Full text of Federal Reserve Bulletin : December 1938
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FEDERAL RESERVE
BULLETIN
DECEMBER 1938
Recent Banking Developments
Condition of All Member Banks
*******
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
CONSTITUTION AVENUE AT 20TH STREET
WASHINGTON
TABLE OF CONTENTS
Page
Review of the month—Recent banking developments
1033-1037
National summary of business conditions
1038-1039
Summary of financial and business statistics
1041
Law department:
Amendments to Regulation L
1042
Rulings of the Board:
Guarantee of account by special partner of member
firm
1042
Maximum loan value of bonds under Regulation U
1042-1043
Paying for purchase in special cash account by selling another security
1043-1044
Revised averages of prices and yields on United States Government bonds
1045-1046
Condition of all member banks on September 28, 1938 (from Member Bank Call Report No. 77)
1047-1048
Number of banks and branches, 1933-1938; analysis of changes in number of banks and branches,
January 1, September 30, 1938
1049
Financial, industrial, and commercial statistics, United States:
Member bank reserves, Reserve bank credit, and related items
1052
Federal Reserve bank statistics
1053-1057
Reserve position of member banks; deposits in larger and smaller centers
1058
Currency in circulation
1059
Gold stock and gold movements; bank suspensions; bank debits
1060
All banks in the United States
1061
All member banks
1062-1063
Reporting member banks in leading cities
1064-1067
Acceptances, commercial paper, and brokers' balances
1068
Federal Reserve bank discount rates
1069
Money rates and bond yields
1070
Security markets
1071
Treasury
finance
1072-1073
Governmental corporations and credit agencies; Postal Savings System
1074-1075
Production, employment, and trade
1076-1084
Wholesale prices
1085
Crop Report
1086
International financial statistics:
Gold reserves of central banks and governments
1088
Gold production
1089
Gold movements
1089-1090
Central banks
1091-1094
Bank for International Settlements
1095
Money rates
1095
Discount rates of central banks
1096
Commercial banks
1096-1097
Foreign exchange rates
1098
Price movements:
Wholesale prices
1099
Retail food prices and cost of living
1100
Security prices
1100
Federal Reserve directory:
Board of Governors and staff; Open Market Committee and staff; Federal Advisory Council
1102
Senior officers of Federal Reserve banks; managing directors of branches
1103
Index to Volume 24
1104-1128
II
FEDERAL RESERVE BULLETIN
VOL.
24
DECEMBER, 1938
No. 12
total United States money in circulation
Business activity increased in November, showed an increase of about $200,000,000,
continuing the rise which began early last of which $60,000,000 was in large-denominaSummer. Industrial pro- tion currency, i.e., in bills of fifty dollars and
Further increase in duction, as measured by over. Currency shipments to Europe by New
business activity
York City banks amounted to $15,000,000 in
the Board s seasonally- September and to $11,000,000 in October, the
adjusted index, reached a level slightly over largest amount reported for any two-month
100 percent of the 1923-1925 average as com- period since collection of the figures began
pared with 96 in October and an average of in 1923. Most of these shipments were in
77 in the second quarter of the year. The large-denomination currency.
advance in November reflected chiefly a fur- The total increase in circulation from the
ther substantial increase in steel production seasonal low point near the end of July to
and increases also in output of automobiles the end of November this year amounted to
and textiles. Available figures for depart- about $370,000,000, compared with $140,ment store sales and freight-car loadings and 000,000 in the same period last year, when
reports on sales of new automobiles indicate business activity was declining, and with
a rise in distribution of commodities when about $350,000,000 in 1935 and 1936, when
allowance is made for usual seasonal changes. business was increasing rapidly.
There were some decreases in prices of industrial materials during November, while The substantial growth in the amount of
prices of farm products and foods showed money in circulation over the past eight years
to a new high level has reflected
little change.
Long-term
principally increased holdings of
Since last summer the amount of money
in circulation has increased somewhat more cTr°cuiation individual savings in the form
of currency and a shift from
rapidly than is usual for this
bank
deposits
to currency as a means of
Recent changes season of the year. For sevin
current
payments.
cL™Sn
eral years United States
In the decade ending in 1930 the general
money technically defined as
level
of currency in circulation showed little
in circulation, that is, the amount outside the
change.
In this period there was a growth in
Treasury and the Federal Reserve banks,
the
use
of
bank checks for making payments,
has shown a gradual rising tendency. The
and
from
1926 to 1929, notwithstanding an
amount in circulation during November of
expansion
in the total amount of money
this year exceeded $6,700,000,000, a larger
payments,
the
volume of currency in circulavolume than at any previous time except for
tion
declined
somewhat.
In 1930, with dea short period during the banking holiday in
creasing
business
activity,
there was a more
1933, when there had been large temporary
pronounced
decline.
In
the
period from the
currency withdrawals.
end
of
1930
until
the
banking
holiday in
The increase in money in circulation durMarch
1933
there
were
substantial
withing recent months has reflected in large part
drawals
of
bank
deposits
in
the
form
of
expanding industrial payrolls, enlarged relief
currency
for
hoarding.
This
was
reflected
payments, and shipments of United States
money abroad in connection with the Euro- in a marked rise in the demand for largepean crisis. During* September and October denomination paper currency, which is more
REVIEW OF THE MONTH
1033
1034
FEDERAL RESERVE BULLETIN
convenient for hoarding than the smaller
notes and coin. The chart shows total circulation of notes of fifty dollars or more and
the total of all other paper currency and
coin for end-of-month dates from October
1930 to October 1938. The growth shown in
the smaller denominations from 1930 to
March 1933 was in ten- and twenty-dollar
notes, which were probably hoarded, while
one- and five-dollar notes and coin, which
are used more largely for day-to-day payments, showed little change.
MONEY IN CIRCULATION
BY LARGE AND SMALL DENOMINATIONS
ILL1ONS OF DOLLARS
IILLIONS OF DOLLARS
7
1931
1932
1933
1934
1935
1936
1937
1938
Following the banking holiday there was
a substantial return flow of large-denomination currency in 1933 and to some extent in
1934, but the amount outstanding continued
substantially larger than in 1930, indicating
the retention in hoards of a considerable
amount of money.
From 1934 to the end of 1936 there was a
renewed increase in money in circulation.
This was a period of rising business activity,
and much of the increase in circulation was
DECEMBER
1938
in coin and the smaller-denomination currency. There was also a fairly steady growth
in the amount of larger-denomination currency. In the middle of 1936 a sharp rise
in circulation accompanied the payment in
cash of the veterans' adjusted service certificates. As a result of a cessation of the rise
in business early in 1937 and the recession
beginning in the latter part of that year, the
amount of money in circulation did not increase in 1937, as it had in the two previous
years. In 1938 circulation continued close
to the 1937 levels until September, when, as
previously indicated, there was a renewed rise.
The higher level of currency in circulation
that has been maintained since 1936 at about
$2,000,000,000 above that of 1929 represents
increases both in large-denomination currency and in coin and small-denomination
bills. The increase in large bills reflects in
part the holding of savings in the form of
currency rather than in bank deposits, securities, or other property. The banking
difficulties in the early thirties may be partly
responsible for the increase in the volume of
savings held in currency rather than in banks,
notwithstanding the safeguarding of bank
deposits after 1933 by Federal deposit insurance. Another factor is probably the reduction in interest rates paid on savings and
other time deposits.
Increased circulation of coin and smalldenomination bills indicates that there has
also been a relatively greater use of cash for
current payments. This tendency, which
may have been due at first to banking difficulties and the absence of banking facilities
in some communities, has been furthered by
the extension of service charges on checking
accounts. Relief payments, made to large
numbers of people without bank accounts,
may also have increased the demand for currency. Imposition of sales taxes in many
States and cities may have had an effect in
increasing the demand for coins.
Another factor increasing the amount of
currency reported as in circulation is a
DECEMBER 1938
FEDERAL RESERVE BULLETIN
1035
growth in vault cash holdings of banks. This gations also decreased chiefly because of a
increase has amounted to about $300,000,000 reduction in the volume available for pursince the end of 1933, most of which has been chase by banks. Since July, with an increase
at member banks. When banks had no ex- in offerings of Government securities, banks
cess reserves they ordinarily held no more have increased their holdings.
Volume of deposits at member banks devault cash than was needed to meet current
clined
somewhat in 1937 and in the first
demands of customers and deposited with the
quarter of 1938 but has since
Federal Reserve banks any excess currency
Growth
in
shown
a substantial increase.
that they received. With the growth of exbank deposits
.
cess reserves, however, banks have not been
Except
for
last
year,
deposits
under pressure to return redundant currency,
and a few banks have withdrawn a part of at banks have increased almost continuously
their reserves in the form of large-denomina- since the summer of 1933, as is shown by the
chart. Practically all of the increase during
tion currency.
ALL MEMBER BANKS
At a time such as the present, when banks
1 s
do not need to borrow to get currency, an 35
35
increase in money in circulation is not an im-v 30
portant development. It is only a reflection 30
s
\
of a slight shift in the public's needs or 25
25
y
7
preference as between bank deposits and 20
^ v *s 20
cash. The increase of $2,000,000,000 in cur/
15
rency since 1929 should be considered in re- 15 —>
£03,
r~
s*
J
lation to the $50,000,000,000 which repre- 10
10
sents the total of bank deposits in the United
^—
5
5
s
States.
As the result of gold imports and the re- 0
0
1920
1922
1924 1926
1928
1930 1932
1934 1936 1938
lease by the Treasury of gold previously held
in an inactive account, bank the first nine months of this year, as set forth
Recent banking deposits have increased con- in the following table, was in demand dedevelopments
.
.
posits at city banks. At country banks desiderably since last spring, posits showed a seasonal decline in the first
and the total of bank deposits and money in half of the year and thereafter an increase.
circulation is now as large as at any previous Adjusted demand deposits at member banks,
time. Gold imports added about $1,500,000,- which exclude interbank and United States
000 to the country's deposits between the Government deposits and items held by banks
middle of April and the end of November, in process of collection, and which may,
and Treasury disbursements from its cash therefore, be called customers' deposits, inholdings and balances with the Federal Re- creased by $1,200,000,000 in the first nine
serve banks added $500,000,000. These addi- months of the year and at the end of Septemtions were offset in small part by an in- ber amounted to about $21,600,000,000, close
creased demand for currency by the public. to the largest amount ever reported. It apThe growth of deposits has been accompanied pears from partial reports that adjusted deby a decline in their rate of turnover to an mand deposits of member banks increased
extremely low level.
further during October and November to
In the first half of the year there was a above the peak levels reached at the end of
substantial repayment of bank loans, follow- 1936. Interbank deposits have also risen to
ing an increase in 1936 and 1937, and bank a new high level.
holdings of United States Government obli-
OANS
AND
NVESTMEN'
\
DEMAND DEPOS
r
TS
ADJUSTED
/IE Di
-4
—
_-p——
S
TtTi
N__
1036
FEDERAL RESERVE BULLETIN
DEPOSITS AT ALL MEMBER BANKS, SEPT. 28,
1938
[In millions of dollars]
Change since
Amount
held by
all memNew
ber banks All
York
Sept. 28, memcentral
1938
ber
reserve
banks
city
banks
Adjusted demand
Time 2
U. S. Government and
Postal savings
Interbank;
Domestic
Foreign
21, 596 +1,209
11, 253
-35
777
6,218
466
+653
+3
Dec. 31, 1937
Other Counreserve
try
city
banks
banksi
+354
+21
-27
-201
+87
+16
mvestments
+390
-12
+275
+14
-12
vestments declined m the first
half of the year and increased thereafter,
showing little net change over the year to
date. Loans declined by about $1,000,000,000
in the first nine months of the year, while
investment holdings increased by $900,000,000. From the end of September to the end
of November both loans and investments of
reporting member banks in leading cities
showed little net change.
Nearly all of the decline in loans during
the first nine months of the year was at
banks in central reserve and reserve cities.
Commercial loans at city banks showed a decline of about $1,000,000,000 from the middle
of October 1937 through June 1938, following a growth of about $2,000,000,000 in the
two previous years. Since June these loans
have shown little change, although there is
usually a seasonal increase in the autumn.
Loans to brokers and dealers in securities,
which had declined substantially during the
last quarter of 1937, accompanying the fall
in stock prices, showed a further decline in
the first five months of 1938 and a slight
increase in subsequent months. They have
continued at less than half the maximum of
last year.
During the first half of the year retirement of United States Government shortterm obligations reduced the supply of direct
obligations of the Government available for
purchase, and bank holdings consequently
declined. Holdings of Government guaranteed obligations increased, however, reflecting purchases of securities of the Home
Owners' Loan Corporation and of the Com-
+1
Most of the growth in deposits since the
first of the year has been at New York City
banks. This is shown in the above table and
may be explained in part by the fact that a
large portion of the proceeds of gold imports
is initially deposited in New York City banks
and in part by the increase in interbank
balances at these banks. Total loans and
investments of New York City banks showed
little net change in the period.
At banks in Chicago and other reserve
cities, as at New York City banks, in the
first nine months of this year there was a
substantial growth in deposits, including both
PRINCIPAL ASSETS OF ALL MEMBER BANKS,
SEPT. 28, 1938
[In millions of dollars]
Change since
Amount
held by
all memNew
ber banks All
York
Sept. 28, memcentral
1938
reserve
ber
city
banks
banks
Required
Excess
Balances with other bank:
Cash in vault
1
+640
+256
+392
+177
Other Counreserve
try
city
banks
banksi
-21
-98
8,193 +1,188 +1,005
+269
+177
+261
5,334
-460
-43
2,859 +1,647 +1,048
-237
+499
-179!
+100
+526
+185
+406
+128
+141
+44
4,010
775
Including Chicago central reserve city banks.
Dec. 31, 1937
12,937 - 1 , 0 2 0
13,011
5,678
interbank and other deposits, while total
loans and investments showed no change.
At country banks there was a small decline
in deposits and in reserves, as well as in investments, while balances with city correspondents increased.
Growth in deposits since the beginning of
the year has not been accompanied by an increase in earning assets of memLoans and b e r banks. Total loans and in-
+914
-29
1
Includes Chicago central reserve city banks.
2 Excludes interbank and Postal savings deposits.
Loans
Investments:
U. S. Government
obligations
Other securities
Reserves with Federal
Reserve banks:—Total.
DECEMBER 1938
-21
+14
79
DECEMBER 1938
1037
FEDERAL RESERVE BULLETIN
modity Credit Corporation. In the third
quarter of the year member bank holdings
of direct obligations of the Government increased. The outstanding amount of publicly-offered Treasury bonds rose by $1,000,000,000 in this period, and member bank
holdings of these bonds increased by about
$450,000,000. Increases amounted to $110,000,000 at New York City banks, $230,000,000 at banks in Chicago and reserve cities,
and $110,000,000 at country banks. Country
bank holdings of Treasury notes also increased by about $50,000,000 but otherwise
there was little change in member bank holdings of Treasury notes or bills. In October
and the first three weeks of November, Government securities held by reporting banks
declined by about $110,000,000 in New York
City but increased by about $140,000,000 in
100 other leading cities.
During the first three quarters of the year,
city banks increased their holdings of securities other than those of the United States
Government by about $350,000,000, while
holdings of country banks showed a decline
of about $100,000,000, all of which occurred
in the first half of the year. Holdings of
these types of securities increased somewhat
at New York City banks in October but declined in November, reflecting principally
fiscal operations of the New York State and
City Governments.
depreciation. The word "Net", therefore,
should not have appeared in either caption.
Revisions in Bulletin Table on Treasury Operations
The Treasury recently has published revisions in the allocation of certain expenditures to the classifications shown in the daily
Treasury statements beginning July 1, 1938.
In the regular table on Treasury operations
on page 1073 of this BULLETIN figures beginning with the fiscal year 1936 have been revised to take account of these changes. Revised figures for the fiscal years 1932-1935,
previously published in the September 1938
BULLETIN, are shown in the table below.
The principal revisions include the transfer
of certain net expenditures of the Reconstruction Finance Corporation and the Commodity Credit Corporation from "Net expenditures in checking accounts of Government agencies" to "Recovery and relief." In
the fiscal year 1938 certain items were transferred also from "Net expenditures in checking accounts of Government agencies—all
other" to the checking accounts of the Reconstruction Finance Corporation and the Commodity Credit Corporation.
REVISED DATA ON TREASURY OPERATIONS FOR THE
FISCAL YEARS ENDING J U N E 30, 1932-1935 *
[In millions of dollars]
Fiscal year ending June 30
1933
Correction of October Bulletin
On page 873 of the October issue of the
appears a table showing earnings
and expenses of member banks including certain operating ratios. The ratios shown
against the caption "Net losses on loans per
$100 of loans" are actually based on gross
losses (before deduction of recoveries), and
the ratios shown against the caption "Net
losses on investments per $100 of investments" are actually based on gross losses and
BULLETIN
General and special accounts:
4,535
Total expenditures 2
Kecovery and relief expenditures625
Excess receipts (+) or expenditures (—)
-2, 529
Trust accounts, etc., excess of receipts
-211
(+) or expenditures (—)
Net expenditures in checking accounts of Government agencies:
Reconstruction F i n a n c e
Corporation
Commodity Credit Corporation
3,864
385
6,011
2,763
7,010
3,369
-1,784
-2, 896
- 3 , 209
-823
+101
+821
818
570
3 145
162
3 60
1
Figures are shown only for those columns published on page 793 of
the September 1938 BULLETIN which are affected by the recent Treasury
revisions
of data.
2
Excludes debt retirements.
3
Excess of credits.
1038
FEDERAL RESERVE BULLETIN
DECEMBER 1938
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled November 23 and released for publication November 26]
Industrial production continued to increase
sharply in October and the first three weeks
of November, reflecting principally larger
output of steel and automobiles. Wholesale
commodity prices showed little change in this
period. Volume of employment and national
income increased in October.
Production.—In October the Board's seasonally adjusted index of industrial production was at 96 percent of the 1923-1925
average, as compared with 90 percent in
September. Steel ingot production increased
considerably, averaging 53 percent of capacity in October, and in the first three weeks
of November there was a further substantial
advance. In the automobile industry output
was increased rapidly during October and
the first three weeks of November both to
stock dealers with new model cars and to
meet the increased volume of retail demand
accompanying the introduction of new models. Production, which in the first nine
months of 1938 had been at a considerably
lower level, was at nearly the same rate as in
the corresponding period in other recent
years. Output of plate glass also increased
sharply further in October. Cement production showed a considerable increase, while
lumber production declined slightly.
Activity at textile mills, which had risen
sharply during the summer, continued at
about the August and September rate, although usually there is an increase at this
time of the year. Shoe production declined
somewhat further in October, and there was
a decrease in output of tobacco products,
while in most other industries manufacturing
nondurable goods changes in output were
largely seasonal in character. Mineral production showed a further moderate rise, reflecting in large part increased output of
crude petroleum and nonferrous metals.
Lake shipments of iron ore also were in
larger volume, although a decrease is usual
in October. Coal production increased seasonally.
Value of construction contracts awarded
in 37 Eastern States increased considerably
in October, according to figures of the F. W.
Dodge Corporation, reflecting chiefly a sharp
rise in awards for public projects. Contracts
for hospital, educational, and other public
buildings included in the Public Works Administration program were in large volume,
and there was a further increase in contracts
awarded for slum clearance projects of the
United States Housing Authority.
Employment.—Employment and payrolls
increased somewhat further between the
INDUSTRIAL PRODUCTION
FACTORY EMPLOYMENT AND PAYROLLS
PERCENT
PEflCENT
120 p
|
HO |
1
1
|
[
|
1 120
1
1 2*73=^
1
1 tl°
E UPLOYMENT
100
,
/\ t\
' V
/
s
/
i
\1 /
\
h
s^
v
\
\-J
/
PAYROLL.5
'•V
90
80
70
60
w
n~
i
50
Monthly index of physical volume of production, adjusted for
Monthly indexes of number emploved and payrolls at factories,
seasonal variation, 1923-1925 average = 100.
unadjusted for seasonal variation, 1923-1925 average = 100.
FEDERAL RESERVE BULLETIN
DECEMBER 1938
middle of September and the middle of October. At automobile factories employment
continued to rise sharply and there were further moderate increases in most other durable goods industries. The number employed
at canning establishments declined and in
other nondurable goods industries showed
little change. Employment increased somewhat at mines, on the railroads, and in the
construction industry, while in trade the rise
was less than seasonal.
Distribution.—Sales at department and variety stores and by mail order houses showed
less than the usual seasonal increase in October, partly because consumer buying of
winter merchandise was retarded by unseasonably warm weather during most of the
month. In the first two weeks of November
department store sales increased moderately.
Freight-car loadings rose considerably
further in October, owing largely to increased
shipments of grains, coal, and miscellaneous
freight. In the first half of November loadings showed a seasonal decline.
Commodity prices.—Wholesale commodity
prices generally showed little change from
the middle of October to the third week of
1039
hand, were reduced, and there were also decreases in zinc, hides, and rubber. Prices of
farm products and foods showed small fluctuations in this period.
Bank credit.—Total loans and investments
at reporting member banks in 101 leading
cities declined by about $150,000,000 during
the first half of November following a substantial increase during October. The decline in November was almost entirely at
New York City banks and reflected the retirement of State and local government obliEXCESS RESERVES OF MEMBER BANKS
BILLIONS OF DOLLARi
Wednesday figures of estimated excess reserves for all member
banks and for selected New York City banks, January 3, 1934,
to November 23, 1938.
gations held by these banks. Adjusted demand deposits, which reached an all-time
110 I
peak of $16,000,000,000 at reporting banks
in the last week in October, also decreased
somewhat in the first half of November.
Member bank reserves in the middle of November were at about the high level reached
a month earlier.
Money rates and bond yields.—The prevailing rate on open-market commercial paper declined slightly in November to % of 1 percent, a new low level. Other short-term
50
open-market rates were unchanged. Yields
Index compiled by United States Bureau of Labor Statistics, on U. S. Government securities and on high1926 = 100. By weeks, January 6, 1934, to November 19, 1938.
grade corporate bonds showed only small
November. Prices of steel scrap and leather changes during November, continuing close
advanced. Tin plate prices, on the other to the low levels reached in October.
WHOLESALE PRICES
PERCENT
1935
1040
FEDERAL RESERVE BULLETIN
DECEMBER
MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
WEDNESDAY FIGURES
MONEY IN CIRCULATION
TREASURY CASH
RESERVE BANK
CREDIT
TREASURY DEPOSITS
AT F, R. BANKS
MEMBER BANK
RESERVE BALANCES
1934
1935
1936
1937
Latest figures for November 23. See table on page 1052.
1938
1938
1041
FEDERAL RESERVE BULLETIN
DECEMBER 1938
SUMMARY OF FINANCIAL AND BUSINESS STATISTICS
1937
1938
Oct.
Sept.
Oct.
Sept.
2,598 2,610 2,590 2,583
22
8
7
8
1
1
3
1
2,564 2,572 2,564 2,527
13, 940 13, 441 13,057 12, 782
2,745 2.733 2,724 2,603
6,668 6,570 6,482 6,566
2,782 2,717 2,392 3,636
2,584
24
3
2,526
12, 653
2,590
6,558
3,618
1935
1934
1933
1929
2,573 2,554 2,481 2,475
14
17
6
7
4
5
3
3
2,431
2,430
2,527 2,540
12, 512 12,162 10, 578 9,059
2,576 2,567 2,503 2,478
6,500 6,475 6,101 5,585
3,655 3,225 2,474 2,791
2,502
36
25
2,432
7,512
2,381
5,403
2,798
2,429
283
83
2,052
4,059
2,271
5,576
1,459
MONEY RATES AND BOND YIELDS
3,996
2,015
4,476
704
774
95
212
158
446
128
81
288
55
598
606
717
607
592
595
551
507
438
497
207
22
406
8,196
2, 920
8,119
2,955
6,954
1,043
6,854
6,701
6,830
1,220
5,989
2,512
5,001
2,469
3,676
1,564
2,343
2,358
r
190
900
750
21,323 21, 078 20, 675 21, 889 22,187 22, 332 22,198 22,064 19, 997 18, 672
8,282 8,268 8,215 9,890 10,026 9,929 9,546 8,462 8,028 8,491
3,904 3,893 3,886 4,828 4,733 4,558
0)
0)
0)
0)
675
636
981
669
1,103 1,317 1,362 1,226 1,181
990
687
669
698
578
577
576
0)
0)
0)
0)
3,133 3,122 3,116 3,290 3,289 3,311
(0
(0
0)
0)
13, 041 12,810 12,460 11, 999 12,161 12,403 12,652 13,602 11,969 10,181
8,084 7,957 7,702 7,914 8,068 8,229 8,394 9,080 7,989 6,856
1,164
1,132
1,131
1,668
1,646
1,250
1,160
928
*
325
1,682
3,275 3,185 3,112 2,953 2,962 3,014 3,094 3,272 3,052 3,000
7,005 6,712 6,602 5,384 5,313 5,149 5,307 4,799 4,024 2,875
528
43
337
383
e
0)
2, 208
0)
0)
8,349
5,228
5,712
2,865
3,121
1,822
2,847
1,725
2,446 2,413 2,416 1,781 1,703 1,683 1,884 2,358 2,112
15, 688 15, 377 15,118 14, 756 14,843 14,918 15,097 14,619 12,729
5,164 5,213 5,206 5,278 5,283 5,245 5,202 4,999 4,883
6,122 5,974 5,920 5,088 4,990 4,979 5,298 5,810 4,938
11
12
5
36
1
5
6
1
Averages of daily figures; percent per annum
1,688
1,322
1,142
4,937
3,814
8
4,946
2,822
115
6,788
2,787
674
387
326
296
0)
111
0)
0)
22 599
16,887
271
416
305
17, 505
9,156
326
425
0)
240
0)
248
0)
.69
LOO
.08
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.28
.75
.91
.17
.76
.56
.17
1.02
1.00
1.72
1.16
5.85
7.61
.05
2.48
3.15
2.58
3.21
2.51
3.18
2.76
3.27
2.77
3.28
2.72
3.24
2.68
3.26
2.65
3.24
2.79
3.60
3.12
4.00
3.31
4.49
3.60
4.73
763
165
598
337
64
273
'237
'144
r 85
r 65
415
180
235
336
125
21!
203
96
107
136
67
70
221
154
67
152
113
39
392
121
270
189
34
155
180
116
64
41
15
26
89
60
29
32
13
18
959
841
118
781
667
115
91
86
90
91
106
121
112
111
78
72
63
190
78
67
74
81
78
78
68
75
81
79
78
67
73
81
78
85
80
86
85
85
87
86
88
86
86
88
86
87
86
86
86
86
86
85
85
81
81
82
80
82
80
79
84
78
80
75
65
71
78
74
66
51
61
71
66
95
105
100
92
105
*>96
P95
91
89
97
119
119
115
117
87
142
106
110
107
111
69
1.00
.75
.06
.20
.31
.29
.95
.28
Amounts per month; in millions of dollars
CAPITAL ISSUES
All issues—total
New
Refunding
Domestic corporate issues—total
New
Refunding
I
1
|
:
[
|
r 92
"•150
187
79
109
107
51
56
323
173
150
198
99
99
518
164
354
382
99
282
Index numbers
PRICES
Common stocks (1926=100)..
Wholesale commodity prices (1926=100):
All commodities
- Farm products
Foods
__ _ _
Other commodities
Retail food prices (1923-25=100)
Index number^ , adjusted for seasonal variation, 1923-25=100
BUSINESS INDEXES
PIOO
_
102
101
113
111
110
116
117
117
113
110
109
115
105
105
105
62
40
59
41
55
37
81
109
108
74
106
102
70
98
86
90
90
91
79
78
86
76
75
82
37
21
32
12
25
11
62
75
58
67
^86
78
56
66
53
52
36
56
37
P110
96
87
81
77
85
77
65
105
105
71
107
104
76
93
78
94
64
79
Amounts per montli; in millions of dollars
333
224
297
233
?84
_ .
88
87
95
68
84
64
86
62
83
P278
246
168
231
166
MERCHANDISE EXPORTS AND IMPORTS
H78
79
93
78
92
75
88
277
246
279
257
205
202
50
91
74
190
171
48
86
65
178
138
p1 Preliminary.
Revised.
• Partly estimated.
Figures not available.
2
Includes
time
deposits
of
banks,
domestic and foreign, 1929-1934.
3
Does not include time deposits 1929-1934.
* Revised series. Averages of yields of all outstanding bonds due or callable after 12 years. See p p . 1045-1046 of this BULLETIN.
952
241
208
Averages of Wednesday figures; in millions of dollars
Commercial paper
Stock exchange call loans
_
_.
_
IT S Treasury bills (91 days) 4
U. S. Treasury bonds, long-term . _ _ _
__ _ .
Corporate high grade bonds (Moody's A a a ) . .
r
1936
622
8,546
3,143
Total loans and investments
Loans—total
_
______
Commercial, industrial and agricultural
To brokers and dealers in securities _
Other loans for purchasing or carrying securities..
All other loans
Investments—total
__
U S Government direct obligations
Obligations fully guaranteed by U. S. Govt
Other securities
Reserve with Federal Reserve banks
Cash in vault _
__
Balances with domestic banks
Demand deposits—adjusted__
_ 2 .._
Time deposits (excluding interbank)
Deposits of domestic banks 3
__
_ _ __
Borrowings
Exports, including re-exports
General imports
1937
665
REPORTING MEMBER BANKS
Industrial production
M anuf actures
Minerals
Construction contracts awarded—total
Residential
All other
Factory employment...
Factory payrolls (unadjusted)
Freight-car loadings
Department store sales
Aug.
Annual averages
Averages of daily figures; in millions of doll irs
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. _ _ _ _ _
Currency in circulation
Treasury cash holdings._
Treasury deposits with F. R. banks _
Nonmember deposits and other accounts
Member bank reserve balances:
Total
Excess
Aug.
i
37
73
50
140
121
437
367
1042
FEDERAL RESERVE BULLETIN
DECEMBER
1938
LAW DEPARTMENT
Amendments to Regulation L
Regulation L, relating to interlocking bank
directorates under the Clayton Act, was recently amended by the Board of Governors
in certain respects, effective November 7,
1938; and the following is a press statement
on the subject released by the Board of Governors :
"The Board believes that the principles of Section 8 of the Clayton Act, which relate to interlocking bank directorates, are in the public
interest and should be applied to all classes of
banks. The law is now discriminatory in that
it applies only to cases involving member banks
of the Federal Reserve System or private banks.
The Board does not believe that there should be
discrimination in any respect among classes of
banks subject to Federal authority.
"In view of the fact that less than a month
will elapse between the convening of the new
Congress and February 1, 1939, on which date
certain existing relationships would terminate,
the Board has exercised its discretion under the
law, as to such relationships involving not more
than two banks, to extend this time to August 1,
1939. This action was taken for the purpose of
calling the matter to the attention of Congress
when it convenes, with a recommendation that
the existing discrimination between member
banks and non-member banking institutions be
removed so that the provisions of the law will
apply alike to all banks under Federal authority."
The text of the amendments to the regulation is contained in the following resolution
which was adopted by the Board:
Guarantee of Account by Special Partner of Member
Firm
Section 6 (c) of Regulation T provides that
a guarantee of a general account may not be
given effect for the purposes of the regulation if the guarantor is a "creditor."
It was pointed out at page 90 of the February 1938 FEDERAL RESERVE BULLETIN that
the term "creditor" is defined in section 2(b)
of the regulation to include, among others,
every member of a national securities exchange, and the term "member" is defined
in section 3 (a) (3) of the Securities Exchange Act of 1934 to include, among others,
"any firm transacting a business as broker
or dealer of which a member is a partner, and
any partner of any such firm." It was stated
there, accordingly, that a partner of such a
member firm is a creditor within the meaning
of the provision regardless of whether or
not he holds an exchange membership, and
that a guarantee executed by such a partner
may not be given effect under section 6 (c) of
the regulation.
In reply to a recent inquiry, the Board
stated that this restriction applies to a guarantee executed by a special partner of such
a firm as well as to a guarantee executed by a
general partner.
"RESOLVED, That Regulation L, Interlocking
Bank Directorates Under the Clayton Act, be
amended, effective immediately, as follows:
"(1) By adding the following after the semi- Maximum Loan Value of Bonds Under Regulation U
colon at the end of Section 3(a) thereof:
" 'and any private banker or any director, officer,
Section 1 of Regulation U provides in part
or employee of a member bank of the Federal
Reserve System who is lawfully serving as a that for the purposes of that regulation the
director, officer, or employee of a Morris Plan maximum loan value of stocks shall be as
bank or similar institution on January 31, 1939,
may continue such service until August 1, 1939;' specified in the supplement to the regulation
"(2) By changing the period at the end of and the maximum loan value of any collateral
Section 3 to a semicolon and adding at the end
of that section a new subsection '(e)' as follows: other than stocks shall be "as determined by
" ' (e) Any director, officer, or employee of any the bank in good faith."
member bank of the Federal Reserve System
This means, in effect, that for such purwho, on August 23, 1935, was lawfully serving
at the same time as a private banker or as a poses the maximum loan value of collateral
director, officer, or employee of any other bank,
banking association, savings bank, or trust com- other than stocks should be the amount which
pany and whose services in such capacities have the bank would customarily lend on such
been continuous since such date, may continue, collateral if that were the only collateral for
until August 1, 1939, to serve such member bank
and not more than one other such bank, banking the loan. Consequently, a bank may not deassociation, savings bank, trust company or pri- termine that such other collateral, as for exvate banker.' "
DECEMBER
FEDERAL RESERVE BULLETIN
1938
ample a bond, has a maximum loan value
equal to its current market value unless the
bank would customarily lend such amount on
the collateral without any additional collateral.
It is believed that the regulation is clear
on this point, but since it has developed that
there may have been some confusion regarding the matter, it has seemed desirable to
publish the foregoing to remove any misunderstanding that may have existed in this
connection.
Paying for Purchase in Special Cash Account by
Selling Another Security
Section 4(c) of Regulation T provides in
part as follows:
"In a special cash account, a creditor may effect for or with any customer bona fide cash
transactions in securities in which the creditor
may—
(1) purchase any security for, or sell any
security to, any customer, provided * * * the
purchase or sale is in reliance upon an agreement
accepted by the creditor in good faith that the
customer will promptly make full cash payment
for such security;
*
*
*
*
*
*
*
"Except as otherwise provided in this section
4(c), in case 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 or sold, the
creditor shall promptly cancel, cover, or otherwise liquidate, the transaction or the unsettled
portion thereof."
The Board recently had occasion to consider two questions regarding transactions
in the special cash account.
The first question arose from a case in
which a customer proposed to purchase a
security in the special cash account and then
to make the necessary prompt payment by
selling in the account another security of
sufficient value and using the proceeds of sale
for the purpose. The question was whether
such a proposal for making payment disqualified the purchase for inclusion in the special
cash account.
The exact answer to this question would
depend upon the circumstances of the par-
1043
ticular case. In some circumstances, such
a combination of transactions might be evidence of an attempt to evade or circumvent
the regulation, and if the purchase was part
of such an attempt its inclusion in the special
cash account would, of course, be forbidden,
because section 4 (a) of the regulation provides in part that:
"A special account established pursuant to this
section shall not be used in any way for the purpose of evading or circumventing any of the provisions of this regulation."
It is the view of the Board, however, that,
while a proposal to effect such a combination
of transactions should be carefully scrutinized, the effecting of the proposed purchase
in the special cash account would not necessarily be prohibited if the purchase complied
in other respects with the requirements of
the regulation and there was in fact no attempt to evade or circumvent the regulation.
This would require, among other things, that
the proposed purchase be in fact a "bona fide
cash transaction" as that term is ordinarily
used in the trade and that the proposed sale
be one that is to be made and settled promptly.
The second question arose from a permissible instance of the type described above in
which the security to be sold was deposited
with the creditor and sold promptly, well
within seven days after the date of the purchase, and the creditor was to receive the
proceeds of sale promptly in the usual course
of business but not until more than seven
days after the date of the purchase. This
presented the question whether in such circumstances it might be considered that the
security purchased by the customer had been
paid for by him within seven days after the
purchase.
Assuming that the purchase was one which,
as indicated above, could properly be effected
in the special cash account, the question
whether it might be considered that payment
had been made within seven days should be
answered in the affirmative. When a customer has sold a security in a special cash
1044
FEDERAL RESERVE BULLETIN
account, section 4(c) permits the broker to
make the proceeds of the sale of the security
available to the customer upon the receipt
of the security in the special cash account
even though this be prior to the date on which
the broker is to receive the proceeds of the
sale. Accordingly, in the instant case the
creditor could have paid the customer the
proceeds of sale within the seven-day period
DECEMBER
1938
and the customer could in turn have used
such proceeds to make full cash payment to
the creditor for the security purchased. In
the circumstances, such payment could properly be treated as having been made by the
customer without the necessity for the mechanical passage of funds from the creditor
to the customer and back again to the creditor.
DECEMBER
1045
FEDERAL RESERVE BULLETIN
1938
REVISED AVERAGES OF PRICES AND YIELDS ON UNITED STATES
GOVERNMENT BONDS
The Treasury Department has revised its
averages of yields on long-term Treasury
bonds as stated in a release dated November
6, which is as follows:
due or callable in more than eight years from
1919 to 1925 and in more than twelve years
beginning in 1926. Averages for the two sets
of bonds are identical from January 1, 1926,
to
July 16, 1928.
"The Treasury Department released today revised monthly and annual averages of the yields
In accordance with this revision, monthly
of long-term Treasury bonds from 1926 to date.
The revised averages, prepared by the Treasury averages of Treasury bond prices and weekly
Department's Division of Research and Statis- averages of yields and prices have also been
tics, are based upon the daily yields of all outstanding Treasury bonds not due or callable for computed and are shown in the following
twelve years or more. The new averages will tables from 1931 to date. The revised series
replace those previously in use which were based
upon Treasury bonds not due or callable for of average prices of United States Governeight years or more.
ment bonds includes all issues due or callable
"Prior to 1935, there was very little difference after twelve years. This is the same group
between the yields of Treasury obligations of
medium- and longer-term maturities. Since then, of bonds for which the revised average yields
however, significant differences have appeared, are published in the Treasury release of Nothereby impairing the usefulness of the earlier
averages as representative of the yields of long- vember 6, which is given here.
term Treasury bonds.
In using the price averages it should be
"The most striking aspect of the table of average yields * * * is the substantial decline in noted that the comparability of the figures
long-term interest rates that is reflected even
with the exclusion of the medium-term bonds. may be affected by changes in the issues inThe average yield in January, 1926, was 3.77 cluded. For example, the price average was
percent. In October, 1938, it was 2.48 percent." the same in September 1938 as in March 1934
AVERAGE YIELD ON LONG-TERM UNITED STATES
although average yields had declined by % of
GOVERNMENT BONDS, BY MONTHS 1
1 percent in the interim. Since 1931, there
[Averages of daily figures. Percent per annum]
have been 13 changes in the issues included
1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 in the average. The largest change occurred
in October 1935, when the 4*4's of 1947-52,
1
5.23 4.45 4.32 4.30 3.96 3.77 3.51 3.18
4.63 4.
January
4.70 5.05 5.28 r4.50 4.33 4.28 3.95 3.71 3.48 3.19 which were then selling at H.4 /^, were reFebruary
4.73 5.09 5.27 4. 41 4.38 4.28 3.96 3.71 3.37 3.17
March
4.72 5.28 5.24 4.28 4.39 4.23 3.93 3.70 3.35 3.20 moved from the average; this elimination
April
4.67 5.58 5.25 4.26 4.37 4.15 3.87 3.67 3.31 3.24
May
June
_-_ 4. '5.54 5.27 4.24 4.34 3.98 3.79 3.67 3.34 3.29 reduced the average by 3.2 points. The ag4.72 5.57 5.26 4.14 4.34 3.94 3.79 3.68 3.36 3.42
July__._
August
4.78 5.67 5.22 4.12 4.35 3.91 3.85 3.70 3.32 3.48 gregate effect of the 13 changes has been to
September
4.73 '5.43 5.12 4.19 4.36 3.92 3.85 3.70 3.30 3.46
3.29 3.47 lower the average by 10.7 points. The price
October
4.71 5.08 4.83 4.30 4.40 3.87 3.82 3.
November
4.81 5.21 4.64 4.33 4.37 3.90 3.79 3.62 3.23 3.38
December
3.56 3.17 3.45 series is more useful for comparing market
4.90 5.40 4.47 4.32 4.35 3.96 3.
Year
4.73 5.32 5.09 4.30 4.36 4.06 3.86 3.68 3.34 3.33 fluctuations over short periods which do not
involve differences in the issues included than
1938 for comparisons over a long period of time.
1929 1930 1931 1932 1933 1934 1935
3.52
3.62
3.74
3.64
3.64
3.
3.64
3.71
3.70
3.61
3.35
3.36
2.65 AVERAGE PRICE OP UNITED STATES GOVERNMENT
2.64
BONDS DUE OR CALLABLE AFTER 12 YEARS, BY
2.64
MONTHS
2.62
2.51
[Averages of daily figures]
2.52
2.52
2.51
1931 1932 1933 1934 1935 1936 1937 1938
2.58
2.48
2.50 January
107.7 91.9 103.4 99.9 106.4 102.5 104.6 102.3
106.4 94.0 102.3 102.0 107.4 102.8 104.6 102.4
February
106.7 96.4 100.9 103.0 106.8 103.6 102.9 102.5
March
3.34 3.68 3.31 3.12 2.79 2.65 2.68
106.8 98.8 100.9 103.7 106.6 103. 100.3 102.7
Year
3.60
April
108.0 97.8 102.4 104.7 106.6 104.2 100.7 104.0
May
108.0 97.8 103.4 106.2 106.6 103.7 100.7 103.9
June
r
107.5 100.0 103. 107.8 107.0 103.4 101.3 103.8
Revised.
July
1
107.0 101.7 103.4 106.5 106.0 103.9 101.2 104.0
Includes bonds due or callable after eight years from 1919 to 1925 and August
105.0 102.0 103.6 104.3 104.9 103.8 100.6 103.0
after twelve years beginning in 1926.
September
99.4 101.8 103.3 105.6 103.1 103.4 100.7 104.3
October
99.4 101.6 100.3 105.9 102.0 104.6 101.3 104.0
The preceding table shows monthly aver- November
95.5 102.2 99.5 105.7 102.0 104.4 101.
December
January
February
March
April
May
June
July
August
September
October
November
December
3.43
3.41
3.29
3.37
3.31
3.25
3.25
3.26
3.24
3.21
3.19
3.22
3.20
3.30
3.27
3.26
3.16
3.13
3.1
3.18
3.2,
3.63
3.63
3.93
4.26
4.11
3.92
3.68
3.76
3.76
3.58
3.45
3.42
3.43
3.45
3.35
3.22
3.31
3.42
3.42
3.30
3.21
3.20
3.21
3.19
3.22
3.46
3.53
3.50
3.32
3.20
3.11
3.02
2.98
2.92
3.03
3.20
3.10
3.07
3.01
2.88
2.79
2.77
2.74
2.72
2.72
2.69
2.76
2.8,
2.85
2.83
2.83
2.80
2.77
2.71
2.68
2.
2.66
2.65
2.61
2.60
2.62
2.53
2.51
2.47
2.46
2.60
2.80
2.76
2.76
2.72
2.72
2.77
2.76
2.71
2.67
age yields on long-term Treasury bonds from
1919 to date. The average includes bonds
Year
104.7
98.8 102.3 104.
105.5 103.7 101.7
1046
FEDERAL RESERVE
BULLETIN
DECEMBER 1938
AVERAGE PRICE AND YIELD ON UNITED STATES GOVERNMENT BONDS DUE OR CALLABLE AFTER
BY W E E K S 1931-38
[Percent per annum]
Date
1931
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
3
10
17
24
31
7
14
21
28
7
14
21
28
4
11
18
25
2
9
16
23
30
6
13
20
27
4
11
18
25
1
8
15
22
29
5
12
19
26
3
10
17
24
31
7
14
21
28
5
12
19
26
Date
1937
Jan.
Feb.
Mar.
Apr.
Date
1932
Yieldi Price 2
2
9
16
23
30
6
13
20
27
6
13
20
27
3
10
17
24
3.24
3.19
3.17
3.16
3.26
3.29
3.25
3.30
3.34
3.31
3.27
3.25
3.27
3.28
3.28
3.27
3.26
3.23
3.22
3.15
3.12
3.14
3.12
3.12
3.10
3.17
3.16
3.14
3.14
3.15
3.17
3.18
3.18
3.18
3.19
3.18
3.22
3.22
3.28
3.37
3. 43
3.74
3.75
3.76
3.63
3.59
3.61
3.69
3.74
3.86
3.97
4.03
107.2
107.8
108.0
108.1
107.3
106.6
107.1
106.5
105.8
106.2
106.7
107.1
106.7
106.7
106.7
106.8
106.8
107.2
107.1
108.1
108.8
108.2
108.4
108.5
108.1
107.5
107.5
107.5
107.5
107.6
107.2
107.0
107.0
107.1
106.8
107.0
106.5
104.8
104.3
102.5
102.6
99.6
97.6
97.7
98.7
99.8
99.9
98.9
98.2
96.5
95.5
94.1
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Date
1937
Yieldi Price2
2.48
2.46
2.46
2.46
2.47
2.46
2.46
2.47
2.46
2.47
2.52
2.62
2.72
2.78
2.80
2.78
2.79
104.3
104.5
104.5
104.5
104.5
104.6
104.7
104.4
104.5
104.6
104.1
102.4
101.3
100.5
100.1
100.5
100.4
2
9
16
23
30
6
13
20
27
5
12
19
26
2
9
16
23
30
7
14
21
28
4
11
18
25
2
9
16
23
30
6
13
20
27
3
10
17
24
1
8
15
22
29
5
12
19
26
3
10
17
24
31
May
June
July
Aug.
1
8
15
22
29
5
12
19
26
3
10
17
24
31
7
14
21
28
Yieldi Price2
4.10
4.24
4.30
4.25
4.27
4.25
4.23
4.03
3.95
3.95
3.89
3.90
3.91
3.93
3.82
3.65
3.59
3.57
3.65
3.67
3.84
3.85
3.87
3.83
3.72
3.68
3.69
3.66
3.62
3.57
3.49
3.46
3.43
3.46
3.45
3.45
3.43
3.42
3.40
3.40
3.41
3.44
3.43
3.46
3.45
3.47
3.44
3.44
3.44
3.42
3.37
3.30
3.26
93.0
92.1
91.8
92.0
91.6
92.0
92.2
95.1
96.0
95.9
97.0
96.5
96.7
96.0
96.3
98.6
99.5
100.3
98.1
99.3
97.4
96.5
96.3
96.6
98.7
98.8
98.2
98.9
99.7
100.1
101.5
101.5
102.1
101.5
101.6
101.6
101.7
101.9
102.3
102.2
102.1
101.6
101.9
101.5
101.6
101.4
101.8
101.7
101.7
101.9
102.5
102.3
102.9
Yields Price2
2.80
2.76
2.77
2.77
2.75
2.75
2.75
2.76
2.77
2.76
2.74
2.73
2.71
2.68
2.68
2.69
2.72
2.77
100.0
100.7
100.5
100.5
100.9
100.8
100.8
100.8
100.6
100.7
101.0
101.1
101.3
101.7
101.8
101.7
101.3
100.6
Date
1933
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Yieldi Price 2
7
14
21
28
4
11
18
25
4
11
18
25
1
8
15
22
29
6
13
20
27
3
10
17
24
1
8
15
22
29
5
12
19
26
2
9
16
23
30
7
14
21
28
4
11
18
25
2
9
16
23
30
Date
1937
Sept
Oct.
Nov
Dec.
4
11
18
25
2
9
16
23
30
6
13
20
27
4
11
18
25
3.22
3.21
3.24
3.20
3.19
3.22
3.28
3.46
3.55
103.5
103.6
102.9
103.7
103.8
103.4
102.9
100.8
99.4
3.34
3.39
3.40
3.39
3.36
3.49
3.43
3.38
3.30
3.27
3.25
3.24
3.22
3.21
3.20
3.21
3.19
3.20
3.20
3.20
3.23
3.22
3.20
3.19
3.19
3.17
3.17
3.21
3.21
3.22
3.22
3.20
3.21
3.28
3.43
3.49
3.56
3.47
3.53
3.53
3.55
3.53
100.9
101.6
101.1
101.0
101.6
99.7
100.8
101.4
102.3
102.7
103.0
103.0
103.3
103.3
103.6
103.3
103.7
103.7
103.5
103.5
103.2
103.3
103.4
103.6
103.6
103.7
104.0
103.2
103.5
103.3
103.2
103.5
103.3
102.6
101.4
99.9
98 2
ioo!o
99.7
99.7
99.2
99.3
Yieldi Price2
2.78
2.80
2.76
2.75
2.76
2.76
2.76
2.77
2.75
2.73
2.74
2.70
2.69
2.68
2.66
2.68
2.68
100.5
100.1
100.8
100.8
100.7
100.6
100.6
100.6
100.9
101.0
100.9
101.2
101.6
101.8
101.9
101.7
101.9
1 Average of daily closing yields for week ending on dates shown.
2
Average of prices for Wednesday preceding date shown.
Date
1934
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
6
13
20
27
3
10
17
24
3
10
17
24
31
7
14
21
28
5
12
19
26
2
9
16
23
30
7
14
21
28
4
11
18
25
1
8
15
22
29
6
13
20
27
3
10
17
24
1
8
15
22
29
Date
1938
Jan.
Feb.
Mar
Apr.
1
8
15
22
29
5
12
19
26
5
12
19
26
2
9
16
23
30
Yieldi Price2
3.47
3.56
3.49
3.48
3.39
3.34
3.31
3.28
3.31
3.25
3.17
3.15
3.15
3.14
3.10
3.11
3.09
3.06
3.02
3.02
3.02
3.00
3.00
2.97
2.98
2.97
2.95
2.90
2.90
2.94
2.95
3.01
3.05
3.05
3.05
3.12
3.20
3.25
3.23
3.18
3.11
3.06
3.05
3.08
3.09
3.07
3.05
3.05
3.02
3.02
2.99
2.99
100.3
98.6
100.2
100.1
101.0
101.8
102.0
102.4
102.1
102.8
103.4
103.2
103.2
103.5
103.8
103.8
104.0
104.2
104.6
104.8
104.8
104.9
104.9
105.4
107.2
107.1
107.4
108.2
108.1
108.0
107.3
107.0
106.4
106.1
106.3
105.3
104.0
103.4
103.9
104.4
105.2
106.0
106.3
105.8
105.5
105.7
106.0
106.1
106.3
106.5
105.1
104.9
Yieldi Price2
2.68
2.67
2.65
2.63
2.66
2.65
2.66
2.64
2.62
2.61
2.62
2.65
2.64
2.68
2.68
2.66
2.58
2.55
102.0
102.2
102.2
102.7
102.3
102.3
102. 3
102.5
102.7
102.8
102.8
102.4
102.4
102.1
102.1
102.0
103.0
103.5
Date
1935
5
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Yieldi Price2
12
19
26
2
9
16
23
2
9
16
23
30
6
13
20
27
4
11
18
25
1
8
15
22
29
6
13
20
27
3
10
17
24
31
7
14
21
28
5
12
19
26
2
9
16
23
30
7
14
21
28
Date
1938
May
June
July
Aug.
7
14
21
28
4
11
18
25
2
9
16
23
30
6
13
20
27
2.96
2.91
2.88
2.83
2.84
2.82
2.81
2.77
2.74
2.75
2.78
2.79
2.77
2.74
2.74
2.75
2.73
2.70
2.72
2.72
2.72
2.75
2.74
2.72
2.72
2.71
2.70
2.69
2.69
2.69
2.69
2.71
2.74
2.79
2.84
2.82
2.83
2.89
2.87
2.88
2.86
2.83
2.83
2.83
2.82
2.84
2.83
2.84
2.83
2.83
2.84
2.82
105.4
105.9
106.2
107.2
106.9
107.1
107.1
107.5
108.0
107.9
107.6
105.7
106.1
106.4
106.5
106.4
106.6
107.0
106.8
106. 7
106.7
106.3
106.4
106.6
106.8
106.8
106.8
107.0
107.0
107.0
106.9
106.8
106.4
105.9
104.9
105.4
105.3
104.5
104.8
104.3
104.7
102.1
102.1
102.0
102.3
101.9
102.0
101.9
102.0
102.0
101.9
102.1
Yield' Price2
2.52
2.51
2.51
2.51
2.49
2.50
2.52
2.53
2.54
2.53
2.51
2.52
2.52
2.51
2.50
2.50
2.50
104.1
104.0
104.0
104.0
104.2
104.1
103.5
103.7
103.7
103.7
103.9
103.7
103.8
103.8
104.1
104.1
104.0
12
Date
1936
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Yieldi Price 2
4
11
18
25
1
8
15
22
29
7
14
21
28
4
11
18
25
2
9
16
23
30
6
13
20
27
4
11
18
25
1
8
15
22
29
5
12
19
26
3
10
17
24
31
7
14
21
28
5
12
19
26
Date
1938
Sept
Oct.
Nov
YEARS,
3
10
17
24
1
8
15
22
29
5
12
19
26
2.80
2.80
2.78
2.80
2.80
2.79
2.77
2.75
2.74
2.72
2.72
2.71
2.69
2.69
2.68
2.67
2.67
2.68
2.67
2.66
2.64
2.65
2.66
2.66
2.66
2.67
2.66
2.65
2.66
2.66
2.65
2.64
2.62
2.61
2.59
2.58
2.59
2.61
2.62
2.62
2.62
2.62
2.62
2.63
2.59
2.53
2.50
2.51
2.51
2.51
2.51
2.52
102.3
102.4
102.5
102.5
102.5
102.5
102.7
103.1
103.2
103.4
103.4
103.5
103.8
103.7
103.9
104.0
104.0
104.0
104.0
104.1
104.5
104.3
104.2
104.1
103.4
103.3
103.3
103. 6
103.5
103.4
103. 5
103.7
103.8
104.1
104.2
104.4
104. 4
103.5
103.4
103.4
103.4
103.5
103. 4
103.3
103.6104.5
105.0
104. &
104.7
104.9
104.1
103. &
Yieldi Price*
2.52
2.54
2.61
2.58
2.58
2.49
2.48
2.47
2.47
2.48
2.48
2.50
2.51
103.6103.7
102.6
103.4
102.6104.2
104.3
104.4
104.5
104.4
104.3
103.9
103.8
1047
FEDEEAL RESERVE BULLETIN
DECEMBER 1938
ALL MEMBER BANKS—CONDITION ON SELECTED CALL DATES
OCTOBER 25, 1933, TO SEPTEMBER 28, 1938
[Amounts in thousands of dollars]
1933 1
Oct. 25
1934
Oct. 17
1935
Nov. 1
1936
June 30
1937
June 30
1938
June 30
1938
Sept. 28
13,058,608 12, 292, 533
Loans (including overdrafts)
6,801,360 9,186, 237
United States Government direct obligations
709,035
Securities fully guaranteed by United States Government.
5, 092, 856 5, 371, 507
Other securities
24, 952, 824 27,559,312
Total loans and investments
Customers' liability on account of acceptances
Banking house, furniture, and fixtures
Other real estate owned
Reserve with Federal Reserve banks
Cash in vault
Balances with private banks and American branches of
foreign banks
Demand balances with banks in New York City
Demand balances with other domestic banks
Time balances with other domestic banks
Balances with banks in foreign countries
Due from own foreign branches
Cash items in process of collection
Cash items not in process of collection
Redemption fund and due from United States Treasurer_.
Acceptances of other banks and bills sold with endorsement
Securities borrowed
Other assets
Total assets..
392, 814
987, 366
268, 215
2, 651, 476
()
798, 868
1,049, 550
68, 536
133, 374
124, 224
1,060,085
38, 220
8,172
5,566
190, 268
11,841, 427 12, 541, 845 14, 284, 875 12,937,600 12,937,437
10,080, 383 11, 721,475 10,870,404 10, 215,007 10, 712,818
1,818, 530 2,127, 964 2, 298,477
1, 764,071 1,950,457
5,764,752
5,439,938
5, 615,190 6,045,033
5, 678,157
29,301, 071 32,258, 810 32,738,561 30,720,509 31, 626, 889
156, 954
187,143
109,083
161,172
112, 965
257, 919
994, 921
980,375
966,978
996, 738
968, 380
995,998
353, 714
336,819
361,963
379,457
303,904
335, 567
6,896, 663 8,004,090
8,192,978
3, 976,077 5, 662, 320 5,607,119
629,305
712,030
541,119
713, 421
774,887
550, 471
()
1,152,974
1, 670, 401
106, 339
185,187
120, 930
1,407,102
34, 480
2,111
1,972
291, 709
34,463
()
1, 554,054 1,607,991
2,184,
747
2,091, 776
116,311
113, 985
51,698
54, 583
2,502
6,845 ' 2,147,493
1, 755, 500 i
11,027
12, 701
1,333
259,114
10,340
555
256,178
33,176, 541 38, 616, 886 42, 874,274 46,533,987
25,371
1,201, 514
1,898,657
81, 432
51, 977
4,592
2, 200,829
11,114
36,194
1, 680,647
2,292,148
74, 682
116, 236
1,830
1,899, 371
10,051
42,488
1, 583,009
2, 234, 373
77,156
73, 374
1,261
1,460,367
8,235
16,312
345
190, 709
25,189
895
182,009
27, 633
1,370
198, 227
47, 468, 613 47,168, 761 47, 719,159
LIABILITIES
Demand deposits—Total
Individuals, partnerships, and corporations
United States Government
States, counties, and municipalities
Banks in United States
Banks in foreign countries
Certified and officers' checks, cash letters of credit and
travelers' checks, etc
T i m e deposits—Total
Individuals, partnerships, and corporations:
Evidenced by savings pass books
Certificates of deposit
Open accounts
Christmas savings and similar accounts
Postal savings
States, counties, and municipalities
Banks in United States
Banks in foreign countries
Total deposits
Secured by pledge of loans and/or investments
Not secured by pledge of loans and/or investments...
Due to own foreign branches
National bank notes outstanding
Agreements to repurchase securities sold
Bills payable and rediscounts
Acceptances of other banks and bills sold with endorsement
Acceptances executed for customers
Acceptances executed by other banks for reporting banks.
Securities borrowed
Interest, taxes, and other expenses accrued and unpaid...
Dividends declared but not yet payable and amounts set
aside for undeclared dividends and for accrued interest
on capital notes and debentures
Other liabilities
Capital notes and debentures
Capital stock
Surplus
Undivided profits—net
Reserves for contingencies
Retirement fund for preferred stock and capital notes and
debentures..
Total liabilities (including capital account)...
