309, 329 247, 023289, 442 186,103 712, 234 786, 664 333, 968 261, 292 2,041, 654 319, 923 247, 457 293, 734 199,911696, 938 817, 221 328,189 263, 282 2,099,446 332, 348 253,457 302,969 198,000 720,078 829,471 331, 534 272, 716 2,115, 574 325,347 250, 524 306,312 212,785 717, 528 1,525 534 764 518 407 1,168 1,510 512 397 534 404 1,110 752 639 917 1,483 507 379 1,064 627 1,174 348 741 888 1,467 500 364 1,001 627 766 323 727 828 28,950 24, 802 20, 272 63, 578 17, 843 10, 200 18,151 15,432 38, 042 29, 272 21,195 21, 573 64, 940 16, 564 10,090 18, 763 15, 561 39, 574 25, 816 21, 507 21, 709 58, 617 15, 986 9,142 19, 653 15, 804 37, 815 9,836 18, 617 17, 514 38, 871 26, 983 18, 797 20, 545 58,174 16,042 809,070 354,367 277, 561 2,093, 436 327, 936 257, 741308, 000 202,174 751, 801 3, 269 816,853 355, 697 283, " 2,107, 704 337, 239 258,059 312, 894 216, 111 738,022 843| 925 350; 870 285, 339 2,159,127 349,075 263,106 323, 001 214,431 759,376 857,282 351,097 293, 584 2,174, 749 342,116 260,860 325, 293 230,926 757,866 55 75 40 49 32 51 81 101 60 150 40 40 394 354 347 304 164 163 200 218 91 90 208 206 77 77 75 429 387 353 196 214 281 319 151 240 248 246 2 2 2 2 16 16 16 16 16 16 16 40 40 40 40 870 864 862 859 231 217 217 216 610 601 1,297 1,297 946 946 39, 296 39, 296 39, 296 42, 577 26, 386 26, 386 26, 386 28, 588 43, 323 43, 323 43, 323 46, 939 34, 901 34, 901 34, 901 37, 815 70, 853 70, 853 70, 853 76, 768 2,289 1,954 1, """ 1,932 12 212 182 167 1,081 552 654 1,034 623 653 548 390 161 56 41 21 2,128 1,744 1,649 1,525 10 5 5 10 443 374 234 211 540 249 171 91 64 56 53 53 115 140 140 140 138 160 115 112 29 25 90 90 90 100 4,417 3,698 3,345 3,457 22 217 187 177 1,524 926 888 1,245 1,163 902 719 481 225 112 94 74 140 165 165 170 318 285 145 142 43 41 64 75 90 90 90 100 553 553 553 554 42 42 42 42 213 215 215 266 56 56 56 56 52 51 51 51 24 24 24 24 20 19 19 19 70 70 70 70 2 2 2 2 2, 919 2,916 2,851 2,844 464 465 418 396 1,248 1,227 1,226 1,204 822 821 821 821 453 451 451 459 43, 790 38, 832 84, 588 43, 790 38, 832 84, 588 43, 790 38, 832 91, 650 47, 446 42,073 92,091 92,091 92,091 99, 779 180 125 30 30 14, 647 14, 586 14,122 14,059 1, i 1,' 872 3,847 3,846 3,851 3,835 840,893 840,893 840, 893 911,090 61, 659 61, 659 61,659 66,806 237,660 237,660 237, 660 257, 500 67, 514 67, 514 67, 514 73,149 1, 215,466 1, 215, 466 1, 215,466 1,145, 269 89,123 89,123 89,123 83,976 343, 343, 343, 323, 525 525 525 685 97, 586 97, 586 97, 586 91,951 122, 269 122, 269 122, 269 115, 207 63, 297 63, 297 63, 297 59, 641 56,129 56,129 56,129 52, 888 133,113 133,113 133,113 125, 425 56, 802 56, 802 56, 802 53, 521 38,140 38,140 38,140 35, 938 62, 620 62, 620 62, 620 59,004 50, 447 102, 415 50, 447 102, 415 50, 447 102, 415 47, 533 96, 500 656 656 656 656 37, 224 37, 224 37, 224 37, 224 143, 143, 143, 143, 478 478 478 478 40, 759 40, 759 40, 759 40, 759 51,067 51,067 51,067 51, 067 26, 437 26, 437 26, 437 26, 437 23, 443 23, 443 23, 443 23, 443 55, 596 55, 596 55, 596 55, 596 23, 724 23, 724 23, 724 23, 724 15, 929 15, 929 15, 929 15,929 26,154 26,154 26,154 26,154 21, 070 21, 070 21,070 21,070 42, 775 42, 775 42, 775 42, 775 564,015 564,015 564,015 564,015 188,006 188,006 188,006 188,006 80,455 132,097 106,418 80,45J 132,097 106, 418 80, 455 132,097 106, 418 80, 455 132,097 106, 418 216,043 216,043 216, 043 216,043 507, 507, 507, 507, 2, 2, 2, 2, 724, 663 205, 859 724, 663 205,859 724, 663 205,859 724,663 205,859 257,924 133, 524118,404 257,924 133', 524 118,404 257,924 133,524 118,404 257,924 133, 524118,404 280,800 119,822 280,800 119, 822 280,800 119,822 280, 800 119, 822 APRIL 301 FEDERAL RESERVE BULLETIN 1939 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco ASSETS—Continued Total bills and securities: 2, 583, 632 189, 938 730, 247 209, 997 258, 665 134, 936 119, 564 281, 366 119, 922 81, 423 132, 793107, 250 217, 531 Feb. 21 2, 582, 852 190,129 729, 650 209, 733 258, 552 134, 940 119, 529 281, 362 119, 922 81,398 132, 759 107, 258 217, 620 Mar. 1 2, 582, 035 190,097 729, 617 209, 485 258, 487 134, 939 119, 389 281, 385 119, 921 81, 396 132, 717 107, 325 217, 277 Mar. 8 2, 582,085 190, 097 729,959 209, 240 258, 445 134, 922 119, 386 281, 404 119, 930 81, 391 132, 682 107, 354 217, 275 Mar. 15 Due from foreign banks: 12 20 3 5 Feb. 21 12 2 5 12 21 3 5 Mar. 1 12 2 5 169 12 21 3 5 12 2 5 Mar. 8 169 12 21 5 12 2 5 Mar. 15 Federal Reserve notes of other banks: 724 1,100 536 2,641 2,248 1,645 892 1,137 Feb. 21 17, 480 558 3,216 747 992 1,106 593 2,848 1,587 2,034 Mar. 1 19,058 583 3,651 903 1,133 1,412 2,216 688 1,298 2,797 3,057 2,200 1,923 757 1,144 Mar. 8 19, 382 590 2,911 857 1,160 610 1,472 2,397 3,132 2,240 1,053 1,386 2,137 Mar. 15 535 3,632 865 20, 825 1,366 Uncollected items: 74, 051 26,126 14, 258 27, 886 24, 485 33, 236 Feb. 21 588, 753 52, 869 154,135 38, 502 66, 724 49, 714 26, 767 29, 655 83,147 24, 563 14,098 29, 752 22, 837 Mar. 1 634,023 64, 263 167, 383 49, 312 78, 511 48,003 22, 499 71, 788 22,148 12, 906 24,959 21, 844 535, 646 50, 053 143, 405 37, 389 27, 284 Mar. 8 59, 821 43, 369 20, 680 94, 506 33, 647 14, 927 33, 076 28, 692 718,097 64, 918 183, 523 50, 798 86, 586 59, 517 31, 908 Mar. 15 35, 999 Bank premises: 3,226 3,955 2,287 1,520 3,235 1,255 42, 804 9,021 4,' Feb. 21 2,940 5,992 2,614 2,070 3,226 3,945 2,284 1,520 3,222 1,250 42, 735 Mar. 1 2,936 9,005 4,678 5,992 2, f"" 2,069 3,226 3,945 2,283 1,520 3,222 1,251 42, 735 2,936 5,992 2,608 2,069 Mar. 8 9,005 4, i"" 3,226 3,945 2,T~~ 1,517 3,222 1,251 42, 732 2,936 5,992 2,608 2, Mar. 15 9,005 4,678 Other assets: 4,324 4,975 2,148 1,584 2,367 1,970 Feb. 21 50,181 3,: 13, 923 4,467 5, 652 3,210 2,292 4,419 2,189 1,625 2,428 2,040 5,f" Mar. 1 51,150 3,321 14,194 4,491 5,762 3, 246 2,339 4,456 5,116 2,212 1,636 2,446 2,029 Mar. 8 51, "~ 3,372 14, 372 4,630 5,817 3,278 2, 323 2,072 4,544 1,945 1,452 2,147 1,799 3,965 Mar. 15 12, 874 4,111 46, 081 2,942 5,236 Total assets: Feb. 21 15, 788, 872 993,103 6, 668, 898 880, 378 1,147, 010 545,985 430, 296 2, 460, 444 480, 670 357, 252 475, 386 337, 675 1, Oil, 775 484,123 487, 787 357, 694 482,166 350,094 994,8 " Mar. 1 15,926, 704 1,008, 309 6, 720, 869 896,015 1,166, 819 545,913 431,927 2, 484, 15, 840, 7461,019, 510 6, 564, 336 880, 485 1,175, 218 536, 369 432, 603 2,524, 524, 439 497, 842 361, 323 487, 494 347, 5731, 013, 554 Mar. 8 020, 480 16,076, 446 1,024,600 6,600,139 918,150 1,214, 923 552; 617 451,' " 422 2, 562, 301 502; 164 36l| 202 497; 811 370, 1, 637 Mar. 15 V LIABILITIES Federal Reserve notes in actual circulation: Feb. 21 Mar. 1 Mar. 8 Mar. 15 Deposits: Member bank—reserve account: Feb. 21 Mar. 1 Mar. 8 Mar. 15 U . S . Treasurer—general account: Feb. 21 Mar. 1 Mar. 8 Mar. 15 Foreign bank: Feb. 21 Mar. 1 Mar. 8 Mar. 15 Other deposits: Feb. 21 . Mar. 1 Mar. 8 Mar. 15 Total deposits: Feb. 21 Mar. 1 Mar. 8 Mar. 15 195, 148, 818 198, 489 148, 775 196, 910 148, 506 195, 961 147, 96' 982, 844 984,517 982, 761 981, 217 4, 344, 462 4, 355, 946 4, 343, 566 4, 335, 313 378, 752 993,198 317, 041 377,183 1,000,190 316, 916 376, 353 993, 062 313 3, 737 375, 322 997, 249 314 4, 320 419, 662 418', 335 420,,368 416, 991 8, 840, 548 8, 941, 650 8, 984, 989 9,077, 284 406,065 4, 805, 703 395, i, 130 414,121 4, ' 867,132 399, 853 I, 215 215 1, 4; 786,653 401,142 439, 437, ', 624 t,4,825,938 431,143 475, 490, 510, 527, 467 232.!, 156184, 359 236;i, 524183, 646 236,i,332 190, 923 233, 510 193, 762 999 820 541 1,079,158 1, 092, 400 1,131, 29' 1,139,136 1,180, 1,167, 1,101, 1,058, 110, 354 317, 061 106, 093 304, 475 102, 520 241,174 97, 646 170,074 66, 515 68, 505 64,595 61, 050 127, 123, 124, 125, 040 503 098 048 43, 48, 41, 45, 567 653 202 809 244, 920 241,056 254, 713 261, 506 791 818 562 714 225, 974 246, 296 255, 935 269, 292 16, 267 17, 744 18, 419 19, 340 80, 704 87, 830 91, 440 96, 577 21,915 23, 905 24, 815 26, 055 268, 904 237, 344 254,113 282, 759 5,584 5,065 6,004 6,062 208, 318 177, 991 189, 250 213, 709 7,350 4,723 4,576 4,524 42, 36, 30, 35, 345 565 565 419 21,011 9,715 7,907 22, 920 10, 597 23, 792 11, 000 8,954 24, r 11, 550 9,401 5,132 4,994 6,192 4,752 10, 516, 217 538, 270 5, 411, 786 490, 910 628, "" 10, 593,108 543, "",023 5,437,428 496,986 641, 10, 596, 599 566,158 5, 308,1 ,517 495,128 664, 10, 560, 672 ">, 5, 306,2 306; 298 522, 772 682, 1,980 6,955 1,537 7,246 1,659 8,466 4,212 11, 042 650 286,196 776 285,223 728 279, 556 703 284, 691 243,191 248,524 249, 442 259, 793 134,119 167, 681 134, 134; 748 168, 937 134, 847 169,035 134, 516 168, 719 76, 732 77, 615 77,119 76, 206 350, 975 350, 863 351, 924 347, 927 ',971 117, 302 228, 690 217, 217,',851 118, 897 222, 342 215, 927 7, 354234, 170 128, 332 237,165 205; 179,190 182, 921 181, 287 183,096 518, 954 515, 251 530,146 533, 967 33, 244 43, 071 43, 036 57, 530 55,134 39, 562 41, 734 41, 585 178, 179, 178, 178, 34, 42, 54, 60, 854 378 944 918 511 551 684 387 72, 661 69, 794 64, 497 62, 460 33, 43, 38, 40, 439 990 744 200 337 820 955 501 6,552 7,147 7,419 7,790 5,196 5,669 5,884 6,178 6, 552 7,147 7,419 7,790 6,552 7,147 7,419 7,790 16, 266 17, 744 18, 419 19, 340 5,090 4,734 5,339 5,f~~ 5,183 4,634 4,631 4,821 5,051 5,108 6,510 5,640 872 814 846 4,410 3,190 3,120 4,2 13,025 17, 250 17, 552 16, 816 1, 356, 505 1, 368, 010 1, 422, 304 1, 439,109 264, 217 272,183 282, 661 278, 907 223, 396 236, 329 234,862 252. 785 603, 379 589, 807 607, 851 611, 708 27, 29, 30, 32, 200, 210 269, 507 199,468 274, 351 204, 245 281,147 202, 610 286, 001 302 FEDERAL RESERVE BULLETIN APRIL 1939 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco LIABILITIES—Continued Deferred availability items: 52, 028 143, 783 40,007 580,973 76, 306 27, 083 13, 744 27, < 26, 554 Feb. 21 66, 005 49,161 25, 675 64,038 163,167 49, 720 74, 027 47, 391 22, 014 630, 626 86, 846 25, 723 14, 298 28, 709 25,135 Mar. 1 52, 920 142,612 39,133 553,056 74, 559 25, 712 13,040 27,116 24, 557 57, 380 45,052 22,005 Mar. 8 64, 525 176,153 48, 640 82, 499 57,142 31, 022 705, 482 97,179 33, 833 14, 900 32, 912 30, 619 Mar. 15 Other liabilities including accrued dividends: 257 2,955 1,056 232 121 81 122 237 326 277 Feb. 21 3,044 28^ 1,011 134 253 252 358 126 250 Mar. 1 3,336 299 1,135 139 323 373 128 255 273 Mar. 8 3,658 305 1,424 139 280 391 137 266 96 Mar. 15 Total liabilities: 15, 444, 607 307 6, 549, 823 848,1951,114, 549531, 204 417,r,805 ,415,981 470, Feb. 21 . 235 348,195 465, 445 326, 755 15, 582, 724 984, 531 6, 601, 796863, 875 1,134, 390531,175 419,1,447 2, 439, 731 477, 370 348, 640 472, 247 339,162 Mar. 1 15, 496, 557 995, 730 "1,445,326 6,445,326 848, 1,321 1,142, 749521, 605 420,1,092 1,479,997 487,408 352, 260 477, 553336,625 Mar. 8 15,732,502 1, 000,I, "824 1,921 2,517,896 491,754;352,163 487, " 898 * 359, 702 •" " i, 1,012 1,182, 479 537, 879 438, Mar. 15 6, 481,124 886; 32, 847 29, 558 28,970 36, 058 112 132 146 157 987,113 970, 360 988,891 995, 850 CAPITAL ACCOUNTS Capital paid in: 10, 534 134,930 9,405 Feb. 21 13,601 3,967 2,912 4,240 3, 962 13,679 5,079 4,522 50,980 12,049 10, 534 135,016 9,405 Mar. 1 13, 617 3,967 2,910 4,241 3.' 13, 679 5,078 4,515 51, 025 12, 049 10, 536 134, 948 9,405 Mar. 8 13, 616 3,965 2,912 4,241 3,996 13, 679 5,078 4,515 50, 956 12, 049 10, 536 134,956 9,405 2,912 5,075 4,516 3,966 4, 242 13, 617 Mar. 15.. 12,049 13, 683 3,998 50, 95' Surplus (section 7): 9, 965 149,152 Feb. 21 10, 083 52, 463 13, 696 22, 666 4,685 3,153 3,613 3,892 14, 323 4, 5,630 9,965 149,152 Mar. 1 10,083 52, 463 13, 696 22, 666 4,685 3,153 3,613 3,892 14, 323 4, 5,630 9,965 149,152 10,083 52, 463 13, 696 Mar. 8 22, 666 4,685 3,153 3,613 3,892 14, 323 4,983 5,630 9,965 149,152 10, 083 52, 463 13, 696 4,685 3,153 3, 613 3, Mar. 15 14, 323 4,983 5,630 Surplus (section 13b): 2,874 2,121 Feb. 21 27, 264 545 1,001 1,142 1, 7,457 4, 416 713 1,429 1,007 3,293 2,874 2,121 Mar. 1 27, 263 545 1,001 1,142 1,266 7,457 4, 416 712 1,429 1,007 3,293 2,874 2,121 27, 264 Mar. 8 545 1,001 1,142 1,266 7,457 4, 416 713 1,429 1,007 3,293 2,874 2,121 27, 264 Mar. 15 545 1,001 1,142 1,266 7, 457 4,416 713 1,429 1,007 3, 293 Other capital accounts: 2,042 1,434 Feb. 21 32, 919 946 1,800 8,175 2,022 3, 452 1, 426 1,626 6,767 1, 238 1,991 2,008 1,416 Mar. 1 32, 549 1,990 923 1,778 8,128 1,979 3,420 1, 384 1,623 6, """ 1,220 2,041 1,418 Mar. 8 32, 825 94; 1,794 8,134 2,003 3,460 1,410 1,653 6,731 1, 239 1,997 1,214 2,008 1, 414 32, 572 Mar. 15 1,973 916 1,779 8,138 1,977 3,431 1,38^ 1,642 Total liabilities and capital accounts: Feb. 21 15, 788, 871 993,103 , , 378 1,147, 010 545, 985 430, 296 2,460,444 480, 670 357, 252 475, 386 337, 675 1,011,775 Mar. l..__ . _ . 15, 926, 704 1, 008, 309 6, 720, 869 896, " ' 482,166 350, 094 994, 98$ 01 1,166,819 545, 913 431, 92" 2, 484,123 487, 787 357, 694 Mar. 8 15, 840, 746 1,019,510 6,. 564, . 336 880,485 . 1,175,218 536,369 432,60: 2, 524,439 497,842 361, 323 487,494 347, 573 1,013, 554 16, 076, 446 1, 024, 6006, 600,139 918,150 1, 214, 923 552, 6 r 451, 422 2, 562, 301 502,164 361, 202 497, 811 370, 637 1,020, 480 Mar. 15 APRIL 303 FEDERAL RESERVE BULLETIN 1939 INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO MARCH 15, 1939 [Amounts in thousands of dollars] Applications received to date, net Date (last Wednesday of each month) Applications recommended for approval by Industrial Advisory Committees to date, (with and without conditions) Number Amount Number 5,053 6,618 7,615 8,158 8,379 8,483 8,546 8,593 8,677 8,711 8,766 8,906 9,012 9,096 9,152 9,182 9,226 9,262 9,292 9,320 9,336 9,349 9,362 9,379 187,696 263,482 306, 708 331,391 342, 699 346,911 351, 420 354, 426 363, 292 364,487 367,754 373, 519 377, 778 380, 648 383, 535 388, 350 390, 783 393, 532 396, 209 397, 759 1,122 1,815 2,176 2,394 2,500 2,543 2,587 2,610 2,640 2,660 2,683 2,717 2,760 2,813 2,836 2,861 2,884 2,897 2,909 2,931 2,940 2,948 2,958 2,966 1934—Dec. 26. _. 1935—June 26._. Dec. 31»_. 1936—June 2 4 . . . Dec. 30._. 1937—Mar. 31._. June 30... Sept. 29_.. Dec. 2 9 . . . 1938—Jan. 26.._. Feb. 2 3 . _ . M a r . 30... Apr. 2 7 . May25._. June 2 9 . . . July 2 7 — Aug. 3 1 . . . Sept. 28 . Oct. 26__. Nov. 30._. Dec. 28 . . . 1939—Jan. 25_._. Feb. 21 s_ M a r . 15 *_. 400, 410 400, 685 401, 766 Applications approved to date by Federal Reserve banks (with and without conditions) Federal Reserve bank advances outstanding5 Total Amount Number 54,531 102, 331 132, 460 142,811 149,204 150, 561 154,960 155,902 158,743 159, 370 160,603 162, 648 165, 921 1,646 1,993 2,183 2,280 2,323 2,361 2,381 2,406 2,419 2,433 2,464 2,497 2,536 2,566 2,592 2,606 2,617 2,628 2,644 2,653 2,660 2,671 2,680 167, 695 168, 894 173, 759 174, 544 176,006 180,060 181,144 181, 956 182,611 182, 879 184, 564 Amount 49,634 88,778 124, 493 133, 343 139,829 141, 545 145, 758 146, 724 150,987 151, 587 152, 543 154, 918 156, 933 158,962 161,158 166,498 166,835 168,380 172, 738 174. 091 175,013 175, 651 175, 902 177, 715 Federal Repaid, Reserve Approved expired, bank or withnot commit- but drawn by comments applipleted * outcant, standing etc. 13, 589 27, 518 32, 493 30,487 25, 533 23,054 23,014 21, 395 20, 200 19, 861 19, 659 19,366 19, 357 18, 583 18, 439 18,189 17, 784 17, 562 17,233 17, 391 17, 250 16, 811 16, 474 15, 861 8,225 20, 579 27, 649 24, 454 20, 959 18, 611 16, 331 14,880 12, 780 13, 388 13,078 13,110 12, 735 13, 260 13, 649 13, 731 13, 543 13, 597 14, 541 14, 328 14,161 13,004 12, 907 12, 545 20,966 11, 248 11, 548 9,381 8,226 7,898 1,470 537 3,369 1,563 2,059 3,419 3,957 3,522 3,084 6,703 5,203 5,737 7,811 3,085 1,946 1,293 1,105 2,216 Financing institution participations out- standing2 5,558 24,900 44,025 61, 422 77, 903 85, 215 97, 668 102, 608 107,400 109,002 109,992 111, 198 113,126 115, 628 117, 560 119, 391 121, 291 122, 452 123, 723 126, 844 128, 934 132, 009 133,001 134, 709 1,296 4,533 8,778 7,599 7,208 6,767 7,275 7,304 7,238 7,773 7,755 7,825 7,758 7,969 8,426 8,484 9,014 9,032 9,430 12,443 12, 722 12, 534 12, 415 12, 384 i1 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 $1,813,000 on March 15, 1939. a4 Tuesday March 29 not yet available. 6 Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in the weekly statement of Condition of the Federal Reserve banks. NOTE.—On March 15, 1939, there were 26 applications amounting to $1,436,000 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: Feb. 21 Mar. 1 Mar. 8 Mar. 15 Held by Federal Reserve bank: Feb. 21 Mar. 1 . Mar. 8 Mar. 15 In actual circulation.! Feb. 21 Mar. 1 Mar. 8 Mar. 15 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Feb. 21 Mar. 1 — Mar. 8 Mar. 15 Eligible paper: Feb. 21 Mar. 1_ Mar. 8 Mar. 15 Total collateral: Feb. 21 Mar. 1___. Mar. 8 Mar. 15. . _ ... Boston New York Phila- Cleve- Richdelphia land mond Atlanta MinSt. Louis neapolis Chicago Kansas City San Dallas Francisco 1,644 1,016,014 194,121 138, 837 175,042 84, 260 408, 469 4, 645, 819398, 749 . 1., 092, 131332, 725 439, 475 205, 352 160, 4, 637, 302398,121 1,'"' 176, 084, 762 " 330, 310 437, 724 216 160, 250 1, 016, 482 192, 855138, 578 ""»,456 84, 806 408, 742 4, 624,142 396,004 1, 085, 482328,134 439, 809 159, 649 1, 012, 449 193, 290138,029 176, i, 196 84,114 403,117 4, 615, 432394,[,—072 '.,081,2"" 1 259 328^ 536 438,172 206, 338 159, 790 1, 012, 401 192, 525 138, 255 176, 349 84, 276 403, 459 301, 357 281, 356 280, 576 280,119 19, 997 20, 938 19, 651 18, 750 98, 933 84, 572 92, 420 84, 010 15, 684 13, 394 14, 397 14, 216 19, 813 19, 389 19, 501 21,181 9,566 9,727 10, 899 10,371 11,1 11, 475 11, 143 11, 823 4, 344, 462378, 752 993,198 317,041 419, € 195, 786 148, 818 4, 355, 946377,183 1,000,190 316, 916 418, 335 ,489 148, 775 4, 343, 566376, 353 993, 062 ' 196, 910 148, 506 4, 335, 313375, 322 997, 249 314', 320 416, 991 195, 961 147, 967 4, 771,000 420,000 4, 771,000 420,000 4, 768,000 420, 4, 768,000 420,000 3,656 3,284 2,977 3,181 12 212 182 172 33,170 31, 965 29, 688 31, 184 15, 267 13, 477 14, 346 13, f~~ 4,718 3,830 3,182 3,739 7,361 7,519 7,161 7,630 982, 844 178, 854 134,119 167, 681 984, 517 179, 378 ~~-,748 134, 168, 937 982, 761 178, 944 134, 847 "1,035 981, 217 178,918 134, 516 168, 719 7,528 7,191 6,995 8,070 76,7! 1,975 77, 615 350, 863 77, ,924 76, 206 347',',927 1, 105,000 345,000 443,000 210,000169,000 1,035,000 199, 000 143, 500 180, 000 87, 500 434,,000 i, 000 ~""169,0001,035, 000 '"1,000 199, 143, 500 180,000 87, 500 434,:,000 i;, 105,000 345,000 443,000 210, 1,500 180,000 17, 500 434, 000 1 196,000 143! ,105,000 345; 000 443; 000 210,000 169,000 ,035,000 196, 1., 105,000 345, 000 443, 000 "1,000 210, 169,000 1, 035,000'" 1, 000143, 500 180, 000 500 434,000 1,507 919 880 1,237 672 678 548 390 217 112 94 74 140 165 165 170 251 253 112 110 43 41 64 76 25 25 25 35 4, 774, 656420, 012 1,106, 507345, 672 443, 217 210,140169, 251 1, 035, 043 199, 025 143, 546 4, 774, 284420, 212 1,105, 919 345, 678 443,112 210,165169, 253 1, 035,041 199, 025 143, 537 4, 770, 977420,182 1.105, 880 345, 548 443, 094 210,165169,112 1,035, 064 196,025 143, 537 4, 771,181 420,172 1.106, 237 345, 390 443, 074 210,170169,110 1, 035, 076 196, 035 143, 535 429 415 367 339 180, 429 180, 415 180, 367 180, 339 191 209 276 315 123 218 227 228 87, 691 434,123 87, 709 '" :, 218 87,7' '6 434,:,227 87, 815 434,:,228 1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank. 57, 494 57, 879 51,193 55, 532 304 FEDERAL RESERVE BULLETIN APRIL RESERVE POSITION OF MEMBER BANKS, FEBRUARY, 1939 MEMBER BANK RESERVE BALANCES, BY CLASSES OF BANKS [Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars] Classes of banks and districts Gross Net dedeTime mand mand dedede- 1 posits posits posits All member b a n k s . . 31, 820 26,151 11, 525 Central reserve city banks: 11,215 10, 552 New York 2,408 2,139 Chicago 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 district... Dallas district San Francisco district. Total Reserves with Federal Reserve banks Required Held Excess 5,552 8,925 3,373 703 463 2,436 510 4,482 673 2,047 164 100 151 244 735 207 171 549 177 89 156 125 1,915 166 34 176 239 103 93 181 115 50 117 79 382 276 39 255 351 150 113 256 160 63 164 107 471 109 1,193 789 348 942 675 2,051 922 149 935 1,153 529 485 879 609 263 626 414 1,636 11,199 8,600 4,619 1,736 2,405 607 969 428 395 323 319 556 231 192 284 341 215 553 1,382 874 662 340 215 680 239 271 154 100 270 101 185 95 81 56 49 101 40 37 42 46 146 322 146 121 85 72 175 57 53 64 72 51 4,861 5,740 870 1,032 188 1,131 1,481 685 681 Country banks: Boston district New York district 1,293 596 Philadelphia district.. 563 Cleveland district 501 Richmond district 497 Atlanta district _ 819 Chicago district 344 St. Louis district 293 Minneapolis district.. 442 Kansas City district.. 518 Dallas district 325 San Francisco district6,S Total.. 112 47 20 75 45 12 47 28 46 136 50 41 29 23 75 18 16 22 26 11 1,364 494 1 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 p. 315 for percentages of deposits required to be held as reserves. All member banks i Total reserves held: 1938—January February March April May June July August September October November December 1939—January February Week ending (Friday): 1939—February 3 February 10 February 17 February 24 March 3 March 10 Excess reserves: 1938—January February March April? May June July August September October November December 1939—January February Week ending (Friday): 1939— February 3 February 10 February 17 February 24 March 3 March 10 Central reserve city banks 1939 Reserve city banks Country banks 1 898 780 673 2,345 2,350 2,349 2,348 2, 311 2,359 2,396 2,402 2,352 2,409 2,426 2,387 2,474 2,405 1,378 1,377 1,365 1,350 1,278 1,280 1,302 1,319 1,314 1,317 1, 338 1,322 1,366 1,364 8,925 8,995 4,588 4,509 4,466 4,430 4,485 4,447 726 690 673 653 665 676 2,469 2, 423 2,398 2,387 2,403 2,456 1,350 1,369 1,364 1,367 1,371 1,416 1,353 1,406 1,524 2,071 2,525 2,762 3,026 2,955 2,920 3,143 3,276 3,226 3,484 3,373 461 499 631 884 1,065 1,153 1,352 1,320 1,382 1,589 1,712 1,734 1,996 2,047 86 78 52 146 321 404 424 379 361 375 374 376 260 164 451 468 481 355 361 359 432 451 459 483 495 479 467 480 457 495 494 3,574 3,445 3,345 3,289 *3, 366 P3, 417 2,152 2,077 2,027 1,993 2,040 1,979 176 162 149 160 173 7,183 7,230 7,326 7,469 7,587 7,878 8,167 8,119 8.196 8,546 8,727 8.745 9; 029 8,925 9,133 8,991 8,901 New York 2,856 2,906 3,039 3,150 3,204 3,341 3, 545 3, 523 3,669 3,939 4, 075 4,139 4,409 4,482 Chicago 574 622 794 899 925 875 861 747 767 762 698 712 710 658 734 482 500 494 496 P500 P545 731 691 662 650 666 720 p1 Preliminary. Weekly figures of excess reserves of all member banks and of country banks are estimates. » Reserve requirements decreased April 16, 1938; see table at foot of page 315 for amount of changes. 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) All member banks Federal Reserve district Boston New York Philadelphia . Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco. Total r ... Gross demand Time Gross demand Time Jan. Feb. Jan. Feb. '1,872 12, 662 1,736 2,065 1,196 1,156 4,495 1,145 660 1,408 1,192 2,390 653 2,236 1,118 1,397 547 386 1,692 415 360 310 225 2,185 651 2,243 1,108 1,378 544 385 1,683 412 360 310 224 2,197 1,721 i 1,193 1,509 1,825 1,002 1,014 i 1, 699 929 469 1,063 904 2,262 r l, 751 i 1, 214 1,518 1,844 1,010 998 i 1, 699 935 484 1,077 904 2,273 i 1,039 666 1,103 356 302 i 949 300 176 197 180 2,088 526 i 1,049 658 1,082 352 301 i 943 297 176 197 179 2,101 120 288 217 219 184 165 314 204 173 321 289 114 121 284 218 221 186 158 311 210 176 330 288 117 125 494 452 294 190 85 280 116 184 113 45 97 125 493 450 295 192 84 279 115 184 113 45 96 31, 820 '31, 977 11, 525 11, 494 115, 589 '115,707 i 7, 884 i 7, 861 2,609 2,621 2,474 2,471 Jan. 1,842 12, 696 1,726 2,044 1,186 1,178 4,421 1,133 642 1,384 1,193 2,376 528 Jan. Feb. Jan. Time Feb. Feb. Revised. 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. Gross demand Feb. Jan. APRIL 305 FEDERAL RESERVE BULLETIN 1839 KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve Banks. E n d of m o n t h Gold certificates Total Silver dollars I n millions of dollars] Treasury notes of 1890 Silver certificates Subsidiary silver Minor coin United States notes Federal Reserve notes National bank notes Federal Reserve bank notes 1938— February __. March April May June___ __. July August September.. October November,. December,. 6,334 6, 355 6,397 6,467 6,461 6,452 6,504 6,622 6,700 6,787 6,855 1,097 1,125 1,162 1,215 1,230 1,247 1,263 1,292 1,297 1,312 1,339 338 338 339 341 342 341 344 348 351 356 357 144 144 144 145 146 145 146 147 148 151 151 267 263 264 268 262 258 262 264 269 269 257 4,104 4,103 4,112 4,127 4,114 4,098 4,129 4,215 4,282 4,349 4,405 231 227 224 220 217 214 211 208 206 203 201 1939—January... February. 6,653 6,731 1,269 1,327 348 350 149 150 244 246 4,301 4,320 198 195 Back figures.—See Annual Report for 1937 (table 35.) PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve Banks. Total in circulation^ Total Coin 1938—Februarv March April _ .__ . Mav June July . .. . August September October _ November December 6,334 6,355 6,397 6,467 6,461 6,452 6,504 6,622 6,700 6,787 6,856 4,798 4,784 4,807 4,856 4,837 4,836 4,885 4,970 5,021 5,096 5,147 520 521 522 526 1939—January February . 