Net demand deposits
Demand deposits—adjusted
Number of banks
6
464, 642
30,142,898
20, 272,432
628,125
2, 577,445
5,298,023
615, 259
29, 752,261
19,816,196
542, 852
2,313,673
6,096,156
321,141
30,308,304
20,438, 710
707, 267
2.079,830
6,088,093
456, 517
789,137
10, 786, 873
751,614
11,347,148
662, 243
11,556,057
537,887
11,462,315
8,142, 255
821,157
623, 363
84, 689
226, 586
309,590
132,320
5,501
8, 565, 632
843, 255
613,013
77, 295
152, 234
377,998
151,248
9, 244, 567
757, 618
724,104
91, 593
99, 736
292, 280
123, 208
14,042
9,458,043
744, 215
578,444
93,281
82,859
453,878
135, 379
9,958
9,398, 613
724.377
544.378
121,292
69, 605
464,427
130,009
9,614
37,177,988
2,812, 225
34, 365, 763
40,705,564
3,432, 822
37, 272, 742
41, 490, 046
2,994,886
38, 495,160
41,308,318
2, 749, 730
38, 558, 588
41, 770, 619
2, 759, 620
39,010,999
17,469, 621
11,873,048
917, 881
1,105,871
2,990,408
117,171
22, 464,297
14,449,000
1,142,847
1, 680, 285
4,466,448
136, 215
26,832,527
17, 327,043
649, 526
2, 251, 209
5, 557, 704
360, 694
29, 918, 691
19, 321,998
1,036, 575
2, 320,453
465, 242
9,114,380
589, 502
9,821,146
686, 351
10,345, 461
6, 296,748
988, 619
611,184
74, 347
781, 111
269, 652
86,910
5,809
7,352,170
934,089
549, 799
79, 592
472, 232
294, 275
134,972
4,017
26,584,001
(4)
32,285,443
3
3,134, 580
29,150,863
18,443
743, 589
20,306
188, 229
61,145
101,159
143, 498
102, 541
117, 432
662, 320
6,144
24,155
18,152
8,924
13,697
5,850
1,197
16,194
595
11,203
1,502
12,499
8,532
410,150
14, 555
5,566
94, 640
2,111
267, 597
10, 391
1,972
87, 328
12, 701
153, 510
21, 657
1,333
92, 393
10, 340
151,155
27,066
555
80,105
16, 312
185, 650
26,149
345
87,381
25,189
106, 786
13,374
895
81, 582
27,633
109,060
12, 354
1,370
96,208
180,816
200
2, 273, 720
1,817,194
412,990
403, 610
7,796
141,649
117,102
2, 534,440
1, 677,190
427,714
362,424
11,402
143, 279
117,831
2, 535,136
1,680, 924
492, 600
342, 360
43,999
159,130
106,844
2, 460, 353
1, 806, 516
520, 283
331, 310
44,099
118,947
62,453
2,381, 796
1, 971,464
587,495
319,648
43,009
107, 720
50,742
2,378, 664
2,035,073
616,062
268,214
35,817
124, 781
48,144
2, 377,484
2,046, 844
645, 543
274, 395
1,110
2,939
15, 939
18, 794
17, 474
33,176,541
38,616,886
42,874,274
46,533,987
47,468,613
47,168, 761
47, 719,159
14,388,829
12,384,076
5,818
18,408,369
15, 311, 685
6,433
21,435, 510
18, 509,103
6,400
23, 985, 757
20,284,095
6,400
24,844,886
21,400, 662
6,357
23,990,173
20,892. 741
6,338
25,038, 348
21, 596,060
6,341
()
10, 061
12 Beginning with 1933, figures relate to licensed banks only.
Included in "Other assets."
3
Includes $35,731,000 of deposits, the payment of which was deferred by agreement with depositors or otherwise. Such deposits were reported
separately from June 30, 1933, to June 30, 1934, inclusive.
*
Not reported separately.
5
Included in "Undivided profits."
6
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935,
less cash items reported on hand but not in process of collection.
1048
FEDERAL RESERVE BULLETIN
DECEMBER
ALL MEMBER BANKS—CONDITION ON SEPTEMBER 28, 1938, BY CLASSES
OF BANKS
[Amounts in thousands of dollars]
All
member
banks
Loans (including overdrafts)
United States Government direct obligations.
Securities fully guaranteed by United States Government.
Other securities
Total loans and investments
Customers' liability on account of acceptances
Banking house, furniture, and fixtures
Other real estate owned
Reserve with Federal Reserve banks.
Cash in vault
-„.
Balances with private banks and American branches of
foreign banks
Demand balances with banks in New York City
Demand balances with other domestic banks
Time balances with other domestic banks
Balances with banks in foreign countries
Due from own foreign branches
Cash items in process of collection
Cash items not in process of collection
Acceptances of other banks and bills sold with endorsement..
Securities borrowed
Other assets..
Total assets
All
national
member
banks
All
State
member
banks
12, 937,437 8,279,991
4,657, 446
10, 712,818 6,894, 508 3,818, 310
2, 298,477 1, 566, 795
731,682
5, 678,157 3, 765, 510 1,912,647
31,626,889 20,506,804 11,120,085
112,965
56,030
56,935
968, 380
629,412
335, 567
152, 284
183,283
8,192, 978 4, 666,085 3, 526, 893
774,887
567,053
207,834
42, 488
1, 583,009
2, 234,373
77,156
73, 374
1,261
1,460, 367
8,235
27,633
Central reserve city
member banks
New York
3,145, 571
3,153,144
833,725
1,222,088
8,354,528
86,007
222,287
31,552
3,743, 377
69,881
Chicago
Reserve
city
member
banks
522,128
4, 870, 278
920,999
4,088,180
126, 250
742,758
319, 386 1, 724, 610
1,888,763 11, 425, 826
22,553
3,039
337,951
21,319
126,135
5,946
2,311, 284
855,865
322,438
31, 821
Country
member
banks
4,399,460
2, 550,495
595, 744
2,412,073
9,957, 773
1,366
386,823
171,934
1, 282,452
350, 747
28, 911
1,182,828
1, 759, 255
61,776
34,001
1,261
893,143
6,074
7,576
13, 577
400,181
475,118
15,380
39, 373
2,001
44,373
44, 773
36
56,430
567, 224
2,161
20,057
578,872
464
25, 914
1,370
198, 227
203
101,377
1,167
96, 850
1,100
61,026
18,035
75, 481
270
43, 685
47,719,159
30,654,978
17, 064,181 13,322, 621
3,123,314
17,096,041
14,177,183
11,449
148,900
36,105
1,220
2,163
26,142
848,862
958, 865
27, 849
11,954
1,261
594,967
3,018
1,455
2,896
540,874
1,194, 630
48,051
2,827
187,872
4,732
252
LIABILITIES
D e m a n d deposits—Total
Individuals, partnerships, and corporations
United States Government
States, counties, and municipalities
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:
Evidenced by savings pass books
Certificates of deposit...
Open accounts
Christmas savings and similar accounts
Postal savings
States, counties, and municipalities
Banks in United States
Banks in foreign countries
Total deposits
Secured by pledge of loans and/or investments
Not secured by pledge of loans and/or investments. _.
Due to own foreign branches
Agreements to repurchase securities sold
Bills payable and rediscounts
Acceptances of other banks and bills sold with endorsement
Acceptances executed for customers
._.
Acceptances executed by other banks for reporting banks..
Securities borrowed
Interest, taxes, and other expenses accrued and unpaid. _.
Dividends declared but not yet payable and amounts set
aside for undeclared dividends and for accrued interest
on capital notes and debentures
_.
Other liabilities
Capital notes and debentures
Capital stock..
Surplus
Undivided profits—net..
Reserves for contingencies
Retirement fund for preferred stock and capital notes and
debentures...
Total liabilities (including capital account)
Net demand deposits
Demand deposits—adjusted1
Number of banks
1
See footnote on preceding page.
30,308,304 19,073,215 11,235,089 10,687,630
20, 438, 710 12, 632,896 7, 805,814 7,128,070
707, 267
451,966
180, 797
255, 301
2, 079, 830 1, 595,925
196,118
483,905
6,088,093
3,899, 879 2,188,214
2,497,641
456, 517
204,163
404,
655
252,354
537, 887
11,462,315
9, 398, 613
724, 377
544,378
121, 292
69,605
464, 427
130,009
9,614
2,390,931 10,625,422
1,454, 904 6,842,674
61,771
356,450
204,129
710, 658
635, 607 2, 556, 773
10, 262
39, 213
6,604,321
5,013,062
108, 249
968,925
398,072
2,387
7,974,726
249, 501
3,487,589
280,349
722,749
24,258
459,483
119,654
4,576,591
113,626
5,703,492
6, 573,099
560, 373
250,453
85,015
59,697
340, 467
97, 788
7,834
2,825, 514
164,004
293,925
36,277
9,908
123, 960
32, 221
1,780
402,455
29, 253
214,242
7,177
390, 256
14,849
32, 554
944
63, 538
210
5,874
20,850
30
3, 736, 540
194,849
236,912
40, 824
23, 258
233,228
107,240
3,740
4,869,362
485,426
60, 670
72, 347
46,347
146,811
22, 529
41,770,619 27,047,941 14,722,678 11,410,379
714, 221
367,895
2, 759, 620 2,045, 399
39,010,999 25,002,542 14,008, 457 11,042,484
2,850, 414 15,202, 013 12,307,813
217, 783 1, 316,044
857,898
2, 632, 631 13,885,969 11,449,915
117, 432
1,502
12,499
101,385
1,206
9,122
16,047
296
3,377
117,432
27, 633
109,060
12,354
1,370
7,576
55,334
6,903
203
60, 381
20,057
53, 726
5,451
1,167
35,827
25,914
84, 749
7,211
1,100
15,533
21,028
45, 718
14, 789
79,063
48,144
812,196
921,941
213,410
111,321
13,386
56,430
556
561,860
803,015
157, 943
65, 395
126, 500
67,175
27,051
35, 234
50
4,771
12, 605
30, 654,978 17, 064,181 13,322,621
3,123,314
17,096,041
14,177,183
35,817
124, 781
48,144
2, 377,484
2,046,844
645, 543
274, 395
17,474
47,719,159
1, 565, 288
1,124,903
432,133
163,074
12, 783
... 25,038,348 15,240, 703
21, 596,060 13,624,064
5,239
6,341
185
1,317
10,829
12
2,514
773
1,455
20, 618
4,121
9,203
47,325
252
1,179
249
270
24,147
803
3,585
18,057
37,866
26, 738
769, 907
632, 274
220, 879
109,832
3,571
26,900
20,850
919, 217
•544, 380
239,670
63,934
1,670
4,691
9, 797, 645 10,019, 612
7, 971,996 7,025, 665
36
1,102
2,107, 796
1, 584, 635
13
8, 225,937
7,078, 019
344
4, 685,003
5, 907, 741
DECEMBER
1049
FEDERAL RESERVE BULLETIN
1938
NUMBER OF BANKS AND BRANCHES,1 1933-1938
Member
banks
Nonmember
banks1
Member
banks
Total
Total
National State
Insured
Insured
Not
insured
Number of Banks
(Head Offices)—Continued
17,140
18, 252
18,312
18, 234
18,191
18,147
18,060
6,275
6,705
6,715
6,723
6,724
6,745
6,736
1,817
1,961
1,953
2,032
2,052
2,075
2,094
D e c e m b e r 31, 1936
J u n e 30, 1937
D e c e m b e r 31, 1937
S e p t e m b e r 30, 1938...
a 9,048
* 9, 586
8, 556
8,436
8,393
8,340
14, 352
15, 243
15,161
5,154
5,462
5,386
857
980
1,001
14,968
14,862
14,740
14, 621
5,325
5,293
5,260
5,239
1,051
1,064
1,081
1,102
2,788
3,009
3,151
3,266
3,329
3,407
3,439
1,121
1,243
1,329
1,398
1,431
1,485
1,497
960
981
952
1,004
983
950
924
7,588
7,522
7,449
7,356
Number of Branches 3
D e c e m b e r 31, 1933
D e c e m b e r 31, 1934
D e c e m b e r 31, 1935
D e c e m b e r 31, 1936
J u n e 30, 1937
D e c e m b e r 31, 1937
S e p t e m b e r 30, 1938
Number of Banks
(Head Offices)
D e c e m b e r 31, 1933
D e c e m b e r 31, 1934
D e c e m b e r 31, 1935
National State
Not
insured
Number of Banking
Offices
D e c e m b e r 31, 1933
D e c e m b e r 31, 1934
D e c e m b e r 31, 1935
D e c e m b e r 31, 1936
J u n e 30, 1937
D e c e m b e r 31, 1937
S e p t e m b e r 30, 1938
Nonmember
banks l
8,341
7,693
7,728
2 707
* 785
42
39
39
37
41
871
891
994
992
1 Exclusive of mutual savings and private banks.
Federal deposit insurance did not become operative until January 1, 1934.
3 Includes branches of Morris Plan and industrial banks, as follows: Nonmember banks, 36 in 1933 and 36 in 1934; insured nonmember banks,
35 in 1935, 35 in 1936, and 38 in 1937; not insured nonmember banks, 3 in 1935, 3 in 1936, 2 in 1937, and 2 in 1938. Such branches heretofore have
not been included in statistics on branches published by the Board.
* Separate figures not available for branches of insured and not insured banks.
2
ANALYSIS OF CHANGES IN NUMBER OF BANKS AND BRANCHES, JANUARY 1 - SEPTEMBER 30,1938
(Figures are preliminary)
Member
banks
Total
Nonmember
banksi
Member
banks
Total
Not
NaIn- intional State sured
sured
In- Not
Naintional State sured sured
Analysis of Bank Changes
Number of banks on December 31,
1937
Increases in number of banks:
Primary organizations (new banks)2
Reopenings of suspended banks.
Conversions of private banks into
State banks
Decreases in number of banks:
Suspensions
Voluntary liquidations3
Consolidations, absorptions, etc.___
Inter-class bank changes:
ConversionsState into national
National into state.
__ __
Federal Reserve memberships4
Withdrawals of State banks. _ _
Federal deposit insurance5
Admissions of State banks
Withdrawals of State banks
Net increase or decrease in number of banks
Number of banks on September 30,
1938
14, 740 5,260 1,081 7,449
950
+17
+1
+2
+10
-39
-25
-42
-4
-12
+27
+2
+2
-45
—39
-66
+1
-1
—2
-15
-1
—4
+6
-1
+9
-9
+34
-32
-2
+4
+16
-16
-93
-26
14, 621 5,239 1,102 7,356
924
-119
Nonmember
banks *
-21
+21
Analysis of Branch Changes
Number of branches on December
31, 1937
Increases in number of branches:
De novo branches._
Banks converted into branches
Decreases in number of branches:
Suspensions of parent banks
Voluntary liquidations of parent
banks
Otherwise discontinued
Inter-class branch changes:
Branches of nonmember banks
which became branches of State
member banks
Federal Reserve membership4
By admissions of parent banks
Net increase or decrease in
number of branches
3,407 1,485
994
891
37
+40 +4
+31 +14
+5
+28
+15
+3
+2
—1
-1
—1
-37
+32
—1
-5
-17
-14
+2
+8
-2
+12
-1
-8
+18
+4
909
41
+3
Number of branches on September
30, 1938
3,439 1,497
992
1
Exclusive of mutual savings and private banks.
2 Exclusive of new banks organized to succeed operating banks.
34 Exclusive of liquidations incident to the succession, conversion and absorption of banks.
Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership.
6
Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit
Insurance Corporation membership.
Backfigures—SeeAnnual Report for 1937 (tables 72 and 73), and BULLETIN for November 1937, pp. 1084-1122.
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
1051
1052
FEDERAL RESERVE BULLETIN
DECEMBER 1938
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Member bank
reserve balances
Res erve bank credit outstanding
TJ. S.
Gov- Other
Bills
Bills
ern- Reserve Total
disment
bank
counted bought securicredit *
ties
Date
End of month figures:
1937—Sept. 3 0 —
Oct. 30
7
3
3
3
1
1
1
1
1
1
1
1
1
1
1
2,526
2,526
2,564
2,564
2,564
2,564
2,580
2,564
2,564
2,564
2,564
2,564
2,563
2,564
28
30
23
38
16
15
17
21
9
23
18
14
29
14
2,579
2,580
2,606
2,612
2,593
2,590
2,611
2,594
2,582
2,596
2,589
2,585
2,600
2,586
12, 741
12,803
12,774
12, 760
12, 756
12,776
12, 795
12,869
12,919
12,963
13,017
13,136
13,760
14,065
2,599
2,609
2,621
2,637
2,655
2,668
2,679
2,690
2,702
2,713
2,721
2,731
2,739
2,751
6,542
6,555
6,561
6,550
6,320
6,334
6,355
6,397
6,467
6,461
6,452
6,504
6,622
6,700
3,582
3,661
3,631
3,619
3,648
3,594
3,550
2,195
2,263
2,303
2,348
2,480
2,810
2,770
17
17
16
16
13
3
3
3
3
3
2,564
2,564
2,564
2,564
2,564
18
27
48
75
22
2,603
2,612
2,631
2,658
2,602
12,774
12, 764
12, 765
12, 765
12, 760
2,621
2,623
2,625
2,630
2,634
6,568
6,591
6,596
6,681
6,571
Jan.12
Jan.19
11
11
11
11
1
1
1
1
2,564
2,564
2,564
2,564
27
24
35
18
2,603
2,599
2,610
2,594
12,755
12,755
12, 755
12, 755
2,639
2,640
2,639
2,654
Feb. 2
Feb.9
Feb. 16
11
11
10
10
1
1
1
1
2,564
2,564
2,564
2,564
18
18
26
16
2,594
2,594
2,600
2,591
12, 755
12,756
12, 781
12, 784
10
8
8
10
12
1
1
1
1
1
2,564
2,564
2,564
2,564
2,564
12
21
35
18
10
2,563
2,594
2,608
2,592
2,587
20
25
9
13
Nov. 30—
Dec. 3 1 . . . .
1938—Jan. 31
Feb. 2 8 . . Mar. 3 1 —
Apr. 30
M a y 31
June 30
July 31
Aug. 3 1 . . Sept. 30
Oct. 31
Wednesday figures:
1937— Dec. 1
Dec. 8
Dec. 15
Dec. 2 2 . . . .
Dec. 29
1938—Jan. 5
Jan. 26
Feb. 23
Mar. 2
Mar. 9
Mar. 18._Mar. 23....
Mar. 30..__
22
21
17
10
12
10
13
9
9
8
7
7
8
Gold
stock
Treas- Cur- Treas- Treasury
Other
ury
deposits NonFedrency
ury
cur- in
with
memeral
cir- cash Federal ber de- Reserve
rency culaholdoutReserve
posits
acings
stand- tion
banks
counts Total
ing
141
114
121
142
150
180
316
Excess
(estimated)
860
721
720
853
535
374
472
465
407
388
423
315
355
390
363
384
313
356
424
265
263
261
263
260
257
262
263
261
261
257
255
260
260
7,014
6,928
6,962
7,027
7,237
7,248
7,287
7,623
7,665
8,024
8,164
8,179
8,198
8,713
1,038
1,055
1,169
1,212
1,383
1,415
1,546
*2,548
2,568
2,875
3,022
2,941
2,869
3,227
3,627
3,622
3,620
3,625
3,620
177
242
232
153
140
459
446
419
470
413
261
262
270
269
269
6,906
6,836
6,884
6,855
6,983
1,119
1,052
1,057
1,007
1,157
6,510
6,395
6,346
6,294
3,622
3,628
3,621
3,642
127
115
135
117
404
401
418
393
262
262
264
261
7,071
7,193
7,219
7,296
1,267
1,386
1,371
1,440
2,657
2,661
2,662
2,665
6,323
6,306
6,302
6,324
3,648
3,650
3,626
3,620
143
156
187
155
383
434
454
443
260
259
258
258
7,249
7,205
7,216
7,240
1,385
1,385
1,364
1,412
12, 767
12, 768
12, 778
12, 781
12, 794
1,669
2,670
2,672
2,674
2,680
6,343
6,334
6,328
6,325
6,329
3,579
3,562
3,550
3,545
3,551
185
181
264
270
292
421
389
325
312
315
256
256
264
263
263
7,215
7,311
7,328
7,333
7,312
1,391
1,467
1,460
1,559
1,560
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
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
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
2,196
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
1,320
1,157
Apr.
Apr.
Apr,
Apr.
6
13
20....
27....
11
13
10
8
1
1
1
1
May
May
May
May
4__
ll.._.
18
25___-
8
8
8
9
1
1
1
1
2,564
2,564
2,564
2,564
2,564
2,564
2,564
2,564
8
9
9
10
10
1
1
1
1
1
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
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
8
9
8
1
1
1
1
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
2,715
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
1
1
1
1
1
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
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
1
1
1
1
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
June 1
June 8
June 15
June 22
June 29
July 6
Julyl3.___
July20____
July 27
7
Aug.
Aug.
Aug.
Aug.
Aug.
3
10
17....
24
31-..
6
Sept. 7
Sept. 14—_
Sept. 21.
Sept. 28....
7
7
8
7
7
7
7
9
OctOct.
Oct.
Oct
5____
12
19.....
26....
9
6
7
1
1
1
1
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.
2
9
16—
23..._
8
8
7
7
1
1
1
1
2,564
2,564
2,564
2,564
9
-3
18
16
2,582
2,569
2,590
2,587
14,071
14,091
14,162
14, 240
2,752
2,755
2,756
2,767
6,706
6,764
6,732
6,763
2,751
2,737
2,721
2,717
576
578
544
474
426
531
525
563
260
259
259
258
8,686
8,546
8,727
8,818
3,217
3,132
3,262
3,353
7
* 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
*nd years are shown in the table on p. 1041.
• Reserve requirements reduced by approximately 13# percent effective April 16.
1053
FEDERAL RESERVE BULLETIN
DECEMBER 1938
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
E n d of m o n t h
1938
N o v . 16
N o v . 23
Nov. 9
Nov. 2
1938
Oct. 26
Oct. 19
Oct. 12
Oct. 5
Oct.
1P37
Sept.
Oct.
ASSETS
Gold certificates on hand
and due from U. S. Treasury
11,492, 201 11,403, 701 11,317,698 11,287, 700 11, 252, 711 11,197,209 11,020, 211 10,967,213 11,262, 700 10,908,223 9,124,892
Redemption fund—F. R.
9,611
notes...
8,141
9,677
9,071
8,803
9,665
9,669
9,138
8,813
10,338
9,382
Other cash
_.
374, 312
369, 332
368, 202
367,418
367,842
377,449
362,857
351, 798
378, 785
363, 211
314, 255
Total reserves
•_ 11, 865, 396 11, 782, 710 11,678,567 11, 664, 043 11, 640, 299 11, 581,186 11,393,091 11,343,769 11, 639,355 11,295, 283 9,448, 529
Bills discounted:
For member banks
For nonmember banks,
etc
6,603
6,547
7,800
8,078
7,235
6,072
9,299
7,345
7,401
8,041
20,862
6,603
6,547
7,800
8,078
7,235
6,072
9,299
7,345
7,401
8,041
20,864
2
Total bills discountedBills bought:
Payable in dollars
Payable in foreign currencies.
Total bills bought
545
545
545
541
541
541
541
541
541
541
2,832
545
545
545
541
541
541
541
541
541
541
2,832
15,163
15,446
15, 264
15, 610
15,148
15,336
15,455
19, 414
15,417
15, 507
15,199
Industrial advances
U. S. Government securities.
789, 327
787, 327
787,327
787,327
787,327
738,073
787, 327
787, 327
787,327
787,327
787, 327
Bonds
1,164, 565 1,164, 565 1,164, 565 1,164, 565 1,164, 565 1,164, 565 1,164, 565 1,164, 565 1,164, 565 1,164, 565 1,158,463
Treasury notes
612,123
612,123
612,123
612,123
608,623
612,123
612,123
612,123
612,123
629, 654
612,123
Treasury bills
Total U. S. Govern2, 564,015 2, 564,015 2, 564,015 2, 564,015 2, 564,015 2, 564,015 2, 564,015 2, 564,015 2, 564,015 2,562, 515 2, 526,190
ment securities
3,021
-7,044
2,432
5,612
13, 291
-18,478
15, 902
-6,001
-1,367
10,976
Other Reserve bank credit.975
Total Reserve bank
credit outstanding.. 2, 587, 337 2, 589, 545 2, 569, 045 2, 581, 781 2, 580,083 2, 588, 506 2,605,264 2, 592,968 2, 585,854 2, 599,998 2, 580, 276
LIABILITIES
F. R. notes in actual circulation
4, 362, 465 4,345,816 4,355, 754 4, 319, 756 4,284, 377 4,288,820 4, 281,103 4, 262,860 4, 315,142 4,253, 244 4, 278, 921
Deposits:
Member bank—reserve
account
8, 818,335 8, 726,623 8, 546,166 8, 685,986 8, 740,083 8,693,189 8,400, 218 8,320,636 8, 713,092 8,197, 653 6,927, 591
U. S. Treasurer—general
575,944
584,153
609,102
577, 766
535, 277
853,145
703,407
770,086
113,966
543, 576
474,316
account
204,063
201, 272
212, 494
197, 372
195,056
205, 224
258, 775
202,848
218,033
199,462
212,081
Foreign bank
144,453
312,482
224,845
161,
598
150,
924
219,
612
150,395
212, 798
322,
597
176,287
350, 438
Other deposits. _
Total deposits _ _
_ 9,855,170
9, 795, 644 9, 654,447 9, 688,047 9, 698, 328 9, 644,116 9,479,374 9,436, 702 9, 672,044 9,406,417
7, 513,130
Ratio of total reserves to
deposit and F . R. note liabilities combined (percent)
_ _
83.5
83.3
83.4
83.3
83.2
83.1
82.8
82.8
83.2
82.7
80.1
Contingent liability on bills
purchased for foreign correspondents
324
324
324
324
338
338
157
157
338
157
2,280
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
8,078
7,800
6,547
6,603
6,147
5,353
4,755
4,994
493
967
231
240
541
545
545
545
128
198
153
23
154
-.
15,148
15,163
15, 417
15,199
1,273
1,338
1,523
1,434
2,
- _- 2,
2,
2,
564,015
564,015
564,015
564, 015
105,835
95, 810
98, 243
110, 523
Total
Bills discounted:
Nov 2
Nov 9
Nov 16
Nov 23
Bills bought in open market:
Nov 2
Nov 9
Nov 16
Nov 23
Industrial advances:
Nov 2
Nov. 9
.
Nov 16
Nov. 23
_ U. S. Government securities:
Nov 2
•
Nov. 9
Nov 16
Nov 23
.
- .-
--
91 days 6 months 1 year
to
to
1 year
2 years
31 to 60 61 to 90
days
days
to 6
months
530
530
682
562
401
367
229
211
478
554
614
558
29
29
36
38
94
94
264
264
170
165
83
128
258
326
308
330
316
738
947
790
1,118
553
463
660
327
1,883
1,806
1,584
1,485
3,496
3,463
3,602
3,651
98, 243
110, 523
95,330
75, 890
177, 688
174, 968
184,098
200,487
187, 657
175,847
183, 592
180, 923
126, 266
138, 541
134, 426
127,866
155,
155,
155,
155,
663
663
663
663
4,683
4,689
4,812
4,753
398,
398,
398,
398,
744
744
744
744
2 years
to
5 years
Over
5 years
2,196
2,149
2,116
2,115
607,
607,
607,
607,
337
337
337
337
706,
706,
706,
706,
582
582
582
582
1054
FEDERAL RESERVE BULLETIN
DECEMBER
ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
ASSETS
Gold certificates on hand and due
from U. S. Treasury:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Redemption fund—Federal Reserves notes:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Other cash:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Total reserves:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Bills discounted:
Secured by U. S. Government
obligations, direct or fully
guaranteed:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Other bills discounted:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Total bills discounted:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Bills bought in open market:
Nov. 2___
„_.
Nov. 9
Nov. 16
Nov. 23
Industrial advances:
Nov. 2
Nov. 9
.
Nov. 16
Nov. 23
U. S. Government securities:
Bonds:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Treasury notes:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Treasury bills:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Total U. S. Government
securities:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Total bills and securities:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Due from foreign banks:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
11,287, 700
11, 317, 698
11,403,701
11,492,201
659,
655,
612,
f
613,
597 4,814,129 501,283
619>4,754,358 520, 984
72' 4,871, 505 522, 914
516 5,024, 526 511, 373
8,141
9,071
9,677
10, 338
501
501
461
430
874
874
1,710
1,653
563
502
502
1,385
368, 202
351, 798
369, 332
362, 85:
38,832
37,909
39, 210
38, 798
105,648
102,893
108, 790
103, 380
32,422
29, 270
30, ~
28, 832
534, 268
550, 756
554, 380
541, 590
11,664,043 698,!, 930 ,920,651
4,
11, 678, 567 694,029 4,[, 858,12i
11,782,710 652, 398 4,
,: 982,00;
11, 865, 396 652, 744 5,129,559
4,902
4,680
3,643
3,757
728, 54' 358,113 259, 509 2,110,1,926 331,517 245,13; 312,823 203,459
720, 336 362,024 271,04" 2,133,
" "" 294 334, 381 245, 761 317, 652 209, 358
715,004 359, 718 271, 793 2,185,166 330,090 243,120 309, 782 199, 944
356, 498 ""•.,486
261
2,184, 31 323, 430 239, 749 305, 510 192,438
1,064
1,064
1,011
965
292
1,292
1,292
909
209
209
188
651
912
912
900
636
636
630
624
568
568
556
545
237
228
228
210
1,853
1,853
1,840
1,761
16, 562 8,539 15,149 12, 343
22,431 12, 698
17, 232 9,199 13, 335 12, 954
18, 749 11,413
13,115
18,023 9,527 14,508 13,144
19, 571 12,102
8,334 14, 521 12, 548
20,856
21,178
752,881 380,836 272,416 2,161,142 348,991 254,308 328, 540 216,039
555 222, 540
745,487 382, 065 282, 669 2,180, 979 352, 525 255, 596 331,
r~" """
738, 797 380, 581 285, 096 2, 236,009 "1,013
253, 277 324,846 213,316
349,
733,051 378, 585 274, 239 2, 235, 741345,173 248, 707 320, 576 205,196
30, 524
27, 504
29, 214
27,998
23, 270
24,087
22, 78f
23, 204
432
432
359
318
49, 784
47, 253
50, 484
51,106
114
134
145
32
62
132
2,291
2,278
1,282
1,
865
857
726
705
286
266
176
200
84
99
302
117
153
153
138
168
155
110
130
105
180
208
213
160
154
128
158
129
105
545
529
577
550
259
254
252
257
110
110
451
412
348
297
102
101
109
119
155
155
85
50
187
187
202
967
753
3,176
3,120
^,904
762, 664
792,884
781,938
770,476
795,041
822, 241
812,992
800, 235
137
137
94
84
338
278
278
160
102
107
85
61
53
2,846
100
358
322
243
357
8,078
7,800
6,547
6,603
175
32
62
232
2,649
2,600
1,525
2,049
1,410
1,386
1,303
1,255
545
520
428
457
194
209
302
183
604
565
486
465
257
211
239
224
335
363
298
210
342
315
345
331
905
1,016
1,051
239
244
177
153
423
339
331
186
541
545
545
545
41
41
41
41
211
216
216
216
55
55
55
55
50
50
50
50
23
23
23
23
19
19
19
19
67
67
67
67
3
2
2
2
2
2
2
2
16
16
16
16
16
16
16
16
38
38
38
15,148
15,163
15,417
15,199
2,242
2,242
2,238
2,171
3,632
3,631
3,602
3,050
3,048
3,358
3,255
639
639
621
620
1,455
1,460
1,421
1,421
149
152
181
172
415
415
415
415
43
43
45
45
1,042
1,037
996
991
401
396
393
392
781
799
793
791
1,303
1,300
1,325
1,324
787,327
787,327
787, 327
787, 327
59,255
59, 255
59, 255
59, 255
250,391
250, 391
250, 391
250, 391
68,403
68, 403
68, 403
68, 403
79,168
79,168
79,168
79,168
36,947
36,947
36, 947
36, 947
32,096
32,096
32, 096
32,096
84, 870
84,870
84,870
84,870
32, 792
32, 792
32, 792
32, 792
17,446
17,446
17,446
17,446
34, 774
34, 774 28,943
34,774 28,943!
34, 774 28,943
62, 242
62,242
62, 242
62, 242
565
565
565
565
87,647
87, 647
87, 647
87, 647
370, 360
370, 360
370,360
370, 360
.01,177
.01,177
.01,177
01,177
117,101
117,101
117,101
117,101
54, 649
54, 649
54, 649
54, 649
47,473
47,473
47, 473
47,473
125, 535
125, 535
125, 535
125, 535
48, 504
48, 504
48, 504
48, 504
25, 805
25, 805
25,805
25, 805
51,438
51, 438
51,438
51,438
42,812
42,812i
42,812
42, 812
92,064
92,064
92,064
92,064
612,123
612,123
612,123
612,123
46,069
46, 069
194, 671
194, 671
194, 671
194, 671
53,181
53,181
53,181
53,181
61, 551
61, 551
61, 551
61, 551
28, 725
28, 725
28, 725
28, 725
24, 953
24, 953
24, 953
24,953
25,495
65, 984 25, 495
65, 984 25,495
65, 984 25,495
13, 564
13, 564
13,564
13, 564
27,1
27,036
27,036
27,036
22, 503
22, 503
22, 503
22, 503
48, 391
48,391
48, 391
48, 391
564,015
564,015
564, 015
564,015
.92, 971
.92, 971
.92, 971
.92,971
815, 422 222, 761
815, 422 222, 761
815, 422 222, 761
815,422 222, 761
257, 820
257, 820
257,820
257, 820
.20, 321 04, 522
.20, 321 104, 522
.20,321 104, 522
.20, 321 104, 522
276, 389
276,389
276, 389
276, 389
L06, 791
L06, 791
L06, 791
L06, 791
56, 815
56,815
56, 815
56,815
13, 248
13, 248
13, 248
13, 248
94, 258
94, 258
94, 258
94, 258
202,697
202, 697
202, 697
202, 697
2, 587, 782
2, 587, 523
2, 586, 524
2, 586,362
.95,429
.95, 286
.95, 312
.95,415
259, 054
259,029
258, 919
258, 947
.21, 993 105, 294
.22,013 105, 258
.22,067 105, 208
L21, 948 105,178
277,128
277,082
277,110
277,095
.07,172
07,199
.07,136
.07, 048
58, 201
58,169
58,158
58,139
14, 570
14,676
14, 708
14, 514
95, 294
95, 317
95, 244
95, 218
204,461
204, 374
204,391
204, 245
180
176
176
176
13
13
13
13
821, 910 227, 276
821, 870 227, 250
820, 794 227,477
821, 289 227, 326
18
18
18
18
16
1
1
17
6
6
6
22
22
22
22
3
3
3
2
2
2
2
5
5
5
5
5
5
5
5
13
13
13
13
1,164,
1,164,
1,164,
1,164,
2,
2,
2,
2,
1055
FEDERAL RESERVE BULLETIN
DECEMBER 1938
ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS,
BY WEEKS—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Loui:
Minneapolis
Kansas
City
Dallas
San
Francisco
ASSETS—continued
Federal Reserve notes of other
banks:
Nov. 2
Nov. 9
Nov. 16
. . .
Nov. 23
Uncollected items:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Bank premises:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
All other assets:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Total assets:
Nov. 2
Nov. 9
Nov. 16.—
Nov. 23
14,
14,
15,
15,
21,90S
22,44
28, 21:
23, 73'
48:
51;
72S
4,612
3,472
8,622
562£
833
614
1,093
84
621, 464
556, 37
803, 54'
644,074
71, 048
54,114
79, 574
62, 263
143, 84c
126, 559
207, 263
169,920
48, 415
38, 414
59, 946
47, 782
44, 20:
44, 202
44, 202
44,19£
2,954
2,954
2,954
2,954
9,808
9,808
9,808
4,720
4,720
4,720
4,720
48, 91
49, 544
50,01
50, 682
3,146
3,195
3,240
3,290
15,149
15, 45:
15, 533
15, 758
4,581
4,629
4,683
4,745
1,14'
1,296
1,045
1,512
1,866
2,61:
2,444
1,"
1, 53C
1, "'
2,496
1,98
53,852
53, 734
64, 923
50, 598
22, 34'
24,948
30,079
23, 39i
6,04
6,04
6,04
6,04
2,634
2,634
2,63'
2,634
2,083
2,083
2, ~~~
2,
4, 49S
4,49S
4,499
4,499
2,30
2,30
2,30
2,30
5,44'
5,487
5,536
5,604
2,808
2,885
2,
2,898
2,230
2,268
2,28:
2,299
4,697
4,692
4,786
1,840
1,848
I,""
1,892
65,
59,
90,
75,
586
364
747
512
2,78.
2,618
3,090
2,872
2,012
3,068
2,304
1,555
1,51'
1,826
829
1,
1,633
1,362
1,932
2,053
2,792
3,001
3,288
2,991
375
992
297
718
24, 205
23, 366
31,022
25, 57,"
32, 979
25, 607
38,890
31,216
1,539
1,539
1,539
1,539
3,097
3,097
3,097
3,097
1,266
1,267
1,26"
1,267
3,260
3,260
3,260
3,252
1,278
1,300
1,302
1, 31."
1,955
1,965
2,044
2,066
1,791
1,792
1,768
1,788
3,995
4,032
4,084
4,138
81, 85C 27, 544 16, 414
79, 34' 25,069 16, 85"
106, 70: 34, 863 20, 242
17, 095
80,138
33,
28,
39,
31,
42
409
551
521
988, 496 972, 279 5, 916, 048820, 111 1, 090,172563, 997 405, 9062, 532,123489, 864 333, 259 483,175
938, 83: 950, 072 5, 835, 349826, 40: 1, 076, 72:565,95: 418, 920 2, 549, 239492,013 335, 289 481, 652
i, 044, 090852, 317 1,101,102 575, 545 427, 249 2, 632, 21 497, 486 335, 349 485,929
295, 382 934,008 6,
2, 605, 257486, 834 327, 992 474, 029
409;
214, 62C 917,408 6,152,023 827,022 1, 080, 684558, 532 '""1,179
339,021 1,042, 541
344, 696 1, 062, 528
343,173 1,066, 918
329, 570 1,046,090
LIABILITIES
Federal Reserve notes in actual
circulation:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Deposits:
Member bank—reserve account:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
U. S. Treasurer—general account:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Foreign bank:
Nov. 2
Nov. 9
Nov. 16
Nov 23
Other deposits:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Total deposits:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Deferred availability items:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Capital paid in:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Surplus (section 7):
Nov. 2.
Nov. 9
Nov. 16
_
Nov. 23
4, 319, 756378,155
4, 355, 754378, 622
4, 345, 81 378, 922
4, 362, 465 I, 735
984, 961
991, 040 312, 39987, 086 311,13'
993, 616 315, 66,
;, 341, 321382,135
443, 727 4.
8, 546,166 437, 245 4, 252, 888379, 291
399,
8, 726, 623
898 4.
-, 418, 208384, 521
8, 818, 335401, 612 4, 534,073369, 957
411, 978 208, 755 148, 330
416, 779 209, 965 149, 261
415,124 211,641 148, 489
419, 505 209,953 147, 544
969, 836 181, 502 133, 71 167, 793
978, 245 181, 785 134, 945 169,157
977, 499 182,103 135,112 168, 768
980, 723 180, 584 136,176 167, 428
469, 487 232,184 169, 602 1, 336, 640220, 773 114, 139 230, 311
479, 396 232, 470 177, 770 1, 248, 795226, 704 118, 202 229, 558
484, 612 230, 099 173,115 1, 303, 503222, 410 115, 908 230,072
478, 107
•" 232,068 172, 894 1, 308,124220,632 115, 280 235, 521
35, 968
35,097
35, 474
31, 593
5,816
6,323
6,130
5,816
6,323
5,880
6,130
14, 238
15, 481
14, 396
15,008
1,079
891
879
851
2,75'
2,802
2,050
2,393
19, 734
21,429
16, 533
16, 532
287, 631 223, 808
099 269, 223 L73, 221 271,182
281,~'' " "1,601 , 438, 380271,984 L75, 293 269, 710
285, 524 235, 689 , 500, 351267, 512 L70, 904 267, 222
284, 698 226, 211 , 496, 647265, 380 .64, 919 263, 745
221,169
223, 928
218, 368
210, 280
637,049
658, 369
653,172
635, 600
28, 393 16, 807 33, 942
87,033 27,478 15, 537 32, 502
108, 821 37,179 19,870 39, 633
82, 238 30,155 17,427 32, 534
26,192
28, 409
32, 900
27, 816
34,432
26, 591
39,421
35, 098
2,908
2,906
2,904
2,904
4,195
4,195
4,196
4,200
3,948
3,948
3, f
3i
10, 344
10, 347
10, 347
10, 348
3,153
3,153
3,153
3,153
3,613
3,613
3,613
3,613
3,892
3,892
3,892
3,892
9,805
9,805
9,805
9,805
67, 368
78,108
87, 234
77, 843
36, 397
33, 230
33,180
32, 992
51,316
49, 874
47, 997
42, 263
18, 449
20, 060
18, 655
19, 44'
8,623
9,376
8,719
9,090
7,019
7,632
7, """
7,398
23, 863
25, 948
24,129
25,155
6,016
6,542
6,083
6,342
4,612
5,015
4,664
4~~
153, 692 9,042
161, 571 8,437
171, 738 9,779
202, 069 8,610
14,408
11, 534
11,313
11,438
2,525
2,483
8,104
7,809
5,586
5, 51:"
4,673
4,240
2,228
85, 529
6,037
5,508
5,839
5,414
3,154
2,202
2,335
2,514
9,688,047 498, 964 ,670, 286 428,913
9, 654, 44 r 498, 427 , 593, 752440, 524
9, 795, 644452,080 ,735, 250 447, 628
9, 855,170 449,181 871, 428 429, 892
576, 502
569, 535
561, 944
557,189
49,882
40, 419
60,517
48, 362
68, 854
57, 514
91,167
71,069
52,439
58, 838
63, 231
48, 715
20, 625
23,"29, 909
22, 314
13,389
13, 390
13, 390
13, 391
4,992
4,998
4, r'"
4
4,471
4,471
4,471
4,471
13, 294 3,924
13, 296 3,924
13,311 3,924
13, 319 3,924
14,
14,
14,
14,
4,!
4,964
5,626
5,626
5,f""
5<
22,387
22,387
22, 387
22, 387
201, 272
218, 033
202, 848
212,081
14, 438
15, 699
14, 599
15, 220
224, 845
312, 482
322, 597
350, 438
4,603
4,584
3,869
3, 04r
102, 543
101,027
72, 429
58, 702
72,
78,
72,
76,
730
266
875
584
18, 084
31, 428
33, 457
30, 610
74,158
58, 545
47, 364
48,197
19, 652
21, 368
19, 871
20, 715
627, 645
575, 025
800, 702
643, 275
70, 759
48, 568
78, 559
63,065
138,651
128, 241
199, 495
164, 482
133,992
134, 003
134,003
134, 013
9,412
9,412
9,412
9,412
50, 903
50, 903
50, 904
50,901
12,
12,
12,
12,
147, 739
147, 739
147, 739
147, 739
9,900
9,900
9,900
9,900
51, 943
51, 943
51,943
51,943
13,'
13, 466
13,466
13,466
212
213
213
213
323
323
323
323
44,
37,
38,
35,
85, 525
4,667
4,667
4,667
4,667
33,
32,
30,
21,
178, 558 567,109
177,485 586, 362
177, 508 586, 769
177, 600 572, 467
34, 038
37, 318
32, 930
24,157
41, 601
41, 68r
50, 804
41, 679
36,196
40, 899
33, 714
29, 306
345, 945
352, 398
349, 202
350, 249
976
938
391
243
299
615
602
731
575, 94
577, 766
543, 576
474, 316
80,481
81,163
80, 733
80, 28'
5, • "
1056
FEDERAL RESERVE BULLETIN
DECEMBER 1938
ASSETS AND LIABILITIES 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
Surplus (section 13b):
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Reserves for contingencies:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
All other liabilities:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Total liabilities:
Nov. 2
Nov 9.
Nov. 16
Nov. 23
.
Contingent liability on bills purchased for foreign correspondents:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Commitments to make industrial advances:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
27, 683
27,683
27,683
27, 683
2,874
2,874
2,874
2,874
7,744
7,744
7,744
7,744
4,411
4,411
4,411
4,411
1,007
1,007
1,007
1,007
3,409
3,409
3,409
3,409
730
730
730
730
1,429
1,429
1,429
1,429
545
545
545
545
1,001
1,001
1,001
1,001
1,142
1,142
1,142
1,142
1,270
1,270
1,270
1,270
2,121
2,121
2,121
2,121
32, 707
32, 707
32,672
32, 672
1,448
1,448
1,448
1,448
8,210
8,210
8,210
8,210
2,000
2,000
2,000
2,000
3,176
3,176
3,176
3,176
1,401
1,401
1,401
1,401
1,603
1,603
1,603
1,603
7,063
7,063
7,035
7,035
1,215
1,215
1,215
1,215
1,880
1,880
1,873
1,873
935
935
935
935
1,776
1,776
1,776
1,776
2,000
2,000
2,000
2,000
10,927
11,473
11,124
11, 603
767
821
813
793
3,350
3,516
3,458
3,699
921
974
945
1,013
943
997
971
1,024
406
432
392
410
713
733
732
680
1,346
1,406
1,384
1,479
395
415
341
364
575
574
532
539
373
398
420
432
293
310
286
301
845
897
850
869
2, 532,123 489,864
2, 549, 239 492, 013
2,632,217 497,486
2, 605, 257 486, 834
333, 259
335, 289
335,349
327,992
483,175
481, 652
485,929
474,029
339,021
344,696
343,173
329, 570
1,042, 541
1,062, 528
1,066,918
1,046, 090
14,988,496 972, 279
14,938, 831 950,072
15, 295, 383 934,008
15, 214, 620 917, 408
5,916,048 820, 111
5, 835, 349 826, 401
6,044,090 852, 317
6,152,023 827,022
1,090,172 563, 997 405,906
1,076, 721 565, 951 418, 920
1,101,102 575, 545 427, 249
1, 080, 684 558, 532 409,179
324
324
324
324
23
23
23
23
116
116
116
116
32
32
32
32
30
30
30
30
14
14
14
14
11
11
11
11
39
39
39
39
10
10
10
10
8
8
8
8
9
9
9
9
9
9
9
9
23
23
23
23
13,320
13,318
14,345
14, 335
1,342
1,341
1,327
1,326
3,540
3,505
3,496
3,490
254
250
1,385
1,472
1,473
1,470
1,473
1,472
1,657
1,646
1,582
1,565
172
172
172
172
13
13
13
10
587
587
584
530
227
226
218
217
523
576
576
562
50
50
50
50
3,482
3,482
3,469
3,469
1057
FEDERAL RESERVE BULLETIN
DECEMBER :
INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL
RESERVE ACT, JUNE 19, 1934, TO NOVEMBER 23, 1938
[Amounts in thousands of dollars]
Date (last Wednesday of
each month)
Applications
received to date,
net
Number
1934—Dec. 26._
1935—June 26. _
Dec. 313_.
1936—June 24. _
Dec. 30...
1937—Mar. 31._
June 30 __
Sept. 2 9 Dec. 29._.
1938—Jan. 26_._
Feb. 23. _
Mar. 3 0 Apr. 27...
May 2 5 . .
June 29 _ _
July 27—
Aug. 31. _
Sept. 28 .
Oct. 26...
Nov. 234 _
5,053
6,618
7,615
8,158
8,379
8,546
8,677
8,711
8,766
8,906
9,012
9,096
9,152
9,182
9,226
9,262
9,292
9,314
Amount
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, 368
Applications recommended for
approval by Industrial Advisory Committees to date,
(with and without conditions)
Number Amount
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
2,926
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
167, 695
168, 894
173,759
174, 544
176,006
180,060
181,010
Applications approved to date by Federal Reserve banks (with and
without conditions)
Repaid, FinancFederal Federal
expired, ing instiReserve Reserve
bank Approved
or
withtution
bank
but not drawn
by particiadvances commitcompations
ments
applioutpleted i
outcant,
outstanding standing
etc.
standing *
Number Amount
Total
984
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
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
173, 865
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
17,088
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, 335
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
5,503
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, 375
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
10, 564
r
Revised.
1 Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant.
2
Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to
$12,534,652 on November 23, 1938.
8
Tuesday.
4
November 30 not yet available.
NOTE.—On Nov. 23, 1938, there were 42 applications amounting to $3,248,100 under consideration by the Industrial Advisory Committees and
the Federal Reserve banks.
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Phila- Cleve- Richdelland mond
phia
Atlanta
Chicago
MinSt.
Louis neapolis
Kansas
City
Federal Reserve notes:
Issued to F. R. bank by F. R. agent:
, 1 9 2 , 867 139,432 176,041
4, 579, 253394, 809 1, 072, 441323, 587 435,157 218, 784 159, 679 987,177
Nov. 2
4, 616, 904392, 203 1,079, 355 325, 391438, 856 219,108 160, 245 999004
999,004 201, 351 138,713 178, 379
Nov. 9
4, 631, 714395,053 1,085, 494 328, 802 437,
',370 222,411 160, 701 998, 844 200, 037139, 934 177, 624
Nov. 16
4, 650, 264397,912 1,092,080 329.
1,335 221,126 161, 038 1,002,026 199, 575 140,
Nov. 23
),637 177, 929
Held by Federal Reserve bank:
259, 49: 16, 654 87, 480 15, 281 23,179 10,029 11,349
17, 341 11,365 5,718 8,248
Nov. 2
261,150 13, 581 88, 315 12, 997 22, 077 9,143 10, 984 20, 759 19, 566 3,768 9,222
Nov. 9
Nov. 16
285,898 16,131
98,408 17, 665 22, 246 10, 770 12, 212 21, 345 17, 934 4,822 8,856
287, 799 17,177
13, 545 22,830 11,173 13, 494 21, 303 18, 991 4,461 10,501
Nov. 23
In actual circulation: *
4, 319, 756378,155 984, 961 308, 306 411,978 208, 755 148, 330 969,836 181, 502133, 714 167, 793
Nov. 2
.
4,355, 754 378, 622 991,040 312,
Nov. 9
"' ~ 394 416, 779 209, 965 149, 261 978,245 181, 785 134,945 169.
4, 345,816 378, 922 987,086 311 137 415,124 211, 641
Nov. 16
977,499 182,103 135,112 168; 768
4, 362, 465380, 735 993, 616 315, 665 419, 505 209,953 147, 544
180, 584 136,176 167,428
Nov. 23
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due
from U. S. Treasury:
4, 668,000 400,000 1,092,000 327,000 442,000 225. 000 161,000 1,010,000 196,000 141, 500 180,000
Nov. 2
4, 683, 000400,000 1,092,000 327,000 442,000 225, 000 164,000 1,010,000 207,000 141, 500 180,000
Nov. 9
4, 686,000 400, 000 ".1, 092, 000 330, 000 442, 000 225, 000 164,000 1,010,000 207,000 141, 500 180,000
Nov. 16
4, 712,000 410, 000 1,100, 000 335; 000 445; 000 225; 000 164,000 1,010, 000 207,000 141, 500
180,000
Nov. 23
Eligible paper:
7,182
574
887
Nov. 2
341
257
335
214
145
2,543 1,030
194
6,936
538
998
Nov. 9
32
211
363
320
2,495 1,001
209
459
5,669
239
297
Nov. 16
218 1,026
1,464
868
228
302
444
224
210
825
5,700
189
1,979
Nov. 23
183
820
257
232
Total collateral:
Nov. 2
Nov. 9
Nov. 16
Nov. 23
1
4, 675,182 400,145
4,689, r " 400,032
4, 691, 669400,062
4, 717, 700410, 232
1,094,
.
, 543 328,030 442,341 225,194 161,574 1,010,257 196, 335 141, 714180,887
180,998
1,094,
1,094,495 328, 001 442, 320 225; 209 164; 538 1,010, 211 207,363 141,688
"
1,093,
464 330,868 442, 228 225; 302...
164;
459 lf 010> 239 207, 297 141, 718 181,026
1,101, 979 335,820 445, 257 225,183 164,444
• 1,010, 224 207, 210 141, 689180,825
San
Dallas Francisco
86,998 392,281
88, 621 395, , 678
88, 779 396, , 665
88,
88, 933 397,
88
397 463
6,517
7,468
8,046
8,646
46,336
43, 280
47,463
47, 214
80,481
81,163
80, 733
80, 287
~"!,398
352
3491,202
350, 249
500 404, 000
90, 500 404,,000
90, 500 404,:,000
000
90, 500 404,t, •000
•
239
241
175
151
423
340
331
186
,423
89, 739 404,
90, 741 404,340
-,331
90,675 404,
90, 651 404,186
Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank.
345, 945
1058
FEDERAL RESERVE BULLETIN
DECEMBER 1938
RESERVE POSITION OF MEMBER BANKS,
OCTOBER, 1938
MEMBER BANK RESERVE BALANCES,
BY CLASSES OF BANKS
[Averages of daily figures. In millions of dollars]
[Averages of daily figures. In millions of dollars]
Classes of banks
and districts
Reserves with
Federal Reserve
banks
Gross Net
de- Time
dedemand mand
posits
dedeposits posits^
Required Held
Excess
5,403
8,546
3,143
709
457
2,350
509
3,939
1,589
375
125
6
72
All member b a n k s . . 31,036 25,389 11,445
Central reserve city banks:
New York
10,900 10,172
Chicago
2,432 2,139
Reserve city banks:
Boston district
New York district
Philadelphia district.
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis d i s t r i c t Kansas City district-.Dallas district
San Francisco district.
1,031
179
1,093
1,453
673
630
1,138
762
360
951
656
2,011
919
143
895
1,126
519
457
836
588
250
614
428
1,599
101
150
253
737
206
172
534
174
90
155
124
166
33
169
234
101
89
173
112
48
115
81
374
291
39
242
344
148
104
238
168
65
168
106
495
111
47
16
65
56
16
52
25
121
10,934
8,375
4,576
1,694
2,407
712
Country banks:
Boston district
822
New York district
1, 210
Philadelphia district..
593
547
Cleveland district
492
Richmond district
432
Atlanta district.
782
Chicago district
344
St. Louis district
286
Minneapolis district..,
434
Kansas City district
502
Dallas district
324
San Francisco district.
607
939
426
389
319
287
526
229
182
267
316
216
556
1,393
871
652
335
214
660
235
270
154
100
263
101
182
95
79
55
45
96
39
35
40
43
153
291
143
124
78
63
167
59
54
65
70
50
52
108
48
45
22
18
71
20
19
25
27
11
4, 704
5, 703
850 1,317
467
Total
Total
6,769
* 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. 1069 for percentages of deposits required
to be held as reserves.
All
member 1
banks
Total reserves held:
1937—September
October
November
December
1938—January
February
March
April
May
June
July
August
September
October
Week ending (Friday):
September 30._..
October 7
October 14
October 21
October 28
November 4
November 11
November 18
Excess reserves:
1937—September
October
November
December
1938—January
February
March
April 2
May
June
July
August
September
October
Weekending (Friday):
September 30
October 7
October 14
October 21
October 28
November 4
November 11
November 18
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks 1
6,854
6,954
6,919
6,879
7,183
7,230
7,326
7,469
7,587
7,878
8,167
8,119
'8,196
8,546
2,672
2,767
2,720
2,657
2,856
2,906
3,039
3,150
3,204
3,341
3,545
3,523
3,669
3,939
576
581
588
599
604
598
574
622
794
899
925
875
861
2,232
2,240
2,246
2,272
2,345
2,350
2,349
2,348
2,311
2,359
2,396
2,402
2,352
2,407
1,375
1,366
1,365
1, 352
1,378
1,377
1,365
1,350
1,278
1,280
1,302
1,319
n, 314
1,317
8,156
8,282
8,411
8,665
8,749
8,710
8,578
8,703
3,710
3,761
3,837
4,021
4,084
4,025
3,927
4,042
855
853
856
874
2,313
2,354
2,419
2,431
2,432
2,415
2,455
2,428
1,277
1,314
1,299
1,327
1,316
1,330
1,348
1,359
900
1,043
1,104
1,071
1,353
1,406
1,524
2,071
2,525
2,762
3,026
2,955
'2, 920
3,143
235
354
373
305
461
499
631
884
1,065
1,153
1,352
1,320
1,382
1,589
43
59
69
80
86
78
52
146
321
404
424
379
361
375
2,847
2,954
3,045
3, 242
3,286
P3, 249
P3,167
P3, 271
1,411
1,451
1,512
1,657
1,700
1,656
1,591
1,689
352
354
355
376
399
409
338
363
333
323
328
319
355
361
359
432
451
459
483
495
'479
467
307
333
366
451
468
481
747
767
762
698
712
435
466
450
476
465
683
728
733
722
705
740
711
P479
P497
p1 Preliminary.
r Revised.
Weekly figures of excess reserves of all member banks and of country
banks are estimates.
2 Reserve requirements decreased April 16, 1938; see table at foot of
page 1069 for amount of changes.
DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
i
Federal Reserve district
Boston
New York
Philadelphia
Cleveland..
Richmond
Atlanta . .
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
. .
_.
Total
Ul member banks
Gross demand
Time
Member banks in larger centers
(places over 15,000)
Member banks in smaller centers
(places under 15,000)
Gross demand
Gross demand
Oct.
Sept.
Oct.
Sept.
Oct.
1,853
12, 289
1,686
2,000
1,164
1,062
4,352
1,106
646
1,385
1,158
2,334
1,775
11,890
1,614
1,961
1,113
1,019
4,280
1,071
657
1,378
1,112
2,279
658
2,251
1,124
1,389
541
386
1,651
408
360
309
224
2,144
662
2,290
1,126
1 , 394
538
387
1,646
407
361
311
223
2,152
i 1,112
1,462
1,786
980
926
i 1, 619
900
476
1,068
880
2,220
31, 036
30,149
11, 445
r
l l , 496
1,726
1
Sept.
Time
Oct.
1,651
1,087
1,396
1,749
938
886
1, 601
871
486
1,063
850
2,166
532
i 1,049
674
1,098
353
303
1920
296
176
197
179
2,048
15,156 114, 743
i 7, 827
1
1
Sept.
537
i 1,050
676
1,103
351
304
1914
295
176
198
178
2,055
r
Revised.
i Excluding central reserve city banks, for which figures for latest month are shown in table above.
Oct.
Sept.
Time
Oct.
Sept.
127
277
224
214
184
136
301
206
169
317
278
114
124
276
218
212
175
133
296
199
171
315
262
114
125
493
450
291
188
83
274
112
183
113
45
95
125
493
450
290
187
82
273
112
185
113
45
2,548
2,495
2,452
2,452
97
DECEMBER
1059
FEDERAL RESERVE BULLETIN
1938
KINDS OF CURRENCY IN CIRCULATION
[Outside Treasury and Federal Reserve banks. In millions of dollars]
End of month
Total
Gold
certificates
Silver
dollars
Treasury
notes
of 1890
Silver
certificates
Subsidiary
silver
Minor
coin
United
States
notes
Federal Federal
Reserve Reserve
bank
notes
notes
National
bank
notes
1937—October...
November.
December.
6,555
6,561
6,550
1,129
1,144
1,137
349
352
350
147
148
148
285
284
283
4,238
4,232
4,237
248
243
239
1938—January...
February..
March
April
May
June
July
August
September.
October
6,320
6,334
6,355
6,397
6,467
6,461
6,452
6,504
6,622
6,700
1,085
1,097
1,125
1,162
1,215
1,230
1,247
1,263
1,292
1,297
339
338
338
339
341
342
341
344
348
351
145
144
144
144
145
146
145
146
147
148
264
267
263
264
268
262
258
262
264
269
4,099
4,104
4,106
4,112
4,127
4,114
4,098
4,129
4,215
4,282
234
231
227
224
220
217
214
211
[208
206
Back figures—See Annual Report for 1937 (table 35.)
PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION
[Outside Treasury and Federal Reserve banks. In millions of dollars]
<3oin
Total
End of month
culationi
Total
Coin
6,555
6,561
6,550
5,029
5,043
5,015
535
540
537
502
504
605
33
33
33
_ - 6,320
6,334
_ . 6,355
- 6,397
6,467
.-- 6,461
6,452
6,504
6,622
6,700
4,789
4,798
4,784
4,807
4,856
4,837
4,836
4,885
4,970
5,021
522
520
521
622
526
527
526
530
536
540
474
473
473
476
487
481
481
488
501
505
31
32
31
31
32
31
31
32
32
32
1937—October _
November
December
1938—January
February
March
April
May
June
July
August-September
October
and small denomination currencyr
$2
$13
Large denomination currency 2
i
$10
$20
Total
909
912
905
1,576
1,574
1,560
1,474
1,480
1,475
1,531
1,525
1,542
384
381
387
856
863
860
866
877
875
879
891
912
923
1,482
1,489
1,487
1,498
1,512
1,503
1,508
1,528
1,556
1,572
1,424
1,421
1,412
1,414
1,422
1,420
1,410
1,416
1,434
1,450
1.532
L, 538
L, 573
,593
,616
,627
618
.622
1,656
1,683
382
382
385
388
389
391
388
389
396
400
$5
$50
$100
$500
$1,000
$5,000 $10,000
704
701
710
138
136
139
286
287
288
6
5
6
13
14
12
705
708
718
725
727
732
727
727
744
754
138
138
144
146
152
152
152
152
156
157
288
291
300
304
307
309
307
308
317
321
7
7
9
12
17
17
17
17
17
18
12
13
18
18
24
25
27
29
25
33
Unassorted a
6
6
7
1
2
3
3
4
2
2
3
4
4
1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks.
1
Includes unassorted currency held in Treasury and Federal Reserve banks and currency of unknown denominations reported by the Treasury as destroyed.
* Paper currency only; $1 silver coins reported under coin.
Back figures.—See Annual Report for 1937 (table 36).
SHIPMENTS AND RECEIPTS OF UNITED
STATES PAPER CURRENCY
TREASURY CURRENCY OUTSTANDING
Held by Treasury and Federal Reserve banks and in circulation. In
millions of dollars]
End of month
Total
Silver
dollars
and
silver
bullion i
Federal
NaSubtional
sid- Minor United Recoin States serve bank
iary
notes bank notes
silver
notes
1937—September.
October
November.
December..
2,599
2,609
2,621
2,637
1,441
L, 455
L, 468
L, 486
364
367
370
372
153
154
155
156
347
347
347
347
36
36
35
34
257
251
247
242
1938—January..
February
March
April
May
June
July
August
September _
2,655
2,668
2,679
2,690
2,702
2,713
2,721
2,731
2,739
2,751
[,509
,526
,540
,554
L,570
,584
L,596
,608
L, 618
., 634
373
373
374
374
374
374
374
375
376
376
156
156
157
157
157
157
157
157
158
158
347
347
347
347
347
347
347
347
347
347
33
33
32
32
31
31
30
30
29
29
237
233
230
226
223
221
217
214
212
208
October
i Includes silver held against silver certificates amounting to i H,564,000,000 on Oct. 31, 1938 and $1,360,000,000 on Oct. 31, 1937.
[By selected banks in New York City. In thousands of dollars]
Year or month
1933
1934
1935
1936
1937 1937
October
November
December
1938—January
February
March. .
April
May
June
July
August
September
October
ShipReceipts
ments to
from
Europe E u r o p e
Net
shipments
Net
receipts
554
345
10,628
34,774
21, 500
91,059
40, 587
19,966
26 216
47, 550
781
336
69
4 531
13, 326
5,947
3 750
12,990
5,878
189
28
1,212
503
155
379
85
1,052
14, 740
10, 593
4,658
3,824
2,728
2,618
6 179
3 486
3,753
2,348
978
591
4,469
3 796
1,516
2 115
6 024
3 107
3,668
1,296
90, 505
40, 242
9,338
8 558
26,050
13,762
10,002
Back figures.—See Annual Report for 1937 (table 38).
Description.—See BULLETIN for January 1932, pp. 7-8.
1060
FEDERAL RESERVE BULLETIN
DECEMBER
ANALYSIS OF CHANGES IN MONETARY GOLD
STOCK
MOVEMENT OF GOLD TO AND
FROM
UNITED STATES1
[In millions of dollars]
[In thousands of dollars]
Year or month
Gold stock at
end of year
or month
Increase
in
total
gold
Inactive stock
account
Total
19341
1935
1936
1937
8,238
10,125
11, 258
12,760
26.5
1,227.9
DomesNet
release tic
Net
from
gold
gold
earproimport
mark duction
4,202. 5 1,133. 9
82.6
1,887.2 1,739.0
.2
1,132. 5 1,116.6 - 8 5 . 9
1, 502. 5 1,585.5 - 2 0 0 . 4
1936—June
July
August
September
October
November
December
10,608
10,648
10,716
10,845
11,045
11,184
11, 258
26.5
206.6
39.2
68.4
129.0
199.7
139.6
73.3
1937—January. __
February
March
April
May
June
July
August. ___
September
October
November
December
11,358
11,436
11, 574
11, 799
11, 990
12, 318
12,446
12, 567
12, 741
12,803
12, 774
12, 760
126.5
204.7
342.5
568.0
759.1
1,086.8
1, 214.1
1, 335. 7
1, 210. 0
1, 271. 9
1, 242. 5
1,227. 9
1938—January
February
March
April
May
June
July
August
September
October
12,756
12,776
12, 795
12,869
12,919
12,963
13,017
13,136
13, 760
14,065
1, 223.2
1, 200.6
1,183.0
96.0
110.7
131.6
143.9
-24.8
2.3
-11.9
-28.8
-11.3
3.0
-.7
10.0
12.8
13.1
12.1
13.8
11.8
10.9
100.1
78.2
137.9
225.6
191.1
327.8
127.3
121.6
174.3
62.0
-29.3
-14.0
121.3 - 4 8 . 3
-8.0
120.3
A
154.3
215.8
26.2
155.4
262.0 - 1 5 . 9
175.4 - 3 5 . 5
-5.3
104.8
9.3
145.5
-8.0
90.5
22.1 - 2 0 . 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
-4.6
20.7
18.5
74.3
49.8
44.2
54.5
118.3
623.8
305.0
2.1
-1.1
8.0 - 1 8 . 2
52.9
-.6
-1.2
71.1
52.8 - 5 3 . 9
55.3 - 1 5 . 5
63.8 - 2 0 . 9
166.0 - 2 8 . 8
520.9 - 1 3 . 3
562.4 - 1 1 0 . 2
10.9
9.9
10.6
10.5
11.4
9.5
14.1
14.6
14.0
277.8
15.4
67.5
171.8
218.8
75.8
57.0
1938
1938
From or to—
October
Imports
Belgium
_
France
Germany
Netherlands
Spain
Sweden
Switzerland
United Kingdom...
Canada
Mexico
Central America
Bolivia
Chile
Colombia
Ecuador
Peru
Venezuela.._ __ _
Australia
British India
China and Hong
Kong
_
Japan
Philippine Islands.
All other countries2.
Total
September
Exports
Imports
42,959
Jan.-Oct.
Exports
13,509
48, 724
1
89 622
105
60,146
227
2 1,007, 943
68,509
9
31,161
3,205
104
6,954
8,440
2,370
3,385
708
24, 486
10, 540
1
41,832
47, 219
3,840
1
443, 404
10,825
2,236
376
1 377, 986
14 38,156
1,446
271
Imports
11, 521
Exports
5,000
65
95
697
801
4
132
229
332
3,294
760
404
4
132
440
66
3,775
1,166
5,740
2,720
1,731
1,536
35,095
2,721
133
6,804
148, 527
22, 284
3,381
1
562, 382
16 520, 907
11 1, 561,133
5,859
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. 1089, and Annual Report for 1937 (tables
31 and 32).
BANK DEBITS
p1 Preliminary.
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. 1089, 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,
other than those of domestic gold production, see Annual Report for 1937
(table 29).
BANK SUSPENSIONS
Number of banks suspended:
1934
1935
1936.__.
_
1937
1938—Jan.-Oct.
Deposits of suspended banks3
(in thousands of dollars):
1934
1935
1936
1937
1938—Jan.-Oct.
_
National
57
34
44
59
49
1
4
1
4
1
36,937
10,015
11,306
19, 723
12, 440
40
5,313
507
7,379
36
Year and month
1
Nonmember
banks
Member
banks
Total,
all
banks
Debits to individual deposit accounts, at banks in principal cities.]
[Tn millions of dollars]
State
Not
Insured 2 insured
2
1
8
22
40
47
41
48
8
3
6
6
1,708
211
1,912
3,763
10,207
10,156
10,897
34,985
939
592
480
1,296
1929
1934
1935
1936
1937
1937—September
October
November.
December.
1938—January.__
February..
March
April
May
June
July
August
September
October...
Total,
all
reporting
centers
New
York
City
982, 531
356, 612
402,718
461, 889
469,463
165,948
184,006
36,333
39, 288
34, 519
42,357
14, 718
16,151
13, 432
18, 277
18, 652
19, 934
18,171
20,837
2,962
3,203
2,916
3,243
34, 833
27, 867
34,857
33, 825
31,359
35,501
33,133
30, 798
32,192
36,130
14,477
10, 915
14, 746
14,572
12,828
15,637
13, 828
12, 247
13,085
15,140
17, 607
14, 633
17,373
16,597
16,013
17,160
16, 677
16,023
16,440
18,096
2,749
2,319
2,737
2,656
2,518
2,704
2,628
2,528
2,666
2,895
133
140
other
other
lead- reporting
ing
cities i cities 2
331,938
165, 557
190,165
219, 670
197, 836 235, 206
47,504
25,107
28, 547
33,283
36,421
1 Comprises centers for which bank debit figures are available beginning
with
1919, except that one substitution was made in 1920 and one in 1928.
2
1 Represents licensed banks suspended; does not include nonlicensed
Cities (other than the 141 centers) for which bank debits are currently
banks
placed in liquidation or receivership.
reported. The number has changed very little since 1934 and has num2
Federal deposit insurance became operative January 1, 1934.
bered 133 since 1936.
3
Deposits of member banks and insured nonmember banks suspended
Back figures—See Annual Report for 1937 (Table 71), which also gives
are as of dates of suspension, and deposits of noninsured nonmember
banks are based on the latest data available at the time the suspensions a definition of bank debits. Figures for individual reporting cities and
totals by Federal Reserve districts are available in mimeographed form.
were reported.
Back figures.—See Annual Report for 1937 (table 76).
DECEMBER
1061
FEDERAL RESERVE BULLETIN
1938
ALL BANKS IN THE UNITED STATES
Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks
and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period
June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to
the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparativefiguresof private banks included in thefiguresfrom 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 whichfiguresare
available.
NUMBER OF BANKS
DEPOSITS, EXCLUSIVE OF INTERBANK
DEPOSITS 1
Call date
Total
Total
National
[In
Nonmember
banks
Member banks
millions of dollars]
Member banks
Other
Mutual nonState savings member
banks
Call date
All
banks
Nonmeniber
banks
Mutual Other
savings nonmembanks ber banks
Total
National
State
15, 792 1929—June 29. „ 53,852
Dec. 31___ 55,289
15,499
32, 284
33, 865
19, 411
20, 290
12,873
13, 575
8,983
8,916
12, 584
12, 508
banks
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. 31___ 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. 31.__ 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. 31.__ 53, 701
34,098
35,893
21,986
23,107
12,112
12, 786
10,060
10,143
7,176
7,666
1937—Mar. 31
June 30 2
Dec. 31
15, 569
15, 527
15,393
6,367
6,357
6,341
5,305
5,293
5,260
1,062
1,064
1,081
565
564
563
8,637
8,606
8,489
1937—Mar. 31... 52, 577
June 30 2__ 53, 287
Dec. 3 1 . . . 52, 440
34, 746
35, 440
34,810
22, 355
22, 926
22, 655
12, 390
12, 514
12,155
10,157
10, 213
10, 257
7,674
7,635
7,373
1938—Mar. 7
June 30
Sept. 28 3 - —
15, 348
15,287
6,335
6,338
6,341
5,250
5,242
5,239
1,085
1,096
1,102
563
563
8,450
8,386
1938—Mar. 7. - 51, 703
52,195
June 30—
Sept. 28 3 .
34,118
34, 745
35,086
22, 264
22, 553
22, 838
11, 854
12,193
12, 248
10, 259
10, 296
7,325
7,153
For footnotes see table below.
For footnotes see table Delow.
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
1 9 3 5 _ j u n e 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—Mar 31
June 30 2
Dec. 31.
49,138
49, 696
48, 566
21, 790
22, 514
22,198
27, 348
27,182
26, 368
32, 525
32, 739
31, 752
13, 699
14, 285
13,958
18,826
18,454
17, 794
10,096
10,180
10,187
5,026
5,002
4,996
5,070
5,178
5,191
6,518
6,778
6,627
3,065
3,227
3,244
3,453
3,550
3,383
1938—Mar. 7 . . .
June 30
Sept 28 3
48,319
47, 381
21, 779
21,130
26, 540
26, 252
31, 521
30, 721
31, 627
13, 546
12, 938
12,937
17,975
17, 783
18, 689
10,196
10,196
4,995
4,961
5,201
5,235
6,602
6,465
3,238
3,231
3,364
3,234
1 Prior to Dec. 30, 1933, member-bankfiguresinclude 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) thefiguresexclude 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) thefiguresinclude 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. Thefiguresalready include such Morris Plan and industrial banks in other States as are covered by State banking department3 reports.
Nonmember bankfiguresnot available.
Backfigures—See Annual Report for 1937 (tables 48-49).
1062
FEDERAL RESERVE BULLETIN
DECEMBER
1938
ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]
Investments
Loans
Call date
Open market paper
On securities,
to brokers
and dealers
Total
loans
and
in-
vest- Total
ments
In
New
York
City
un
securReAcities Loans Real port- ceptto
ances Bills mer- Other
to
estate ing
Out- others banks
of
pay- cial loans Total
loans banks'
(exside
own other able paper
New cept
acdo- abroad bought
York banks)
cept- mestic
City
ances banks
U. S. Government
obligations
Other
Fully securities
Total Direct guaranteed
TOTAL—ALL
MEMBER BANKS
1929—Dec. 31 2 35,934
1933—June 30 24, 786
1934—Dec. 31.1 28,150
1935—Dec. 3 1 . _ 29,985
1936—Dec. 3 1 . _ 33,000
1937—June 3 0 . . 32,739
Dec. 3 1 . _ 31,752
1938—Mar. 7___ 31, 521
June 3 0 . . 30,721
Sept. 28.. 31, 627
26,150
12,858
12,028
12,175
13,360
14,285
13,958
13, 546
12,938
12,937
1,660
788
843
1,047
1,144
1,278
738
675
523
531
803
165
187
196
266
258
212
203
178
181
7,685
3,752
3,110
2,893
2,785
2,829
2,752
2,665
2,614
2,590
714
330
155
98
85
115
70
96
120
126
3,191
2,372
2,273
2,284
2,405
2,505
2,547
2,556
2,613
2,661
0)
55
38
54
60
78
76
58
49
47
52
2,145
1,044
322
162
63
42
42
62
29
60
85
95
169
157
139
140
144
149
141
140
132
132
(i)
240
48
29
28
50
50
41
39
29
31
533
251
170
149
140
145
129
113
109
111
88
30
11
6
6
2
1
21
30
18
15
13
13
12
11
10
10
(i)
192
232
169
131
113
130
119
112
112
212
291
256
181
161
131
126
102
73
87
80
25
31
29
18
15
23
19
13
13
128
224
210
158
136
98
112
90
65
79
46
10
16
16
10
1
6
5
4
3
9
27
29
1
3
3
1
1
5
7
5
1
1
1
2
2
1
291 11, 515
87 4,857
232 4,708
272 5,006
324 6,041
377 6,663
364 6,996
368 6,745
293 6,397
271 6,364
9,784
11,928
16,122
17,810
19,640
18,454
17, 794
17, 975
17, 783
18,689
3,863
6,887
10,895
12,269
13, 545
12,689
12, 371
12,452
12,343
13,011
3,863
6,887
9,906
10, 501
11,639
10,870
10, 574
10, 625
10, 215
10,713
1,768
1,906
1,819
1,797
1,827
2,128
2,298
5,921
5,041
5,227
5,541
6,095
5,765
5,422
5,523
5,440
5,678
21
10
6
5
5
5
6
8
10
7
2,595
L,024
L,096
L, 527
L, 776
L, 811
1,741
1,541
1,499
2,091
3,709
4,602
4,985
5,425
4,730
4,640
4,785
4,840
5,209
1,112
2,551
3,524
3,826
4,209
3,630
3,595
3,612
3,740
3,987
1,112
2,551
3,246
3,425
3,739
3,176
3,207
3,180
3,031
3,153
278
401
470
454
388
432
709
834
1,158
1,078
1,159
1,217
1,100
1,045
1,174
1,101
1,222
5
12
27
12
10
16
16
19
11
15
535
237
202
249
402
437
426
423
361
351
1,049
1,392
1,467
1,295
1,266
1,382
1,281
1,367
309
610
116
384
821
116
384
743
1,149
1,201
1,001
1,010
1,108
1,061
1,107
1,047
981
989
NEW YORK
CITY 3
8,774
7,133
7,761
8,418
9,280
9,006
8,313
8,317
8,013
8,355
6,683
3,424
3,159
3,434
3,855
4,276
3,673
3,532
3,172
3,146
1,202
1,757
1,287
1,581
1,868
2,100
1,969
1,901
1,997
1,806
1,889
1,448
11
13
26
1
1
1
1929—Dec. 31 12,029
1933__j u n e 30 a 8,492
1934—Dec. 3 1 . . 10,028
1935—Dec. 3 1 . _ 10,780
1936—Dec. 3 1 . _ 11,795
1937—June 3 0 . . 11,629
Dec. 31. _ 11,414
1938—Mar. 7___ 11,250
June 30. 11,150
Sept. 28.. 11,426
9,084
4,482
4,312
4,347
4,794
4,994
5,203
5,031
4,853
4,870
239
45
105
21
36
44
26
18
8
12
425
63
90
96
123
114
97
100
88
84
2,775
1,340
1,124
1,057
1,048
1,032
1,066
1,020
258
99
55
34
23
34
27
25
26
22
8,936
4,275
4,025
3,918
4,078
4,340
4,446
4,369
4,388
4,399
208
10
50
7
13
15
9
9
6
7
83
15
14
13
16
18
16
15
14
14
2,231
1,117
45
38
27
17
14
16
13
11
9
9
1929—Dec. 3 1 . _
1933—June 30 2T
1934—Dec. 3 1 . _
1935—Dec. 3 1 . .
1936—Dec. 3 1 . _
1937—June 3 0 . .
Dec. 3 1 . _
1938—Mar. 7.__
June 3 0 . .
Sept. 28..
720
662
1,018
1,095
1,219
703
647
509
512
820
793
753
824
733
727
717
702
120
164
107
65
65
74
65
62
65
937
979
CITY OF
CHICAGO 3
1929—Dec. 31
1933—June 30 2
1934—Dec. 3 1 . .
1935—Dec. 3 1 .
1936—Dec. 3 1 .
1937—June 3 0 . .
Dec. 31
1938—Mar. 7___
J u n e 30 __
Sept. 28" *
677
532
476
633
675
635
614
525
522
24
16
14
8
6
6
6
3
3
193
22fl
859
921
78
88
94
94
94
100
122
126
229
243
266
294
255
275
300
319
907
916
1,008
RESERVE CITY
BANKS
998
992
46
49
46
56
39
47
45
45
42
42
36
13
19
17
25
10
8
7
6
24
6
9
10
5
7
12
11
7
9
102
38
108
120
131
145
132
134
104
99
3,679
1,678
1,671
1,851
2,231
2,389
2,610
2,498
2,369
2,387
2,944
4,011
5,715
6,432
7,000
6,635
6,211
6,219
6,298
6,556
1,368
2,483
4,088
4,732
5,123
4,902
4,598
4,610
4,658
4,831
1,368
2,483
3,809
4,076
4,426
4,267
3,961
3,962
3,940
4,088
279
656
697
635
637
648
718
743
1,576
1,528
1,628
1,701
1,877
1,733
1,612
1,609
1,639
1,725
3
2
2
3
2
2
3
2
2
33
4
5
3
4
4
3
3
2
2
5
1
2
2
2
5
3
1
1
1
163
27
92
135
178
211
208
208
168
151
4,705
2,005
1,810
1,810
1,881
2,062
2,149
2,083
2,126
2,127
4,439
3,598
4,756
5,002
5,747
5,794
5,677
5,589
5,364
5, 558
1,267
1,469
2,463
2,563
3,013
3,155
3,168
3,124
2,964
3,146
1,267
1,469
2,108
1,940
2,368
2,520
2,490
2,477
2,385
2,550
355
623
645
635
678
647
579
596
3,172
2,129
2,293
2,439
2,734
2,639
2,510
2,465
2,400
2,412
J.B38
L 131
L,090
L,094
L, 124
L, 164
L, 176
L173
1,201
1,217
0)
1,462
1,055
1,026
1,035
1,123
1,179
1,219
1,233
1,269
1,303
(i)
COUNTRY
BANKS
1929_Dec. 31 2 13,375
1933—June 30
7,873
1934—Dec. 31. _ 8,780
1935—Dec. 31. _ 8,919
1936— Dec. 3 1 . . 9,825
1937—June 30. _ 10,134
Dec. 31. _ 10,124
1938—Mar. 7.__ 9,958
June 3 0 . . 9,752
Sept. 2 8 - 9,958
1
2
996
894
843
828
824
804
790
784
Included in "Other loans."
Beginning June 30, 1933, figures relate to licensed banks only.
s Central reserve city banks.
Back figures—See Annual Report for 1937 (tables 54-58).
1063
FEDERAL, RESERVE BULLETIN
DECEMBER 1938
ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS
[In millions of dollars]
EeBalserves
with Cash ances
with
Fedin
doeral vault
mesEetic
serve
banks 1
banks
Call date
Demand deposits
Cash
items
Certireport- Interbank
fied
ed as
Unitand
in
ed
offiproccers'
States PubDolic checks
ess
For- Gov- unds
of col- meseign
erncash,
tic
lecletters
tion 2 banks banks ment
of
credit 3
Time deposits
Individuals,
partnerships,
corporations,
etc.
Interbank
Demand
deposits ad- Dojusted4 mesFortic eign
banks
Individuals, BorPos- Pub- part- rowtal
ner- ings
lic ships,
sav- funds
corings
porations,
etc.
TOTAL—ALL MEMBER BANKS
1929—Dec. 31
1933—June 30 «
1934— Dec. 31
1935—Dec. 31
1936—Dec. 31
1937—June 30
Dec. 31
1938—Mar. 7
June 30
Sept. 28
._
2,168
2,008
3,149
3,776
4,066
3,207
3,414
3,561
4,084
3,937
3,896
1,485
1,903
2,255
2,533
2,201
2,259
1,407
1,899
1,460
3,517
3,057
4,569
5,696
6,402
5,298
5,436
5,615
6,096
6,088
544
145
147
444
432
615
453
366
321
457
143
806
1,636
844
827
846
1,576
2,541
2,658
2,749
2,738
2,941
3,517
3,743
179
101
103
111
133
105
120
95
119
91
2,406
874
1,069
1,133
1,087
996
989
605
842
579
1,198
1,255
1,798
2,338
2,493
2,014
2,108
2,173
2,514
464
127
126
410
393
575
416
327
283
405
20
332
792
224
225
306
382
360
123
181
169
232
415
511
558
596
596
566
133
203
207
209
188
156
179
135
208
158
61
90
135
159
130
146
84
106
310
259
445
522
599
536
528
576
688
636
2,374
2,235
4,082
5,573
6,572
6,897
7,005
7,249
8,004
8,193
558
405
609
665
697
629
589
604
712
775
781
752
543
707
1,335
1,087
1,799
2,139
2,329
2,577
2,132
2,237
2,314
1,681
657
838
882
881
752
767
566
662
538
17, 526
11,830
14, 951
18,035
20,970
20, 272
19,747
16,647
12,089
15,686
18,801
21,647
21,401
20,387
19,116
20, 513
128
96
229
323
285
368
189
185
273
196
1,180
461
540
524
457
427
404
327
367
280
5,847
4,676
5,370
6,479
7,274
6,934
6,507
6,429
6,900
7,128
4,750
4,358
5,069
6,193
1,041
870
1,073
1,301
1,495
1,409
1,354
1,270
1,386
1,455
95
89
134
151
153
123
129
137
135
130
154
1
7
5
6
14
11
11
10
10
122
788
452
218
104
100
95
90
83
70
595
300
294
361
296
292
482
512
454
464
12,267
7,803
9,020
9,680
10,429
10, 818
10,806
10,845
10,874
10, 789
879
191
13
6
15
16
12
28
11
12
40
22
1
133
1
7
4
4
12
7
8
8
6
18
110
56
3
33
4
4
12
13
17
49
67
32
64
1.112
671
591
591
679
767
696
694
694
653
179
957
912
1,189
1,401
1,554
1,509
1,438
1,372
1,523
1,585
19
7
2
6
1
58
1
41
8
16
16
21
332
358
381
413
449
452
445
445
443
439
41
388
186
79
35
35
34
33
31
23
371
208
206
266
203
190
266
269
262
233
4,433
2,941
3,494
3,796
4,026
4,140
4,161
4,198
4,238
4,209
292
16
61
285
210
136
69
64
61
56
52
46
133
86
84
83
80
85
158
159
144
147
6,390
3,833
4,554
4,879
5,275
5,459
5,504
5,508
5,499
5,488
367
167
13
6
3
12
12
11
11
11
19, 816 20,893
20,439 21, 596
NEW YORK CITY •
1929—Dec. 31
1933—June 30 5
1934—Dec. 31
1935—Dec. 31
1936—Dec. 31
1937—June 30
Dec. 31
1938—Mar. 7
June 30
Sept. 28
CITY OF CHICAGO
_
6,733
6,111
6,336
6,698
7,026
6
1929—Dec. 31
1933—June 30 *
1934—Dec. 31
1935—Dec. 31
1936—Dec. 31
1937—June 30
Dec. 31
1938—Mar. 7
June 30
Sept. 28
42
87
182
208
191
208
207
170
221
204
RESERVE CITY BANKS
1929—Dec. 31
1933—June 30 8
1934— Dec. 31
1935— Dec. 31
1936—Dec. 31
1937—June 30
Dec. 31
1938—Mar. 7
June 30
Sept. 28
751
705
1,268
1,594
2,108
2,215
2,310
2,376
2,289
2,311
156
122
207
256
285
212
200
213
300
322
947
1,002
1,543
1,779
1,816
1,392
1,470
1,632
1,951
1,862
1,041
401
537
752
971
805
841
538
693
595
1,604
1,315
1,984
2,422
2,826
2,339
2,389
2,461
2,514
2,557
COUNTRY BANKS
1929—Dec. 31
1933—June 30 *
1934—Dec. 31
1935—Dec. 31
1936—Dec. 31
1937—June 30
Dec. 31
1938—Mar. 7
June 3O._
Sept. 28
627
452
822
927
1,247
1,337
1,361
1,366
1,263
1,282
321
203
275
305
319
330
307
310
316
351
908
702
1,296
1,676
1,929
1,554
1,645
1,700
1,806
1,786
291
149
207
235
316
269
283
180
258
188
405
228
342
415
483
409
412
403
380
398
423
349
585
707
843
934
777
809
812
711
300
108
169
204
230
163
192
121
146
120
5,547
3,708
4,919
6,001
7,023
6,840
6,743
6,455
6,668
6,843
5,229
3,764
5,136
6,161
7,126
7,132
6,870
6,848
6,934
7,078
30
59
117
134
137
108
107
116
113
107
39 742
116
555
178 804
137 901
178 1,011
1,067
959
1,073
1,008
108
169
72
106
127
167
139
149
101
126
114
5,091
2,576
3,589
4,254
5,177
5,089
5,143
4,963
4,863
5,013
5,711
3,054
4,292
5,047
6,039
6,027
6
7
16
16
16
15
21
20
22
23
76
312
620
385
407
212
256
234
266
356
5,957
5,738
5,908
14
1
1
1
2
4
3
2
4
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
Does not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31, 1935, includes cash items on
hand, but not in process of collection, amounting on that date to $16,000,000.
s Includes "Due to Federal Eeserve banks (transit account)," known as "Due to Federal Eeserve banks (deferred credits)" prior to Dec. 31, 1935.
< Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31,1935,
less cash items reported on hand but not in process of collection.
*6 Beginning June 1933 figures relate to licensed banks only.
Central reserve city banks.
Back figures.—See Annual Eeport fo 1937 (tables 54-58).
1064
FEDERAL RESERVE BULLETIN
DECEMBER
1938
REPORTING MEMBER BANKS IN 101 LEADING CITIES
ASSETS AND LIABILITIES OF ALL REPORTING MEMBER BANKS, AND OF REPORTING MEMBER
BANKS IN NEW YORK CITY AND OUTSIDE NEW YORK CITY
[Monthly data are averages of weekly figures. In millions of dollars]
Investments
Loans
Date or month
Total
loans
and
investments
Total
Comnercial,
indus- Open
trial,
marand
ket
agripaper
cultural
To
brokers
and
dealers
in securities
Other
loans
or pur- Real Loans
estate
Other
to
chasing or loans banks loans
carrying securities
Total
Reserve
U. S. Governwith
ment obligaFedOther
tions
eral
securiReserve
ties
Fully
banks
Direct guaruteed
lash
in
vault
Balances
with
>mestic
banks
TOTAL—101 CITIES
1937—October
1938—April
May
June
July
August
September _.
October
21,889
20,819
20,732
20,696
20,530
20, 675
21,078
21,323
8,604
8,430
8,384
8,213
8,215
8,268
8,282
4,828
4,229
4,085
3,953
3,878
3,886
3,893
3,904
479
403
380
354
334
337
338
346
1,103
622
602
686
629
636
675
669
592
589
582
577
577
578
576
1,168
1,147
1,154
1,158
1,159
1,160
1,161
1,163
104
115
125
121
111
114
109
.1,999
2,215
.2, 302
2, 312
12, 317
12,460
12, 810
13, 041
7,914
7,955
7,980
7,864
7,703
7,702
7,957
8,084
1,132
1,179
1,354
1,453
1,567
1,646
1,668
1,682
2,953
3,081
2,968
2,995
3,047
3,112
3,185
3,275
5,384
5,885
i, 070
6,407
1, 675
6,602
6,712
7,005
326
342
384
398
403
387
416
425
1,781
2,107
2,296
2,406
2,435
2,416
2,413
2,446
1938—Sept. 7
Sept. 14
Sept. 21
Sept. 28
Oct. 5
Oct. 12
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
20,842
20,964
21, 265
21, 240
21,189
21,295
21, 314
21, 493
21,408
21, 364
21, 335
21, 306
8,241
8,335
8,254
8,241
8,240
8,272
8,270
8,346
8,327
8,327
8,323
8,303
3,888
3,905
3,889
3,891
% 889
••3,917
-3, 900
^3,907
'3,892
»"3,897
3,894
3,869
333
335
340
344
351
345
345
345
347
342
347
341
670
723
658
649
631
653
665
728
728
717
715
705
578
579
578
576
578
580
576
572
571
570
571
571
1,159
1,162
1,160
1,161
1,161
1,161
1,164
1,165
1,164
1,165
1,165
1,168
1,505 12, 601
114 1,517 2,629
116 1,513 13,011
118 1,502 12,999
120 l, 510 12,949
107 1, 509 13,023
106 rl, 514 13,044
103 1, 526 13,147
110 1,515 13,081
117 '1,519 13,037
108 1,523 13,012
113 1,536 13,003
7,792
7,794
8,131
8,111
8,055
8,053
8,074
8,154
8,132
8,141
8,140
8,129
1,655
1,670
1,672
1,675
1,679
1,678
1,684
1,687
1,686
1,679
1,678
1,682
3,154
3,165
3,208
3,213
3,215
3,292
3,286
3,306
3,263
3,217
3,194
3,192
6,756
6,871
6,528
6,694
6, 797
6,870
7,152
7,200
7,116
6,984
7,148
7,263
401
425
410
426
410
429
424
438
419
459
431
439
2,467
2,499
2,353
2,335
2,379
2,411
2,501
2,495
2,466
2,431
2,522
2,457
1937—October
1938—April
May
June
July
August
September _
October
8,068
7,647
7,614
7,671
7,492
7,584
7,797
7,809
3,881
3,078
•3,007
3,038
2,922
2,938
2,969
2, 935
1,916
1,628
1, 565
1,511
1,457
1,466
1,455
1,447
185
147
139
131
131
133
138
142
915
489
473
549
497
510
543
528
243
201
205
200
194
195
195
197
135
118
118
118
118
118
119
119
425
418
420
432
432
432
429
413
4,187
4,569
4,607
4,633
4,570
4.646
4,828
4,874
2,814
2,995
3,033
2,973
2,821
2,806
2,931
2,902
390
443
564
650
723
786
800
1,131
1,010
1,010
1,026
1,054
1,097
1,169
2,597
2,946
3,010
3,208
3,380
3, 351
3,505
3,754
67
68
70
75
74
69
73
76
1938—Sept. 7
Sept. 14
Sept. 21
Sept. 28
Oct. 5
Oct. 12
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
7,710
7,773
7,865
7,839
7,756
7,799
7,795
7,885
7,797
7,765
7,736
7,681
2,973
3,025
2,945
2,934
2,916
2,925
2,932
2,968
2,968
2,960
2,955
2,940
1,466
1,465
1,447
1,445
1,446
1,454
1,445
1,444
1,433
1,425
1, 420
1,408
135
136
139
142
146
142
141
141
141
139
139
136
544
585
525
517
497
513
532
571
578
574
576
196
196
195
195
197
198
196
197
199
199
202
204
118
119
119
119
119
119
119
119
119
118
118
119
430
433
429
422
415
413
411
412
412
413
414
416
4,737
4,748
4,920
4,905
4,840
4,874
4,863
4,917
4,829
4,805
4,781
4,741
2,862
2,869
3,005
2,989
2,910
2,891
2,887
2,918
2,902
2,923
2,919
2,880
792
794
1,083
1,085
1,112
1,107
1,124
1,183
1,175
1,193
1,131
1,089
1,064
1,057
3,463
3,597
3,405
3,556
3,590
3,651
3,871
3,904
3,821
3,735
3,890
4,025
69
74
76
72
71
79
78
77
78
75
77
74
1937—October
1938—April
May
June
July
August
September.
October
13, 821
13,172
13,118
13,025
13,038
13,091
13, 281
13,514
6,009
5,526
5,423
5,346
5,291
5,277
5,299
5, 347
2,912
2,601
2,520
2,442
2,421
2,420
2,438
% 457
294
256
241
223
203
204
200
204
188
133
129
137
132
126
132
141
426
391
384
382
383
382
383
379
1,033
1,029
1,036
1,040
1,041
1,042
1,042
1,044
1,128
1,089
1,085
1,094
1,083
1, 076
1,080
1.102
7,812
7,646
7,695
7,679
7,747
7,814
7,982
8,167
5,100
4,960
4,947
4,891
4,882
4,896
5,026
5,182
742
736
790
803
844
1,970
1,950
1,958
1,985
2,021
2,058
2,088
2,106
2,787
2,939
3,060
3,199
3,295
3,251
3,207
3,251
266
291
334
345
351
337
357
364
1,714
2,039
2,226
2,331
2,361
2,347
2,340
2,370
1938—Sept. 7
Sept. 14
Sept. 21
Sept. 28
Oct. 5
Oct. 12
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
13,132
13,191
13,400
13, 401
13,433
13,496
13,519
13, 608
13,611
13, 599
13, 599
13, 625
5,268
5,310
5,309
5,307
5,324
5,347
5,338
5,378
5,359
5,367
5,368
5,363
2,422
2,440
2,442
2,446
'2, 443
r
2,463
'2,455
"2, 463
r
2, 459
'2,472
2,474
2,461
198
199
201
202
205
203
204
204
206
203
208
205
126
138
133
132
134
140
133
157
150
143
139
13'
382
383
383
381
381
382
380
375
372
371
369
367
1,041
1,043
1,041
1,042
1,042
1,042
1,045
1,046
1,045
1,047
1,047
1,049
1,075
1,084
1,084
1,080
1,095
-1,096
-1,103
r
l, 114
1.103
r
l, 106
1,109
1,120
7,864
7,881
8,091
8,094
8,109
8,149
8,181
8,230
8,252
8,232
8,231
8,262
4,930
4,925
5,126
5,122
5,145
5,162
5,187
5,236
5,230
5,218
5,221
5, 249
863
876
2,071
2,080
2,096
2,106
2,091
2,109
2,111
2,113
2,132
2,128
2,130
2,135
3,293
3,274
3,123
3,138
3,207
3,219
3,281
3,296
3,295
3,249
3,258
3,238
346
362
353
364
351
368
363
375
358
388
370
372
2,398
2,425
2,277
2,263
2,308
2,332
2,423
2,418
2,388
2,356
2,445
2,383
1,553
1,507
1,505
1,526
1,515
1,508
1,509
1,515
NEW YORK CITY
806
800
801
806
796
793
798
804
OUTSIDE NEW
YORK CITY
873
878
881
890
880
878
r
Revised.
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,
page 876 of BULLETIN for December 1935, Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports.
DECEMBER
1065
FEDERAL RESERVE BULLETIN
1938
REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
ASSETS AND LIABILITIES OF ALL REPORTING MEMBER BANKS, AND OF REPORTING MEMBER
BANKS IN NEW YORK CITY AND OUTSIDE NEW YORK CITY
[Monthly data are averages of weekly figures. In millions of dollars]
Cash
items
reported as
Date or month
Time deposits
Demand deposits
Total
assets
Interbank
Other
ess of
collection 1
Total
liabilities
United CertiStates
fied
Domes- Foreign Govern- checks,
tic
ment
etc.
banks banks
Other
Demand
deposits—adjusted*
Interbank
Domestic
banks
Foreign
banks
Other
Borrowings
Other Capiliabil- tal acities count
TOTAL—101 CITIES
October
1,568
1,275
1,226
1,477
1,322
1,168
1,308
1,471
1,304
1,281
1,307
1,328
1, 269
1,272
1,250
1,241
32,252
31,709
32,015
32,712
32, 634
32,520
33,177
33,911
4,976
5,292
5,596
5,736
5,821
5,808
5,863
6,012
503
327
309
305
302
312
411
472
555
612
549
501
452
425
491
563
448
393
407
536
443
368
409
493
15,875
15, 318
15, 397
15,873
15,900
15, 917
16,275
16, 666
14, 756
14, 437
14, 579
14, 932
15,021
15,118
15,377
15, 688
112
115
110
111
115
112
111
110
21
9
9
9
8
8
8
7
5,278
5,223
5,214
5,231
5,211
5,206
5,213
5,164
1938—Sept. 7
Sept. 14
Sept. 21 . .
Sept. 28 . ,
Oct. 5
Oct. 12
Oct. 19.
Oct 26
Nov. 2
Nov. 9
__
Nov. 16
Nov. 23
1,260
1,470
1,277
1,226
1, 367
1,654
1,419
1,445
1,346
1,449
1,599
1,376
1, 273
1,272
1,223
1,232
1,237
1,244
1, 240
1, 242
1,243
1,235
1,256
1, 274
32, 999
33, 501
33,056
33,153
33,379
33,903
34, 050
34, 313
33, 998
33,922
34, 291
34,115
5,994
6,026
5,742
5,690
5,896
5,931
6,133
6,086
6,107
6,070
6,240
6,085
356
410
436
441
461
461
480 :
485
466
446
477
496
407
397
581
581
578
570
559
546
540
535
534
537
382
446
388
422
494
547
477
454
402
411
436
431
16,145
16, 467
16,177
16,312
16, 269
16,711
16, 697
16, 986
16, 710
16, 749
16, 883
16, 861
15, 267
15, 443
15, 288
15, 508
15,396
15,604
15, 755
15, 995
15, 766
15,711
15, 720
15, 916
111
112
110
109
110
110
110
110
112
112
113
114
8
9
9
7
7
8
7
7
9
9
9
8
5,217
5,238
5,216
5,180
5,175
5,163
5,164
5,156
5,155
5,137
5,137
5,125
June
July
August
September
October
675
568
553
748
602
499
580
687
459
476
491
495
485
486
464
451
11, 926
11, 756
11, 788
12, 250
12,085
12,039
12,478
12, 838
1,941
2,187
2,354
2,430
2,443
2,447
2,494
2,549
466
288
271
269
266
273
364
419
303
206
150
120
108
103
128
141
287
236
256
368
279
218
251
328
6,324
6,361
6,302
6,609
6,559
6,567
6,781
6,972
5,936
6,029
6,005
6,228
6,236
6,286
6,453
6,613
18
7
7
7
6
6
6
5
728
654
636
654
648
650
662
621
1938—Sept. 7.
Sept. 14
Sept. 21
Sept. 28...
Oct. 5
Oct. 12. _.
Oct. 19
Oct. 26
Nov. 2.
Nov. 9
Nov. 16..
Nov. 23
587
636
548
549
630
797
638
681
574
644
694
582
483
471
453
450
453
455
450
447
442
437
455
457
12,367
12, 614
12,404
12, 528
12, 559
12,842
12,893
13, 057
12, 773
12, 727
12, 913
12, 886
2,535
2,560
2,450
2,429
2,492
2,478
2,613
2,613
2,577
2,538
2,625
2,583
314
364
387
392
409
406
427
434
413
393
423
436
100
98
158
158
157
148
136
122
118
114
114
114
236
275
232
263
320
379
316
295
236
260
275
261
6,732
6,835
6,710
6,848
6,776
7,015
6,979
7,118
6,939
6,991
7,040
7,068
6,381
6,474
6,394
6,562
6,466
6,597
6,657
6,732
6,601
6,607
6,621
6,747
6
6
6
5
5
5
5
5
5
5
5
5
659
684
665
639
626
622
619
618
619
598
601
599
June..- _
July
August ..
September
October
893
707
673
729
720
669
728
784
845
805
816
833
784
786
786
790
20,326
19, 953
20, 227
20, 462
20, 549
20,481
20, 699
21,073
3,035
3,105
3,242
3,306
3,378
3,361
3,369
3,463
37
39
38
36
36
39
47
53
252
406
399
381
344
322
363
422
161
157
151
168
164
150
158
165
9,551
8, 957
9,095
9,264
9,341
9,350
9,494
9,694
8,820
8,408
8,574
8,704
8,785
8,832
8,924
9,075
112
115
110
111
115
112
111
110
3
2
2
2
2
2
2
2
4,550
4,569
4,578
4,577
4,563
4,556
4,551
4,543
1938_Sept. 7
Sept 14
Sept. 21
Sept. 28
Oct. 5
Oct. 12
Oct. 19
Oct. 26 .
Nov. 2__ _
Nov. 9
Nov. 16
Nov. 23
673
834
729
677
737
857
781
764
772
805
905
794
790
801
770
782
784
789
790
795
801
798
801
817
20, 632
20, 887
20, 652
20, 625
20,820
21,061
21,157
21, 256
21,225
21,195
21, 378
21, 229
3,459
3,466
3,292
3,261
3,404
3,453
3,520
3,473
3,530
3,532
3,615
3,502
42
46
49
49
52
55
53
51
53
53
54
60
307
299
423
423
421
422
423
424
422
421
420
423
146
171
156
159
174
168
161
159
166
151
161
170
9,413
9,632
9,467
9,464
9,493
9,696
9,718
9,868
9,771
9,758
9,843
9,793
8,886
8,969
8,894
8,946
8,930
9,007
9,098
9,263
9,165
9,104
9,099
9,169
111
112
110
109
110
110
110
110
112
112
113
114
2
3
3
2
2
3
2
2
4
4
4
3
4,558
4,554
4,551
4,541
4,549
4,541
4,545
4,538
4,536
4, 539
4,536
4,526
1937—October
1938—April
May
June
July
August
September
5
3
1
5
6
1
1
1
3
3
2
3
3
3
862
791
778
756
731
706
735
760
3,617
3,626
3,645
3,649
3,645
3,657
3,661
3,663
715
738
735
750
728
740
757
814
822
772
783
778
3,664
3,658
3,661
3,661
3,661
3 662
3,663
3 666
3,673
3,678
3,676
3, 677
380
335
323
303
298
292
311
320
1,478
1,482
1,488
1,486
1,478
1,483
1,481
1,482
302
312
315
315
293
306
312
367
375
338
341
333
1,483
1,480
1,481
1,479
1,481
1,483
1,483
1,482
1,489
1,487
1,486
1,487
482
456
455
453
433
414
424
440
2,139
2,144
2,157
2,163
2,167
2,174
2,180
2,181
413
426
420
435
435
434
445
447
447
434
442
445
2,181
2,178
2,180
2,182
2,180
2,179
2,180
2,184
2,184
2,191
2,190
2,190
NEW YORK CITY
1937—October
1938—April
May
.
1
1
4
1
3
3
2
3
3
OUTSIDE NEW YORK
CITY
1937—October
1938—April
Mav
.
1 Does not include cash items in process of collection reported in balances with domestic banks.
2
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
4
3
1
6
1
1
3
1066
FEDERAL RESERVE BULLETIN
DECEMBER 1938
REPORTING MEMBER BANKS IN 101 LEADING CITIES
ASSETS AND LIABILITIES BY DISTRICTS AND FOR CITY OF CHICAGO
[In millions of dollars]
Loans
Federal Beserve
district and date
(1938)
Total
Comloans
mercial,
To
and
indus- Open brokers
investtrial, mar- and
ments Total and
ket dealers
agri- paper in seculcurities
tural
Investments
ReBalserve
Other
U. S. Governances
with
loans
ment obligaCash
with
Fed- in
for pur- Heal Loans
tions
doOther eral
chasto Other
securi- Re- vault mesTotal
ing or estate
loans
tic
loans
banks
ties
serve
carryFully
banks
banks
ing seDirect guarcurities
anteed
BOSTON (6 cities)
Nov. 2
Nov. 9
Nov. 16.
Nov. 23
NEW YORK (8 cities)
Nov. 2
Nov. 9
Nov. 16
Nov. 23
PHILADELPHIA (4cities)
Nov. 2
Nov. 9
Nov. 16
Nov. 23
CLEVELAND (10 Cities)
Nov. 2
Nov. 9
Nov. 16
Nov. 23
25
25
26
25
32
32
32
32
82
82
82
82
113
113
116
115
552
549
558
565
390
390
400
405
30
30
30
31
132
129
128
129
343
342
307
312
140
141
141
139
145
141
139
133
150
148
149
145
584
580
582
574
267
266
269
271
222
221
221
221
500
501
501
504
5,301
5,273
5,243
5,210
3,151
3,168
3,158
3,124
855
852
857
1,295
1,253
1,228
1,222
3,953
3,874
4,026
4,145
77
89
77
83
176
166
179
175
182
186
186
186
23
24
24
24
18
18
18
19
33
33
33
33
58
58
58
58
103
103
104
103
731
728
728
732
346
345
343
343
97
289
288
289
292
249
249
250
239
16
19
18
19
175
169
172
164
653
651
648
639
240
239
237
231
11
10
11
11
26
25
24
23
34
34
34
32
171
171
171
171
169
170
169
169
1,189
1,180
1,179
1,185
816
807
807
811
93
93
93
95
280
280
279
279
358
368
374
38
41
40
39
278
274
284
278
667
669
669
671
237
238
240
239
107
108
110
108
11
10
10
10
3
3
3
3
16
16
16
16
31
32
32
32
68
430
431
429
432
324
324
323
326
40
41
41
41
66
66
65
65
147
145
147
150
17
20
18
19
153
158
163
158
301
305
307
310
167
170
172
172
3
3
3
3
15
15
15
15
28
28
28
29
81
82
82
83
287
594
595
44
43
43
42
87
88
87
289
156
158
158
159
102
108
106
104
11
12
11
12
141
139
142
138
2,993
2,988
2,972
2,962
35
35
35
35
78
78
77
77
93
93
93
110
110
112
114
2,165
2,162
2,146
2,139
1,449
1,447
1,434
1,437
243
244
238
230
473
471
826
823
466
469
472
469
1,135
1,047
1,096
1,108
63
72
68
66
405
400
407
406
691
694
697
703
314
315
316
316
'191
••192
193
193
4
4
3
3
13
13
13
13
'44
'44
44
44
377
379
381
387
218
218
221
227
60
61
61
61
99
100
159
166
162
162
11
12
11
11
130
131
133
121
376
378
378
379
163
163
164
165
81
81
82
82
5
4
4
4
7
7
7
7
62
63
63
64
213
215
214
214
157
159
159
159
15
15
14
14
41
41
41
41
70
71
70
70
6
7
115
114
116
112
649
651
653
652
251
252
252
253
151
152
153
154
18
17
18
17
12
12
12
12
42
42
42
42
399
401
399
221
222
222
218
51
50
51
52
126
127
128
129
160
161
159
166
272
272
289
278
526
526
526
527
243
243
241
242
158
159
159
159
1
1
1
1
14
14
13
14
46
46
45
45
283
283
285
285
186
189
190
191
42
39
39
39
55
55
56
55
111
109
109
106
211
211
226
221
2,139
2,131
2,137
2,148
977
982
344
344
338
337
381
381
381
382
177
177
177
184
1,155
1,149
1,160
1,166
718
714
725
729
117
116
115
116
320
319
320
321
329
344
342
333
265
256
272
273
1,935
1,930
1,913
1,902
521
520
521
517
338
341
343
342
11
11
11
11
49
50
52
1,414
1,410
1,392
1,385
957
952
938
941
131
131
124
117
326
327
330
327
934
839
888
900
212
207
211
211
1,137
1,135
1,148
1,153
585
586
590
264
264
262
262
8,651
8,615
8,581
8,531
3,350
3,342
3,338
3,321
1,541
1,533
1,530
1,516
1,149
1,152
1,152
1,157
418
424
424
425
1,842
1,831
1,827
1,824
RICHMOND (12 cities)
Nov.
Nov.
Nov.
Nov.
2
9
16
23
ATLANTA (8 cities)
Nov.
Nov.
Nov.
Nov.
2
9
16
23
CHICAGO (12 cities)*
Nov.
Nov.
Nov.
Nov.
2
9
16
23
ST. LOUIS (5 cities)
Nov.
Nov.
Nov.
Nov.
2
9
16
23
MINNEAPOLIS (8 cities)
Nov.
Nov.
Nov.
Nov.
2
9
16
23
KANSAS CITY (12 cities)
Nov.
Nov.
Nov.
Nov.
2
9
16
23
DALLAS (9 cities)
Nov.
Nov.
Nov.
Nov.
2
9
16
23
472
SAN FRANCISCO
Nov.
Nov.
Nov.
Nov.
(7 cities)
2
9
16
23
_
CITY OF CHICAGO*
Nov.
Nov.
Nov.
Nov.
2...
9
16
23
.._.
' Revised.
* Separatefiguresfor 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.
1067
FEDERAL RESERVE BULLETIN
DECEMBER 1938
REPORTING MEMBER BANKS IN 101 LEADING CITIES
ASSETS AND LIABILITIES BY DISTRICTS AND FOR CITY OF CHICAGO—Continued
[In millions of dollars]
Federal Reserve
district and date
(1938)
Cash
items
reported as Other
in proc- assets
ess of
collection i
Total
assets
Total
liabilities
Demand deposits
Time deposits
Interbank
United CertiStates
fied
Domes- Foreign Govern- checks, Other
tic
ment
etc.
banks
Demand
deposits—adjusted*
banks
Interbank
ForDomestic eign
banks banks
Other
1
1
251
251
250
250
Borrowings
Other
liabilities
Capital account
26
22
23
23
237
241
241
241
386
349
352
344
1 618
1,616
1,615
1,616
BOSTON (6 cities)
Nov.
Nov.
Nov.
Nov.
2
9
16
23
69
55
76
63
74
74
75
75
1,908
1,888
1,886
1,875
248
246
249
238
18
19
20
23
10
10
10
10
19
17
19
17
1,097
1,080
1 072
1,072
1,047
1 042
1 015
1 026
1
1
1
1
610
682
735
617
528
526
544
559
13,995
13, 952
14,142
14,110
2,637
2,597
2,685
2,639
415
395
425
437
131
127
127
127
253
274
293
279
7,522
7,582
7,629
7,656
7 165
7,174
7,187
7,318
14
14
15
15
69
65
76
67
83
83
84
84
1,741
1,737
1, 752
1,730
311
306
314
302
7
7
7
7
38
38
38
38
11
7
9
12
831
834
840
829
773
776
773
774
10
10
10
10
290
292
290
288
16
16
17
17
227
227
227
227
80
73
92
86
102
102
104
104
2,698
2,689
2,721
2,699
321
318
326
318
1
1
1
1
29
29
29
29
16
15
16
16
1,171
1,164
1 189
1,177
1,107
1,106
1 113
1,107
36
36
36
36
743
743
742
740
19
20
20
20
362
363
362
362
50
53
55
45
37
35
35
35
1,071
1,080
1,087
1,078
247
249
250
241
1
1
21
21
21
21
10
9
11
12
467
474
476
475
427
430
432
442
6
6
6
6
199
199
199
199
26
28
28
29
95
94
95
94
46
46
54
45
40
40
40
39
928
939
948
937
223
229
232
221
1
2
1
34
35
34
35
5
4
4
6
381
384
393
390
340
342
343
351
3
3
3
3
184
185
184
183
6
6
6
6
91
91
91
92
165
196
196
177
84
84
83
84
4,845
4,787
4,822
4,803
896
894
920
893
9
8
8
100
100
100
100
32
35
33
34
2,513
2,452
2,462
2,465
2,380
2,291
2,299
2,322
8
8
8
8
881
883
884
885
21
21
21
22
385
386
386
386
50
54
59
51
23
23
23
23
1,064
1,080
1,085
1,071
275
276
278
267
18
16
16
17
6
6
5
5
477
492
497
493
433
444
443
447
6
6
6
6
186
187
186
186
5
6
6
6
91
91
91
91
28
31
32
29
16
16
16
17
611
617
618
613
118
120
120
118
2
2
2
2
6
6
5
6
299
303
305
300
277
278
278
277
2
2
2
3
119
119
119
119
7
7
7
8
57
57
57
56
63
65
78
65
22
22
22
22
1,177
1,184
1,212
1,195
358
359
371
362
20
21
20
21
13
11
12
12
536
543
558
550
486
489
492
497
7
7
7
7
144
143
144
143
3
3
3
3
96
97
97
97
36
44
46
39
27
27
27
27
921
928
944
931
215
218
222
219
1
1
1
31
31
31
31
9
7
7
9
443
450
462
449
416
413
423
419
133
132
132
133
6
6
6
6
83
83
83
83
80
85
100
92
207
203
203
205
3,039
3,041
3,074
3,073
258
258
273
267
13
106
105
106
106
22
20
22
23
973
991
1,000
1,005
915
926
922
936
1,013
1,013
1,014
1,010
301
288
294
294
331
332
331
332
98
122
122
107
51
51
51
51
3,263
3,185
3,220
3,206
685
682
699
682
62
62
62
62
18
21
19
1,753
1,674
1,695
1,693
1,673
1,573
1,592
1,606
465
466
466
467
17
17
16
17
255
256
256
256
1
NEW YORK (8 cities)*
Nov. 2
Nov 9
Nov. 16
Nov 23
5
5
5
5
1 012
990
993
989
2
3
3
3
PHILADELPHIA (4cities)
Nov. 2 .
Nov 9
Nov. 16 . Nov. 23
CLEVELAND (10 Cities)
Nov 2
Nov. 9
Nov 16
Nov 23
RICHMOND (12 cities)
Nov 2
Nov. 9
Nov 16
Nov 23
- -
ATLANTA (8 cities)
Nov. 2
Nov. 9
Nov 16
Nov. 23
--_ -
CHICAGO (12 cities)*
Nov. 2
Nov 9
Nov. 16
Nov. 23
1
10
ST. LOUIS (5 cities)
Nov 2
Nov. 9
Nov 16
Nov 23
MINNEAPOLIS (8 cities)
Nov. 2
Nov 9
Nov. 16
Nov. 23
1
1
1
1
KANSAS CITY (12 cities)
Nov. 2
Nov. 9
Nov 16
Nov. 23
DALLAS (9 cities)
Nov 2
Nov. 9
Nov 16
Nov. 23
1
SAN FRANCISCO
(7 cities)
Nov 2
Nov. 9
Nov 16
Nov 23
12
12
14
19
19
19
19
3
3
3
3
CITY OF CHICAGO*
Nov
Nov
Nov
Nov
2
9
16
23
8
7
7
9
20
* See note on preceding page.
1
Does not include cash items in process of collection reported in balances with domestic banks.
2 Demand deposits other than interbank and U . S . Government, less cash items reported as in process of collection.
1068
FEDERAL RESERVE BULLETIN
DECEMBER 1938
COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
End of month
By holders
Commercial
paper
outstand-
Total
outstand-
ing*
ing
Held by accepting
banks
Own
bills
Total
Bills
bought
By classes
Held by Federal
Reserve banks
For
own account
ports
into
U.S.
Dollar
exchange
62
67
63
127
122
117
82
84
87
1
1
2
75
79
78
62
61
69
59
61
57
48
48
52
47
42
40
46
106
96
91
86
81
79
78
83
89
94
82
78
75
71
65
63
63
58
57
57
3
2
2
1
1
1
1
2
2
. 3
75
70
63
60
57
58
60
55
56
59
60
61
62
61
64
63
63
60
57
56
For ac- Held
count of
by
foreign others
correspondents
1937—October
November
December
323
311
279
346
348
343
282
279
278
153
148
147
129
131
131
2
2
193g—January
February
March
April
May
June
July
August
September
October
299
293
297
271
251
225
211
209
212
213
326
307
293
279
268
264
265
258
261
270
266
246
236
229
218
210
217
216
221
223
147
140
143
141
139
135
133
129
129
130
119
106
93
89
80
76
84
87
92
93
2
1
2
• ^
2
2
1
(2)
Based on goods
stored in or shipped
between points in
Based
on exports
from
U.S.
on
jjv,
Foreign
countries
U.S.
i As reported by dealers; includes some finance company paper sold in open market.
« Less than $500,000.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF
STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances
Credit balances
Customers'
credit balances *
Other credit balances
Customers' balances in
debit
partners'
balances
investment
(net) i
and trading
accounts
Debit
balances in
firm
investment
and trading
accounts
Cash on
hand
and in
banks
1,267
1,317
1,395
67
72
64
164
141
164
219
227
249
985
995
1,048
276
289
342
86
99
103
24
24
30
14
14
12
420
423
424
1937—Marco
June
September
October
November
December
1,549
1,489
1,363
1,053
1,034
985
61
55
48
40
38
34
175
161
128
135
120
108
223
214
239
263
225
232
1,172
1,217
1,088
781
723
688
346
266
256
272
270
278
115
92
96
107
95
85
29
25
26
24
24
26
18
13
12
12
11
10
419
397
385
383
376
356
1938—January
February
March
April
May
June
July
August
September
October
958
937
831
763
760
774
843
864
823
905
31
31
29
26
25
27
28
29
29
32
103
104
95
97
85
88
80
84
76
85
220
207
215
203
208
215
209
200
213
196
641
628
576
485
482
495
528
571
559
617
288
280
239
248
243
258
284
272
257
270
87
80
81
88
92
89
82
77
68
73
28
26
25
24
22
22
22
20
20
20
11
10
9
9
8
11
10
9
7
8
333
324
315
309
301
298
303
301
300
304
Debit
End of month
1936—June
.