1 6,653 6,731 4,953 5,011 E n d of month Coin and small denomination currency $2 $1 3 $5 In millions of dollars] 2 Large denomination currency 2 $10 $20 Total $50 $100 $1,000 $500 $5,000 $10, 000 Unassorted 2 526 530 536 540 548 550 473 473 476 487 481 481 488 501 505 511 524 32 31 31 32 31 31 32 32 32 33 34 863 860 866 877 875 879 891 912 923 936 946 1,489 1,487 1,498 1,512 1,503 1,508 1,528 1,556 1,572 1,599 1,611 1,421 1,412 1,414 1,422 1,420 1,410 1,416 1,434 1,450 1, 469 1,481 1,538 1,573 1,593 1,616 1,627 1,618 1,622 1,656 1,683 1,696 1,714 382 385 388 389 391 388 389 396 400 404 409 708 718 725 727 732 727 727 744 754 761 770 138 144 146 152 152 152 152 156 157 158 160 291 300 304 307 309 307 308 317 321 323 327 9 12 17 17 17 17 17 18 17 17 13 18 18 24 25 27 29 25 33 32 32 2 3 3 4 2 2 3 4 4 5 5 538 541 492 498 32 33 904 919 1,546 1,574 1,440 1,446 1,705 1,721 403 406 768 774 160 161 329 335 17 17 28 28 6 1 1 Total of amounts of coin and paper currency shown by dsnominations less unassorted currency in Treasury and Federal Reserve banks. w 2 Includes unassorted currency held in Treasury and Federal Reserve banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures—See Annual Report for 1937 (table 36). SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY TREASURY CURRENCY OUTSTANDING [Held b y Treasury and Federal Reserve banks and in circulation. millions of dollars] E n d of month 1938—February.. March April Mav June . July \ugust September . October November. December__ Total 2,668 2 679 2,690 2,702 2, 713 2,721 2,731 2,739 2, 751 2,773 2,798 Silver Feddollars Suberal and sid- Minor United Resilver iary coin States serve bulsilver notes bank lion J notes 1,526 1, 540 1,554 1,570 1, 584 1, 596 1, 608 1,618 1,634 1, 657 1,685 373 374 374 374 374 374 375 376 376 376 376 33 32 32 31 31 30 30 29 29 29 28 In [By selected banks in New York City. National bank notes Year or month 1935 1936 1937 1938 In thousands of dollars] Shipments to Europe Receipts from Europe 10,628 34 774 21, 500 33,105 19, 966 26 216 47, 550 34,373 Net shipments Net receipts 9. 33S 8, 558 233 230 226 1938—February 3,824 28 223 March 1 212 2 728 221 2,618 April 503 217 Mav 155 6,179 214 379 June 3 48 S 212 3, 753 85 July 208 August 1,052 2 348 206 September 978 13,762 14,740 203 591 10,002 October 10,593 982 2, 448 November 3,430 1939—January 376 2, 816 1, 705 159 347 28 201 2,228 December 739 February... 2,824 1,717 376 160 347 27 198 4.481 2,024 1939 January 6,505 1 1, 796 985 February 2,781 Includes silver held against silver certificates amounting to $1,632,! 000,000 on Feb. 28, 1939 and $1,433,000,000 on Feb. 28, 1938. Back figures—See Annual Report for 1937 (table 38). Description.—See BULLETIN for J a n u a r y 1932, p p . 7-8. 156 157 157 157 157 157 157 158 158 158 159 347 347 347 347 347 347 347 347 347 347 347 2fi. 050 1,268 3. 796 1, 516 2. 115 6. 024 3. 107 3. 668 1.296 1.453 306 FEDERAL RESERVE BULLETIN APRIL ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES MOVEMENT OF GOLD TO AND FROM UNITED STATES1 [In millions of dollars] [In thousands of dollars] Gold stock at end of year or month Year or month Total Increase in total gold Inactive stock account 4, 202. 5 1, 887. 2 26.5 1,132. 5 1, 227. 9 1, 502. 5 1,751.5 1934 i 1935 1936 1937 1938 8,238 10,125 11, 258 12,760 14,512 1936—October 11,045 11, 184 11,258 ~~~~26~5 November. _. December 199.7 139. 6 73. 3 Net gain or loss ( - ) Net through gold earimport marking transactions Domestic gold production 82.6 1,133.9 .2 1,739.0 1,116.6 - 8 5 . 9 1, 585. 5 - 2 0 0 . 4 1, 973. 6 - 3 3 3 . 5 96.0 110.7 131.6 143.9 146.4 -11.3 3.0 13.8 11.8 10.9 218.8 75.8 57.0 1937—January 11, 358 February 11,436 11, 574 March . _ 11, 799 April. 11, 990 Mav 12,318 June July. . _ _ 12, 446 August _ _ 12, 567 September 12, 741 October 12,803 November 12,774 December 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 -48.3 121.3 -8.0 120.3 — .4 154.3 215.8 26.'2 155.4 262. 0 - 1 5 . 9 -35.5 175.4 -5.3 104.8 9.3 145.5 -8.0 90.5 -20.1 22.1 18.0 -101.6 9.3 8.3 10.8 9.2 12.4 11.2 12.7 16.9 12.2 14.9 13.8 11.9 1938—January February March April May June _,T _ July August September.... October. _ November December. 12, 756 12, 776 12, 795 12,869 12,919 12, 963 13,017 13,136 13, 760 14,065 14, 312 14, 512 1,223. 2 1, 200. 6 1,183. 0 -4.6 20.7 18.5 74.3 49.8 44.2 54.5 118.3 623.8 305.0 247.5 199.6 2.1 -1.1 8.0 - 1 8 . 2 -.6 52,9 -1.2 71.1 -53.0 52.8 -15.5 55.3 -20.9 63.8 -28.8 166.0 520.9 - 1 3 . 3 562.4 - 1 1 0 . 2 -7.4 177.8 240.5 - 6 2 . 4 10.9 9.8 10.5 10.4 11.3 9.4 14.0 14.5 13.9 13.3 15.3 13.1 1939—January February 14, 682 14,874 170. 0 192.7 156.3 223.3 14.1 -48.6 12.2 P12.2 Preliminary. 1 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a fine ounce thereafter. NOTE.—Figures for domestic production of gold are those published in table, p. 367, adjusted to exclude production in Philippines. Adjustment based on annual figures reported by Director of Mint and monthly imports of gold to U. S. from Philippines. For back figures, see Annual Report for 1937 (table 29). BANK SUSPENSIONS1 Member banks Total, all banks Number of banks suspended: 1934 1935 1936 . 1937 1938 1939—Jan.-Feb. _._ Deposits of suspended banks (in thousands of dollars): 3 1934 _ 1935 1936 1937_ 1938 1939—Jan. -Feb 57 34 44 59 55 11 36, 937 10,015 11,306 19, 723 13,264 24, 792 National 1 4 1 4 1 1 Nonmember banks In- 2 Not State sured insured 8 2 1 1 22 40 47 47 7 1,912 40 3,763 5,313 507 10, 207 7,379 l~708~ 10,156 36 211 11, 721 1,673 304 22, 774 48 8 3 6 6 2 1939 1939 February January Jan.-Feb. From or to— Imports Belgium 1,400 France 4 Germany 29. 256 Netherlands Spain. 3, 840 Sweden Switzerland United Kingdom... 165, 378 4,234 Canada 2,496 Mexico.. 443 Central America_._ Argentina 502 Chile Colombia 197 Ecuador 313 Peru 360 Venezuela 3,953 Australia 175 British India China and Hong 2,411 Kong 5, 446 Japan 2,719 Philippine Islands 167 All other countries*. Total 223, 296 Exports Imports Exports Imports 1,688 1,438 1 33, 678 230 2 1 52, 051 10, 856 2,342 579 3,842 1 217, 429 13 15, 089 4, 838 1,022 558 2,089 318 366 394 6,585 1 1,061 2,089 516 679 754 10, 538 176 2, 279 37, 819 2,754 399 4.690 43,265 5,473 565 15 156, 427 81 379, 723 Exports 1,688 2,839 5 62, 933 230 27 Figures represent customs valuations which, with some exceptions, are at rate of $35 a fine ounce. 2 Includes all movements of unreported origin or destination. Back figures.— See table, p. 337, and Annual Report for 1937 (tables 31 and 32). BANK DEBITS [Debits to individual deposit accounts, at banks in principal cities.] [In millions of dollars] Year and month 1929 1935 1936 1937 1938 1938—January... February.. March April May June July August September October. __ November. December. Total, all reporting centers New York City other leading cities i 982, 531 402, 718 461, 889 469, 463 405,834 603,089 184,006 208, 936 197, 836 168, 778 331,938 190,165 219, 670 235, 206 204, 651 47,504 28, 547 33, 283 36, 421 32, 406 34, 833 27, 867 34, 857 33, 825 31, 359 35, 501 33,133 30, 798 32,192 36,130 32,166 43,172 14, 477 10,915 14, 746 14, 572 12, 828 15, 637 13,828 12, 247 13,085 15,140 12, 425 18, 879 17, 607 14, 633 17, 373 16, 597 16,013 17,160 16, 677 16, 023 16,440 18,096 16, 981 21,050 2,749 2,319 2,737 2,656 2,518 2,704 2,628 2,528 2,666 2,895 2,760 3,243 140 133 other reporting cities 2 1939—January.. _ 14, 533 35,127 17, 807 2,786 February . 12, 380 2,392 15,110 29, 882 34, 985 939 1 Comprises centers for which bank debit figures are available beginning 592 1919, except that one substitution was made in 1920 and one in 1928. 480 with 2 Cities (other than the 141 centers) for which bank debits are currently 1,296 41 reported. The number has changed very little since 1934 and has num- bered 133 since 1936. Back figures.—See Annual Report for 1937 (Table 71), which also gives 1 Represents licensed banks suspended; does not include nonlicensed a definition of bank debits. Figures for individual reporting cities and banks placed in liquidation or receivership. 2 totals by Federal Reserve districts are available in mimeographed form. 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 1937 (table 76). APRIL 307 FEDERAL RESERVE BULLETIN 1931* 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. DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 NUMBER OF BANKS Nonmember banks Member banks Member banks Other Total Call date [In millions of dollars] Total National Mutual nonState savings membanks ber Call date All banks Mutual banks savings banks Other nonmember banks 12, 873 13, 575 8,983 8,916 12, 584 12, 508 Total National State 15, 792 1929—June 29— 53,852 Dec. 3 1 — 55,289 15, 499 32, 284 33, 865 19,411 20, 290 banks Nonmeniber 1929—June 29 Dec. 31 25,110 24, 630 8,707 8,522 7,530 7,403 1,177 1,119 611 609 1933—June 30 Dec. 30 14, 519 15,011 5,606 6,011 4,897 5,154 709 857 576 579 8,337 8,421 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 1934—June 30 Dec. 31 15, 835 16, 039 6,375 6,442 5,417 5,462 958 980 578 579 8,882 9,018 1934—June 30. _ 41,870 Dec. 3 1 — 44, 770 26,615 28, 943 17,097 18, 519 9,518 10, 424 9,780 9,828 5,475 6,000 1935—June 29 Dec. 31 15, 994 15, 837 6,410 6,387 5,425 5,386 985 1,001 571 570 9,013 8,880 1935—June 29. __ 45, 766 Dec. 3 1 — 48,964 29, 496 32,159 19,031 20, 886 10, 465 11, 273 9,920 9,963 6,350 6,842 1936—June 30 Dec. 31 15, 752 15, 628 6,400 6,376 5,368 5,325 1,032 1,051 566 565 8,786 8,687 1936—June 30— 51, 335 Dec. 3 1 — 53, 701 34,098 35,893 21,986 23,107 12,112 12, 786 10,060 10,143 7,178 7,666 1937—June 30 2 Dec. 31 15, 527 15, 393 6,357 6,341 5,293 5,260 1,064 1,081 564 663 8,606 8,489 1937—June 30 2__ 53, 287 Dec. 3 1 — 52, 440 35, 440 34, 810 22, 926 22, 655 12, 514 12,155 10, 213 10, 257 7,635 7,373 15, 348 15, 287 15,265 6,335 6,338 6,341 6,338 5,250 5,242 5,239 5,224 1,085 1,096 1,102 1,114 563 563 563 8,450 8,386 8,361 1938—Mar. 7-__ 51, 703 June 30 52,195 Sept 2 8 _ . 52. 611 Dec. 31 K 34,118 34, 745 35,086 36, 211 22, 22, 22, 23, 11,854 12,193 12, 248 12, 714 10, 259 10, 296 10, 286 7,325 7,153 7,239 1938—Mar. 7 June 30 Sept. 28 Dec. 313 ._ For footnotes see table below. 264 553 838 497 For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] Member banks All banks Nonmember banks Mutual savings banks Call date Total Loans Investments Total Loans Investments Total Loans Investments Other nonmember banks Total Loans Investments 1929—June 29 Dec 31 58, 474 58, 417 41, 531 41,918 16, 943 16,499 35,711 35, 934 25, 658 26,150 10, 052 9,784 9,556 9,463 5,892 5,945 3,664 3,518 13, 207 13,020 9,981 9,823 3,227 3,197 1933—June 30 Dec 30 40,076 40,319 22, 203 21,977 17,872 18, 342 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 1934—June 30 _ Dec. 31 42, 502 43, 458 21, 278 20,473 21, 224 22,984 27,175 28,150 12, 523 12, 028 14, 652 16,122 9,904 9,782 5,648 5,491 4,256 4,291 5,423 5,526 3,108 2,955 2,315 2,571 1935—June 29 Dec. 31 44, 416 45, 717 20,272 20, 329 24,145 25, 388 28, 785 29,985 11, 928 12,175 16, 857 17,810 9,852 9,804 5,341 5,210 4,511 4,594 5,779 5,927 3,003 2,944 2,777 2,983 1936—June 30 Dec 31 48, 458 49, 524 20,679 21, 449 27, 778 28,075 32, 259 33,000 12, 542 13, 360 19, 717 19, 640 9,961 10,060 5,105 5,027 4,856 5,034 6,238 6,464 3,032 3,062 3,206 3,402 1937—June 30 2 Dec. 31 49, 696 48, 566 22, 514 22,198 27,182 26, 368 32, 739 31, 752 14, 285 13, 958 18, 454 17, 794 10,180 10,187 5,002 4,996 5,178 5,191 6,778 6,627 3,227 3,244 3,550 3,383 1938 - Mar. 7 June 30_ _ _ Sept. 28 Dec. 31 s. 48, 319 47, 381 48,304 21, 779 21,130 21, 089 26, 540 26, 252 27,215 31, 30, 31, 32, 13, 12, 12, 13, 17,975 17, 783 18, 689 18, 863 10,196 10,196 10,198 4,995 4,961 4,951 5,201 5,235 5,247 6,602 6,465 6,479 3,238 3,231 3,200 3,364 3,234 3,279 521 721 627 070 546 938 937 208 1 Prior to Dec. 30, 1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. The nonmember bank figures include interbank deposits to the extent that they are not shown separately in a few State bank abstracts. 2 Beginning 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. 3 Nonmember bank figures not available. Back figures. —See Annual Report for 1937 (tables 48 -49) 308 FEDERAL RESERVE BULLETIN APRIL 1939 CONDITION OF ALL MEMBER BANKS [In millions of dollars] Loansi Call date Total loans and invest- Total i ments Commercial, inOpen dusmartrial, ket and paper agricultural 2 Investments i u. 3. Government Loans for purchasing or carrying securities obligations Obligations of Direct Real Loans Other 4 Total estate to To loans banks loans brokers To and others3 dealers Total Bills states Other and securGuar- polit- ities i anical subNotes Bonds teed divisions 5 TOTAL—ALL MEMBER BANKS 1929—Dec. 3 1 . . 35, 934 1933—June 30. _ 24,786 1934—Dec. 31._ 28,150 1935—Dec. 31. _ 1,985 1936—Dec. 31. _ 33,000 1937—Dec. 31._ 31, 752 1938—Mar. 7_._ 31, 521 June 30._ 30, 721 Sept. 28.. 31, 627 Dec. 3 1 . . 32, 070 26,150 12, 858 12, 028 12,175 13, 360 13, 958 13, 546 12, 938 12, 937 13, 208 583 595 751 651 634 643 3,191 2,372 2,273 2,284 2,405 2, 752 2,547 2,665 2,556 2,614 2,613 2,661 2,590 7 775 2,716 5,449 441 2,463 953 1,030 1,243 1,410 950 878 701 712 973 1,461 195 364 396 286 216 198 168 141 154 138 1,257 758 716 1,078 1,173 761 696 556 564 787 2,145 1,044 820 793 753 733 727 717 702 220 251 61 55 29 51 41 39 29 31 43 533 251 170 149 140 129 113 109 111 70 7,685 3,752 3,110 2,893 2,785 714 11,515 1,784 3,863 e 249 330 4,857 11, 928 6,887 «1,113 155 4,708 16,122 9,906 6 1 , 0 3 0 98 5,006 17, 810 10, 501 1,192 85 6,041 19, 640 11, 639 1,053 70 6,996 17, 794 10, 574 662 96 6,745 17, 975 10, 625 797 120 6,397 17, 783 10, 215 316 126 6,364 18, 689 10, 713 313 125 2,729 18, 863 10,882 286 520 2,049 4,217 5,403 4,527 4,277 4,297 3,653 3,707 3,389 3,094 3,725 4,659 3,905 6,060 5,635 5,531 6,246 6,693 7,208 1,768 1,906 1,797 1,827 2,128 2,298 2,340 1,393 1,744 1,965 2,178 2,226 2,047 2,209 2,143 2,317 2,448 222 478 446 507 426 342 485 394 495 517 758 680 632 653 790 704 689 706 727 989 4,528 3,297 3,262 3,364 3,868 3,376 3, 314 3, 297 3,361 3,192 NEW YORK CITY 8 8,774 7,133 7,761 8,418 9,280 8,313 8,317 8,013 8,355 8,335 6,683 3,424 3,159 3,434 3,855 3,673 3,532 3,172 3,146 3,262 1,757 1,287 1,581 1,868 2, 100 1,901 1,997 1,806 1,889 1,969 1,448 677 532 476 633 635 614 525 522 539 1929—Dec. 31. _1.2, 029 1933—June 30 8,492 1934—Dec. 31. _10, 028 1935—Dec. 31. 10, 780 1936—Dec. 31. _11, 795 1937—Dec. 31 11,414 193S—Mar. 7__. 11, 250 June 30.. 11,150 Sept. 28..11, 426 Dec. 31.. 11, 654 9,084 4,482 4,312 4,347 4,794 5,203 5,031 4,853 4,870 4,963 1929—Dec. 31. _ 1933—June 30 _ 1934—Dec. 31 __ 1935—Dec. 3 1 . . 1936—Dec. 31._ 1937—Dec. 31. _ 1938—Mar. 7___ June 30. Sept. 28.. Dec. 31. _ 169 157 139 140 144 141 140 132 132 121 322 162 63 42 42 29 60 85 95 99 2,595 937 1,024 1,096 1,527 1,811 1,741 1,541 1,499 436 2,091 3,709 4,602 4,985 5,425 4,640 4,785 4,840 5,209 5,072 1,112 2,551 3,246 3,425 3,739 3,207 3,180 3,031 3,153 2,963 535 237 202 249 402 426 423 361 351 62 309 610 1,049 1,392 1,467 1,266 1,382 1,281 1,367 1,430 116 384 743 6 6 166 987 889 926 824 749 58 638 758 865 718 495 505 222 251 158 1,664 1,810 1,559 1,536 1,529 1,358 1,342 1,142 1,462 1,175 1,145 1,451 1,560 1,663 278 401 470 388 432 709 834 894 6 3 206 164 213 198 32 153 12 1 59 19 82 299 604 375 366 371 313 310 291 94 97 279 243 533 518 484 535 611 655 78 88 94 94 100 122 126 109 96 87 129 141 143 135 136 140 144 141 96 138 100 103 124 121 138 159 175 176 « 91 205 95 85 120 106 115 69 47 57 165 681 1,692 2,267 1,904 1,589 1,610 1,268 1,290 1,224 1,112 1, 597 2,022 1, 724 2,403 2,267 2,236 2,603 2,752 2,997 279 656 697 637 648 718 743 740 448 598 649 723 774 691 708 732 775 808 1,128 930 978 977 1,102 921 902 908 949 6 97 6 64 6 13 28 17 29 24 13 15 11 171 299 562 722 689 786 787 715 766 732 1,106 1, 533 1,189 1,662 1,675 1,665 1,657 1,770 1,893 627 581 741 807 883 879 880 878 903 982 2,546 1,549 1,552 1,633 1,851 1,630 1,586 1,522 1,508 1,453 CITY OF CHICAGO 8 1929—Dec. 3 1 . . 1933—June 30. 1934—Dec. 31. _ 1935—Dec. 31 1936—Dec. 31 __ 1937—Dec. 31. _ 1938—Mar. 7__ June 3 0 . . Sept. 28.. Dec. 3 1 . . 336 6 1,061 1,107 916 1,008 859 921 1,005 RESERVE CITY BANKS 2,775 1,340 1,124 1,057 1,048 1,066 1,020 998 992 242 119 1,538 1,131 1,090 1,094 1,124 1,176 1,173 1,201 1,217 1,230 3,679 1,678 1,671 1,851 2,231 2,610 2,498 2,369 2,387 1,083 2,944 4,011 5,715 6,432 7,000 6,211 6,219 6,298 6,556 6,691 1,368 2,483 3,809 4,076 4,426 3,961 3,962 3,940 4,088 4,278 2,231 1,117 996 894 843 824 804 790 784 243 1,462 1,055 1,026 1,035 1,123 1,219 1,233 1,269 1,303 1,353 4,705 2,005 1,810 1,810 1,881 2,149 2,083 2,126 2,127 1,148 4,439 3,598 4,756 5,002 5,747 5,677 5,589 5,364 5,558 5,669 1,267 1,469 2,108 1,940 2,368 2,490 2,477 2, 385 2,550 2,636 664 108 195 117 159 123 118 2,121 168 126 179 195 209 201 198 163 156 148 1,531 201 35 101 142 187 216 215 173 156 138 291 25 64 20 29 25 24 20 21 25 6 COUNTRY BANKS 1929—Dec. 31. _ 13, 375 1933—June 3 0 . . 7,873 1934—Dec. 3 1 . 8,780 1935— Dec. 31. _ 8,919 1936—Dec. 31 9,825 1937—Dec. 3 1 . 10,124 1938—Mar. 7_._ 9,958 June 30. _ 9,752 Sept. 28.. 9,958 Dec. 3 1 . . 10,113 8,936 4,275 4,025 3,918 4,078 4,446 4,369 4,388 4,399 4,444 1 999 355 623 645 678 647 579 596 597 Classifications indicated were revised as of Dec. 31, 1938; for explanation see BULLETIN for January 1939, pages 22-23, and this BULLETIN, pp. 259-264. 2 Not reported separately prior to Dec. except for weekly reporting banks in leading cities. 3 Figures in this column prior to Dec. 31,1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks and 4to brokers and dealers. This is a residual item and because of the revised loan classifications figures for Dec. 31, 1938, are not comparable with earlier figures. 5 Includes obligations of territorial and insular possessions when reported separately. 6 Includes Treasury certificates of indebtedness. 7 For estimated figures for Dec. 31, 1938, on basis comparable with earlier figures see p. 332 of this BULLETIN. 8 Central reserve city banks. Back figures—See Annual Report for 1937 (tables 52-58). APRIL 309 FEDERAL RESERVE BULLETIN 1939 CONDITION OF ALL MEMBER BANKS—Continued [In millions of dollars] Demand deposits, except interbank Call date Reserves with Federal Reserve banks Cash in vault 2, 374 2,235 4,082 5, 573 6, 572 7,005 7,249 8,004 8, 193 8,694 558 405 609 665 697 589 604 712 775 746 IndiBalDevidances mand uals, with dedoposits partnermestic adbanks 1 justed 2 ships, and corporations Time deposits, except interbank States Certiand fied U. S. politand Govical offiernsubcers' ment divi- ?hecks, 3 sions etc. Individ- States uals, and part- politnerical ships, suband divicorporations Interbank deposits Domestic banks Postal savings 4 Demand Time Foreign banks Borrowings Capital accounts 879 191 13 6 15 12 28 11 12 6 6,709 4,837 5,054 5,145 5,275 5,371 5,352 5,368 5,410 5,424 179 2,105 1,582 1,565 1,573 1,585 1,606 1,596 1, 587 1,589 1,593 TOTAL ALL MEMBER BANKS 1929—Dec. 31 1933—June 30 1934—Dec. 31 1935—Dec. 31 1936—Dec. 31 1937—Dec. 31 1938—Mar. 7 June 30 Sept. 28 Dec. 31 NEW YORK CITY 2,168 2,008 3,149 3,776 4,066 3,414 3,561 4,084 3,937 4, 240 16, 647 12, 089 15, 686 18, 801 21, 647 20, 387 20, 513 20, 893 21, 596 22, 293 17, 526 11, 830 14, 951 18, 035 20, 970 19, 747 19,116 19,816 20, 439 21, 119 179 101 103 111 133 120 95 119 91 109 4,750 4, 358 5,069 6,193 6,929 6,111 6,336 6,698 7,026 7,168 5,847 4,676 5,370 6,479 7,274 6,507 6,429 6,900 7,128 7,273 128 96 229 323 285 189 185 273 196 280 133 203 207 209 188 179 135 208 198 235 957 912 1,189 1,401 1,554 1,438 1,372 1,523 1,585 1,688 1,041 870 1, 073 1,301 1,495 1,354 1,270 1, 386 1, 455 1, 597 42 87 182 208 191 207 170 221 204 181 423 349 585 707 843 777 809 812 711 796 1, 335 1,681 1,087 657 1,799 838 2,139 882 881 2. 329 767 2,132 566 2,237 662 2, 314 538 2,080 547 143 806 1, 636 844 882 781 752 543 707 790 12, 267 7,803 9,020 9,680 10, 429 10, 806 10, 845 10,874 10, 789 10, 846 20 332 792 224 225 382 360 123 181 139 1,112 671 591 591 679 696 694 694 653 652 595 300 294 361 296 482 512 454 464 462 122 788 452 218 104 3,517 3,057 4,569 5,696 6,402 5,436 5,615 6,510 134 151 153 129 137 135 130 132 146 154 449 438 464 377 331 467 511 : 1929—Dec. 31 1913—June 30 1934—Dec. 31 1935—Dec. 31 1936—Dec. 31 1937—Dec. 31 1938—Mar. 7 June 30 Sept. 28 Dec. 31 846 1,576 2,541 2,658 2,738 2,941 3, 517 3,743 4,104 CITY OF CHICAGO 1,180 461 540 524 457 404 327 367 280 195 18 110 56 3 1,198 1, 255 1,798 2,338 2,493 2,108 2, 173 2, 514 2,498 597 128 133 410 397 423 335 291 411 442 5 169 232 415 511 558 596 1929—Dec. 31 _. 1933—June 30_ 1934—Dec. 31 __ 1935—Dec. 31 _ 1936—Dec. 3.1 _. 1937—Dec. 31 _ 1938—Mar. 7_._ June 30. _ Sept. 28_. Dec. 31 856 884 332 358 381 413 449 445 445 443 439 452 310 259 445 522 599 528 576 688 636 658 19 316 204 226 229 244 255 245 249 256 257 33 RESERVE CITY BANKS 1929—Dec. 31 1933—June 30 1934—Dec. 31 1935—Dec. 31 1936—Dec. 31 1937—Dec. 31 1938—Mar. 7 June 30 Sept. 28 Dec. 31 __. 751 705 1,268 1,594 2,108 2,310 2,376 2,289 2,311 2,354 156 122 207 256 285 200 213 300 322 321 947 1,002 1,543 1,779 1,816 1.470 1,632 1,951 1,862 1,940 5,229 3, 764 5,136 6,161 7,126 6,870 6, 848 6,934 7,078 7,214 5,547 3,708 4,919 6,001 7.023 6,743 6,455 6,668 6,843 7,034 627 452 822 927 1,247 1,361 1,366 1,263 1,282 1, 353 321 203 275 305 319 307 310 316 351 322 702 1,296 1,676 1,929 1,645 1,700 1,806 1,786 1,956 5,711 3,054 4,292 5,047 6,039 5,968 5,957 5,738 5,908 6,224 5,091 742 2, 576 555 3,589 804 901 4, 254 5,177 1,011 5,143 959 4,963 1,073 4,863 1, 008 5,013 969 5, 215 1,128 300 108 169 204 230 192 121 146 120 170 76 312 620 385 407 256 234 266 356 424 4, 433 2,941 3, 494 3,796 4,026 4, 161 4, 198 4,238 4,209 4,233 371 208 206 266 203 266 269 262 233 269 41 388 186 79 35 34 33 31 23 17 1,604 1,315 1,984 2,422 2,826 2,389 2,461 2,514 2,557 2,719 169 72 106 127 167 149 101 126 114 154 39 116 6,390 3,833 4,554 4,879 5,275 5,504 5,508 5,499 5,488 5,509 133 86 84 83 80 158 159 144 147 147 61 285 210 136 69 61 56 52 46 44 405 228 342 415 483 412 403 380 398 446 59 117 134 137 107 116 113 107 108 292 16 2,029 1, 533 1,614 1,657 1,697 1,735 1,736 1,753 1,764 1,777 367 167 13 6 3 12 11 11 11 6 2,258 1,517 1,650 1,687 1,750 COUNTRY BANKS 1929—Dec. 31 1933—June 30 1934—Dec. 31 1935—Dec. 31 1936—Dec. 31 1937—Dec. 31 1938—Mar. 7 June 30 Sept. 28 Dec. 31 178 78 108 143 1, 775 1,774 1,778 1, 801 1,798 1 Prior to Dec. 31, 1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25, 1933' includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less 3cash items reported on hand but not in process of collection. Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31, 1935. 4 Includes U. S. Treasurer's time deposits, open account. 5 Central reserve city banks. Back figures.—See Annual Report for 1937 (tables 52-58). 310 FEDERAL RESERVE BULLETIN CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Investments l Loans * Date or Month Total loans and invest- 1 Total ments Commercial, inOpen dusmartrial, ket and paper agricultural Loaiis for purchasing or carrying securities To brokers To and others dealers U. S. Government obligations Direct Real Loans Other estate to Total1 loans banks loans Other Guar- securan- ities i 2 Notes 2 Bonds teed Total TOTAL—101 CITIES 1938—February,.. August September.. October November.. December.. 1939—January February. _. 21, 214 20, 675 21, 078 21, 323 21, 347 21, 586 21,468 21, 527 21, 649 21, 526 21, 477 21, 439 21, 428 21, 442 21, 450 21, 608 21, 606 21,594 21, 788 21, 822 8,215 8,268 8,282 8,319 8,465 8, 338 8,197 3,893 3,904 3,884 3, 863 3, 800 3,760 446 337 338 346 343 332 325 323 738 636 675 669 715 850 852 795 616 577 578 576 571 566 547 533 1,160 1,160 1,161 1,163 1,166 1,168 1,170 1,145 67 111 114 109 113 123 100 102 1,518 1,508 1.509 1,515 1,527 1,563 1, 544 1,539 12, 278 12, 460 12, 810 13,041 13. 028 13,121 13,130 13,330 8,168 7,702 7,957 8,084 8,130 8,191 8,191 8,178 1,147 1,646 1,668 1,682 1, 681 1,708 1,728 1, 891 2,963 3,112 3,185 3,275 3,217 3,222 3,211 3,261 8,430 8,412 8,367 8,290 8,281 8, 233 8,168 8, 205 8,180 8,186 8, 338 8, 281 3, 843 3,826 3, 818 3,789 3, 765 3,767 3, 745 3,761 3,766 3,773 3,773 3,794 328 324 323 325 327 324 324 321 321 313 313 310 848 884 864 826 835 792 786 813 790 799 923 875 560 559 546 543 540 535 534 533 529 523 532 531 1,169 1,166 1,169 1,170 1,173 1,174 1,137 1,134 1,135 1,136 1,135 1,136 115 99 107 95 101 99 106 104 99 92 111 83 1,567 1,554 1,540 1,542 1,540 1,542 1,536 1,539 1, 540 1,550 1, 551 1,552 13, 219 13,114 13,110 13,149 13,147 13, 209 13, 282 13, 403 13, 426 13, 408 13, 450 13, 541 8,266 8,189 8,206 8,182 8,186 8,173 8,174 8,182 8,184 8,143 8,176 8,280 1,732 1,732 1,715 1,732 1,733 1,789 1,808 1,975 1,993 2,019 2 ; 030 2,023 3,221 3,193 3,189 3,235 3,228 3,247 3,300 3,246 3,249 3,246 .3, 244 3,238 1938—February... August September.. October November.. December.. 1939—January February... 7,826 7,584 7,797 7,809 7, 737 7, 845 7,645 7,676 3,260 2,938 2,969 2, 935 2, 957 3,056 2,982 2,901 1,704 1,466 1, 455 1,447 1,422 1,399 1. 371 l', 357 169 133 138 142 138 133 128 125 587 510 543 528 573 688 694 644 212 195 195 197 201 199 192 187 126 118 119 119 119 119 117 110 40 84 90 89 90 100 79 82 422 432 429 413 414 418 401 396 4,566 4,646 4, 828 4,874 4,780 4,789 4,663 4,775 3,131 2, 806 2,931 2,902 2,895 2, 858 2,711 2,634 404 786 800 803 800 835 852 974 1,034 1,051 1,097 1,169 1,085 1,096 1,100 1,167 1938—Dec. 28.. 1939—Jan. 4___. Jan. 11... Jan. 18... Jan. 25. Feb. l._. Feb. 8i _. Feb. 15_. Feb. 21_. Mar. 1 Mar. 8__. Mar. 15_. 3,016 3,023 3,008 2,952 2,946 2,901 2,890 2,917 ',733 2, 895 ',755 2,899 ',974 3,038 ', 957 2,963 1,377 1,377 1, 381 1,371 1, 354 1,356 1,351 1,358 1,361 1, 363 1,365 1,366 132 128 129 127 127 125 125 125 124 122 122 117 681 717 704 675 681 642 636 660 640 647 758 715 199 201 190 189 190 187 187 187 188 186 192 192 119 118 117 116 116 116 108 108 108 108 108 108 94 78 86 73 79 78 86 83 79 74 94 67 414 404 401 401 399 397 397 396 395 399 399 398 4,785 4, 684 4,661 4, 663 4,643 4,686 4,768 4,808 4,838 4,856 4,936 4,994 2,826 2,748 2,742 2,685 2,670 2,648 2,636 2,621 2,629 2,613 2,704 2,795 860 856 836 853 863 903 923 1,028 1,044 1,063 1,061 1,037 1,099 1,080 1,083 1,125 1,110 1,135 1,209 1,159 1,165 1,180 1,171 1,162 5, 037 4,896 5,026 5,182 5, 235 5,333 5,480 5,544 881 873 876 917 1,932 2,058 2,088 2,106 2,132 2,126 2,111 2,094 1938—Dec. 28. . 