December
Money
borrowed »
Free
Other
(net)
In
In
In
partners'
firm
investinvestcapital
ment and ment and accounts
trading trading
(net)
accounts accounts
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 thesefiguressee "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the methods
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
1069
FEDERAL RESERVE BULLETIN
DECEMBER 1938
FEDERAL RESERVE BANK DISCOUNT RATES
[Percent per annum]
Advances secured by
direct obligations of
the United States
(last paragraph of
sec. 13 of the Federal
Reserve Act)
Rediscounts and advances un- Advances under sec.
der sees. 13 and 13a of the Fed- 10 (b) of the Federal
eral Reserve Act i
Reserve Act
Federal Reserve Bank
In effect
Rate
Nov. 30 beginning-
PreRate
vious Nov.
30
rate
Sept. 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
In effect
Rate
In effect
Nov. 30 beginning-
Deginning—
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
1937
1935
1937
1935
1937
1937
1937
1937
1937
1937
1937
1937
i Rates indicated also apply to United States Government securities bought under repurchase agreement.
Back figures.—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK
BUYING RATES ON ACCEPTANCES
FEDERAL RESERVE BANK
RATES ON INDUSTRIAL ADVANCES
[Percent per annum]
Rates in effect, Nov. 30, 1938, on advances and commitments under Sec.
13b, of the Federal Reserve Act as amended June 19, 1934.
[Percent per annum except as otherwise specified]
Rate in
effect on
Nov. 30
Maturity
In effect beginning—
Previous
rate
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.
1
1
1
1
1
1
1
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.
[Percent per annum]
Nov. 1, 1933
to
Jan. 31, 1935
Savings deposits
Postal Savings deposits
Other time deposits payable in:
6 months or more__
90 days to 6 months
Less than 90 days
Feb. 1, 1935
to
Dec. 31, 1935
In effect
beginning
Jan. 1, 1936
Federal Reserve Bank
Advances
direct to
industrial
or commercial organizations
Advances to financing institutions—
On portion for
which
institution is
obligated
Boston
New York....
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
3K-6
3
3
1-6
4-6
4^-6
&A
On remaining
portion
Commitments
to make
advances
4-5
GO
1-2
4
4-5^
VA
4-6
5
5-6
4
1-2
^A
6
4-6
5-6
5-6
4^-5
4^-5
1
4
4
3-4
4
5-6
4-5
6
5-6
5-6
4-6
5
1
1 Authorized rate 1 percent above prevailing discount rate.
Same as to borrower but not less than 4 percent.
Flat charge.
Back figures.—See Annual Report for 1937 (table 40).
2
3
MEMBER BANK RESERVE REQUIREMENTS
[Percent of deposits]
Classes of deposits
and banks
On net demand
deposits: i
Central reserve city_
Reserve city
Country
June 21, Aug. 16, Mar. 1, May 1, Apr. 16,
19371917193619371938Aug. 15, Feb. 28, Apr. 30, Apr. 15,
and
after
1936
1937
1937
1938
15
22M
173^
12
ioy2
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation, On time deposits:
effective February 1, 1936, are the same as those in effect for member All member banks
5
banks. In some States the maximum rates established by the Board
and the Federal Deposit Insurance Corporation are superseded by
See footnote to table on p. 1058 for explanation of method of computlower maximum rates established by State authority.
ing net demand deposits.
1070
FEDERAL RESERVE BULLETIN
DECEMBER 1938
MONEY RATES AND BOND YIELDS
RATES CHARGED CUSTOMERS BY BANKS IN
OPEN-MARKET RATES IN NEW YORK CITY
PRINCIPAL CITIES
fPercent per annum]
Prevailing rate o n -
Year,
month, or
week
[Weighted averages of prevailing rates; percent per annum]
Average rate o n -
AverU. S. TreasYork City:
ury bills
yield on NewJanuary.._
U. S.
February
TreasMarch
91New
ury
ApriL.
issues day
3-to-5
May..
dealofyear
June.
fered
ers'
notes
July...
within quoAugust
period1 tation
September
October
November
.56
.14
1.29
.17
December.
.91
.14
.17
1.11
Prime Stock Stock
Prime bankexexcomers' change change
mercial accept- time
call
paper, ances, loans, loan
90
90
4 to 6
remonths days days
newals
1935 average._.
1936 average...
1937 average...
.76
.75
.95
.13
.15
.43
.56
1.16
1.25
1937—Oct
Nov
Dec
1938—Jan.
Feb
Mar.
ApriL—
May
June
July
Aug
Sept
Oct
Week ending:
Oct. 1 5 . . . .
Oct. 22
Oct. 2 9 . . . .
Nov. 5 . . . .
Nov. 1 2 . . .
Nov. 19 „ .
Nov. 26
1
1
1
1
1
Vie
\i/
Vi!
IK
Vie
Vie
Vie
Vie
Vie
Vie
Vie
7/16
Vie
IK
IK
IK
IK
IK
IK
IK
IX
IK
2^-1
f^-1
24-1
H
H-k
1.00
.45
.28
1.40
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.34
.15
.10
.10
.08
.07
.08
.03
.02
.05
.05
.10
.02
.20
.09
.11
.10
.08
.08
.09
.05
.05
.07
.06
.08
.05
1.42
1.31
1.27
1.13
1.09
1.01
.94
.77
.67
1929 1931 1932 1933 1934 1935 1936 1937 1938
_ 5.74 4.24 4.71
5.73 4.31 4.71
5.81 4.20 4.72
5.85 4.1 4.69
_ 5.88 4.11 4.55
5.93 4.13 4.61
5.88 4.05 4.42
6.05 3.97 4.45
6.06 3.93 4.30
6.08 4.27 4.35
5.86 4.67 4.12
5.74 4.64 4.22
Year
8 other northern and
eastern cities:
January
February
March
April
May
June
July.
August
_
.70
September
.71
October
.82
November
.68
December
Year
27 southern and
western cities:
%~%
January...
%-%
February
%~%
March
%~%
April
_.
%
May
June
July
i Series comprises 182-day bills to February 23,1935, 273-day bills from
August
March 1,1935, to October 15,1937, bills maturing about March 16, 1938,
September
from October 22, to December 10, 1937, and 91-day bills thereafter.
October
Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures
November
for 91-day Treasury bills available on request.
December
b
A~%
7/16
7/16
7/16
7/16
7/16
7/16
7/16
IX
IX
IX
IX
IX
IX
IX
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.02
.03
.03
.02
.03
.03
.02
.66
.67
.69
.69
.71
.73
.72
.05
.04
.04
.04
.04
.04
.04
Year
5.88 4.22 4.49
5.87
5.86
5.91
6.00
6.09
6.02
6.08
6.11
6.24
6.25
6.12
5.94
4.61
4.63
4.62
4.57
4.55
4.49
4.48
4.47
4.48
4.62
4.87
4.91
5.07
5.13
5.14
5.10
5.14
5.13
5.05
5.12
5.03
4.96
4.88
4.88
6.04 4.61 5.05
5.94
5.96
6.04
6.07
6.10
6.16
6.17
6.22
6.27
6.29
6.29
6.20
5.50
5.43
5.40
5.36
5.26
5.34
5.30
5.28
5.32
5.38
5.53
5.56
_
4.12
4.11
4.88
4.33
4.24
4.10
3.93
3.97
3.79
3.76
3.52
3.48
2.64
2.56
2.61
2.54
2.51
2.44
2.44
2.4:
2.40
2.46
2.43
2.43
2.50
2.41
2.50
2.53
2.44
2.34
2.36
2.41
2.39
2.38
2.45
2.40
4.02 3.33
2.70 2.49
2.43
4.89
4.84
5.39
5.09
4.99
4.97
4.82
4.68
4.65
4.51
4.54
4.59
4.08
4.02
4.05
3.99
3.88
3.78
3.87
3.79
3.75
3.75
3.63
3.67
3.36
3.43
3.34
3.36
3.45
3.32
3.32
3.29
3.33
3.37
3.42
3.36
3.58
3.43
3.31
3.39
3.42
3.30
3.30
3.33
3.26
3.28
3 22
3.18
4.65
4.49
4.52
4.52
4.39
4.30
4.15
4.12
4.11
4.13
4.08
3.98
2.83
2.90
2.64
2.61
2.69
2.66
2.61
2.67
2.72
2.72
2.77
2.61
3.62
3.63
3.60
3.47
3.45
3.51
3.61
3.47
3.45
3.50
3.47
3.46
2.36
2.34
2.40
2.36
2.40
2.36
2.27
2.16
2.25
2.29
2.33
3.37
3.29
3.25
3.26
3.27
3.38
3.28
3.26
3.30
3.37
3.28
4.83 4.29 3.86 3.52 3.36
5.61
5.61
5.64
5.63
5.64
5.62
5.63
5.68
5.63
5.56
5.55
5.60
5.60
5.56
5.66
5.68
5.66
5.62
5.54
5.53
5.55
5.50
5.42
5.43
5.40
5.39
5.40
5.34
5.28
5.19
5.07
5.05
5.04
5.05
4.93
4.92
4.95
4.84
4.85
4.80
4.79
4.76
4.58
4.63
4.51
4.55
4.51
4.55
4.47
4.51
4.44
4.40
4.43
4.39
4.35
4.25
4.29
4.23
4.24
4.14
5.62
5.56 5.17 4.69 4.35 4.17
4.16
4.15
4.15
4.21
4.17
4.18
4.19
4.18
4.18
4.16
4.17
4.15
4.16
4.09
4.15
4.13
4.13
4.14
4.12
4.12
4.07
4.06
4.05
BOND YIELDS1
[Percent per annum]
Corporate *
Year, month, or week
Number of issues.
_
U.S.
Treasury 2
Municinal 3
By ratings
Total
Aaa
Aa
By groups
Industrial
Baa
A
Railroad
Public
utility
2-6
15
120
30
30
30
30
40
40
40
1935 average
1936 average
1937 average
2.79
2.65
2.68
7.41
3.07
3.10
4.46
3.87
3.94
3.60
3.24
3.26
3.95
3.46
3.46
4.55
4.02
4.01
5.75
4.77
5.03
4.02
3.50
3.55
4.95
4.24
4.34
4.43
3.88
3.93
1937—October . . _
November
December
1938—January
February
March ._
April
June
July
August
September
October
2.76
2.71
2.67
2.65
2.64
2.64
2.62
2.51
2.52
2.52
2.51
2.58
2.48
3.24
3.17
3.15
3.03
2.99
2.99
3.03
2.91
2.91
2.87
2.82
3.02
2.82
4.12
4.21
4.16
4.19
4.23
4.36
4.50
4.28
4.40
4.17
4.09
4.17
4.03
3.27
3.24
3.21
3.17
3.20
3.22
3.30
3.22
3.26
3.22
3.18
3.21
3.15
3.53
3.54
3.50
3.50
3.51
3.56
3.73
3.56
3.68
3.62
3.57
3.60
3.53
4.16
4.24
4.20
4.20
4.24
4.34
4.49
4.28
4.41
4.21
4.13
4.20
4.08
5 52
5.82
5.73
5.89
5.97
6.30
6.47
6.06
6 25
5.63
5.49
5.65
5.36
3.63
3.65
3.66
3.54
3.57
3.58
3 64
3.51
3 55
3.48
3.43
3.50
3.43
4 66
4.91
4.79
5.02
5.06
5.44
5.75
5.44
5 75
5.25
5.09
5.18
4.94
4 08
4.06
4.03
4.01
4.07
4.05
4 11
3.90
3 90
3.79
3.76
3.82
3.73
Week ending:
October 29
November 5... _
November 12
November 19 _
November 26
2.47
2.48
2.48
2.50
2.51
2.76
2.73
2.71
2.74
2.77
4 00
3.98
3.96
3.94
3.95
3 14
3.12
3.10
3.09
3.10
3 51
3.50
3.48
3.46
3.44
4 05
4.04
4.02
4 00
4.02
5 31
5.28
5.24
5 20
5.23
3 43
3 41
3.39
3 37
3.39
4 89
4 87
4.83
4 80
4.82
3 70
3 68
3.66
3 64
3.64
May
_.
i Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
a Revised series. Average of yields of all outstanding bonds due or callable after 12 years; see pp. 1045-1046 for description.
s Standard Statistics Co.
* 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. Series revised back to Jan. 1,1937 in July, 1938 because
of changes in railroad bond yield averages in all rating groups.
Back figures—See Annual Report for 1937 (table 80); for U. S. Government bonds, see pp. 1045-1046 of this BULLETIN.
1071
FEDERAL RESERVE BULLETIN
D E C E M B E R 1938
BOND PRICES
STOCK MARKET
Stock prices i
Year, month, or date
U.S.
Treas- Munic3
ury 2 ipal
Number of issues
Corporate 3
Total
20
60
15
2-6
Indus- Rail- Utility
trial road
Year, month, or
date
Volume of
trading/
Common (index, 1926=100)
Preferred 2
Total
Industrial
Railroad
Utility
20
20
32
20
420
348
40
98.2 Number of issues.._
105.4 1935 average.
91
34
_.
133.8
78
71
1,411
100.4 1936 average
127
138.9
111
104
1,824
51
131
1937
average
136.2
112
95
1,519
49
1937—October
78.4
95.2
108.1 86.4
85.5
100.7
November
72.1
95.0 1937—October
109.1 83.3
82.7
101.3
133.5
91
107
35
81
2,324
December
72.5
94.2
109.5 82.7
81.4
101.9
November
132.3
83
96
31
80
1,420
66.2
94.0
1938—January
111.5 80.6
81.7
102.3
December
132.1
82
95
31
79
1,174
79.3
65.0
92.2 1938—January
February
112.2
80.6
102.4
133.5
82
96
76
29
1,069
76.0
57.3
91.2
112.2
79.5
102.5
March
February
133.3
81
96
71
28
719
73.8
53.5
90.2
111.6
77.8
102.7
April
March
132.2
78
93
69
26
922
76.5
55.1
94.0
113.6
80.4
104.0
May
April
127.9
71
84
64
21
778
75.3
52.0
94.0
113.6
80.0
103.9
June
May
131.7
74
87
70
22
620
80.8
60.2
97.3
114.2
85.0
103.8
July
June
132.3
73
86
69
21
1,033
60.0
98.1
115. 2 81.3
85.7
104.0
August
July
135.6
88
105
77
27
1,762
78.7
55.7
96.3
111.7
84.2
103.0
September
August
138.1
90
108
75
28
843
81.8
59.9
115.2
104.3
October
September. __ 137.9
86
104
72
26
1,054
October
140.4
91
110
77
28
1,889
October 26
116.2
82.2
87.2
104.5
60.6
98.8
November 2
116.8
82.1
104.4
87.3
60.2
99.0
114
30
82
October 26. __ 141.6
95
1,674
November 9
117.1
82.7
104.3
62.0
99.4
113
30
81
November 2 . 142.1
94
1,084
November 16
116.6
82.2
103.9
60.1
99.4
87.0
118
32
83
November
9
.
142.8
98
2,366
November 23
116.1
82.0
103.8
59.5
99.6
86.9
112
30
80
November 16 142.4
94
1,437
111
29
79
November 23 141.9
93
982
1 Monthly data are averages of daily figures except for municipal bonds,
which are averages of Wednesday figures.
1 Standard Statistics Co. Monthly data are averages of Wednesday
2 Revised series. Average prices of all outstanding bonds due or callable after 12 years, based on quotations from Treasury Department; see figures.
2
Average prices of industrial high-grade preferred stocks, adjusted to a
p p3. 1045-1046 for description.
Prices derived from average yields, as computed b y Standard Sta- $73annual dividend basis.
Average daily volume of trading in stocks on the New York Stock
tistics Co.
Exchange, in thousands of shares. Weekly figures are averages for the
Back figures.—See Annual Report for 1937 (table 79); for U. S. Govern- week ending Saturday.
ment bonds, see p p . 1045-1046 of this BULLETIN.
Back figures.—For stock prices, see Annual Report for 1937 (table 79).
105.5
103.7
101.7
1935 average
1936 average
1937 average
105.3
110.8
110.3
88.6
97.5
93.4
88.2
92.2
90.1
79.4
94.7
89.6
CAPITAL ISSUES
[In millions of dollars]
Total
Year or
month
and
funding)
1928 1929
1930
1931
1932
1933
1934
1935
1936
1937
__
1937—Oct
Nov
Dec
1938—Jan
Feb
Mar
Apr
May
June
July....
Aug
Sept....
Oct
Total
(domestic
and
forTotal
eign)
State
and
mu-
6,789
9,420
6,004
2,860
1,165
1,379
1,418
1,434
1,235
9,898 8,040
11, 513 10 091
7,619 6,909
4,038 3,089
1,751 1 194
1,063
720
2,160 1,386
4,699 1,457
6,214 1,972
3,878 2,080
203
136
164
122
199
245
352
217
511
470
415
••237
763
96
94
122
93
82
126
197
157
347
390
180
144
165
nicipal
For new capital
For refunding
Domestic
Domestic
Total
Corporate
(doFormestic
Fedand
eign
i
eral
Bonds
for- Total
agen- Total and Stocks
eign)
cies 2
notes
5,346
8,002
4,483
1,551
2,385
2,078
2,980
1,239
1,386
1,409
1,949
2,076
762
483
803
855
735
727
64
0
87
75
77
64
405
150
22
157
325
161
178
404
1,192
1,192
305
40
144
334
839
789
311
20
120
35
69
352
403
93
94
122
93
81
126
197
157
344
390
180
144
165
27
43
79
41
40
94
45
88
130
44
55
51
101
0
25
0
6
0
9
140
33
14
216
0
8
0
67
26
43
46
41
24
12
36
201
130
125
'85
64
46
22
27
40
41
23
11
20
191
128
121
'83
62
21
4
16
6
(3)
1
1
16
10
2
3
2
2
708
2,961
5,924
1,503
1,251
671
905
229
29
12
0
48
23
4
3
(3)
0
1
0
0
0
3
1
(3)
0
0
1,858
1,422
1,620
1,387
709
949
557
343
774
527
893
498
283
765
Corporate
State FedForand
eign
Bonds
mu- eral
and Stocks
nici- agenTotal notes
pal cies 2
3,242
4,242
1,798
3,216
4,123
1,639
36
13
53
21
87
37
136
365
382
175
107
42
42
29
117
119
155
60
164
79
235
'92
598
106
42
42
29
117
119
155
60
164
79
235
'92
598
2
4
5
8
22
16
4
4
14
3
11
22
2
1,584 1,054
1 374
542
0
0
0
51
93
26
317
987
353
280
1,864
3,387
1,184
1,782
3,187
34
27
23
18
32
45
84
31
52
20
14
6
323
70
10
14
4
62
58
67
26
99
56
211
'65
273
474
821
319
219
312
833
530
833
23
32
4
32
0
81
200
351
238
35
182
56
59
60
9
26
119
159
70
10
14
3
62
58
67
26
99
56
211
r
65
273
0
(3)
(3)
1
0
0
0
0
0
0
0
(3)
1
2
0
0
0
0
0
0
0
0
0
0
0
0
451
789
315
187
312
' Revised.
1 Includes issues of noncontiguous U. S. Territories and Possessions.
Includes publicly-offered issues of Federal credit agencies, b u t 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. Monthly figures subject
to revision.
Back figures—Bee Annual Report for 1937 (table 78).
2
1072
FEDERAL RESEVRE BULLETIN
DECEMBER 1938
TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
VOLUME AND KIND OF DIRECT OBLIGATIONS
[On basis of daily statements of United States Treasury. In millions of dollars]
Noninterestbearing
Interest-bearing
Total
gross
debt
End of month
Publicly-offered i
Bonds
Total
interest Total
bearing
1932—June
1933—June
1934—June
1935—June
1936—June
1937—June
19, 487
22, 539
_ _
. 27,053
28, 701
33 779
36, 425
1937—October
. .
November
December
1938—January
February
March
April
May
June
July
August
September
36, 956
_ 37, 094
_
_ _
.
October
37, 279
37,453
37,633
37, 556
37, 510
37,422
37,165
37,191
37, 593
38, 393
38, 423
Prewar
Treasury2
U. S.
savings
Adjusted
service
issues3
Notes
Bills
616
954
1,404
2,053
2,354
2,303
105
92
118
156
1,071
926
2,403
2,403
1,952
1,952
1,952
1,803
1,753
1, 553
1,154
1,054
1,304
1,302
1,302
888
883
876
872
867
860
856
852
868
864
859
830
826
19,161
22,158
26, 480
27, 645
32 989
35, 800
618,816
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
36, 366
36, 511
36, 708
36, 887
37,080
37, 001
36, 963
36,871
36, 576
36, 642
37,052
37, 850
37, 897
33, 900
33,924
34,018
34,114
34,144
34,032
34, 016
33, 845
33,463
33, 400
33, 681
34, 493
34, 527
79
79
79
79
79
79
79
79
79
79
79
79
79
19, 936
19,936
20,476
20,476
20,476
20, 927
20, 927
20, 927
21, 846
21,846
21, 846
22, 712
22, 712
908
932
964
1,060
1,106
1,148
1,181
1,210
1,238
1,275
1,305
1,334
1,367
10, 575
10, 575
10, 547
10, 547
10, 531
10,076
10,076
10,076
9,147
9,147
9,147
9,067
9,067
Social
security
issues4
All
other5
Matured
debt
Other
19
579
240
284
356
580
601
560
60
66
54
231
169
119
266
315
518
825
620
506
957
1,086
1,188
1,263
1,399
1,460
1,458
1,538
1,601
1,641
1,757
1,788
1,807
620
619
626
638
669
648
635
637
644
738
754
739
736
109
106
99
99
91
98
92
101
141
106
102
106
94
482
477
472
466
462
458
454
450
447
443
440
437
433
i Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System.
* Includes Liberty bonds.
Includes adjusted service bonds of 1945 and special issues of adjusted service bonds and of notes to Government Life Insurance Fund series
and of certificates to the adjusted service fund.
* Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement account.
5 Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation,
e Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000.
3
FULLY GUARANTEED OBLIGATIONS, BY AGENCIES i
[In millions of dollars]
MATURITIES OF PUBLICLY OFFERED DIRECT
OBLIGATIONS, OCTOBER 31, 1938
[In millions of dollars]
Total
Date maturing
Bondsi
Notes
Bills
End of month
1938—Nov. 1—Dec. 31
1939—Jan. 1—Mar. 31
Apr. 1—June 30
J u l y 1—Sept. 30
Oct. 1—Dec. 31
1940 .
1941
.
1942
1943
1945
_
1946
1947
1948
1949
1951
1952
1953 .
1954
1955
1956
1959
1960
1961
1963
._._
911
1,342
1,294
427
526
2,854
2,219
1,001
1,527
2,121
1,850
2,133
2 1,908
819
1,223
2,117
1,786
2,663
755
489
982
2,611
50
919
898
2,121
1,850
2,133
2 1,908
819
1,223
2,117
1,786
2,663
755
489
982
2,611
50
919
34, 527
24,158
834
10
942
1,294
427
526
2,854
1,385
1,001
629
9,067
Total
902
401
Federal
Farm
Mortgage
Corporation
Home
Owners'
Loan
Corporation 2
Reconstruction
Finance
Corporation
1934—June
December
1935—June
December
1936—June
December
1937—June
681
3,063
4,123
4,494
4,718
4,662
4,665
312
980
1,226
1,387
1,422
1,422
1,422
134
1,834
2,647
2,855
3,044
2,988
2,987
235
249
250
252
252
252
255
1937—October
November _
December
1938—January
February.. ._
March
April
May
June—
July
August
September
October
4,634
4,644
4,645
4,646
4,646
4,646
4,647
4,852
4,853
5,064
5,015
5,009
5,001
1,400
1,410
1,410
1,410
1,410
1,410
1,410
1,410
1,410
1,410
1,410
1,404
1,395
2,937
2,937
2,937
2,937
2,937
2,937
2,937
2,937
2,937
2,937
2,888
2,888
2,888
297
297
297
298
299
299
299
299
299
510
511
511
511
Commodity
Credit
Corporation
206
206
206
206
206
206
1,302
i Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the
i Issues classified as of date of final maturity; most issues callable at public debt. The total includes guaranteed debentures of the Federal
earlier dates; most of the U. S. savings bonds are redeemable at option Housing Administrator, amounting to $1,090,000 on October 31, 1938.
of holder.
* Excludes obligations guaranteed as to interest only.
* Includes unclassified U. S. savings bonds.
1073
FEDERAL RESERVE BULLETIN
DECEMBER 1938
SUMMARY OF TREASURY OPERATIONS
(On basis of daily statements of United States Treasury. In millions of dollars]
General and special accounts
Expenditures J
Receipts
Excess
of receipts
General
Period
Total
Fiscal year ending:
June 1936
4,116
June 1937
5,294
June 1938
6,242
4 months ending:
Oct. 1936
Oct. 1937
Oct. 1938
1937—October
November
December
1938—January
February
March
April
May
June
July
August
September.._
October
Other
In- Social inter- All
come securnal
ity
taxes taxes2 reve-3 other
nue
Total
Interest on
debt
National
defense
All
and other
Veterans'
Adm.4
Recovery
and
relief
Revolving
funds
(net)*
Trans- (+)or (+)or
fers to exextrust pendiaccts.6 tures pendiGeneral Gross
tures
etc.
fund 7 debt
balance
1,427
2,158
2,635
253
755
2,086
2,187
2,285
603
697
567
'8,666
'8, 442
'7, 626
749
866
926
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
+840 +5,078
- 1 2 8 +2,646
-338
+740
1,408
1,983
1,841
387
634
618
216
200
811
897
847
210
237
176
'2, 584
'2, 518
2,965
255
260
243
479
507
546
556
703
910
'1,132
'696
957
63
56
38
99
296
271
'-1,176
'-534
-1,124
'+204
'+125
+219
-918
+122
+353
+54
+532
+1,258
333
327
866
335
349
959
273
375
774
311
487
711
332
40
37
487
52
62
723
49
40
550
47
32
498
41
52
60
138
57
110
3
34
131
5
32
131
3
34
189
182
192
172
141
193
155
169
185
186
283
170
209
52
49
49
53
36
40
35
35
34
47
42
40
48
606
494
'678
'533
515
748
642
568
930
'763
683
751
769
67
9
163
16
17
153
66
9
233
13
17
146
67
126
128
134
130
123
138
130
134
132
137
142
131
136
183
165
141
180
150
185
215
201
238
256
227
177
250
166
155
'169
'147
153
196
202
206
314
216
236
243
262
9
55
55
63
56
56
58
19
2
1
135
48
45
44
-273
-167
'+188
'-198
-166
+211
-369
-193
-156
-451
-195
'-40
-437
+8
-37
-11
-184
-68
+365
-23
+25
+166
—451
-122
-351
-100
+144
+719
-409
+81
+137
+186
+173
+180
7
4
17
18
9
16
12
5
13
10
10
Old-age reserve and
railroad retirement accounts
Unemployment
trust fund
Net expenditures in
checking recounts of
Government agencies
ReconComWithBeneInIn- drawals struction m o d i t y
All
fit
ReReother
ceipts vest- pay- ceipts vestFinance
Credit
by
10
ments States Corpora- Corporaments ments
tion 10
+11
+31
-36
+158
+63
+325
-63
'-41
-3
-76
-46
-88
-258
+27
+402
+800
+30
Details of general fund bal<mce
(end of period)
Details of trust accounts, etc.
Period
Trust Increase or deaccrease during
counts,
period
etc.7
excess
of receipts
tion i°
All
other,
excess
of receipts
(+)or
In-
Total
expenditures
Increactive ment
gold
on
Seigniorage
Working
balance
gold
(-)ii
Fiscal year ending:
June 1936
June 1937. _
June 1938
267
550
267
461
19
294
763
19
293
560
1
191
'9 241
'9 329
r9 9
'33
9 112
9 184
100
'127
9 11
+204
+60
+87
2,682
2,553
2,216
1,087
85
140
141
142
316
356
446
2,225
970
1,628
4 months ending:
Oct. 1936
Oct. 1937
Oct. 1938
223
196
194
143
17
37
19
190
240
19
183
64
'9 210
'9 69
9 207
r9 61
9 54
91
75
36
9 43
+8
+20
+36
1,764
2,676
2,569
1,271
168
141
141
142
332
388
467
1,291
875
1,960
55
55
63
56
56
58
19
2
17
60
48
45
44
51
51
51
51
51
51
1
9
5
17
40
35
35
34
5
6
9
8
7
8
14
9
9
9
9
9
10
34
85
52
50
95
43
37
128
82
35
131
35
38
38
78
51
24
85
10
93
85
46
6
9 29
9 22
1
9 28
7
9
149
38
»55
26
97
96
+12
+7
+5
+19
+3
+15
+8
+7
+2
+10
+3
+3
+19
2,676
2,608
2,973
2,950
2,975
3,140
2,689
2,567
2,216
2,116
2,260
2,978
2,569
141
141
142
142
142
142
142
142
142
142
142
142
142
388
394
401
413
421
427
433
440
446
451
455
460
467
875
831
1,202
1,172
1,212
1,389
2,114
1,985
1,628
1,523
1,663
2,376
1,960
1937—October
November
December
1938—January
February
March _
April
May
June
July
August
September
October
82
94
•14
1
34
6
36
41
34
39
36
53
40
40
23
18
12
9 15
3
34
6
9 14
9 260
10
24
19
6
20
31
19
9
6
7
91
9 96
'10
31
'27
23
1,271
1,243
1,228
1,223
1,201
1,183
' Revised.—Expenditures revised to correspond with those published in a special Treasury statement issued in October 1938 and in the regular
daily Treasury statement for November 15, 1938. For revised totals for the fiscal years 1932-1935 see page 1037 of this BULLETIN. '
1 Excludes debt retirements.
2
Includes taxes under Social Security Act and on carriers and their employees.
9
Includes miscellaneous internal revenue, unjust enrichment tax, and processing taxes.
4
Excludes expenditures for adjusted service wh'ch are included under "Transfers to trust accounts, etc."
56 Includes revolving funds of Public Works Ad mi listration and Farm Credit Administration.
Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account and railroad retirement account; except
for the
adjusted service certificate fund, these appear as8 receipts under "Trust accounts, etc.".
7
!
Details given in lower section of table.
Less than $500,000.
Excess of credits.
1
0
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.
1074
FEDERAL RESERVE BULLETIN
DECEMBER 1938
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, SEPTEMBER 30, 1938
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]
Reconstruction
Finance
Corporation
and
Public
Works
Administration
Home mortgage and
housing agencies
Total
Farm credit agencies
Tennessee
Other
United
ValHome Other States Farm
Farm
Comley
Owners' mort- Hous- mort- Credit modity
AuLoan
gage
gage
Adm. Credit Other thoring agenCorpo- agenbanks CorpoAuity
ration
cies thority cies and cor- ration
porations
Insurance Other
agencies
Sept. Aug.
30,
31,
1938
1938
Sept.
30,
1937
ASSETS
Loans and preferred stock:
Loans to financial institutionsPreferred 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
254
524
465
213
190
47
26
76
0)
0)
2,221
97
17
304
0)
1,748
1
48
2,434
91
1
333
53
30
22
3
28
1
16
6
526
5
1,849
3,080
429
155
3,233
635
116
2,888
1
135
120
25
1
1,404
s 1,033
109
205
11
627
3,024
145
1
2,547
216
1,222
56
284
45
154
686
189
1,222
56
240
154
497
17
10
2,776
68
63
128
66
197
6
111
8
(0
380
32
136
9
(0
(0
0)
47
34
5
279
24
308
0)
2
26
28
402
488
891
438
4 163
194
19
4
8,496 8,476 8,609
329
326
248
684
677
597
0)
99
3 180
308
473
860
491
2,335 2,340 2,530
2,776 2,786 2,892
723
705
562
837
821
809
2,776
11
2 494
C1)
470
859
495
30
103
159
40
372
447
667
125
160
36
394
438
666
145
170
40
279
265
555
63
4
1
16
1
1
23
307
220
601
5
5
280
5
5
154
109
7,112 7,129 6,621
419
4
101
302
214
447
139
319
4,207 4,189 4,206
374
377
355
415
101
302
214
308
319
3,830 3,815 3,851
0)
0)
0)
73
1
(0
(0
0)
382
3
213
35
93
1
82
427
11,319 11,317 10,827
0)
153
6
103
5,010 5,001 4,669
1,365 1,372 1,423
737
755
529
LIABILITIES
Bonds, notes, and debentures:
Guaranteed
by United States.__
Other 6
Other liabilities (including reserves).
Total liabilities other than
interagency
Excess of assets over liabilities, excluding interagency transactions. _
Privately owned interests
U. S. Government interests
511
1
206
74
1 Less than $500,000.
23 Includes $34,000,000 loans of Public Works Administration.
Includes $178,000,000 loans of Farm Security Administration.
* Includes $70,000,000 loans of Rural Electrification Administration.
5 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]
Oct. 31,
1937
Loans tofinancialinstitutions
Loans on preferred stock of banks and insurance companiesPreferred stock, capital notes, and debentures
Loans to railroads (including receivers)
Loans for self-liquidating projects
Loans to industrial and commercial businesses
Loans to drainage, levee, and irrigation districts
Other loans
Securities purchased from Public Works Administration
Total loans and investments, other than interagency..
Loans to Federal land banks
Loans to Commodity Credit Corporation
Capital stock of Commodity Credit Corporation
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..
256,965
563,465
355, 932
232,414
73,283
77,160
3,946
Apr. 30,
241,294
37, 679
536,637
369,379
240, 566
73,072
78,740
4,173
143,378
May 31,
1938
237, 588
37, 651
535, 934
390, 233
243,885
73, 741
78, 993
4,284
144,829
234,897
37, 525
533,761
393, 699
245,080
76,369
79,406
4,324
145,148
July 31,
1938
232, 279
37,438
531, 694
398, 304
193,053
81,060
79, 529
4,287
138,132
Aug. 31, Sept. 30, Oct. 31,
1938
1938
1938
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
i 216,157
37,090
521,981
426,046
194, 606
98, 224
79, 667
19, 205
138, 783
1, 691,114 1, 724,919 1, 747,139 1, 750, 210 1,695, 775 1, 706,172 1, 713, 950 1, 731, 760
13,042
10,165
97,000
20,000
8,000
11, 698
60,150
6,614
101,273
6,584
5,017
4,992
16
20,000
20,000
20,000
20,000
20,000j
20,000
20,000
33, 755
72,938
11,000
35,155
48, 293
11,000
40,011
11,000
41,186
11, 788
46,498
41, 755
16, 403
46,498
42, 595
23,185
2,000
46,498
44,996
31,975
2,000
1,911,168
1,970,499
1,868,170 1,872,735
1,820,239
1,830,844 1,848,228
1,877, 228
r
Revised.
i Includes $71,000,000 of loans for distribution to depositors of closed banks.
NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220.
June 30,
1938
1075
FEDERAL RESERVE BULLETIN
DECEMBER 1938
FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In thousands of dollars]
Federal intermediate
credit bank loans to
and discounts for—
Farm mortgage loans
by-
End of month
Eegional
agricultural
credit
corLand
porations,
Federal
Bank
production
land banks Commis- credit assioner
sociations,
and banks
for cooperatives i
Other
financing
institutions,
except
cooperatives
Loans to cooperatives b y -
EmerProduc- Regional
agriculgency
tion credit tural
credcrop
and
associait corpodrought
tions
rations
loans
Federal
intermediate
credit
banks
Banks for Agriculcoopertural
atives,
Marketincluding ing Act
Central
revolvBank
ing fund
1934—December.
1935—December.
1936—December.
1,915,792
2,071,925
2,064,158
616,825
794, 726
836, 779
99, 675
104, 706
129,872
55,672
47,162
41,017
60,852
94,096
105, 212
87,102
43,400
25, 288
111,182
172, 489
164,887
33, 969
2,731
1,641
27,851
50,013
69, 647
54,863
44,433
53, 754
1937—October...
November.
December.
1938—January...
February..
March......
April
May
June
July
August
September
October...
2,042, 637
2, 039,005
2,035,307
2,031,290
2,029, 517
2,025, 707
2,022,846
2,019,930
2,017,696
2,013,645
2,008,661
2,003, 810
1, 997, 561
820,163
816, 653
812,749
807, 788
804, 212
798, 776
794,916
790, 772
786,068
781, 703
159.898
160,627
165,194
164,700
173, 384
186,137
195.899
202,147
207, 988
199, 288
197, 274
189, 937
174, 626
42,414
40,857
40,464
39, 263
38,852
39, 526
40, 650
41,312
42, 894
42, 582
42,984
40, 808
36,121
142, 652
137,473
138,169
138,996
147,983
162, 600
173,113
179, 790
184, 327
183,891
181,154
170, 806
154, 560
17,491
16, 208
15, 592
15,488
15,198
15,164
15,060
14,834
14, 788
14,442
14,003
13,374
12, 354
177,362
173,701
172,130
170,429
169,609
175,800
183,467
184, 766
184, 532
183, 289
181, 867
179, 398
174, 574
1,229
1,509
1,813
1,576
1,502
1,420
793
655
19
118
118
256
744
73,450
82,026
87, 633
86,856
87,113
82, 323
79, 926
78,417
81,190
75, 264
75,961
82, 544
86, 931
45, 296
45, 284
30,982
30, 259
27,875
27, 304
26, 335
25, 332
24,604
25,028
26,119
27,370
771, 988
766, 502
27, 917
i Some of the loans made by the regional agricultural credit corporations (prior to October 1935) and by the banks for cooperatives and most of
the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are
thus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original credit
is extended.
FEDERAL HOME LOAN BANK BOARD
POSTAL SAVINGS SYSTEM
LOANS OUTSTANDING, BY INSTITUTIONS
[In millions of dollars]
[Loans in thousands of dollars]
Assets
Home mortgage loans b y -
End of month
Federal
home
loan
Federal savings and
bank
loan
associations
loans to
Home
member
Owners'
instituLoan Cor- Number
poration of assotions 2
Loans l
ciations
1934—December.
1935—December.
1936— December.
2,379, 491
2, 897,162
2, 765,098
1,023
1,212
81, 300
348,000
586, 700
1937—October.._.
November.
December.
1938—January ....
February..
March
April
May
June
July
August
September.
October
2, 446,002
2, 422,149
2, 397, 647
2, 370, 984
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
1,311
1,318
1,328
1,332
1,334
1,338
1,342
1,345
1,346
1,348
1,354
1,365
1,370
826,000
832, 300
853,500
864,900
874, 800
895, 300
919, 700
930, 300
947,500
961, 300
976,074
>"994, 218
1,011,087
86, 651
102, 791
145, 394
End of month
1935_j un6
1936—June
1937—June
__ _
184,038 1937—September...
October
187, 333
November200,092
December
190, 535
_
187,498 1938—January
February
183,105
March
183, 747
April
186,507
May
196, 222
June
191,889
July
189,415
August
189, 548
September
189, 217
October
__
DeposCash
itors
in debalances1 Total posi-
U. S. Government
securities
Cash,
reDi- Guar- serve
tory
rect
an- funds,
banks Total obli- teed
etc.2
gaoblitions gations
1,205
1,232
1,268
1, 236
1,265
1,307
385
777
203
967
136 1,100
630
800
933
147
167
167
74
95
71
1,270
1,269
1,270
1,270
1, 272
1,271
1,268
1,266
1,255
1,252
1,252
1,252
P I 248
Pl, 250
1,307
1,308
1,306
1,308
1,311
1,311
1,306
1,301
1, 296
1 290
1,291
133
130
129
130
125
124
121
119
116
115
102
99
933
933
934
930
930
946
946
944
941
936
937
947
167
167
167
167
167
167
167
166
167
167
166
166
74
78
76
81
89
75
72
72
72
72
86
79
1,100
1,100
1,101
1,097
1,097
1,112
1,113
1,110
1,108
1,103
1,103
1,113
r
Revised.
p Preliminary.
1 Federal Home Loan Bank Board estimates for all Federal savings
1 Outstanding principal, represented by certificates of deposit. Does
and
loan associations.
2
not
include accrued interest nor outstanding savings stamps.
Revised. Excludes loans to other than member institutions which
2
Includes working cash with postmasters, 5-percent reserve fund and
are negligible in amount.
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.
1076
FEDERAL RESERVE BULLETIN
DECEMBER 1938
PRODUCTION, EMPLOYMENT, AND TRADE
[Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]
Industrial production i *
Year
and
month
Manufactures
Total
Construction contracts awarded (value)
Minerals
Residential
Total
2
Allother
Factory e m ployment 3
Factory
pay-
Freight-car
loadings4*
rollss
Department
(value)
Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadlusted justed justed 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
83
87
67
85
101
95
104
108
106
111
119
96
81
64
76
79
90
105
110
1919
1920_.
1921
1922
1923
1924
1925
1926
1927
1928
1929—
1930
19311932
19331934
1935 .
1936
1937
77
89
70
74
105
96
99
108
107
106
115
99
84
71
82
86
91
105
115
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
107
107
82
91
104
96
100
102
100
100
106
92
78
66
73
86
91
98
106
98
117
76
81
103
96
101
104
102
104
110
89
68
47
50
65
74
86
102
84
91
78
85
100
98
103
107
104
104
107
92
74
55
58
62
64
75
78
78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
75
79
88
92
1935
91
95
96
101
90
97
98
96
92
95
97
101
89
96
98
95
87
93
93
102
93
101
96
97
43
48
60
68
44
45
53
54
25
25
26
26
25
25
25
22
58
€6
88
103
59
62
76
80
92
93
94
95
94
95
95
94
77
79
79
80
64
68
68
68
71
75
69
64
81
78
82
83
86
86
91
145
97
94
93
101
101
104
108
108
109
110
114
121
96
95
96
104
105
104
105
106
108
111
115
114
96
92
93
100
101
105
109
110
110
111
115
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
114
116
118
118
118
114
114
117
111
102
88
84
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
53
56
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
Jan
80
Feb
79
Mar
79
April... 77
May.... 76
June
77
July.... 83
Aug
88
Sept
91
Oct
J>96
79
79
80
78
77
76
75
75
73
73
74
82
87
89
75
76
77
76
75
75
79
85
89
*95
108
103
103
101
91
92
93
95
97
103
98
95
91
90
91
92
97
102
52
51
46
52
51
54
59
66
78
42
44
46
59
61
63
65
69
79
73
66
56
65
62
64
68
77
96
P82
59
56
55
73
76
76
78
84
97
*>103
90
89
87
85
84
82
83
85
87
2>88
88
88
88
86
83
82
82
86
89
P86
22
28
35
43
44
46
49
52
56
*>56
75
77
77
75
73
71
71
77'
81
P84
65
62
60
57
58
58
61
62
64
68
59
57
57
55
57
58
62
63
71
75
90
88
86
83
78
82
83
83
86
84
70
70
77
86
80
79
58
65
91
92
Sept
Oct.-...
Nov
Dec
1936
Jan.
Feb
Mar
April
May—.
June
July....
Aug
Sept
Oet
Nov
Dec
1937
Jan.
Feb
Mar
April...
May_.__
June
July....
Aug.
Sept
Oct
Nov
Dec
77
81
87
91
P97
P95
P100
P107
26
32
33
37
37
42
49
53
56
P57
P110
P90
p Preliminary.
* Average per working day.
12 For indexes of groups and separate industries see pp. 1077-1078; for description see BULLETIN for February and March 1927.
3-month moving average of F. W, Dodge Corporation data centered at second month; for description see p. 358 of BULLETIN for July 1931.
3
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. 1079-1082. Underlying figures are for payroll period ending nearest middle of month.
* For indexes of groups see p. 1084.
Back figures.—See Annual Report for 1937 (table 81). For department store sales see BULLETIN for October 1938, p. 918; for factory employment and payrolls see BULLETIN for October 1938, pp. 838-866.
1077
FEDERAL RESERVE BULLETIN
DECEMBER 1938
INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of the Board of Governors; adjusted for seasonal var ation. 1923-25 average = 100)
1938
1937
Industry
June
July
73
74
82
87
89
47
40
48
46
36
47
62
42
64
70
51
72
76
59
77
90
67
93
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
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
53
126
46
125
53
125
51
122
54
124
53
123
57
130
58
131
61
19
54
23
54
17
49
12
46
14
43
12
45
4
46
4
84
94
78
72
80
91
105
102
81
79
89
81
116
104
78
77
87
74
121
104
72
72
72
73
124
105
75
77
68
74
124
90
75
74
76
74
101
103
78
77
80
76
119
'108
82
86
'77
75
'125
102
78
86
69
64
118
^99
P113
71
108
59
62
57
35
65
42
67
42
69
44
69
80
71
77
67
89
69
107
80
155
115
108
79
88
107
87
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
217
277
110
147
134
128
20
211
268
113
144
127
103
14
201
255
108
140
123
89
11
200
253
111
141
116
87
9
194
243
113
140
114
85
8
191
239
120
133
113
82
7
196
250
114
134
109
79
6
197
253
118
130
108
73
5
192
248
117
123
103
69
5
199
258
106
129
110
71
5
203
264
104
132
108
81
5
206
265
109
139
113
89
6
98
6
106
110
75
94
98
69
75
78
53
66
70
42
67
70
45
57
59
41
62
64
42
64
67
40
65
68
42
72
75
48
82
86
53
91
94
65
96
100
72
101
105
1 70
162
77
231
81
155
73
221
82
155
73
221
83
170
74
247
84
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
116
113
109
115
108
103
103
101
91
92
93
95
97
87
55
177
113
116
77
116
84
57
176
91
116
81
91
78
67
174
40
108
79
119
79
70
176
65
67
177
64
53
171
58
68
172
62
45
170
107
87
104
98
69
96
90
67
96
87
64
98
80
74
96
57
64
156
19
79
60
92
57
71
153
34
70
64
91
60
47
161
38
69
54
99
64
38
167
37
74
46
105
71
50
158
41
75
50
102
Sept.
Oct.
110
125
119
125
Jan.
Mar.
Nov.
Dec.
101
85
79
76
75
75
73
100
95
101
68
67
68
49
50
49
52
47
52
50
46
51
49
45
49
50
44
50
108
121
88
96
80
80
103
91
101
65
63
74
59
105
80
91
51
61
58
41
94
77
88
56
54
66
43
69
75
82
54
52
67
40
80
81
85
62
61
71
49
88
54
57
51
49
100
74
77
50
55
42
47
101
87
67
109
140
150
83
45
89
76
102
120
139
86
73
86
74
96
115
139
86
101
86
72
101
114
143
88
142
92
77
106
113
160
86
99
86
66
109
111
164
89
83
83
69
111
116
151
90
63
66
147
63
145
64
130
63
134
57
132
53
129
135
29
142
32
92
22
78
16
65
14
98
86
87
60
108
106
89
79
85
52
92
95
81
77
81
63
83
84
86
75
76
73
74
93
73
199
79
179
76
151
136
116
77
141
115
81
Petroleum refining
Gasoline *
Kerosene
Fuel oil*
Lubricating oil J
Coke, byproduct
Coke, beehive
216
277
109
147
126
148
25
RUBBER TIRES AND TUBES *
TOBACCO PRODUCTS
Mannfactures—Total
IRON AND STEEL
-
Pig iron
Steel ingots
__ _
_-
TEXTILES
Cotton consumption
Wool
Consumption
___
Machinery activity *
Carpet and rug loom activity L
Silk deliveries
Feb.
Apr.
May
Aug.
Sept.
Oct.
P101
P87
P67
104
FOOD PRODUCTS:
Slaughtering and meat packing.__
Hogs
Cattle
_ _
Calves
Sheep
Wheat flour
Sugar meltings
PAPER AND PRINTING:
Newsprint production
Newsprint consumption
TRANSPORTATION EQUIPMENT:
Automobiles 2
Locomotives
_
_
LEATHER AND PRODUCTS
Tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Boots and shoes
_ _. __ __
CEMENT AND GLASS:
Cement
Glass, plate
NONFERROUS METALS:
Tin deliveries 1
Zinc
Lead
FUELS, MANUFACTURED:
Tires, pneumatic 1
Inner tubes l
Cigars.-- _
Cigarettes
Manufactured tobacco
Minerals—Total
Bituminous coal
Anthracite
Petroleum, crude
Iron ore..
__.
Zinc
Lead
Silver
_
1
_
P72
P49
P165
50
80
50
r
Without seasonal adjustment.
P Preliminary.
Revised.
2 Seasonal adjustment factors August to December 1938 revised due to earlier shift to production of new models. Tentative adjustment factors:
August, 57; September, 56; October, 75; November, 119; December, 118.
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, and October 1938, p. 911. Series on silk-loom activity and on production of book
paper, wrapping paper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this
table, are in process of revision.
1078
FEDERAL RESERVE BULLETIN
DECEMBER 1938
INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Board of Governors; without seasonal adjustment.
1923-25 average=100]
1937
1938
Industry
Sept. Oct. Nov. Dec.
Jan.
Feb.
Mar.
Apr.
May
Tune J u l y Aug. Sept. Oct.
m
106
99
86
75
75
76
77
76
75
75
79
85
89
123
116
124
98
95
98
63
68
62
43
49
43
50
47
60
53
47
53
55
48
56
55
47
56
51
41
52
46
36
47
58
39
59
69
49
71
75
57
77
88
67
90
107
118
91
101
80
80
109
93
104
69
69
74
59
105
83
'94
54
65
58
41
97
72
81
56
55
66
43
62
78
86
55
54
67
40
92
84
'90
65
67
71
49
94
83
94
54
58
51
49
96
76
82
49
54
42
47
100
77
83
57
67
53
36
86
83
85
71
83
69
38
90
90
92
81
98
74
42
100
103
103
101
123
91
55
106
104
104
96
113
86
66
116
P103
83
50
121
134
173
98
48
89
64
119
126
153
96
69
95
81
110
117
137
93
79
101
94
107
109
140
85
81
107
104
107
105
161
84
66
85
73
96
104
154
86
81
78
60
97
117
137
84
74
76
58
93
121
142
81
89
82
64
100
125
161
81
91
80
60
101
114
148
86
93
79
56
106
109
152
95
104
77
56
101
106
154
94
97
90
66
118
113
176
104
114
110
113
163
102
98
65
144
63
154
63
139
63
138
58
127
53
127
52
131
47
134
54
129
52
121
53
111
52
110
57
127
58
139
53
30
100
32
111
23
94
17
65
12
61
19
63
23
66
15
59
12
52
14
45
12
26
5
26
4
63
113
91
91
70
113
127
97
84
88
62
96
106
78
76
80
60
82
79
73
73
74
62
80
74
87
74
73
66
86
95
104
83
84
82
84
117
107
77
78
77
76
127
102
71
72
65
73
122
96
71
73
65
69
113
87
73
73
74
74
96
101
78
75
93
71
116
120
84
85
••93
73
144
119
83
89
80
68
142
P!09
92
199
90
179
76
151
66
108
36
62
34
35
46
44
65
46
82
47
86
72
87
69
87
89
86
107
91
155
136
110
73
141
112
84
115
108
82
88
109
88
91
103
70
85
97
69
77
92
65
71
83
73
69
80
59
73
68
65
68
64
52
65
69
44
71
71
48
81
78
52
216
277
112
147
126
145
22
218
277
115
147
134
128
20
212
268
122
144
127
106
15
202
255
117
140
123
"•89
12
200
253
113
141
116
88
10
194
243
115
140
114
87
10
190
239
117
133
113
85
8
196
250
113
134
109
80
7
197
253
114
130
108
72
5
191
248
109
123
103
68
5
198
258
98
129
110
69
4
202
264
99
132
108
79
4
206
265
111
139
113
88
5
98
6
106
110
75
94
98
69
75
78
53
66
70
42
67
70
45
57
59
41
62
64
42
64
67
40
65
68
42
72
75
48
82
86
53
91
94
65
96
100
72
101
105
70
179
88
254
88
167
89
233
85
158
86
219
81
138
55
202
69
150
58
221
78
143
63
206
78
152
70
216
84
146
65
210
80
165
72
240
84
169
80
241
86
167
74
241
84
172
76
250
84
177
86
252
91
161
90
222
81
Minerals—Total
125
123
112
108
103
98
95
91
90
91
92
97
102
P107
Bituminous coal
Anthracite.
__
Petroleum, crude
Iron ore
Zinc
Lead
Silver
92
55
182
218
110
73
111
92
73
177
156
112
84
90
87
70
172
34
108
82
128
84
69
171
72
72
170
68
57
168
58
56
170
52
47
170
109
88
105
103
70
97
97
69
104
92
65
106
83
73
96
49
64
158
28
80
59
89
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
Manufactures—Total
IRON AND STEEL
_
Pig iron
Steel ingots ___ _
TEXTILES
_
Cotton consumption
Wool
C onsumption
Machinery activity _
Carpet and rug loom activity
Silk deliveries
FOOD PRODUCTS:
Slaughtering and meat packing
Hogs
Cattle
Calves
Sheep
Wheat flour
Sugar meltings___
P A P E R AND PRINTING:
Newsprint production
Newsprint consumption
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
LEATHER AND PRODUCTS
Tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Boots and shoes _.
107
Pill
P87
104
94
P126
CEMENT AND GLASS:
Cement
Glass, plate.NONFERROUS METALS:
Tin deliveries
Zinc
Lead
-
-
-
F U E L S , MANUFACTURED:
Petroleum refining
Gasoline
Kerosene
Fuel oil
Lubricating oil
Coke, byproduct
Coke, beehive
R U B B E R T I R E S AND T U B E S
Tires, pneumatic
Inner tubes
_
__
_
TOBACCO PRODUCTS
Cigars
Cigarettes
_.
Manufactured tobacco _
_
.
P63
P167
86
78
52
v Preliminary.
' Revised.
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, March 1937, p. 256, and October 1938, p. 912. 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.
1079
FEDERAL RESERVE BULLETIN
DECEMBER 1938
FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)
1923-25 average=100]
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1935
1938
1937
Industry and group
Total
Durable goods
Nondurable goods
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
r
Revised.
83.7
74.1
92.9
82.4
71.9
92.4
82.9
70.7
94.5
84.9
'72.0
97.1
86.9
75.8
97.6
87.5
78.0
96.7
80.2
85
80
63
76
77.8
83
77 A
79.4
84
79
61
76
42
62
73
118
70
75
58
90
73
111
81.1
85
83
64
78
44
67
74
123
68
74
58
89
76
132
83.4
87
84
65
80
46
80
72
128
69
77
60
86
76
145
84.7
106
135
74
83
77
112
82
58
119
85.2
96
136
77
83
78
114
81
61
122
86.8
100
136
80
86
78
115
89
62
125
56.9
787
55
23
20
99
'55.9
759
55
••24
18
91
74.3
779
79
29
16
89
81.3
801
89
26
16
92
81.3
122
86
78
84
65
58
65
82.0
124
87
78
85
66
57
64
84.4
131
90
80
87
71
59
64
86.6
137
93
79
88
76
58
65
88.4
140
95
80
87
83
59
66
60.9
73
48
50
59.9
73
49
48
60.2
73
50
49
61.9
75
52
50
63.3
76
53
52
63.1
75
53
51
64.9
47
65
81
41
72
63.4
46
62
80
42
71
63.2
45
63
78
42
74
63.4
46
64
76
42
75
64.0
46
64
79
40
75
65.4
48
63
82
40
75
67.
49
66
87
40
76
89.4
78.9
67
78
68
100
88
107
139
68
63
140
60
51
112.2
95
165
96
125
76
112
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
74
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
115
95.7
86.2
77
84
78
106
90
111
141
77
69
151
59
71
115. [
103
164
99
143
72
114
Jan.
Feb.
Mar.
Apr.
107.2
105.1
105.4
104.7
100.6
99.8
101.3
95.1
91.9
98.1
90.0
83.7
96.0
88.9
81.0
96.4
87.4
79.0
95.4
85.4
76.2
94.1
112.2
123
112
69
94
71
100
83
170
81
96
80
101
96
207
104.6
113
106
66
92
64
97
81
161
74
82
77
100
91
198
97.0
105
97
68
90
59
89
73
143
71
77
73
97
87
180
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
63
72
120
64
71
60
89
75
126
62
76
40
61
73
113
65
70
58
87
73
114
130.0
190
155
121
110
114
167
159
83
156
128.0
192
155
119
112
113
167
145
81
151
120.7
180
152
113
103
107
163
124
76
140
112.8
168
148
105
100
100
157
103
71
129
104.8
156
144
97
98
93
148
91
66
120
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
124.5
911
137
63
53
112
125. 4
932
138
62
52
112
119.4
926
130
60
50
112
101.2
897
107
50
49
110
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
110.8
175
120
110
94
105
68
88
106.2
137
117
108
94
104
67
86
103.4
162
110
103
91
98
64
82
97.2
152
101
96
89
90
63
80
90.4
140
94
85
89
75
62
77
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
77.3
94
60
63
74.4
89
59
61
70.2
84
56
58
66.2
81
53
54
64.1
78
51
52
63.6
76
52
52
63.4
76
51
52
61.9
74
50
50
80.8
59
71
110
49
83
79.4
57
71
109
49
82
77.7
55
72
107
48
80
74.1
52
70
100
46
78
69.8
50
65
92
44
77
67.6
49
64
85
45
75
65.7
48
63
82
43
106.4
97.0
98
96
90
114
92
120
146
80
84
185
77
74
126.2
113
183
101
144
71
122
102.4
92.4
87
90
88
112
92
118
145
80
81
180
74
71
123.5
109
179
101
143
70
120
97.0
87.6
85
86
82
107
94
114
143
76
75
165
67
63
116.9
102
171
100
133
68
115
93.4
83.9
78
83
77
104
93
107
135
72
68
151
62
62
113.6
97
169
100
123
70
111
90.6
81.4
68
81
72
102
91
106
136
65
67
144
56
61
109.8
94
165
97
116
71
103
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
115.4
___
Sept.
Dec.
127
Blast furnaces, steel works
116
Bolts, nuts, washers, rivets
71
Cast-iron pipe
96
Cutlery, edge tools
Forgings
_. 72
99
Hardware
86
Plumbers' supplies
170
Stamped, enameled ware
Steam, hot-water heating _ _ „ 87
102
Stoves
83
Structural, ornamental
107
Tin cans, tinware
100
Tools
192
Wirework
A pricultural irnplements
Cash registers, etc
Electrical machinery
Engines, turbines, etc
Foundry, machine-shop products.
Machine tools
Radios, phonographsTextile machinery
_
Typewriters
Aug.
Nov.
106.8
MACHINERY
July
Oct.
__ _ _. 107.6
IRON, STEEL, PRODUCTS
June
Sept.
73
May
43
77
83
78
60
67
40
57
73
108
69
71
58
86
70
112
83.3
••103
138
73
81
76
112
82
54
117
Oct.
1080
FEDEKAL RESERVE BULLETIN
DECEMBER 1938
FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL
VARIATION)—Continued
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 193t5. 1923-25 average=100]
1937
1938
Industry and group
LEATHER, MANUFACTURES
Boots, shoes _
__._
Leather
FOOD, PRODUCTS.__
Baking
Beverages
Butter
Canning, preserving
Confectionery
Flour
Ice cream
Slaughtering, meat packings
Sugar, beet
Sugar refining, cane
._
TOBACCO MANUFACTURES
Tobacco, snuff
Cigars, cigarettes
PAPER, PRINTING_
_
Boxes, paper
Paper, pulp.
Book, job printing
Newspaper, periodical printing-__
CHEMICALS, PETROLEUM __-_
. _ ..
Petroleum refining
Other than petroleum
Chemicals
Cottonseed oil, cake, meal
Druggists' preparations
Explosives _
Fertilizers
Paints, varnishes
Rayon, allied products
Boap
__
_
RUBBER PRODUCTS
Rubber boots, shoes
Rubber tires, inner tubes
Rubber goods, other
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
89.9
92
74
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
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
76
77
96
109
92
119.1
142
234
100
112
77
75
78
97
94
90
64.3
62
65
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
61
63
64 3
63
65
63 2
58
64
110.1
102
111
107
108
107.4
98
107
105
107
106.4
96
106
104
106
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
104.0
97
105
99
105
125.8
129
125.1
136
108
115
90
99
127
360
91
122.9
127
121.9
131
110
113
88
97
125
346
90
117.7
124
116.3
125
104
112
88
98
119
313
90
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
108.3
121
105.2
106
102
113
81
91
121
108.4
110
98
110
81
290
86
108.4
120
105.5
110
93
112
81
93
109
274
86
272
89
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
87
113
313
90
96.1
76
84
139
89.7
71
78
131
85.1
66
74
125
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
Sept.
Oct.
Nov.
95.8
95
91
94.5
94
88
90.5
91
81
89.0
90
76
89.5
92
75
127.9
147
248
107
158
79
77
84
97
106
79
127.1
149
241
105
144
84
77
81
99
105
82
127.3
146
247
104
151
83
78
81
98
106
85
124.5
144
244
104
139
81
78
82
97
103
92
64 7
62
65
64 0
62
64
64.2
62
65
112.7
104
116
109
109
112.0
103
115
108
109
128.5
130
128.2
138
112
117
90
106
129
376
93
97.5
77
85
142
Dec.
no
no
Oct.
r
Revised.
NOTE.—Figures for October 1938 are preliminary. For description and back data see pages 835-866 of the BULLETIN for October 1938. Under
lying figures are for payroll period ending nearest middle of month.
1081
FEDERAL RESERVE BULLETIN
DECEMBER 1938
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
1938
1937
Industry and group
Factory payrolls
1937
1938
Sept.
Oct.
June
July
Aug.
Sept.
Oct.
Sept.
O€t.
June
July
Aug.
Sept.
Oct.
109.0
106.3
111.5
107.2
106.6
107.8
81.6
72.4
90.3
81.9
70.3
92.9
85.7
99.0
88.8
75.3
101. 6
89.5
79.0
99.4
104.4
105.8
102.9
104.5
108.2
100.3
70.8
61.7
80.9
70.6
58.6
84.1
76.8
'63.7
'91.5
81.0
68.7
94.9
83.7
75 0
93.5
116.1
IRON STEEL, PRODUCTS
127
Blast furnaces, steel works
115
Bolts nuts washers, rivets
72
Cast-iron pipe
96
Cutlery edge tools
72
Forgings
'.
98
Hardware
85
Plumbers' supplies
167
Stamped enameled ware
88
€>team hot-water heating
109
Stoves
Structural, ornamental
_ __ __ 85
117
Tin cans, tinware.
98
Tools
187
Wirework
113.2
123
112
69
96
71
100
84
172
84
104
82
104
97
209
77.8
82
77
64
75
40
61
73
113
65
71
58
89
73
116
76.7
82
77
62
64
39
57
73
105
67
68
59
91
70
110
79.4
84
78
63
75
42
61
73
114
69
76
60
100
72
106
81.7
85
82
65
78
44
67
73
122
70
80
61
98
75"
128
84.2
87
84
65
82
45
80
73
129
71
83
61
88
77
147
115.0
128
114
61
92
71
100
73
165
79
93
78
126
97
188
109.8
117
114
58
91
70
113
77
179
73
89
76
110
94
235
59.1
58
61
51
62
29
52
58
100
51
55
47
93
61
100
57.4
57
59
'52
52
29
48
65.3
65
66
'53
61
35
58
'57
110
56
62
51
107
63
100
68.6
75 1
68
74
73
81
54
54
67
76
38
41
66
87
60
62
120
135
53
59
69
76
50
51
103
90
6,7 \ 72
134
156
r
72 7
'99
123
64
86
64
94
72
'45
92
'76 1
'96
121
68
90
67
76
'50
98
78 6 81 8
92
87
121
120
73
78
90
90
68
69
108
110
84
99
54
56
116
128
Total
- -Durable goods
Nondurable goods - _
92
52
52
49
94
58
92
MACHINERY
Agricultural implements
Cash registers etc
Electrical machinery
Engines, turbines, etc
Foundry, machine-shop products.
Machine tools
Radios, phonographs
Textile machinery
Typewriters
130 5
180
155
121
111
114
168
184
81
156
128 7 86 1 82 9 84 1
181
'101
125
'100
155
135
137
138
74
119
75
73
83
109
86
82
77
113
77
76
107
168
116
111
89
178
82
82
58
80
54
54
118
152
115
116
85 5
91
136
77
83
78
114
94
60
122
87 2 133 5 133 3 76.4
204
124
94
209
121
157
155
136
81
124
123
67
83
124
122
89
78
113
114
66
116
196
190
99
108
166
72
158
61
86
47
82
125
158
94
142
TRANSPORTATION EQUIPMENT
Aircraft
Automobiles
Cars, electric, steam-railroad
Locomotives
Shipbuilding
__
106.3
884
112
61
53
112
122.2
904
134
60
53
113
62.4
814
62
25
25
98
55.5
795
53
23
20
96
759'
48
24
18
89
63.8
756
65
28
16
90
79.2
777
86
26
16
93
102.2
762
106
62
55
114
128.2
837
139
64
56
119
57.4
764
54
24
20
105
'51.0
737
47
20
16
100
'49.9
713
'47
22
13
90
64.8
727
66
26
11
92
82.9
782
90
24
11
96
NONFERROUS METALS, PRODUCTS
Aluminum
Brass, bronze, copper
_
Clocks, watches
Jewelry
Lighting equipment
Silverware, plated ware
Smelting, refining
112.1
174
120
111
103
105
69
88
109.9
139
118
112
109
108
70
87
79.8
122
86
75
78
64
58
65
79.1
122
86
74
79
63
51
64
83.0
129
89
78
87
68
58
63
87.8
136
93
80
96
76
59
65
91.7
142
96
83
101
85
61
66
110. 3
175
122
122
91
100
69
88
108. 7
149
115
127
100
105
69
90
66.3
109
73
60
60
51
45
60
67.0
112
78
60
61
50
38
57
74.1
126
83
70
70
58
49
58
81.2
139
89
78
81
69
53
60
88.4
148
96
85
93
79
59
62
80.4
98
61
66
77.7
95
60
64
60.7
71
50
50
60.7
71
51
50
64.0
76
53
52
65.9
79
54
54
65.9
80
54
54
72.6
83
51
63
69.6
81
49
59
51.2
52
40
45
48.7
51
42
42
58.1
63
46
50
60.1
68
46
51
59.4
66
46
50
83.6
63
76
111
53
82
82.0
61
75
110
51
84
65.8
48
68
79
44
73
64.6
49
70
75
44
70
66.3
50
70
79
43
72
67.8
51
68
82
43
75
70.1
52
70
88
42
78
76.9
52
72
120
42
75
76.7
49
71
120
40
82
56.4
36
65
78
34
61
53.1
35
66
69
34
53
56.5
37
65
79
32
59
58.3
39
63
83
31
64
63.0
41
66
93
30
73
107.4
TEXTILES, PRODUCTS _
96.4
Fabrics
Carpets, rugs
_ 99
94
Cotton goods
89
Cotton small wares
111
Dyeing, finishing textiles
95
Hats, fur-felt
_121
Knit goods
Hosiery
147
Knitted outerwear
84
Knitted underwear
84
188
Knitted cloth
80
Silk, rayon goods
74
Woolen, worsted goods
130.8
Wearing apparel
_
118
Clothing, men's
190
Clothing, women's
101
Corsets, allied garments
141
Men's furnishings
79
Millinery
_ __
124
Shirts, collars..
104.5
93.4
88
90
89
112
92
121
147
86
83
185
75
72
128.0
112
188
102
150
72
126
84.6
77 2
48
76
68
98
61
104
133
69
66
135
54
61
99.7
78
148
97
124
60
113
95.1
86.6
80 4 '85 1
63
68
78
81
68
72
97
102
80
88
109
105
133
138
69
74
67
68
137
150
55
61
68
75
98.9 116.3
90
104
135
166
93
95
121
127
50
68
108
117
97.9
86 6
73
83
76
104
90
112
141
80
69
150
63
73
122.1
108
177
97
138
79
118
97.6
87 1
77
84
79
106
89
115
144
84
70
156
61
72
120.1
105
172
99
150
74
119
90.1
84 2
75
85
83
95
82
121
162
71
70
151
68
60
98.5
84
132
94
117
79
105
87.2
80 2
57
78
84
95
73
128
171
82
71
153
62
55
98.1
80
136
99
137
56
115
62.4
66.6
80.0
61 2 65 7 '73 4
45
'55
36
64
68
59
59
65
60
78
'87
77
75
87
49
112
100
98
154
139
134
65
58
57
58
53
54
126
100
111
50
41
42
62
47
56
62.6
66.0 '90.4
'74
43
57
90
128
86
86
83
86
101
94
110
45
36
60
83
78
93
84.1
74 8
61
71
71
90
95
116
160
72
59
128
51
58
99.5
80
138
96
125
92
97
83.3
76 7
69
73
77
92
78
122
167
77
63
132
50
58
93.2
74
130
106
141
64
99
L U M B E R , PRODUCTS _
_
_
_
_
Furniture
Lumber, millwork
Lumber, sawmills
__ _
S T O N E , C L A Y , G L A S S PRODUCTS
Brick, tile, terra cotta
Cement
Glass _. _ __
Marble, granite, slate__
Pottery
r
Revised.
__ _
97
•
1082
FEDERAL RESERVE BULLETIN
DECEMBER 1938
FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL
ADJUSTMENT)—Continued
[Index numbers of the Bureau of Labor Stsitistics; adjusted to Census of Manufactures through L935. 1923-25 average=100]
Factory employment
Industry and group
Boots, shoes
Leather..
FOOD, PRODUCTS
Baking
Beverages
Butter
Canning, preserving..
Confectionery
Flour
Ice cream
Slaughtering, meat packing
Sugar, beet
Sugar refining, cane
Sept.
Oct.
June
July
Aug.
Sept.
Oct.
Sept.
Oct.
June
July
Aug.
Sept.
Oct.
96.7
96
91
93.4
93
88
81.8
83
72
89.3
91
74
92.6
95
77
92.2
94
78
89.6
90
81
74.7
69
90
69.0
62
86
57.5
53
69
69.4
67
72
76.9
75
78
73.9
71
79
69.2
64
81
138.2
119.4
128.6
138.3
142.7
128.5
143.0
135.2
121.7
128.5
131.1
136.7
126.9
151
241
105
144
252
110
145
260
111
145
260
110
146
250
104
144
234
100
148
317
93
150
279
88
142
306
95
191
99
80
76
99
282
82
179
68
78
95
95
53
88
251
72
78
93
94
75
90
177
99
82
64
110
227
73
101
68
76
78
105
52
81
140
322
94
_. 328
88
79
90
_ _. 96
97
80
289
90
82
74
107
98
68
143
323
96
140
272
86
157
63
79
81
108
53
81
204
69
79
80
105
68
80
144
298
90
238
91
81
70
109
97
85
133
90
80
64
110
217
80
PAPER, PRINTING
Boxes, paper
Paper, pulp
Book, job printing
Newspaper, periodical printing. __
CHEMICALS, PETROLEUM
Petroleum refining.. _
Other than petroleum
Chemicals
___ __
Cottonseed oil, cake, meal
Druggists' preparations _ _
Explosives
Fertilizers
Paints, varnishes
Rayon, allied products
__
Soap
r
1938
152.1
Tobacco, snuff
Cigars, cigarettes
Rubber boots, shoes. __ _
Rubber tires, inner tubes
Rubber goods, other
1937
149
266
111
._
TOBACCO, MANUFACTURES ._
RUBBER PRODUCTS
1938
1937
LEATHER, MANUFACTURES
Factory payrolls
114
70
75
92
94
47
91
272
88
77
83
96
100
93
149
91
78
74
97
252
90
66.7
67.1
64.8
61.5
'64. 3
62.5
59.4
57.1
'59.0
61
62
61
60
'60
63
58
72
70
70
65
62
65
67
67
60
61
58
'66
72
68
69
67
56
63
58
60
60
113.1
107
116
109
109
113.3
109
115
109
110
101.9
92
102
97
105
101.5
92
102
98
102
102.7
95
103
99
103
104.3
99
104
99
105
105.3
103
105
99
106
108.8
109
116
97
109
110.3
115
115
97
112
96.0
91
95
84
104
95 9
93
97
85
101
98 0
97
102
86
101
101 1
105
102
88
106
103 8
112
107
88
109
130.6
131
130 5
140
146
118
92
94
128
380
95
128.5
129
128.3
138
153
119
92
89
127
362
95
105.2
121
101.4
110
58
108
80
69
113
265
85
108.1
122
104.8
110
68
108
82
69
111
294
91
113.0
121
111.1
113
114
110
85
82
113
315
93
113.4
119
111.9
115
122
111
84
79
113
314
93
119 8
133
115 9
128
104
124
97
70
116
302
95
72.5
54
61
75.9
58
62
77.7
60
64
111.1
135
103.7
115
51
111
89
63
111
250
87
64 1
37
60
118 9
135
114 1
121
95
121
93
77
115
308
95
70.6
54
60
69.5
51
61
76 7
58
67
79 5
62
69
107
113
134
141
112.8
138
105.1
118
48
114
86
65
116
242
86
63.5
45
58
116.9
138
110 4
121
57
117
93
65
111
289
91
97.1
78
84
136.6
144
134.2
152
124
127
104
96
129
369
98
97.6
84
88
135.1
143
132.5
152
131
129
108
82
131
352
97
97.5
79
85
105.0
122
101.0
108
59
107
81
64
111
271
88
68.7
42
61
__ 139
142
106
66.3
121
66.3
123
61.2
94.5
78
82
93
95
108
61.0
117
60.8
121
Revised.
NOTE.—Figures for October 1938 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.
1083
FEDERAL RESERVE BULLETIN
DECEMBER 1938
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.]
Residential
Total
Factories
Commercial
P u b l i c works
and public
utilities i
1937
1937
1938
68.0
60.1
51.9
65.4
65.8
98.9
101.4
89.6
65.3
61.3
59.2
64.8
98.6
30.5
59.7
67.0
122.2
83.5
79.3
126.1
109.3
114.0
Month
January _.
February
March . - _ _
April
May
June
July
August
September
October _
November
December
_ _
Year
1937
1938
1937
1938
242.7
188.3
231.2
269.5
243.7
317.7
321.6
281.2
207.1
202.1
198 4
209.5
192.2
118.9
226.9
222.0
283.2
251.0
239.8
313.1
300.9
357.7
78.4
63.0
90.2
107.8
83.9
93.0
81.0
73.4
65.6
65.5
59 9
43.5
36.2
40.0
79.4
74.6
83.2
85.7
88.0
99.7
99.6
112.7
1937
905.3
2, 913.1
37.0
12.6
22.2
30.1
18.5
36.8
58.5
37.9
12.9
12.6
13.5
20.9
1938
6.6
4.9
15.7
11.5
8.6
10.7
9.7
11.3
10.7
13.8
1938
15.4
13.0
20.2
18.9
19.2
18.8
26.2
18.3
14.0
24.2
21.5
22.3
30.0
28.5
25.6
24.5
29.1
29.6
25.3
25.2
18.9
16.5
297 0
313.7
851 6
Educationali
All other i
1938
1937
18.8
10.9
9.1
13.7
21.4
36.9
14.8
16.7
15.3
10.1
18 5
37.0
1937
1938
19.0
19 4
27.9
24.1
28.4
27.7
36.7
34.0
22.6
27.3
28 4
26.8
19.0
15 4
21.0
16.9
11.8
14.7
10.7
21.4
33.9
47.0
223 2
16.4
15 1
31.0
33.1
38.2
37.7
26.1
36.3
33.4
46.0
322.2
i Not strictly comparable with data for earlier years due to changes in classification.
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.]
Privately-financed
Publicly-financed i
Total
1
Month
1933
January
February
March
April
May
June
_
July
August
September
October...
November,
December
Year
1934
1935
1936
1937
83
53
60
57
77
102
83
106
120
145
162
207
186
97
178
131
134
127
120
120
110
135
112
93
100
75
123
124
127
148
159
169
167
201
188
264
215
140
199
235
216
233
295
275
234
226
208
200
243
188
231
270
244
318
322
281
207
202
198
209
1,256
1,543
1,845
2,675
2,913
1938
192
119
227
222
283
251
240
313
301
358
1933
1934
1935
39
27
25
18
24
29
20
47
71
100
126
156
157
65
126
78
72
73
52
69
69
79
74
61
55
38
68
53
47
64
67
92
97
114
118
196
149
79
96
105
94
116
153
153
116
101
89
82
112
69
66
74
93
137
131
104
80
78
93
115
683
975 1,007
1,334
1,152
1936
1937
1938
1933
1934
1935
1936
1937
118
51
95
99
144
108
98
171
160
203
44
26
35
39
53
74
63
59
49
45
36
51
29
31
52
53
63
54
67
51
41
57
38
32
45
37
55
71
80
84
93
76
70
87
70
68
66
62
103
130
122
116
141
122
119
125
119
117
130
119
165
195
151
180
191
178
127
124
106
94
573
568
837 1,341
1,761
1938
75
68
132
123
139
143
142
142
141
154
i Back figures.—See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available.
CONSTRUCTION CONTRACTS AWARDED, BY
DISTRICTS
COMMERCIAL FAILURES, BY DISTRICTS
[Figures 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
1938
Oct.
Sept.
35,895
82, 441
16, 582
33, 089
34, 205
28, 082
65,861
20, 716
10, 627
11,154
19, 046
19, 449
73, 785
13, 971
31, 274
27, 955
27, 548
53, 410
20, 880
10, 399
10,814
11, 415
357, 698
300, 900
Oct.
Federal Reserve
district
1938
Oct.
_
_
_
Liabilities
1937
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
_ _
Richmond
Atlanta
Chicago...
St. Louis
Minneapolis
_
Kansas City
Dallas
Total (11 districts)
Amounts in thousands of
13,010
45, 878
15, 773 Boston
17,139 New York
15,944 Philadelphia
14,820 Cleveland
39,470 Richmond
12, 688 Atlanta
6,542 Chicago
9,047 St. Louis
11, 771 M inneapolis
202, 081
Kansas City
Dallas
San Francisco
Total
1938
1937
Sept.
Oct.
1937
Oct.
Sept.
Oct.
85
257
67
83
51
54
127
42
25
48
21
137
81
200
75
76
43
54
126
38
17
41
16
99
60
266
39
66
38
35
112
21
16
33
19
110
1,036
5,107
770
948
442
476
1,843
477
210
443
316
1,151
993
4,871
785
987
455
748
2,102
630
129
412
203
2,026
654
4,593
987
1,556
564
263
2,635
206
77
434
205
1,905
997
866
815
13, 219
14, 341
14, 079
NOTE.—Series revised back to Jan. 1936 to include commercial and
industrial failures occurring under Section 77B of The National Bankruptcy Act. Back figures may be obtained from Dun & Bradstreet, Inc.
1084
FEDERAL RESERVE BULLETIN
DECEMBER 1938
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports *
Excess of exports
Merchandise imports *
Month
1935
1936
1937
1938
1934
172
163
lfil
176
163
185
199
182
195
223
233
257
289
262
275
136
133
158
April
May
June
179
160
171
164
165
170
193
201
186
269
290
265
274
257
233
July
August.
September
162
172
191
173
172
199
180
179
221
268
277
297
October
November
December
206
195
171
221
270
223
265
226
230
333
315
323
Year
2,133
2,283
2,456
3,349
1934
January
February
March
_
.
1935
1934
1935
1936
1937
1938
167
152
177
187
193
199
240
278
307
171
163
173
37
30
33
147
155
136
171
171
157
203
192
191
287
285
286
160
148
146
228
231
246
127
120
132
177
169
162
195
193
216
265
246
233
P278
130
151
132
189
169
187
213
196
245
224
223
209
1,655
2,047
2,423
3,084
1938
1936
1937
9
11
8
11
-11
-4
-18
-45
-51
118
99
102
33
6
34
-6
—5
13
-10
9
-5
-18
5
-21
109
141
166
168
34
52
60
-3
3
37
-15
-14
5
3
31
63
87
65
79
P178
77
44
38
32
100
37
52
30
—15
108
92
115
*>100
478
235
33
265
iff
87
«
p Preliminary.
i 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—Bee BULLETIN for January 1931, p. 18, for July 1933, p. 431, and for February 1937, p. 152.
FREIGHT-CAR LOADINGS, BY CLASSES
DEPARTMENT STORES—SALES, STOCKS
[Index numbers; 1923-25 average^lOO]
[Index numbers based on value figures; 1923-25 average=100]
1937
1938
Oct. June July A u g .
Sept. Oct.
Without
Without
Adjusted
Adjusted
for seasonal
seasonal for seasonal seasonal
variation adjustment
variation adjustment
Month
Adjusted for seasonal variation
Total . . . . _.
Coal
Coke
Grain and grain products
Livestock
Forest products
Ore
M
iscellaneous1
Merchandise
76
81
74
82
45
46
79
81
66
58
58
37
82
39
35
36
62
59
61
62
43
89
39
37
32
65
60
62
63
46
84
37
40
34
67
60
64
68
51
74
39
40
41
69
61
68
69
50
95
44
42
48
72
62
Without seasonal adjustment
Total
Coal .
Coke
Grain and grain products-.
Forest products _
Ore
Miscellaneous
_
Merchandise *
84
89
74
82
63
48
117
92
69
58
49
34
80
32
37
62
64
59
62
52
36
123
34
37
60
66
59
63
56
38
101
37
41
63
68
61
Index of stocks (end of
month)
Index of sales i
71
71
49
83
50
43
72
78
64
75
76
50
95
62
43
71
82
65
1937
1938
1937
1938
1937
1938
1937
93
95
93
90
88
86
72
76
90
70
70
77
74
76
76
71
70
70
66
72
78
63
67
71
June
April
May__ _., _ _ _
93
93
93
83
78
82
89
95
90
86
80
79
76
76
76
69
69
68
79
78
73
71
71
65
July
August
September
92
93
94
83
83
86
65
72
100
58
65
91
77
78
77
67
67
67
69
74
80
61
65
70
October
November
December
93
91
89
84
103
101
156
92
76
75
72
67
85
86
68
74
January
February
March
Year
__
92
1938
76
i Based on daily average sales—with allowance for changes from
month to month in number of Saturdays and in number of Sundays and
holidays. Adjustment for seasonal variation makes allowance in March
i In less-than-earload 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
for 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.
1085
FEDERAL RESERVE BULLETIN
DECEMBER 1938
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics.
1926=100]
Other commodities
All
commodities
Farm
products
Foods
1929_.
1930_.
1931..
1932..
1933..
1934_.
1935_.
1936..
1937..
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.4
89.9
79.2
71.4
77.0
80.2
85.3
86.7
95.2
94.2
89.1
79.3
73.5
72.6
75.9
80.5
80.4
83.9
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
1937—September..
October
November..
December _.
87.4
85.4
83.3
81.7
85.9
80.4
75.7
72.8
88.0
85.5
83.1
79.8
85.9
85.1
84.3
83.6
107.6
106.7
101.4
97.7
75.3
73.5
71.2
70.1
78.7
78.5
78.2
78.4
97.1
96.4
96.8
96.3
96.2
95.4
93.7
92.5
81.4
81.2
80.2
79.5
91.1
91.0
90.4
89.7
77.0
76.2
75.4
75.0
1938—January
February.—
March
April
May
June
July
August
September.
October
Week ending—
1938—July 2
July 9
July 16—
July 23__.
July 30...
Aug. 6__Aug. 13...
Aug. 20...
Aug. 27__.
Sept. 3—
Sept. 10__
Sept. 17-.
Sept. 24..
Oct. 1_.._
Oct. 8 —
Oct. 15—
Oct. 2 2 - .
Oct. 2 9 . .
Nov. 5_._
Nov. 1 2 Nov. 19__
80.9
79.8
79.7
78.7
78.1
78.3
78.8
78.1
78.3
77.6
71.6
69.8
70.3
68.4
67.5
68.7
69.4
67.3
68.1
66.8
76.3
73.5
73.5
72.3
72.1
73.1
74.3
73.0
74.5
73.5
83.5
83.0
82.6
82.0
81.6
81.3
81.4
81.4
81.3
81.1
96.7
94.7
93.6
92.1
91.3
90.1
91.5
91.9
92.0
93.4
69.7
68.6
68.2
67.2
66.1
65.5
66.1
65.9
65.8
66.2
78.3
78.5
77.7
76.8
76.2
76.4
76.8
76.8
76.6
75.4
96.0
96.0
96.3
96.7
96.1
95.2
95.4
95.5
95.3
91.8
91.1
91.5
91.2
90.4
89.7
89.2
89.4
89.5
79.6
79.1
78.7
77.5
76.8
76.3
77.7
77.7
77.3
77.1
88.3
88.0
87.7
87.3
87.2
87.1
86.4
86.4
86.2
85.7
75.2
74.8
74.4
73.4
73.1
72.9
72.7
72.4
72.4
72.6
77.9
78.3
78.9
78.7
78.6
78.4
77.9
77.4
77.8
77.8
68.5
69.4
70.7
72.7
73.6
74.4
74.3
74.1
73.5
72.2
72.0
73.0
73.0
73.7
74.8
75.0
74.1
73.7
73.6
73.5
73.8
72.9
73.9
73.9
81.5
81.4
81.6
81.6
81.6
81.7
81.8
81.6
81.6
81.5
81.5
81.6
81.6
81.6
81.5
81.6
81.2
81.3
81.2
91.9
91.5
92.1
92.4
92.5
92.2
92.5
92.5
92.4
92.5
92.8
92.4
92.3
92.5
92.8
93.7
94.3
95.1
95.3
95.1
95.1
65.3
65.7
65.7
65.8
65.7
65.5
65.5
65.3
65.3
65.4
65.3
65.3
65.3
65.4
65.6
65.7
65.7
65.9
65.9
65.7
65.7
77.0
77.2
77.4
77.4
77.3
77.7
78.0
77.6
77.6
77.2
77.1
77.6
77.5
77.2
76.9
76.9
75.5
75.2
75.2
74.8
74.9
95.1
95.3
95.3
95.3
95.4
95.5
95.5
95.5
95.4
95.4
95.4
95.5
95.6
95.7
95.7
95.4
95.4
95.9
95.3
95.3
95.0
89.5
88.5
89.3
89.3
89.2
89.3
89.3
89.3
89.3
89.4
89.5
89.6
89.4
89.5
89.7
89.9
89.8
89.8
90.0
89.0
89.3
76.7
76.8
77.1
77.0
77.0
77.4
77.2
77.1
77.1
77.1
77.1
77.1
77.1
76.9
76.7
76.7
76.7
76.6
76.3
76.2
76.4
88.4
88.1
88.0
87.9
87.9
87.9
87.8
87.8
87.8
87.8
87.8
87.8
87.8
87.2
87.1
87.1
87.1
87.1
87.1
87.1
87.1
72.9
72.5
72.6
72.5
72.5
72.3
72.3
72.1
72.3
72.3
72.2
72.1
72.3
72.3
72.4
72.4
72.4
72.4
72.4
72.5
72.5
Year, month, or week
77.9
78.3
78.4
78.0
77.8
77.7
77.3
77.6
77.77.4
77.3
Total
69.3
68.6
68.7
67.0
65.9
67.3
67.1
67.7
68.8
68.9
68.1
67.4
67.4
66.9
68.2
67.2
67.
67.
1937
Hides and Textile Fuel and Metals Building Chemi- House- Miscelleather
lighting and metal
cals and furnishproducts products materials products materials drugs ing goods laneous
1937
1938
Subgroups
Oct.
July
Aug. Sept. Oct.
77.0
98.5
70.1
58.3
84.4
63.0
53.4
80.6
62.6
53.0
81.0
64.0
50.8
76.2
65.0
85.7
84.6
62.2
107.4
73.4
69.5
78.8
56.4
89.7
66.7
77.0
57.3
86.0
66.5
72.8
76.1
55.5
87.3
69.5
71.6
75.1
57.5
83.3
70.4
FARM PRODUCTS:
Grains
Livestock and poultry
Other farm products
H I D E S AND LEATHER PRODUCTS:
Shoes
Hides and skins
Leather
Other leather products
107.6 101.2 100.8 100.8 100.3
117.1 70.8 75.6 75.7 82.1
97.2 82.5 82.1 82.4 84.6
103.3 97.5 97.0 96.9
T E X T I L E PRODUCTS:
Clothing
Cotton goods
Hosiery and underwear.
Silk and rayon
Woolen and worsted goods
Other textile products
1
July
Aug. Sept. Oct.
Agricultural implements,
Farm machinery
Iron and steel
Motor vehicles *
Nonferrous metals
Plumbing and heating
94.2
96.2
99.7
92.2
85.5
95.9
97.3
97.2
96.0
71.8
79.5
95.5
97.0
97.3
96.1
72.9
79.2
81.7
65.1
59.8
29.9
75.9
65.4
81.7
64.4
59.8
29.2
76.3
65.2
81.6
64.1
59.9
20.5
76.3
65.0
81.6
30.9
76. 3
65.3
78.8 76.2 77.9 79.1 79.1
99.3 97.9 98.1 98.4 98.7
105.3 104.2 104.2 104.2 104.2
81.0
83.6 91.0
61.7 56.8 56.7 56.4 53.8
95.5
96.9
97.3
96.2
73.5
78.5
95.4
96.8
96.9
95.0
76.2
78.5
BUILDING MATERIALS:
Brick and tile
Cement.
Lumber
Paint and paint materials. _.
Plumbing and heating
Structural steel
Other building materials
93.4 90.7 90.6 90.9 91.1
95.5 95.5 95.5 95.5 95.5
97.3 88.8 90.2 90.4 90.3
84.2 80.5 80.5 80.4 81.1
80.6 79.5 79.2 78.5 78.5
114.9 107.3 107.3 107.3 107.3
100.2 91.2 91.3 91.3 91.7
CHEMICALS AND D R U G S :
89.4
73.1
65.8
30.6
90.1
69.0
F U E L AND LIGHTING MATERIALS:
Anthracite.
Bituminous coal
Coke
Electricity
Gas
Petroleum products
Oct.
METALS AND M E T A L PRODUCTS:
FOODS:
Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods
1938
Subgroups
85.3
78.3
72.5
__ 74.9
Chemicals..
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers
HOUSEFURNISHING GOODS:
Furnishings
Furniture
Auto tires and tubes
Cattle feed...
Paper and pulp
Rubber, crude
Other, miscellaneous.
87.1
MISCELLANEOUS:
_.
_
56.4
83.6
92.4
33.6
84.6
81.7
74.8
66.9
72.9
81.4
74.8
67.3
74.2
81.0
74.8
67.2
73.4
80.5
74.9
67.5
73.4
90.5
82.2
57.4
76.8
82.8
31.9
80.7
90.5
82.2
90.2
82.1
89.3
82.1
57.4
67.0
82.4
33.5
57.4
67.6
81.9
33.3
81.1
57.4
66.5
81.7
35.3
81.2
Preliminary revision.
Back figures.—Foi monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for
1937 (table 87).
1086
FEDERAL RESERVE BULLETIN
DECEMBER :
NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates of the Department of Agriculture, by States, as of November 1, 1938]1
[In thousands of units]
Cotton
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago .__
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Production
__
Corn
Total
Estimate
Nov. 1,
1938
Production
Estimate
Nov. 1,
1938
Production
1937
1937
Estimate
Nov. 1,
1938
Bales
Bales
Bushels
Bushels
Bushels
Bushels
7,372
29, 722
52, 935
196, 434
136, 671
191, 655
1,006,142
325, 582
224, 318
212, 270
91, 379
6,478
9,164
20, 783
53, 526
28,459
7,530
78,012
78, 966
14, 346
291,374
42, 807
60,135
8,219
20, 250
53, 343
27,653
6,451
69, 796
67,121
28,180
288,094
36, 371
82,980
76
92
169
120
95
117
139
102
1,695
167
117, 495
8,121
105
60, 851
1,811
140
196,909
10, 202
94
42,162
2, 480, 958
685,102
688,458
188, 891
251, 771
1,846
4,218
1,107
2,647
2 4,891
3 3,426
642
6,329
1,020
477
3,873
607
7,693
28,379
55, 607
207,157
139, 866
182, 250
1,140, 744
363, 227
248,022
177, 352
86, 945
7,753
18,946
12,137
2, 644, 995
Oats
Federal Reserve district
Boston
New York
Philadelphia- _
Cleveland
Richmond __
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City __
Dallas
San Francisco
_-
_
Total
_
Tame hay
Production
1937
Estimate
Nov. 1,
1938
Bushels
Bushels
White potatoes
Tobacco
Estimate
Nov. 1,
1938
Production
1937
Estimate
Nov. 1,
1938
Production
1937
Estimate
Nov. 1,
1938
Production
1937
1937
Estimate
Nov. 1,
1938
Bushels
Bushels
Tons
Tons
Pounds
Pounds
Bushels
Bushels
Production
_
Spring wheat
1937
_
.
Winter wheat
6,142
20,194
15, 557
45,850
18, 885
13, 571
544, 644
55, 561
251, 656
113,172
33,087
27,939
6,309
28,168
19,230
49,417
20,125
15, 226
421,474
49, 759
238, 766
132,698
37,510
22,895
3,492
6,007
2,343
4,928
3,745
3,118
15,360
6,162
9,396
6,427
1,211
11, 596
3,595
5,799
2,407
5,717
3,993
3,450
18,990
6,939
10, 526
7,161
1,361
11,848
30,439
1,371
28,990
131, 698
839,494
187,312
26,635
301,156
1,966
4,344
24, 717
1,801
32, 690
122, 727
764, 766
197, 693
36, 021
281,485
2,927
6,095
57,609
33,561
25,334
18, 603
30, 352
14,722
51,039
12,716
46,497
32,308
4,268
66,280
48, 615
31, 526
22, 605
20, 677
28, 549
15,128
55,344
14,183
40,070
26,235
3,768
61, 503
1,146,258
1, 041, 577
73,785
81, 786
1, 553, 405
1, 470,922
393, 289
368,203
1 Figures for spring wheat, oats, and tame hay from estimates for Oct. 1, for winter wheat from Aug. 1. No estimate made for Nov. 1.
Includes 23,000 bales grown in miscellaneous territory.
Includes 18,000 bales grown in miscellaneous territory.
2
INTERNATIONAL FINANCIAL STATISTICS
1087
1088
FEDERAL RESERVE BULLETIN
DECEMBER
1938
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of Month
Total i
(52
countries)
United
States
1934—December. 21,051
1935—December. 21,604
1936—December. 22,630
1937—October. __ 23,845
November 23, 968
December. 23, 964
1938—January... 24,036
February, _ 23,944
March
23, 928
April
23, 765
May
_ 23, 747
June
?23,815
July
P23, 803
August
P23, 966
September P24, 648
October
Latin
Asia
Amerand
Africa
ica
Ocean(5
(11
ia (8
councoun- coun- tries)
tries)
tries)
Europe
(26
countries)
Canada
Europe
United
Kingdom 2
France
Germany
Italy 3
Switzerland
Nether- Nalands tional B . I . S .
Bank
Belgium
8,238
10,125
11, 258
134
189
188
11,010
9,517
9,307
601
666
736
805
816
858
263
291
283
1,584
1,648
2,584
5,445
4,395
2,995
32
33
27
518
270
208
590
611
632
573
438
490
624
454
655
4
8
11
12,803
12, 774
12, 760
187
187
184
9,191
9,359
9,381
706
695
685
691
687
687
266
266
266
2,689
2,689
2,689
2,428
2,564
2,564
28
28
28
208
208
210
572
570
597
906
940
930
646
644
648
4
5
5
12, 756
12, 776
12, 795
12, 869
12,919
12,963
13,017
13,136
13, 760
14,065
186
188
186
189
187
185
189
190
187
188
9,453
9,351
9,330
9,100
689
681
665
658
656
658
656
656
*>656
687
686
686
686
687
687
589
591
591
266
261
266
263
266
P265
2,689
2,689
2,689
2,689
2,690
2,690
2,690
2,690
2,690
2,690
2,564
2,428
2,428
2,428
2,428
2,428
2,428
2,428
2,428
2,428
29
29
29
29
210
210
210
210
210
210
210
210
210
210
599
593
531
529
456
481
501
517
539
562
957
977
998
1,007
1,008
1,008
1,008
1,008
1,008
1,008
687
699
698
697
686
679
674
686
690
695
5
5
7
7
11
10
9
10
6
10
9,057
9,083
9,114
9,157
*>9,198
?280
*>298
29
29
29
29
Latin America
Europe—Continued
End of month
DenHunBul- Czechoslomark Greece gary
garia vakia
Austria
1934—December
1935—December
1936—December
45
46
46
19
19
20
112
112
91
60
54
54
40
34
26
23
23
25
1937—October
November
December
46
46
46
23
23
24
90
91
92
53
53
53
25
25
25
46
46
•46
24
24
24
24
24
24
24
24
24
P24
93
93
93
93
93
93
93
93
81
83
53
53
53
53
53
53
53
53
53
53
24
24
24
24
24
24
24
24
1938—January
February
March
April
May
June.
July
August
SeptemberOctober
25
25
28
27
25
25
25
25
25
25
25
25
25
25
Poland
61
84
98
86
86
82
82
81
90
90
90
90
101
101
96
96
96
84
75
68
68
68
104
109
114
740
735
718
159
185
240
53
43
48
60
63
82
403
444
501
8
17
25
82
82
83
69
69
69
119
119
120
718
718
718
244
244
244
52
52
51
78
78
78
479
471
469
30
31
32
83
83
83
83
84
85
85
85
83
82
69
69
69
69
69
69
69
120
121
122
122
122
123
123
124
129
P129
718
718
718
525
525
525
525
525
525
525
245
253
261
261
272
279
280
280
310
321
51
51
53
54
54
55
55
55
56
56
79
79
79
79
79
79
79
79
79
463
458
447
442
440
439
435
435
32
30
31
31
32
33
33
34
34
1934—December
1935—December
1936—December._
_
1937—September
October _ _
November
December
1938—January
February
March
_
April
May
June. .
July
August
September
4
Brazil
Africa
3
2
Java
New
Zealand
Turkey
7
10
8
394
425
463
77
54
60
25
23
23
22
24
26
6
6
4
55
55
55
184
212
203
24
24
25
274
274
274
274
31
20
16
16
261
261
261
261
79
79
79
79
23
23
23
23
29
29
29
29
3
3
3
3
55
55
55
55
189
189
189
189
20
22
22
22
274
274
274
274
274
274
274
274
274
16
16
16
16
16
16
16
17
17
79
79
79
79
80
80
80
80
80
23
23
23
23
23
23
23
23
23
29
29
29
29
29
29
29
29
29
3
3
3
3
3
3
3
3
3
55
55
55
55
55
55
55
55
55
189
184
189
186
188
187
190
202
220
22
22
22
22
23
Mexico
Peru
Uruguay
29
19
16
19
23
44
46
19
20
20
82
77
77
18
19
19
275
275
275
30
30
30
30
15
16
15
16
38
34
31
24
20
20
20
20
77
77
77
74
20
20
20
20
30
30
30
30
30
30
30
30
30
18
19
19
19
19
20
21
20
23
32
30
25
25
26
26
28
27
24
21
20
19
20
19
19
19
19
74
74
74
71
71
71
71
71
71
20
20
20
20
20
20
20
20
29
Yugoslavia
other Brit- China Japan
coun- I nish
dia
tries
Colombia
Chile
69
Spain 4
Sweden
Asia and Oceania
Latin America—Continued
End of month
Portu- Rumania
gal
6 other Arcoun- gentries
tina
Norway
261
261
261
164
164
164
South other
other
coun- E g y p t Africa countries
tries
P23
*>23
P Preliminary.
1 See notes for individual countries.
2 Bank of England only. In addition, according to official announcements, British Exchange Equalization Account held $934,000,000 of gold
on Mar.
31, 1937, $1,395,000,000 on Sept. 30, 1937, and $1,489,000,000 on March 31, 1938.
3
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.
* Figure for August 1, 1936 carried forward through March 1938; April 1938 figure officially reported and carried forward.
* Figure for March 7,1938, date of latest statement received; Austrian National Bank subsequently absorbed by Reichsbank in accordance with
German decree of March 17, 1938.
NOTE.—The countries for which figures are not shown separately are, in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania;
in Latin America: Bolivia, Ecuador, El Salvador, and Guatemala; in Asia and Oceania: Australia and Siam; and in Africa: Algeria, Belgian Congo,
and Morocco.
For back figures and description of table see BULLETIN for June 1933, pp. 368-372, and July 1936, pp. 544-547; also see footnotes to table in BULLETIN for August 1936, p. 667, and December 1937, p. 1262.
1089
FEDERAL RESERVE BULLETIN
DECEMBER 1938
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
Africa
Total
South
Africa
1929
1930
1931
1932
1933
382,532
401,088
426,424
458,102
469, 257
352,237
365,258
386,293
413,459
411, 208
1933
1934
1935
1936
1937
794, 498
823,003
882, 533
970, 206
1, 044, 540
696,218
707,288
751,979
90,221
90, 257
88,800
77,736
77, 794
76, 506
1937—October.,.
November.
December.
892,502
74,820
69, 915
77,064
74,624
90,305 c 77,134
77,810
'91,102
84, 675
98,351
*>96, 961 P83, 275
?97,892 P84,008
87,447
82, 583
89,506
87,393
1938—January...
February..
March
April
May
June
July
August
September.
Rhodesia
North and South America
West Belgian United1
Africa Congo States Canada Mexico
Chile
$1=25-8/10 grains of gold 9/10 fine; i. <?., an ounce of fine gold=$20.67
215,242 11, 607
4,297
2,390
45, 651 39,862 13,463
2,823
221, 526 11,476
4,995
2,699
47, 248 43,454 13,813
3,281
224,863 11,193
5, 524
3,224
49, 527 55, 687 12,866
4,016
238,931 12,000
5,992
3,642
50, 626 62,933 12,070
5,132
227, 673 13, 335
6,623
3,631
52, 842 60,668 13,169
6,165
$1=15-5/21 grains of gold 9/10 fi'le; i. e., an ounce of fine gold=$S5
385,474 22,578 11,214 6,148
89,467 103,224 22,297 10,438
366,795 24,264 12,153
6,549 108,191 104,023 23,135 12,045
377,090 25,477 13,625 7,159 126, 325 114,971 23,858 11,515
396,768 28,053 16,295
7,386 152,50P 131,181 26,465 13,632
410,710 28,296 20,784 8,018 168,159 143,367 29,591 15,478
2,399
2,352
2,341
1,896
1,854
1,957
34, 573 2,381
32, 524 2,246
35, 519 2,387
2,374
34,351
2,415
35,794
35, 509 2,394
36, 222 2,410
36, 622 P2, 409
36,237 P2, 359
1,964
34,559
34, 279
686
729
661
642
673
702
687
726
682
1,887
2,002
2,024
1,989
2,020
2,067
2,053
2,048
Far East
Austra- British
lia
India
3,009
8,712
9,553
12,134
14,563
16,873
7,508
6,785
6,815
6,782
6,919
5,094
8,350
9,251
9,018
9,544
28, 568
30, 559
31, 240
40,118
46,982
11,715
11,223
11, 468
11,663
11, 574
683
428
442
788
16,147
16,023
14,083
12, 579
12,365
12,677
2,449
2,849
2,064
1,281
1,373
1,144
876
689
1,063
3,891
4,386
4,725
961
938
1,029
12, 618
11, 207
12,850
12,339
13, 715
12,711
16,543
16,352
16, 699
12,638
2,948
11,929
2,266
13,161
3,253
12,895 2,389
13, 338 1,863
13,674 <3,024
14, 727 4,241
14,425 P2, 456
14, 336 J'3,156
1,456
1,175
1,403
1,664
1,338
1,365
1,748
1,515
1,812
775
834
673
698
782
901
752
986
PI, 021
3,858
4,333
4,204
4,280
4,278
4,577
4,330
4,771
H, 725
948
872
939
906
935
909
951
P951
Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production, in millions of dollars, as follows—at $20.67 per fine ounce: 1929, $15; 1930, $31; 1931, $34; 1932, $40; 1933, $56; at $35 per fine ounce: 1933, $95;
1934,c $135; 1935, $158; 1936, $185; 1937, $180.
Corrected.
p Preliminary.
* Includes production in the Philippines.
NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETINS for June 1938, pp. 539-540, and April 1933, pp.
233-35. For annual figures of world production back to 1873 (including Russia-U.S.S.R.), see Annual Report of Director of Mint for 1936, pp. 108109 and 1937 p. 104. 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
19341
1935____
1936
1937.
Total
net
imports
or net
exports
United
King- France
dom
1,131,994
1,739,019
1,116, 584
1,585,503
499,870
315, 727
174,093
891, 531
Net imports from or net exports (—) to:
260,223
934,243
573,671
-13,710
1937—October
November. _
December..
90,477 24,402
22,110 - 5 , 0 4 6 -24,968
17,982
- 4 0 -14,987
1938—January
February
March
April
May
June
July
August..
September..
October
- 2 0 -4,974
2,088
15
-11
8,036
39
52,927 31,395
18
71,091 35,429
35
2,895
52,775
13
55,307 20, 599
898
4,976
63,815
4,721
165,973 91, 227
520,896 377, 984
562,366 443,403 42,959
Belgium
Neth- Sweden
erlands
8,902 94,348
3 227,185
3,351 71,006
6,461
90,859
Switzerland
2
6
Canada
3,213
10, 221
11, 520
7,685
15, 360
47,219 11, 521
41,832 3,840
571
Colom- Philippine
bia
Islands
Australia Japan
12,402 86,829
968 95,171
7,511 72,648
54,452 111, 480
30,270
13,667
39,966
38,482
16,944
10,899
11,911
18,397
9,~669
816
2,767
2~089
2,285
3,404
8
4,323
16
1,375 2,076
2,286 3,173
2,292 3,786
649
819
692
721
717 2,758
747 1,812
630 5,650
726
715
962 11,123
14, 333 3,183
38,148 1,446
10,810 2,236
2,105
2,102
1
2,108
1
1
2,113
4
4
1,676
1,330
2,240
1,883
2,285
3,232
2,422
1,772
2,721
2,720
22,030
4,220
1,938
891
3,248
Mexico
226
1
12,038 1,029
4
15,335 3,498
21, 513 23, 280
25,427 34,713 246,464
1,025
1,943
458
1,241
3,582
2,984
3,434
2,748
3,775
3,294
All
British
India
other
countries
76,820
75,268
77,892
50,762
32,316
47,054
39, 743
30,179
19,875
37,148
18, 774
6,902
767
107
2,051
1,326
1,862
1,043
4,484
23, 311
21,950
5,782
28,669
23, 497
35,095
5,740
2,979
2,359
1,870
1,241
1,536
2,353
2,530
3,438
2,495
3,806
2,982
4,768
2,252
1,148
760
i Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
NOTE.—For gross import and export figures and for additional countries see table on p. 1060.
1090
FEDERAL RESERVE BULLETIN
DECEMBER 1938
GOLD MOVEMENTS—Continued
[In thousands of dollars at approximately $35 a fine ounce]
United Kingdom
Year or
month
Total
net imports
or net
exports
()
716,269
369, 722
1,169,931
420,427
1934
1935
1936
1937
Net imports from or net exports (—) to:
Belgium
South
Africa,
Other
NetherAustra- Rho- British British
desia, India
counlands U.S.S.R.
lia
West
tries
Africa
United
States
France
-497,166
-435, 502
-276, 830
-834,009
348,190 121,017 -13,585 32, 575
142,137 - 4 , 726 -17,476 10, 796
931
756, 215 23, 292 -15,133 -21,215
541,187 46,147 -21, 993 - 1 6 , 572 199,965
Ger-
1937—Aug..
Sept.
Oct..
Nov.
Dec.
122, 643 -26,043 50, 463
- 2 9 , 775 -86,145 - 2 , 0 3 4
- 6 , 348 -16,236 - 2 , 831
22,054
4,258 - 2 , 4 8 8
20, 976
2,006 -15,077
416
-662
12,212
573
-420
8,245
8,176 -10,047
3,171
84 - 2 , 215 - 5 , 663
5r
90 - 1 2 , i
1938—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug..
Sept.
Oct..
1,487
27, 245
3,528
51,387
79,037 - 3 5 , 535
53,186 - 1 8 , 507
- 5 , 233
97,478
89, 580 -20,811
24,119 - 1 0 , 529
-73,132 -93,660
-261,143 -360,016
-210,171
41 -1,487 -6,055
5 -3,067
78
49 55,448
3,625
86 15,039 -4,139
168 48, 446 - 6 , 781
138 56,764 -12,037
47 23, 212 - 5 , 750
-258 -10,041
6,179
n t
14, 358 120,075
4,077 33,982
'535
-9,!
-1,940
- 4 , 276
-3,039
-119
-6,137
-997
- 5 , 726
685
69,604
Germany
Year or
month
1934..
1935..
1936..
1937..
Sept..
Oct...
Nov._
Dec...
11, 273
31,089
28,083
28,104
5,665
1,'
2,039
1,476
2,359
2,379
3,775
2,958
3,620
4,168
2,467
2,024
2,490
2,102
2,839
705
54, 463
36,199
36, 244
47, 694
36, 528
7,178
4,735
5,739
4,960
5,174
62,397
-9,123
32, 754 -50,661 53, 465
28,067 -10,129
3,998
22,079
- 8 1 - 1 6 , 596
1,171
989
1,032
3,877
8,300
4,425 10,063
-5
5,002
7,036
43,092
-5
2,786 -7,590
50, 540 5,101
3,586
3,590 -10,1"'"
35,077
3,824
2,139 -13,996
35,407
9,929 - 7 , 673
40, 623 3,725
6,581 -11,429
31, 516 6,418
3,035 -11,151
31,192 10, 356
3,023 - 4 , 750 -22, 763
16,831
6,530 4,204 -20,792 - 4 , 671
Switzerland
- 4 6 , 065 -12,784 - 4 5 , 955 - 2 9 , 235 18, 397 19, 431
-230,788
647 -54,858 -181, 725 -13,940 25,542
«122, 278 -9,127 -1,714
39, 305 14, 531 51, 299
- 5 6 , 946 -51, 608 11,940 -45,061 27, 739 -657
-11,467
-8,182
63
-79
-247
-1,630
-7,147
-1,138
4,113
26,892
-393
-376
3,286
-200
5,359
-27
6,009
18,058
7,626
10,826
2,448
-3,188
- 7 , 632
-5,201
5,978
-8,837
-1,338
9,024
1,372
12, 478
11, 223
3,595
-2,391
4,860
5,256
16,128
10,464
15, 940
915
1938—Jan....
Feb...
Mar...
MayJune—
July...
Aug.Sept...
Oct.?..
16,914
19,784
335, 253 206, 693
404, 295 181,602
488,814 128, 421
464, 837
2
88, 228
14,126
37, 708
-55,032
215
707
- 3 , 430
- 5 , 462
-6,085
4,336
-14,445
- 2 9 , 641
- 2 5 , 351
6,183
-11,164
-12,082
-6,000
2,527
- 2 , 263
- 5 , 407
-16,521
-10,498
-21, 980
3,124
1,114
-5
- 6 , 202
5,336
340
-920
-327
-1,955
1,353
2,831
British India
Net imports from or net exports (—) to:
Total
Total
Change in:
Total
net
net imnet
Gold
ports imports
imports
producAll
Re- Private
or net or net
Neth- Geror net tion in serves
other exports
Belholdexports exports United United
er4
India in In- ings
France gium Italy
many
counStates Kingin
()
()
lands
dom
()
tries
dia5 India"
-90,920
42,969
-1,868
- 3 , 718
1937—Aug.,
41, 790
37,981
26, 723
24,165
All
other
countries
Switzerland
Sweden
1 , • "
P - 3 6 , 447
4, r • •
5,810
-35
7
33
-220
-2
2
-7
-1,144
-1,242
-6,995
-9,627
- 6 , 276
-5,r~
2,580
-43
1,543
342 - 9 , 6 0 7 7 2,812
4,600 -2,990 s 26, 368
6,553 -16,461 10,609
350
-1,186
-37
-109 -561 4,559
559 3,275
-227
24, 558 -559 2,553
-41
-13,978 10,409
615
-11,518
-584
- 9 , 257
-943 1,763
-6,084
-266 5,397
-2,943 - 1 , 549 -2,009
- 7 , 839
-484 5,814
-14,071 -6,041 -142
-8,382 -1,283
-37
o
418
117
-1,144
1,614
2,198
1,421
2,467
2,396
5,657
3,962
3,824
924
2,516
-230, 720
-161,872
-121,066
- 6 1 , 689
11, 223
11,468
11,663
11, 574
173 -219,670
-150,398
-109,403
- 4 1 -50,074
-5,197
- 4 , 532
- 4 , 655
- 4 , 200
-5,r
975
932
961
938
1,029
-4,222
-3,600
-3,694
- 3 , 262
-4,970
373 - 5 , 599
-10
559 - 7 , 423
-32
265 - 2 , 749
-9,970
3,209 -4,388
-6,175
187 -3,452
282 - 2 , 327
-2,487i
222 -10,988
-8,893
343 - 7 , 0 8 2
-6,267
1,884! -10,251 P - 1 , 6 9 7
915
948
872
939
906
935
909
951
- 4 , 651
- 6 , 551
-1,810
-3,482
- 2 , 517
-1,418
-10,037
P - 6 , 131
P-746
-168
-57
-11
-20
-28
-186
1,513
1,318
1,934
386
c
p1 Preliminary.
Corrected.
Includes $17,465,000 exported to Rumania and unspecified net imports of $95,937,000.
23 Includes $67,655,000 exported to Central and South America.
Figures for Sept., Oct. and Nov. 1937 include exports to Central and South America of $15,120,000, $27,511,000 and $24,996,000 respectively.
4
Beginning with April 1938, figures represent gold movements of Greater Germany.
* Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred.
* Figures derived from preceding columns; net imports plus production minus increase in reserves in India.
* Includes net import of $19,926,000 from Czechoslovakia and net export of $15,374,000 to Austria.
» Includes net import of $26,555,000 from Czechoslovakia.
NOTE.—Switzerland and United Kingdom.—In some cases annual aggregates of official monthly figures differ somewhat from revised official
totals published for year as a whole.
1091
FEDERAL RESERVE BULLETIN
DECEMBER 1938
CENTRAL BANKS
Assets of banking department
Bank of England
(Figures in millions of
pounds sterling)
Gold (in
issue
department) 1
Cash reserves
Coin
1929—Dec. 25__.
1930—Dec. 31...
1931—Dec. 30—.
1932—Dec. 28...
1933—Dec. 27._.
1934—Dec. 26_.
1935—Dec. 25._
1936—Dec. 30..
145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
1937—Nov. 24..
Dec. 29__
326.4
326.4
1938—Jan. 26...
Feb. 23__
Mar. 30..
Apr. 27_May 25_.
June 29__
July 2 7 . .
Aug. 31_.
Sept. 28..
Oct. 2 6 Nov. 30P.
326.4
326.4
326.4
326.4
326.4
326.4
326.4
326.4
326.4
326.4
326.4
Notes
.2
1.0
.5
1.5
1.1
1.3
1.5
1.4
1.2
Discounts
and advances
Liabilities of banking department
Securi-
Note
circulation
Deposits
Bankers'
Public
18.5
16.8
7.6
8.5
17.5
379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
8.8
6.6
7.7
8.9
22.2
9.9
12.1
12.1
35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.0
66.0
41.1
8.6
9.2
97.0
135.5
480.4
505.3
83.6
120.6
35.4
11.4
36.3
36.6
17.8
18.0
53.2
51.9
41.0
37.1
46.2
41.2
33.1
46.0
25.5
43.9
45.6
10.4
6.5
8.7
7.1
9.5
7.3
9.5
5.4
7.3
4.2
17.6
117.9
116.9
131.0
133.4
115.1
140.6
137.0
124.4
135.6
129.2
110.8
473.2
474.5
485.4
489.3
480.2
485.2
493.3
480.4
500.9
482.5
113.1
105.6
108.1
113.3
91.2
125.5
116.4
13.6
16.7
17.8
10.9
26.5
10.5
11.2
27.8
11.4
25.0
23.1
37.3
35.5
37.4
36.5
36.1
36.1
35.1
36.4
40.2
35.5
37.2
18.1
18.2
18.3
17.7
17.8
17.9
18.1
18.2
18.2
17.7
17.8
22.3
49.0
27.3
Domestic bills
For(Figures in millions of francs)
eign
Gold 2
exchange
Open ! SpeM a r k e t 3 cial *
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
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
1,379
1937—Oct. 28.
Nov. 25.
Dec. 30.
55,805
58.932
58, 933
829
965
911
5,63?
5,637
5,580
562
722
652
1938—Jan. 27Feb. 24.
Mar. 31.
Apr. 28.
May 25_
June 30.
July 28.
Aug. 25.
Sept. 29.
Oct. 27..
58.933
55,807
55,807
55.807
55.808
55,808
55,808
871
874
845
830
813
804
782
767
764
763
5,580
5,575
5,575
5,575
5,575
5,850
5,835
6,098
6,781
6,802
841
821
573
632
596
177
89
1929—Dec.
1930—Dec.
1931—Dec.
1932—Dec.
1933—Dec.
1934—Dec.
1935—Dec.
1936—Dec.
27_
26_
303029.
28.
27.
30_
55,808
55,808
Other
84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
94.7
99.9
100.4
97.1
Liabilities
Assets
Bank of France
Other
liabili-
642
1,550
Other
8,624
8,429
7,389
3,438
4,739
3,971
9,712
8,465
Deposits
Loans o n Advances
Shortto
Other
term
Govern- 5 Govern- securities
ment sement
curities
Other
assets
2,521
2,901
2,730
2,515
2,921
3,211
3,253
3,583
5,603
6,609
8,545
9,196
8,251
8,288
7,879
8,344
68, 571
76,436
85, 725
85,028
82, 613
83,412
81,150
89, 342
11,737
12,624
5,898
2,311
2,322
3,718
2,862
2,089
7,850
11,698
22,183
20,072
13,414
15, 359
8,716
13, 655
1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,710
3,675
3,781
7,218
7,343
7,277
91,336
90,131
93,837
2,648
2,686
3,461
14,679
17,893
19, 326
3,121
3,452
3,160
3,824
3,652
3,825
3,700
3,454
3,614
3,545
3,545
4,362
3,865
7,019
7,187
8,361
7,288
7,334
8,258
7,117
7,364
8,410
7,427
92, 255
92, 740
98,095
98, 519
98,923
102,087
2,689
2,226
2,233
2,802
3,248
3,245
3,135
2,891
2,825
3,642
23, 720
20,147
21,409
21, 237
17, 525
12, 769
14,207
17, 684
18, 593
23, 827
3,285
3,154
3,141
3,154
3,155
2,592
2,608
2,649
2,660
2,727
17,698
10, 620 26, 918
9,655 26, 918
10,066 31,909
12,053 31,904
11, 582 31,904
10,321 38, 574
10,865 40,134
9,024 40,134
5,497 40,134
7,133 40,134
8,241 40,134
20,293 50,134
14,694 48,134
573
715
483
314
675
925
866
997
879
113
552
623
331
1,311
1,600
Note
circulation
Government
101,117
99,065
124,428
110, 446
Other
Other
liabilities
p Preliminary.