1939—Jan. 4.... Jan. 11... Jan. 18___ Jan. 25___ Feb. ] „ _ Feb. 8i __ Feb. 15. Feb. 21_. Mar. 1. Mar. 8___ Mar. 15.. 4,391 453 460 453 416 442 473 2,543 2,543 2,536 2,531 2,427 2,052 5,178 5,179 5,195 5,196 5, 307 5,755 NEW YORK CITY 124 133 126 108 100 91 965 938 914 889 863 766 1,547 1,550 1,589 1,616 1,741 1,938 OUTSTDE NEW YORK CITY 1938—February August September October November December 1939— January February 13, 388 13, 091 13,281 13. 514 13, 610 13,741 13, 823 13, 851 5, 676 5,277 5,299 5, 347 5,362 5,409 5,356 5,296 2,687 2, 420 2,438 2,457 2,462 2,464 2,429 2,403 277 204 200 2C4 205 199 197 198 151 126 132 141 142 162 158 151 404 382 383 379 370 367 355 346 1,034 1,042 1,042 1,044 1, 047 1,049 1,053 1,035 27 27 24 20 23 23 21 20 1,096 1,076 1,080 1,102 1,113 1,145 1,143 1,143 7,712 7,814 7,982 8,167 8,248 8,332 8,467 8,555 1938—Dec. 28 1939—Jan. 4 Jan. 11 Jan.18 Jan. 25 _ Feb. 1 Feb. 8 1 . . Feb. 15 Feb. 21 Mar. 1 Mar. 8 Mar. 15 13, 848 13,819 13, 808 13,824 13, 839 13, 855 13, 792 13,883 13, 873 13, 839 13, 814 13, 865 5,414 5,389 5,359 5,338 5, 335 5,332 5,278 5,288 5,285 5.287 5, 300 5, 318 2,466 2,449 2,437 2,418 2,411 2,411 2,394 2,403 2, 405 2,410 2,408 2,428 196 196 194 198 200 199 199 196 197 191 191 193 167 167 160 151 154 150 150 153 150 152 165 160 361 358 356 354 350 348 347 346 341 337 340 339 1,050 1,048 1,052 1,054 1,057 1, 058 1,029 1,026 1,027 1, 028 1,027 1,028 21 21 21 22 22 21 20 21 20 18 17 16 1,153 1,150 1,139 1,141 1,141 1,145 1,139 1,143 1, 145 1,151 1,152 1,154 8,434 8,430 8,449 8,486 8,504 8,523 8,514 8,595 8,588 8,552 8,514 8,547 329 327 327 308 342 382 1,578 1,605 1,622 1,642 1,564 1,286 3,631 3,629 3,606 3,580 3, 566 3,817 872 876 879 879 870 886 885 947 949 956 969 2,122 2,112 2,103 2,116 2,110 2,118 2,091 2,087 2,084 2,066 2,073 2,076 NOTE.—For description of figures see BULLETIN for November 1935 (pages 711-738) or reprint, which may be obtained from the Division of Research and Statistics, and BULLETIN for June 1937, (pages 530-531). For back figures see BULLETIN for November 1935 (pages 711-738) or reprint, BULLETIN for December 1935 (page 876), Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports. 1 Beginning February 8, 1939, amounts previously classified as loans or securities but indirectly representing bank premises or other real estate owned are classified among "other assets". These amounts on February 8, 1939, were $47,000,000 for loans, mostly real estate loans, and $53,000,000 for securities. There was also a transfer on that date of certain loans theretofore erroneously classified as "Commercial, industrial, and agricultural" to "Other loans." 2 Not reported separately prior to Feb. 8, 1939. APRIL 311 FEDERAL RESERVE BULLETIN 1939 CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [Monthly data are averages of Wednesday figures. In millions of dollars.] Time deposits, except interbank Demand deposits, except interbank Reserves with Federal Reserve banks Cash in vault 1938— February August September October November December 1939—January February 5,646 6,602 6,712 7,005 7,170 7,219 7, 437 7,358 294 387 416 425 438 483 440 410 2,016 2,416 2,413 2,446 2,467 2,452 2,561 2,543 4,509 .5,118 5,377 .5, 688 5,825 6,087 6, 054 6, 042 15, 348 15,917 16,275 16, 666 16, 856 17,124 17, 020 16, 997 367 368 409 493 448 548 463 461 638 425 491 563 536 585 631 631 1938—Dec. 28 1939—Jan. 4 Jan. 11 Jan.18 Jan. 25 Feb. 1 7,057 7,237 7,371 7, 545 7,596 7,521 489 452 456 424 427 394 2,410 5, 986 2, 559 .5, 888 2,522 6, 050 2, 584 .6,124 2,580 6,152 2,593 6, 048 17,166 16, 989 17, 020 17, 078 16, 992 16,993 564 521 433 453 446 515 637 630 632 630 630 631 Feb. 8 Feb. 15 Feb. 21 Mar. 1 Mar. 8 Mar. 15 7, 452 7,171 7,289 7,368 7,409 7,464 423 410 412 389 420 402 2,515 2,522 2, 542 2,558 2,532 2,659 438 510 380 542 629 752 630 629 628 629 627 Date or month IndiBalDevidances mand uals, with dedoposits partnermestic adbanks usted 1 ships, and corporations States Certiand fied U. S. and politGovical offiernsubcers' ment divi- checks, sions etc. Individuals, partnerships, and corporations States and political subdivisions Interbank deposits Domestic banks Postal savings2 Foreign banks Borrowings Capital accounts Demand Time 5,218 5,193 5,200 5,152 5,124 5,128 5,161 5,170 5,172 5,808 5,863 6,012 6,120 6,079 6,216 6,175 114 112 111 110 113 112 111 113 392 320 419 479 486 505 531 563 3,623 3,657 3,661 3,663 3,677 3,683 3,675 3,682 5,148 5,150 5,165 5,162 5,167 5,172 5,949 6,245 6,138 6,245 6,236 6,248 112 112 111 110 111 111 519 519 520 541 545 576 3,686 3,673 3,676 3,673 3,678 3,681 6,156 6,173 6,122 6,300 6,403 6,540 115 112 116 114 115 117 572 547 557 566 569 573 3,682 3,681 3,684 3,687 3,693 3,685 TOTAL—101 CITIES 6, 076 5, 951 6, 094 5, 965 6, 086 6, 143 .5, 463 5, 723 5, 625 5, 643 5, 605 5,927 1, 435 1, 365 1,383 1,358 1, 296 1, 299 4,925 4,937 4,947 4,965 4,981 4,976 237 232 230 225 231 212 NEW YORK CITY 1938—February August September October November December 1939—January February 2,719 3,351 3,505 3,754 3,910 3,973 4,208 4,288 5, 859 6,286 6, 453 6,613 6, 669 6,8L7 6,730 6,844 6,143 6,567 6,781 6,972 7,048 7, 221 7,085 7,209 222 218 251 328 281 356 285 299 343 103 128 141 115 118 116 116 660 650 662 621 604 601 613 621 2, 095 2,447 2,494 549 2, 2,598 2,661 2,639 354 279 370 424 426 442 469 495 1,486 1,483 1,481 1,482 1,488 1,490 1,479 1,484 1938—Dec. 28 Jan. 4 Jan.11 Jan.18 Jan. 25___ Feb. 1 3,911 4,037 4, 119 4,308 4,368 4,395 6,770 6, 617 6, 714 6, 793 6, 797 6,777 7, 260 7,018 7,068 7,146 7,106 7. 142 362 309 270 279 284 339 120 117 116 117 116 116 601 609 613 613 617 617 2,520 2,670 2,618 2,668 2,689 2,706 455 458 457 478 480 507 1,491 1,477 1,480 1,480 1,480 1,483 4,320 4,161 4,274 4,315 4, 259 4,301 6,887 6, 809 6, 903 6,843 6, 956 6, 938 284 349 225 362 469 574 116 116 115 116 116 116 2,626 2, 615 " 609 2,729 2,780 2, 832 502 481 492 499 500 504 1, 485 1,484 1,485 1,487 1,486 1,482 Feb. 8 Feb. 15 Feb. 21. Mar. 1 Mar. 8 Mar. 15 6, 901 6, 933 6,936 6,979 7, 030 7, 129 314 313 296 270 226 234 571 579 580 582 587 OUTSIDE NEW YORK CITY 1938—February August September October November December 1939—January February 2,927 3,251 3,207 3,251 3,260 3,246 3,229 3,070 243 337 357 364 373 410 382 358 1,951 8,650 2, 347 8, 832 2,340 8, 924 2, 370 9, 075 2,392 9,156 2,378 9,270 2,488 9, 324 2, 469 9,198 9,205 9,350 9,494 9,694 9,808 9,903 9,935 9,788 145 150 158 165 167 192 178 162 295 322 363 422 421 467 515 515 4,558 4,543 4,538 4,531 4,520 4,527 4,548 4,549 3,077 3,361 3,369 3,463 3,531 3,481 3,555 3,536 114 112 111 110 113 112 111 113 2,137 2,174 2,180 2,181 2,189 2,193 2,196 2,198 1938—Dec. 28 1939—Jan. 4 Jan. 11 Jan.18 Jan. 25 . Feb.1 3,146 3,200 3, 252 3,237 3,228 3,126 419 390 395 370 373 344 2,337 2, 486 2,450 2,510 2, 506 2, 520 9, 216 9,271 9,336 9, 331 9,355 9,271 9,906 9,971 9, 952 9, 932 9,886 9,851 202 212 163 174 162 176 517 513 516 513 514 515 4,547 4,541 4,552 4, 549 4,550 4, 555 3,429 3,575 3,520 3,577 3,547 3,542 112 112 111 110 111 111 2,195 2,196 2,196 2,193 2,198 2,198 3,132 3,010 3,015 3,053 3, 150 3,163 369 357 359 340 367 352 2,439 2,449 2, 468 2, 480 2,452 2,569 9,189 9,142 9,191 9,122 9,130 9,205 154 161 155 180 160 178 514 513 513 513 511 510 3,530 3,558 3,513 3, 571 3, 623 3,708 115 112 116 114 115 117 2,197 2,197 2,199 2,200 2,207 2,203 Feb. 8 Feb. 15 Feb. 21 Mar. 1 Mar. 8 Mar. 15 „ 8, 562 8,790 8, 689 8, 664 8, 575 8, 798 1,121 1,052 1,087 1,088 1,070 1,065 4,354 4,358 4, 367 4,383 4,394 4,388 191 187 185 181 185 185 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Includes U. S. Treasurer's time deposits, open account. 2 312 FEDERAL RESERVE BULLETIN APRIL 1939 CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [In millions of dollars] Loans Federal Reserve district and date (1939) Total loans and invest- Total ments Commercial, Open indus- market trial, and paper agricultural Inv estments Loans for purchasing or carrying securities U. £ To brokTo ers and others dealers Total Bills Notes Bonds Other Guar- securanities teed 1,149 1,135 1,142 570 570 571 575 250 250 248 250 68 65 64 66 29 30 34 33 24 24 24 24 80 80 80 80 2 2 2 2 119 119 119 120 576 579 564 567 404 404 387 387 5 5 5 5 94 94 88 76 305 305 294 306 40 43 43 45 132 132 134 135 8,563 8,585 8,823 8,808 3,244 3, 247 3,390 3,313 1, 458 1,461 1, 463 1,466 131 129 129 124 646 652 767 721 245 242 248 248 196 196 196 196 80 75 95 67 488 492 492 491 5,319 5,338 5,433 5,495 2,893 2,873 2,970 3,068 126 108 100 91 984 961 940 825 1. 783 1,804 1,930 2,152 1,102 1,125 1,133 1,106 1,324 1,340 1, 330 1, 321 1,136 1,128 1,135 1,124 409 410 411 414 179 180 181 184 23 22 25 23 20 21 21 23 32 32 32 32 53 53 52 52 1 2 1 2 101 100 99 98 727 718 724 710 364 360 366 358 49 64 67 42 315 296 299 316 93 91 90 89 270 287 268 263 1,860 1,847 1,829 1,831 642 642 644 649 229 228 228 232 9 9 9 9 22 21 21 20 26 26 26 26 169 169 169 169 2 1 1 1 185 188 190 192 1,218 1,205 1,185 1,182 832 818 802 796 260 254 237 206 550 548 549 574 110 110 106 108 276 277 277 278 685 672 675 679 231 231 232 232 98 99 99 99 9 9 9 9 3 3 4 3 16 16 16 17 35 34 34 34 70 70 70 70 434 441 4-13 447 322 329 331 335 197 199 198 153 125 130 133 182 48 48 48 48 64 64 64 64 596 594 597 603 306 306 304 306 171 171 170 171 7 3 3 3 6 6 13 13 13 13 27 27 27 27 1 1 1 1 84 84 84 85 290 288 293 297 154 154 157 155 1 2 8 8 39 41 37 33 114 111 112 114 49 50 52 58 87 84 84 84 3,202 3, 182 3,159 3,206 847 842 846 858 484 482 486 495 31 29 28 29 36 36 38 40 78 78 78 77 98 99 99 99 4 3 3 3 116 115 116 115 2, 355 2,340 2,313 2,348 1,647 1,626 1,596 1,628 253 236 251 284 462 461 421 343 932 929 924 1,001 247 248 250 253 461 466 467 467 702 700 719 725 309 31C 309 308 177 179 178 178 4 3 3 3 6 6 6 6 12 12 12 12 48 49 49 49 7 55 55 55 55 393 390 410 417 229 225 245 252 3 3 21 28 78 73 72 Go 150 149 152 159 63 63 64 64 101 102 101 101 391 392 391 379 153 154 153 156 75 76 76 76 4 4 3 4 1 1 1 2 7 7 7 7 7 7 59 59 59 60 238 238 238 223 182 182 181 166 23 23 23 48 49 48 36 111 110 110 123 16 16 16 17 40 40 41 40 661 661 654 655 258 257 257 257 155 153 153 154 18 18 18 18 5 5 5 5 12 10 10 10 23 23 23 23 44 47 47 46 403 404 397 398 216 217 208 207 2 2 3 5 101 102 98 85 113 113 107 117 54 53 55 56 133 134 134 135 503 506 501 506 244 247 246 246 160 163 162 162 1 1 1 1 3 3 3 3 15 14 15 14 20 20 20 20 45 46 45 46 259 259 258 260 161 163 161 160 11 11 11 28 70 74 70 55 78 78 80 77 43 42 44 48 55 54 53 52 2,181 2,178 2,167 2,164 987 970 975 967 330 331 329 327 21 21 21 12 14 19 13 49 49 51 51 379 379 379 380 174 175 175 174 1.214 1,208 1, 192 1,197 780 792 772 768 10 4 1 154 159 151 133 619 623 617 634 128 130 129 131 306 286 291 298 2,121 2,106 2,096 2,132 524 520 524 531 347 345 348 352 16 15 15 15 33 32 32 38 66 66 66 66 13 13 13 13 49 49 50 49 1,597 1, 588 1,572 1, 601 1,154 1, 139 1,123 1,153 243 230 245 279 239 237 215 208 672 672 663 666 125 125 125 125 318 322 324 323 _ . . 1,146 . 1 Direct Real Loans Other Total estate to loans banks loans BOSTON (6 cities) Feb. 21.. Mar. 1 Mar. 8 Mar. 15 . Government obligations NEW YORK (8 cities)* Feb. 21 _. Mar. 1 Mar. 8 . . . _ Mar. 15 PHILADELPHIA (4 cities Feb. 21 Mar. 1 Mar 8 Mar. 15. CLEVELAND (10 cities) Feb. 21 Mar. 1 Mar. 8 Mar. 15 22 16 16 16 RICHMOND (12 cities) Feb. 21 Mar. 1 Mar 8 Mar. 15 ATLANTA (8 cities) Fob. 21 Mar. 1 Mar. 8 Mar. 15 CHICAGO (12 cities)* Feb. 21 Mar. 1 Mar. 8 Mar. 15 ST. LOUIS (5 cities) Feb. 21 Mar. 1 Mar. 8 Mar. 15 MINNEAPOLIS (8 cities) Feb 21 Mar. 1 Mar 8 Mar. 15 6 6 5 KANSAS CITY (12 cities) Feb. 21 Mar. 1 Mar. 8 Mar. 15 1 1 1 1 DALLAS (9 cities) Feb. 21 Mar. 1 Mar. 8 . . Mar. 15 . SAN FRANCISCO (7 cities Feb. 21 Mar. 1 Mar 8 Mar. 15 "._ _ 1 1 1 1 CITY OF CHICAGO* Feb. 21 Mar. 1 Mar. 8___. Mar. 15 . _ * Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. Thefiguresfor the New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively. 313 FEDERAL RESERVE BULLETIN APRIL 1939 CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [In millions of dollars] Demand deposits, except interbank Reserves with Fed- Cash eral in Revault serve banks Federal Reserve district and date (1939) ROSTON (6 cities) Feb. 21 Mar. 1 Mar. 8 Mar. 15 321 328 350 345 Time deposits, except interbank Interbank deposits IndiIndiBalDeDomestic vid- States banks ances m a n d vid- States Certiuals, uals, with deand fied and posits part- politand U . S. part- polit- Postal dosavical offiGov- nerical mestic ad- 1 nerings 2 cers' ern- ships, subbanks justed ships, suband and divi- checks, ment diviDecorcor- sions sions m a n d Time etc. poraporations tions 146 147 147 156 1,036 1,029 1,037 1,038 983 990 981 991 4?409 4,456 4,389 4,424 227 192 175 186 7,514 7,415 7,522 7,511 7,369 7,422 7,461 7,576 263 265 266 287 170 175 163 165 782 778 367 380 396 412 272 285 298 301 148 148 151 146 Foreign banks Borrowings Capital accounts 243 243 244 244 246 245 245 245 246 261 260 270 951 955 962 963 2,669 2,791 2,842 811 819 813 837 277 277 276 276 313 314 305 314 221 222 222 222 1,130 1,126 1, 126 1,136 1,109 1,115 1, 096 1,128 711 712 713 712 310 323 337 339 367 367 367 367 162 167 167 166 437 440 448 439 417 414 416 418 195 196 196 196 238 245 246 249 95 94 94 95 110 109 115 113 159 167 168 173 360 363 362 368 331 329 328 340 170 170 171 171 240 243 253 256 91 91 92 92 867 879 410 437 436 448 2,275 2,268 2,271 2,274 2,131 2,106 2,097 2,126 919 931 970 387 388 389 389 141 143 139 143 441 441 445 443 441 444 442 452 185 186 259 266 264 267 139 138 140 138 NEW YORK (8 cities)* Feb. 21... ._ Mar. 1 Mar. 8 Mar. 15 492 425 374 385 241 377 482 588 134 134 134 134 493 501 502 506 1,607 1,619 1,6)9 1,6)5 PHILADELPHIA (4 Cities) Feb. 21 Mar. 1 Mar. 8 Mar. 15 . . CLEVELAND (10 cities) Feb. 21 Mar. 1 Mar. 8 Mar. 15 RICHMOND (12 cities) Feb. 21 Mar. 1 Mar. 8 Mar. 15 ATLANTA (8 cities) Feb. 21 Mar. 1 Mar. 8 Mar. 15 CHICAGO (12 cities)* Feb. 21 Mar. 1 Mar. 8 Mar. 15 ;._ .. 285 295 291 128 128 128 129 881 882 ST. LOUIS (5 cities) Feb. 21 Mar. 1 Mar. 8 Mar. 15 158 159 155 147 91 92 186 284 283 290 295 230 231 224 231 119 119 119 119 122 124 127 126 56 56 56 56 MINNEAPOLIS (8 cities) Feb. Mar. Mar. Mar. 21 1 8 15 80 KANSAS CITY (12 cities) Feb. Mar. Mar. Mar. 21 1 8 15 1. 160 155 169 168 259 256 261 276 494 489 496 503 472 466 466 484 139 139 139 139 344 341 347 354 98 98 99 109 111 110 111 249 236 239 249 434 429 430 439 414 412 411 427 128 129 128 128 203 204 208 83 83 84 83 305 304 320 323 264 265 255 298 932 921 897 936 917 895 870 917 251 253 261 265 345 344 346 341 655 658 196 207 209 194 1,545 1,530 1,529 1,515 1,476 1,459 1,455 1,459 672 686 255 256 257 256 DALLAS (9 cities) Feb. Mar. Mar. Mar. 21 1 8 15 SAN FRANCISCO (7 cities) Feb. Mar. Mar. Mar. 21 1 8 15 CITY OF CHICAGO* Feb. 21 Mar. 1 Mar. 8 M a r . 15 111 111 111 110 149 153 147 141 945 955 963 959 458 459 460 460 101 95 * See note on preceding page. 1 Demand deposits other than interbank and U . S . Government, less cash items reported as in process of collection. 2 Includes U. S. Treasurer's time deposits, open account. 314 FEDERAL RESERVE BULLETIN APRIL 1939 COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS 9 BALANCES COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding End of month Commercial paper outstanding* By holders Total outstand- Held by accepting banks ing Total 1938 February March April May June July August September October November December 1939—January February 293 297 307 293 Own bills Held by Federal Reserve banks For Bills acbought own count 246 236 140 143 106 93 229 218 210 217 216 221 141 139 135 133 129 129 89 80 76 84 87 92 271 251 225 211 209 212 279 268 264 265 258 261 213 206 270 273 223 222 187 270 212 121 195 195 255 248 204 198 122 122 130 124 By classes 1 1 2 2 1 (2) (2) (2) (2) (2) 93 98 91 on im ports into U.S. For ac- Held count of by foreign others correspondents («) 82 76 Based on ex- Dollar ports exfrom change U.S. 96 91 61 57 86 81 79 48 48 52 47 42 40 78 83 89 Based on goods stored in or shipped between points in Foreign countries U.S. 78 75 2 2 70 63 61 62 71 65 63 63 58 57 1 1 1 1 2 2 60 57 58 60 55 56 61 64 63 63 60 57 46 51 94 94 57 59 3 3 59 59 58 95 60 3 57 52 50 '89 87 57 57 2 2 52 48 56 57 56 55 54 r Revised. 1 As reported by dealers; includes some finance company paper sold in open market. 2 Less than $500,000. Back figures.—See Annual Report for 1937 (table 70) CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Debit balances in firm investment and trading accounts 193g—September December 1,317 1,395 1937—March June September December 1,549 1,489 1,363 985 55 48 161 128 34 108 937 31 104 29 26 25 27 28 29 29 32 30 95 97 85 88 80 84 76 85 78 991 32 971 967 34 29 May June July August September October November December 1939—January February 831 763 760 774 843 864 823 905 939 Cash on hand and in banks Money borrowed 2 Free Other (net) Other credit balances In In partners' firm In investinvestcapital ment and ment and accounts trading trading (net) accounts accounts 72 141 227 995 289 99 24 14 64 164 249 1,048 342 103 30 12 175 223 346 115 29 18 232 1,172 1,217 1,088 688 207 628 61 214 239 266 256 92 96 25 26 to OO 193g—February March April Customers' credit balances 1 85 26 10 to O E n d of month Debit Customers' balances in partners' debit investment balances and trading(net) ! accounts Credit balances 80 239 248 243 258 284 272 257 270 252 81 88 92 89 82 77 68 73 65 26 10 13 12 423 424 419 397 385 355 215 203 208 215 209 200 213 196 189 576 485 482 495 528 571 559 617 662 106 190 754 247 60 22 5 324 315 309 301 298 303 301 300 304 303 305 75 83 192 168 713 709 235 222 60 62 22 20 12 5 298 294 25 24 22 22 22 20 20 20 20 9 9 8 11 10 9 7 8 8 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. T h e article describes the methods b y which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures—See BULLETIN for March 1938, p . 196, and (for data in detail) Annual Report for 1937 (table 69). 315 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Rediscounts and advances under sees. 13 and 13a of the Federal Reserve Act i Advances secured by direct obligations of the United States (last paragraph of sec. 13 of the Federal Reserve Act) Advances under sec. 10 (b) of the Federal Reserve Act Federal Reserve Bank Rate March 31 In effect beginningSept. 2, 1937 Aug. 27, 1937 Sept. 4, 1937 May 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 Boston New York PhiladelphiaCleveland Richmond Atlanta Chicago St. Louis Minneapolis.. Kansas City.. Dallas San Francisco Previous rate Rate March 31 2 I* In effect beginning- effect beginning- Sept. 2, Oct. 10, Sept. 4, Oct. 19, Sept. 10, Aug. 21, Aug. 21, Sept. 2, Aug. 24, Sept. 3, Aug. 31, Sept. 17, April 29, 1938 Feb. 8, 1934 Oct. 20, 1933 May 11, 1935 Feb. 19, 1934 April 23,1938 Oct. 16, 1933 Feb. 23, 1935 Oct. 8, 1938 Apr. 16, 1938 Apr. 16, 1938 Oct. 19, 1933 2 2 2 2 2 2 2 2 2 i Rates indicated also apply to United States Government securities bought under repurchase agreement. Back figures—See Annual Report for 1937 (table 40). 1937 1935 1937 1935 1937 1937 1937 1937 1937 1937 1937 1937 FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES [Per cent per annum] Rates in effect, March 31, 1939, on advances and commitments under Sec. 13b, of the Federal Reserve Act as amended June 19, 1934. [Per cent per annum except as otherwise specified] Rate in effect on In effect beMarch 31 Maturity Previous Oct. 20, 1933 ___do __.do ___do ___do ___do ___do 1-15 days i . . 16-30 days... 31-45 days... 46-60 days___ 61-90 days... 91-120 days.. 121-180 days. 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. The same minimum rates apply to purchases, if any, made by other Federal Reserve banks. Back figures.—See Annual Report for 1937 (table 41). MAXIMUM RATES ON TIME DEPOSITS Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. [Per cent per annum] Nov. 1, 1933 Feb. 1, 1935 to to Jan. 31, 1935 Dec. 31, 1935 In effect beginning Jan. 1, 1936 Federal Reserve Bank Boston New York Philadelphia_. Cleveland 4-6 4-6 Richmond Atlanta Chicago St. Louis 6 5-6 5-6 Minneapolis.. Kansas City.. Dallas San Francisco 4-6 5-6 5-6 NOTE.—Maximum rates that may be paid by 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. 3H 3 3 4-5 v/2 4 4-6 5 23^ 33^ 4-6 5 5-6 4 4^-5 43^-5 4 4 3-4 4 5-6 4-5 1 1-2 H-2 1-2 1-2 1 Authorized rate 1 percent above prevailing discount rate. Same as to borrower but not less than 4 percent. Flat charge. Back figures—Qee Annual Report for 1937 (table 40). 2 3 MEMBER BANK RESERVE REQUIREMENTS [Per cent of deposits] I Savings deposits Postal Savings deposits Other time deposits payable in: 6 months or more 90 days to 6 months Less than 90 days Advances to financing institutions— Advances direct to Commitindustrial On porments or comto make tion for mercial or- which On re- advances ganizations institu- maining tion is portion obligated Classes of deposits and banks June 21, Aug. 16, Mar. 1, May 1, Apr. 16, 19171936193719371938Aug. 15, Feb. 28, Apr. 30, Apr. 15, and 1936 1937 1937 1938 after On net demand deposits: l Central reserve city.. Reserve c i t y . . Country _ _ 13 10 7 On time deposits: All member banks.__ 3 193^ 15 22% 26 20 14 22M 6 5 12 See footnote to table on p. 304 for explanation of method of computing net demand deposits. 316 FEDERAL RESERVE BULLETIN APRIL 1939 MONEY RATES AND BOND YIELDS OPEN-MARKET RATES IN NEW YORK CITY [Per cent per annum] Prevailing rate o n - RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES [Weighted averages of prevailing rates; per cent per annum] Aversige rate on— U. S. Treas- 1929 1932 1933 1934 1935 1936 1937 19S8 Average New York City: Prime Stock Stock ury bills yield on Year, January. 5.74 4.71 4.12 3.58 2.83 2.64 2.50 2.36 2.29 exexU. S. month, or Prime bankFebruary 5.73 4.71 4.11 3.43 2.90 2.56 2.41 2.34 2.24 week com- ers' change change Treas5.81 4.72 4.88 3.31 2.64 2.61 2.50 2.40 0) March 91ury New mercial accept- time call 5.85 4.69 4.33 3.39 2.61 2.54 2.53 2.36 April..__ d a y paper, ances, loans, loan issues 3-to-5 5.88 4.55 4.24 3.42 2.69 2.51 2.44 2.40 May 90 90 of4 to 6 redealyear 5.93 4.61 4.10 3.30 2.66 2.44 2.34 2.36 June days months days new- fered ers' notes 5.88 4.42 3.93 3. 2.61 2.44 2.36 2.27 July als within1 quo6.05 4.45 3.97 3.33 2.67 2.42 2.41 2.16 August period tation 4.30 3.79 3.26 2.72 2.40 2.39 2.25 September 4.35 3.76 3.28 2.72 2.46 2.38 2.29 October 4.12 3.52 3 22 2.77 2.43 2.45 2.33 November .15 1.16 .17 .91 .143 .75 1.11 1336 average . „ 4.22 3.48 3.18 2.6! 2.43 2.40 2.33 December 5.74 .43 .95 .28 1 25 1.00 .447 1937 a v e r a g e . . . 1.40 .44 .81 .07 .83 8 other northern and 1.25 .053 1.00 1938 average—_ eastern cities: 7/16 1 084 .08 1 09 1938—Feb IK 1 00 January.. 3.62 3.36 3.31 3.41 5.87 5.07 4.89 4.65 4. r^ia .074 .08 1.00 Mar 1.01 IK K-l February 5. 5.13 4.84 4.49 4.02 3.63 3.43 3.2< 3.33 7/16 .09 .94 IK 1.00 .083 April____ K-l March 5.91 5.14 5.39 4.52 4.05 3.60 3.34 3.2! 0) 7/16 .05 .77 1.00 .027 May H-i IK April— _ 6.00 5.10 5.09 4.52 3.99 3.47 3.36 3. 2C 7/16 .05 .67 X-l IK 1.00 .023 June May 6.09 5.14 4.99 4.39 3.88 3.45 3.45 3.27 7/18 .07 .70 IK 1.00 .053 July H June 6.02 5.13 4.97 4.30 3.78 3.51 3.32 3.38 7/16 .047 .06 1.00 Aug .71 IK H 5.05 4.82 4.15 3.87 3.61 3.32 3.28 July 6.08 7/16 .08 .82 IK 1.00 .096 Sept %M 4.12 3.79 3.47 3.29 3.26 August 6.11 5.12 4. 7/16 .05 .68 IK 1.00 .023 Oct *A-% September 6.24 5.03 4.65 4.11 3.75 3.45 3.33 3. z 7/16 .04 .71 IK 1.00 .024 Nov %- A 4.13 3.75 3.50 3.37 3.37 4.51 October 6.25 4. 7/16 .03 .67 1.00 .007 Dec IX % 3.63 3.47 3.42 3.28 November 6.12 4.88 4.54 4. 3.67 3.46 3.36 3.4: 4.59 December 5.94 4. l 7/16 .002 1939—Jan .03 1.00 .65 IK A-% 7/16 .03 .63 27 s o u t h e r n a n d V2-H IK 1.00 .004 Feb western cities: Week ending: January... 5.94 5.61 5.60 5.40 4.95 4.47 4.16 4. If 4.10 .03 .63 Y2-% Feb. 4 Vw IX 1.00 .004 February 5.96 5.61 5.56 5.39 4.84 4.51 4.15 4 . OS 4.09 l 7/16 .03 .64 1.00 .005 Feb. ll.___ A-% IK March 6.04 5.64 5.66 5.40 4.85 4.44 4.15 4.11 0) 7/IS .03 .63 Vi-% IK 1.00 .004 Feb. 18 5.34 4.80 4.40 4.21 4.1c April _ 6.07 5.63 5. 7/16 .03 .63 1.00 .004 Feb. 25.. __ V2~% 5.28 4.79 4.43 4.17 4. IS May 6.10 5.64 5. 7/16 .03 .56 IK 1.00 Mar. 4 (2) June 6.16 5.62 5.62 5.19 4.76 4.39 4.18 4.14 2 7/16 .03 .49 1.00 Mar. 11___. V2-% IK () 5.07 4.58 4.35 4.19 4.1 5.63 5.54 July 6.1 7/16 .03 .53 IK 1.00 Mar. 18__... V2-H (2) August . 6.22 5.68 5.53 5.05 4.63 4.25 4.18 4.12 September 6.27 5.63 5.55 5.04 4.51 4.29 4.18 4.07 October 6.29 5.56 5.50 5.05 4.55 4.23 4.16 4.06 1 Series comprises 273-day bills to October 15, 1937, bills maturing 4.51 4.24 4.17 4.05 November 6.29 5.55 5.42 4. about March 16, 1938, from October 22, to December 10, 1937, and 91-day December 6.20 5.60 5.43 4.92 4.55 4.14 4.15 4.04 bills thereafter. 2 Rate negligible. Back figures.—See Annual Keport for 1937 (tables 43 and 44). Figures 1 for 91-day Treasury bills available on request. Series to be discontinued after this issue of BULLETIN. New revised series on somewhat different basis to be substituted. BOND YIELDS1 [Per cent per annum] Corporate 4 Year, month, or week Number of issues.. 1936 average.. 1937 average.. 1938 average.. 1938—February. _. March April May June July August September. October November. December.. 1939—January February... Week ending: February 25.. March 4 March 11 March 18 3.20 3.22 3.30 3.22 3.26 3.22 3.18 3.21 3.15 3.10 3.08 3.01 3.00 4.24 4.34 4.49 4.28 4.41 4.21 4.13 4.20 4.08 4.02 4.02 3.97 3.94 2.43 2.39 2.35 2.34 1 Monthly and weekly data are averages of daily figures, except 2 Average of yields of all outstanding bonds due or callable after 3 Standard Statistics Co. 4 3.51 3.49 3. 47 3.47 for municipal bonds, which are based on Wednesday figures. 12 years; see BULLETIN for December 1938, pp. 1045-1046 for description. Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa group has been reduced from 10 to 3, the industrial Aa group from 10 to 5, and the railroad Aaa group from 10 to 9. Back figures—See Annual Report for 1937 (table 80); for U. S. Treasury bonds, see pp. 1015-1046 of BULLETIN for December 1938. APRIL 317 FEDERAL RESERVE BULLETIN 1939 BOND PRICES 1 Year, month, or date U.S. Treas- Munic3 ury 2 ipal Total STOCK MARKET Stock prices * 3 Corporate Indus- Rail- Utility trial road 2-6 15 60 20 20 20 1936 average.. 1937 average.. 1938 average.. 103.7 101.7 103.4 110.8 110.3 113.7 97.5 93.4 78.9 92.2 90.1 82.9 94.7 89.6 58.6 105.4 100.4 95.3 1938—Fetruiry... March April May June July _. August September.. October November-. December.. 1939—January February.. 102.4 102.5 102.7 104.0 103.9 103.8 104.0 103.0 104.3 104.0 104.1 104.4 104.8 112.2 112.2 111.6 113.6 113.6 114.2 115.2 111.7 115.2 116.6 116.5 117.3 117.3 79.3 76.0 73.8 76.5 75.3 80.8 81.3 78.7 81.8 82.1 81.1 81.9 82.1 86.0 86.2 86. 4 65.0 57.3 53.5 55.1 52.0 60.2 60.0 55.7 59.9 60.2 58.6 59.7 59.0 92.2 91.2 90.2 94.0 94.0 97.3 98.1 96.3 98.6 99.3 98.7 99.7 100.7 February 21 March 1 March 8 March 15 104. 8 105.3 105.8 10(3.2 117.3 117.3 118.0 118.4 82.0 83. 1 84.1 83.7 8f>. 3 86. 9 87.6 87.6 58.7 60.7 63.0 61.9 100.9 101.6 101.7 101.6 Number of issues. 79.5 77.8 80.4 80.0 85.0 85.7 84.2 1 Monthly data are averages of daily figures except for municipal bonds, which are averages of Wednesday figures. 1 Average prices of all outstanding bonds due or callable after 12 years, based on quotations from Treasury Department; see BULLETIN for December 1938, pp. 1045-1045 for description. Prices expressed in decimals. 3 Prices derived from average yields, as computed by Standard Statistics Co. Back figures.—See Annual Report for 1937 (table 79); for U. S. Treasury onds, see pp. 1045-1046 of BULLETIN for December 1938. Year, month, or date Volume of trad- Common (index, 1926=100) Preferred 2 Number of issues. - _ Total Industrial Railroad ings Utility 20 420 348 32 40 ..__ _ 138.9 136.2 135.6 111 112 83 127 131 99 51 49 26 104 95 73 1,824 1,519 1,100 1938—February March April May __ June July August. __ September... October November December 1939—January February 133.3 132.2 127.9 131.7 132.3 135.6 138.1 137.9 140.4 142.3 141.7 141.7 141.8 81 78 71 74 73 88 90 86 91 95 92 92 90 96 93 84 87 86 105 108 104 110 114 111 109 106 28 26 21 22 21 27 28 26 28 30 29 30 28 71 69 64 70 69 77 75 72 77 81 78 81 84 719 922 778 620 1,033 1,762 843 1,054 1,889 1,355 1,195 1,114 708 February 21. March 1 March 8 March 15 142.0 142. 2 141.8 142.5 90 93 95 93 106 109 112 109 28 30 32 30 84 87 88 86 765 859 1, 030 1,036 1936 average 1937 average 1938 average 1 Standard Statistics Co. Monthly data are averages of Wednesday figures. 2 Average prices of industrial high-grade preferred stocks, adjusted to a $73annual dividend basis. Average daily volume of trading in stocks on the New York Stock Exchange, in thousands of shares. Weekly figures are averages for the week ending Saturday. Back figures.—For stock prices, see Annual Report for 1937 (table 79) CAPITAL ISSUES [In millions of dollars] For refunding For new capital and funding) 1929 1930 ._ 1931 1932 1933..-. 1934 1935 1936 _. 1937 1938 .__. 1938—Feb Mar Apr May June July.... Aug Sept.... Oct Nov...,.Dec 1939—Jan Feb Domestic Domestic Total Year or month Total (domestic and forTotal eign) 11, 513 10,091 7,619 6,909 4,038 3,089 1,751 1 194 9,420 6,004 2,860 1 165 Total (doFormestic and eign i for- Total Bonds and Stocks eign) notes Corporate Corporate State and municipal 1,418 1,063 2,160 4,699 6,214 3, 939 4,375 720 708 1,386 1,457 1,972 2,140 2,333 1,386 1,409 1,949 2,096 2,297 1,434 1,235 762 483 803 855 735 712 962 199 245 352 218 511 470 415 237 763 379 453 256 561 82 126 197 158 347 390 180 144 165 225 218 200 398 81 126 197 158 344 390 180 144 165 194 218 200 378 40 94 45 88 130 44 55 51 101 151 116 76 44 Federal cies 2 0 87 75 77 64 405 150 22 157 481 0 9 140 33 14 216 0 8 0 0 55 118 310 Total 8,002 ' 2,078 4,483 2,980 1,551 1, 239 325 305 161 40 178 144 404 334 1,192 839 1,227 819 854 790 41 24 12 37 201 130 125 85 64 43 47 5 24 41 23 11 22 191 12S 121 83 62 37 32 5 17 5,924 1,503 311 20 120 35 69 352 408 64 1 1 16 10 2 3 2 2 6 15 1 7 State and mu- Federal nicipal cies 2 Foreign 1 Bonds and Total notes Stocks 671 905 229 29 12 0 48 23 44 35 1,422 709 949 557 343 774 3,242 4,242 1 799 2,042 1,387 527 893 498 283 765 3,216 4,123 1,680 2,014 13 53 21 87 37 136 365 382 191 128 0 0 51 93 26 317 987 353 281 685 1,374 474 821 319 219 312 1,864 3,387 1,209 1. 221 542 451 789 315 187 312 1, 782 3,187 855 1,190 833 23 32 4 32 0 81 200 352 31 35 182 56 59 60 9 1 0 0 0 3 1 117 119 155 60 164 79 235 92 598 155 234 57 163 117 119 155 60 164 79 235 92 598 130 232 57 163 22 16 4 4 14 3 11 22 2 6 15 27 10 32 45 84 31 52 20 14 6 323 22 20 19 17 62 58 67 26 99 56 211 65 273 102 197 10 135 62 58 67 26 99 58 211 65 273 84 186 10 101 0 0 0 0 0 0 0 (3) 1 18 11 (3) 35 0 0 0 0 0 0 0 0 31 0 0 20 119 119 28 0 0 c 25 3 0 0 1 2 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., s Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. to revision. Back figures —See Annual Report for 1937 (table 78). Monthly figures subject 318 FEDERAL RESERVE BULLETIN TREASURY FliNAINCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF DIRECT OBLIGATIONS [On basis of daily statements of United States Treasury. In millions of dollars] Noninterestbearing Interest-bearing Total gross debt End of month ]Publicly-offered Bonds Total interest bearing 1932—June 1933—June 1934—June 1935—June 1936—June 1937—June 1938—February March _ __ _ April May June ^ _ July August _ September October _ __ November December 1939—January February _ _- . _--__ __ _ i 19, 487 22, 539 27, 053 28, 701 33,779 36, 425 19,161 22,158 26, 480 27, 645 32, 989 35,800 37, 633 37, 556 37, 510 37, 422 37,165 37,191 37, 593 38, 393 38, 423 38, 603 39, 427 39, 631 39, 859 37,080 37, 001 36, 963 36, 871 36, 576 36, 642 37, 052 37, 850 37, 897 38, 068 38, 899 39, 097 39, 326 Total 6 u. s. Treasury 2 Prewar Adjusted service issues3 Notes Bills 616 954 1,404 2,053 2,354 2,303 105 92 118 156 1,071 926 1,952 1,803 1,753 1,553 1,154 1,054 1,304 1,302 1,302 1,303 1,306 1,309 1, 310 867 860 856 852 868 864 859 830 826 827 827 826 825 Social security issues4 All other 5 Matured debt Other savings 18,816 621, 782 626, 006 26, 910 31, 297 33, 734 753 753 753 753 79 79 13, 460 13,417 15, 679 14,019 17,168 19,936 62 316 800 1,261 4,548 6,653 10,023 11,381 10, 617 34,144 34, 032 b4,016 33, 845 33, 463 33, 400 33, 681 34, 493 34, 527 34, 559 35, 327 35, 469 35, 533 79 79 79 79 79 79 79 79 79 79 79 79 79 20,476 20, 927 20, 927 20, 927 21, 846 21,846 21, 846 22, 712 22, 712 22, 712 24, 005 24, 005 24, 005 1,106 1,148 1,181 1,210 1,238 1,275 1,305 1,334 1,367 1,399 1,442 1,580 1, 643 10,531 10,076 10,076 10,076 9,147 9,147 9,147 9,067 9,067 9,067 8,496 8,496 8, 496 19 579 240 284 356 580 601 560 60 66 54 231 169 119 266 315 518 825 620 506 1,399 1,460 1,458 1 538 1,601 1 641 1,757 1 788 1,807 1 937 2.002 2,046 2,207 669 648 635 637 644 738 754 739 736 745 743 756 761 91 98 92 101 141 106 102 106 94 105 101 109 112 462 458 454 450 447 443 440 437 433 431 427 425 421 1 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System. 2 Includes Liberty bonds. 3 Includes adjusted service bonds of 1945 and special issues of adjusted service bonds a n i of notes to Q o v e r n a i s a t Life Insurance F u n d series and of certificates to the adjusted service fund. ^ Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement account. 5 Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation. s 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 O B L I G A T I O N S , F E B R U A R Y 2 8 , 1939 [In millions of dollars] [In millions of dollars] Date maturing 1939—Before Apr. 1 . . Apr. 1—June 30 j u l y i—Sept 30 Oct 1—Dec 31 1940—Jan. 1—Mar. 31 Apr 1—June 30 July 1—Dec 31 1941 1942 _ 1943 1945 1946 1947 1948 1949 1951 1952 1953 1954 1955 1956 1959 1960 1961 _. 1963 1965 Total Total Bonds! 517 2, 100 427 526 1,378 738 737 2 219 834 1,001 898 1. 895 2, 120 2,120 1,847 1,847 2 830 2 830 2. 011 2.011 2 1, 000 2 1, 000 1, 223 1 223 2,117 2,117 1 786 1 786 2, 663 2,663 755 755 489 489 982 982 2,611 2,611 50 50 919 919 591 591 1 35, 533 25, 726 Notes 13 1. 294 427 526 1, 37S 738 737 1,385 1,001 997 8, 496 Bills 504 807 1, 310 E n d of Month Total Federal ReconHome Farm Owners' struction Mortgage Finance Loan Corpora- Corpora- Corporation tion tion 2 681 1934—June__ Dec.__ 3, 063 1935—June., 4, 123 D e c . ^ 4,494 1936—June._ 4,718 Dec. _ 4, 662 4, 665 1937—June Dec.__ 4,645 312 980 1. 226 1,387 1,422 1,422 1, 422 1,410 134 1, 834 2, 647 2, 855 3,044 2,988 2,987 2,937 235 249 250 252 252 252 255 297 1938—Feb.._ Mar. . Apr.._ MavJune-Julv.. Aug. Sept. . Oct... Nov. „ Dec. 1939—Jan. Feb._. 1,410 1, 410 1, 410 1,410 1, 410 1,410 1,410 1, 404 1, 395 1,388 1,388 1, 383 1,381 2,937 2,937 2,937 2,937 2, 937 2, 937 2,888 2 8«8 2. 888 2,888 2,888 2.888 2,888 299 299 299 299 299 510 511 511 511 511 509 509 819 4.646 4, 646 4,647 4, 852 4, 853 5, 064 5,015 5. 009 5,001 4,993 4, 992 4,987 5, 410 Comu. s. modity HousCredit ing Corpora- Authortion ity 114 Principal amount of obligations guaranteed as to interest and princi- 1 Issues classified as of date of final maturity; most issues callable at earlier dates; most of t h e U. S. savings bonds are redeemable at option of holder. 2 Includes unclassified U. S. savings bonds. 206 208 2J6 206 200 206 208 206 206 206 Excludes obligations guaranteed as to interest only. 319 FEDERAL RESERVE BULLETIN APRIL 1939 SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. In millions of dollars] General and special accounts Receipts Expenditures i General Period Total Fiscal year ending: June 1936 4,116 June 1937 5,294 June 1938 6,242 Social Other Inintercome securnal ity taxes reve9 taxes nue 3 1,427 2,158 2,635 All other Total 1938—February March April May June July August September. _. October November... December._. 1939—January February Recovery and relief 749 866 1,340 1,436 1,556 1, 310 1,994 2,178 3,441 3,073 2,238 11 204 121 1,814 868 607 -4, 550 -3,149 -1, 384 +312 +374 +306 2,144 1,320 2, 028 133 66 63 193 526 456 -2,322 -878 -2, 207 +822 +357 - 1 , 143 +91 +421 + 1, 208 +640 + 1 , 128 +2, 694 153 196 202 206 314 216 236 243 262 249 r 309 ' 258 254 17 18 9 16 12 5 13 10 *9 56 58 19 2 1 135 48 45 44 49 49 39 50 -166 -1-211 -369 -193 -156 -451 -195 -40 -437 -296 -157 -385 -245 2,086 2,187 2,285 603 697 567 8,442 7,626 447 424 5,039 4, 738 437 465 472 940 1,022 1,082 1,192 1, 339 1,758 515 748 642 568 930 763 683 751 769 678 862 693 G62 17 153 123 138 130 134 132 137 142 131 136 137 136 140 122 150 185 215 201 238 256 227 177 250 228 190 221 209 8 months ending; Feb. 1937 Feb. 1938 Feb. 1939 National Inter- deAll est on fense and other debt Veterans'4 Adm. 253 755 () 2, 717 3, 860 3, 653 807 1,272 1,239 581 557 1, 450 1,583 1,519 273 375 774 311 487 711 332 382 704 308 417 62 723 49 40 550 47 32 498 41 36 481 48 56 110 3 34 131 5 32 131 3 34 129 3 43 182 141 193 155 169 185 186 283 170 209 175 181 173 143 or deTrust Increase crease during acperiod counts, etc. 7 Excess excess of reof receipts ceipts Re- Trans- (+) or (+) or volv- fers to exexing trust pendi- pendifunds accts. tures tures General Gross (net) s etc.6 fund balance7 debt 233 13 17 146 67 9 173 30 17 7 r 4 r 5 10 Details of trust accounts, etc. Period Old-age reserve and railroad retirement accounts ReconWithComBeneIn- drawals struction modity Infit All ReReFinance by Credit other ceipts vest- pay- ceipts vest10 ments States CorporaCorporaments ments tion 10 tion 10 Fiscal year ending: June 1936 June 1937 June 1938 267 550 267 461 8 months ending: Feb. 1937 Feb. 1938 Feb. 1939 90 453 381 56 58 19 2 17 60 48 45 44 49 49 39 50 U38—February .„___ March April _ . May June July August September. _ October November December 1939—January February,- _ 85 19 294 763 19 293 560 90 398 293 46 77 96 471 601 95 422 313 51 51 1 95 17 40 35 35 34 34 34 34 50 7 8 14 9 9 9 9 9 10 10 10 10 10 95 43 37 128 82 35 131 35 38 125 37 51 148 1 191 9 241 9 329 9 9 9 85 10 3 85 46 9 82 94 9 14 96 32 10 111 41 2S4 6 36 41 34 39 36 53 40 40 26 19 33 36 r 9 16 3 34 6 9 14 9 260 10 24 19 21 9 18 15 9 326 +30 +428 +180 -76 -46 -88 -258 +27 +402 +800 +30 +180 +824 +204 All other, excess of receipts (+)or Total InIncreactive ment gold on gold expenditures 100 127 9 11 +204 +60 +87 2,682 2,553 2,216 1,087 17 9 6 191 +22 +54 +58 1, 539 2,975 3,343 1 9 28 7 9 149 38 9 55 26 97 96 9 11 94 9 20 9 112 +3 + 15 +8 +7 +2 +10 +3 +3 +19 +13 +8 2,975 3,140 2,689 2,567 2,216 2,116 2,260 2,978 2,569 2, 447 3,084 2,933 3,343 33 9 112 Seigniorage Working balance 140 141 142 316 356 446 2,225 970 1,628 205 1,201 141 142 142 344 421 508 849 1,212 2,693 1,201 1,183 142 142 142 142 142 142 142 142 142 142 142 142 142 421 427 433 440 446 451 455 460 467 478 492 503 508 1,212 1,389 2,114 1,985 1,628 1,523 1,663 2,376 1,960 1,828 2,449 2 288 2,693 184 9 319 9 37 9 510 -63 -41 -3 -6 -31 +25 +166 -451 -122 -351 -100 +144 +719 -409 -122 +636 -151 +410 Details of general fund bal ance (end of period) Net expenditures in checking accounts of Government agencies Unemployment trust fund +11 +31 -36 +158 +63 +325 +840 +5,078 -128 +2, 646 -338 +740 24 33 134 9 9 6 7 91 10 27 31 23 18 16 10 9 +2 -1 r 1 Excludes debt retirements. Revised. 23 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." 6 Includes revolving funds of Public Works Administration and Farm Credit Administration. • Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account and railroad retirement account; except for the adjusted service certificate fund, these appear8 as receipts under "Trust accounts, etc." » Details given in lower section of table. Less than $500,000. ^Excess of credits. i° Monthly figures for the fiscal year 1938 subject to revision. 11 Includes other trust accounts, increment resulting from reduction in weight of the gold dollar, expenditures chargeable against increment on gold (other than retirement of national bank notes) and receipts from seigniorage. 320 FEDERAL RESERVE BULLETIN GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JANUARY 31, 1939 [Based on compilation by U. S. Treasury Department from reports received from organizations concerne d. Reconstruction Home mortgage and housing agencies Finance Corporation Home Other and Owners' mortPublic Loan gage Works Corpo- agenAdmin- ration cies istration In millions of dollars] Farm credit agencies United States Housing Authority Farm mortgage agencies TennesInsee surOther ValOther Comance Farm ley Credit modity Jan. Au- agenCredit Other thorcies Adm. 31, banks Corpo1939 ity and cor- ration Total Dec. 31, 1938 Jan. 31, 1938 porations ASSETS Loans and preferred stock: Loans to financial institutions... Preferred stock, etc. Loans to railroads Home and housing mortgage loans Farm mortgage loans Other agricultural loans All other loans Total loans and preferred stock Cash U S Govt direct obligations Obligations of Government credit agencies: Fully 5guaranteed by U S Other Accounts and other receivables Business property Property held for sale Other assets Total assets other than interagency 240 532 482 215 179 47 0) 75 26 445 869 512 (i) 30 2,149 34 146 1,796 6 48 268 0) 34 7 1 2,364 142 1 372 58 39 13 6 549 7 12 2,719 71 67 343 41 156 8 3 30 0) 30 0) 27 33 4 63 1,913 3,082 509 2,888 0) 0) (0 490 0) 192 6 115 7 129 172 371 371 0) i 198 228 19 4 8,527 8,562 8,503 421 350 370 728 617 710 (0 85 188 273 32 7 26 40 413 104 20 0) 0) 0) 0) 0) 3 392 1 4 224 5 486 882 437 2 329 2 335 2 450 2,719 2,735 2,868 751 750 573 886 902 808 2,719 26 2 516 470 874 511 140 39 343 460 698 158 145 35 328 456 689 156 171 36 280 393 637 62 1 16 1 1 24 52 94 1 113 311 235 626 510 11,515 11,451 11,050 0) 175 6 130 4,987 4,992 4,646 1,372 1,317 1,367 597 739 757 3,180 604 173 10 76 6 3 6 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States... Other 6 Other liabilities (including reserves). Total liabilities other than interagency 100 130 175 27 (i) 2 1,383 1,014 97 5 1 206 609 3,018 202 2 2,494 183 282 6 9 176 136 7,117 7,048 6,611 Excess of assets over liabilities, excluding interagency transactions.Privately owned interests 1,304 64 288 46 169 686 193 422 4 110 305 226 450 139 374 4,398 4,404 4,439 364 383 381 U. S. Government interests 1,304 64 241 169 493 418 110 305 226 310 374 4,015 4,022 4,075 1 Less than $500,000. 2 Includes $37,000,000 loans of Public Works Administration. 3 Includes $186,000,000 loans of Farm Security Administration. * Includes $94,000,000 loans of Rural Electrification Administration. s Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation NOTE.—For explanation of table, see BULLETIN for October 1938, p. 882. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] Feb. 28, Aug. 31, Sept. 30, Oct. 31, Nov. 30, Dec. 31, 1938 1938 1938 1938 1938 1938 Loans to financial institutions Loans on preferred stock of banks and insurance companies. _ Preferred 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 Securities purchased from Public Works Administration 245, 303 37, 854 537,199 361,951 233, 782 73,196 77, 802 3,962 140, 659 219, 999 37, 220 525,160 414, 928 191, 551 85,049 79, 391 14, 365 138,509 216, 859 37,154 523, 605 419, 364 193,078 92,137 79,601 14,456 137, 697 216,157 37,090 521, 981 426,046 194,606 98, 224 79,667 19, 205 138,783 212, 213 37,083 520, 550 428, 041 194, 748 103, 598 80, 836 19, 215 138,607 209,625 34, 616 536, 590 436,094 186,384 107, 747 81,037 24,040 140,194 Jan. 31, 1939 Feb. 28, 1939 205,539 i 199,183 33, 779 34,116 532, 352 526,153 437, 789 436,139 187, 588 187, 301 109,419 110, 664 82, 396 82, 494 28, 952 26, 988 140,801 136, 725 Total loans and investments, other than interagency. _ 1, 711, 708 1, 706,172 1, 713,950 1, 731, 760 1, 734, 893 1, 756, 327 1, 758, 951 1, 739, 427 Loans to Federal land banks Loans to Commodity Credit Corporation Capital Stock of Commodity Credit Corporation Preferred stock of Export-Import bank Capital stock of Disaster Loan Corporation Loans to Rural Electrification Administration Capital stock of, and loans to R. F. C. Mortgage Co Capital stock of, and loans to Fed. Natl. Mtge. Assn Loans to Tennessee Valley Authority Total loans and investments. 7,829 5,016 97, 000 20, 000 10,000 29, 505 69, 888 11, 000 20,000 20, 000 46, 498 41, 755 16, 403 46, 498 42, 595 23,185 2,000 20, 000 45, 000 45, 000 45, 000 44, 996 31, 975 2,000 46, 498 48, 644 40, 868 2,000 46, 498 54,159 49,710 3,000 47, ( 56, 548 11, 000 3,000 49, 848 51,691 17, 234 3,000 2,044, 945 1,830,844 1, 848, 228 1, 877, 228 1, 892, 902 1, 954, 693 1, 922,197 1, 906, 200 i Includes $61,000,000 of loans for distribution to depositors of closed banks. NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220. 20, 000 FEDERAL A P R I L 1939 RESERVE 321 BULLETIN FARM CREDIT ADMINISTRATION LOANS A N D D I S C O U N T S O U T S T A N D I N G , B Y I N S T I T U T I O N S [In thousands of dollars] Federal intermediate credit b a n k loans to and discounts for— F a r m mortgage loans by- Loans to cooperatives by— Federal land banks Land Bank Commis- Regional agricultural credit corporations, production credit associations, and banks for cooperatives i 1934—December.. 1935—December.. 1936—December.. 1937—December.. 1,915, 792 2,071,925 2,064,158 2,035, 307 616,825 794, 726 836, 779 812, 749 99,675 104, 706 129,872 165,194 55,672 47,162 41,017 40, 464 60,852 94,096 105, 212 138,169 1938—February... March April May June July August September.. October November.. December.. 1939—January February... 2,029, 517 2,025, 707 2,022,846 2,019,930 2,017, 696 2,013, 645 2,008, 664 2, 003,810 1, 997, 361 1, 990, 475 1, 982, 224 1, 973,179 1, 968, 790 804, 212 798, 776 794,916 790,772 786,068 781, 703 77.6,982 771, 988 766, 502 760, 326 752, 851 745,631 740, 870 173, 384 186,137 195, 899 202,147 207, 988 199, 288 197, 274 189, 937 174, 626 166, 549 168, 392 163, 815 166, 996 38, 852 39, 526 40, 650 41,312 42,894 42, 582 42, 984 40, 808 36,121 34, 537 33, 545 33, 077 34, 115 147,983 162, 600 173,113 179, 790 184, 327 183,891 181,154 170, 806 154, 560 148, 430 148, 037 148,416 155, 409 E n d of m o n t h Other financing institutions, except cooperatives EmerRegional Producgency tion credit agriculcrop and tural credassociadrought it corpotions loans rations Banks for cooperatives, including Central Bank Federal intermediate credit banks Agricultural Marketing Act revolving fund 33,969 2,731 1,641 1,813 27, 851 50,013 69,647 87, 633 54,863 44,433 53, 754 30, 982 1,502 1,420 793 655 19 118 118 256 744 851 920 834 1,152 87,113 82, 323 79, 926 78, 417 81,190 75, 264 75, 961 82, 544 27,875 27, 304 26, 335 25, 332 24, 604 25,028 26,119 27, 370 27, 917 25, 313 23, 723 23, 948 23, 631 15,198 15,164 15,060 14, 834 14, 788 14,442 14,003 13, 374 12, 354 11, 592 11,081 10, 863 10, 689 86, 87, 80, 73, 221 496 266 692 1 Some of the loans made b y the regional agricultural credit corporations (prior to October 1935) and b y the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. T h e amounts in this column are t h u s 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 O U T S T A N D I N G , B Y I N S T I T U T I O N S [In millions of dollars] [Loans in thousands of dollars} Assets Home mortgage loans by— End of m o n t h Federal savings and loan associations Home Owners' Loan Cor- N u m b e r poration of associations Loansi 1934—December.. 1935—December.. 1936—December.. 1937—December.. 2, 379, 491 2, 897,162 2, 765, 098 2, 397, 647 1,023 1,212 1,328 81,300 348, 000 586, 700 853, 500 1938—February March April May June July August September October November December 1939—January February 2, 348,025 2, 323, 995 2, 301,894 2,281,884 2, 265,153 2, 248,982 2, 234, 899 2, 221, 417 2, 203, 896 2, 186,170 2, 168.920 2,149,038 2,134, 261 1,334 1,338 1,342 1,345 1,346 1,348 1,354 1, 365 1,370 1,374 1.368 1, 370 1,375 874, 800 895, 300 919, 700 930, 300 947, 500 961, 300 976, 074 994, 218 1,011,087 1, 020, 873 1,(W4, 102 1, 040, 770 1, 051,109 Federal home loan bank loans to member institutions J 86, 651 1935—June 102, 791 1936—June 145,394 1937—June 200,092 1938—January February 187,498 March 183,105 April 183,747 May.__ 186, 507 June 196, 222 July 191, 889 August 189, 415 September 189, 548 October 189, 217 November 189, 685 December 198,840 178.852 1939—January February 170,614 1 Federal Home Loan B a n k Board estimates for all Federal savings and loan associations. 2 Excludes loans to other than member institutions which are negligible in amount. E n d of m o n t h Depositors balances 1 Total U. S. Government securities Cash in depository banks Total Direct obligations Guaranteed obligations Cash, reserve funds, etc.2 1,205 1,232 1,268 1, 236 1,265 1,307 777 385 967 203 136 1,100 630 800 933 147 167 167 74 95 71 1,272 1,271 1,268 1,266 1,255 1,252 _ 1,252 1.252 1,248 1,250 1, 250 1. 252 Pl,259 Pl 263 1,311 1, 311 1,306 1,301 1,296 1,290 1.291 1,291 1,287 1.289 1, 291 1,294 125 124 121 119 116 115 102 99 98 96 87 86 1,097 1,112 1,113 1,110 1,108 1,103 1,103 1,113 1,118 1,118 1,128 1,132 930 946 946 944 941 936 937 947 952 952 961 905 167 167 167 166 167 167 166 166 166 166 167 167 80 75 72 72 72 72 86 79 71 75 76 76 p Preliminary. 1 Outstanding principal, represented by certificates of deposit. Does not include accrued interest nor outstanding savings stamps. 2 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. 322 FEDERAL RESERVE BULLETIN APRIL 1939 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average—100. T h e terms "adjusted' and "unadjusted" refer to adjustment for seasonaI variation] Construction contracts awarded (value) 2 Industrial production i * Year and month Total Manufactures Minerals Total Residential All other FacFactory em- tory pay-3 ployment 3 rolls Freight-car loadings4 * Department (value) Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjusted justed juster! justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 84 87 67 86 101 94 105 108 106 112 119 95 80 63 75 78 90 105 109 84 83 87 67 85 101 95 104 108 106 111 119 96 81 64 76 79 90 105 110 86 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 77 89 70 74 105 96 99 108 107 106 115 99 84 71 82 86 91 105 115 98 44 30 44 68 81 95 124 121 117 126 87 50 37 13 11 12 21 37 41 45 63 63 56 79 84 94 122 129 129 135 117 92 63 28 25 32 37 55 59 64 79 90 65 88 86 94 120 135 139 142 142 125 84 40 37 48 50 70 74 80 107 107 82 91 104 96 100 102 100 100 106 92 78 66 73 86 91 98 106 87 98 117 76 81 103 96 101 104 102 104 110 89 68 47 50 65 74 86 102 78 84 91 78 85 100 98 103 107 104 104 107 92 74 55 58 62 64 75 78 62 78 94 87 88 98 99 103 106 107 108 111 102 92 69 67 75 79 88 92 85 1936 97 94 93 101 101 104 108 108 109 110 114 121 '95 95 96 104 105 104 105 106 108 111 115 114 96 92 93 100 101 105 109 110 110 '"110 114 116 118 118 118 114 114 117 111 102 88 84 Jan 80 Feb 79 Mar..... 79 April. _ 77 May_.