1 Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000. However, by direction
of British Treasury under Section 2, paragraph (2), of Currency and Bank Notes Act, 1928 (see BULLETIN for August 1928, pp. 567-569), reductions
in amount of fiduciary issue (and securities held as cover) have been in effect as follows: Dec. 16,1936 to Nov. 10, 1937, £60,000,000; Nov. 17, 1937, to
Jan. 12, 1938, £40,000,000; since Jan. 19, 1938, £60,000,000. From August 1, 1931, to March 31, 1933, increase of £15,000,000 in fiduciary issue (and
securities held as cover) was authorized by British Treasury under Section 8 of Currency and Bank Notes Act.
2 By law of October 1, 1936, gold provisionally revalued at rate of 49 milligrams gold 0.900 fine per franc (see BULLETIN for November 1936,
pp. 878-880). Of total gold increment of about 17,000,000,000 francs, 10,000,000,000 francs was initially turned over to Stabilization Fund established
by law of October 1. By decree of July 22, 1937, gold was again revalued on basis of 43 milligrams of gold 0.900 fine per franc, and resulting increment of about 6,800,000,000 francs was allocated to fund for regulating market for Government securities (see BULLETIN for September 1937, p . 853).
3 Negotiable bills of Caisse Autonome and bills bought under authority of decree of June 17, 1938 (see BULLETIN for Aug. 1938, p. 650).
* Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for October 1936, p p . 785-786), and bills rediscounted
for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 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 (see BULLETINS for July 1936, p . 536; August 1937, p . 720; June 1938, p. 452, and August 1938, p . 650).
NOTE,—For explanation of table see BULLETIN for February 1931, pp. 81-83, and July 1935, p . 463.
1092
FEDERAL RESERVE BULLETIN
DECEMBER
1938
CENTRAL BANKS—Continued
Assets
Liabilities
R eichsbank
Reserves
(Figures in millions of
reichmarks)
Gold
Securities
Foreign
exchange
Other
Treasury
bills (and Security
bills
loans
checks)
241
206
98
1
49
45
53
62
2,608
2,366
4,144
2,806
3,177
4,021
4,498
5,448
1937—Oct. 30_.
N o v . 30.
Dec. 31.
7
27
119
5,578
5,520
6,013
1938—Jan. 31_.
Feb. 28.
Mar. 31.
Apr. 30.
M a y 31.
June 30.
July 30Aug. 31.
Sept. 30.
Oct. 31_.
60
21
89
12
18
39
17
1
2
1
5,459
5,637
5,813
5,841
5,832
6,136
6,247
6,647
8,173
7,542
1929—Dec. 31.
1930—Dec. 31.
1931—Dec. 31.
1932—Dec. 31.
1933—Dec. 30.
1934— Dec. 3 1 .
1935—Dec. 3 1 .
1936—Dec. 31.
2,283
2,216
404
469
172
114
9
5
5
6
Eligible
as note
cover
Other
Other
assets
Note
circulation
Deposits
Other
liabilities
92
102
161
398
322
319
315
303
656
638
1,065
1,114
735
827
853
765
5,044
4,778
4r776
3,560
3,645
3,901
4,285
4,980
755
652
755
540
640
984
1,032
1, 012
736
822
1,338
1,313
836
1,001
923
953
105
105
106
293
844
870
861
5,275
5,196
5,493
711
766
1,059
959
967
970
108
110
96
121
545
547
549
550
550
550
286
286
297
297
300
982
953
1,388
1,614
1,373
1,322
1,285
1,268
1,129
1,360
5,199
5,278
5,622
851
891
1,323
1,031
1,021
1,119
920
1,033
1,231
1,040
877
903
911
932
951
974
1,022
1,064
251
256
245
176
183
146
84
74
259
445
349
221
60
298
6,440
6,650
8,023
7,754
NOTE.—For explanation of above table see BULLETIN for February 1831, 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 a n d discounts
Securities
Deposits
Note circulation
National Bank of Belgium (millions of belgas):
Gold reserve
Other gold and foreign exchangeDiscounts
Loans
Other assets
Note circulation
D e m a n d deposits—Treasury
Other
Other liabilities
1938
Oct.
3,318
905
420
48
458
4,542
54
434
119
1937
Sept.
Aug.
Oct.
7,577
19,689
5,672
4,850
11,361
13, 794
12, 633
7,589
20,247
5,361
4,687
11,081
14,195
12, 607
7,553
21, 717
4,353
4,823
11, 053
14, 780
12, 614
1,224
111
37
267
1,107
327
106
2
43
54
1,224
101
120
197
1,
1,224
237
41
194
1,119
405
115
16, 011
38, 301
16,011
38, 300
16,008
40, 304
1,395
23,047
14, 206
54,153
87, 305
49, 030
1,384
23, 272
14,101
52,240
85,282
49,030
1,232
35, 994
13,853
37, 719
84,879
48, 784
3,180
1,031
548
179
452
5,100
6
165
119
3,047
930
225
43
456
4,223
15
344
119
3,377
0)
2 1 , 256
37
305
4,349
16
538
72
379
115
1
12
49
Central bank
[Figures as of last report
date of month]
Oct.
Central Bank of Bolivia (thousands
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Securities—Government
Other
Other assets
Note circulation
Deposits
Other liabilities
Bank of Brazil (millions of milreis):
Cash
Correspondents abroad
Loans and discounts
Deposits
National Bank of Bulgaria (millions of leva):
Gold
Foreign exchange
Loans and discounts
Government debt
Other assets
Note circulation
Deposits
Other liabilities
Bank of Canada (thousands of Ca- |
nadian dollars):
Gold
181,146
Sterling and United States exchange
36,364
Canadian Gov't. securities:
169,675
2 years or less
44,989
Over 2 years
Other securities
;
Other assets
10, 969
Note circulation
178,080
228, 460
Deposits-Chartered banks
Dominion Government 25, 363
Other
1,682
Other liabilities
9,558
i Not reported separately on bank statement; see note 2.
* Discounts, domestic and foreign; includes certain items carried in other assets beginning December 1937.
1937
JS38
Sept.
Aug.
Oct.
55,122
96,977
22, 496
401,133
4,192
16, 366
274,154
270, 834
61, 298
53,569
133, 870
28,065
394,120
4,667
15,847
253, 862
319, 672
56, 603
277
178
2,396
2,635
2,003
649
1,187
3,468
1,207
3,137
3,224
2,153
1,994
640
1,014
3,468
1,198
2,968
3,197
2,148
1,871
587
1, 570
3,523
957
2,968
3,216
2,323
181, 033 180,125 179, 579
31,349
27, 750
26, 743
155,569 121, 648
48,169 52,034
82,487
96,792
12,193
7,236
160, 356
198,572
31, 581
976
13, 544
5,839
5,569
175, 422 161,371
211,485 202, 250
23,045 12, 793
878
523
11,129 10,191
1093
FEDERAL RESERVE BULLETIN
DECEMBER 1938
CENTRAL BANKS—Continued
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
DepositsBank
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 Czechoslovakia
(millions
of koruny):
Gold 1
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 2 (thousands of sucres):
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Egypt 3 (thousands of pounds)'
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
1937
1938
Oct.
Sept.
Aug.
Oct.
145
37
766
150
47
750
145
8
771
144
42
700
144
18
795
101
63
674
202
47
146
205
61
143
252
56
138
41, 747
7, 893
17, 527
46, 548
27, 359
54,301
44, 734
42, 040
40, 426
4,867
15, 684
46, 404
26,892
52, 716
39,634
41, 923
35,283
6,183
18,990
46,494
26,762
51,602
39, 752
42, 357
28, 892
5,242
23, 232
46, 318
28,173
50, 735
40,375
40, 748
2,690
786
3,682
1,161
2,653
87
4,425
1,605
1,443
7,130
987
1,645
1,719
8,115
433
1,941
2,653
202
2,561
1,440
2,005
1,028
8,087
138
1,664
2,569
447
1,263
1,184
2,013
1,067
6, 516
304
1,722
31,182
455
451
22,367
3,074
38, 551
16,816
19,012
31, 219
5,520
475
21, 444
2,810
41,134
22,117
19,015
29,183
5,945
598
16,262
3,208
37, 622
20, 811
19,016
28,113
1,499
320
16, 451
3,859
34,786
12, 832
19, 012
118
112
22
163
81
146
110
435
142
176
118
111
21
196
74
132
105
429
153
174
118
109
20
112
82
123
104
397
104
168
118
38
25
196
138
58
70
413
70
160
33,489 38, 742
3, 351 • 18, 563
53,155 49, 402
19,072 16, 573
63, 471 70,823
29,816 39, 332
15, 781 13,126
6,545
830
6,710
6,545
649
5,167
6,545
2,387
6,495
32,213
6,802
23,091
3,427
18,054
8,529
30, 532
6,575
18, 016
5,086
17, 793
8,573
36, 608
7,153
21, 783
7,989
20,393
9,024
Central bank
[Figures as of last report
date of month]
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
.
Foreign assets
Loans and discounts
Domestic securities.
Other assets.Note circulation
Deposits—Treasury
OtherOther liabilities
Bank of Greece (millions of drachmas):
Gold and foreign exchange (net)
Loans and discounts _
Government obligations
Other assets
Note circulation
_
Deposits
Other liabilities .
National Bank of Hungary (millions of pengos):
Gold _ .
___
Foreign exchange reserve
Discounts
Loans—To Treasury
Other
Other assets
Note circulation
Demand deposits.,
__
Certificates of indebtedness
Other liabilities..
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad
Sterling securities
Indian Gov't. securities
Rupee coin
Note circulation __
Banking department:
Notes of issue department. __
Balances abroad
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...
.
1
Includes 336 million shown separately as cover for liabilities in gold beginning September 1938.
* Form of official statement revised effective December 1937.
*Items for issue and banking departments consolidated.
1937
1938
Sept.
Aug.
Oct.
13, 206
3,513
936
5,511
956
13, 375
6,316
4,431
13,206
3,666
689
5,517
984
13, 332
6,251
4,478
13,161
5,001
5,962
2,327
16, 352
6,002
4,732
34, 288
16, 211
25, 565
31,191
52, 791
32, 728
21, 737
34, 270
17,123
22,080
30,773
48, 364
33, 716
22,166
34, 214
16, 229
26, 221
26, 284
50, 327
34, 446
18,175
620
2,382
1,377
247
348
2,068
273
989
1,645
620
2,325
1,515
233
292
2,166
129
1,070
1,620
621
2,326
1,508
236
353
2,050
98
1,204
1,691
3,410
8,291
4,315
2,115
7,190
8,740
2,201
3,246
8,655
4,305
1,968
7,726
8,387
2,061
3,076
7,642
4,305
2,263
6,723
7,857
2,706
3,446
5,462
4,377
2,043
6,839
5,921
2,567
84
115
479
190
14
272
794
126
66
169
84
135
567
193
19
262
853
164
70
173
84
76
399
150
14
318
606
176
70
189
84
55
425
114
17
270
468
191
89
216
444
622
324
709
1,772
444
655
324
702
1,757
444
695
324
688
1,713
444
803
327
29
31
56
15
339
119
369
46
3
63
14
379
116
438
24
1
64
12
423
116
501
300
476
3
63
1,625
245
2,157
554
105
397
501
300
466
3
48
1,254
266
1,931
471
124
311
501
300
465
3
68
1,257
240
1,953
353
147
381
Oct.
635
635
2,260
1,016
351
381
2,020
89
842
1,693
274
624
1,816
328
96
64
11
388
112
801
634
3
200
664
177
1,787
335
78
279
1094
FEDERAL RESERVE BULLETIN
DECEMBER 1938
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
Deposits—Government
Other.
_
_—
Other liabilities...
Reserve Bank of New Zealand
(thousands of pounds):
Gold
_
Sterling exchange reserve
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits.
Other liabilities
Bank of Norway (millions of
kroner):
Gold
Foreign assets
__
Total domestic credits and
securities..
Discounts
Loans
Securities
Other assets
Note circulation
Demand deposits—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
Foreign exchange..
Loans and discounts
Securities
Other assets
Note circulation..
Other sight liabilities
Other liabilities
Bank of Portugal (millions of
escudos):
Gold
_-_
Other reserves (net)
_.
1
2
3
1937
1938
Central bank
[Figures as of last report
d a t e of m o n t h ]
Oct.
Sept.
Aug.
Oct.
117
2
65
105
188
74
26
117
3
63
98
187
68
25
117
4
85
107
191
83
42
148
60
83
202
48
83
38
135
61
74
194
49
78
38
127
62
61
196
48
77
45
131
42
57
205
34
71
4
114
33
143
55
24
73
3
116
33
148
53
24
78
3
102
30
124
65
24
77
7
106
42
123
85
24
1,481
20
4
17
302
67
1,046
140
658
47
1,481
15
4
12
290
64
1,053
159
608
46
1,481
21
5
10
296
64
939
167
723
46
1,331
18
5
10
212
61
856
2,802
11,449
736
45
2,802
2,802
13, 695 17, 595
7,659 6,634 4,266
2,732
2,732
2,658
304
431
304
13, 735 13, 696 13, 274
9,681 10, 850 12, 591
1,620
1,761
1,657
211
219
211
219
222
199
212
212
78
33
101
41
471
31
101
81
207
74
33
100
31
453
32
95
79
425
47
43
65
48, 903
23,479
82,906
7,223
99, 362
45, 524
17, 625
58,689
39, 389
45, 246
12, 545
96, 215
37, 901
21, 753
437
13
1,167
128
346
1,534
181
363
448
12
791
128
377
1,149
249
358
433
36
635
136
459
1,094
215
390
918
481
478
916
595
0)
0)l
()
0)
456
29
115
0)
433
13
1,034
127
360
1,476
121
370
201
183
91
Bank of Portugal—Cont.
Nonreserve exchange
_
Loans and discounts...
Government debt
_
Other assets
Note circulation
___
Other sight liabilitiesOther liabilities..
National Bank of Rumania (millions of lei):
Gold
—
_
Special exchange accounts
__
Loans and discounts
2
Special loans
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:
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
Figures not yet available.
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
Central bank
[Figures as of last r e p o r t
d a t e of m o n t h ]
1937
Sept.
Aug
Oct.
151
425
1,040
1,319
2,178
1,071
1,083
160
424
1,040
1,290
2,134
1,101
1,075
146
328
1,042
1,435
2,121
1,143
1,197
17, 641
4,111
11, 350
1,868
10,404
10, 950
34, 242
11,005
11,079
17,001
3,887
9,160
1,883
10,402
11, 249
30, 921
12,044
10, 616
16,258
6,455
6,395
2,027
12,115
8,582
27,896
12, 234
11, 702
26, 709
6,977
822
15,989
18,437
28, 512
3,548
24, 550
7,285
2,528
13, 456
16, 462
28, 244
3,113
22,938
6,186
1,829
12, 661
17, 356
22,980
3,279
707
890
13
28
86
462
1,028
985
172
684
992
12
26
76
460
1,083
998
169
617
853
12
23
70
393
971
831
166
537
1,095
13
24
6
297
931
925
117
2,873
302
111
26
707
1,736
1,641
642
2,851
306
139
31
712
1,933
1,465
642
2,837
374
20
20
705
1,555
1,763
638
2,672
495
22
27
610
1,450
1,737
639
36, 871
1
17, 500
92,058
189, 951
34,173
196, 611
64,978
108, 965
36,870
13
11,079
81, 353
.90,005
39,649
.96,691
58, 770
.03, 510
36,869
36, 716
30
25, 327
51,181
186, 937
30,933
176,171
47,621
107, 330
Oct.
10, 365
75,473
.89, 764
28,415
.75,691
60,029
.05,167
103, 585 103, 585 42,087
87,353 85,965 86,427
1,893
442
1,896
2,243
3,457
7,012
2,049
50,972
99, 406
71, 584
82,345
L39, 617
52,046
99,837
70,440
83,429
138,894
32, 531
88, 571
58,480
84,614
94,969
1,886
478
1,948
2,243
3,540
7,404
1,636
1,053
1,844
391
1,593
2,242
3,170
6,246
2,215
780
1,749
537
1,612
2,252
2,863
5,857
2,423
732
1095
FEDERAL RESERVE BULLETIN
D E C E M B E R 1938
BANK FOR INTERNATIONAL SETTLEMENTS
1
[In thousands of Swiss gold francs ]
1937
1938
1938
Sept. 30
Oct. 31
Oct. 31
29,303
19,181
13, 401
Demand deposits (gold)___
27, 935
14, 434
40, 516
17, 415
20, 212
16,810
Rediscountable bills and acceptances
(at cost)
Time funds at interest
Sundry bills and investments
Other assets___ _ _
201,065
52, 080
248, 243
197,132
51, 456
237, 653
263, 948
58, 368
296, 328
Short-term deposits (various currencies) :
Central banks for own account
Other
. _
12, 869
13, 270
2,192
Total assets
585, 929
576, 623
671, 260
Gold in bars. ._
._
Cash on hand and on current account
with banks
Sight funds at interest
__
1937
Liabilities
Assets
... _
i See BULLETIN for December 1936, p. 1025.
Oct. 31
Sept. 30
9,347
9,248
8,415
110, 941
8,549
100,089
10, 524
201, 440
9,667
262, 390
Oct. 31
Long-term deposits: Special accounts. __
254, 888
255, 530
Other liabilities
202, 204
201, 232
189,347
Total liabilities
585,929
576, 623
671, 260
•
MONEY RATES IN FOREIGN COUNTRIES
[Percent per annum]
Month
Bankers'
acceptances
3 months
Treasury
bills, 3
months
Netherlands (Amsterdam)
Germany (Berlin)
United Kingdom (London)
Bankers'
Day-to-day allowance
money
on deposits
Private
discount
rate
Money for Day-to-day
1 month
money
Private
discount
rate
Money for
1 month
1929—October.__
1930—October...
1931—October...
1932—October...
1933—October...
1934—October.._
1935—October...
1936—October. __
1937—October...
6.13
2.09
5.68
.82
.79
.77
.63
.56
.55
6.19
2.13
5.46
.71
.73
.68
.62
.54
.53
5.45
1.65
4.36
.71
.75
.75
.75
.75
.75
7.28
4.66
8.00
3.87
3.87
3.81
3.04
2.94
2.88
5.93
9.84
5.00
5.50
5.13
3.26
2.82
2.91
8.06
5.15
9.21
4.94
5.11
4.63
3.13
2.82
2.81
5.15
1.59
2.76
.37
.50
.59
4.70
1.87
.13
4.52
1.48
3.07
1.00
1.00
1.00
5.00
2.51
.50
1938—April
May
June
July
August
September.
October
.53
.53
.59
.55
.53
.91
.70
.51
.51
.59
.52
.51
.75
.75
.75
.75
.75
.75
.75
2.88
2.88
2.88
2.93
2.88
2.88
2.88
2.88
2.88
2.88
2.88
2.87
2.88
2.88
3.04
2.66
3.06
2.96
2.51
2.59
2.70
.13
.13
.13
.13
.13
.32
.21
.50
.60
.50
.50
.50
. 70
.50
Month
Switzerland
Belgium
(Brussels)
France
(Paris)
Italy
(Milan)
Private
discount
rate
Private
discount
rate
Private
discount
rate
Private
discount
rate
1929—September. .
1930—September..
1931—September..
1932—September..
1933—September..
1934—September..
1935—September..
1936—September..
1937—September..
3.38
1.50
1.80
1.50
1.50
1.50
2.40
1.98
1.00
4.94
2.39
2.44
3.00
2.27
2.15
1.88
1.38
1.00
3.50
1.99
1.50
1.00
1.13
1.50
2.85
3.38
3.54
7.01
5.48
5.47
5.50
3.55
3.00
4.87
4.50
5.00
1938—March
April
May
June
July
August
September..
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.50
1.50
1.50
3.01
3.25
2.62
2.40
2.50
2.50
2.65
5.00
5.00
5.00
5.00
5.00
5.00
5.00
Hungary
Prime
commercial paper
A %
8-10^
%- 8
%- iy2
y2- iy2
4- 7
4- 6H
4- Qy2
Day-to-day
money
5-6
3
2%
Sweden
(Stockholm)
Japan (Tokyo)
Loans up
to 3
months
Call
Discounted
money
bills
overnight
5.48
5.48
4.93-5. 48
5. 66-6. 21
5.11-5. 48
5.11
5.11
4.75
4.75
2.92
3.65
2.56
3.47
2.56
2.63
2.62
2.81
2.46
4.56
4.56
4.56
4.56
4.56
4.56
4.56
2.51
2.45
2.40
2.37
2.48
2.44
2.33
r
Revised.
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.
1096
FEDERAL RESERVE BULLETIN
DECEMBER
1938
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
United
GerKing- France many
dom
2
4
4
2
3
3.29
2
3
2
5
3
2
2
2K
2
4
6
5
4
TjjrjP 1/)
July 7
Sept 3
Nov 13
3
4
MavfilO 1938
May 13
May 30
Sent 28
Oct 27
Nov 25
In effect Nov. 30,
1938
Belgium
Neth- Switzer- Japan
erlands land
2H
3
3
2H
23^
2
4
2H
Central
bank of—
Rate
Nov.
Albania
Argentina. .
Belgium
Bolivia
British India
Bulgaria
Canada...
Chile
Colombia _.
Czechoslovakia
Danzig
Denmark. _.
Ecuador
El Salvador
Estonia
Finland
France .
Germany...
Greece
Hungary...
Italy
6
30
April 1,
Mar. 1,
Oct. 27,
July 5,
Nov. 28,
Aug. 15,
Mar. 11,
Dec. 16,
July 18,
6
3
6
4
3
4
4
4
4
4
2
2K
4
6
4
Central
bank of—
Date
effective
Jan.
Jan.
Nov.
Nov.
Aug.
Oct.
Dec.
Nov.
Sept.
Jan.
Aug.
May
1,
2,
19,
30,
23,
1,
3,
25,
22,
4,
29,
18,
1937
1936
1938
1932
1935
1935
1935
1936
1933
1936
1937
1936
1932
1935
1935
1934
1938
1932
1937
1935
1936
Japan
Java
Latvia
Lithuania. _.
Mexico
Netherlands
New Zealand
Norway
Peru
Poland
Portugal
Rumania . . .
South Africa
Spain
Sweden
Switzerland
Turkey. _.
United Kingdom
U. S. S. R...
Yugoslavia..
Rate
Nov.
30
Date
effective
3.29
3
5
5
3
2
Apr. 7, 1936
Jan. 14, 1937
Nov. 1, 1936
July 1, 1938
Mar. 1, 1937
Dec. 3, 1936
2
June
Jan.
May
Dec.
Aug.
May
May
July
Dec.
Nov.
July
6
2
5
2
ljj
2
4
5
29,
5,
20,
18,
11,
5,
15,
15,
1,
26,
1,
1936
1938
1932
1937
1937
1938
1933
1935
1933
1936
1938
June 30, 1932
July 1, 1936
Feb. 1, 1935
Changes since Oct . 31: France—Nov. 25, down from 3 to 2yi percent.
2
IK
3.29
COMMERCIAL BANKS
[Figures as of end of month, except those for United Kingdom, which are averages of weekly figures]
Assets
United Kingdom
(Figures in millions of pounds sterling)
Money at
Cash
call and Bills disreserves
short
counted
notice
Liabilities
Securities
Loans to
customers
Other
assets
Deposits
Total
Demand i
Time
Other
liabilities
10 London clearing banks
1930—December.
1931—December.
1932—December.
1933—December.
1934—December.
1935—December.
1936—December.
1937—December.
208
184
207
213
216
221
236
236
144
119
127
119
151
159
187
155
322
246
408
311
255
322
316
295
285
297
472
565
594
605
630
605
933
905
778
740
759
784
864
954
240
222
208
237
247
231
238
242
1,876
1,737
1,983
1,941
1,971
2,091
2,238
2,250
992
868
991
1,015
1,044
1,140
847
846
963
900
910
924
254
237
216
244
251
231
232
237
11 London clearing banks 2
1936—December.
244
195
322
660
890
249
2,315
1,288
1,012
245
1937—August.—
September.
October.. _
November.
December.
234
238
234
235
244
162
162
165
161
163
277
281
296
298
300
645
641
639
634
635
973
978
988
991
984
244
240
244
245
256
2,283
2,287
2,312
2,311
2,330
1,235
1,242
1,244
1,238
1,284
1,001
1,009
1,019
1,025
1,026
253
251
253
252
252
1938—January . . .
February..
March
April
May
June
July
August
September
October. __
251
243
244
246
231
247
244
241
234
234
154
144
150
150
146
154
159
153
148
149
331
288
239
249
280
289
302
305
289
268
636
633
634
638
631
630
633
642
646
645
970
984
1,000
998
986
985
985
974
973
973
240
238
239
240
246
251
242
239
242
256
2,329
2,280
2,254
2,268
2,263
2,299
2,309
2,298
2,269
2,256
1,290
1,242
1,221
1, 228
1,220
1,245
1,254
1,248
1,236
1,039
1,038
1,033
1,040
1,043
1,054
1,055
1,050
1,033
252
250
252
252
256
256
255
256
262
270
1 Excluding deposits of National Bank relating to offices outside United Kingdom, which are included in total. Figures for 10 banks not available beginning 1936.
2 District Bank included beginning in 1936.
NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pp. 639-640.
DECEMBER
1097
FEDERAL RESERVE BULLETIN
1938
COMMERCIAL BANKS—Continued
[Figures as of end of month]
(4 large banks.
Figures in millions of
francs)
1930—December.
1931—December.
1932—December.
1933—December.
1934—December.
1935—December,
1936—December.
1937—October...
November
December.
1938—January. _.
February..
March
April
May
June
July
August
Cash
reserves
2,419
11,311
9,007
5,870
5,836
3,739
3,100
3,325
3,403
2,990
3,218
3,025
3,063
5,976
4,086
3,297
3,270
Due from Bills discounted
banks
4,675
2,168
1,766
1,416
1,421
2,484
2,975
4,434
4,040
4,116
4,319
4,357
4,302
4,128
3,944
3,799
3,962
4,708
20,448
18,441
22, 014
19, 848
18, 304
16,141
17, 582
19,079
18,046
18, 249
17,921
17, 617
17, 533
18,817
20, 271
20,443
21, 620
19,828
Deposits
Other
assets
Loans
10, 743
9,274
7,850
8,159
8,025
7,631
8,172
7,834
7,624
7,905
7,994
7,331
7,423
7,153
7,083
7,314
7,490
Total
2,361
2,130
1,749
1,827
1,717
1,900
1,957
1,952
2,011
2,134
1,400
1,475
1,546
1,617
1,573
1,538
1,653
1,702
Demand
Cash
(5 large Berlin banks. Figures in milreserves
lions of reichsmarks)
35, 284
37, 023
36,491
31, 773
30,039
26,859
27,955
30,708
29, 539
29, 748
29,386
29, 542
28, 620
29, 874
33,828
31,938
32, 701
31, 784
36,681
38, 245
37, 759
32, 635
30,943
27, 553
28,484
31,277
30,142
30, 348
30,022
30,198
29, 234
30,454
34, 394
32, 464
33,184
32, 293
191
173
143
131
115
139
137
148
147
141
197
151
167
208
178
199
270
Due
from
banks
1,483
817
583
471
393
316
269
299
283
278
308
273
260
271
263
255
295
7,416
5,377
4,570
3,731
3,331
2,884
2,729
2,628
2,594
2,631
2,714
2,680
2,604
2,704
2,729
2,731
2,817
Securities
Other
Total
482
807
938
860
874
1,127
991
1,003
1,027
1,112
1,020
1,083
1,058
1,000
1,150
1,094
1,107
1,100
1,098
1,097
851
812
834
855
853
834
826
811
809
844
876
9,091
6,062
6,161
5,754
5,816
5,376
5,751
6,264
6,081
6,146
6,338
6,384
6,509
6,635
6,788
6,933
6,915
Cash
1930—December.
1931—December.
1932—December.
1933—December.
1934—December.
1935—December.
1936—December.
1937—November.
December.
1938—January...
February..
March
April
May
June
July
August
September.
207
201
211
197
228
228
240
273
255
257
242
247
248
247
247
240
262
270
Security
loans
abroad
and net SecuriOther
ties
due
Security loans
from
loans and dis- foreign
counts
banks
205
135
103
106
103
1,275
1,253
1,104
1,036
977
945
791
884
862
839
852
870
906
900
921
920
913
965
921
576
295
273
193
337
473
695
695
661
740
781
780
781
676
534
566
550
4,357
4,503
4,331
4,362
4,301
4,399
4,289
4,364
4,419
4,517
3,773
3,682
3,722
3,813
3,847
3,950
4,096
4,155
Demand
3,857
3,252
2,958
2,624
2,731
2,435
2,661
2,912
2,839
2,818
2,910
2,978
3,050
3,159
3,194
3,219
3,311
Time
5,233
2,810
3,203
3,130
3,085
2,941
3,090
3,352
3,242
3,328
3,428
3,406
3,459
3,476
3,594
3,714
3,603
Credits Other
obtained liabilifrom
ties
banks
1,986
1,328
1,146
661
485
686
579
513
465
463
460
453
444
433
420
416
424
1,828
2,341
1,550
1,481
1,432
1,449
1,334
1,335
1,336
1,350
1,356
1,334
1,327
1,303
1,334
1,368
1,400
Liabilities
Entirely in Canada
(10 chartered banks. Figures in millions of Canadian dollars)
Other
liabilities
Liabilities
Bills dis- Loans
counted
2,453
1,431
1,631
1,702
2,037
2,162
2,567
3,205
2,942
2,997
3,081
3,083
3,328
3,270
3,464
3,589
3,384
Own
acceptances
1,397
1,222
1, 268
862
904
694
529
569
604
600
636
656
614
580
566
527
483
508
Deposits
Assets
Canada
Time
Assets
Germany 1
1930—November.
1931—November.
1932—November.
1933—November.
1934—November.
1935—November.
1936— November.
1937—November.
1938—January...
February..
March
April
May
June
July
August
September.
Liabilities
Assets
France
171
146
155
134
155
141
161
121
102
110
121
129
119
123
137
150
604
694
778
861
967
1,155
1,384
1,391
1,411
1,434
1,440
1,438
1,456
1,449
1,462
1,437
1,440
1,421
Other
assets
602
510
439
432
449
485
507
486
510
480
482
477
483
479
520
471
459
481
Note
circulation
133
129
115
121
124
111
103
101
95
Deposits payable in Canada excluding interbank
deposits
Total
2,115
2,058
1,916
1,920
2,035
2,180
2,303
2,351
2,335
2,314
2,319
2,338
2,414
2,403
2,459
2,394
2,418
2,447
Demand
689
698
538
563
628
694
755
781
752
723
704
715
783
111
838
772
783
814
Time
1,426
1,360
1,378
1,357
1,407
1,486
1,548
1,570
1,583
1,591
1,615
1,623
1,631
1,626
1,621
1,623
1,635
1,633
Other
liabilities
816
752
760
725
718
745
790
789
785
771
770
772
769
777
781
772
771
802
i Combined monthly balance sheets not published for December. Prior to merger of two of the banks in February 1932 figures refer to six large
Berlin banks. Beginning in 1935 figures are not entirely comparable with those shown for previous years due to changes in reporting practice
(See BULLETIN for June 1935, p. 389).
NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pp. 641-646, and June 1935, pp. 388-390.
1098
FEDERAL RESERVE BULLETIN
DECEMBER
1938
FOREIGN EXCHANGE RATES
[Average of noon buying rates for cable transfers in New York.
Year or month
Argentina
(peso)
Australia
(pound)
Austria
(schilling)
Official
11. 8078
10. 7136
7.0290
7.1223
7.9630
8. 4268
8. 2947
8. 5681
8. 7190
1929
1930
1931
1932
1933
1934
1935
1936
1937
95.127
83. 505
66 738
58. 443
72. 801
33 579
32. 659
33.137
32. 959
480.83
458.60
351 50
279. 93
337.07
400. 95
388. 86
395. 94
393. 94
14.058
14.089
14 023
13. 960
15. 448
18 793
18. 831
18. 792
18. 770
13.912
13.952
13. 929
13. 914
17. 900
23. 287
18. 424
16. 917
16. 876
1938—February
March
April
IVlay
June
July
August
September
October.
33. 451
33. 233
33 208
33 118
33.053
32. 862
32. 541
32 032
31. 793
399. 81
397.14
396 85
395 77
395.02
392. 77
388. 90
382. 74
379. 89
18. 939
18. 922
16. 975
16. 880
16. 854
16. 835
16. 956
16. 919
16.869
16.877
16. 904
Year or month
1929
1930 .
1931
1932
1933 _
1934
1935
1936
1937
British
India
(rupee)
Chile (peso)
Bulgaria
(lev)
Canada
(dollar)
5. 8788
6.1806
36. 202
36.067
33. 690
26. 347
31.816
37. 879
36. 964
37. 523
37. 326
.7216
.7209
.7163
.7193
1.0039
1. 2852
1. 2951
1. 2958
1. 2846
99
99. H4?,
96.353
88 0Q0
91 959
101 006
99 493
99 913
100 004
5. 8303
5.8744
5.8680
5 8566
5. 8564
5. 8528
5. 8460
5.8563
5.8488
37.890
37. 638
37.432
37 052
36. 738
36. 762
36. 390
35.827
35. 617
1. 2575
1. 2525
1. 2506
1 2466
1. 2395
1. 2370
1. 2349
1. 2323
1. 2324
100 023
99 716
446
QQ 177
98 908
99 437
99. 646
99. 365
99 062
Free
market
_
_
Czecho- DenEgypt Finland
slovakia mark ,
(markka)
(koruna) (krone) *• pound
France
(franc)
China
Official
Export
12.0601
12.0785
12.0669
7. 9079
7 6787
10. 1452
5.0833
5.1240
5.1697
5.1680
5.1680
5.1683
5 1683
5.1682
5.1694
5.1744
5.1765
5.1771
GerHunmany Greece Hong
Kong
(reichs- (drach- (dollar) gary
ma)
(pengo)
mark)
L 0000
i L 0000
1.0000
iI. 0000
1
1
1
1 0000
1. 0000
1.0000
i. 0000
1 0000
i. 0000
(yuan)
Colombia
(peso)
41.901
29. 917
22 437
21 736
28.598
34 094
36 571
29. 751
29. 606
96 551
96 493
96 570
95 275
81. 697
61 780
56 011
57.083
56. 726
29. 602
28. 219
26 905
23 804
18. 835
18 205
16. 618
17 167
16.029
55.066
54.648
54 813
55 447
55. 370
56 223
56. 564
56 704
57.078
Italy
(lira)
Japan
(yen)
Mexico Netherlands
(peso) (guilder)
99.965
99. 952
99. 930
99. 941
99. 946
99. 936
_ _ 99.920
99. 909
99. 916
2.9609
2. 9640
2. 9619
2. 9618
3. 8232
4. 2424
4.1642
4.0078
3. 4930
26.680
26. 765
25. 058
18. 832
19.071
22. 500
21. 883
22.189
22.069
498.07
498. 60
465.11
359. 54
434. 39
516. 85
502.60
509. 68
506. 92
2. 5160
2. 5169
2. 3875
1. 5547
1. 8708
2. 2277
2.1627
2.1903
2.1811
3. 9161
3. 9249
3.9200
3.9276
5.0313
6. 5688
6. 6013
6.1141
4. 0460
23.809
23. 854
23. 630
23. 749
30. 518
39. 375
40. 258
40. 297
40. 204
1.2934
1. 2959
1. 2926
.8320
.7233
.9402
.9386
.9289
.9055
47.167
33.853
24. 331
23. 460
29.452
38. 716
48. 217
31. 711
30. 694
17.441
17. 494
17. 452
17. 446
22. 360
29. 575
29. 602
29. 558
19. 779
5. 2334
5. 2374
5. 2063
5.1253
6. 7094
8. 5617
8. 2471
7. 2916
5. 2607
46.100
49.390
48.851
28. I l l
25. 646
29. 715
28. 707
29.022
28. 791
48.183
47.133
35.492
31.850
28.103
27 742
27. 778
27. 760
27. 750
40.162
40 225
40. 230
40 295
51 721
67 383
67 715
64 481
55 045
99. 916
99. 916
99.916
99. 926
99. 933
99. 935
99.933
99.932
99. 916
3. 5148
3. 5017
3. 4833
3.4792
3. 4754
3. 4580
3. 4518
3. 4476
3. 4401
22. 399
22. 251
22. 236
22.174
22.132
22.004
21. 785
21. 441
21. 283
514. 50
511.06
510. 54
509. 30
508. 36
505. 39
500. 30
492. 54
488. 92
2. 2155
2. 2001
2.1987
2.1938
2.1878
2.1751
2.1510
2.1171
2.1016
3. 2814
3.1224
3.1020
2. 8148
2. 7824
2. 7663
2. 7331
2. 6924
2. 6662
40.424
40. 241
40. 200
40.160
40. 266
40.188
40.090
39. 966
40.047
.9190
.9128
.9115
.9100
.9078
.9031
.8950
.8805
.8736
31. 339
30.987
30.828
30.849
30. 856
30. 755
30. 479
29. 989
29. 668
19. 841
19.831
19.778
19. 769
19. 759
19. 701
19. 663
19. 642
19. 641
5. 2607
5. 2605
5. 2605
5. 2604
5. 2604
5. 2604
5. 2604
5. 2604
5. 2603
29. 035
28 864
29.013
28. 938
28. 884
28. 722
28.444
27. 996
27. 787
27. 750
25 597
23.109
22. 275
20. 914
20.104
19. 732
19.462
19. 659
55.958
55 556
55. 564
55 351
55. 343
55 040
54. 602
53.940
54.390
New
Zealand Norway
(pound) (krone)
Poland
(zloty)
Portugal
(escudo)
Rumania
(leu)
1938—February
March
April
May
June
July
August
September
October
Year or month
1929
1930
1931
1932
1933 .
1934
1935
1936 —
1937
Cuba
(peso)
Brazil (milreis)
Belgium
(belga)
In cents per unit of foreign currency]
_ _.
_ -_
1938—February
March _ _
April. _
May
June
July.
August
September. __
October-
Straits
United
SweSouth
SwitzSpain SettleAfrica
den
erland Turkey Kingm
e
n
t
s
(peseta)
(pound)
(krona) (franc) (pound) dom
(dollar)
(pound
Uruguay
(peso)
Yugoslavia
(dinar)
483. 21
468. 22
415. 29
320.19
340. 00
402. 46
391. 26
398. 92
396. 91
26.683
26. 760
25. 055
18.004
21. 429
25. 316
24. 627
24. 974
24. 840
11.194
11. 205
11.197
11.182
14.414
18. 846
18. 882
18. 875
18.923
4.4714
4. 4940
4. 2435
3.1960
3.9165
4. 6089
4. 4575
4. 5130
4. 4792
.5961
.5953
.5946
.5968
.7795
1.0006
.9277
.7382
.7294
483. 27
483. 79
480. 76
476. 56
414. 98
498. 29
484. 66
491. 65
489. 62
14.683
11.667
9.545
8.044
10. 719
13. 615
13.678
12. 314
6.053
56.012
55. 964
52.445
40. 397
49. 232
59.005
57.173
58. 258
57.973
26.784
26. 854
25. 254
18. 471
22.032
25. 982
25. 271
25. 626
25. 487
19. 279
19. 382
19.401
19. 405
24. 836
32. 366
32. 497
30.189
22. 938
48. 411
47.061
47.181
47. 285
60.440
79.047
80. 312
80. 357
80.130
485. 69
486 21
453. 50
350 61
423. 68
503 93
490.18
497. 09
494 40
98.629
85 865
55. 357
47 064
60. 336
79 956
80. 251
79 874
79 072
1. 7591
1 7681
1 7680
1 6411
1 7607
2 2719
2. 2837
2 2965
2 3060
402. 87
400. 28
399. 95
398. 87
398.13
395. 86
391. 99
385. 81
382. 46
25. 212
25. 045
25. 028
24. 957
24.911
24. 767
24. 523
24.136
23. 957
18. 974
18.909
18. 852
18. 845
18. 835
18. 839
18. 832
18. 815
18. 794
4. 5350
4. 5105
4. 5032
4. 4869
4. 4811
4. 4713
4. 4228
C
4. 3492
4. 3220
.7372
.7337
.7341
.7336
.7303
.7318
.7317
.7305
.7299
497.06
493. 74
493. 22
491. 92
490. 94
488. 07
483. 23
475. 63
472.05
6.085
5.814
5.766
5.846
5.766
5.666
5.747
5.228
5.092
58. 759
58.118
57. 965
57. 509
57.432
57. 452
56. 864
55. 794
55. 440
25. 861
25. 674
25. 670
25. 604
25. 561
25. 412
25.162
24. 765
24. 563
23.231
23.045
22. 990
22. 840
22. 887
22. 885
22. 885
22. 603
22. 719
80. 800
80.183
80.039
79. 701
79. 919
79. 620
79. 460
79.624
80.311
501. 80
498. 45
498.12
496.73
495.80
492.91
488. 08
480. 38
476. 85
66. 021
65. 597
65. 550
65. 352
65. 240
64. 864
64. 239
63.231
62. 742
2. 3398
2. 3291
2. 3270
2. 3239
2. 3256
2.3241
2. 3133
2. 2895
2. 2805
c
Corrected.
NOTE.—For information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the basis of
quotation, see note in BULLETIN for March 1938, p. 244. Subsequent developments have been as follows: Australia, New Zealand, and South Africaquotations no longer nominal beginning March 26; Austria—no quotations available beginning March 14; China—quotations nominal beginning
March 14; Czechoslovakia—quotations nominal from September 22 to October 4, inclusive; Mexico—quotations not available March 19-21 and
nominal thereafter; Portugal—quotation nominal on September 28 and October 4; Yugoslavia—quotations no longer nominal beginning September 17.
1099
FEDERAL RESERVE BULLETIN
DECEMBER 1938
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
Year or month
United
Kingdom
Canada
France
Germany
Italy
(1930=100)
(1913=100)
(1913=100)
(1928=100)
(1926=100)
(1926=100)
100
95
86
73
1124
65
66
75
80
81
86
100
96
87
72
67
67
72
72
75
85
100
88
86
86
88
89
94
109
695
627
554
502
427
398
376
338
411
581
134
137
125
111
97
93
98
102
104
106
1937—September
October
November _
December
87
85
83
82
85
85
83
83
111
111
109
108
630
628
621
631
1938—January
February
March___
April
May
June
July .
August
September
October
81
80
84
84
83
82
80
80
79
76
75
74
108
106
104
103
102
101
101
100
98
99
636
631
634
643
654
660
652
649
652
663
1926
1929
1930
1931
1932
1933
1934
1935
1936
1937
80
79
78
78
79
78
78
78
Japan
(October
1900=100)
Netherlands
(1926-30—
100)
Switzerland
(July 1914
=100)
70
63
62
68
76
89
237
220
181
153
161
180
178
186
197
238
106
100
90
76
65
63
63
62
64
76
144
141
126
110
96
01
90
90
96
111
106
106
106
106
92
93
95
96
239
237
238
241
77
77
76
76
111
111
110
110
106
106
106
106
105
106
106
106
106
95
94
94
95
96
96
95
96
97
245
258
252
247
249
254
254
252
252
253
75
74
73
73
72
72
71
71
71
71
110
109
108
108
107
107
106
105
106
95
85
75
no6
* Preliminary.
i Approximate figure, derived from old index (1913=100).
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States (1926=100)
Year or month
Farm
products
1926
1929
1930
1931
1932
1933
1934
1935
1936
1937
_
1937—September
October
November _ _
December
„
1938—January
February.
March
_
April
May
June
July
AugustSeptember... _ . _
October
Foods
Other
commodities
United Kingdom F r a n c e (1913=100)
(1930=100)
Foods
Germany (1913=100
Farm
IndusIndus- Agriculand food
tural
trial
trial
products products products products
Provisions
Industrial raw Indusand semi- trial finished
finished
products products
100
1C5
88
65
48
51
65
79
81
86
100
100
91
75
61
61
71
84
82
86
100
92
85
75
70
71
78
78
80
85
100
89
88
83
85
87
92
102
100
' 87
85
87
90
90
96
112
581
579
526
642
482
420
393
327
426
562
793
669
579
464
380
380
361
348
397
598
129
130
113
104
91
87
96
102
105
105
132
125
113
96
86
75
76
84
86
96
130
132
120
103
89
88
91
92
94
96
150
157
150
136
118
113
116
119
121
12fi
86
80
76
73
88
86
83
80
86
85
84
84
104
105
105
104
115
113
110
109
612
607
613
636
645
646
628
626
105
105
105
105
97
97
96
94
96
95
94
94
126
126
126
126
72
70
76
74
74
72
72
73
74
73
75
74
84
83
83
82
82
81
81
81
81
81
105
103
101
100
100
99
98
95
92
93
109
107
106
104
103
101
102
102
102
102
634
625
620
633
650
657
630
625
631
644
638
636
647
651
657
663
671
670
669
680
105
105
106
106
106
106
106
107
106
90
90
90
90
90
90
90
90
91
94
94
94
94
93
94
94
94
94
126
126
126
126
126
126
126
126
126
70
68
68
69
69
67
68
67
* Preliminary.
Sources.—See BULLETIN for March 1931, p. 159; March 1935, p. 180; October 1935, p. 678; March 1937, p. 276; and April 1937. p. 372.
1100
FEDERAL RESERVE BULLETIN
DECEMBER 1938
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
COST OF LIVING
[Index numbers]
[Index numbers]
GerNether- SwitzUnited Engerrance m
land F July
a n y lands
States
land
July
191319111923July
1925=100 1914=100 1914=100 1914=100 1913=100 1914=100
109
105
100
82
68
66
74
80
82
85
161
154
145
131
126
120
122
125
130
139
654
611
614
1937-September
October _ _
November
December
86
85
84
83
1938—January „ _
February.
March
April.__ .
May
June
July
August
September
October
80
78
79
79
79
80
80
78
79
78
1926
1929
1930
1931
1932
1933
1934
1935
1936
1937
146
156
146
Eng- France Ger- Nether- Switzerm a n y lands
land
Jan.land
1923July
June
19131911—
July
1925=100 1914=100 1914=100 1914=100 1913=100
1914=100
United
States
Year or
month
160
156
152
114
120
129
1926
1929
1930
1931 —
1932
1933
1934
1935
1936 .
1937
611
536
491
481
131
116
423
470
601
120
122
122
161
162
150
136
119
120
124
118
120
127
140
143
146
146
627
644
645
659
122
121
121
121
129
130
131
130
130
130
130
130
1937-September
October
November
December.
145
142
140
137
139
138
146
141
140
139
688
694
698
702
705
698
671
677
697
725
121
122
122
122
123
123
124
124
121
P121
130
130
128
129
132
134
130 •
129 1
130
130
130
129
129
128
130
129
129
130
1938-January. _
February
March
April
May
June
July
August
September
October, _-
»co
Year or
month
RETAIL FOOD PRICES
141
125
117
115
1
103
100
97
89
80
76
79
81
82
84
170
164
158
148
144
140
141
143
147
154
505
556
581
569
526
520
516
483
507
619
85
155
158
160
160
630
85
83
83
83
658
159
157
156
154
156
155
159
156
156
155
688
692
689
162
161
158
150
138
131
129
128
130
137
142
154
148
168
168
161
123
125
125
139
140
136
1
132
137
125
125
125
125
139
140
140
139
137
138
138
138
125
125
126
126
126
126
127
127
125
P125
139
139
138
138
139
140
139
138
139
138
137
137
137
136
137
137
136
137
136
121
118
121
151
141
c
Corrected.
P Preliminary.
* Revised index from March 1936 (see BULLETIN for April 1937, p . 373).
Sources.—See BULLETIN for April 1937, p . 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
United
States
(average
price)i
Year or month
Number of issues..
60
Common stocks
Germany
England
France
(average
(December
1921=100) (1913=100)
price)
87
36
139
97.6
98.0
99 3
90 9
69.5
73.4
84.5
88.6
97 5
93 4
110.0
110.2
111.8
108.4
113.2
119.7
127.5
129.9
131.2
124.6
57.4
85.1
95.8
96.9
88 6
81 3
82 1
83 5
76.3
75 1
1937—September .
October
NovemberDecember ..
91 3
86 4
83.3
82.7
122.8
123.6
124 1
123 9
74.8
76.6
76 4
75 5
99
99
99
99
1938—January
February __..
March
April
May
June
July
August
September __.
October
80.6
79.3
76.0
73.8
76.5
75 3
80.8
81.3
78.7
81.8
124. 7
125.1
121.0
124.2
122.1
121 9
123 4
122 4
118.4
118.2
75 1
74.7
73.2
75 6
76.1
77.2
76.5
76.6
75.6
78.3
99.8
99.9
100.1
100.1
100.0
100.0
100.0
99.9
99.8
99.8
1926
1929
1930
1931
1932
1933
1934
1935
1936
1937
.
81.4
83.3
« 83. 4
« 67.1
82.5
90.7
95.3
95.8
98 7
3
4
6
7
(1926=100)
Netherlandss
United
States
England
France
Germany
Netherlands
(1930=100)
8
420
278
300
166.6
104.3
104.1
94.8
105.3
113.4
107.8
109.1
•101.8
100.0
190.3
149.8
94.7
48.6
63.0
72.4
78.3
111.0
111.7
100.0
119.5
102.6
78.9
67.9
78.6
85.7
86.3
97.0
96.3
100.0
217.6
187.6
132.2
105.2
99.6
83.3
79.7
77.2
97.4
100.0
122.8
100.2
3 78.0
»50.3
61.7
71.1
82.9
91.6
102.6
104.
103.7
102.4
104.3
105.0
106 4
91.4
82.9
82.2
92.7
88.2
85.8
86.8
90.1
91.8
90.1
87.6
105.3
103.9
102.7
102.1
108.1
94.8
92.0
93.7
106.3
107.2
104.3
106.3
108.0
107.0
107.0
106.3
100.6
105.6
81.6
80.7
77.9
70.7
73.9
73.1
88.0
89.5
86.0
91. 1
86.5
83.8
78.9
81.7
79.7
78.5
82.1
81.1
78.4
79.6
85.0
84.5
82.0
93.6
92.7
91.4
88.8
87.6
83.7
88.0
104.4
104.2
104.5
105.3
103.4
101.4
99.0
93.8
94.7
98.6
329
100
100.
70.
46.
52.
55.
55.
66.
98.3
97.5
95.1
92.2
92.7
91.6
97.2
97.1
92.8
98.0
i Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co.
* 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.
3
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.
4
New index. See note 3.
Sources— See BULLETIN for February 1932, p. 121; June 1935, p. 394; April 1937, p. 373; July 1937, p. 698; and November 1937, p . 1172.
FEDERAL RESERVE DIRECTORY
1101
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, Chiefy 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. FOTJLK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
FEDERAL OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
GEORGE L. HARRISON, Vice Chairman
CHESTER C. DAVIS
ERNEST G. DRAPER
JOHN K. M C K E E
OSCAR NEWTON
J. N. PEYTON
RONALD RANSOM
G. J. SCHALLER
JOHN S. SINCLAIR
M. S. SZYMCZAK
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
E. A. GOLDENWEISER, Economist
JOHN H. WILLIAMS, Associate Economist
ALLAN SPROUL, Manager of System Open Market Account
1102
FEDERAL ADVISORY COUNCIL
Districti No. 1 (BOSTON)
THOMAS M. STEELB
Districti No. 2 (NEW YORK) . . .
W. W. ALDRICH
District, No. 3 (PHILADELPHIA) . . . .HOWARD A. LOEB,
Districti No. 4
Vice-President
(CLEVELAND)
District; No. 5 (RICHMOND)
District; No. 6 (ATLANTA)
District; No. 7 (CHICAGO)
District; No. 8 (ST. LOUIS)
L. B. WILLIAMS
ROBERT M. HANES
EDWARD BALL
EDWARD E. BROWN
WALTER W. SMITH
President
District
i No. 9 (MINNEAPOLIS)
JOHN CROSBY
District
. No. 10 (KANSAS CITY) . . . . C. Q. CHANDLER
District
; No. 11 (DALLAS)
R. E. HARDING
District
; No. 12 (SAN FRANCISCO).. .PAUL S. DICK
WALTER LICHTENSTEIN, Secretary
SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of—
Chairman and Federal
Reserve Agent
President
First Vice President
Boston..
F. H. Curtiss
R. A. Young
W. W. Paddock
New York
Owen D. Young
G. L. Harrison
Allan Sproul
_
Vice Presidents
W. Willett 2
L. R. Rounds
J. H. Williams
R. M. Gidney
L. W. Knoke
Philadelphia
R. L. Austin
J.S.Sinclair
F. J. Drinnen
C. A. Mcllhenny »
E. C. Hill
Cleveland
E. S. Burke, Jr
M. J. Fleming
F. J. Zurlinden
W. H. Fletcher
G. H. Wagner
W. F. Taylor«
Richmond
Robert Lassiter
Hugh Leach
J. S. Walden, Jr
J. G. Fry
G. H. Keesee 2
Atlanta
F. H. Neely
Oscar Newton
R.S.Parker
H. F. Connifl
W. S. McLarin, Jr.»
M. H. Bryan
Chicago
R. E. Wood i
G. J. Schaller
H. P. Preston
W. H. Snyder«
C. S. Young
J. H. Dillard
St Louis
W. T. Nardin
W. McC Martin
F G Hitt
0. M. Attebery
J. 8. Wood 2
C M . Stewart
Minneapolis
W B Geery
J N Peyton
0 8 Powell
H I Ziemer 3
E. W. Swanson
Kansas City
J. J. Thomas—
G. H. Hamilton
C. A. Worthington—. H. G. Leedy
J. W. Helm a
B. A. McKinney
R. R. Gilbert
Dallas
San Francisco
_- J. H. Merritt..
St. George Holden 1 _. W. A. Day
Ira Clerk
R. B. Coleman 3
W. J. Evans
S. G. Sargent
W
"IVf TTftlp
C. E. Earhart2
1
Deputy chairman.
2 Cashier.
s Also cashier.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
Managing director
New York:
R. M. O'Hara
Buffalo branch
Cleveland:
B. J. Lazar
Cincinnati branch
P. A. Brown
Pittsburgh branch
Richmond:
W. R. Milford
Baltimore branch
W. T. Clements
Charlotte branch
Atlanta:
P. L. T. Beavers
Birmingham branch
G. 8. Vardeman, Jr.
Jacksonville branch
J. B. Fort, Jr.
Nashville branch
L. M. Clark
New Orleans branch
Chicago:
R. H. Buss
Detroit branch
St. Louis:
A. F. Bailey
Little Rock branch
Louisville branch
.___ F. D. Rash
W. H. Glasgow
Memphis branch
Federal Reserve Bank of—
Managing director
Minneapolis:
R. E. Towle
Helena branch
Kansas City:
J. E. Olson
Denver branch
0. E. Daniel
Oklahoma City branch
Omaha branch
___ L. H. Earhart
Dallas:
El Paso branch.
J. L. Hermann
Houston branch
W. D. Gentry
San Antonio branch.
M. Crump
San Francisco:
Los Angeles branch
W. N. Ambrose
Portland branch.__
R. B. West
Salt Lake City branch
W. L. Partner
Seattle branch
0. R. Shaw
SUBSCRIPTION PRICE OF BULLETIN
The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member
banks of the Federal Reserve System and is the only official organ or periodical publication of
the Board. The BULLETIN will be sent to all member banks without charge. To others the
subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold
at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60;
single copies, 25 cents.
1103
INDEX TO VOLUME 24
Page
Acceptances:
Bankers':
Outstanding
36, 144, 214, 306,
388, 518, 600, 714, 788, 902, 996, 1068
Buying rates
37, 145, 215, 307,
389, 519, 601, 715, 789, 903, 997, 1069
Discount rates, open market. . 38, 146, 216, 308,
390, 520, 602, 716, 790, 904, 998, 1070
Member bank holdings:
All banks on call dates. ... 30, 138, 208, 300,
382, 512, 594, 708, 782, 896, 990, 1062
(See also Open market paper.)
Africa. (See South Africa; West Africa.)
Agricultural credit institutions:
Assets and liabilities
42
150, 220, 312, 394, 524, 606, 720, 794
Summary of operations, 1937
261-266
(See also Farm credit agencies.)
Albania:
National Bank of:
Condition
60, 168, 238, 330,
412, 544, 625, 739, 812, 926, 1020, 1092
Discount rates
65, 173, 243, 335,
417, 549, 630, 744, 817, 931, 1025, 1096
Anthracite. (See Coal.)
Argentina:
Business conditions, Discussion of
428
Central Bank of:
Annual report, 1937
664-769
Condition
60, 168, 238, 330,
412, 544, 625, 739, 812, 926, 1020, 1092
Discount rates
65, 173, 243, 335,
417, 549, 630, 744, 817, 931, 1025, 1096
Gold reserves
56, 164, 234, 326,
408, 538, 620, 734, 808, 922, 1016, 1088
Foreign exchange rates
66, 174, 244, 336,
418, 550, 631, 745, 818, 932, 1026, 1098
Gold movements to and from U. S. . . . 28, 136,
206, 298, 380, 510, 592
Assets:
"Readily marketable assets." Interpretation
of term. (Ruling.)
192
Assets and liabilities. (See Condition statements.)
Austin, R. L., redesignated Chairman and Federal Reserve Agent, Philadelphia
5
Australia:
Bank of:
Condition
60, 168, 238, 330,
412, 544, 625, 739, 812, 926, 1020, 1092
Business conditions, Discussion of
429
Foreign exchange rates
66, 174, 244, 336,
418, 550, 631, 745, 818, 932, 1026, 1098
Gold movements to and from U. S. 28, 136, 206,
298, 380, 510, 592, 706, 780, 894, 988, 1060
Gold production:
1929-1937
539
Monthly table
57, 165, 235, 327,
409, 539, 621, 735, 809, 923, 1017, 1089
Austria:
Foreign exchange rates
66, 174, 244, 336,
418, 550, 631, 745, 818, 932, 1026, 1098
National Bank of:
Condition
60, 168, 238, 330, 412
1104
Page
Austria—Continued.
National Bank of—Continued.
Discount rates
65, 173, 243, 335
Gold reserves
56, 164, 234, 326,
408, 538, 620, 734, 808, 922, 1016, 1088
Automobiles. (See Transportation equipment.)
Balance of international payments of the United
States:
1937, summary, preliminary
360
Balance of trade of United States:
Discussion of
425
Bank credit. (See Credit, Bank.)
Bank debits. (See Debits to individual accounts.)
Bank directorates, Interlocking:
"Morris Plan bank" eliminated from sec. 3 (a)
of Regulation L, Board of Governors
834
Regulation L, amended
1042
Statement on, by Board of Governors
1042
Bank examinations:
Revision in bank examination procedure 563-565
Bank failures. (See Banks: Suspensions.)
Bank for International Settlements:
Annual report, 1937-1938
453-495
Condition
63, 171, 241, 333,
415, 547, 628, 742, 815, 929, 1023, 1095
Gold reserves
56, 164, 234, 326,
408, 538, 620, 734, 808, 922, 1016, 1088
Bankers' acceptances. (See Acceptances.)
Bankers' balances:
Discussion of
183, 558, 755
Member bank holdings:
All banks on call dates. . . .31, 139, 209, 301,
383, 513, 595, 709, 783, 897, 991, 1063
Reporting banks:
Charts
436, 754, 756
Monthly and Wednesday figures,
all banks, N. Y. C. and outside
N. Y. C
32, 140, 210, 302, 386,
514, 596, 710, 784, 898, 992, 1064
Wednesday figures:
By districts and for Chicago. . 712,
786, 900, 994, 1066
By districts and for New York
and Chicago
35, 143, 213,
305, 385, 517, 599
Banking and financial legislation:
Federal Deposit Insurance Corporation:
Authority to make loans to or purchase
assets from insured banks. Pub. res.
no. 116, 75th Congress
573
Double liability of stockholders waived.