__ 76 June 77 July.... 83 Aug 88 Sept 91 Oct 96 Nov 103 Dec 104 Jan. Feb Mar April. __ May.. June. _ July..._ Aug. _ Sept Oct Nov Dec nu 121 95 93 97 105 105 105 105 106 107 110 115 114 104 111 97 106 103 100 102 99 102 105 112 117 100 107 90 96 101 101 102 104 110 115 115 111 62 52 47 47 46 52 59 62 59 57 58 66 50 45 47 53 56 60 65 65 60 54 51 53 25 25 26 30 32 36 44 46 47 43 40 45 21 22 28 35 38 39 45 46 47 41 39 38 92 75 63 60 57 65 71 75 69 69 72 83 75 63 62 67 70 78 82 81 70 65 62 65 94 93 93 94 96 97 98 99 100 101 103 105 92 92 93 95 95 96 97 100 102 103 103 104 77 77 80 82 84 84 83 87 87 93 94 99 70 71 66 71 72 73 76 76 75 77 82 83 65 68 64 68 71 73 77 77 84 86 84 77 81 83 84 84 87 87 90 87 88 90 94 92 63 66 77 85 89 84 63 68 94 100 105 161 112 117 122 122 122 115 111 115 109 102 90 80 115 116 117 118 118 114 114 '117 110 101 85 79 113 118 122 125 123 114 110 114 106 99 86 75 111 116 128 115 117 115 112 113 116 113 109 115 107 112 119 105 118 118 115 121 125 123 112 108 63 62 56 63 66 61 67 62 56 52 56 61 51 54 56 61 68 72 75 66 56 49 50 49 45 47 45 44 44 42 44 40 37 36 32 30 37 42 47 51 52 47 45 40 37 35 31 25 77 75 64 61 66 77 86 81 71 65 76 87 63 64 63 68 81 92 99 87 72 61 65 68 105 106 107 108 109 108 109 109 107 105 101 95 103 105 108 109 109 108 108 109 109 107 101 95 94 100 106 109 110 107 105 108 104 105 93 84 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 92 93 94 93 91 89 72 76 90 89 95 90 65 72 100 103 101 156 79 79 80 78 77 77 81 87 91 97 104 98 76 75 75 73 73 74 82 87 89 95 103 104 75 76 77 76 75 75 79 85 89 95 103 98 108 103 103 101 91 92 93 95 97 99 102 109 103 98 95 91 90 91 92 97 102 106 105 103 52 51 46 52 51 54 59 66 78 82 96 96 42 44 46 59 61 63 65 69 79 78 85 77 26 32 33 37 37 42 49 53 56 57 56 57 22 28 35 43 44 46 49 52 56 56 54 48 73 66 56 65 62 64 68 77 96 102 128 128 59 56 55 73 76 76 78 84 97 96 111 100 90 89 87 85 84 82 83 85 87 88 90 92 88 88 88 86 83 82 82 86 89 90 91 91 75 77 77 75 73 71 71 77 81 84 84 87 65 62 60 57 58 58 61 62 64 68 69 69 59 57 57 55 57 58 62 63 71 75 70 64 90 88 86 83 78 82 83 83 86 84 89 89 70 70 77 86 80 79 58 65 91 92 99 156 99 .99 100 .97 98 110 .109 105 .104 86 .71 70 .62 55 .55 45 .49 111 .85 90 .72 92 .91 90 .91 83 .85 69 67 63 62 88 87 69 69 1937 Jan. Feb Mar..... April. __ May..__ June July..__ Aug... Sept Oct.. _ Nov Dec 1QOQ 1939 Jan Feb..- 101 .98 r p Preliminary. Revised. * Average per working day. 1 For indexes of groups and separate industries see pp. 323-324; for description see BULLETIN for February and March 1927. 2 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see p. 358 of BULLETIN for July 1931. » The indexes for factory employment and payrolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description of the seasonally adjusted index of factory employment compiled by F. R. Board of Governors see pp. 835-837 of BULLETIN for October 1938. For current indexes of groups and separate industries see pp. 325-328. Underlying figures are for payroll period ending nearest middle of month. * For indexes of groups see p. 330. Back figures.—Se& Annual Report for 1937 (table 81). For department store sales see BULLETIN for Octobar 1933, p. 91S; for factory employment and payrolls see BULLETIN for October 1938, pp. 838-866. 323 FEDERAL RESERVE BULLETIN APRIL 1939 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal variation . 1923-25 average = 100] 1938 Industry Jan. ]VI a n ufactures—Total Durable Nondurable Feb. Mar. Apr. May June 1939 July Aug. Sept. Oct. Nov. 89 Dec. Jan. Feb. 76 56 93 75 54 94 75 54 93 73 53 91 73 51 93 74 50 95 82 58 102 87 64 108 69 107 95 84 106 103 95 110 104 92 114 100 88 110 52 47 52 50 46 51 49 45 49 50 44 50 47 40 48 46 36 47 62 42 64 70 51 72 76 59 77 90 67 93 109 76 112 102 74 104 94 72 96 87 __ 65 14 62 19 54 23 54 17 49 12 46 14 43 12 45 4 46 4 84 5 96 8 99 12 105 13 98 _ ___ _ 91 98 69 85 90 67 77 87 64 71 80 74 69 79 60 73 70 64 68 69 54 65 74 46 71 75 50 81 80 50 73 88 66 59 93 57 66 88 70 72 59 62 57 35 65 42 67 42 69 44 69 80 71 77 67 89 69 107 80 155 84 155 82 153 69 147 80 133 87 9 85 8 82 7 79 6 73 5 69 5 71 5 81 5 89 6 98 6 105 6 106 6 106 6 5 75 82 54 52 67 40 80 79 85 62 61 71 49 88 81 90 54 57 51 49 100 74 77 50 55 42 4.7 101 77 81 60 73 53 36 87 87 88 75 92 69 38 101 97 101 87 110 74 42 105 110 115 106 133 91 55 102 103 108 93 107 86 66 111 100 104 91 101 87 67 104 112 112 107 123 101 69 123 117 120 116 134 112 72 116 109 110 107 114 113 77 107 94 78 72 80 91 105 -103 81 79 89 81 -117 -105 78 77 87 74 -123 104 72 72 72 73 -125 105 75 77 68 74 -125 -91 75 74 76 74 101 103 78 77 80 76 119 -109 82 86 77 75 -126 -103 78 86 69 65 -119 101 81 89 69 70 114 -107 89 94 89 -118 123 98 99 -109 85 138 124 103 100 118 97 137 92 77 106 113 160 86 99 86 66 109 111 164 89 83 83 59 111 116 151 90 63 84 66 105 111 151 90 77 84 66 103 110 164 86 81 81 58 108 110 151 98 78 83 62 107 112 152 98 85 89 74 103 115 153 87 86 98 88 106 118 152 88 106 95 92 94 108 149 91 103 94 88 96 112 152 86 100 86 79 89 106 137 92 108 87 74 97 111 150 92 106 83 67 100 108 157 94 70 157 75 225 77 157 73 226 77 160 77 227 83 159 69 230 84 163 70 237 84 154 73 219 84 154 71 219 84 161 73 232 81 160 75 229 84 150 74 211 78 164 76 233 95 179 76 258 97 165 79 237 78 162 77 231 78 57 132 53 129 53 126 46 125 53 125 51 122 54 124 53 123 57 130 58 131 63 127 61 127 61 121 61 123 201 253 111 146 116 195 243 113 145 114 191 239 120 137 113 197 250 114 137 109 198 253 118 133 108 193 248 117 126 103 200 258 106 132 110 203 264 104 134 108 206 265 109 141 113 208 269 102 143 110 208 269 104 140 109 201 259 107 142 100 205 262 112 145 106 -65 -68 -55 -57 -43 -60 -62 -65 -64 -67 -43 -70 -73 -50 -84 -56 -90 -93 -69 -95 -98 -71 -99 -103 -44 100 -104 -75 -112 -116 -79 110 115 76 109 114 71 108 103 103 101 91 92 93 95 97 99 102 109 110 P109 65 67 177 64 53 171 58 68 172 62 45 170 80 74 96 64 38 167 37 74 46 105 71 50 158 41 75 50 102 72 49 161 50 80 50 102 77 57 165 42 88 66 51 P61 P168 87 64 98 60 47 161 38 69 54 99 75 69 171 90 67 96 57 71 153 34 70 64 91 77 66 169 98 69 96 57 64 156 19 79 60 92 93 57 85 88 70 86 . _ - IRON AND STEEL Pig iron Steel ingots J>97 ^83 P108 88 TRANSPORTATION EQUIPMENT: Automobiles Locomotives _ NONFERROUS METALS: Tin deliveries1 Zinc Lead.-- _ __ _ CEMENT AND GLASS: Cement Glass, plate COKE: Byproduct Beehive TEXTII ES Cotton consumptionWool Consumption. . _____ Machinery activity1 Carpet and rug loom activity 1 _ Silk deliveries LEATHER AND PRODUCTS Tanning Cattle hide leathers Calf and kip leathers Goat and kid leathers Boots and shoes • 77 FOOD PRODUCTS: Slaughtering and meat packing Hogs ___ _ Cattle Calves Sheep . Wheat flour Sugar meltings TOBACCO PRODUCTS Cigars Cigarettes..- _ Manufactured tobacco PAPER AND PRINTING: Newsprint production. Newsprint consumption ... PETROLEUM 1 REFINING Gasoline Kerosene __ _ Fuel oil1 Lubricating oil1 RUBBER TIRES AND TUBES 1 - Tires, pneumatic1Inner tubes 1 ' 2 Minerals—Total 2 ... . _ B i t u m i n o u s coal Anthracite Petroleum, crude Iron ore Zinc ___ Lead Silver 1 2 ._ 111 Pill P118 P114 97 P122 P135 87 r Without seasonal adjustment. P Preliminary. Revised. 2 Revised January 1936 to date. Indexes for 1936 and 1937 may be obtained from Division of Research and Statistics. 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, March 1937, p. 255, October 1938, p. 911, and January 1939, pp. 20-21. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, boxboard, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision. 324 FEDERAL RESERVE BULLETIN APRIL 1939 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average=100] 1939 1938 Industry Jan. Feb. Mar. Apr. May June July Manufactures—Total . Durable Nondurable IRON AND STEEL. Pig iron Steel ingots... Aug. Sept. 85 63 104 109 69 49 71 75 57 77 Oct. Nov. 95 80 109 Dec. Jan. Feb Pill 108 TRANSPORTATION EQUIPMENT: Automobiles Locomotives NONFERROUS METALS: Tin deliveries Zinc Lead 91 103 70 CEMENT AND GLASS: Cement Glass, plate 91 155 COKE: Byproduct. Beehive 87 10 TEXTILES Cotton consumption Wool Consumption Machinery activity Carpet and rug loom activity Silk deliveries LEATHER AND PRODUCTS 72 5 79 4 103 103 101 123 91 104 104 96 113 84 90 65 67 71 76 82 49 54 42 77 83 57 67 53 49 94 47 100 36 86 42 100 55 106 66 116 108 77 78 77 76 r 129 102 71 72 65 73 122 '97 71 73 65 69 113 102 78 75 93 71 117 121 84 85 93 73 145 119 83 90 80 68 143 111 86 92 82 73 128 78 60 97 117 137 84 74 76 58 93 121 142 81 82 64 100 125 161 81 91 80 60 101 114 148 86 93 106 109 152 95 104 77 56 101 106 154 94 97 90 66 118 113 176 104 114 94 79 110 113 163 102 240 84 169 80 241 86 167 74 241 84 172 76 250 84 177 86 252 91 161 90 222 81 104 83 84 82 84 118 Tanning Cattle hide leathers._. Calf and kip leathers.. Goat and kid leathers.. Boots and shoes 85 103 107 96 111 87 102 101 FOOD PRODUCTS: Slaughtering and meat packing. Hogs Cattle Calves Sheep Wheat flour Sugar meltings TOBACCO PRODUCTS Cigars C igarettes Manufactured tobacco._. 107 104 107 105 161 84 66 104 154 150 58 221 78 143 63 206 152 70 216 84 146 65 210 58 127 53 127 52 131 47 134 54 129 52 121 53 111 52 110 57 127 58 139 201 253 113 140 116 195 243 115 145 114 191 239 117 137 113 196 250 113 137 109 197 253 114 133 108 192 248 109 126 103 199 258 98 132 110 203 264 99 134 108 206 265 111 141 113 209 269 107 143 110 »f)0 »T>2 '44 '62 '65 '43 '56 '93 '69 72 72 170 68 57 158 53 56 170 103 70 97 97 69 104 92 65 106 PAPER AND PRINTING: Newsprint production Newsprint consumption.. PETROLEUM REFINING. Gasoline Kerosene Fuel oil Lubricating oil RUBBER TIRES AND TUBES 1 . 1 Tires, pneumatic Inner tubes 1 Minerals—Total . B i t u m i n o u s coal... Anthracite P e t r o l e u m , crude.. Iron ore Zinc Lead Silver. '70 »73 '67 '43 91 90 52 47 170 49 64 158 28 80 59 89 103 r 12 106 97 i 51 62 156 67 68 65 89 55 39 165 78 64 52 84 62 38 170 76 69 44 104 76 50 163 78 71 48 97 103 no 4 79 63 163 86 78 52 101 p Preliminary. r Revised. 1 Revised January 1936 to date. Indexes for 1936 and 1937 may be obtained from Division of Research and Statistics. 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, March 1937, p. 256, October 1938, p. 912, and January 1939, pp. 20-21. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, boxboard, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision. APRIL 325 FEDERAL RESERVE BULLETIN 1939 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION) [Index numbers of the Board of Governors; adjusted tc Census of M a n u f a c t u r e s t h r o u g h 1935. 1923-25 average=100] 1938 1939 Industry and group Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. 90.0 83.7 96.0 88.9 81.0 96.4 87.4 79.0 95.4 85.4 76.2 94.1 83.7 74.1 92.9 82.4 71.9 92.4 82.9 70.7 94.5 84.9 72.0 97.2 86.9 75.7 97.6 87.5 77.9 96.7 90.0 81.3 98.3 91.6 83.2 99.5 91.7 83.6 99.4 91.3 83.4 98.8 IRON, STEEL, PRODUCTS 88.2 95 83 62 84 51 75 71 124 67 73 68 95 81 148 85.7 92 82 62 82 47 71 71 122 64 75 66 93 79 138 83.8 90 81 62 79 45 70 70 126 64 75 64 93 78 133 81.6 87 79 63 78 44 64 71 122 64 70 62 92 76 128 80.2 85 80 63 76 43 63 72 120 64 71 60 89 75 126 77.8 83 77 62 76 40 61 73 113 65 70 58 87 73 114 77.3 83 78 60 67 40 57 73 108 69 71 58 86 70 112 79.4 84 79 61 76 42 62 73 118 70 75 58 90 73 111 80.9 85 83 64 78 44 67 74 123 68 74 58 89 76 132 83.1 86 85 65 79 46 79 72 127 69 77 60 84 77 145 86.2 90 90 67 81 48 84 73 134 68 74 60 87 80 163 88.1 92 92 67 83 49 86 73 134 68 77 63 88 83 172 87.7 92 91 66 83 48 85 73 131 68 78 63 89 83 163 87.6 91 91 69 82 48 82 73 131 69 80 66 90 85 160 MACHINERY. 104. 8 100.0 148 144 90 92 89 142 96 63 118 96.9 142 142 87 88 87 134 91 61 115 92.8 139 141 82 88 83 129 93 58 114 89.1 130 139 78 86 80 123 87 58 115 86.0 124 137 75 82 77 115 83 54 116 83.3 103 138 73 81 76 112 82 54 117 84.7 106 135 74 83 77 112 82 58 119 85.2 96 136 77 83 78 114 81 61 122 86.8 99 136 80 86 78 115 89 62 125 89.1 99 135 83 88 79 117 106 65 126 91. 6 105 136 84 88 82 119 111 67 126 80.9 886 81 43 45 106 77.0 892 77 38 41 103 73.3 879 74 34 36 99 68.3 857 69 31 30 92 65.1 823 65 27 26 96 61.1 790 60 24 25 99 56.9 787 55 23 20 99 55.9 759 55 24 18 91 74.2 779 79 28 16 89 81.5 810 89 26 16 91 89.9 823 99 27 17 97 1)3. 9 854 104 30 17 100 93. 3 885 90.4 140 94 85 88.4 134 91 88 88 74 62 73 86.5 131 90 86 89 70 61 71 84.5 128 88 83 85 70 60 69 82.4 126 86 81 82 68 59 67 81.3 122 86 78 84 65 58 65 82.0 124 87 78 85 66 57 64 84.4 131 90 80 87 72 59 64 86.7 137 93 79 88 76 59 65 89.0 140 95 81 87 83 62 66 92.3 141 101 79 90 87 63 70 '93. 5 140 100 79 94 94. 0 141 99 86 93 61.9 75 52 50 63.2 76 53 51 62.9 75 53 51 64.5 76 55 53 65. 3 79 55 53 67.8 49 67 87 41 76 71. 1 72.0 73. 6 71.4 68 67 04 05 92 42 93 44 94 44 90 41 78 79 81 80 98.4 90. 0 98.2 89. 6 Total Durable goods... Nondurable goods _ Blast furnaces, steel works._ Bolts, nuts, washers, rivets Cast-iron pipe._ _ _ __ Cutlery, edge tools Forgings _ Hardware Plumbers' supplies _ Stamped, enameled ware Steam, hot-water heating.. Stoves Structural, ornamental Tin cans, tinware Tools Wire work Agricultural implements. . . . _. 156 144 Cash registers, etc.— __ Electrical machinery _. 97 98 Engines, turbines, etc. _ Foundry, machine-shop products. 93 148 Machine tools. __ 91 Radios, phonographs 66 Textile machinery.. Typewriters TRANSPORTATION EQUIPMENT Aircraft . _ _ Automobiles. Cars, electric-, steam-railroad. Locomotives Shipbuilding XONFERROUS METALS, PRODUCTS Aluminum __ Brass, bronze, copper Clocks, watches Jewelry Lighting e q u i p m e n t . _ Silverware, plated ware Smelting, refining . . . LUMBER, PRODUCTS.. _ 89 75 62 77 _ Furniture Lumber, millwork Lumber, sawmills... STONE, CLAY, GLASS PRODUCTS Cement . __ Glass Marble, granite, slate Pottery _ TEXTILES, PRODUCTS. _ Fabrics.. Carpets, rugs Cotton goods. _ _ Cotton small wares Dyeing, finishing textiles Hats, fur-felt Knit goods Hosiery.. _ Knitted outerwear Knitted underwear Knitted cloth ._ Silk, rayon goods Woolen, worsted goods Wearing apparel Clothing, men's Clothing, women's Corsets, allied garments Men's furnishings . Millinery. _ Shirts, collars ' Revised. . 64. 1 78 51 52 63.6 76 52 52 63.4 76 51 52 61.9 74 50 50 60.9 73 48 50 59.9 73 49 48 60.2 73 50 49 69.8 67.6 65.7 64.9 63.4 63.2 63.4 64.0 65.4 65 92 44 77 64 85 45 75 63 82 43 73 65 81 41 72 62 80 42 71 63 78 42 74 64 76 42 75 64 79 40 75 63 82 40 75 92.2 81.1 72 80 71 101 91 108 138 68 67 146 57 60 116.2 101 173 97 126 72 110 91.4 80.3 70 80 69 101 90 107 138 67 67 143 59 54 115.2 101 168 96 129 71 114 89.4 78.9 67 78 68 100 88 107 139 68 63 140 60 51 112.2 95 165 96 87.6 78.6 63 77 70 102 76 103 133 68 63 132 64 55 106.6 85 161 97 125 71 111 87.4 79.3 48 78 70 101 64 106 135 70 65 137 58 62 104.1 81 158 98 126 65 115 92.1 83.4 63 81 71 104 82 109 138 72 70 139 57 70 109.8 91 163 96 132 65 113 96.4 87.2 68 85 75 107 85 111 140 76 70 150 61 74 115.7 101 166 97 136 68 118 97.0 87.1 72 85 78 107 87 111 140 76 69 147 61 73 117.9 103 170 97 142 71 116 90. 6 81. 4 68 81 72 102 91 106 136 65 67 144 56 61 109. 8 94 165 97 116 71 103 76 112 96.7 95. 6 88.6 86.3 80 76 85 84 83 79 106 107 90 84 112 111 141 141 76 77 70 69 157 152 60 61 71 79 113.0 115,4 102 102 164 161 99 98 143 '138 61 72 114 114 64 72 98. 9 90. 3 82 85 85 110 83 115 144 82 71 162 02 83 110.4 103 100 101 -140 00 110 Feb. 92.2 93.9 116 109 134 83 134 84 92 83 124 117 70 127 93 82 121 114 07 126 92.5 933 99 35 18 110 102 32 20 103 933 145 99 84 94 89 0G 72 92 05 72 05.3 80 55 52 66. 3 79 56 54 83 85 84 111 81 113 145 68 72 151 61 83 116.0 101 165 101 132 08 120 83 86 . 84 111 84 114 146 74 72 150 02 78 101 105 101 137 71 120 326 FEDERAL RESERVE BULLETIN APRIL 1939 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)—Continued ITndex numbers of the Board of Governors; adjusted to Census of Manufactures through 1935. 1923-25 average=100l 1938 1939 Industry and group CO 74 Apr. May June July Aug. Sept. Oct. Nov. Dec. 89.9 92 74 89.8 92 73 87.1 89 73 84.4 85 73 88.4 90 75 89.6 91 78 91.3 92 79 90.8 91 81 91.4 92 84 84 to to __ Mar. CO CO Boots, shoes. Leather toco 89.5 92 75 LEATHER, MANUFACTURES Feb. CO 00 Jan. Jan. Feb. 92.8 93 86 92.8 93 85 121.8 144 245 98 125 79 76 80 94 127 88 . . 124.7 145 243 105 139 81 77 _ 80 99 88 _ - 82 124.2 144 246 106 139 80 76 81 97 95 86 122.4 143 243 106 134 78 76 79 95 99 82 120.4 143 240 107 120 79 75 81 94 98 80 120.0 142 237 105 126 76 76 79 93 91 91 121.2 143 232 102 131 78 77 77 94 91 89 122.2 144 232 101 136 78 77 77 95 92 85 123.0 144 236 103 140 79 77 78 95 89 88 122.2 143 234 100 131 79 75 77 96 109 92 119.2 142 234 99 111 79 75 78 97 101 89 122.8 143 245 99 128 79 77 80 99 101 88 124.2 144 244 100 129 82 78 80 99 142 87 124. 2 143 245 100 129 80 60.7 62 61 64.2 62 65 64.6 61 65 64.9 62 65 64.8 62 65 65.2 62 66 61.9 61 62 62.9 61 63 64.3 63 65 63.2 58 64 63.7 61 64 64.2 62 65 64.5 59 65 63.9 59 65 PAPER, PRINTING 106.4 106.1 96 106 103 106 105.6 96 105 103 106 105.0 95 104 102 106 103.7 95 103 100 105 103 0 95 102 99 105 103.0 95 102 100 104 103.7 96 103 99 105 104.0 96 104 99 105 104 3 97 105 99 105 105 4 100 106 100 106 106 0 101 106 101 106 106 0 102 106 101 105 10a. 9 102 106 100 106 CHEMICALS, PETROLEUM 114.8 123 112.8 122 112 110 85 92 115 291 89 114.4 123 112.4 119 107 108 84 95 113 303 89 112.7 122 110.3 115 99 107 84 87 114 307 88 110.9 122 108.2 112 109 108 83 85 113 289 86 110.2 122 107.5 110 101 111 82 93 110 290 86 108.4 120 105.5 110 93 112 81 93 109 274 86 108.3 121 105.2 106 102 113 81 91 110 272 89 111.0 121 108.4 110 98 110 81 96 113 292 92 111.4 120 109.4 111 87 108 83 92 114 312 91 111 2 119 109.3 113 86 107 82 88 113 313 90 111.8 118 110.2 117 88 107 81 91 114 310 86 112 3 118 110.9 117 90 107 81 89 114 310 91 112. 3 118 111.0 117 85 108 82 94 115 310 91 111.7 118 110.3 118 76 106 82 90 113 314 90 78.0 59 69 113 74.1 57 63 112 72.4 55 62 110 72.2 55 61 110 71.3 55 60 109 71.3 56 60 107 69.5 44 61 109 73.4 54 61 117 76.0 56 62 123 76 8 58 64 121 81.7 62 66 132 83 2 63 67 135 81. 3 58 67 131 81.2 61 66 131 FOOD, PRODUCTS.. __ Baking Beverages Butter Canning, preserving.. _ C onfectionery Flour __ __ Ice cream Slaughtering, meat packing Sugar, beet Sugar refining, cane TOBACCO MANUFACTURES Tobacco, snuff Cigars, cigarettes 96 Boxes, paper _ _ _ _ _ _ __ _ 106 Paper, pulp 104 Book, job printing __ _ Newspaper, periodical printing___ 106 Petroleum refining __ _ Other than petroleum. _ Chemicals Cottonseed oil, cake, meal Druggists' preparations Explosives Fertilizers... Paints, varnishes Rayon, allied products Soap RUBBER PRODUCTS Rubber boots, shoes. _ Rubber tires, inner tubes Rubber goods, other __ 80 96 199 89 NOTE. —Figures for February 1939 are preliminary. For description and back data see pages 835-866 of the BULLETIN for October 1938. Underlying figures are for payroll period ending nearest middle of month. 327 FEDERAL RESERVE BULLETIN FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT) [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1935. 1923-25 average=100] Factory employment Industry and group 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 Stamped, enameled ware 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 NONFERROUS METALS, PRODUCTS.. Aluminum Brass, bronze, copper Clocks, watches Jewelry Lighting equipment Silverware, plated ware Smelting, refining LUMBER, PRODUCTS.__ Furniture Lumber, millwork. Lumber, sawmills__ STONE, CLAY, GLASS PRODUCTS.. Brick, tile, terra cotta Cement Glass Marble, granite, slate Pottery TEXTILES, PRODUCTS Fabrics Carpets, rugs Cotton goods Cotton small wares Dyeing, finishing textiles.. Hats, fur-felt Knit goods Hosiery Knitted outerwear Knitted underwear Knitted cloth Silk, rayon goods Woolen, worsted goods Wearing apparel Clothing, men's Clothing, women's Corsets, allied garments Men's furnishings Millinery Shirts, collars • Revised. 1939 1938 Jan. 87.8 81.7 93.7 Feb. 88. 2 80. 1 95.9 Factory payrolls 1938 Oct. Nov. Dec. Jan. Feb. Jan. Feb. Oct. 89.5 79.0 99.4 90.5 82. 1 98.4 91.2 83.1 89.5 81.6 97.0 90.7 82.6 98.4 75 0 67 1 84 0 76. 9 67. 2 87. 8 83.8 75.2 93.4 85.3 78.3 93.1 86.4 95 83 61 83 52 75 71 123 65 61 66 88 81 148 85.3 93 83 61 83 48 72 71 123 64 71 64 87 79 138 83.9 86 85 65 80 46 80 73 129 71 83 61 86 77 147 86.5 90 90 66 83 48 84 73 134 69 79 61 85 81 165 87.4 91 92 66 83 50 86 73 134 68 75 62 84 84 172 85.9 91 91 66 81 48 85 72 129 66 65 62 83 83 163 87.2 92 92 67 83 48 83 74 132 68 75 64 84 85 160 60 9 61 57 45 67 37 56 53 104 48 42 54 90 71 125 63. 2 64 62 44 67 35 59 52 109 47 54 52 90 68 118 74.9 74 81 54 74 42 86 62 133 59 76 51 89 72 156 79.1 82 91 55 76 44 93 55 134 53 63 50 88 76 180 104. 0 159 143 96 92 92 148 86 67 120 99.7 153 144 90 91 89 142 84 64 117 87.2 94 136 81 83 78 116 108 61 125 89.5 97 135 83 84 79 118 119 64 129 91.8 105 135 84 85 82 120 118 67 128 91.5 111 133 82 87 82 121 108 68 126 93.4 120 134 84 91 83 125 103 70 125 95 1 169 134 87 99 80 151 73 55 88 91.1 162 129 81 99 78 138 68 53 102 81.9 92 120 78 90 69 111 98 57 128 83.9 95 120 80 92 71 111 107 61 131 82.6 878 85 39 43 105 79.9 883 82 37 39 101 79.4 786 86 25 16 92 91.6 815 102 26 17 97 96. 1 845 107 30 17 101 95.8 876 106 29 19 101 96.5 923 105 34 18 108 67.6 787 64 38 38 110 65. 9 815 63 37 37 105 83.8 781 91 24 11 95 95.9 799 108 23 13 94 88.8 138 93 85 84 74 60 77 88.0 135 91 88 86 74 61 73 92.2 142 96 84 100 85 64 66 95.4 143 101 84 101 92 67 71 r 95. 0 140 100 83 97 '94 67 73 92.4 139 98 85 87 90 63 93.5 145 99 84 92 74 9 125 77 82 68 54 46 73 74. 4 125 76 84 69 56 49 69 88.5 148 96 86 92 78 62 62 90.2 148 100 87 83 83 66 66 60. 0 75 48 48 60. 6 75 51 48 65.7 80 54 53 65.2 80 55 52 64. 1 80 54 51 61.9 76 53 49 62. 3 79 53 49 45. 1 52 35 38 48. 0 56 38 39 60.0 68 46 50 56.2 65 45 46 56.1 68 45 45 52. 0 60 43 42 52.8 66 43 41 63.1 43 54 88 37 74 63.0 43 53 85 40 75 70. 1 52 70 88 42 78 71.6 52 68 92 43 80 70.5 51 63 93 42 80 66.4 49 53 90 37 79 66.5 48 54 90 37 80 47 9 27 44 78 25 58 51. 3 28 44 81 30 66 63.0 41 65 93 30 73 63.8 39 64 99 31 75 63.5 39 57 99 31 76 56. 8 37 47 92 26 66 57.7 36 48 93 26 89.7 82.1 66 83 71 104 91 103 135 63 63 139 58 62 105. 3 91 160 96 108 70 93 94.7 83.1 72 82 73 105 92 108 139 67 67 147 59 63 119.8 104 180 98 127 78 110 97.5 87.2 96.9 89.5 80 98.6 91.8 82 87 85 112 82 115 146 79 71 160 63 85 112.2 97 161 100 149 58 116 97.5 90.8 81 87 84 113 84 111 144 65 69 147 63 84 111.0 97 160 100 123 67 114 100.9 91.8 68.0 64. 4 41 64 59 84 78 94 132 52 48 100 40 51 72. 6 58 103 84 82 55 72 77. 9 69. 0 49 65 66 90 86 108 153 60 54 113 45 53 92.8 74 135 94 108 69 87 83.1 76. 5 66 72 78.4 77.3 67 74 77 93 70 119 165 69 61 120 49 64 78.0 63 102 100 150 40 104 83. 3 81. 1 71 76 82 97 75 120 164 73 62 127 52 73 r 84.6 68 115 103 143 43 105 80.8 78.7 68 74 80 97 80 112 157 59 58 119 51 71 82.4 69 112 99 101 55 93 87.2 80.9 71 76 84 103 82 119 164 69 64 119 53 69 96.6 80 133 107 124 69 104 84 80 106 89 115 144 83 70 156 61 119.6 105 171 99 149 74 119 83 109 83 114 145 78 71 156 62 78 112.0 98 159 99 150 55 118 86 117 86 114 147 74 72 151 64 82 119.4 104 171 102 138 77 120 77 92 78 122 167 77 63 131 50 58 93.0 75 129 105 140 63 99 80.8 83 94 56 79 49 90 60 136 56 61 53 88 82 54 50 52 87 80 158 79.8 83 97 56 76 47 78 64 129 57 62 55 86 84 157 114 119 r 83 98 76 120 108 67 130 87.4 112 117 81 98 75 120 97 65 119 91.6 129 120 84 107 78 131 89 68 123 r 97. 9 880 107 28 14 107 91.9 908 101 27 15 107 91.6 946 97 32 13 114 r 90. 3 144 99 83 85 r 85 68 68 84.7 143 93 81 r 53 74 46 82 60 152 96 84 75 82 61 67 328 FEDERAL RESERVE BULLETIN APRIL 1939 FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT)—Continued [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1935. 1923-25 average=100.] Factory payrolls Factory employment Industry and group LEATHER, MANUFACTURES 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 ]938 Petroleum refining Other than petroleum Chemicals Cottonseed oil, cake, meal Druggists' preparations Explosives Fertilizers Paints, varnishes Rayon, allied products Soap RUBBER PRODUCTS Rubber boots, shoes Rubber tires, inner tubes Rubber goods, other 1938 Jan. Feb. Oct. 89.6 92 75 93.5 96 76 89.6 90 81 84.8 83 84 88.6 88 85 114.7 142 222 98 85 79 76 68 102 38 78 113.3 142 225 98 82 128.8 144 234 99 147 93 78 123.4 145 229 97 103 91 78 70 101 275 87 120. 1 144 223 95 85 91 55.7 63 55 63.2 64 63 66.3 58 67 66. 9 62 68 65.2 62 66 59.2 61 59 62.7 61 63 48.0 69 45 106.1 106.1 94 106 105 106 105.5 103 105 100 106 107.0 105 106 101 107 108.0 104 106 104 108 105. 7 98 106 103 105 105.9 100 106 101 106 87 115. 1 122 113.4 117 120 110 82 104 112 307 89 113.4 120 111.9 115 122 110 84 80 113 314 93 113.0 119 111.6 117 116 110 83 79 112 313 89 112.7 118 111.4 117 114 109 83 82 112 311 89 111.9 117 110.6 116 95 108 81 94 112 313 89 77.9 60 69 112 74.1 56 63 113 77.7 60 64 123 82.4 63 66 134 83.6 65 67 135 81.1 58 67 130 93 Boxes, paper 106 Paper, pulp 105 Book, job printing Newspaper, periodical printing. __ 106 CHEMICALS, PETROLEUM 1939 114. 6 123 112.6 120 125 110 85 92 113 294 78 76 68 97 35 85 74 97 270 89 Nov. Dec. 78 69 102 231 84 1939 Feb. Jan. Feb. Oct. Nov. 92.9 93 86 96.6 69.0 67 70 77.0 69.6 65 82 62.4 54 85 70.0 63 88 77.5 73 88 83. 1 79 90 113.7 140 223 93 79 111.3 142 224 90 74 116.6 136 251 82 114.2 137 261 83 115. 2 136 252 81 77 77 122.4 140 265 82 86 85 120.9 138 257 80 78 71 76 77 68 100 85 85 76 68 94 127. 0 140 273 86 130 92 80 64 110 228 79 112.2 137 253 79 71 75 72 59 101 54 73 52.6 70 50 60.7 63 60 59.8 69 59 59.6 73 58 49.7 66 48 100.3 88 96 95 105 101.2 92 101 93 105 103.7 113 107 88 109 103.3 110 103 89 110 107.3 109 103 97 113 102.2 100 103 94 105 102 5 103 106 90 106 112.2 116 111.1 116 85 108 80 99 112 319 90 115.7 136 109.5 125 107 118 80 79 104 258 88 117.3 138 110.8 124 100 116 90 120.1 133 116.2 128 104 124 120.1 134 115.8 130 96 120 95 89 97 70 116 303 95 119.1 134 114. 6 128 100 120 92 65 114 303 88 115 302 90 119.7 135 115.2 128 79 119 90 77 113 310 91 119.9 132 116. 1 130 69 118 92 78 116 314 91 81.3 61 66 132 66.1 49 60 96 58.9 44 49 98 79.7 62 69 123 85.2 61 75 131 89.0 66 79 134 83.9 57 76 125 82.4 60 Jan. 97 87 47 87 77 73 75 75 73 75 75 58 119 42 67 74 58 105 43 73 87 108 266 74 61 110 275 75 Dec. 92 73 60 113 222 73 70 Jan. 75 60 111 73 75 Feb. 51. '< 64 50 127 NOTE.—Figures for February 1939 are preliminary. For description see pages 835-866 of the BULLETIN for October 1938. Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are for payroll period ending nearest middle of month. APRIL 329 FEDERAL RESERVE BULLETIN 1939 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION IFigures for 37 States east of the Rocky Mountains, as reported by the F. W. Bodge Corporation. Value of contracts in millions of dollars.] Nonresidential Building Residential Building Total January February.. . M^arch May June July August September October November December._ Year 1 1938 1939 1938 192.2 118.9 226 9 222.0 283.2 251.0 239.8 313.1 300.9 357 7 301.7 389.4 251.7 220.2 36.2 40.0 79 4 74.6 83.2 85.7 88.0 99 7 99.6 112 7 95.3 91.5 3, 196. 9 1939 1938 80.2 79.0 1939 6.6 4.9 15 7 11.5 8.6 10.7 9.7 11 3 10. 7 13 8 10.5 7.0 1938 1939 15.4 13.0 20 2 18 9 19.2 18 8 26.2 18 3 14 0 24 2 13.7 14.0 7.1 9.5 121.1 985.8 Educational * Commercial Factories Month 1939 1938 17.3 13.5 334.1 215.8 Other i 1938 31.7 21.8 19.0 15.4 21 0 16.9 11.8 14 7 10.7 21 4 33.9 47 0 49.0 73.3 Public works and public utilities * 1939 16.4 15.1 31 0 33. 1 38.2 37.7 26.1 36 3 33.4 46 0 42.8 45.2 1938 28.9 24. 7 1939 86.5 71.6 98.6 30.5 59 7 67.0 122.2 83. 5 79.3 126 1 109.3 114 0 90.4 158.4 1,139. 0 401.2 Not strictly comparable with data for earlier years due to changes in classification. CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING [Figures for 37 States east of the Rocky Mountains, as reported by the F . W. Dodge Corporation. Total Value of contracts in millions of dollars.] Publicly-financed * Privately-financed i Month May June July August September October November December Year 1936 1937 1938 1939 1934 1935 1936 1937 1938 1939 1934 1935 1936 1937 1938 186 97 178 131 134 127 120 120 110 135 112 93 100 75 123 124 127 148 159 169 167 201 188 264 215 140 199 235 216 233 295 275 234 226 208 200 243 188 231 270 244 318 322 281 207 202 192 119 227 222 283 251 240 313 301 358 302 389 252 157 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 93 115 118 51 95 99 144 108 98 171 160 203 148 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 75 68 132 123 139 143 142 142 141 154 123 110 975 1,007 1,334 1,152 1,705 837 1,341 1,761 1,492 1, 543 1,845 2,675 2,913 3,197 CD CD _ _ 1935 CO OO January February March April.. 1934 568 1939 104 i Back figures —See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. NOTE.—Due to change in publication policy of the F. W. Dodge Corporation, data for February 1939 will be published in the BULLETIN for May 1939 CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS COMMERCIAL FAILURES, BY DISTRICTS [Figures reported by Dun & Bradstreet. 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 1939 Jan. 15,776 47, 049 8, 564 22 734 19, 053 19, 665 38,138 17, 324 4.838 12, 034 15, 022 10, 576 69, 819 14, 245 27, 302 25, 613 20,156 36,121 13,261 7,245 9,114 18, 221 220,197 251, 673 Feb. Federal Reserve district . .__ _ Total (11 districts) . . 7,492 20, 007 8, 926 Boston 14, 304 New York 14, 741 Philadelphia 10, 828 Cleveland 17, 289 Richmond. _ 6,683 Atlanta 5,394 Chicago 5,342 St. Louis 7, 939 Minneapolis 118,945 Kansas City. D alias San Francisco Total 1939 1938 1939 Jan. Feb. 81 264 63 60 65 69 134 37 18 41 34 97 100 396 69 92 68 75 174 133 105 300 90 97 47 63 168 55 24 49 25 126 963 1,263 1,149 CO CM CO C" Feb. Feb. ___ Liabilities 1938 Federal Reserve district Boston New York., _ Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas Amounts in thousands of 1938 Feb. Feb. Jan. 1,468 3,661 1,103 779 469 679 1,943 615 172 235 333 1,331 1.211 6, 808 767 1,459 618 1,112 3, 309 536 784 754 1,572 2,008 6,378 1,403 2 798 548 826 2,371 524 1,039 445 245 2,443 12, 788 19, 122 21,028 330 FEDERAL RESERVE BULLETIN APRIL 1939 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Excess of exports Merchandise imports 2 Month January February March April May _ June July August . September October November December _ _ Year 1936 1937 1938 1939 1935 167 152 177 187 193 199 240 278 307 171 163 173 178 274 257 233 171 171 157 203 192 191 287 285 286 268 277 297 228 231 246 177 169 162 195 193 216 265 226 230 333 315 323 278 252 269 189 169 187 2,456 3,349 3,094 ?, Oil 1935 1936 1937 1938 1939 176 163 185 199 182 195 223 233 257 289 262 275 213 164 165 170 193 201 186 269 290 265 173 172 199 180 179 221 221 270 223 2,283 1935 1936 1937 9 11 8 11 -11 —4 — 18 45 — 51 118 99 102 160 148 146 —6 —5 13 — 10 9 —5 — 18 5 —21 115 109 87 265 246 233 141 166 168 —3 3 37 — 15 — 14 5 3 31 63 87 65 79 213 196 245 224 223 209 178 176 171 32 100 37 52 30 -15 108 92 115 100 76 97 2,423 3,084 l, 960 235 33 265 1,134 r 1938 1939 35 T p Preliminary. Revised. 1 Including both domestic and foreign merchandise. 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. 2 FREIGHT-CAR LOADINGS, BY CLASSES DEPARTMENT STORES—SALES, STOCKS [Index numbers; 1923-25 average=100] [Index numbers based on value figures; 1923-25 average=100] 1938 1939 Oct. Nov. Dec. Feb. Jan. Feb. Month Adjusted for seasonal variation Total Coal. Coke Grain and grain products _ Livestock Forest products Ore M iscellaneous1 Merchandise 62 54 35 76 41 38 78 69 62 68 69 50 95 44 42 48 72 62 m 70 58 81 44 40 74 74 61 69 69 53 83 41 43 92 74 61 69 67 55 79 41 42 102 76 62 67 65 46 70 38 36 93 75 62 Without seasonal adjustment Total Coal Coke Grain and grain products Forest products Ore Miscellaneous Merchandise * 57 63 47 69 34 37 19 59 60 75 76 50 95 62 43 71 82 65 70 76 58 76 53 39 41 76 62 64 78 58 72 40 37 23 67 59 63 76 64 71 40 37 22 65 59 Index of stocks (end of month) Index of sales 1 62 76 62 64 31 35 22 64 60 January February March April May June July August Adjusted Adjusted Without Without seasonal for seasonal seasonal for seasonal variation adjustment variation adjustment 1938 1939 1938 1939 1938 1939 1938 90 88 86 88 87 70 70 77 69 69 71 70 70 67 68 63 67 71 83 78 82 86 80 79 69 69 68 71 71 65 September 83 83 86 58 65 91 67 67 67 61 65 70 October... __ November _ _ December 84 89 89 92 99 156 67 67 66 74 78 62 Year 85 1939 60 65 68 1 Based on daily average sales—with allowance for changes from month to month in number of Saturdays and in number of Sundays and holidays. Adjustment for seasonal variation makes allowance in March 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 pp. 522-529 of BULLETIN Back figures.—Department store sales, see BULLETINS for August tor June 1937. Based on daily average loadings. Basic data compiled 1936, p. 631, and October 1938, p. 918; department store stocks, see BULby Association of American Railroads. Total index compiled by com- LETIN for March 1938, p. 232. bining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. 331 FEDERAL RESERVE BULLETIN APRIL 1939 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926=100] Year, month, or week All commodities Other commodities Farm products Foods Total Hides and Textile HouseFuel and Metals Building Chemicals and furnishleather lighting and metal ing goods products products materials products materials drugs 83.0 78.5 67.5 70.3 66.3 73.3 73.5 76.2 77.6 76.5 80.3 96.7 94.7 93.6 92.1 91.3 90.1 91.5 91.9 92.0 93.4 94.6 93.1 90.4 80.3 66.3 54.9 64.8 72.9 70.9 71.5 76.3 66.7 69.7 68.6 68.2 67.2 66.1 65.5 66.1 65.9 65.8 66.2 66.2 65.8 80.2 80.2 93.1 91.9 80.7 80.7 80.6 80.5 80.5 80.6 80.5 80.4 80.4 80.4 80.4 80.4 80.4 80.4 80.6 80.7 94.4 93.4 93.8 93.8 93.6 93.9 94.1 93.8 93.3 92.9 92.7 92.5 92.4 92.3 92.5 92.6 104.9 88.3 64.8 48.2 51.4 65.3 78.8 80.9 86.4 68.5 71.6 69.8 70.3 68.4 67.5 68.7 69 4 67. 3 68.1 66.8 67.8 67.6 99.9 90.5 74.6 61.0 60.5 70.5 83.7 82.1 85.5 73.6 91.6 85.2 75.0 70.2 71.2 78.4 77.8 79.6 85.3 81.7 :L09.1 100.0 86.1 72.9 80.9 86.6 89.6 95.4 104.6 92.8 1938—January February March April _ _. May June ._ July August September October November December 95.3 86 4 73.0 64 8 65.9 74 9 80.0 80.8 86.3 78.6 80.9 79.8 79.7 78.7 78 1 78.3 78 8 78.1 78.3 77 6 77.5 77.0 76.3 73.5 73.5 72.3 72.1 73.1 74.3 73.0 74.5 73.5 74.1 73.1 83.5 83.0 82.6 82.0 81.6 81.3 81.4 81.4 81.3 81.1 1939—January February... . . . 76. 9 76.9 67.2 67.2 71.5 71.5 Week ending— 1938—Dec. 3 _ Dec. 10 Dec. 17 Dec. 24 Dec. 31 Jan. 7 Jan. 14 Jan. 21 Jan. 28 Feb. 4 Feb. 11 Feb. 18 Feb. 25 Mar. 4 Mar. 11.. Mar. 18 77.4 77,1 76 7 76 6 76.9 77. 0 76.8 76 6 76.7 76 6 76.6 76.6 76.8 76 7 77.0 76.7 69.1 67.8 67.4 67.2 68.3 67.6 67.3 66.9 67.3 67.1 66.7 66.9 67.7 67.2 68.0 67.1 74.3 73.7 72.6 72.2 72.5 72.6 71.3 71.3 71.2 71.0 71.1 71.3 71.4 71.5 71.4 70.7 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 . . 80. e 1938 Jan. Feb. Grains Livestock and poultry Other farm products. 73.0 78.1 63.5 50.9 75.2 67.4 54.4 74.4 66.5 56.3 78.0 63.2 54.7 79.2 62.9 Dairy products Cereal products Fruits and vegetables Meats Other foods 78.3 83.2 56.8 78.4 66.7 72.5 74.0 63.0 81.9 71.0 73.9 74.8 60. 4 79.9 69. 2 71.8 73.2 60.9 81.6 63 6 71.6 72.7 62.1 83.2 61.7 FOODS: H I D E S AND LEATHER PRODUCTS: Shoes. __ Hides and skins Leather.. Other leather products 104.6 100.4 100. 6 101. 2 101. 1 74.6 85. 5 78.8 78.4 72.8 84.4 86.9 85 9 85 0 84.2 102.4 96.6 95.8 95.3 95.3 TEXTILE PRODUCTS: Clothing Cotton goods Hosiery and underwear Silk and rayon Woolen and worsted goods Other textile products 85.8 67.6 60.9 81.0 67.0 81.6 65. 1 59.9 30.3 76.4 64. 5 81.6 81 5 64. 6 64.3 59.3 59. 1 30.8 32 1 74.8 74.5 64 4 64 4 81.5 63.7 58.8 34.7 74.7 64. 5 F U E L AND LIGHTING MATERIALS: Anthracite Bituminous coal Coke Electricity Gas Petroleum products 94.3 92.7 84.9 75.1 75.8 81.5 80.6 81.7 89.7 86.8 88.3 88.0 87.7 87.3 87.2 87.1 86.4 86.4 86.2 85.7 85.8 88.0 75.2 74.8 74.4 73.4 73.1 72.9 72.7 72.4 72.4 72.6 73.0 73.1 94.4 94.3 89.5 89.6 76.7 76.3 85.4 85.2 73.2 73.5 95.0 94.8 94 8 94 8 94.8 94.6 94.6 94.5 94.5 94.5 94.5 94.5 94.5 94. 5 94.5 94.4 89.3 89.1 89.2 89.3 89.2 90.0 89.7 89.1 89.4 89.3 89.1 89.4 90.0 89.6 90.2 90.2 76.3 76,3 76 3 76 4 76 3 76.3 76,4 76.3 76.1 76.2 76,1 76.0 76.0 76 ?, 76.3 76.2 87.7 87.6 87.6 87.6 87.6 87.5 87.2 87.2 87.2 87.2 86.7 86.6 86.6 86.6 86.6 86.6 72.4 72.8 72.9 72.9 73.0 73.1 73.1 73.0 73.0 72.9 72.8 72.9 73.0 73.2 73.4 73.9 78.3 78.5 77.7 76.8 76.2 76.4 76.8 76.8 76.6 75.4 73.7 73.2 65.9 66.1 72.8 73.0 65.6 65.4 65.2 65.2 65.3 65.3 65.3 65.4 65.6 65.5 65.6 65.5 65.6 65.9 66.0 66. 1 74.3 74.4 74.1 73.8 73.7 73.8 73.7 73.6 73.4 73.5 73.7 73.6 73.4 73.3 73.6 73.7 95.4 89.9 79.2 71.4 77.0 86.2 85.3 86.7 95.2 90.3 1938 82.6 77.7 69.8 64.4 62.5 69.7 68.3 70.5 77.8 73.3 1939 Subgroups Feb. Nov. Dec. FARM PRODUCTS: 91.8 91.1 91.5 91.2 90.4 89.7 89.2 89.4 89.5 89.8 89.2 89.4 94.2 89.1 79.3 73.5 72.6 75.9 80.5 80 4 83.9 77.6 79 6 79 1 78.7 77.5 76.8 76.3 77.7 77.7 77 3 77.1 76.6 76.7 100.5 92.1 84.5 80.2 79.8 86.9 86.4 87.0 95.7 95.7 96.6 96.0 96.0 96.3 96.7 96.1 95.2 95.4 95.5 95.3 94.9 94.6 1939 Subgroups Miscellaneous 79 8 80.1 80 1 80 3 79.9 103 2 98 5 98 5 98 3 98 1 105 5 104 2 104 2 104 2 104 2 89 6 81 8 82 7 82 9 84 6 81 6 82 2 58.0 51.5 50.9 50.4 50.7 Jan. Feb. 93. 5 93.4 94. 8 94.6 96.8 96.4 93.4 93.4 76.8 76.7 78.7 78.7 93. 2 94.5 96. 1 93.4 76.5 79.2 Feb. Nov. Dec. METALS AND M E T A L PRODUCTS: Agricultural implements Farm machinery „ . Iron and steel _ l Motor vehicles Nonferrous metals Plumbing and heating _ _ 96 ?, 47.7 99. 3 95 6 72 1 tV 6 93 7 95. 0 96 9 93.6 77.6 78. 7 BUILDING MATERIALS: Brick and tile Cement Lumber Paint and paint materials Plumbing and heating.. . . Structural steel Other building materials 91.5 95. 5 90.2 80.9 . 79.6 78 7 114 9 107 3 95.3 89. 7 91 5 95. 5 91 0 7Q 9 CHEMICALS AND DRUGS: Chemicals Drugs and Pharmaceuticals Fertilizer materials... Mixed fertilizers 91. 5 92.4 92.4 95.5 95. 5 95.5 90.9 91.7 92.6 81.0 81.0 80. 5 78. 7 78.7 79.2 107.3 107.3 107.3 89.7 89.6 89.3 79.4 72.7 69. 3 73.7 80 2 73.6 67.7 73 2 80.0 73.5 68.6 73.8 79. 7 73.0 70.2 74.8 32. 2 89 7 81.9 90.3 81. 6 90. 1 89.8 80.5 80.5 57 4 86 7 89 7 30 2 82 2 58 8 76 6 80 9 33 9 81.1 58 8 79 9 81 0 33 4 81.1 73.9 n72.33 HOUSEFURNISHING GOODS: Furnishings Furniture _ MISCELLANEOUS: Auto tires and tubes Cattle feed Paper and pulp Rubber, crude Other miscells neous 58 8 70 5 81 5 34 3 81.2 59 7 78 2 81 1 33 7 81.2 i Preliminary revision. Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937 (table 87). 332 FEDERAL RESERVE BULLETIN APRIL 1939 CHANGES IN MEMBER BANK SERIES IN CHART BOOK With the new classification of loans adopted in securities" and "Other loans for purchasin the revised call report form (see pages ing and carrying securities", thus excluding 259-264 of this BULLETIN), it will not be pos- all loans on securities reported as "Commersible to continue series of figures comparable cial and industrial" or as "All other" loans. with those for loans on securities for "Other" The series for "Other loans (largely commerloans, or for "Commercial" loans, heretofore cial)" will be the total of "Commercial and published, in the BULLETIN and shown in the industrial loans", "Agricultural loans", Federal Reserve Chart Book. This is because "Open-market paper", "Loans to banks", and the new series of "Commercial and indus- "All other loans"; it will be larger than the trial" loans and "Other" loans include but do figure previously shown by the amount of not show separately both loans on securities loans on securities reported in these classes and loans otherwise secured and unsecured. of loans. On the basis of a breakdown that was avail- For December 31, 1938, figures comparable able for weekly reporting banks in 101 lead- with past data and figures compiled on the ing cities, it was possible to make approxi- basis that will be used in the future are as mate estimates of the old series for all mem- follows: [In billions of dollars] ber banks as of December 31, 1938, and these Figures Series that Chart estimates are shown in the table of chart book compawill be book rable with published page figures given below. past data in future Loans, total 11 13. 21 13.21 Hereafter the chart on page 13 of the chart Security loans, total, ._ 12 3. 52 1.75 book will show the new series "Other loans Brokers' loans .97 13 .97 for purchasing and carrying securities" in Loans on securities (excl. brokers' loans) _._ . 13 2.55 .78 place of "Loans on securities (excluding brok12, 13 Heal estate loans 2.72 2.72 ers' loans)" and a total of the new series for Other loans, total 12 6 . 97 18.74 "Commercial and industrial" and for "AgriCommercial loans 6 . 41 13 5.45 Open-market pape .44 13 .44 cultural" loans in place of that for "CommerLoans to banks 13 .12 .12 All other loans 2 2.73 cial" loans heretofore shown. In the chart on page 12 the figure for "Security loans" will 1 Estimated. Includes loans on securities reported as "Commercial" loans and as 'All other" loans. be the total of "Loans to brokers and dealers 2 Not heretofore plotted in chart book. e e e e r e BANKING STATISTICS FOR CALL REPORT DATES [In billions of dollars] Chart book page All banks in the United States: Total deposits and currency Time deposits Demand deposits adjusted Currency outside banks Member banks: Demand deposits adjusted Time deposits Interbank balances Loans and investments Investments, total U. S. Government obligations, total Direct obligations Guaranteed obligations Other securities, total State and local government securities Other domestic Foreign securities Loans, total Security loans, total * Brokers' loans Loans on securities (excluding brokers' loans) Real estate loans Other loans, total* Commercial loans Open-market paper Loans to banks 10 10 10 10 11 11 11 11 11 12 13 13 12 13 13 13 11 12 13 13 12, 13 12 13 13 13 1938 Mar. 4 June 30 Dec. 31 Mar. 52.55 24.40 22.55 4.98 55.17 24.90 23. 86 5.26 57. 48 25.40 25.53 5.55 19. 16 10.45 6.15 30.29 18.19 12.44 10.56 1.88 5.75 2.25 3.23 .26 12.10 4.16 1.30 2.83 2.30 5.64 4.96 .63 20.28 10.79 '5.99 32.26 19.72 13.67 11.72 1.95 6.05 2.26 3.53 .25 12. 54 4.24 1.35 2.86 2.34 5.97 5.36 .56 .08 21.65 10.99 «6. 40 33.00 19.64 13.55 11.64 1.91 6.10 2.21 3.65 .24 13.36 4.22 1.41 2.79 2.40 6.73 6.04 .63 C Dec. 31 June 30 56.79 25.69 25.23 5.42 21. 35 11. 16 5. 75 32.53 18.83 12.72 10.86 1.86 6.11 2.33 3.53 .25 13. 70 4.28 1.42 2.82 2.44 6.97 6.22 .71 .10 C 31 Mar. 7 June 30 57.42 25.96 25. 26 5.53 56.83 26.26 24. 05 5.69 56.78 26.34 24.13 5.50 56.74 26. 27 24.39 5.47 21.40 11.35 C 5. 30 32.74 18.45 12.69 10.87 1.82 5.77 2.13 3.40 .23 14.29 4.37 1.54 2.83 2.51 7.41 6.66 .64 .12 20.39 11.52 c 5. 44 31.75 17.79 12.37 10.57 1.80 5.42 2.03 3.21 .18 13.96 3.70 .95 2.75 2.55 7.71 7.00 .64 .07 20. 51 11. 59 5. 62 31.52 17.98 12. 45 10.63 1.83 5.52 2.19 3.15 . 18 13.55 3.54 .88 2.67 2.56 7.45 6.75 .61 .10 11.56 6.10 30. 72 17.78 12. 34 10.22 2.13 5.44 2.13 3.13 .18 12.94 3.32 .70 2.61 2.61 7.01 6.40 .49 .12 c C Sept. P57. P26. 25. P5. 64 13 24 49 21.60 11.46 "6. 09 31.63 18. 69 13.01 10.71 2.30 5.68 2.30 3.19 .18 12. 94 3.30 .71 2.59 2.66 6.97 6.36 .48 .13 Dec. 31 P59. P26. P26. P5. 16 29 14 83 22.29 11.51 6.51 32.07 18.86 13. 22 10.88 2.34 5.64 2.45 3.01 .18 13.21 2 3.52 .97 2 2. 55 2.72 2 6.97 2 6.41 .44 .12 p Preliminary. « Corrected. 1 In chart 12 loans to banks on securities are included in the total of "security loans" prior to June 30, 1937 and in the total of "other loans" since that date. 2 Figures, which are now reported on different basis and will be so published in future, are partly estimated for this date to make them comparable with corresponding figures for previous dates; see above text. 333 FEDERAL RESERVE BULLETIN STATISTICS FOR FEDERAL RESERVE CHART BOOK Chart book page WEEKLY FIGURES Chart book Feb. 15 Feb. 21 Mar. 1 Mar. 8 Mar. 15 3, 5 5 5 5 3 3, 9 3 3 3, 6 6 7 7 7 7 7 2.59 .01 ( 0 2.56 2.59 0) 0) 2.59 MONTHLY FIGURES 0) 0) 0) (0 14.77 6.70 2.77 1.25 8.71 5.54 3.34 2.03 2.56 14.89 6.74 2.72 1.17 8.94 5.56 P3.37 2.04 2.56 14.92 6.75 2.72 1.10 8.99 5.58 P3.42 1.98 .16 .66 .49 .15 .65 .50 .16 .67 .17 .72 P. 2.60 50 P. 54 0) 0) 2.56 14.98 6.75 2.71 1.06 9.08 5.63 P3.41 1.92 .18 .78 P. 53 REPORTING MEMBER BANKS Total, 101 cities: Loans and investments Investments Loans Adjusted demand deposits Time deposits U. S. Gov't deposits Domestic bank balances Foreign bank balances. _ New York City: U. S. Gov't obligations.. Other securities Commercial loans Brokers'loans.. 100 cities outside New York: U. S. Gov't obligations.Other securities Commercial loans 14 14 14 21.61 13.40 8.21 21.61 13.43 8.18 21.59 13.41 8.19 21.79 13.45 8.34 21.82 13.54 8.28 15 15 15 15 15 15.95 5.18 16.09 5.19 15.97 5.20 16.09 5.22 16.14 5.20 .63 6.66 .57 .63 .63 .63 .63 6.29 6.24 6.41 6.52 .55 .56 .57 .57 16 16 16 16 3.65 1.16 1.36 3.67 1.17 1.36 3.68 1.18 1.36 3.77 1.17 1.37 .66 .64 .65 .76 3.83 1.16 1.37 .72 17 17 17 6.51 2.09 2.40 6.50 2.08 2.41 6.49 2.07 2.41 6.44 2.07 2.41 6.47 2.08 2.43 Averages of daily figures3: percent per annum MONEY RATES AND SECURITY MARKETS F . R . b a n k discount r a t e . N . Y . 19 Commercial paper 19 Bankers'acceptances 19 U. S. T r e a s u r y bills 21 U. S. T r e a s u r y notes 21 U. S. T r e a s u r y bonds 21, 25 Corporate Aaa bonds 25 Corporate Baa bonds 25 1.00 1.00 1.00 1.00 .56 .44 .03 .63 .56 .44 .03 .63 .56 .44 .03 .56 .56 .44 .03 .49 2.43 3.00 5.05 2.43 3.00 5.03 2.39 2.99 4.97 2.35 2.97 4.87 Wednesday figures; in unit Stock prices, total 4 27, 29 Industrial 27 Railroads 27 Public utilities 27 Volume of trading 2 (mill, shares) 29 Brokers' loans (mill, dollars) 29 Wholesale commodity prices: 4 All commodities F a r m products Foods Other commodities Steel p l a n t operations (% of capacity) Automobile production (thous. cars) Electric power production (mill. kw. hrs.) T o t a l freight-car loadings (thous. cars) indicated 91 107 28 84 90 106 28 84 93 109 30 87 95 112 32 88 93 109 30 8G .65 813 .77 .86 799 1.03 1.04 875 790 923 Figures for week3; in unit BUSINESS CONDITIONS 1.00 .56 .44 .03 .53 2.34 2.97 4.84 indicated 33 33 33 33 76.6 66.9 71.3 80.4 76.8 67.7 71.4 80.4 67.2 71.5 80.4 38 54.8 53.7 55.8 55.1 55.7 38 79.9 75.7 78.7 84. 1 86.7 77.0 68.0 71.4 80.6 76.7 67.1 70.7 80.7 39 2,249 2,226 2,244 2,238 2,225 39 580.1 560.6 598.7 591.7 594.6 e v Preliminary. Estimated. »• Revised. 1 Less t h a n $5,000,000. 2 3 Averages of daily figures, see footnote . 3 Figures are shown under the Wednesday date included in the weekly period 1939 Jan. Feb. Index numbers 1923-25=100 BUSINESS CONDITIONS 2.57 2.56 14.82 6.71 2.75 1.18 8.84 5.54 3.29 1.99 1938 Dec. Wednesday figures; in billions of dollars RESERVES, GOLD, AND CURRENCY Reserve bank credit—total.. Bills discounted Bills bought U. S. Gov't securities- . Gold stock ._. Money in circulation Treasury cash Treasury deposits Member bank balances Required reservese 2 Excess reserves—total New York City 2 Chicago2 2 Reserve city banks Country banks 2 1939 Wholesale commodity prices: 4 United States: All commodities 31, 32 Farm products 31 Foods 31 Other commodities.._ 31 England 32 France 32 Germany 32 Industrial production 5 35 Manufacturing production: s Total 6 37 Durable 37 Nondurable 6 37 Factory employment 43 Factory payrolls 43 Freight-car loadings 5 5 45 Department store sales 5 47 Department store stocks 47 77.0 67.6 73.1 80.3 79.3 98.4 79.1 76.9 • 67.2 71.5 80.2 78.5 P99.2 79.2 104 101 104 43 61 100 41 59 91.2 '86.5 89.5 83.2 69 89 66 76.9 67.2 71.5 80.2 78.1 ~P79.~2~ 7 3 67 P90. P85. 69 88 67 In millions of dollars Construction contracts awarded: 7 Total Residential Other Exports and imports: Exports (incl. re-exports)General imports Excess of exports Income payments: Total adjusted Total unadjusted Compensation of employees Other 'ash farm income: Total Crops Livestock and products._ Government p a y m e n t s , . . 41 41 41 394 105 289 352 101 251 P292 PIOI 49 49 49 269 171 97 213 178 35 P219 50 50 5,527 5,953 5,513 5,509 P5, P5, 50 50 3,716 2,237 3,582 1,927 P3, 574 v 1,516 51 51 51 51 652 261 352 39 619 -251 '•327 41 486 149 281 56 8 8 8 8 14.51 2.69 2.43 .99 .99 14.87 1.04 2.43 .97 20 20 20 20 20 38.90 25. 52 8.50 1.31 3.57 39.10 25.66 8.50 1.31 3.63 39.33 25. 73 8.50 1.31 3.79 23 2.33 2.29 2.24 23 3.47 3.41 3.33 23 4.04 4.10 4.09 14.68 1.04 2.43 Percent per ustomers' rates: N e w York C i t y 8 other N o r t h e r n and E a s t e r n cities 27 Southern and Western cities 494 090 In billions of dollars OTHER Central gold reserves: U n i t e d States England France Netherlands U. S. G o v ' t interest-bearing debt—total Bonds .__ Notes .__ Bills Special issues r P191 annum J u n e 30, Sept. 30, Dec. 31, 1938 1938 1938 QUARTERLY FIGURES In millions of dollars Domestic corporation security issues, total New Refunding 28 442 251 191 672 340 332 726 153 573 4 Index numbers, 1926=100. Adjusted for seasonal variation. Points in total index of manufacturing production. Three-months moving average adjusted for seasonal variation. 5 6 7 NOTE.—Copies of this chart book can be obtained at a price of 50 cents, Banking statistics for call report dates are published from time to time. The latest figures appear on page 332 of this BULLETIN . INTERNATIONAL FINANCIAL STATISTICS 335 336 FEDERAL RESERVE BULLETIN GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month 1934—December 1935—December 1936—December „_ 1937—December 1938—March ... April May June July August September October November December 1939—January February.. ._ Total i (52 countries) United States 21,051 21,604 23, 564 25, 359 25, 417 25, 254 25, 236 25, 304 25, 292 25, 455 25, 407 25, 756 26,046 ?26, 244 3 24, 778 8,238 10,125 11, 258 12, 760 12, 795 12,869 12, 919 12,963 13,017 13,136 13,760 14, 065 14,312 14, 512 14, 682 14, 874 Europe ma countries) Canada 11.010 9.517 10, 241 10, 776 10,819 10, 589 10, 521 10, 546 10, 572 10.603 9,916 9.961 10. 000 %9,994 3 8,319 3 8,319 134 189 188 184 186 189 187 185 189 190 187 188 186 192 197 206 Europe Latin America (11 countries) Asia and Oceania (8 countries) 601 666 736 685 805 816 858 687 263 291 283 266 665 658 656 658 656 656 656 655 659 686 686 687 687 589 591 591 591 591 P591 266 263 266 265 268 280 298 297 298 P661 Africa United Kingdom (5 coun- Bank of ExFrance tries) Eng- change Acc't.2 land 1 584 1,648 2,584 2,689 2,689 2,689 2,690 2,690 2,690 2,690 2,690 2,690 2,690 2,690 s 1,042 31, 042 P298 P298 5 445 4,395 2,995 2,564 2,428 2,428 2,428 2,428 2,428 2,428 2,428 2,428 2,435 2,435 2,435 2,435 934 1,395 1,489 1,489 1,489 1,489 1,489 1 489 759 759 759 759 759 759 Switzerland Nether- Nalands tional B.I.S. Bank Belgium 573 590 611 632 597 438 490 930 1934—Dec. _. 1935—Dec. . . 1936—Dec. _. 1937—Dec. __ 1938—Mar. April.. May... June.. July... Aug. ._ Sept... Oct.... Nov.. Dec... 1939—Jan. Feb... DenBul- Czechoslomark garia vakia Germany HunGreece gary Italy * Norway 19 19 20 24 112 112 91 92 54 54 53 32 33 27 28 40 34 26 24 23 23 25 25 518 270 208 210 61 84 98 82 24 24 24 24 24 24 24 24 24 24 93 93 93 93 93 93 81 83 83 83 53 53 53 53 53 53 53 53 53 53 29 29 29 29 29 29 29 29 29 29 24 24 24 25 25 25 28 27 27 27 25 25 25 25 25 25 25 25 28 37 210 210 210 210 210 210 210 210 210 210 90 90 90 90 101 101 96 96 96 94 24 P24 83 83 53 53 29 29 27 27 24 24 210 210 96 96 End of month Colombia Mexico Peru Uruguay 29 29 29 30 19 16 19 16 23 44 46 24 19 20 20 20 82 77 77 74 18 19 19 20 30 30 30 30 30 30 30 30 30 30 30 19 19 19 19 20 19 20 19 19 19 19 19 19 19 74 74 71 71 71 71 71 71 69 69 ?A 30 25 25 26 26 28 27 24 24 27 29 30 24 32 »19 ^69 1934—December 1935—December 1936—December _ __ 1937—December. _ _ 1938—February March April ._ May June __ __ July August _ September October November December.. _. 1939—January 21 20 23 94 15 17 995 698 697 686 679 674 686 690 695 699 699 582 588 995 974 699 680 998 Poland Portu- Ruma- Spain5 gal nia 96 i 84 75 83 83 83 84 85 85 85 83 82 84 ! 85 ; 85 i 85 Swe- Y den 68 68 68 69 104 109 114 120 740 735 718 718 159 185 240 244 69 69 69 69 69 69 69 69 69 P69 122 122 122 123 123 124 129 132 132 133 718 525 525 525 525 525 525 525 525 525 261 261 272 279 280 280 310 321 321 ! 321 i P69 P69 133 134 525 331 525 331 53 43 48 51 53 54 54 55 55 : 55 56 56 57 57 57 57 7 other Argentina 106 109 127 124 124 79 79 79 79 79 79 79 78 77 77 403 444 501 469 8 17 25 32 447 442 440 439 435 435 435 434 434 431 31 31 32 33 33 34 34 33 33 32 431 33 Brazil P77 Africa Asia and Oceania Chile 7 7 11 10 9 10 6 10 11 14 1,007 1,008 1,008 1,008 1,008 1,008 1,008 1,008 Latin America Latin America—Continued 4 other countries 4 8 11 5 531 529 456 481 501 517 539 562 584 581 Europe—Continued E n d of month 624 454 655 648 2 South other coun- Egypt Africa tries 3 other countries British China India Japan Java New Zealand Turkey 275 275 275 274 7 10 8 16 394 425 463 261 77 54 60 79 ?5 ?3 23 23 22 24 26 29 6 4 3 55 55 55 55 184 212 203 189 24 25 22 20 20 20 20 20 20 20 20 22 22 22 274 274 274 274 274 274 274 274 274 274 274 16 16 16 16 16 16 17 17 18 18 261 261 261 261 261 164 164 164 164 164 164 79 79 79 80 80 80 80 80 80 80 80 23 33 23 29 29 29 29 29 29 29 29 29 29 29 3 3 3 3 3 3 3 3 3 3 3 55 55 55 55 55 55 55 55 55 55 P55 184 189 186 188 187 190 202 220 219 220 220 22 22 22 23 23 23 23 23 23 23 23 P22 274 P18 164 80 23 29 3 220 P23 23 ?3 23 ?3 6 24 P1 Preliminary. Table is incomplete since certain central banks and governments, including certain stabilization funds such as those of France, Netherlands, and Switzerland, hold gold that is not reported. U. S. Stabilization Fund gold included in table to extent of $1,800,000,000. See also notes under United Kingdom, Italy and Spain. 2 Figures officially reported only for end of March and end of September, beginning with March 1937; carried forward for intervening dates. Figure for March 1937 also carried backward to December 1936. Exchange Equalization Account established in June 1932. 3 $1,648,000,000 of gold transferred on Jan. 6, 1939, from Bank of England to Exchange Equalization Account for which next official report, that for March 31, will not be available until June 30. 4 Figure for March 1937 officially reported as of 20th of month and carried forward through November 1937. Figures for December 1937 through March 1938, officially reported and carried forward for subsequent months. 5 Figure for August 1, 1936, carried forward through March 1938; April 1938 figure officially reported and carried forward. NOTE.—The countries for which figures are not shown separately are, in Europe: Albania, Austria through March 7, 1938, 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 description of table see BULLETIN for June 1933, pp. 368-372, and July 1936, pp. 544-517; also see footnotes to table in BULLETIN for August 1936, p. 667, and December 1937, p. 1262. 337 FEDERAL RESERVE BULLETIN GOLD PRODUCTION Outside U. S. S. R. [In thousands of dollars] Estimated world production outside U.S.S.R. Year or month Production reported monthly North and South America Africa Total South Africa 352, 237 365, 258 386, 293 413,459 411, 208 215, 242 221, 526 224, 863 238,931 227, 673 Far East ColomMexico bia Chile West Belgian United Africa Congo States1 Rhodesia Austra- British lia India $1=25-8/10 grains of gold 9/10 fine; i. e., announce of fine gold^=f20.67 1929 1930 1931 1932 1933 382,532 401, 088 426,424 458,102 469, 257 11, 607 11,476 11,193 12,000 13, 335 4,297 4,995 5,524 5,992 6,623 2,390 2,699 3,224 3,642 3,631 45, 47, 49, 50, 52, 651 248 527 626 842 39,862 43, 454 55, 687 62, 933 60,968 13, 463 13, 813 12, 866 12, 070 13,169 2,823 3,281 4,016 5,132 6,165 683 428 442 788 3,009 8,712 9,553 12,134 14,563 16, 873 7,508 6,785 6,815 6,782 6,919 $1=15-5/21 grains of gold 9/10 fine; i. e., an ounce of fine gold=$35 1933 1934 .._ 1935 1936 1937 1938 794,498 823,003 882, 533 971, 514 1, 041, 987 PI, 116, 673 . 696, 218 707, 288 751, 979 833,088 892, 535 P 9 5 5 , 377 385, 474 366, 795 377,090 396, 768 410, 710 425, 649 22, 578 24, 264 25, 477 28,053 28, 296 28, 532 11,214 12,153 13, 625 16, 295 20, 784 24, 670 6,148 6,549 7,159 7,386 8,018 P8, 441 89, 467 108,191 126, 325 152, 509 168,159 176, 971 103, 224 104,023 114, 971 22, 297 23,135 23, 858 131,181 26, 465 143, 367 29, 591 165,055 P 3 2 , 064 10,438 12, 045 11,515 13, 632 15, 478 18, 225 5,094 8,350 9,251 9,018 9,544 P 1 0 , 222 28, 568 30,559 31, 240 40,118 46,982 54,302 11,715 11,223 11, 468 11, 663 11, 607 11, 247 1937—December. 88,963 76, 509 34, 696 2,341 1,957 729 14,083 12, 677 2,064 1,144 1,063 4,725 1,031 1938—January ._. February __ March April May June July August September October... November December, 87, 587 82, 724 89, 646 87, 533 * 90, 445 91, 242 98, 492 97,845 97, 386 96, 785 P 9 8 , 596 P 9 8 , 391 74,960 70, 056 77, 205 74, 764 77, 273 77, 950 84, 849 83, 896 83, 223 82, 801 P 8 4 , 645 P83, 755 34, 573 32, 524 35, 519 34, 351 35, 794 35, 509 36, 222 36, 622 36, 237 36, 449 35, 842 36,007 2,381 2,246 2,387 2,374 2,415 2,394 2,410 2,415 2,365 2,445 2,381 2.318 1,964 1,887 2,002 2,024 1,989 2,020 2,067 2,053 2,048 2,174 2,204 2,240 661 642 673 702 686 726 716 716 743 725 12, 638 11, 929 13,161 12, 895 13, 338 13,674 14, 727 14, 425 14, 336 14, 394 14, 351 15,186 2,948 2,266 3,253 2,389 1,863 3,024 4,241 2,941 2,062 2,265 2,353 P2, 458 1,456 1,175 1,403 1,664 1,338 1,365 1,748 1,515 1,812 1,622 1,628 1,499 775 834 673 698 782 901 752 986 1,019 906 930 P725 12, 758 11, 347 12, 991 12, 480 13, 855 12, 851 16, 684 16, 492 16,839 16, 223 18,481 15, 970 3,858 4,333 4,204 4,280 4,278 4,577 4,330 4,771 4,816 4,642 4,820 5,393 872 939 906 935 909 951 958 946 956 930 995 1939—January. _. P96, 646 36,188 318 J>2,135 P725 14, 919 1, 953 P930 261 P81, P2. P725 P14, 696 P2, 283 P4, 540 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, b u t data of percentage changes irregularly given out b y officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production, in millions of dollars, as follows—at $20.67 per fine ounce: 1929, $15; 1930, $31; 1931, $34; 1932, $40; 1933, $56; at $35 per fine ounce: 1933, $95; 1934, $135; 1935, $158; 1936, $185; 1937, $180. p1 Preliminary. c Corrected. Includes production in the Philippines. NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETINS for March 1939, p. 227, February 1939, p . 151, June 1938, p p . 539-540, and April 1933, p p . 233-35. For annual figures of world production back to 1873 (including Russia-U.S.S.R.), see Annual Report of Director of Mint for 1936, p p . 108-109, 1937 pp. 104-105 and 1938, p p . 102-103. Figures for Canada beginning January 1938 are subject to official revision. GOLD MOVEMENTS [In thousands of dollars at approximately $35 a fine ounce] United States Year or month 1934 i 1935_ 1936. 1937. 1938. Total net imports or net exports () Net imports from or net exports (—) to: United Kingdom BelFrance gium 1,131, 994 499, 870 260, 223 1, 739,019 315, 727 934, 243 1,116, 584 174,093 573, 671 1, 585, 503 891, 531 -13,710 1,973, 569 1, 208, 728 81,135 1937—December.. 17, 982 1938—January February... March April May June July August September. _ October November. _ December.. 2,088 8,036 52,927 71,091 52, 775 55, 307 63, 815 165,973 520, 896 562, 366 177, 768 240, 526 -40 -20 -11 31, 395 35, 429 2,895 20, 599 4,976 91, 227 377, 984 443,403 99,145 101, 707 Netherlands Sweden 8,902 94, 348 3 227,185 2 3,351 71,006 6,461 6 90,859 15, 488 163, 049 0,146 Switzerland 12, 402 968 7,511 54, 452 1,363 -14,987 - 4 , 974 15 39 18 35 13 898 4,721 42,959 17 37, 395 4,220 1,938 891 3,248 3,213 1,979 10, 221 11, 520 7,685 15, 360 47, 219 11, 521 41,832 3,840 27, 242 46,185 1 1,136 Canada 86, 829 95,171 72, 648 111,480 76, 315 Mexico Colom- Philippine Aus- Japan bia Islands tralia 30, 270 13,667 39,966 38, 482 36, 472 16,944 10, 899 11,911 18, 397 10,557 2,767 3,404 16 649 692 717 747 630 726 962 14, 333 38,148 10,810 7,171 731 819 721 2,758 1,812 5,650 715 11,123 3,183 1,446 2,236 3,457 2,550 2,105 2,102 1 2,108 1 1 2,113 4 4 11 2,107 12,038 1,029 15, 335 3,498 21, " ~ ;,280 25, 427 34, ,713 27,880 39, 1,162 246, 464 168, 740 2,292 3,786 18, 774 1,676 1,330 2,240 1,883 2,285 3,232 2,422 1,772 2,721 2,720 2,943 2,655 1,025 1,943 458 1,241 3,582 2,984 3,434 2,748 3,775 3,294 7,888 6,788 British India 76,820 75, 268 77, 892 50, 762 16,159 All other countries 32, 316 47,054 39, 743 30,179 2 68, 376 107 4,484 23,311 21, 950 5,782 28, 669 23,497 35,095 5,740 5,788 14,425 1,870 1,241 1,536 2,353 2,530 3,438 2,252 2,495 1,148 3,806 2,982 4,768 760 2 19,150 3,822 1,797 2 22, 207 2,979 2,359 2,754 6,585 37, 819 2,089 156, 345 52,050 939—January 1 1, 438 1, 688 33, 678 2 -67 10,842 2,342 2,719 3,953 165, 377 17. c 223, 281 1,400 29,256 3,840 4, 220 2,496 5,446 February ___ 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Figures for November and December 1938 include imports from Argentina of $14,112,000 and $17,710,000, respectively. NOTE.—For gross import and export figures and for additional countries see table on p. 306. 1,862 1,043 5,124 4,398 338 FEDERAL RESERVE BULLETIN APRIL 1939 GOLD MOVEMENTS—Continued fin thousands of dollars at approximately $35 a fine ounce] United Kingdom Year or month Net imports from or net exports (—) to: Total net imports or net exports () United States 716,269 369, 722 1,169, 931 420, 427 - 2 8 5 , 648 1934 1935 1936 1937 1938 GerFrance many -497,166 - 4 3 5 , 502 -276,830 -834,009 -1,050,395 Belgium 348,190 121,017 -13,585 32, 575 142,137 - 4 , 726 -17,476 10, 796 756, 215 23, 292 -15,133 -21,215 541,187 46,147 21, 993 -16,572 33, 283 348,000 -46, 463 2,006 -15,077 1937—Dec. 20,976 1938—Jan... Feb... Mar.. Apr.. May. June. July.. Aug.. Sept.. Oct... Nov.. Dec. 27, 245 51, 387 79,037 53,186 97, 478 89, 580 24,119 -73,132 -261,143 -210,171 - 9 6 , 508 - 6 6 , 726 -9,848 -1,940 - 4 , 276 -3,039 -119 -6,137 -997 - 5 , 726 -360,016 685 - 3 0 8 , 528 69,604 -105,220 -66 -97,371 758 1939—Jan. _ Feb.? - 3 6 , 514 -152,154 -50,814 -160,951 1,487 3,528 - 3 5 , 535 - 1 8 , 507 -5,233 -20,811 -10,529 41 - 1 , 4 8 7 - 6 , 0 5 5 5 -3,067 78 3,625 49 55,448 86 15,039 - 4 , 1 3 9 168 48, 446 - 6 , 7 8 1 138 56, 764 -12,037 47 23, 212 - 5 , 750 - 2 5 8 -10,041 6,179 14, 358 120,075 - 7 , 4 9 8 535 4,077 33,982 6,005 - 2 , 328 - 5 , 245 2,057 9,990 -3 -193 211 -33 -17 Ger- 1934.. 1935. . 1936_. 1937_. 1938—Jan... Feb... Mar.. Apr... May.. June.. July.. Aug.. Sept.. Oct. . Nov.. Dec... -90,920 -46,065 42,969 -230, 788 — 1,;"" 122,278 - 3 , 718 -56,946 - 35, 224 -1,245 -247 -200 5,359 -27 6,009 18,058 7,626 1,468 6,864 -36, 62fi -16,134 -10,129 -3,765 1939—Jan.... Feb.p.. 41,790 37,981 26, 723 24,165 27, 831 36, 528 5,174 8,300 32,889 43,092 50, 540 35,077 35,407 40,623 31, 516 31,192 16,831 4,425 5,002 5,101 5,649 3,775 2,958 3,620 4,168 2,467 2,024 2,490 2,102 2,839 705 155 528 10,063 7,036 2,786 3,590 2,139 9,929 6,581 3,035 -4,750 -20,792 618 531 5,672 5,613 681 736 5,671 2,424 5,665 2,695 7,358 -6,085 6,183 -5 -5 -7,590 -10,088 -13,996 - 7 , 673 -11,429 -11,151 -22,763 - 4 , 671 -11,164 -12,082 -6,000 2,527 -2,263 -5,407 -16,521 -10,498 -21, 980 2,831 1,017 1,511 3,125 1,115 -3 -6, 202 5,336 340 -92C -327 -1,955 1,353 1,603 1,347 304 1,374 - 3 , 790 151 -1,333 704 100 3,762 1,000 3,824 3,725 6,418 10,356 3,023 4,204 4,260 1,815 British India Net imports from or net exports (—) to: United United States Kingdom - 3 , 786 - 2 , 059 Belgium Italy Netherlands -12,784 -45,955 - 2 9 , 235 18, 397 19,431 2,580 647 -54,858 -181,725 -13,940 25, 542 342 39,305 14,531 51,299 4,600 -9,127 - 1 , 7 1 4 27, 739 -657 6,553 -51, 608 11,940 -45,061 -1,128 76, 620 - 7 4 , 375 - 1 , 0 6 7 11,314 25,125 5,810 26,892 10,826 2,448 -3,188 -7,63f -5,201 5,978 -8,837 -1,338 9,024 1,454 913 -5,690 France -35 7 33 -220 -2 -2 -7 -1,140 228 24, 558 -559 2,553 -41 12,478 -13,978 10,409 615 11, 223 -11,518 -584 3,595 - 9 , 257 1,763 -943 - 2 , 391 - 6 , 0 8 4 5,397 -266 4,860 - 2 , 943 - 1 , 549 - 2 , 0 0 9 -484 5,256 - 7 , 8 3 9 5,814 -142 16,128 -14,071 - 6 , 0 4 1 -37 10, 464 - 8 , 382 - 1 , 2 8 3 15, 940 117 418 _2 907 -158 -616 -38 13 -117 33 -4 -1,854 -166 -139 1,614 2,198 1,421 2,467 2,396 5,657 3,962 3,824 924 2,551 994 2, 884 -6S0 -5,8 549 -149 All other countries 62, 397 -9,123 32, 754 -50,661 53,465 28,067 -10,129 22,079 -81 -16,596 20, 766 -89,371 -78,029 2,379 11, 273 31,089 28,083 28,104 -253 335, 253 404, 295 488,814 464, 837 333, 750 Switzerland Sweden Switzerland Total Total net net imports imports or net 3 or net exports exports 1P37—Dec... 931 90 -12,834 many Year or month South Other Africa, NetherAustraRho- British British lands U.S.S.R. lia desia, India countries West Africa 1 457 Germany 3 All other countries 1,543 -43 - 9 , 607 e 2,812 - 2 , 9 9 0 ' 26,368 10,609 -16,461 -32, 745 - 4 , 989 Increase in: Total net Gold imports produc- Re- P r i v a t e or net tion in holdexports India serves in Inings in () dia4 India 5 -230,720 -161,872 -121,066 - 6 1 , 723 - 5 4 , 659 11,223 173 11,468 -6 11,663 11, 607 " - 4 1 11, 247 -219, 670 -150,398 -109,403 o - 5 0 , 075 - 4 3 , 412 -5,999 1,031 o - 4 , 968 373 - 5 , i -38 558 -7,423 -10 265 - 2 , 749 -32 3,208 - 4 , 388 -9,970 187 -3,452 -6,175 282 - 2 , 327 -2,487 222 -10,988 -8,893 342 -7,082 - 6 , 267 -957 1,884 -10,251 3 - 7 , 622 -56 31 - 2 , 283 -265 211 -209 872 939 906 935 909 951 958 946 956 930 995 - 4 , 651 - 6 , 551 -1,810 - 3 , 482 -2,517 -1,418 -10,037 -6,124 —11 - 6 , 666 -1,353 1.206 -28 2, 294 - 1 , 2 7 4 1,830 -7 p-159 c p Preliminary. Corrected. 1 Includes $17,465,000 exported to R u m a n i a and unspecified net imports of $95,937,000. 2 Includes $67,655,000 exported to Central and South America. 3 Beginning April 1938 figures refer to Greater Germany. 4 Through March 1935 goid held by government; subsequently, gold held b y Reserve B a n k of India to which government gold was transferred. 5 Figures derived from preceding columns: gold movement plus production minus increase in reserves in India. 6 Lncludes net import of $19,926,000 from Czecho-Slovakia and net export of $15,374,000 to Austria. 7 Includes net import of $28,555,003 from Czecho-Slovakia. NOTE.—Switzerland.—In some cases annual aggregates of official m o n t h l y figures differ somewhat from revised official totals published for year nip. as aa. Teh whole, 339 FEDERAL RESERVE BULLETIN APRIL 1939 CENTRAL BANKS Assets of banking department Bank of England (Figures in millions of pounds sterling) Gold (in issue department) i Coin 1929—Dec. 1930—Dec. 1931—Dec. 1932—Dec. 1933—Dec. 1934—Dec. 1935-Dec. 1936—Dec. 1937—Dec. 25.. 31.. 30_. 28.. 27_. 26_. 25_. 30_. 29_. 145.8 147.6 120.7 119.8 190.7 192.3 200.1 313.7 326.4 1938—Mar. 30. Apr. 27_. May 25.. June 29_. July 27.. Aug. 31-. Sept. 28. Oct. 26.. Nov. 30 Dec. 28_ 326.4 326.4 326-4 326.4 326.4 326.4 326.4 326.4 326.4 326.4 1939—Jan. 25_. Feb. 22 _ 126.4 126.4 Discounts and ad- Cash reserves Liabilities of banking department Securities Note circulation Notes .2 1.0 .5 .8 1.1 1.3 1.5 1.4 1.2 .7 1.0 Deposits Bankers' 26.3 38.8 31.6 23.6 58.7 47.1 35.5 46.3 41.1 22.3 49.0 27.3 18.5 16.8 7.6 8.5 17.5 9.2 84.9 104.7 133.0 120.1 101.4 98.2 94.7 155.6 135.5 364.2 371.2 392.0 405.2 424.5 467.4 505.3 41.0 37.1 46.2 41.2 33.1 46.0 25.5 43.9 45 6 51.7 8.7 7.1 9.5 7.3 9.5 54 7.3 4.2 17.6 28.5 131.0 133.4 115.1 140.6 137.0 124.4 135 6 129 2 110 8 90.7 485 4 489 3 480 2 485 2 493 3 480 4 500.9 482.5 480.8 504.7 62.6 53.7 18.8 17.5 103.9 100.6 463.8 472.7 379.6 Public 71.0 132.4 126.4 102.4 101.2 89.1 72.1 150.6 120.6 8.8 6.6 7.7 8.9 22.2 9.9 12.1 12.1 11.4 35.8 36.2 40.3 33.8 36.5 36.4 37 1 39.2 36.6 17.9 18.0 18.0 18.0 18.0 18.0 18.0 18.0 18.0 108.1 113.3 91.2 125.5 116.4 99.9 100.4 97.1 101.0 17.8 10.9 26.5 10.5 11.2 27 8 11.4 25 0 23 1 15.9 37 4 36 5 36 1 36 1 35 1 36.4 40.2 35.5 37.2 36.8 18.3 17.7 17.8 17.9 18.1 18.2 18.2 17 7 17.8 18 0 118.2 103.1 12.9 16.3 36.7 35.1 18.1 18.2 94.7 Liabilities Assets Domestic bills B a n k of F r a n c e For(Figures in millions of francs) Golds eign exchange Open market 4 Deposits Loans on— Advances Shortto Other term Govern- 6 Govern- securiment seties ment curities Other assets 5,603 6,609 8,545 9,196 8,251 8,288 7,879 8,344 7,277 68, 571 76,436 85, 725 85,028 82, 613 83,412 81,150 89, 342 93,837 11,737 12,624 98, 095 98, 519 2,233 2,802 3,248 3,245 3,135 2,891 2,825 3,642 Note circulation Government Special * Other 1,379 652 8,624 8,429 7, 3,438 4,739 3,971 9,712 8,465 10,066 17, 698 31,909 573 715 675 2,521 2,901 2,730 2,515 2,921 3,211 3,253 3,583 3,781 38, 574 40,134 40,134 40,134 40,134 40,134 50,134 48,134 20, 627 20,627 997 879 113 552 623 331 1,311 1,600 1,559 443 3,825 3,700 3,454 3,614 3,545 3,545 4,362 3,865 3,739 3,612 8,361 7,288 7,334 8,258 7,117 7,364 8,410 7,427 14,185 14,442 20, 627 20, 627 136 73 3,389 3,317 14, 099 .09, 378 14, 308 .11,162 1929—Dec. 27 1930—Dec. 26__ 1931—Dec. 30 1932—Dec. 30 1933—Dec. 29 1934—Dec. 28 1935—Dec. 27 1936—Dec. 30 1937—Dec. 30 41,668 25,942 53, 578 26,179 21,111 83,017 4,484 77, 098 1,158 82,124 963 66, 296 1,328 60, 359 1,460 58,933 911 5,612 5,304 7,157 6,802 6,122 5,837 5,800 5,640 5,580 1938—Mar. 31 Apr. 28 May 25 June 30 July 28 Aug. 25 Sept. 29 Oct. 27 Nov. 24 Dec. 29 55,807 55.807 55, 808 55, 808 55.808 55,808 55, 808 55, 808 87, 264 87, 265 845 830 813 804 782 767 764 763 888 821 5,575 5,575 5,575 5,850 5,835 6,098 6,781 6,802 7,032 7,422 642 1,550 1,611 1,797 10, 321 10,865 9,024 5,497 7,133 8,241 20, 293 14,694 11,021 7,880 1939—Jan. 26 Feb. 23 87, 266 87, 266 761 759 8,004 7,801 1,996 2,014 6,193 5,462 573 632 Other Other liabilities .02,087 .01,117 99,065 .24, 428 .10, 446 .06, 798 .10,935 Other liabiliOther 7,850 11, 698 22,183 20,072 13, 414 15, 359 8,716 13, 655 19, 326 1,812 2,241 1,989 2,041 1,940 1,907 2,113 2,557 3,160 21,409 21, 237 17, 525 12, 769 14.207 17, 684 18, 593 23,827 31, 955 25, 595 3,141 3,154 3,155 2,592 2,608 2,649 2,660 2,727 3,004 2,718 5,445 24, 935 5, 079 22, 556 2,713 2,830 2,311 2,322 3,718 2,862 2,089 3,461 5,061 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; Jan. 19, 1938, to Nov. 30, 1938, £60,000,000; Dec. 7, 1938 to Jan. 4, 1939, £30,000,000; and increases in fiduciary issue (and securities held as cover) have been authorized by British Treasury under Section 8 of Currency and Bank Notes Act as follows: Aug. 1, 1931, to March 31, 1933, £15,000,000; Jan. 11, 1939, to Feb. 28, 1939, £140,000,000. 2 On Jan. 6, 1939, L200,000,000 of gold was transferred to British Exchange Equalization Account. 3 By decree of Nov. 12, 1938 (see BULLETIN for Jan. 1939, p. 29), gold revalued on basis of 27.50 milligrams gold 0.900 fine per franc; on Nov. 14 increment of nearly 31,500,000,000 francs was applied to partial reimbursement of advances to Government, which stood at authorized maximum of 52,000,000,000 francs on that date. Permanent debt of Government to Bank, included above in Other Assets, was simultaneously increased by 6,800,000,000 francs. For details of revaluations in October 1936 and July 1937 see BULLETIN for Dec. 1938, p. 1091. 4 Negotiable bills of Caisse Autonome and bills bought under authority of decree of June 17, 1938 (see BULLETIN for Aug. 1938, p. 650). 5 Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for Oct. 1936, pp. 785-786), and bills rediscounted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for Oct. 1936, p. 788). 6 Includes advances granted under authority of Conventions between Bank of France and Treasury of June 18, 1936, June 30, 1937, March 22, 1938, and April 14, 1938, as modified by Convention of Nov. 12, 1938 (see BULLETINS for July 1936, p. 536; Aug. 1937, p. 720; June 1938, p . 452; Aug. 1938, p. 650, and Jan. 1939, p. 30). NOTE.—For further explanation of table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. 340 FEDERAL RESERVE BULLETIN A P R I L 1939 CENTRAL BANKS—Continued Assets Reichsbank (Figures in millions of reichmarks) Reserves Gold Foreign exchange 1929—Dec. 31. 1930—Dec. 31. 1931—Dec. 31. 1932—Dec. 31. 1933-Dec. 30. 1934—Dec. 31. 1935—Dec. 31. 1936—Dec. 31. 1937—Dec. 31. 2,283 2,216 984 806 386 79 82 66 71 5 5 6 6 1988—Mar. 31. Apr. 30. M a y 31. June 30. July 30. Aug. 31. Sept. 30. Oct. 3 1 Nov. 30. Dec. 31. 71 71 71 71 71 71 71 71 71 71 5 5 5 6 5 5 6 1939—Jan. 31.. Feb. 28. 71 71 Liabilities Other Treasury bills (and Security bills loans checks) 404 469 172 114 9 241 206 98 1 49 45 53 62 119 2,608 2.366 4,144 2,806 3,177 4,021 4,498 5,448 6,013 251 256 245 176 183 146 84 74 60 89 12 18 39 17 1 2 1 5,813 5,841 5,832 6,136 6,247 6,647 8,173 7,542 7,513 8,123 7,144 7,333 121 Securities Eligible as note covor Other Other assets Note circulation Deposits Other liabilities 259 445 349 221 106 92 102 161 398 322 319 315 303 286 656 638 1,065 1,114 735 827 853 765 861 5,044 4,778 4,776 3,560 3,645 3,901 4,285 4,980 5,493 755 652 755 540 640 984 1,032 1,012 1,059 736 822 1,338 1,313 836 1,001 923 953 970 63 59 57 71 49 35 48 32 48 45 96 121 545 547 549 550 550 550 548 557 297 297 300 300 298 298 298 298 298 298 1,388 1,614 1,373 1,322 1,285 1,268 1,129 1,360 1,494 1,621 5,622 6,086 6,269 6,440 6,650 6,869 8,023 7,754 7,744 8,223 1,323 1,031 1,021 1,119 920 1,033 1,231 1,040 1,141 1,527 877 903 911 932 951 974 1,022 1,064 1,093 1,091 52 60 592 660 298 288 1,848 1,710 7,816 7,939 1,119 1,105 1,091 1,112 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 Note circulation Other sight liabilities Other liabilities Central Bank of the Argentine Republic (millions of pesos): Gold reported separately Other gold and foreign exchangeNegotiable Government bonds. . Other assets Note circulation Deposits—Member bank Government Other Foreign exchange sold forward -_ 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 National Bank of Belgium (millions of belgas): Gold reserve Other gold and foreign exchangeDiscounts Loans _. Other assets __.. . . . . Note circulation 1939 Feb. 1938 Jan Dec. 7,574 18,049 5,246 3,909 10, 729 11, 937 12, 111 7,574 18, 320 5,320 4,401 10, 529 12,155 12, 932 1,224 74 171 252 1,125 393 133 2 23 47 1,224 71 95 224 1,118 321 110 1 18 47 16,031 41,006 16,011 45, 999 1,485 19,185 16,152 56, 707 87, 660 48, 030 1,124 25, 665 15,144 52,160 87, 530 53, 030 3,435 926 182 33 469 4,376 3,428 924 214 41 464 4,398 Feb. Central bank [Figures as of last report date of month] 1939 Feb. Jan, Dec. Feb National Bank of Belgium—Cont. 3,471 920 175 33 467 4,409 7,575 Demand deposits—Treasury 22, 320 Other 4,195 Other Liabilities _ 3,849 Central Bank of Bolivia (thousands 10, 861 of bolivianos): Gold at home and abroad __ 15,191 Foreign exchange 11, 887 Loans and discounts Securities—Government 1,224 Other 175 Other assets Note circulation 115 Deposits 209 Other liabilities 1,166 360 National Bank of Bulgaria (mil125 lions of leva): 5 Gold 29 Foreign exchange 39 Loans and discounts Government debt Other assets Note circulation Deposits 16,006 40, 302 Other liabilities Bank of Canada (thousands of Canadian dollars): 1,307 25, 688 Gold 12, 533 Sterling and United States ex51,718 change 87, 291 Canadian Gov't. securities: 49,034 2 years or less Over 2 years Other securities 3,498 Other assets 1,092 Note circulation 201 Deposits-Chartered banks _. 30 Dominion Government 464 Other 4,325 Other liabilities 15 520 122 108 439 122 114 440 119 10 832 118 52, 412 37, 390 91, 717 26, 433 28, 997 400, 848 398, 895 4,551 4,499 43, 545 14, 053 288, 090 254,109 218,128 277, 764 65, 418 2,006 1,248 752 3,441 1,162 2,636 3,775 2,198 2,006 1,279 977 3,441 1,136 2,800 3,707 2,332 1,994 825 1,079 3,495 1,234 2,262 4,106 2,258 200,175 192,004 185, 912 180,144 28, 354 19,079 128, 475 138, 316 144, 621 33, 821 42, 364 40, 895 29, 668 68, 783 86, 497 12, 203 8,395 149,108 188, 750 20,572 3,665 13, 005 24, 666 8,672 5,153 6,849 158, 488 161, 360 175, 260 210, 536 215, 052 200, 646 19, 845 14, 553 16, 673 3,088 3,322 3,086 8,854 9,912 9,271 341 FEDERAL RESERVE BULLETIN APRIL 1939 CENTRAL BANKS—Continued 1939 Central bank [Figures as of last report date of month] Central Bank of Chile (millions of pesos): Gold Discounts for member banks Loans to government Other loans and discounts Other assets Note circulation Deposits— Bank Other .... Other liabilities Bank of the Republic of Colombia (thousands of pesos): Gold Foreign exchange Loans and discounts Government loans and securities Other assets Note circulation Deposits Other liabilities National Bank of Czecho-Slovakia (millions of koruny): Gold' Foreign exchange Discounts Loans Government debt Other assets Note circulation Demand deposits Other liabilities Bank of Danzig (thousands of gulden): Gold Foreign exchange of the reserveOther foreign exchange Loans and discounts Other assets Note circulation Demand deposits Other liabilities National Bank of Denmark (millions of kroner): Gold Foreign exchange. Discounts Loans—To Government agencies Other Securities Other assets Note circulation Deposits Other liabilities Central Bank of Ecuador (thousands of sucres): Gold Foreign exchange (net) Loans and discounts Other assets Note circulation Demand deposits Other liabilities National Bank 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 Feb. 1938 Jan Dec. Feb. 145 67 758 192 49 787 145 73 758 182 37 795 144 18 791 120 35 704 205 65 155 198 61 141 211 54 138 41, 776 4,089 19,124 37, 955 31, 560 54, 968 49, 392 30,145 42, 671 5,306 17, 822 38,010 28, 580 54,311 48, 367 29, 712 42, 223 4,975 21,169 39, 067 26, 767 58, 300 45, 537 30, 363 34, 914 9,248 16, 839 46, 099 26,146 48, 574 43, 516 41,157 2,362 1,106 2,084 704 2,696 1,173 2,227 731 2,694 1,248 2,741 2,485 6,989 367 1, 384 1,965 6,985 386 1,421 1,661 6,950 656 1,547 2,649 528 875 730 2,008 1,177 6,078 347 1,544 26,015 610 313 25, 033 3,237 39, 298 15, 726 19, 012 26, 788 733 343 26, 813 3, 155 38, 987 14, 832 19, 012 28, 341 991 373 26, 300 2,598 41, 169 13, 496 19,012 28, 374 2,215 417 16, 228 3,533 33, 617 13, 296 19, 012 118 121 20 65 111 166 109 414 110 186 118 115 21 65 123 162 108 410 111 190 118 112 22 134 158 148 107 441 170 36, 444 4,340 58, 205 18,695 69, 061 34, 466 14, 159 20 123 104 76 69 391 54 153 38, 646 9,530 56, 381 16,131 62, 946 44, 426 13, 317 6,545 2,825 5,361 34, 752 7,255 20,159 8,783 19, 262 8,534 Central Reserve Bank of El Salvador (thousands of colones): Gold Foreign exchange.._ _ Loans and discounts 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 3 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 pengo): 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 abroad Sterling securities Indian Gov't. securities Rupee coin Note circulation Banking department: Notes of issue department... Balances abroad Treasury Bills discounted __. Loans to Government Investments Other assets Deposits Other liabilities Bank of Japan (millions of yen): Gold Special foreign exchange fund Discounts Loans—Government Other Government bonds Other assets Note circulation Deposits—Government Other Other liabilities 1938 1939 Central bank [Figures as of last report date of month] Feb. Jan. Dec. Feb. 13, 207 4,132 1,097 5,441 961 15, 652 5,528 3,657 13, 207 13,172 3,204 5,287 1,450 1,284 5,469 5,788 2,047 876 14, 851 16,137 5,580 7,528 3,608 4,079 34, 306 16,100 25, 620 39, 405 50, 600 36, 981 27, 851 34, 298 17, 293 29, 613 36, 575 51, 691 37, 509 28, 578 34, 217 17,311 25,008 30, 876 50, 774 34, 741 21, 896 1,128 2,507 1,167 327 173 2,159 341 620 2,183 1,128 2,548 1,215 309 197 1,975 384 862 2,176 1,128 2,534 1,177 306 180 2,086 244 850 2,146 635 2, 476 1,332 297 361 2,189 612 659 1,642 3,655 8,422 4,297 1,788 6,592 9,762 1,808 3.598 8,616 4,296 1,708 6,694 9,714 1,811 3,564 8,841 4,292 1,692 7,239 9,598 1,553 3,382 5,800 4,384 1,675 6,357 6,551 2, 332 467 269 12 374 816 191 99 228 124 94 471 269 12 359 831 179 99 220 124 97 511 268 14 296 863 196 66 185 84 61 385 119 14 302 444 237 70 214 444 568 323 697 444 595 323 702 444 788 274 632 1,859 143 58 65 43 63 8 272 108 184 13 83 11 56 20 243 125 279 72 501 300 404 3 46 1,671 279 2,311 496 100 297 501 300 457 3 82 1,841 295 2,755 307 131 286 501 300 424 3 61 1,694 368 2,292 591 127 341 64 7 315 107 801 463 3 107 1,175 222 1,907 519 71 273 i Includes 336 million shown separately as cover for liabilities in gold from September 1938 through January 1939. * Items for issue and banking departments consolidated. 