Pub. no. 544, 75th Congress
573
Foreign. (See under name of country.)
Loans to executive officers of member banks
extended. Pub. no. 492, 75th Congress
439
Banking developments:
Discussion of
181, 753, 1035
Banking funds:
Movement to U. S. from abroad:
1937
269-271
July-Sept., 1937
15
Jan.-Mar., 1938
575
Apr.-June, 1938
869
INDEX TO VOLUME 24
Page
1105
Page
Belgian Congo:
Banking offices:
Gold production:
Number of:
1929-1937
539
1933-1938, by classes ... 193, 448, 767, 1049
Monthly table
57, 165, 235, 327,
Dec. 31, 1937, by classes and States
876
409, 539, 621, 735, 809, 923, 1017, 1089
Banks:
Belgium:
Branches. (See Branch banks.)
Foreign exchange rates
66, 174, 244, 336,
Loans to, by member banks:
418, 550, 631, 745, 818, 932, 1026, 1098
All banks on call dates . 30, 138, 208, 300,
Gold movements to and from U. S. 28, 136, 206,
382, 512, 594, 708, 782, 896, 990, 1062
298, 380, 510, 592, 706, 780, 894, 988, 1060
Reporting banks:
Monthly and Wednesday figures,
Money rates
65, 173, 243, 335,
all banks, N. Y. C. and outside
417, 549, 630, 744, 817, 931, 1025, 1095
N. Y. C
32, 140, 210, 302, 386,
National Bank of:
514, 596, 710, 784, 898, 992, 1064
Annual report, 1937
283-287
Wednesday figures:
Condition
60, 168, 238, 330,
By districts and for Chicago. .712,
412, 544, 625, 739, 812, 926, 1020, 1092
786, 900, 994, 1066
Discount rates:
By districts and for New York
Changes in
549, 1025
and Chicago
34, 142,
Monthly table
65, 173, 243, 335,
212, 304, 384, 516, 598
417, 549, 630, 744, 817, 931, 1025, 1096
Loans to, by Reconstruction Finance CorGold reserves
56, 164, 234, 326,
poration
42, 150, 220, 312,
408, 538, 620, 734, 808, 922, 1016, 1088
394, 524, 606, 720, 794, 908, 1002, 1074 Bernardin, J. M., reelected Class B Director,
Number of:
Federal Reserve Bank of Kansas City
5
Call dates:
Bills:
1933-1938
193, 448, 767, 1049
Bought in open market by Federal Reserve
Dec. 31,1937, by classes and States . . 876
banks:
Mar. 7, 1938
578-579
All banks combined, end of month and
Jan.-Mar., 1938 changes
448
Wednesday figures .20, 128, 198, 290,
372, 502, 584, 698, 772, 886, 980, 1052
June 30, 1938
973-977
Each bank, Wednesday figures. . . .22, 130,
Jan.-June, 1938, changes
767
200, 292, 374, 504, 586,
Jan.-Sept., 1938 changes
1049
Monthly table
29, 137, 207, 299,
700, 774, 888, 982, 1054
381, 511, 593, 707, 781, 895, 989, 1061
Discounted by Federal Reserve banks:
Group banks:
All banks combined, end of month and
Wednesday figures. 20, 128, 198, 290, 372,
Dec. 31, 1936
92-101
502, 584, 698, 772, 886, 980, 1052
Dec. 31, 1937
450
Each bank, Wednesday figures 22, 130,
Operating branches, Dec. 31, 1937:
Deposits:
200, 292, 374, 504, 586,
700, 774, 888, 982, 1054
By classes and States
877
Federal Reserve bank holdings:
By geographic extent of branch
systems, by States and classes
Maturity distribution
21,129,
of banks
878
199, 291, 373, 503, 585,
Number of:
699, 773, 887, 981, 1053
Payable by member banks. (See Borrowings.)
By classes and States
877
Bituminous coal. (See Coal.)
By classes of banks and location of
branches
880 Blattner, George W., resigned as Assistant Director of Division of Research and Statistics
By geographic extent of branch
of the Board of Governors
187
systems, by States and classes of
banks
878 Board of Governors of Federal Reserve System:
Annual report, 1937, notice of publication. . . 757
By number of branches
. 879
Chart book, Note on publication of
829
By number of towns and counties
Draper, Ernest G., appointed member
255
in which branches were located . 879
Members and officers
70, 178, 248, 340,
By population of location
879
422, 554, 636, 750, 822, 936, 1030, 1102
By size of banks and location of
Press statements:
branches
879
Interlocking directorates
1042
Suspensions:
Reserve requirements, Decrease in
343
Group banks, 1930-1936
100-101
Publications, List of
885
By class of bank
101
By geographic area
100 Bolivia:
Central Bank of:
By size of bank
101
Condition
60, 168, 238, 330,
By years
101
412, 544, 625, 739, 812, 926, 1020, 1092
Monthly table
28, 136, 206, 298,
Discount rates
65, 173, 243, 335,
380, 510, 592, 706, 780, 894, 988, 1060
417, 549, 630, 744, 817, 931, 1025, 1096
(See also Federal Reserve banks; Member
Gold movements to and from U. S
206, 298,
banks; National member banks; Non380, 510, 592, 706, 780, 894, 988, 1060
member banks; State banks; State memBonds:
ber banks.)
New issues. (See Capital issues.)
Banks for cooperatives:
Prices:
Loans outstanding
43, 151, 221, 313,
Discussion of
562, 645, 945
395, 525, 607, 721, 795, 909, 1003, 1075
1106
INDEX TO VOLUME 24
Page
Page
B r azil—Continued.
Foreign exchange rates. . . .66,174, 244, 336, 418,
550, 631, 745, 818, 932,1026,1098
British Dominions:
Business conditions, Discussion of
429
British India. (See India, British.)
Brokers and dealers in securities:
Loans to, by member banks:
All banks on call dates
30, 138, 208, 300,
382, 512, 594, 708, 782, 896, 990, 1062
Reporting banks:
Monthly and Wednesday figures,
all banks, N. Y. C. and outside
N. Y. C
32, 140, 210, 302,
386, 514, 596, 710, 784, 898, 992, 1064
Wednesday figures:
By districts and for Chicago. . 712,
786, 900, 994, 1066
By districts and for New York
and Chicago
34, 142,
212, 304, 384, 516, 598
Margin accounts, Debit balances in. (See
brokers' balances.)
Brokers' balances:
1931-1936
196
Monthly table
36, 144, 214, 306,
388, 518, 600, 714, 788, 902, 996, 1068
Movement to U. S. from abroad:
1937
272
July-Sept., 1937
16
Jan.-Mar., 1938
575
Apr.-June, 1938
869
Bryan, Malcolm H., elected Vice President of
Federal Reserve Bank of Atlanta
187
Building contracts. (See Construction contracts.)
Building materials:
Wholesale price indexes
53, 161, 231, 323,
405, 535, 617, 731, 805, 919, 1013, 1085
Bulgaria:
Foreign exchange rates
66, 174, 244, 336,
418, 550, 631, 745, 818, 932, 1026, 1098
National Bank of:
Condition
60, 168, 238, 330,
412, 544, 625, 739, 812, 926, 1020, 1092
Discount rates
65, 173, 243, 335,
417, 549, 630, 744, 817, 931, 1025, 1096
Gold reserves
56,164, 234, 326,
408, 538, 620, 734, 808, 922, 1016, 1088
Burgess, W. Randolph, resignation as Vice President of Federal Reserve Bank of New York. . . 829
Burke, E. S., Jr., redesignated Chairman and
Federal Reserve Agent, Cleveland
5
1933-1938
193, 448, 767, 1049 Business and credit conditions:
Jan.-Mar., 1938 changes
448
Discussion of
1, 73, 181, 254,
Jan.-June, 1938 changes
767
345, 639, 825, 939, 1033
Jan.-Sept., 1938 changes
1049
Economic conditions and rates of bank earnGroup bank branches:
ings and expenses, 1890-1937
109-112
Dec. 31, 1936
93-95
National summary
6, 82, 188, 256,
Dec. 31, 1937
350
349, 435, 567, 647, 759, 830, 947, 1038
Mutual savings banks, Dec. 31, 1936 and
Statistical summary
9, 85, 191, 259
1937
449
352, 438, 570, 649, 761, 833, 950, 1041
Private banks, Dec. 31, 1936 and 1937
449 Business failures.
(See Commercial failures.)
Braswell, James C, reelected Class A Director,
Caldwell, Robert B.:
Appointed Class C Director, Federal Reserve
Federal Reserve Bank of Richmond
5
bank of Kansas City
187
Brazil:
Appointed Deputy Chairman, Federal ReBank of:
serve Bank of Kansas City
757
Condition
60,168, 238, 330, 412,
544, 625, 739, 812, 926, 1020, 1092 Canada:
Bank of:
Gold Reserves
56, 164, 234, 326, 408,
Amendment of Bank of Canada
538, 620, 734, 808, 922,1016,1088
Act
652-654
Business conditions, Discussion of
427
Bonds—Continued.
Prices—Continued.
Principal countries
68, 176, 246, 338,
420, 552, 633, 747, 820, 934, 1028, 1100
United States
39, 147, 217, 309,
391, 521, 603, 717, 791, 905, 999, 1071
United States Government. (See United
States Government securities.)
Yields:
Charts
562, 645
Monthly and weekly
figures
38, 146,
216, 308, 390, 520, 602,
716, 790, 904, 998, 1070
National summary
83, 189, 257,
350, 436, 831, 948,1039
Boots and shoes. (See Leather and leather
products.)
Borrowings:
Member banks:
All banks on call dates. . .31, 139, 209, 301,
383, 513, 595, 709, 783, 897, 991, 1063
Reporting banks:
Monthly and Wednesday figures,
all banks, N. Y. C. and outside
N. Y. C
33, 141, 211, 303, 387,
515, 597, 711, 785, 899, 993, 1065
Wednesday figures:
By districts and for Chicago
713,
787, 901, 995, 1067
By districts and for New York and
Chicago
35, 143,
213, 305, 385, 517, 599
Brainard, G. C :
Reappointed Class C Director, Federal Reserve Bank of Cleveland
5
Reappointed Deputy Chairman, Federal Reserve Bank of Cleveland
5
Branch banks:
1900-1937:
By classes and location
880
By States and location
881
Dec. 31, 1937:
By classes and States
876
By location relative to head office, by
States and classes of banks
878
By method of establishment and location
879
By population of location
879
By size of banks and location of
branches
879
By States
449
INDEX TO VOLUME 24
1107
Page
Page
Canada—Continued.
Bank of—Continued.
Annual report, 1937
496-499
Condition
60, 168, 238, 330, 412,
544, 625, 739, 812, 926, 1020, 1092
Discount rates
65, 173, 243, 335, 417,
549, 630, 744, 817, 931, 1025, 1096
Gold reserves
.56, 164, 234, 326,
408, 538, 620, 734, 808, 922, 1016, 1088
Banking and financial legislation:
July 1, 1938. Bank of Canada
Act, amended
652-654
Business conditions, Discussion of
429
Commercial banks
64, 172, 242, 334, 416,
548, 629, 743, 816, 930, 1024, 1097
Foreign exchange r a t e s . . . 66, 174, 244, 336, 418,
550, 631, 745, 818, 932, 1026, 1098
Gold movements to and from U. S
28, 136,
206, 298, 380, 510, 592, 706, 780, 894, 988, 1060
Gold production
1929-1937
539
Monthly table
57, 165, 235, 327, 409,
539, 621, 735, 809, 923, 1017, 1089
Wholesale price indexes. . .67, 175, 245, 337, 419,
551, 632, 746, 819, 933, 1027, 1099
Capital:
Federal Reserve b a n k s . . . . 24, 132, 202, 294, 376,
506, 588, 702, 776, 890, 984, 1056
Capital account:
Reporting member banks:
Monthly and Wednesday figures, all
banks, N. Y. C. and outside N. Y. C. 33,
141, 211, 303, 387, 515, 597, 711,
785, 899, 993, 1065
Wednesday figures:
By districts and for Chicago.... 713,
787, 901, 995, 1067
By districts and for New York and
Chicago
35, 143, 213,
305, 385, 517, 599
Capital issues:
Discussion of
2, 254, 562, 826, 945
Monthly
figures
39, 147, 217, 309,
391, 521, 603, 717, 791, 905, 999, 1071
Capital movement to United States:
Discussion of
252, 827
Statistics :
1937
267-277
July-Sept., 1937
15
Jan.-Mar., 1938
574-576
Apr.-June, 1938
868-871
Capital movements, International:
Discussion of
252, 425
Car loadings, Freight. (See Freight-car loadings.)
Cash:
Member bank holdings:
All banks on call dates
31, 139, 209, 301,
383, 513, 595, 709, 783, 897, 991, 1063
Reporting banks:
Monthly and Wednesday figures, all
banks, N. Y. C. and outside
N. Y. C
32, 140, 210, 302, 386,
514, 596, 710, 784, 898, 992, 1064
Wednesday figures:
By districts and for Chicago,
712, 786, 900, 994, 1066
By districts and for New York
and Chicago
35, 143.
213, 305, 385, 517, 599
Cement:
Factory employment index:
Adjusted:
Monthly table
47, 155, 225, 317,
399, 529, 611, 725, 799, 913, 1007, 1079
Revised index, 1923-1938
852-854
Unadjusted
49, 157, 227, 319,
401, 531, 613, 727, 801, 915, 1009, 1081
Factory payrolls index
49, 157, 227, 319,
401, 531, 613, 727, 801, 915, 1009, 1081
Production index:
Adjusted
45, 153, 223, 315,
397, 527, 609, 723, 797, 911, 1005, 1077
Unadjusted
46, 154, 224, 316,
398, 528, 610, 724, 798, 912, 1006, 1078
Wholesale price index
53, 161, 231, 323,
405, 535, 617, 731, 805, 919, 1013, 1085
Central America:
Gold movements to and from U. S.. . 28, 136, 206,
298, 380, 510, 592, 706, 780, 894, 988, 1060
Central banks. (See under name of country,
e.g., France: Bank of.)
Central reserve cities:
Designation of
961-964
Central reserve city member banks:
Assets and liabilities:
Dec. 31, 1937
195
Mar. 7, 1938
359
June 30, 1938
766
Sept. 28, 1938
1048
Borrowings on call dates
31, 139, 209, 301,
383, 513, 595, 709, 783, 897, 991, 1063
Deposits:
Call dates
31, 139, 209, 301,
383, 513, 595, 709, 783, 897, 991, 1063
Monthly
figures
26, 134, 204, 296,
378, 508, 590, 704, 778, 892, 986, 1058
Loans and investments on call d a t e s . . . . 30, 138,
208, 300, 382, 512, 594, 708, 782, 896,
990, 1062
Reserves:
Call dates
31, 139, 209, 301,
383, 513, 595, 709, 783, 897, 991, 1063
Monthly and weekly figures... 26, 134, 204,
296, 378, 508, 590, 704, 778, 892, 986, 1058
Charts:
Bond yields
562, 645
Chart book published
829
Construction contracts
830
Country member banks.
754
Currency in circulation
345
Department store sales
436, 647
Deposits and currency
182
Earnings and expenses:
Kansas state banks, 1902-1935
108, 110
Member banks
441
National banks, 1890-1937
102, 103,
105, 110
Excess reserves of member b a n k s . . . . 185, 251,
257, 568, 647, 948, 1039
Factory employment and payrolls. . . . 6, 78, 82,
188, 435, 835, 836, 1038
Foreign central bank and private balances
in U. S
252
Foreign trade of the U. S
425, 943
Freight-car loadings
256, 567, 948
Industrial production
6, 76, 82, 188, 256,
349, 430, 435, 567, 640, 641, 646, 830,
940, 947, 1038
Loans to customers at country member banks 755
1108
INDEX TO VOLUME 24
Page
Charts—Continued.
Man-hours worked in manufacturing industries
255
Member bank credit
7
Member bank deposits and reserves
964
Member bank loans and investments
183,
189, 253, 827, 831
Member bank reserves and related items. 8,
83, 84, 190, 258, 350, 351, 437, 569, 648,
760, 832, 949, 966, 1040
Member banks in 101 leading cities
436,
559, 560, 754-756, 831
Money in circulation
73
Money rates in New York City
350, 831
Publicly-offered United States Government
obligations outstanding
561
Reserve bank credit
966
Residential building
642, 942
Stock prices
645
Wholesale prices
7, 79, 83, 189,
257, 347, 350, 568, 643, 647, 948, 1039
Chemicals:
Factory employment index:
Adjusted:
Monthly table
48, 156, 226, 318,
400, 530, 612, 726, 800, 914, 1008, 1080
Revised indexes, 1923-1938 . . 864-866
Unadjusted
50, 158, 228, 320,
402, 532, 614, 728, 802, 916, 1010, 1082
Factory payrolls index
50, 158, 228, 320,
402, 532, 614, 728, 802, 916, 1010, 1082
Wholesale price indexes
53, 161, 231, 323,
405, 535, 617, 731, 805, 919, 1013, 1085
Chile:
Central Bank of:
Condition
61, 169, 239, 331,
413, 544, 625, 739, 812, 926, 1020, 1093
Discount rates
65, 173, 243, 335,
417, 549, 630, 744, 817, 931, 1025, 1096
Gold reserves
56, 164, 234, 326,
408, 538, 620, 734, 808, 922, 1016, 1088
Foreign exchange rates
66, 174, 244, 336,
418, 550, 631, 745, 818, 932, 1026, 1098
Gold movements to and from U. S.. 28, 136, 206,
298, 380, 510, 592, 706, 780, 894, 988, 1060
Gold production:
1929-1937
539
Monthly table
57, 165, 235, 327,
409, 539, 621, 735, 809, 923, 1017, 1089
China:
Central Bank of:
Gold reserves
56, 164, 234, 326,
408, 538, 620, 734, 808, 922, 1016, 1088
Foreign exchange rates
66, 174, 244, 336,
418, 550, 631, 745, 818, 932, 1026, 1098
Gold movements to and from U. S. 28, 136, 206,
298, 380, 510, 592, 706, 780, 894, 988, 1060
Cigars and cigarettes. (See Tobacco: Manufactures.)
Clayton Act:
"Morris Plan bank" eliminated from sec.
3(a) of Regulation L, Board of Governors 834
Statement by Board of Governors on section 8
1042
Closed banks. (See Banks: Suspensions.)
Coal:
Freight-car loadings indexes. . .52, 160, 230, 322,
404, 534, 616, 730, 804, 918, 1012, 1084
Production indexes:
Adjusted
45, 153, 223, 315,
397, 527, 609, 723, 797, 911, 1005, 1077
Page
Coal—Continued.
Production indexes—Continued.
Unadjusted
46, 154, 224, 316,
398, 528, 610, 724, 798, 912, 1006, 1078
Wholesale price indexes
53, 161, 231, 323,
405, 535, 617, 731, 805, 919, 1013, 1085
Cochran, W. D., appointed Class C Director,
Federal Reserve Bank of Minneapolis
81
Coffey, Walter C, appointed Class C. Director,
Federal Reserve Bank of Minneapolis
81
Coin :
Circulation
27, 135, 205, 297,
379, 509, 591, 705, 779, 893, 987, 1059
Coke:
Freight-car loadings indexes. . .52, 160, 230, 322,
404, 534, 616, 730, 804, 918, 1012, 1084
Columbia:
Bank of:
Condition
61, 169, 239, 331,
413, 545, 626, 740, 813, 927, 1021, 1093
Discount rates
65, 173, 243, 335,
417, 549, 630, 744, 817, 931, 1025, 1096
Gold reserves
56, 164, 234, 326,
408, 538, 620, 734, 808, 922, 1016, 1088
Business conditions, Discussion of
427
Foreign exchange rates
66, 174, 244, 336,
418, 550, 631, 745, 818, 932, 1026, 1098
Gold movements to and from U. S. 28, 136, 206,
298, 380, 510, 592, 706, 780, 894, 988, 1060
Gold production:
1929-1937
539
Monthly table.'.'.'.'.'.'. .'.'. . .57, 165, 235, 327,
409, 539, 621, 735, 809, 923, 1017, 1089
Commercial banks:
Branches. (See Branch banks.)
Capital stock. (See Capital stock.)
Deposits. (See Deposits.)
Foreign. (See Condition statements: Foreign commercial banks.)
Insured. (See Insured commercial banks.)
Loans and investments. (See Loans and investments.)
Number of. (See Banks: Number of.)
Operating branches. (See Banks: Operating branches.)
Commercial failures
51, 159, 229, 321,
403, 533, 615, 729, 803, 917, 1011, 1083
Commercial, industrial and agricultural loans:
Reporting member banks:
Chart
560
Monthly and Wednesday figures, all
banks, N. Y. C. and outside N. Y. C.. 710,
784, 898, 992, 1064
Wednesday figures:
By districts and for Chicago
. . 712,
786, 900, 994, 1066
By districts and for New York and
Chicago
34,
142, 212, 304, 384, 516, 598
Commercial paper:
Discount rates, open market 38, 146, 216, 308,
390, 520, 602, 716, 790, 904, 998, 1070
Member bank holdings:
All banks on call dates . 30, 138, 208, 300,
382, 512, 594, 708, 782, 896, 990, 1062
Outstanding
36, 144, 214, 306,
388, 518, 600, 714, 788, 902, 996, 1068
(See also Open market paper.)
Commodity Credit Corporation:
Assets and liabilities .
42, 150, 220, 312,
394, 524, 606, 720, 794, 908, 1002, 1074
INDEX TO VOLUME 24
Page
1109
Page
Cook, W. D., reelected Class A Director, Federal
Commodity Credit Corporation—Continued.
5
Guaranteed obligations outstanding . .
. 604, Reserve Bank of Atlanta
54, 732, 806, 920, 1014, 1086
718, 792, 906, 1000, 1072 Corn crop reports
Summary of operations, 1937
261-266 Corporations:
Bonds:
Commodity prices. (See Prices.)
Prices. (See Bonds: Prices.)
Comptroller of Currency:
Yields. (See Bonds: Yields.)
Regulation on investment securities
New issues (See Capital issues.)
revised
563-566 Corporations and credit agencies, Governmental.
(See Governmental corporations and
Condition statements:
credit agencies.)
All banks in U. S.:
Mar. 7, 1938
578-582 Cost of living:
June 30, 1938
973-977
Indexes, principal countries. .68, 176, 246, 338,
Bank for International Settlements 63, 171, 241,
420, 552, 633, 747, 820, 934, 1028, 1100
333, 415, 547, 628, 742, 815, 929, 1023, 1095 Cotton:
Federal Reserve banks:
Crop reports
54, 806P 920, 1014, 1086
All banks combined, end of month and
Manufactures. (See Textiles.)
Wednesday
figures
21, 129, 199, 291, Couch, Harvey C, elected Class B Director, Fed373, 503, 585, 699, 773, 887, 981, 1053
eral Reserve Bank of St. Louis
5
Each bank, Wednesday
member banks:
figures
22, 130, 200, 292 Country
Assets and liabilities:
374, 504, 586, 700, 774, 888, 982, 1054
Dec. 31, 1937
195
Foreign central banks
59, 167, 237, 329,
Mar. 7, 1938
359
411, 543, 624, 738, 811, 925, 1019, 1091
June 30, 1938
766
Foreign commercial banks . . . 63, 171, 241, 333.
Sept. 28, 1938
1048
415, 547, 628, 742, 815, 929, 1023, 1096
Discussion of
754
Governmental corporations and credit
Borrowings on call dates
31, 139, 209, 301,
agencies:
383, 513, 595, 709, 783, 897, 991, 1063
Monthly table
42, 150, 220, 312,
Charts
754, 755
394, 524, 606, 720, 794, 908, 1002, 1074
Deposits:
Revised form of table:
Call dates
31, 139, 209, 301,
Discussion of changes
882-884
383, 513, 595, 709, 783, 897, 991, 1063
June and Dec, 1935-1938, revised
Monthly
figures
26, 134, 204, 296,
figures
884
378, 508, 590, 704, 778, 892, 986, 1058
Insured commercial banks:
Loans and investments on call d a t e s . . . . 30, 138,
Dec. 31, 1937
357
208, 300, 382, 512, 594, 708, 782,
June 30, 1938
875
896, 990, 1062
Member banks:
Reserves:
All banks on call dates:
Call dates
31, 139, 209, 301,
Dec. 31, 1937
195
383, 513, 595, 709, 783, 897, 991, 1063
Mar. 7, 1938
359
Monthly and weekly
figures
26, 134,
June 30, 1938
766
204, 296, 378, 508, 590, 704, 778, 892,
Sept. 28, 1938
1048
986, 1058
Monthly table
30, 138, 208, 300,
Elmer H., reelected Class B Director, Fed382, 512, 594, 708, 782, 896, 990, 1062 Cox,
eral Reserve Bank of San Francisco
5
Selected dates, 1932-1937
194
Crapo,
S.
T.,
reelected
Class
B
Director,
FedSelected dates, 1933-1938
358,
eral Reserve Bank of Chicago
5
765, 1047
Credit, Bank:
Reporting banks:
Federal Reserve:
Monthly and Wednesday figures,
Chart
966
all banks, N. Y. C. and outside
End of month and Wednesday figures... 20,
N. Y. C
32, 140, 210, 302, 386,
128, 198, 290, 372, 502, 584, 698,
514, 596, 710, 784, 898, 992, 1064
772, 886, 980, 1052
Wednesday figures:
Monthly and yearly averages of daily
By districts and for
figures
9, 85, 191, 259,
Chicago .712, 786, 900, 994, 1066
352, 438, 570, 649, 761, 833, 950, 1041
By districts and for New York
Member banks:
and Chicago. . .34, 142, 212, 304,
Chart
7
384, 516, 598
Discussion of. . . 1, 73-75, 253, 345, 559, 826
Construction contracts awarded, Value of:
National summary
7, 83, 189, 257,
By types of construction and financing, and
350, 436, 567, 647, 759, 831, 948, 1039
by districts
51, 159, 229, 321.
403, 533, 615, 729, 803, 917, 1011, 1083 Credit agencies, Governmental. (See GovernCharts
642, 830, 942
mental corporations and credit agencies.)
Discussion of
77, 255, 345, 641, 825, 941 Crops:
Indexes
44, 152, 222, 314, 396, 526
National summary
7, 646, 759
608, 722, 796, 910, 1004, 1076
Reports, by districts
54, 732, 806,
National summary
6, 82, 188, 256, 349, 435
920, 1014, 1086
567, 646, 758, 830, 947, 1033 Cuba:
Currency legislation
768
Consumers' paper. (See Finance paper.)
1110
INDEX TO VOLUME 24
Page
Page
Deposits—Continued.
Cuba—Continued.
Foreign exchange rates
66, 174, 244, 336,
Federal Reserve banks:
418, 550, 631, 745, 818, 932, 1026, 1098
All banks combined, end of month and
Currency circulation. (See Money in circulation.)
Wednesday figures 21, 129, 199, 291,
Curtiss, F. H., redesignated Chairman and Fed373, 503, 585, 699, 773, 887, 981, 1053
eral Reserve Agent, Boston
5
Each bank, Wednesday figures. . . .23, 131,
Customers' debit balances of Stock Exchange
201, 293, 375, 505, 587,
firms. (See Brokers' balances.)
701, 775, 889, 983, 1055
Czechoslovakia:
Group banks:
Foreign exchange rates
66, 174, 244, 336,
Dec. 31, 1936
92-101
418, 550, 631, 745, 818, 932, 1026, 1098
Dec. 31, 1937
450
National Bank of:
Insured commercial banks:
Condition
61, 169, 239, 331,
Dec. 31, 1937
357
413, 545, 626, 740, 813, 927, 1021, 1093
June 30, 1938
875
Discounts rates
65, 173, 243, 335,
Interest on. (See Interest on deposits;
417, 549, 630, 744, 817, 931, 1025, 1096
Interest rates.)
Gold reserves
56, 164, 234, 326,
Member banks:
408, 538, 620, 734, 808, 922, 1016, 1088
All banks on call dates:
Danzig:
Dec. 31, 1937
195
Bank of:
Mar. 7, 1938
359
Condition
61, 169, 239, 331, 413,
June 30, 1938
765
545, 626, 740, 813, 927, 1021, 1093
Sept. 28, 1938
1048
Discount rates
65, 173, 243, 335, 417,
Monthly table. . . 31, 139, 209, 301, 383,
549, 630, 744, 817, 931, 1025, 1096
513, 595, 709, 783, 897, 991, 1063
Day, Edmund E., appointed Class C Director,
Charts
964
Federal Reserve Bank of New York
80
Classes of banks
26, 134, 204, 296, 378,
Debits to individual accounts:
508, 590, 704, 778, 892, 986, 1058
Monthly table
28, 136, 206, 298, 380
Discussion of
182, 559, 757, 827, 1035
510, 592, 706, 780, 894, 988, 1060
Larger and smaller centers.... 26, 134, 204,
Debt, U. S. Government. (See Treasury finance:
296, 378, 508, 590, 704, 778, 892, 986, 1058
Public debt.)
Reporting banks:
Deficit, U. S. Treasury. (See Treasury finance:
Chart
436, 754, 756
Deficit.)
Monthly and Wednesday figures,
Denmark:
all banks, N. Y. C. and outside
Foreign exchange rates. .66, 174, 244, 336, 418,
N. Y. C
33, 141, 211, 303, 387,
550, 631, 745, 818, 932, 1026, 1098
515, 597, 711, 785, 899, 993, 1065
National Bank of:
Wednesday figures:
Condition
61, 169, 239, 331, 413,
By districts and for Chicago . . 713,
545, 626, 740, 813, 927, 1021, 1093
787, 901, 995, 1067
Discount rates
65, 173, 243, 335, 417,
By districts and for New York
549, 630, 744, 817, 931, 1025, 1096
and Chicago
35, 143,
Gold reserves
56, 164, 234, 326, 408,
213, 305, 383, 517, 599
538, 620, 734, 808, 922, 1016, 1088
Mutual savings banks:
Dennison, H. S., appointed Deputy Chairman,
Mar. 7, 1938
582
Federal Reserve Bank of Boston
5
June 30, 1938
977
Department store sales and stocks:
National member banks:
Charts
436, 647
Mar. 7, 1938
580
Discussion of
3, 78, 255, 347
June 30, 1938
975
Index of sales (value) :
Nonmember deposits in Federal Reserve
Monthly
figures
52, 160, 230, 322, 404,
banks:
534, 616, 730, 804, 918, 1012, 1084
End of month and Wednesday figures. . 20,
Yearly and monthly
figures
44, 152,
128, 198, 290, 372, 502, 584, 698, 772,
222, 314, 396, 526, 608,
886, 980, 1052
722, 796, 910, 1004, 1076
Postal Savings System. (See Postal SavIndex of stocks (value) :
ings deposits.)
Monthly
figures
52, 160, 230, 322, 404,
Private banks:
534, 616, 730, 804, 918,1012, 1084
Mar. 7, 1938
582
Revised indexes, 1919-1938
232
June 30, 1938
977
Seasonal adjustment factors, 1919-1938. . 232
Reserves required against. (See Reserve
National summary
7, 83, 189, 256, 349,
requirements.)
436, 567, 647, 759, 831, 947, 1039
State banks:
Deposits :
Mar. 7, 1938
581
All banks in U. S.:
June 30, 1938
976
Call dates:
Suspended banks:
Mar. 7, 1938
578-582
Monthly table
28, 136, 206, 298,
June 30, 1938
973-977
380, 510, 592, 706, 780, 894, 988, 1060
Monthly table. . . .29, 137, 207, 299, 381,
Time:
511, 593, 707, 781, 895, 989, 1061
Discussion of growth in
969
Chart
182
Velocity of:
Banks operating branches, Dec. 31, 1937
Discussion
757
877, 878
INDEX TO VOLUME 24
Page
Directorates, Interlocking. (See Bank directorates, Interlocking.)
Disaster Loan Corporation:
Loans outstanding, Dec. 31, 1937
263
Discount rates:
Federal Reserve banks:
Monthly table
37, 145, 215, 307,
389, 519, 601, 715, 789, 903, 997, 1069
Foreign central banks:
Prevailing rates
65, 173, 243, 335,
417, 549, 630, 744, 817, 931, 1025, 1096
Discounts and advances:
Federal Reserve banks for member banks:
Installment paper, eligibility for discount. (Ruling.)
86
Limitation of amount of paper of one
borrower. (Ruling.)
571
Machinery purchase note, eligibility for
discount. (Ruling.)
86
Distribution:
National summary
7, 83, 189, 256,
349, 436, 567, 647, 759, 831, 947, 1039
Dividends:
Federal Reserve banks:
1937
126
Jan.-June, 1938
680
Member banks:
1937
441-447
Jan.-June, 1938
873
Correction
1037
State member banks:
1937
360, 442, 446, 447
Jan.-June, 1938
873
Correction
1037
Double liability of stockholders:
Federal Deposit Insurance Corporation
waiver of. Pub. no. 544, 75th Congress. . 573
Draper, Ernest G., appointed member of Board
of Governors of Federal Reserve System. . . . 255
Durable goods:
Factory employment index:
Adjusted:
Monthly table. . . .47, 155, 225, 317, 399,
529, 611, 725, 799, 913, 1007, 1079
Revised indexes, 1919-1938 . . 842-845
Unadjusted
49, 157, 227, 319,
401, 531, 613, 727, 801, 915, 1009, 1081
Factory payrolls index
49, 157, 227, 319,
401, 531, 613, 727, 801, 915, 1009, 1081
Dutch East Indies:
Gold movements to and from U. S.
28, 136
Earmarked gold. (See Gold: Earmarked.)
Earnings and expenses:
Federal Reserve banks:
1937
125-126
Jan.-June, 1938
680
Kansas state banks, 1902-1935:
Charts
108, 110
Discussion of
107-108
Tables
121-122
Member banks:
1927-1936:
Discussion of
105-107
Tables
119-120
1937 and 1936
441-447
By classes of banks
442
By districts
443
By six-month periods during 1937 446
Discussion of
441
Jan.-June, 1938
873
Correction
1037
1111
Page
Earnings and expenses—Continued.
Member banks—Continued.
Chart
441
Operating ratios, 1937
681-696
By classes of banks and by size of
groups . .
683
By geographic divisions and by size
groups
685-688
By size groups
682
By size groups and Federal Reserve districts
689-696
National banks:
1890-1937:
Charts
102, 103, 105, 110
Discussion of
102-105
Tables
116-118
National member banks:
Operating ratios, 1937
683
State member banks:
1937
360, 447
Jan.-June, 1938
873
Correction
1037
Operating ratios, 1937
683
Trend in rates of bank earnings and expenses (1890-1937):
Discussion of
102-115
Tables
116-124
Ecuador:
Central Bank of:
Condition
61, 169, 239, 331,
413, 545, 626, 740, 813, 927, 1021, 1093
Discount rates
65, 173, 243, 335,
417, 549, 630, 744, 817, 931, 1025, 1096
Gold movements to and from U. S
28, 136,
206, 298, 380, 510, 592, 706, 780, 894,
988, 1060
Egypt:
Foreign exchange rates
66, 174, 244, 336,
418, 550, 631, 745, 818, 932, 1026, 1098
National Bank of:
Condition
61, 169, 239, 331,
413, 545, 626, 740, 813, 927, 1021, 1093
Gold reserves
56, 164, 234, 326,
408, 538, 620, 734, 808, 922, 1016, 1088
El Salvador:
Central Reserve Bank of:
Condition
61, 169, 239, 331,
413, 545, 626, 740, 813, 927, 1021, 1093
Discount rates
65, 173, 243, 335,
417, 549, 630, 744, 817, 931, 1025, 1096
Employment:
Discussion of
77, 641, 940
Employment, Factory:
Chart. . . .6, 78, 82, 188, 255, 435, 835, 836, 1038
Discussion of
77, 347, 641, 940
Indexes:
Adjusted:
By industries, monthly figures. 47, 155,
225, 317, 399, 529, 611, 725, 799,
913, 1007, 1079
Industries included
839
Revised indexes, 1919-1938
835-866
Seasonal adjustment factors, 1938 840
Total, monthly
figures
44, 152,
222, 314, 396, 526, 608, 722, 796,
910, 1004, 1076
Unadjusted:
By industries, monthly figures 49,
157, 227, 319, 401, 531, 613, 727,
801, 915, 1009, 1081
Revised index, 1919-1938
838
1112
INDEX TO VOLUME 24
Page
Employment, Factory—Continued.
Indexes—Continued.
Unad j usted—Continued.
Total, yearly and monthly figures. . . 44,
152, 222, 314, 396, 526, 608, 722,
796, 910, 1004, 1076
National summary
6, 82, 188, 256,
349, 435, 567, 646, 758, 831, 947, 1038
England. (See United Kingdom.)
Estberg, E. R., reelected Class A Director, Federal Reserve Bank of Chicago
5
Estonia:
Bank of:
Condition
61, 169, 239, 331,
413, 545, 626, 740, 813, 927, 1021, 1093
Discount rates
65, 173, 243, 335,
417, 549, 630, 744, 817, 931, 1025, 1096
Examinations. (See Bank examinations.)
Executive officers of member banks:
Acquisition by member bank from its affiliate of note guaranteed by executive officer.
(Ruling.)
572
Loans to:
Inactive officers subject to Regulation
O. (Ruling.)
87
Public act, amended, extending period
to June 16, 1939
439
Renewal or extension of. (Ruling.) . . 440
Reports of indebtedness to Federal Land
Bank or the Land Bank Commissioner. (Ruling.)
571
Substitution of executive officer's note
for that of wife. (Ruling.)
572
Expenditures, U. S. Treasury. (See Treasury
finance: Expenditures.)
Expenses. (See Earnings and expenses.)
Export-Import Bank:
Summary of operations, 1937
261-268
Exports. (See Foreign trade.)
Factory employment. (See Employment, Factory.)
Failures, Bank. (See Banks: Suspensions.)
Failures, Commercial. (See Commercial failures.)
Farm Credit Administration:
Banks and corporations:
Assets and liabilities
908, 1002, 1074
Loans and discounts outstanding, by institutions
43,151,221,313.
395, 525, 607, 721, 795, 909, 1003, 1075
Summary of operations of institutions
under, 1937
^
261-266
(See also Governmental corporations and
agencies.)
Farm credit agencies:
Assets and liabilities
908, 1002, 1074
Farm income. (See Income: Agricultural.)
Farm mortgage agencies:
Assets and liabilities
908, 1002, 1074
Farm mortgage institutions:
Assets and liabilities
42, 150,
220, 312, 394, 524, 606, 720, 794
Summary of operations, 1937
261-266
(See also Farm mortgage agencies.)
Farm products:
Wholesale price indexes:
Principal countries
67, 175, 245, 337,
419, 551, 632, 746, 819, 933, 1027, 1099
United States
53, 161, 231, 323,
405, 535, 617, 731, 805, 919, 1013, 1085
Farm Security Administration:
Loans outstanding, Dec. 31, 1937
266
Page
Federal Advisory Council:
Meeting
187
Members
70, 178, 248, 340,
422, 554, 636, 750, 822, 936, 1030, 1102
Federal Deposit Insurance Corporation:
Authority to make loans to or purchase assets from insured banks. Pub. res. no.
116, 75th Congress
573
Double liability of stockholders waived.
Pub. no. 544, 75th Congress
573
Federal Farm Mortgage Corporation:
Guaranteed obligations outstanding . . . 40, 148,
218, 310, 392, 522, 604, 718, 792,
906, 1000, 1072
Summary of operations, 1937
261-266
Federal Home Loan Bank Board:
Loans outstanding, by institutions
43, 151,
221, 313, 395, 525, 607, 721, 795,
909, 1003, 1075
Summary of operations of institutions
under, 1937
261-266
(See also Governmental corporations and
credit agencies.)
Federal Home Loan Banks:
Loans to members
43, 151, 221, 313,
395, 525, 607, 721, 795, 909, 1003, 1075
Federal Housing Administration:
Summary of operations, 1937
261-266
Federal intermediate credit banks:
Loans and discounts outstanding
43, 151,
221, 313, 395, 525, 607, 721, 795,
909, 1003, 1075
Summary of operations, 1937
261-266
Federal land banks and Land Bank Commissioner:
Loans outstanding
43, 151, 221, 313,
395, 525, 607, 721, 795, 909, 1003, 1075
Summary of operations, 1937
261-266
Federal Open Market Committee:
Members and officers
70, 178, 248, 340,
422, 554, 636, 750, 822, 936, 1030, 1102
Sproul, Allan, selected as Manager of System
Open Market Account
829
Federal Reserve act:
Amendments, 75th Congress:
Double liability of stockholders waived
by Federal Deposit Insurance Cor- •
poration. Pub. No. 544
573
Federal Deposit Insurance Corporation
to make loans to or purchase assets
of insured banks. Pub. res. no. 116. . 573
Loans to executive officers of member
banks extended. Pub. no. 492
439
Federal Reserve Agents:
Accounts. (See Federal Reserve notes:
Agents' accounts.)
Appointments. (See Federal Reserve banks:
Chairman and Federal Reserve Agents.)
Federal Reserve bank notes:
Circulation
27, 135, 205, 297,
379, 509, 591, 705, 779, 893, 987, 1059
Federal Reserve banks:
Agencies:
Havana Agency of Federal Reserve
Bank of Atlanta discontinued
829
Branches:
Managing directors of. . . 71, 179, 249, 341,
423, 555, 637, 751, 823, 937, 1031, 1103
Spokane branch of Federal Reserve
Bank of San Francisco discontinued. . 829
INDEX TO VOLUME 24
Page
Federal Reserve banks—Continued.
Chairmen and Federal Reserve Agents:
Designation of
5, 81
Resignation of A. 0. Stewart, San Francisco
829
Retirement of, at Atlanta and Dallas. .
5
Deputy Chairmen, appointments. . 5, 81, 434, 757
Directors:
Class A and B, election of
5
Class C:
Appointments
5, 80, 187, 255
Resignation of A. 0. Stewart, San
Francisco
829
Earnings and expenses:
1937
125-126
Jan.-June, 1938
680
Officers
71, 179, 249, 341,
423, 555, 637, 751, 823, 937, 1031, 1103
Profit and loss account, 1937
126
Vice Presidents:
F. G. Hitt, appointed First Vice President, Federal Reserve Bank of St.
Louis
5
Malcolm H. Bryan elected Vice President of Federal Reserve Bank of
Atlanta
187
W. Randolph Burgess resigned as Vice
President of Federal Reserve Bank
of New York
829
Federal Reserve branch banks. (See Federal
Reserve banks: Branches.)
Federal Reserve directory
70, 178, 248, 340,
422, 554, 636, 750, 822, 936, 1030, 1102
Federal Reserve districts:
Map showing districts on back cover of each
Bulletin.
Federal Reserve notes:
Agents' accounts
25, 133, 203, 295.
377, 507, 589, 703, 777, 891, 985, 1057
Circulation:
Actual:
All banks combined, end of month
and Wednesday
figures
21, 129,
199, 291, 373, 503, 585, 699, 773,
887, 981, 1053
Each bank, Wednesday figures. 25, 133,
203, 295, 377, 507, 589, 703, 777,
891, 985, 1057
Outside Treasury and Federal Reserve banks, end of month figures
27, 135, 205, 297, 379, 509,
591, 705, 779, 893, 987, 1059
Collateral security:
Wednesday
figures
25, 133, 203, 295,
377, 507, 589, 703, 777, 891, 985, 1057
Redemption fund:
All banks combined, end of month and
Wednesday figures. .21,129, 199, 291, 373,
503, 585, 699, 773, 887, 981, 1053
Each bank, Wednesday figures 22, 130,
200, 292, 374, 504, 586, 700, 774, 888,
982, 1054
Federal Savings and Loan Associations:
Mortgage loans
43, 151, 221, 313,
395, 525, 607, 721, 795, 909, 1003, 1075
Fiduciary powers of national banks. (See Trust
powers of national banks.)
Finance paper:
Eligibility for discount:
Installment paper. (Ruling.)
86
Machinery purchase note. (Ruling.) . . 86
1113
Page
Financial conditions. (See Business and credit
conditions.)
Financial legislation. (See Banking and financial legislation.)
Finland:
Bank of:
Condition
61, 169, 239, 331,
413, 545, 626, 740, 813, 927, 1021, 1093
Discount rates
65, 173, 243, 335,
417, 549, 630, 744, 817, 931, 1025, 1096
Foreign exchange rates .66, 174, 244, 336,
418, 550, 631, 745, 818, 932, 1026, 1098
Food and food products:
Factory employment index:
Adjusted:
Monthly table
48, 156, 226, 318,
400, 530, 612, 726, 800, 914, 1008, 1080
Revised indexes, 1923-1938.... 861-863
Unadjusted
50, 158, 228, 320,
402, 532, 614, 728, 802, 916, 1010, 1082
Factory payrolls index
50, 158, 228, 320,
402, 532, 614, 728, 802, 916, 1010, 1082
Production indexes:
Adjusted
45, 153, 223, 315,
397, 527, 609, 723, 797, 911, 1005, 1077
Unadjusted
46, 154, 224, 316,
398, 528, 610, 724, 798, 912, 1006, 1078
Retail price index, principal countries. . 68, 176,
246, 338, 420, 552, 633, 747, 820, 934,
1028 110
Wholesale price indexes:
'
°
Principal countries
67, 175, 245, 337,
419, 551, 632, 746, 819, 933, 1027, 1099
United States
53, 161, 231, 323.
405, 535, 617, 731, 805, 919, 1013, 1085
Foreign banks:
Central bank balances in U. S.:
Charts
252
Discussion of
252
Central banks. (See France, Bank of, etc.)
Commercial banks, condition. . .63, 171, 241, 333,
415, 547, 628, 742, 815, 929, 1023, 1096
Deposits of, held by Federal Reserve banks:
All banks combined, end of month and
Wednesday figures. .21, 129, 199, 291, 373,
503, 585, 699, 773, 887, 981, 1053
Each bank, Wednesday
figures
23, 131,
201, 293, 375, 505, 587, 701, 775, 889,
983, 1055
Deposits of, held by member banks:
All banks on call d a t e s . . . . 31, 139, 209, 301,
383, 513, 595, 709, 783, 897, 991, 1063
Reporting banks:
Monthly and Wednesday figures, all
banks, N. Y. C. and outside
N. Y. C
33, 141, 211, 303, 387,
515, 597, 711, 785, 899, 993, 1065
Wednesday figures:
By districts and for Chicago . . . 713,
787, 901, 995, 1067
By districts and for New York and
Chicago
35, 143, 213, 305,
385 517
Foreign exchange rates:
'
' 5"
Discussion of
827
Monthly table
66, 174, 244, 336, 418,
550, 631, 745, 818, 932, 1026, 1098
Foreign trade:
Charts
425,943
Discussion of
425-433, 943
1114
INDEX TO VOLUME 24
Page
Page
Forest products:
Fuels, Manufactured—Continued.
Freight-car loadings indexes. .52, 160, 230, 322,
Production indexes—Continued.
404, 534, 616, 730, 804, 918, 1012, 1084
Unadjusted
46, 154, 224, 316,
France:
398, 528, 610, 724, 798, 912, 1006, 1078
Bank of:
Geery, W. B., redesignated Chairman and FedAnnual report, 1937
278-282
eral Reserve Agent, Minneapolis
5
Condition
59, 167, 237, 329, 411, General fund balance, U. S. Treasury. (See
543, 624, 738, 811, 925, 1019, 1091
Treasury finance: General fund balance.)
Discount rates:
Changes in
549, 931, 1096 Germany:
Commercial banks
64, 172, 242, 334,
Monthly table. .65, 173, 243, 335, 417,
416, 548, 629, 743, 816, 930, 1024, 1097
549, 630, 744, 817, 931, 1025, 1096
Cost of living index
68, 176, 246, 338,
Gold reserves
56, 164, 234, 326, 408,
420, 552, 633, 747, 820, 934, 1028, 1100
538, 620, 734, 808, 922, 1016, 1088
Foreign exchange rates
66, 174, 244, 336,
Open market operations authorized.... 650
418, 550, 631, 745, 818, 932, 1026, 1098
Banking and financial legislation:
Gold imports and exports
58, 166, 236, 328,
Mar. 22, 1938. Convention with Bank
410, 542, 623, 737, 810, 924, 1018, 1090
of France on advances to the State. . 452
Gold movements to and from U. S
28, 136,
Mar. 25, 1938. Convention with Bank
206, 298, 380, 510, 592, 706, 780, 894,
of France approved and borrowing
988, 1060
power of National Defense Fund
Money rates
65, 173, 243, 335,
modified
452
417, 549, 630, 744, 817, 931, 1025, 1095
Apr. 13, 1938. In case of liquidation of
Reichsbank:
Stabilization Fund resources to reAnnual report, 1937
366-370
imburse Bank of France for advances
Condition
60, 168, 238, 330,
to State
452
412, 544, 625, 739, 812, 926, 1020, 1092
Apr. 13, 1938. Law concerning financial
Discount rates
65, 173, 243, 335,
recovery
452
417, 549, 630, 744, 817, 931, 1025, 1096
June 17,1938. Bank of France to underGold reserves
56, 164, 234, 326,
take open market operations
650
408, 538, 620, 734, 808, 922, 1016, 1088
June 17, 1938. Decree approving inRetail food price index
68, 176, 246, 338,
creased advances by Bank of France
420, 552, 633, 747, 820, 934, 1028, 1100
to Government
650
Security prices
68, 176, 246, 338,
Business conditions, Discussion of
430
420, 552, 633, 747, 820, 934, 1028, 1100
Commercial banks
64, 172, 242, 334, 416,
Wholesale price indexes
67, 175, 245, 337,
548, 629, 743, 816, 930, 1024, 1097
419, 551, 632, 746, 819, 933, 1027, 1099
Cost of living index. . . .68, 176, 246, 338, 420, Glass:
552, 633, 747, 820, 934, 1028, 1100
Factory employment index:
Financial developments, Discussion of
252,
Adjusted:
425, 451
Monthly table. . . .47, 155, 225, 317, 399,
Foreign exchange rates. .66, 174, 244, 336, 418,
529, 611, 725, 799, 913, 1007, 1079
550, 631, 745, 818, 932, 1026, 1098
Revised index, 1923-1938
852-854
Gold movements to and from U. S
28, 136,
Unadjusted
49, 157, 227, 319,
206, 298, 380, 510, 592, 706, 780, 894,
401, 531, 613, 727, 801, 915, 1009, 1081
988, 1060
Factory payrolls index
49, 157, 227, 319,
Money rates
65, 173, 243, 335,
401, 531, 613, 727, 801, 915, 1009, 1081
417, 549, 630, 744, 817, 931, 1025, 1095
Production index:
Retail food price index
68, 176, 246, 338,
Adjusted
45, 153, 223, 315,
420, 552, 633, 747, 820, 934, 1028, 1100
397, 527, 609, 723, 797, 911, 1005, 1077
Security prices
68, 176, 246, 338, 420,
Unadjusted
46, 154, 224, 316,
552, 633, 747, 820, 934, 1028, 1100
398, 528, 610, 724, 798, 912, 1006, 1078
Wholesale price indexes... 67, 175, 245, 337, 419, Gold:
551, 632, 746, 819, 933, 1027, 1099
Earmarked
28, 136, 206, 298,
Freight-car loadings:
380, 510, 592, 706, 780, 894, 988, 1060
Charts
256, 567, 948
Imports and exports:
Indexes:
Principal countries
57, 165, 235, 327,
By classes
52, 160, 230, 322,
409, 541, 622, 736, 809, 923, 1017, 1089
404, 534, 616, 730, 804, 918, 1012, 1084
United States:
Total
44, 152, 222, 314,
Discussion of
827
396, 526, 608, 722, 796, 910, 1004, 1076
Gross
28, 136, 206, 298, 380,
National summary
7, 83, 189,
510, 592, 706, 780, 894, 988, 1060
257, 349, 436, 647, 759, 831, 948, 1039
Net
57, 165, 235, 327, 409,
French, E. S., reelected Class B Director, Fed541, 622, 736, 809, 923, 1017, 1089
eral Reserve Bank of Boston
5
Inactive Gold Account, Discussion of
181,
Fuel and lighting materials:
343-344
Wholesale price indexes
53, 161, 231, 323,
Policy of U. S. (See Treasury gold policy.)
405, 535, 617, 731, 805, 919, 1013, 1085
Production:
United States:
Fuels, Manufactured:
1929-1937
539
Production indexes:
Monthly table
57, 165, 235, 327, 409,
Adjusted
45, 153, 223, 315,
539, 621, 735, 809, 923, 1017, 1089
397, 527, 609, 723, 797, 911, 1005, 1077
INDEX TO VOLUME 24
Page
Gold—Continued.
Production—Continued.
World:
1929-1937
539
Monthly table. . . 57, 165, 235, 327, 409,
539, 621, 735, 809, 923, 1017, 1089
Reserves:
Central banks and governments
56,
164, 234, 326, 408, 538, 620, 734, 808,
922, 1016, 1088
United States
56, 164, 234, 326,
408, 538, 620, 734, 808, 922, 1016, 1088
Stock, monetary in U. S.:
Analysis of changes in
28, 136, 206, 298,
380, 510, 592, 706, 780, 894, 988, 1060
End of month and Wednesday figures. . 20,
128, 198, 290, 372, 502, 584, 698, 772,
886, 980, 1052
Gold certificates:
Circulation
27, 135, 205, 297,
379, 509, 591, 705, 779, 893, 987, 1059
Federal Reserve bank holdings:
All banks combined, end of month and
Wednesday figures 21, 129, 199, 291,
373, 503, 585, 699, 773, 887, 981, 1053
Each bank, Wednesday figures 22, 130,
200, 292, 374, 504, 586, 700, 774, 888,
982, 1054
Government bonds. (See United States Government securities.)
Government debt. (See Treasury finance: Public
debt.)
Governmental corporations and credit agencies:
Assets and liabilities:
Monthly table
42, 150, 220, 312,
394, 524, 606, 720, 794, 908, 1002, 1074
Revised form of table:
Discussion of changes
882-884
June and Dec. 1935-1938, revised
figures
884
Summary of operations, 1937
261-266
Grain:
Freight-car loadings indexes... 52, 160, 230, 322,
404, 534, 616, 730, 804, 918, 1012, 1084
Wholesale price index
53, 161, 231, 323,
405, 535, 617, 731, 805, 919, 1013, 1085
Grangaard, M. O., reelected Class A Director,
Federal Reserve Bank of Minneapolis
5
Great Britain. (See United Kingdom.)
Greece:
Bank of:
Condition
61, 169, 239, 331,
413, 545, 626, 740, 813, 927, 1021, 1093
Discount rates
65, 173, 243, 335,
417, 549, 630, 744, 817, 931, 1025, 1096
Gold reserves
56, 164, 234, 326,
408, 538, 620, 734, 808, 922, 1016, 1088
Foreign exchange rates
66f 174, 244, 336,
418, 550, 631, 745, 818, 932, 1026, 1098
Gross debt, U. S. Government. (See Treasury
finance: Public debt.)
Group banking in the U. S.:
Survey as of Dec. 31, 1936
92-101
Branch banking among groups
93-95
Changes in banking groups, 19311936
99-100
Extent of group banking
92-93
Classes of banks
93
Number of banks
92
Size of banks
93
Size of groups
93
1115
Page
Group banking in the U. S.—Continued.
Survey as of Dec. 31, 1936—Continued.
Federal regulation of group banking. . 97-99
Geographic distribution
94-96
Extent of areas of operation
95
Interstate group systems
96
Intrastate group systems
96
Number, loans and investments, deposits
94
Size of towns in which group operated
96
Origin and development of group banking
97
Suspensions, 1930-1936
100-101
By class of bank
101
By geographic area
100
By size of bank
101
By years
101
Dec. 31, 1937. Number, loans and investments, and deposits, by States and geographic divisions
450
Guaranteed obligations of the U. S. (See Treasury finance: Guaranteed obligations.)
Hall, Fitzgerald, reelected Class B Director,
Federal Reserve Bank of Atlanta
5
Hanna, John H., reelected Class B Director, Federal Reserve Bank of Richmond
5
Harriman, Henry I., appointed Class C Director,
Federal Reserve Bank of Boston
255
Harris, Rufus C, appointed Class C Director,
Federal Reserve Bank of Atlanta
81
Havana Agency of Federal Reserve Bank of
Atlanta discontinued
829
Hay crop reports
54, 732, 806, 920, 1014, 1086
Henning, John B., reelected Class A Director,
Federal Reserve Bank of Philadelphia
5
Hides. (See Leather and leather products.)
Hitt, F. Guy, appointed First Vice President,
Federal Reserve Bank of St. Louis
5
Holden, George, appointed Deputy Chairman,
Federal Reserve Bank of San Francisco. . . . 434
Holding company affiliates:
Federal regulation of. Discussion
97-99
Home mortgage and housing agencies:
Assets and liabilities
908, 1002, 1074
Home mortgage institutions:
Assets and liabilities
42, 150, 220, 312,
394, 524, 606, 720, 794
Summary of operations, 1937
261-266
(See also Home mortgage and housing
agencies.)
Home Owners' Loan Corporation:
Assets and liabilities
908, 1002, 1074
Guaranteed obligations outstanding. . . .40, 148,
218, 310, 392, 522, 604, 718, 792, 906,
1000, 1072
Mortgage loans
43, 151, 221, 313,
395, 525, 607, 721, 795, 909, 1003, 1075
Summary of operations, 1937
261-266
Hong Kong:
Foreign exchange rates
66f 174, 244, 336,
418, 550, 631, 745, 818, 932, 1026, 1098
Gold movements to and from U. S
28, 136,
206, 298, 380, 510, 592, 706, 780, 894,
988, 1060
Hooks, Pat E., reelected Class A Director, Federal Reserve Bank of Dallas
5
Housefurnishing goods:
Wholesale price indexes
53, 161, 231, 323,
405, 535, 617, 731, 805, 919, 1013, 1085
1116
INDEX TO VOLUME 24
Page
Hungary:
Foreign exchange rates
66, 174, 244, 336,
418, 550, 631, 745, 818, 932, 1026, 1098
Money rates
65, 173, 243, 335,
417, 549, 630, 744, 817, 931, 1025, 1095
National bank of:
Condition
61, 169, 239, 331,
413, 545, 626, 740, 813, 927, 1021, 1093
Discount rates
65, 173, 243, 335,
417, 549, 630, 744, 817, 931, 1025, 1096
Gold reserves
56, 164, 234, 326,
408, 538, 620, 734, 808, 922, 1016, 1088
Imports. (See Foreign trade.)
Income:
Agricultural:
National summary
7, 759
Payments to individuals:
Discussion of
825, 939
Tax receipts. (See Treasury finance: Receipts.)