3 In accordance with law of Dec. 22, 1938, gold revalued on Dec. 31, 1938, at approximately .02 gram fine gold per mark increment in* In accordance with law XXV of 1938 gold revalued on January 15, 1939, at .1754 gram fine gold per pengo and resulting r ded in other assets. eluded 342 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued Bank of Java (millions of guilders): Gold Foreign bills Loans and discounts 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 Dftposits—Gnvftrnmorit Other Other liabilities Reserve Bank of New Zealand (thousands of pounds): Gold Sterling exchange reserve Discounts __ Advances to State or State undertakings Investments Other assets Note circulation T)ftmftnd dftnosits Other liabilities Bank of Norway (millions of kroner): Gold Forsiffn assets Total domestic credits and securities Discounts Loans Securities Other assets Note circulation Demand deposits—Government Other 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 _ For6i£fii Gxchane1© Loans and discounts Securities Other assets Note circulation Other sieht liabilities Other liabilities Bank of Portugal (millions of escudos): Gold _ _Other reserves (net) 1 2 1938 1939 Central bank [Figures as of last report date of month] Feb. Jan. Dec. Feb. 117 11 66 103 188 83 26 117 3 67 107 183 81 28 93 42 151 63 79 219 51 92 41 147 66 77 217 52 83 42 162 60 83 213 50 78 44 128 61 66 191 53 63 8 116 33 142 54 23 63 8 117 33 143 56 23 65 5 121 34 142 62 21 79 4 114 32 118 90 20 1 431 27 3 8 261 69 992 140 619 49 1 461 29 3 8 307 69 999 191 638 49 1 461 27 4 9 309 68 992 137 702 47 1 436 16 5 9 271 65 902 109 744 47 2,802 4,134 500 2,802 4,678 500 2,802 17, 249 17 258 3,634 291 15 366 11 473 1,779 16 457 3 605 440 16 641 10 114 1 726 7 274 2,971 540 13,772 15 369 1,694 206 217 179 241 228 84 34 111 57 477 38 92 99 166 68 29 69 24 418 56 77 58 210 192 219 218 75 34 109 52 r 445 37 103 87 (i) (i) (i) (I) 439 33 117 (i) r 55, 900 27, 612 65 512 9,013 94 976 45 048 18 012 447 17 923 132 397 1 354 233 328 446 18 908 133 400 1 348 226 332 445 18 1 025 131 407 1 406 251 369 437 26 610 126 459 1 016 307 336 Non-reserve exchange Loans and discounts Government debt Other assets Note circulation Other sight liabilities Other liabilities National Bank of Rumania (millions of lei): Gold Special exchange accounts Loans and discounts Special loans 2__ _ Government debt _ Other assets ._ _ Note circulation Demand deposits Other liabilities South African Reserve Bank (thousands of pounds): Gold . „_ Foreign bills Other bills and loans Other assets Note circulation Deposits _ Other liabilities Bank of Sweden (millions of kronor): Gold Foreign assets Discounts Loans __ Domestic securities Other assets Note circulation Demand deposits Other liabilities Swiss National Bank (millions of francs): Gold Foreign exchange __ Discounts Loans Other assets Note circulation Other sight liabilities Other liabilities Central Bank of the Republic of Turkey (thousands of pounds): Gold . Foreign exchange—Free In clearing accounts Loans and discounts Securities Other assets _ Note circulation Deposits Other liabilities. _ Bank of the Republic of Uruguay (thousands of pesos): Issue department: 8 Gold and silver Note circulation Banking department: Cash reserves Loans and discounts Other assets Deposits Other liabilities National Bank of the Kingdom of Yugoslavia (millions of dinars): Gold Foreign exchange Loans and discounts Government debt Other assets Note circulation Other sight liabilities Other liabilities 917 557 r Figures not yet available. Revised. Agricultural and urban loans in process of liquidation. » By law of January 18,1938, gold revalued in March at rate of 0.585018 gram fine gold per peso. 1938 1939 Feb. Jan. Dec. Bank of Portugal—Cont. 117 9 67 105 187 84 27 210 190 Central bank [Figures as of last report date of month] Feb. 174 339 1,041 1,254 2,025 1,232 1,026 18, 270 4,203 12, 527 1,753 10, 287 11, 290 34,115 13, 945 10, 271 18,190 4,611 13,088 1,776 10, 282 11, 338 34, 902 13, 728 10, 656 16, 602 5,307 6,441 1,989 10, 553 9,769 30, 731 10, 570 9,360 26, 734 5,935 663 16, 049 17, 333 28, 470 3,578 26, 725 8,096 1,716 15, 524 19,101 29,140 3,821 22, 298 5,535 3,620 12, 436 16, 897 23, 504 3,489 731 763 12 43 121 488 991 1,000 167 729 782 12 40 116 488 979 1,024 164 707 834 13 37 106 466 1,061 933 169 557 968 12 21 21 304 921 829 134 2,813 259 126 25 701 1,662 1,619 643 2,890 255 152 19 703 1,651 1,725 643 2,890 280 159 22 711 1,751 1,663 647 2,890 515 13 23 635 1,471 1,969 637 18,309 4,098 12,176 1,695 10, 320 11, 672 33, 963 13. 814 10, 493 36,875 36, 873 36, 872 36, 837 3 29 9 10 7,163 26, 781 10, 257 10, 037 94,851 93, 305 105, 461 49, 783 190,946 190, 920 191, 899 188, 378 24, 566 23, 660 23, 785 41, 238 196,351 198, 463 204, 744 176, 376 45, 432 44, 534 46, 727 44,195 115, 720 111, 808 113, 738 122, 449 42, 087 96, 666 24, 220 97, 212 56, 214 82, 269 95, 377 1,913 438 1, 650 2,229 3,079 6,540 2,062 709 1,911 527 1,685 2,228 3,095 6,608 2,126 712 1,910 644 1,771 2,228 3,179 6,921 2,093 717 1,725 448 1,598 2,240 3,192 5,697 2,725 780 343 FEDERAL RESERVE BULLETIN APRIL BANK FOR INTERNATIONAL SETTLEMENTS 1 [In thousands of Swiss gold francs ] 1939 1938 1939 Feb. 28 Jan. 31 51,060 44, 489 16, 316 Demand deposits (gold) 11, 938 12, 462 16, 647 18, 545 30, 787 13,917 218, 288 29,261 271,525 218, 207 30, 200 271, 953 Short-term deposits (various curren cies): Central banks for own account Other Gold in bars _ Cash on hand and on current account with banks Sight funds at interest— _ Rediscountable bills and acceptances (at cost) Time funds at interest Sundry bills and investments Other assets.. 1,644 Total assets.. 596,177 1 1938 Liabilities Assets 984 601,026 Feb. 28 228,357 55, 665 Long-term deposits: Special accounts.. 300, 776 Other liabilities 1,031 Total liabilities 646, 850 Feb. 28 Jan. 31 9,807 9,659 9,441 130, 957 6,332 136, 287 7,306 173. 850 7,029 255,137 255, 081 262, 931 193, 944 192,694 193,598 596,177 601, 026 646, 850 Feb. 28 See B U L L E T I N for December 1936, p . 1025. MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] United Kingdom (London) Month Bankers' Treasury acceptances bills, 3 3 months months Bankers' Day-to-day allowance money on deposits 1929—February.. 1930—February.. 1931—February.. 1932—February.. 1933—February. 1934—February.. 1935—February.. 1936—February.. 1937—February.. 1938—February.. 5.05 3.82 2.56 4.63 .83 .95 .38 .55 .55 .53 4.96 3.72 2.37 4.08 .78 .86 .28 .53 .53 .50 4.33 3. 76 2.29 3.84 .73 .88 .63 .75 .75 .75 1938—August.,.. September October. _. November. December. .53 .91 .70 .51 1939—January,.. February. _ .55 .53 Money for Day-to-day 1 month money Private discount rate Money for1 1 month 7.07 6.72 6.31 7.98 5.00 4.91 3.77 2.97 2.86 2.88 6.33 6.01 5.49 7.81 4.86 4.78 3.83 2.77 2.47 2.73 4.39 2.80 1.12 1.87 .37 .78 .58 1.19 .28 .13 4.78 2.94 1.05 1.69 1.00 1.00 1.00 1.63 1.00 .50 .67 .93 .75 .75 .75 .75 .80 2.88 2.88 2.88 2.88 2.88 2.87 2.88 2.88 2.88 2.88 2.51 2.59 2.70 2 58 2.86 .13 .32 .21 .14 .13 .50 .70 .50 .50 .50 .53 .51 .75 .75 2.88 2.88 2.88 2.88 2.46 2.53 .13 .13 .50 .50 4-3 Belgium (Brussels) France (Paris) Italy (Milan) Private discount rate Private discount rate Private discount rate Private discount rate 1929—January... 1930—January,.. 1931—January.__ 1932—January, __ 1933—January... 1934—January,.. 1935—January. __ 1936—January,.. 1937—January,.. 1938—January. __ 3.28 1. 17 1.68 .50 .50 .50 2.48 .25 .00 3.97 3.40 2.38 2.91 2.88 2.14 2.38 1.52 1.00 1.57 3.50 3.38 1.89 1.75 1.12 2. 12 1.79 4.26 2.22 3.00 5.83 7.00 5.50 7.50 4.42 3.00 4.00 5.00 4.50 5.00 1938—July August September October... November December. .00 00 .00 .00 .00 .00 3.12 2.89 3.26 3.00 2.01 2.21 2.50 2.50 2.65 3.00 2.90 2.23 5.00 5.00 5.00 5.00 5.00 5.00 1939—January,,. 1.00 04 1.88 5. 00 2.97 Private discount rate 5.80 5.53 4.88 6.67 3.87 3.87 3.41 3.00 3.00 2.88 Switzerland Month Netherlands (Amsterdam) Germany (Berlin) P2. Hungary Prime commercial paper Day-to-day money Sweden (Stockholm) Japan (Tokyo) Loans up to 3 months Call Discounted money bills overnight 73/6-10 6i|-10 4 4-63^ 4-63^ 3^ 2% 2% 2V2 2V2 4M-6H 2V '23/3-5 23/ 23^-5 2^-5 2^ 5. 84-6. 21 5.48 5. 48-5. 66 5. 84-6. 57 5. 48-5. 84 5.29 5.11 5. 11 4.75 4.75 2.37 2.74 3. 10 6.02 3.10 2.42 2.59 2.64 2.63 2.38 4.56 4.56 4.56 4.56 4.56 4.56 2.48 2.44 2.33 2.31 2.50 2.37 r p Preliminary. Revised. 1 Correction:—Rates published in March BULLETIN for Jan. 1936, 1937, and 1938 should have been 2.29, 1.01, and .50, respectively, instead of 2.21, .52, and .13. NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736; May 1930, p. 318; and September 1938, p. 757. 344 FEDERAL RESERVE BULLETIN DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Central bank of— Date effective In effect June 30, 1936 July 7 July 10 Sept 9 Sept 25 Oct 2 Oct 9 Oct. 16 Oct 20 Nov 26 Dec 3 Jan 28, 1937 June 15 July 7 Aug 4 Sept 3 Nov 13 M a y 10 1938 M a y 13 M a y 30 Sept 28 Oct 27 Nov 25 Jan 4 1939 In effect Mar. 28, 1939 United Kingdom 2 SwitzGer- Bel- NethFrance many er- Japan ergium lands land 4 4 2 ax Wi 3 3.29 3 2 5 3 2 2LZ Wi 2 4 6 5 4 3 2 4 VA 3 3 Date effective Albania Argentina __ Belgium Bolivia British India Bulgaria Canada Chile Colombia... CzechoSlovakia.. Danzig Denmark... Ecuador El Salvador Estonia Finland France Germany... Greece Hungary. __ Italy 6 April 1, 1937 Central bank of— VA Mar. 1, 1936 6 3 6 2 4 2 3 4 4 4 4 2 4 6 4 Changes since Fet . 2 2 Rate Mar. 28 Oct. July Nov. Aug. Mar. Dec. July 27, 5, 28, 15, 11, 16, 18, 1938 1932 1935 1935 1935 1936 1933 Jan. Jan. Feb. Nov. Aug. Oct. Dec. Jan. Sept. Jan. Aug. May 1, 2, 23, 30, 23, 1, 3, 4, 22, 4, 29, 18, 1936 1937 1939 1932 1935 1935 1934 1939 1932 1937 1935 1936 Rate Mar. 28 Japan 3.29 Java __ 3 Latvia Lithuania... 5 2 Mexico 3 Netherlands 2 New Zealand....... Norway Peru Poland Portugal \-\y2 Rumania W2 South Africa Spain 5 2 Sweden Switzerland Turkey 4 United Kingdom _ 2 U. S. S. R._ 4 Yugoslavia. _ 5 Date effective Apr. 7, 1936 Jan. 14, 1937 Jan. 1, 1939 July 1, 1938 Mar. 1, 1937 Dec. 3, 1936 Nov. Jan. May Dec. Aug. May May July Dec. Nov. July 19, 5, 20, 18, 11, 5, 15, 15, 1, 26, 1, 1938 1938 1932 1937 1937 1938 1933 1935 1933 1936 1938 June 30, 1932 . July 1, 1936 Feb. 1, 1935 2Y 2i/ 2 Central bank of— 4 24 2 28: None. 3 29 COMMERCIAL BANKS [Figures as of end of month, except those for United Kingdom, which are averages of weekly figures] Liabilities Assets Money at Deposits Loans to United Kingdom Cash Other call and Bills dis- Securi- custom- Other counted short ers assets (Figures in millions of pounds sterling) reserves notice Total Demand 1 Time 1 liabilities 10 London clearing banks 1930—December. 1931—December 1932—December 1933—December. 1934—December. 1935—December 1936—December 1937—December 1938—December. 184 207 213 216 221 236 236 235 144 119 127 119 151 159 187 155 150 322 246 408 311 255 322 316 295 244 285 297 472 565 594 605 630 605 608 933 905 778 740 759 784 864 954 940 240 222 208 237 247 231 238 242 250 1,876 1,737 1,983 1,941 1,971 2,091 2,238 2.250 2,172 992 868 991 1,015 1,044 1,140 847 846 963 900 910 924 254 237 216 244 251 231 232 237 254 2.315 2,330 1.288 1,284 1,012 1,026 245 252 2,329 2, 280 2,254 2.268 2.263 2.299 2, 309 2,298 2.289 2.256 2. 249 2,251 1,290 1,242 1,221 1,228 1,220 1,215 1,254 1,248 1.236 1.247 1,244 1,256 1,039 1,038 1,033 1,040 1,043 1,054 1,055 1,050 1,033 1,009 1,004 252 250 252 252 256 256 255 256 262 270 269 269 2.230 2.176 1,260 11 London clearing banks » 1936—December . 1937—December. 1938—January.._ February.. March April May June _ July August September. October.-. November. December. 244 244 251 243 244 246 231 247 244 241 234 234 233 243 1939—January... February.. 248 243 195 163 154 144 150 150 146 154 159 153 148 149 149 160 143 322 300 331 302 305 289 268 272 250 633 634 638 631 630 633 642 646 645 642 635 256 212 '•625 617 239 249 985 985 974 973 973 906 971 249 256 240 238 239 240 246 251 242 239 242 256 255 283 972 982 253 660 635 970 984 1,000 970 267 268 r Revised. 1 Through December 1937 excludes deposits in offices outside England and Wales, which are included in total. Figures for 10 banks not available2 beginning 1936. District Bank included beginning in 1936. NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pp 639-640. 347 FEDERAL RESERVE BULLETIN APRIL 1939 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] 1926 100 100 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 95 86 73 65 66 75 80 81 86 79 96 87 72 67 67 72 72 75 85 193g—January . February M a r c h __ April May___ June_ July August September October.. _ November. December 81 80 80 79 78 78 79 78 78 78 78 77 84 84 83 82 80 80 79 76 75 74 74 73 108 106 104 103 102 101 101 100 98 99 98 98 1939—January February 77 77 73 73 97 97 _ _ 1 124 100 88 86 8fi O OO OO 4^ CO OO - - United Kingdom (1930=100) 109 101 France (1913=100) Germany (1913=100) Italy (1928=100) Switzerland (July 1914 =100) Japan (October 1900=100) Netherlands (1926-30= 100) 237 106 144 220 181 153 161 180 178 186 198 100 90 76 65 63 63 62 64 76 72 141 126 110 96 91 90 90 96 111 107 695 134 627 554 500 427 398 376 338 411 581 137 125 111 97 93 98 102 104 106 106 95 85 75 70 63 62 68 76 89 95 636 631 634 643 654 660 652 649 652 664 674 684 106 106 106 106 105 106 106 106 106 106 106 106 95 94 94 95 96 96 95 96 97 97 97 96 249 252 247 249 254 254 252 252 253 254 255 75 74 73 73 72 72 71 71 71 71 70 71 110 109 108 108 107 107 106 105 106 106 106 106 107 97 259 264 70 70 106 to to Canada (1926=100) to United States (1926=100) Year or month p Preliminary. 1 Approximate figure, derived from old index (1913=100). WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United Kingdom (1930=100) United States (1926=100) Germany ( 1913=100) France (1913=100) Year or month Farm products Foods Other commodities Foods Industrial products Farm and food products Industrial products Agricultural products Provisions IndusIndustrial r a w trial finand semiished finished products products 1926. 100 100 100 581 793 129 132 130 150 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 105 88 65 48 51 65 79 81 86 69 100 91 75 61 61 71 84 82 86 74 92 85 75 70 71 78 78 80 85 82 100 89 88 83 85 87 92 102 97 100 87 85 87 90 90 96 112 104 579 526 542 482 420 393 327 426 562 P641 669 579 464 380 380 361 348 397 598 ?663 130 113 104 91 87 96 102 105 105 106 125 113 96 86 75 76 84 86 96 91 132 120 103 89 88 91 92 94 96 94 157 150 136 118 113 116 119 121 125 126 72 70 70 68 68 69 69 67 68 67 68 68 76 74 74 72 72 73 74 73 75 74 74 73 84 83 83 82 82 81 81 81 81 81 81 80 105 103 101 100 100 99 98 95 92 93 91 92 109 107 106 104 103 101 102 102 102 102 103 102 634 625 620 633 650 657 630 625 631 646 662 684 638 636 647 651 657 663 671 670 669 680 685 685 105 105 106 106 106 106 106 107 106 106 107 107 90 90 90 90 90 90 90 90 91 92 95 95 94 94 94 94 93 94 94 94 94 94 94 94 126 126 126 126 126 126 126 126 126 126 126 126 67 67 72 72 80 80 93 91 100 100 P688 P690 108 P108 94 94 P94 P94 126 P126 .-- 1938—January February March April May June _ July., . August __ _ September _ October November- . December 1939—January February p Preliminary. Sources.—See BULLETIN for March 1931, p . 159; M a r c h 1935, p . 180; October 1935, p . ( 8; March 1937, p. 276; and April 1937, p. 372. 348 FEDERAL RESERVE BULLETIN A P R I L 1939 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] Year or month EngFrance United land July States 1914=100 July 19231925=100 1914=100 [Index numbers] Switz Netherlands Germany 1913- ,er" 1911- EngFrance GerUnited Nether- SwitzerJan.land many States lands land J u n e 192319131911July J u ne 1925=100 1914=100 1914=100 1914=100 1913=100 1914=100 " J™ Year or month 1926 109 161 554 146 161 ! 160 1926 103 170 505 142 168 162 1929 ._ 1930 1931 1932 1933 1934.__ _ 1935 1936 1937 _ 1938 105 100 82 68 66 74 '81 82 85 79 154 145 131 126 120 122 125 130 139 141 611 614 611 536 491 481 423 470 601 156 146 131 116 113 118 120 122 122 122 162 150 136 119 120 124 118 120 127 130 1 ! j | 1 ! 1 •! • 156 152 141 125 117 115 114 120 130 130 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 100 97 89 80 76 79 81 82 84 83 164 158 148 144 140 141 143 147 154 156 556 581 569 526 520 516 483 507 619 *>698 154 148 136 121 118 121 123 125 125 126 168 161 151 141 139 140 136 132 137 139 161 158 150 138 131 129 128 130 137 137 130 130 128 i 129 ' 132 134 i 130 ! 129 : 130 \ 130 ; 128 i 130 ; 130 130 129 129 128 130 129 129 130 130 130 130 1938-January February March April May 139 139 138 138 139 140 139 138 i 139 138 137 138 138 137 137 137 136 137 137 136 137 137 137 137 129 1939-January February P702 1938-January February _ March April May June July August September October.. November December, 80 78 79 79 79 80 80 78 79 78 78 79 145 142 140 137 139 138 146 141 140 139 140 i 139 i 688 694 698 702 705 698 671 677 697 725 727 742 121 122 122 122 123 123 124 124 121 ! 121 121 121 1939-January. . February.. i 78 77 138 138 748 ! 122 122 _ _ 83 June 83 July August September October November December, 83 83 159 157 156 154 156 155 159 156 156 155 156 156 125 125 126 126 126 126 127 127 125 125 125 125 688 692 689 722 i 155 155 1 137 126 126 I T p Preliminary. Revised. 1 Revised index from M a r c h 1936 (see BULLETIN for April 1937, p . 373). Sources— See BULLETIN for April 1937, p . 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Year or m o n t h United States (average price) l Common stocks (1926=100) England (December 1921=100) France (1913=100) Germany (average price) 139 60 87 36 1926 97.6 110.0 57.4 1929 1930 . 1931 1932. 1933 1934. 1935 1936 1937 1938 98.1 99.3 90.9 69.5 73.4 84.5 88.6 97.5 93.4 78.9 110.2 111.8 108.4 113.2 119.7 127.5 129. 9 131. 2 124.6 121.3 85.1 95.8 96.9 88.6 81.3 82.1 83.5 76.3 75.1 P77.3 1938—January February March April. _ May. June July August September... October November. _ December.._ 80.6 79.3 76.0 73.8 76.5 75.3 80.8 81.3 78.7 81.8 82.1 81.1 124. 7 125.1 121.0 124.2 122.1 121.9 123.4 122.4 118.4 118.2 118.0 116.3 75.1 74.7 73.2 75.6 76. 1 77.2 76.5 76.6 75.6 78.3 80.6 88.3 1939—January February... 81.9 82.1 115.9 115.8 83.4 N u m b e r of issues. _ Netherlands ^ United States 8 England France Germany 420 278 300 329 100.0 100.0 100.0 100.0 Netherlands (1930=100) 100 81.4 83.3 83. 4 67.1 82.5 90.7 95.3 95.8 98.7 99.9 100.0 104.3 104.1 94.8 105.3 113.4 107.8 109.1 4 101. 8 P105. 6 190.3 149.8 94.7 48.6 63.0 72.4 78.3 111.0 111.8 83.3 119.5 102.6 78.9 67.9 78.6 85.7 86.3 97.0 96.3 80.8 217.6 187.6 132.2 105.2 99.6 83.3 79.7 77.2 97.4 P89. 7 122.8 100.2 3 78.0 3 50.3 61.7 71.1 82.9 91.6 102.6 P100.1 99.8 99.9 100.1 100.1 " 100.0 100.0 100.0 99.9 99.8 99.8 99.7 99.2 106.3 107.2 104.3 106.3 108.0 107.0 107.0 106.3 100.6 105.6 105.3 105.9 81.6 80.7 77.9 70.7 73.9 73.1 88.0 89.5 86.0 91.1 94.7 92.0 86.5 83.8 78.9 81.7 79.7 78.5 82.1 81.1 78.4 79.6 80.4 78.4 85.0 84.5 82.0 93.6 92.7 91.4 88.8 87.6 83.7 88.0 91.8 104.7 104.4 104.2 104.5 105.3 103.4 101.4 99.0 93.8 94.7 98.6 97.2 94.6 98.3 97.5 95.1 92.2 92.7 91.6 97.2 97.1 92.8 98.0 98.8 97.8 99.0 104.3 91.8 90.1 78.0 77.5 94.0 95.3 P96.1 94.3 3 3 P99. 0 100 70 46 52 55 55 66 104 p Preliminary. 1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. 2 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4. 57 percent. For new index beginning January 1937, January-March 1937=100; average yield in base period was 3. 39 percent. 3 Exchange closed from July 13 to Sept. 2, 1931, and from Sept. 19, 1931, to Apr. 11, 1932. Index for 1931 represents average of months JanuaryJune; index for 1932 represents average of months May-December. 4 New index. See note 2. Sources.—See BULLETIN for February 1932, p. 121; June 1935, p. 394; April 1937, p. 373; July 1937, p. 698; and November 1937, p. 1172. FEDERAL RESERVE DIRECTORY 349 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK JOHN K. M C K E E CHESTER C. DAVIS ERNEST G. DRAPER LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary J. C. NOELL, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics 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. STEELB GEORGE L. HARRISON, Vice Chairman District No. 2 (NEW YORK) LEON FRASER CHESTER C. DAVIS ERNEST G. DRAPER M. J. FLEMING GEORGE H. HAMILTON HUGH LEACH WM. M C C . MARTIN JOHN K. M C K E E RONALD RANSOM District No. 3 (PHILADELPHIA) . . . .HOWARD A. LOEB, M. S. SZYMCZAK CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary WALTER WYATT, General Counsel Vice-President District No. 4 (CLEVELAND) T. J. DAVIS District No. 5 (RICHMOND) ROBERT M. HANEB District No. 6 (ATLANTA) EDWARD BALL District No. 7 (CHICAGO) EDWARD E. BROWN District No. 8 (ST. LOUIS) WALTER W. SMITH District No. 9 (MINNEAPOLIS) JOHN CROSBY President District No. 10 (KANSAS CITY) . . . . JOHN EVANS J. P. DREIBELBIS, Assistant General Counsel District No. 11 (DALLAS) E. A. GOLDENWEISER, Economist JOHN H. WILLIAMS, Associate Economist District No. 12 (SAN FRANCISCO).. .PAUL S. DICK ALLAN SPROUL, Manager of System Open Market Account 350 R. E. HARDING WALTER LICHTENSTEIN, Secretary SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Chairman and Federal Reserve Agent President First Vice President Vice Presidents Boston F. H fJnrfciss R. A. Young W. W. Paddock W Willett 2 New York Owen D. Young G. L. Harrison Allan Sproul L. R. Rounds W. S. Logan J. H. Williams R. M. Gidney L. W. Knoke Philadelphia T B. McCabe J. 3. Sinclair F. J. Drinnen C. A. Mcllhenny 3 W. J. Davis E. C. Hill Cleveland G C Brainard M J Fleming F J Zurlinden W. H. Fletcher G. H. Wagner W. F. Taylor 3 Richmond Robert Lassiter Hugh Leach J. S. Walden, Jr J. G. Fry G. H. Keesee 2 Atlanta F. H. Neely R. S Parker R. E. Woodi G. J. Schaller H. P. Preston C. S. Young W. H. Snyder 3 J. H. Dillard St Louis W T. Nardin W McC Martin F G Hitt 0. M. Attebery C M . Stewart 2 Minneapolis W C Coffey T N" Peyton 0 S Powell H I Ziemer 3 E. W. Swanson Kansas City R. B. Caldwell Dallas J. H. Merritt.....' B. A. McKinney R. R. Gilbert R. B. Coleman 3 W. J. Evans San Francisco St George Holden 1 W A. Day Ira Clerk W. M. Hale C. E. Earhart 2 R. B. West Chicago _ _ . 1 l W. S McLarin. Jr H. F. Conniff M. H. Bryan ._ G. H. Hamilton Deputy chairman. _ H. G. Leedy J. W. Helm 3 C. A. Worthington 2 Cashier. 3 3 Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— New York: Buffalo Branch Cleveland: Cincinnati Branch Pittsburgh Branch Richmond: Baltimore Branch. Charlotte Branch Atlanta: Birmingham Branch Jacksonville Branch Nashville Branch New Orleans Branch Chicago: Detroit Branch St. Louis: Little Rock Branch Louisville Branch Memphis Branch Managing director R. M. O'Hara B. J. Lazar P. A. Brown W. R. Milford W. T. Clements P. L. T. Beavers G. S. Vardeman, Jr. J. B. Fort, Jr. L. M. Clark R. H. Buss Federal Reserve Bank of— 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 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 D. L. Davis W. L. Partner C. R. Shaw A. F. Bailey F. D. Rash _._ W. H. Glasgow 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. One copy of the BULLETIN is sent to each member bank 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. 351 FEDERAL RESERVE DISTRICTS *>>i < * "a«d °»ce. . --'. f*~~H «ONT. Heien, L. ">AHo 7 \ >\\ ^fCCj MINN. sto^ ^""MINNEAPOLIS^ S.DAK. /MlCHf j WYO. — L ^nver # % NEBR IOWA CH£AG( - Omaha* f ^Of KANSAS CITYi COLO. GU. \ NEBR KANS. ;V jI SJ^ g T VA. L O U I S f. "iL..;%,^ Oklahoma City I? ARK' ^ /.—-l w _ j/HAJuttl/Rock/ ARIZ. ^^^Vst.^. N.MEX. DALLAS® J / T r MISS. ALA. 1 WPadb"" TEXAS ^ } *" J ^ ; —I -A. - • K B BOUNDARIES OF FEDERAL RESERVE DISTRICTS . BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES (APPROXIMATE IN THE ST. LOUIS DISTRICT) M M @ • O FEDERAL RESERVE BANK OTIES. FEDERAL RESERVE BRANCH CITIES FEDERAL RESERVE BANK AGENCY nAntonfo^ -i.x Jacksonville \ FLA* <y
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