Index numbers:
Cost of living
68, 176, 246, 338,
420, 552, 633, 747, 820, 934, 1028, 1100
Department store sales and stocks:
Monthly table
52, 160, 230, 322,
404, 534, 616, 730, 804, 918, 1012, 1084
Revised index of stocks, 1919-1938
232
Seasonal adjustment factors for index
of stocks, 1919-1938
232
Factory employment:
Adjusted:
Monthly table
47, 155, 225,
317, 399, 529, 611, 725, 799, 913,
1007, 1079
Revised indexes, 1919-1938.... 835-866
Unadjusted:
Monthly table
49, 157, 227,
319, 401, 531, 613, 727, 801, 915,
1009, 1081
Revised index, 1919-1938
838
Factory payrolls:
Monthly table
49, 157, 227, 319,
401, 531, 613, 727, 801, 915, 1009, 1081
Revised index, 1919-1938
838
Freight-car loadings
52, 160, 230, 322,
404, 534, 616, 730, 804, 918, 1012, 1084
Industrial production:
Adjusted
45, 153, 223, 315,
397, 527, 609, 723, 797, 911, 1005, 1077
Unadjusted
46, 154, 224, 316,
398, 528, 610, 724, 798, 912, 1006, 1078
Retail food prices
68, 176, 246, 338,
420, 552, 633, 747, 820, 934, 1028, 1100
Security prices
68, 176, 246, 338,
420, 552, 633, 747, 820, 934, 1028, 1100
Wholesale prices
67, 175, 245, 337,
419, 551, 632, 746, 819, 933, 1027, 1099
India:
Business conditions, Discussion of
429
India, British:
Foreign exchange rates
66, 174, 244, 336,
418, 550, 631, 745, 818, 932, 1026, 1098
Gold imports and exports.... 58, 166, 236, 328,
410, 542, 623, 737, 810, 924, 1018, 1090
Gold movements to and from U. S
28, 136,
206, 298, 380, 510, 592, 706, 780, 894,
988, 1060
Page
India, British—Continued.
Gold production:
1929-1937
539
Monthly table' ' '.'. '.'.'.'.'. ^57, 165, 235, 327,
409, 539, 621, 735, 809, 923, 1017, 1089
Reserve Bank of:
Condition
. . .61, 169, 239, 331,
413, 545, 626, 740, 813, 927, 1021, 1093
Discount rates
65, 173, 243, 335,
417, 549, 630, 744, 817, 931, 1025, 1096
Gold reserves
56, 164, 234, 326,
408, 538, 620, 734, 808, 922, 1016, 1088
Industrial advances of Federal Reserve banks:
All banks combined, end of month and
Wednesday
figures
21, 129, 199, 291,
373, 503, 585, 699, 773, 887, 981, 1053
Commitments:
Each bank, Wednesday figures 24, 132,
202, 294, 376, 506, 588, 702, 776, 890,
984, 1056
Each bank, Wednesday
figures
22, 130,
200, 292, 374, 504, 586, 700, 774, 888,
982, 1054
Maturity distribution
21, 129, 199, 291,
373, 503, 585, 699, 773, 887, 981, 1053
Number and amounts
25, 133, 203, 295,
377, 507, 589, 703, 777, 891, 985, 1057
Rates
37, 145, 215, 307,
389, 519, 601, 715, 789, 903, 997, 1069
Industrial bonds:
Prices. (See Bonds: Prices.)
Yields. (See Bonds: Yields.)
Industrial loans. (See Commercial, industrial
and agricultural loans; Industrial advances of
Federal Reserve banks.)
Industrial production. (See Production, Industrial.)
Industrial stock prices. (See Stocks: Prices.)
Installment paper. (See Finance paper.)
Insurance agencies of United States Government:
Assets and liabilities
908, 1002, 1074
Insured commercial banks:
Assets and liabilities:
Dec. 31, 1937
357
June 30, 1938
875
Interest on deposits:
Discussion of reduction of
114
Interest on public debt. (See Treasury finance:
Public debt.)
Interest rates:
Charged customers by banks
38, 146,
216, 308, 390, 520, 602, 716, 790, 904,
998, 1070
Open market, in N. Y. C
38, 146, 216, 308,
390, 520, 602, 716, 790, 904, 998, 1070
Time deposits
37, 145, 215, 307,
389, 519, 601, 715, 789, 903, 997, 1069
(See also Discount rates.)
Interlocking bank directorates. (See Bank directorates, Interlocking.)
International capital movements:
Discussion of
252, 425
International capital transactions of U. S.:
Revision of previously published figures on
short-term accounts of banks of U. S
14
INDEX TO VOLUME 24
1117
Page
Page
International capital transactions of U. S.—
Continued.
Statistics:
1937
267-277
July-Sept., 1937
14
Jan.-Mar., 1938
574-577
Apr.-June, 1938
868-871
Investments:
All banks in U. S. on call dates:
Mar. 7, 1938
578-582
June 30, 1938
973-977
Monthly table
29, 137, 207, 299, 381,
511, 593, 707, 781, 895, 989, 1061
Classification in bank examinations.... 563-565
Member banks:
All banks on call dates. . . .30, 138, 208, 300,
382, 512, 594, 708, 782, 896, 990, 1062
Discussion of, in 1937
184-185
Earnings on, 1927-1936:
Discussion of
112-113
Tables
123-124
Reporting banks:
Monthly and Wednesday figures,
all banks, N. Y. C. and outside
N. Y. C
32, 140, 210, 302, 386,
514, 596, 710, 784, 898, 992, 1064
Wednesday figures:
By districts and for Chicago,
712, 786, 900, 994, 1066
By districts and for New York
and Chicago. 34, 142, 212, 304,
384, 516, 598
Regulation of Comptroller of Currency on
investment securities, revised
563-566
(See also Loans and investments.)
Iron and steel:
Factory and employment index:
Adjusted:
Monthly table. . . .47, 155, 225, 317, 399,
529, 611, 725, 799, 913, 1007, 1079
Revised indexes, 1923-1938
846-848
Unadjusted
49, 157, 227, 319, 401,
531, 613, 727, 801, 915, 1009, 1081
Factory payrolls index
49, 157, 227, 319,
401, 531, 613, 727, 801, 915, 1009, 1081
Production index:
Adjusted
45, 153, 223, 315,
397, 527, 609, 723, 797, 911, 1005, 1077
Unadjusted
46, 154, 224, 316,
398, 528, 610, 724, 798, 912, 1006, 1078
Wholesale price index
53, 161, 231, 323.
405, 535, 617, 731, 805, 919, 1013, 1085
Italy:
Bank of:
Discount rates
65, 173, 243, 335.
417, 549, 630, 744, 817, 931, 1025, 1096
Gold reserves
56, 164, 234, 326,
408, 538, 620, 734, 808, 922, 1016, 1088
Foreign exchange rates
66, 174, 244, 336,
418, 550, 631, 745, 818, 932, 1026, 1098
Money rates
65, 173, 243, 335.
417, 549, 630, 744, 817, 931, 1025, 1095
Wholesale price indexes
67, 175, 245, 337,
419, 551, 632, 746, 819, 933, 1027, 1099
Japan:
Bank of:
Condition
61, 169, 239, 331,
413, 545, 626, 740, 813, 927, 1021, 1093
Discount rates
65, 173, 243, 335,
417, 549, 630, 744, 817, 931, 1025, 1096
Gold reserves
56, 164, 234, 326,
408, 538, 620, 734, 808, 922, 1016, 1088
Foreign exchange rates
66, 174, 244, 336,
418, 550, 631, 745, 818, 932, 1026, 1098
Gold movements to and from U. S.. .28, 136, 206,
298, 380, 510, 592, 706, 780, 894, 988, 1060
Gold production:
1929-1937
539
Monthly table
57, 165, 235, 327,
409, 539, 621, 735, 809
Mon'ey rates
65, 173, 243, 335,
417, 549, 630, 744, 817, 931, 1025, 1095
Wholesale price indexes
67, 175, 245, 337,
419, 551, 632, 746, 819, 933, 1027, 1099
Java:
Bank of:
Condition
61, 169, 239, 331,
413, 545, 626, 740, 813, 927, 1021, 1094
Discount rates
65, 173, 243, 335,
417, 549, 630, 744, 817, 931, 1025, 1096
Gold reserves
56, 164, 234, 326,
408, 538, 620, 734, 808, 922, 1016, 1088
Johnston, Oscar, appointed Class C Director,
Federal Reserve Bank of St. Louis
5
Kansas State banks:
Earnings and expenses, 1902-1935:
Charts
108,110
Discussion of
107-108
Tables
121-122
Kettig, William H., retirement as Class C Director and Chairman and Federal Reserve
Agent, Atlanta
5
Land Bank Commissioner loans. (See Federal
land banks and Land Bank Commissioner:
Loans outstanding.)
Lassiter, Robert:
Reappointed Class C Director, Federal Reserve Bank of Richmond
5
Redesignated Chairman and Federal Reserve Agent, Richmond
5
Latvia:
Bank of:
Condition
62, 170, 240, 332,
414, 545, 626, 740, 813, 927, 1021, 1094
Discount rates
65, 173, 243, 335,
417, 549, 630, 744, 817, 931, 1025, 1096
Lead production index:
Adjusted
45, 153, 223, 315,
397, 527, 609, 723, 797, 911, 1005, 1077
Unadjusted
46, 154, 224, 316,
398, 528, 610, 724, 798, 912, 1006, 1078
Leather and leather products:
Factory employment index:
Adjusted:
Monthly table. . . .48, 156, 226, 318, 400,
530, 612, 726, 800, 914, 1008, 1080
Revised index, 1923-1938
858-860
Unadjusted
50, 158, 228, 320,
402, 532, 614, 728, 802, 916, 1010, 1082
1118
INDEX TO VOLUME 24
Page
Leather and Leather products—Continued.
Factory payrolls index
50, 158, 228, 320,
402, 532, 614, 728, 802, 916, 1010, 1082
Production index:
Adjusted
45, 153, 223, 315,
397, 527, 609, 723, 797, 911, 1005, 1077
Unadjusted
46, 154, 224, 316,
398, 528, 610, 724, 798, 912, 1006, 1078
Wholesale price index
53, 161, 231, 323,
405, 535, 617, 731, 805, 919, 1013, 1085
Lewis, F. J., reappointed Class C Director, Federal Reserve Bank of Chicago
5
Liabilities. (See Condition statements.)
Lithuania:
Bank of:
Condition
62, 170, 240, 332,
414, 545, 626, 740, 813, 927, 1021, 1094
Discount rates:
Change in
744
Monthly t a b l e . . . . 65, 173, 243, 335, 417,
5 4 9 6 3 0 7 4 4 8 1 7 931
Livestock:
'
'
'
'
> 1025' 1096
Freight-car loadings indexes
52, 160,
230, 322, 404, 534, 616, 730, 804, 918,
1012, 1084
Wholesale price index
53, 161, 231, 323,
405, 535, 617, 731, 805, 919, 1013, 1085
Loans:
Agricultural. (See Commercial, industrial,
and agricultural loans.)
Brokers'. (See Brokers and dealers in securities: Loans to.)
Charts
183, 754-756
Classification in bank examinations.... 563-565
Commercial. (See Commercial, industrial,
and agricultural loans.)
Discussion of, 1937
183-184, 1036
Earnings on, by member banks, 1927-1936:
Discussion of
112-113
Tables
• • 123-124
Industrial. (See Commercial, industrial and
agricultural loans; Industrial advances of
Federal Reserve banks.)
Real estate. (See Real estate loans.)
Security. (See Securities: Loans on.)
Total:
Reporting member banks:
Monthly and Wednesday figures,
all banks, N. Y. C. and outside
N. Y. C
32, 140, 210, 302,
386, 514, 596, 710, 784, 898, 992, 1064
Wednesday figures:
By districts and for Chicago. . 7 1 2 ,
786, 900, 994, 1066
By districts and for New York
and Chicago
34, 142, 212,
304 384 516
Loans and investments:
> > > 598
All banks in U. S. on call dates:
Mar. 7, 1938
578-579
June 30, 1938
973-977
Monthly table
29, 137, 207, 299,
381, 511, 593, 707, 781, 895, 989, 1061
Group banks:
Dec. 31,1936
92-101
Dec. 31, 1937
450
Insured commercial banks:
Dec. 31, 1937
357
Page
Loans and investments—Continued.
Insured commercial banks—Continued.
June 30, 1938
875
Member banks:
All banks on call dates:
Dec. 31, 1937
195
Mar. 7, 1938
359
June 30, 1938
765
Sept. 28, 1938
1048
Monthly table
30, 138, 208, 300, 382,
512, 594, 708, 782, 896, 990, 1062
Charts
189, 253, 436, 559, 827, 831
Discussion of
73-75, 183-185, 253,
345, 559, 753-757, 826, 1036
Reporting banks:
Monthly and Wednesday figures,
all banks, N. Y. C. and outside
N. Y. C
32, 140, 210, 302,
386, 514, 596, 710, 784, 898, 992, 1064
Wednesday figures:
By districts and for Chicago. .712,
786, 900, 994, 1066
By districts and for New York
and Chicago
34, 142, 212,
304, 384, 516, 598
Mutual savings banks:
Mar. 7, 1938
582
June 30, 1938
977
National member banks:
Mar. 7, 1938
580
June 30, 1938
975
Private banks:
Mar. 7, 1938
582
June 30, 1938
977
State banks:
Mar. 7, 1938
581
June 30, 1938
976
Loeb, Harold A., reelected Vice President of Federal Advisory Council
187
Lumber and lumber products:
Factory employment index:
Adjusted:
Monthly table. . . .47, 155, 225, 317, 399,
529, 611, 725, 799, 913, 1007, 1079
Revised indexes, 1923-1938
852-854
Unadjusted
49, 157, 227, 319,
401, 531, 613, 727, 801, 915, 1009, 1081
Factory payrolls index
49, 157, 227, 319,
401, 531, 613, 727, 801, 915, 1009, 1081
Wholesale price index
53, 161, 231, 323,
405, 535, 617, 731, 805, 919, 1013, 1085
McCabe, T. B., appointed Deputy Chairman,
Federal Reserve Bank of Philadelphia
5
McDowell, H. B., elected Class A Director, Federal Reserve Bank of Cleveland
5
Machinery:
Eligibility for discount of note given for
purchase of. (Ruling.)
86
Factory employment index:
Adjusted:
Monthly table. .. .47, 155, 225, 317, 399,
529, 611, 725, 799, 913, 1007, 1079
Revised indexes, 1923-1938
849-851
Unadjusted
49, 157, 227, 319,
401, 531, 613, 727, 801, 915, 1009, 1081
Factory payrolls index
49, 157, 227, 319,
401, 531, 613, 727, 801, 915, 1009, 1081
INDEX TO VOLUME 24
Page
Mclntosh, C. K., reelected Class A Director, Federal Reserve Bank of San Francisco
5
Manufactures:
Production index:
Adjusted:
By industries, monthly figures ... 45,
153, 223, 315, 397, 527, 609, 723,
797, 911, 1005, 1077
Total, monthly figures
44, 152,
222, 314, 396, 526, 608, 722, 796,
910, 1004, 1076
Unadjusted:
By industries, monthly figures
46,
154, 224, 316, 398, 528, 610, 724,
798, 912, 1006, 1078
Total, yearly and monthly figures. .44,
152, 222, 314, 396, 526, 608, 722,
796, 910, 1004, 1076
Margin account statistics:
1931-1936
196
Monthly table
36, 144, 214, 306,
388, 518, 600, 714, 788, 902, 996, 1068
Margin requirements:
Banks. Regulation U:
Advance to finance purchase of stock
called for retirement.
(Ruling.)
834
Loan value of bonds
1042
Stocks becoming unregistered after
loan is made. (Ruling.)
90
Stocks registered, Jan. 31, 1938,
announcement of publication of
list of
187
Brokers and dealers in securities. Regulation T:
Agreement of nonmember bank under
section 8 (a) of Securities Exchange
Act. (Ruling.)
88
Borrowings before Oct. 1, 1934. (Ruling.)
88
Cash transactions:
Extensions of time. (Rulings.) . .13, 88
Payment by selling another security. (Ruling.)
1043
Shipments of securities. (Amendment.)
260
Transfer to margin account. (Ruling.)
88
Dividends, withdrawable, deductible
from amount of demand for margin.
(Ruling.)
89
Failure to obtain required margin.
(Ruling.)
88
Foreign branches, Transactions
(Ruling.)
Guarantee of accounts.
at.
89
(Rulings.) . . . 90,
260, 1042
Joint account separate from participant's accounts. (Ruling.)
89
Odd-lot dealers, Financing of. (Amendment.)
260
Omnibus accounts:
Statements before March 1, 1938.
(Ruling.)
13
Withdrawals from. (Amendment.) 260
Partner of member firms, Advance by. 7 6 3
(Ruling.)
.-.•••••
Purchase and sale of same securities on
given day. (Ruling.)
354
Rulings prior to Jan. 1, 1938, Status
of
87-89
1119
Page
Margin requirements—Continued.
Brokers and dealers in securities Regulation T—Continued.
Sale of securities held in account but
not delivered. (Ruling.)
353
Short sales:
Settlement by simultaneous borrowing of security. (Ruling.).. 763
"Special miscellaneous" account, Deposit of margin in. (Ruling.)
89
Transacting business through medium
of a member. (Ruling.)
951
Transfer of accounts from banks. (Ruling.)
89
Transfer tax, Debiting of. (Ruling.) . . 90
Withdrawal followed by transactions on
same day. (Ruling.)
951
Maturities:
Bills held by Federal Reserve banks. (See
Bills: Federal Reserve bank holdings.)
Public debt. (See Treasury finance: Public
debt.)
United States Government securities held
by Reserve banks. (See United States
Government securities: Federal Reserve
bank holdings.)
Member bank reserves, Reserve bank credit, and
related items:
Monthly table
20, 128, 198, 290,
372, 502, 584, 698, 772, 886, 980, 1052
Member banks:
Bills discounted for. (See Bills: Discounted
by Federal Reserve banks.)
Borrowings at Federal Reserve banks. (See
Borrowings.)
Branches:
1933-1938
193, 448, 767, 1049
Dec. 31, 1937
449, 876, 878
Jan.-Mar., 1938 changes
448
Jan.-June, 1938 changes
767
Jan.-Sept., 1938 changes
1049
Condition of. (See Condition statements.)
Deposits. (See Deposits.)
Earnings and expenses:
1937 and 1936
441-447
Jan.-June, 1938
873
Correction
1037
Operating ratios, 1937
681-696
State member banks, 1937
360
Loans and investments. (See Loans and investments.)
. National banks. (See National member
banks.)
Number of, on call dates:
Monthly table
29, 137, 207, 299,
381, 511, 593, 707, 781, 895, 989, 1061
Operating ratios, 1937
681-696
Reserves. (See Reserves.)
State banks. (See State member banks.)
Suspensions. (See Banks: Suspensions.)
Merchandise:
Exports and imports
52, 160, 230, 322,
404, 534, 616, 730, 804, 918, 1012, 1084
Freight-car loadings indexes. . 52, 160, 230, 322,
404, 534, 616, 730, 804, 918, 1012, 1084
Merritt, J. H., designated Chairman and Federal
Reserve Agent, Dallas
5
Metals and metal products:
Wholesale price indexes
53, 161, 231, 323,
405, 535, 617, 731, 805, 919, 1013, 1085
1120
INDEX TO VOLUME 24
Page
Page
Mexico:
Bank of:
Discount rates
65, 173, 243, 335,
417, 549, 630, 744, 817, 931, 1025, 1096
Gold reserves
56, 164, 234, 326,
408, 538, 620, 734, 808, 922, 1016, 1088
Foreign exchange rates
Q6, 174, 244, 336,
418, 550, 631, 745, 818, 932, 1026, 1098
Gold movements to and from U. S.. . 28, 136, 206,
298, 380, 510, 592, 706, 780, 894, 988, 1060
Gold production:
1929-1937
539
Monthly table
57, 165, 235, 327,
409, 539, 621, 735, 809, 923, 1017, 1089
Minerals:
Production index:
Adjusted:
By kinds, monthly figures. . . . 45, 153,
223, 315, 397, 527, 609, 723, 797, 911,
1005, 1077
Total, monthly
figures
44, 152,
222, 314, 396, 526, 608, 722, 796, 910,
1004, 1076
Unadjusted:
By kinds, monthly figures . . . 46, 154,
'224, 316, 398, 528, 610, 724, 798, 912,
1006, 1078
Total, yearly and monthly figures 44,
152, 222, 314, 396, 526, 608, 722, 796,
910, 1004, 1076
Monetary gold stock. (See Gold: Stock, monetary.)
Monetary legislation. (See Banking and financial legislation.)
Money in circulation:
Chart
73, 182, 345
Discussion of
344, 1033-1035
Kinds of:
End of month
figures
27, 135, 205, 297,
379, 509, 591, 705, 779, 893, 987, 1059
Total:
End of month and Wednesday figures... 20,
128, 198, 290, 372, 502, 584, 698, 772, 886,
980, 1052
Money market:
Discussion of
2
Money rates:
Charged customers by banks. . 38, 146, 216, 308,
390, 520, 602, 716, 790, 904, 998, 1070
Charts
350, 831
Foreign countries
65, 173, 243, 335,
417, 549, 630, 744, 817, 931, 1025, 1095
National summary
83, 189, 257, 350,
436, 568, 647, 831, 948, 1039
Open market, in N. Y. C
38, 146, 216, 308,
390, 520, 602, 716, 790, 904, 998, 1070
Morris Plan and industrial banks:
"Morris Plan bank" eliminated from Sec.
3(a) of Regulation L, Board of Governors
834
Municipal bonds:
Prices. (See Bonds: Prices.)
Yields. (See Bonds: Yields.)
Mutual savings banks:
Assets and liabilities:
Mar. 7, 1938
582
June 30, 1938
977
Branches, Dec. 31, 1936 and 1937
449
Deposits on call dates:
Monthly table
29, 137, 207, 299,
381, 511, 593, 707, 781, 895, 989, 1061
Mutual savings banks—Continued.
Loans and investments on call dates:
Monthly table
29, 137, 207, 299,
381, 511, 593, 707, 781, 895, 989, 1061
Number of, on call dates:
Mar. 7, 1938
582
June 30, 1938
977
Monthly table
29, 137, 207, 299,
381, 511, 593, 707, 781, 895, 989, 1061
Nardin, William T., redesignated Chairman and
Federal Reserve Agent, St. Louis
5
National bank notes:
Circulation
27, 135, 205, 297,
379, 509, 591, 705, 779, 893, 987, 1059
National income:
Discussion of
939
National member banks:
Assets and liabilities:
Dec. 31, 1937
195
Mar. 7, 1938
359, 580
June 30, 1938
766, 975
Sept. 28, 1938
1048
Banking offices:
1933-1938
193, 448, 767, 1049
Dec. 31, 1937, by States
876
Branches:
1900-1937
1933-1938
Dec. 31, 1937
880
193, 448, 767, 1049
449, 876, 878
Jan.-Mar., 1938 changes
448
Jan.-June, 1938 changes
. . . 767
Jan.-Sept., 1938 changes
1049
Deposits:
Call dates:
Monthly table
29, 137, 207, 299,
381, 511, 593, 707, 781, 895, 989, 1061
Earnings and expenses
1890-1937:
Charts
102, 103, 105, 110
Discussion of. . . .
102-105
Tables
116-118
1937 and 1936
446
Jan.-June, 1938
873
Correction
1037
Operating ratios, 1937
683
Number of:
Call dates:
Dec. 31, 1937, by States
876
Mar. 7, 1938
580
June 30, 1938
975
Monthly table
29, 137, 207, 299,
381, 511, 593, 707, 781, 895, 989, 1061
Operating branches, Dec. 31, 1937:
Deposits
877-878
Number of
877-878, 880
Operating ratios, 1937
683
Suspensions:
Monthly table
28, 136, 206, 298,
380, 510, 592, 706, 780, 894, 988, 1060
Trust powers. (See Trust powers of national banks.)
National summary of business conditions. . . . 6, 82,
188, 256, 349, 435, 567, 646, 758, 830,
947, 1038
Neely, F. H., designated Chairman and Federal
Reserve Agent, Atlanta
5
Netherlands:
Bank of:
Annual report, 1937-1938
655-663
Condition
62, 170, 240, 332,
414, 546, 627, 741, 814, 928, 1022, 1094
INDEX TO VOLUME 24
Page
1121
Page
Nonmember banks—Continued.
Netherlands—Continued.
Deposits:
Bank of—Continued.
Call dates
29, 137, 207, 299,
Discount rates
65, 173, 243, 335,
381, 511, 593, 707, 781, 895, 989, 1061
417, 549, 630, 744, 817, 931, 1025, 1096
Deposits of, held by Federal Reserve banks:
Gold reserves
56, 164, 234, 326,
End of month and Wednesday figures. . 20,
408, 538, 620, 734, 808, 922, 1016, 1088
128, 198, 290, 372, 502, 584, 698, 772,
Banking and financial legislation:
886, 980, 1052
June 28, 1938. Repeal of embargo on
Insured:
gold exports
867
Assets and liabilities:
Cost of living index
68, 176, 246, 338,
Dec. 31, 1937
357
420, 552, 633, 747, 820, 934, 1028, 1100
June 30, 1938
875
Foreign exchange rates
66, 174, 244, 336,
Banking offices:
418, 550, 631, 745, 818, 932, 1026, 1098
1933-1938
193, 448, 767, 1049
Gold movements to and from U. S.. .28, 136, 206,
Dec. 31, 1937, by States
876
298, 380, 510, 592, 706, 780, 894, 988,1060
Branches:
Money rates:
1933-1938
193, 448, 767, 1049
Monthly table
65, 173, 243, 335,
Dec. 31, 1937
876, 878
417, 549, 630, 744, 817, 931, 1025, 1095
Jan.-Mar., 1938 changes
448
Private discount rate, 1936 to date,
Jan.-June, 1938 changes
767
revised table
757
Jan.-Sept., 1938 changes
1049
Retail food price index
68, 176, 246, 338,
Number of:
420, 552, 633, 747, 820, 934, 1028, 1100
1933-1938
193, 448, 767, 1049
Security prices
68, 176, 246, 338,
Dec. 31, 1937
357, 876
420, 552, 633, 747, 820, 934, 1028, 1100
Jan.-Mar., 1938 changes
448
Wholesale price indexes
67, 175, 245, 337,
June 30, 1938
875
419, 551, 632, 746, 819, 933, 1027, 1099
Jan.-June, 1938 changes
767
New Zealand:
Jan.-Sept., 1938 changes
1049
Business conditions, Discussion of
429
Operating branches, Dec. 31, 1937:
Foreign exchange rates
66, 174, 244, 336,
418, 550, 631, 745, 818, 932, 1026, 1098
Deposits
877-878
Reserve bank of:
Number of
877-878
Condition
62, 170, 240, 332,
Loans and investments:
414, 546, 627, 741, 814, 928, 1022, 1094
Call dates
29, 137, 207, 299,
Discount rates
65, 173, 243, 335,
381, 511, 593, 707, 781, 895, 989, 1061
417, 549, 630, 744, 817, 931, 1025, 1096
Number of, on call dates
29, 137, 207, 299,
Gold reserves
56, 164, 234, 326,
381, 511, 593, 707, 781, 895, 989, 1061
408, 538, 620, 734, 808, 922, 1016, 1088
Suspensions:
Nondurable goods:
Monthly table
28, 136, 206, 298,
Factory employment index:
380, 510, 592, 706, 780, 894, 988, 1060
Adjusted:
Uninsured:
Monthly table
47, 155, 225, 317,
Banking offices:
399, 529, 611, 725, 799, 913, 1007, 1079
1933-1938
193, 448, 767, 1049
Revised indexes, 1919-1938
842-845
Dec. 31, 1937, by States
876
Unadjusted
49, 157, 227, 319,
Branches:
401, 531, 613, 727, 801, 915, 1009, 1081
1933-1938
193, 448, 767, 1049
Factory payrolls index
49, 157, 227, 319,
Dec. 31, 1937
876, 878
401, 531, 613, 727, 801, 915, 1009, 1081
Jan.-Mar., 1938 changes
448
Nonferrous metals:
Jan.-June, 1938 changes
767
Factory employment index:
Jan.-Sept., 1938 changes
1049
Adjusted:
Number of:
Monthly table
47, 155, 225, 317,
1933-1938
193, 448, 767, 1049
399, 529, 611, 725, 799, 913, 1009, 1079
Dec. 31, 1937, by States
876
Revised indexes, 1923-1938 . . . 852-854
Jan.-Mar., 1938 changes
448
Unadjusted
49, 157, 227, 319,
Jan.-June, 1938 changes
767
401, 531, 613, 727, 801, 915, 1009, 1081
Jan.-Sept., 1938 changes
1049
Factory payrolls index
49, 157, 227, 319,
Operating branches, Dec. 31, 1937:
401, 531, 613, 727, 801, 915, 1009, 1081
Deposits
877-878
Production indexes:
Number of
877-878
Adjusted
45, 153, 223, 315, Norway:
397, 527, 609, 723, 797, 911, 1005, 1077
Bank of:
Unadjusted
46, 154, 224, 316,
Condition
62, 170, 240, 332,
398, 528, 610, 724, 798, 912, 1006, 1078
414, 546, 627, 741, 814, 928, 1022, 1094
Wholesale price index
53, 161, 231, 323,
Discount rates:
405, 535, 617, 731, 805, 919, 1013, 1085
Change in
173
Nonmember banks:
Monthly table
65, 173, 243, 335,
Branches:
417, 549, 630, 744, 817, 931, 1025, 1096
1933-1938
193, 448, 767, 1049
Gold reserves
56, 164, 234, 326,
Dec. 31, 1937, by States
449
408, 538, 620, 734, 808, 922, 1016, 1088
Jan.-Mar., 1938 changes
448
Foreign exchange rates
66, 174, 244, 336,
Jan.-June, 1938 changes
767
418, 550, 631, 745, 818, 932, 1026, 1098
Jan.-Sept., 1938 changes
1049 Number of banks. (See Banks: Number of.)
1122
INDEX TO VOLUME 24
Page
Page
Oats crop reports
54, 732, 806, 920, 1014, 1086
Obligations fully guaranteed by the U. S. (See
Treasury finance: Guaranteed obligations.)
Open Market Committee. (See Federal Open
Market Committee.)
Open market paper:
Reporting member banks:
Monthly and Wednesday figures, all
banks, N. Y. C. and outside N. Y. C. 32,
140, 210, 302, 386, 514, 596, 710, 784, 898,
992, 1064
Wednesday figures:
By districts and for Chicago. . . . 712.
786, 900, 994, 1066
By districts and for New York and
Chicago
34, 142, 212, 304, 384,
516, 598
Operating ratios of member banks, 1 9 3 7 . . . . 681-696
By classes of banks and by size of groups. . 683
By geographic divisions and by size
groups
685-688
By size groups
682
By size groups and Federal Reserve
districts
689-696
Ore:
Freight-car loadings indexes... 52, 160, 230, 322,
404, 534, 616, 730, 804, 918, 1012, 1084
Paper and printing:
Factory employment index:
Adjusted:
Monthly table
48, 156, 226, 318,
400, 530, 612, 726, 800, 914, 1008, 1080
Revised indexes, 1923-1938
864-866
Unadjusted
50, 158, 228, 320,
402, 532, 614, 728, 802, 916, 1010, 1082
Factory payrolls index
50, 158, 228, 320,
402, 532, 614, 728, 802, 916, 1010, 1082
Production index:
Adjusted
45, 153, 223, 315,
397, 527, 609, 723, 797, 911, 1005, 1077
Unadjusted
46, 154, 224, 316,
398, 528, 610, 724, 798, 912, 1006, 1078
Wholesale price index
53, 161, 231, 323,
405, 535, 617, 731, 805, 919, 1013, 1085
Paper currency:
Circulation
27, 135, 205, 297,
379, 509, 591, 705, 779, 893, 987, 1059
Shipments and receipts
27, 135, 205, 297,
379, 509, 591, 705, 779, 893, 987, 1059
Payrolls, Factory:
Charts
6, 82, 188, 435, 1038
Discussion of, latter half of 1937
78
Indexes:
By industries, monthly figures.... 49, 157,
227, 319, 401, 531, 613, 727, 801, 915,
1009, 1081
Revised index, 1919-1938
838
Total, yearly and monthly figures. .44, 152,
222, 314, 396, 526, 608, 722, 796, 910,
1004, 1076
National summary
6, 82, 188, 256, 646, 758,
831, 947, 1038
Peru:
Central Reserve Bank of:
Condition
62, 170, 240, 332,
414, 546, 627, 741, 814, 928, 1022, 1094
Discount rates
65, 173, 243, 335,
417, 549, 630, 744, 817, 931, 1025, 1096
Gold reserves
56, 164, 234, 326,
408, 538, 620, 734, 808, 922, 1016, 1088
Peru—Continued.
Gold movements to and from U. S
28, 136,
206, 298, 380, 510, 592, 706, 780, 894,
988, 1060
Petroleum and products:
Factory employment index:
Adjusted:
Monthly table
48, 156, 226, 318,
400, 530, 612, 726, 800, 914,1008, 1080
Revised index, 1923-1938
864-866
Unadjusted
50, 158, 228, 320,
402, 532, 614, 728, 802, 916, 1010, 1082
Factory payrolls index
50, 158, 228, 320,
402, 532, 614, 728, 802, 916, 1010, 1082
Production index:
Adjusted
45, 153, 223, 315,
397, 527, 609, 723, 797, 911, 1005, 1077
Unadjusted
46, 154, 224, 316,
398, 528, 610, 724, 798, 912, 1006, 1078
Wholesale price index
53, 161, 231, 323,
405, 535, 617, 731, 805, 919, 1013, 1085
Philippine Islands:
Gold movements to and from U. S
28, 136,
206, 298, 380, 510, 592, 706, 780, 894,
988, 1060
Poland:
Bank of:
Condition
62, 170, 240, 332,
414, 546, 627, 741, 814, 928, 1022, 1094
Discount rates:
Change in
65
Monthly table
65, 173, 243, 335,
417, 549, 630, 744, 817, 931, 1025, 1096
Gold reserves
56, 164, 234, 326,
408, 538, 620, 734, 808, 922, 1016, 1088
Foreign exchange rates
66, 174, 244, 336,
418, 550, 631, 745, 818, 932, 1026, 1098
Portugal:
Bank of:
Condition
62, 170, 240, 332,
414, 546, 627, 741, 814, 928, 1022, 1094
Discount rates
65, 173, 243, 335,
417, 549, 630, 744, 817, 931, 1025, 1096
Gold reserves
56, 164, 234, 326,
408, 538, 620, 734, 808, 922, 1016, 1088
Foreign exchange rates . .66,
174, 244, 336,
418, 550, 631, 745, 818, 932, 1026, 1098
Postal savings deposits:
Interest rate on, paid by member banks. . 37,145,
215, 307, 389, 519, 601,
715, 789, 903, 997, 1069
Member bank holdings:
All banks on call dates. . .31, 139, 209, 301,
383, 513, 595, 709, 783, 897, 991, 1063
Postal savings system
43, 151, 221, 313,
395, 525, 607, 721, 795, 909, 1003, 1075
Potato crop reports
54, 732, 806, 920,1014,1086
Potter, William C , elected Class A Director,
Federal Reserve Bank of Boston
5
Preferred stock, capital notes, and debentures
held by Reconstruction Finance Corporation.
(See Reconstruction Finance Corporation:
Loans and investments; Governmental corporations and credit agencies.)
President of the United States:
Quotation from recovery message of April
14. (See footnote.)
343
Prices:
Agricultural, Discussion of
79, 347
Industrial, Discussion of
80, 347, 643
INDEX TO VOLUME 24
Page
1123
Page
Prices—Continued.
Public Works Administration—Continued.
Retail food:
Loans outstanding, Dec. 31, 1937
262
Discussion of
79 Railroad repair shops:
Index, principal countries. . 68, 176, 246, 338,
Factory employment index:
420, 552, 633, 747, 820, 934, 1028, 1100
Adjusted
47, 155, 225, 317,
Wholesale commodity:
399, 529, 611, 725, 799
Charts
7, 79, 83, 189,
Unadjusted
49, 157, 227, 319,
257, 347, 350, 568, 643, 647, 948, 1039
401, 531, 613, 727, 801
Discussion of
3, 78, 347, 643, 825, 944
Factory payrolls index
49, 157, 227, 319,
Indexes by groups:
401, 531, 613, 727, 801
Principal countries... 67, 175, 245, 337, Railroads:
419, 551, 632, 746, 819, 933, 1027, 1099
Bonds:
United States
53, 161, 231, 323,
Prices. (See Bonds: Prices.)
405, 535, 617, 731, 805, 919, 1013, 1085
Yields. (See Bonds: Yields.)
National summary
7, 83, 189, 257,
Earnings and expenses, Discussion of
942
350, 436, 567, 647, 759, 831, 948, 1039
Stock prices. (See Stocks: Prices.)
Principal assets and liabilities of Federal ReReal estate loans:
serve banks:
Member banks:
Monthly table
21, 129, 199, 291,
All banks on call dates.... 30, 138, 208, 300,
373, 503, 585, 699, 773, 887, 981, 1053
382, 512, 594, 708, 782, 896, 990, 1062
Private banks:
Reporting banks:
Assets and liabilities:
Monthly and Wednesday figures, all
Mar. 7, 1938
582
banks, N. Y. C. and outside N. C. C. 32,
June 30, 1938
977
140, 210, 302, 386, 514, 596, 710, 784, 898,
Branches, Dec. 31, 1936 and 1937
449
992, 1064
Number of:
Wednesday figures:
Mar. 7, 1938
582
By districts and for Chicago. . . . 712,
June 30, 1938
977
786, 900, 994, 1066
Production credit associations:
By districts and for New York and
Loans outstanding
43, 151, 221, 313,
Chicago
34, 142, 212, 304, 384,
395, 525, 607, 721, 795, 909, 1003, 1075
516, 598
Production, employment, and trade:
Receipts, U. S. Treasury. (See Treasury finance:
Monthly table
44, 152, 222, 314,
Receipts.)
396, 526, 608, 722, 796, 910, 1004, 1076 Reconstruction Finance Corporation:
Production, Industrial:
Assets and liabilities:
Charts
6, 76, 82, 188, 256, 349, 430, 435,
Combined with Public Works Admin567, 640, 641, 646, 830, 940, 947, 1038
istration
figures
908, 1002, 1074
Discussion of
3, 76-77, 254, 347,
Monthly table
42, 150, 220, 312, 394,
639-641, 825, 940, 1033
524, 606, 720, 794
Indexes:
Guaranteed obligations outstanding
40,
Adjusted:
148, 218, 310, 392, 522, 604, 718, 792, 906,
By industries, monthly figures 45,
1000, 1072
153, 223, 315, 397, 527, 609,
Loans and investments
42, 150, 220, 312,
723, 797, 911, 1005, 1077
394, 524, 606, 720, 794, 908, 1002, 1074
Total, monthly
figures
44, 152,
Summary of operations, 1937
261-266
222, 314, 396, 526, 608, Redemption fund, Federal Reserve notes. (See
722, 796, 910, 1004, 1076
Federal Reserve notes: Redemption fund.)
National summary
6, 82, 188, 256, Reed, Lewis S., reelected Class A Director, Fed349, 435, 567, 646, 758, 830, 947, 1038
eral Reserve Bank of Boston
5
Unadjusted:
Regulations of Board of Governors:
By industries, monthly figures 46,
Regulation D. Reserve requirements:
154, 224, 316, 398, 528, 610,
Rulings. (See Reserve requirements.)
724, 798, 912, 1006, 1078
Supplement, decreasing
353
Total, yearly and monthly figures... 44,
Regulation F. Trust powers of national
152, 222, 314, 396, 526, 608,
banks:
722, 796, 910, 1004, 1076
Amendments
4, 10-12
Production, Manufacturing. (See Manufactures:
Rulings. (See Trust powers of national
Production.)
banks.)
Public debt, U. S. Government. (See Treasury
Regulation L. Interlocking directorates:
finance: Public debt.)
Amendments
1042
Public utilities:
"Morris Plan bank" eliminated from
Bonds:
sec. 3(a). (Amendment.)
834
Prices. (See Bonds: Prices.)
Regulation O. Executive officers of national
Yields. (See Bonds: Yields.)
banks.
Stock prices. (See Stocks: Prices.)
Rulings. (See Executive officers of naPublic Works Administration:
tional banks.)
Assets and liabilities:
Regulation T. Margin requirements for
Combined with Reconstruction Finance
brokers:
Corporation
figures
908, 1002, 1074
Amendment No. 1
260
Monthly table
42, 150, 220, 312,
Rulings. (See Margin requirements:
394, 524, 606, 720, 794
Brokers and dealers in securities.)
1124
INDEX TO VOLUME 24
Page
Regulations of Board of Governors—Continued.
Regulation U. Margin requirements.
Rulings. (See Margin requirements:
Banks.)
Reserve bank credit. (See Credit, Bank.)
Reserve cities:
Designation of
961-964
Reserve city member banks:
Assets and liabilities:
Dec. 31, 1937
195
Mar. 7, 1938
359
June 30, 1938
766
Sept. 28, 1938
1048
Borrowings:
Call dates
31, 139, 209, 301,
383, 513, 595, 709, 783, 897, 991, 1063
Deposits:
Call dates
31, 139, 209, 301,
383, 513, 595, 709, 783, 897, 991, 1063
Monthly figures
26, 134, 204, 296,
378, 508, 590, 704, 778, 892, 986, 1058
Loans and investments on call dates:
Monthly table
30, 138, 208, 300,
382, 512, 594, 708, 782, 896, 990, 1062
Reserves *
Call dates
31, 139, 209, 301,
383, 513, 595, 709, 783, 897, 991, 1063
Monthly and weekly figures . 2 6 , 134, 204,
296, 378, 508, 590, 704, 778, 892, 986, 1058
Reserve position of member banks:
Discussion of changes, 1914-1938
964-972
Monthly table
26, 134, 204, 296,
378, 508, 590, 704, 778, 892, 986, 1058
Reserve requirements:
Decrease in:
Discussion of
343-344
Regulation D, supplement
353
History of, in United States
953-972
Changes in requirements, 1936-1938... 970
Computation of
961
Legislation
954
Reserve cities, Designation of
961-964
Reserve position of member banks since
1914
964
Member banks:
Monthly table
37, 145, 215, 307,
389, 519, 601, 715, 789, 903, 997, 1069
Pledged bank deposits as balances due in
computing reserves. (Ruling.)
353
Reserves:
Federal Reserve banks:
All banks combined, end of month and
Wednesday figures
21, 129, 199, 291,
373, 503, 585, 699, 773, 887, 981, 1053
Each bank, Wednesday figures.... 22, 130,
200, 292, 374, 504, 586,
700, 774, 888, 982, 1054
Member banks:
Account in Federal Reserve banks:
All banks combined, end of month
and Wednesday figures
21, 129,
199, 291, 373, 503, 585,
699, 773, 887, 981, 1053
Each F. R. bank, Wednesday figures
23, 131, 201, 293, 375, 505,
587, 701, 775, 889, 983, 1055
Charts
8, 83-84, 190, 258,
350-351, 436-437, 559, 569, 648,
760, 832, 949, 964, 966, 1040
Discussion of
557-558, 753, 828
Page
Reserves—Continued.
Member banks—Continued.
Excess *
Charts
185, 251, 257, 568,
647, 948, 1039
Classes of banks . . . 26, 134, 204, 296,
378, 508, 590, 704, 778, 892, 986, 1058
Discussion of
1, 73, 185-187,
251, 343-344, 557-558, 753, 828
End of month and Wednesday figures
• 20, 128, 198, 290, 372,
502, 584, 698, 772, 886, 980, 1052
History of
953-972
Total:
All banks, call dates .31, 139, 209, 301,
383, 513, 595, 709, 783, 897, 991, 1063
All banks combined, end of month
and Wednesday
figures
20, 128,
198, 290, 372, 502, 584,
698, 772, 886, 980, 1052
Classes of banks
26, 134, 204, 296,
378, 508, 590, 704, 778, 892, 986, 1058
Ratio to liabilities. . .21, 129, 199, 291,
373, 503, 585, 699, 773, 887, 981, 1053
Reporting banks:
Monthly and Wednesday figures, all banks, N. Y. C.
and outside N. Y. C. .32, 140,
210, 302, 386, 514, 596,
710, 784, 898, 992, 1064
Wednesday figures:
By district and for Chi'cago
712, 786, 900,
994, 1066
By districts and for New
York and Chicago. .35, 143,
213, 304, 384, 517, 599
Retail food prices. (See Prices: Retail food.)
Retail trade. (See Department store sales and
stocks.)
Review of the month
1, 73, 181, 251,
343, 425, 557, 639, 753, 825, 939, 1033
Rhodesia:
Gold production:
1929-1937
539
Monthly table
57, 165, 235, 327,
409, 539, 621, 735, 809, 923, 1017, 1089
Rubber and rubber products:
Factory employment index:
Adjusted:
Monthly table
48, 156, 226, 318, 400,
530, 612, 726, 800, 914, 1008, 1080
Revised indexes, 1923-1938 . . . 864-866
Unadjusted
50, 158, 228, 320,
402, 532, 614, 728, 802, 916, 1010, 1082
Factory payrolls index
50, 158, 228, 320,
402, 532, 614, 728, 802, 916, 1010, 1082
Production indexes:
Adjusted
45, 153, 223, 315,
397, 527, 609, 723, 797, 911, 1005, 1077
Unadjusted
46, 154, 224, 316,
398, 528, 610, 724, 798, 912, 1006, 1078
Wholesale price indexes
53, 161, 231, 323,
405, 535, 617, 731, 805, 919, 1013, 1085
Rulings of Board of Governors:
(For rulings of Board see under subject
matter, i.e., Margin requirements.)
Rumania:
Foreign exchange rates
66f 174, 244, 336,
418, 550, 631, 745, 818, 932, 1026, 1098
INDEX TO VOLUME 24
Page
1125
Page
Short-term foreign liabilities of banks in United
Rumania—Continued.
States—Continued.
National Bank of:
Charts
252
Condition
62, 170, 240, 332,
Discussion of
252
414, 546, 627, 741, 814, 928, 1022, 1094
Silver:
Discount rates:
Circulation
27, 135, 205, 297,
Change in
549
379, 509, 591, 705, 779, 893, 987, 1059
Monthly table. . . .65, 173, 243, 335, 417,
Presidential proclamation of Dec. 30, 1937. . 433
549, 630, 744, 817, 931, 1025, 1096
Production index:
Gold reserves
56, 164, 234, 326, 408,
Adjusted
45, 153, 223, 315,
538, 620, 734, 808, 922, 1016, 1088
397, 527, 609, 723, 797, 911, 1005, 1077
Ruml, Beardsley, appointed Deputy Chairman,
Unadjusted
46, 154, 224, 316,
Federal Reserve Bank of New York
81
Rural Electrification Administration:
398, 528, 610, 724, 798, 912, 1006, 1078
Revocation of measures affecting
433
Loans outstanding, Dec. 31, 1937
266
Salvador. (See El Salvador.)
Silver certificates:
Savings deposits:
Circulation
27, 135, 205, 297,
Interest rates on
37, 145, 215, 307,
379, 509, 591, 705, 779, 893, 987, 1059
389, 519, 601, 715, 789, 903, 997, 1069Smith, Walter W., reelected President of Federal
Securities:
Advisory Council
187
Classification in bank examinations . . . 563-565 Social security:
Investment securities regulation of CompReceipts, withdrawals and benefit payments. 41,
troller of Currency, revised
563-566
149, 219, 311, 393, 523, 605, 719, 793,
907, 1001, 1073
Loans on, by member banks:
All banks on call dates . 30, 138, 208, 300, South Africa:
Business conditions, Discussion of
429
382, 512, 594, 708, 782, 896, 990, 1062
Reporting banks:
Foreign exchange rates
. . 66, 174, 244, 336,
418, 550, 631, 745, 818, 932, 1026, 1098
Monthly and Wednesday figures,
Gold production:
all banks, N. Y. C. and outside
N. Y. C
32, 140, 210, 302, 386,
1929-1937
539
Monthly table
57, 165, 235, 327,
514, 596, 710, 784, 898, 992, 1064
Wednesday figures:
409, 539, 621, 735, 809, 923, 1017, 1089
Reserve Bank:
By districts and for Chicago. . 712,
Condition
62, 170, 240, 332,
786, 900, 994, 1066
414, 546, 627, 741, 814, 928, 1022, 1094
By districts and for New York
and C h i c a g o . . . . . . 34, 142, 212,
Discount rates
65, 173, 243, 335,
304, 384, 516, 598
417, 549, 630, 744, 817, 931, 1025, 1096
Gold reserves
56, 164, 234, 326,
Market, discussion of
2, 75,
254, 346, 560, 562, 826
408, 538, 620, 734, 808, 922, 1016, 1088
New issues. (See Capital issues.)
Spain:
Prices:
Bank of:
Discussion of
645, 944
Discount rates
65, 173, 243, 335,
Principal countries
68, 176, 246, 338,
417, 549, 630, 744, 817, 931, 1025, 1096
420, 552, 633, 747, 820, 934, 1028, 1100
Gold reserves
56, 164, 234, 326,
United States
39, 147, 217, 309,
408, 538, 620, 734, 808, 922, 1016, 1088
391, 521, 603, 717, 791, 905, 999, 1071
Foreign exchange rates
66, 174, 244, 336,
Purchased by Foreigners:
418, 550, 631, 745, 818, 932, 1026, 1098
1937
273-275
Gold movements to and from U. S
706, 780,
July-Sept., 1937
17
894, 988, 1060
Jan.-Mar., 1938
576 Spokane branch of Federal Reserve Bank of San
Apr.-June, 1938
870
Francisco discontinued
829
United States Government. (See United
Sponable, Frank W., reelected Class A Director,
States Government securities.)
Federal Reserve Bank of Kansas City
5
Service charges, Discussion of
114 Sproul, Allan, selected as Manager of System
Shipments and receipts of United States paper
Open Market Account
829
currency. (See Paper currency: Shipments
State banks:
and receipts.)
Assets and liabilities:
Short sales:
Mar. 7, 1938
581
Margin requirements. (See Margin requireJune 30, 1938
976
ments.)
Branches:
Short-term foreign assets of banks in United States:
1900-1937, by location
880
1931-1937, revised
figures
14
Number of:
1937
277
Mar. 7, 1938
581
July-Sept., 1937
18
June 30, 1938
976
Jan.-Mar., 1938
577
Operating branches:
Apr.-June, 1938
871
Number of, 1900-1937
880
Short-term foreign liabilities of banks in United
State member banks:
States:
Assets and liabilities:
1937
276
Dec. 31, 1937
195
Apr.-June, 1937, revised
figures
14
Mar. 7, 1938
359
July-Sept., 1937
18
June 30, 1938
766
Jan.-Mar., 1938
. .577
Sept. 28, 1938
1048
Apr.-June, 1938
871
1126
INDEX TO VOLUME 24
Page
Page
Straits Settlements:
State member banks—Continued.
Foreign exchange rates
Q6f 174, 244, 336,
Banking offices:
418, 550, 631, 745, 818, 932, 1026, 1098
1933-1938
193, 448, 767, 1049
Dec. 31, 1937, by States
876 Summary of financial and business statistics. .9, 85,
191, 259, 352, 438, 570, 649, 761, 833, 950, 1041
Branches:
1933-1938
193, 448, 767, 1049 Suspensions, Bank. (See Banks: Suspensions.)
Dec. 31, 1937
449, 876, 878 Sweden:
Jan.-Mar., 1938 changes
448
Bank of:
Jan.-June, 1938 changes
767
Condition
62, 170, 240, 332,
Jan.-Sept., 1938 changes
1049
414, 546, 627, 741, 814, 928, 1022, 1094
Deposits:
Discount rates
65, 173, 243, 335,
Call dates
29, 137, 207, 299,
417, 549, 630, 744, 817, 931, 1025, 1096
381, 511, 593, 707, 781, 895, 989, 1061
Gold reserves
56, 164, 234, 326,
Earnings and expenses:
408, 538, 620, 734, 808, 922, 1016, 1088
1937
360, 442, 446-447
Foreign exchange rates
66f 174, 244, 336,
Jan.-June, 1938
873
418, 550, 631, 745, 818, 932, 1026, 1098
Correction
1037
Gold movements to and from U. S... . . 592, 706,
Operating ratios, 1937
683
780, 894, 988, 1060
Number of, and call dates:
Money rates
65, 173, 243, 335,
Dec. 31, 1937, by States
876
417, 549, 630, 744, 817, 931, 1025, 1095
Monthly table
29, 137, 207, 299, Switzerland:
381, 511, 593, 707, 781, 895, 989, 1061
Cost of living index
68, 176, 246, 338,
Operating branches, Dec. 31, 1937:
420, 552, 633, 747, 820, 934, 1028, 1100
Deposits
877-878
Foreign exchange rates
66f 174, 244, 336,
Number of
877-878
418, 550, 631, 745, 818, 932, 1026, 1098
Operating ratios, 1937
683
Gold imports and exports
58, 166, 236, 328,
Suspensions:
410, 542, 623, 737, 810, 924, 1018, 1090
Monthly table
28, 136, 206, 298,
Gold movements to and from U. S. 28, 136, 206,
380, 510, 592, 706, 780, 894, 988, 1060
298, 380, 510, 706, 780, 894, 988, 1060
Steel. (See Iron and steel.)
Money rates
65, 173, 243, 335,
Stewart, A. O.:
417, 549, 630, 744, 817, 931, 1025,1095
Redesignated Chairman and Federal Reserve
Retail food price index
.68, 176, 246, 338,
Agent, San Francisco
5
420, 552, 633, 747, 820, 934, 1028, 1100
Swiss National Bank:
Resigned as Class C Director and as ChairAnnual report, 1937
361-365
man and Federal Reserve Agent, San
Francisco
829
Condition
62, 170, 240, 332,
Stock exchange:
414, 546, 627, 741, 814, 928, 1022, 1094
Customers' debit balances, etc., of firms
Discount rates
65, 173, 243, 335,
carrying margin accounts:
417, 549, 630, 744, 817, 931, 1025, 1096
1931-1936
196
Gold reserves
56, 164, 234, 326,
Monthly table
36, 144, 214, 306,
408, 538, 620, 734, 808, 922,1016,1088
388, 518, 600, 714, 788, 902, 996, 1068
Wholesale price indexes
67, 175, 245, 337,
Discount rates on loans
38, 146, 216, 308,
419, 551, 632, 746, 819, 933, 1027, 1099
390, 520, 602, 716, 790, 904, 998, 1070 Tax receipts, U. S. Treasury. (See Treasury
Volume of trading on N. Y. S. E.. . .39, 147, 217,
finance: Receipts.)
309, 391, 521, 603, 717, 791, 905, 999, 1071 Tennessee Valley Authority.
Stocks:
Assets and liabilities
908, 1002, 1074
New issues. (See Capital issues.)
Textiles:
Prices:
Factory employment index:
Charts
645
Adjusted:
Discussion of
645, 945
Monthly table
47, 155, 225, 317,
Principal countries
68, 176, 246, 338,
399, 529, 611, 725, 799, 913, 1007, 1079
420, 552, 633, 747, 820, 934, 1028, 1100
Revised indexes, 1923-1938
855-860
United States
39, 147, 217, 309,
Unadjusted
49, 157, 227, 319,
391, 521, 603, 717, 791, 905, 999, 1071
401, 531, 613, 727, 801, 915, 1009, 1081
Registered on National Securities ExFactory payrolls index
49, 157, 227, 319,
changes as of Jan. 31, 1938, Publication
401, 531, 613, 727, 801, 915, 1009, 1081
of list announced
187
Production index:
Stone and clay products:
Adjusted
45, 153, 223, 315,
Factory employment indexes:
397, 527, 609, 723, 797, 911, 1005, 1077
Adjusted:
Unadjusted
46, 154, 224, 316,
Monthly table
47, 155, 225, 317,
398, 528, 610, 724, 798, 912, 1006, 1078
399, 529, 611, 725, 799, 913, 1007, 1079
Wholesale price index
53, 161, 231, 323,
Revised indexes, 1923-1938 . . 852-854
405, 535, 617, 731, 805, 919, 1013, 1085
Unadjusted
49, 157, 227, 319, Thomas, J. J., redesignated Chairman and Fed401, 531, 613, 727, 801, 915, 1009, 1081 eral Reserve Agent, Kansas City
5
Factory payrolls indexes
49, 157, 227, 319, Tires and tubes. (See Rubber and rubber prod401, 531, 613, 727, 801, 915, 1009, 1081 ucts.)
Tobacco:
Stout, C. Frederick C, reelected Class B Director, Federal Reserve Bank of Philadelphia. . . 5
Crop reports
54, 732, 806, 920, 1014, 1086
INDEX TO VOLUME 24
Page
1127
Page
Treasury gold policy:
Tobacco—Continued.
Manufactures:
Discussion of
343-344, 972
Factory employment index:
Inactive gold account:
Adjusted:
Discontinuation of
343
Monthly table. . 4 8 , 156, 226, 318,
Discussion of
181, 343-344
400, 530, 612, 726, Treasury notes of 1890:
800, 914, 1008, 1080
Circulation
27, 135, 205, 297,
Revised index, 1923-1938. . 861-863
379, 509, 591, 705, 779, 893, 987, 1059
Unadjusted
50, 158, 228, 320, Trust powers of national banks:
402, 532, 614, 728, 802, 916, 1010, 1082
Approval of acceptance of trusts.
Factory payrolls index . 50, 158, 228, 320,
(Rulings.)
440, 762
402, 532, 614, 728, 802, 916, 1010, 1082
Investments of funds:
Production index:
Amendments to Regulation F :
Adjusted
45, 153, 223, 315,
Discussion of
4
397, 527, 609, 723, 797, 911, 1005, 1077
Text of amendments
10
Unadjusted
46, 154, 224, 316,
Limitation upon investment in common
398, 528, 610, 724, 798, 912, 1006, 1078
trust fund. (Ruling.)
762
Trade, Retail. (See Department store sales and
Trust investment committee:
stocks.)
Acceptance and closing out of trusts.
Transportation equipment:
(Amendments.)
12
Factory employment index:
Alternates, Appointment of. (AmendAdjusted:
ments.)
12
Monthly table
47, 155, 225, 317,
Directors' review of actions. (Ruling.) 439
399, 529, 611, 725, 799, 913, 1007, 1079
Minutes, Nature of. (Ruling.)
439
Revised indexes, 1923-1938 . . 849-851 Turkey:
Unadjusted
49, 157, 227, 319,
Central Bank of:
401, 531, 613, 727, 801, 915, 1009, 1081
Condition
62, 170, 240, 332,
Factory payrolls index
49, 157, 227, 319,
414, 546, 627, 741, 814, 928, 1022, 1094
401, 531, 613, 727, 801, 915, 1009, 1081
Discount rates:
Production indexes:
Change in
744
Adjusted
45, 153, 223, 315,
Monthly table
65, 173, 243, 335,
397, 527, 609, 723, 797, 911, 1005, 1077
417, 549, 630, 744, 817, 931, 1025, 1096
Unadjusted
46, 154, 224, 316,
Gold reserves
56, 164, 234, 326,
398, 528, 610, 724, 798, 912, 1006,1078
408, 538, 620, 734, 808, 922, 1016, 1088
Treasury cash and deposits with Federal ReForeign exchange rates
66, 174, 244, 336,
serve banks. (See United States Government
418, 550, 631, 745, 818, 932, 1026, 1098
deposits: Federal Reserve banks.)
Union of Soviet Socialist Republics:
Treasury currency outstanding:
Bank of:
End of month figures
27, 135, 205, 297,
Discount rates
65, 173, 243, 335,
379, 509, 591, 705, 779, 893, 987, 1059
417, 549, 630, 744, 817, 931, 1025, 1096
End of month and Wednesday figures 20, 128,
Gold movements to and from U. S
28, 136,
198, 290, 372, 502, 584, 698, 772, 886, 980, 1052
206, 298, 380, 510, 592
Treasury finance:
Gold production:
Deficit:
1929-1937
539
Monthly table
41, 149, 219, 311,
Monthly table
235, 327, 409,
393, 523, 605, 719, 793, 907, 1001, 1073
539, 621, 735, 809, 923, 1017, 1089
Revised figures
793, 1037, 1073
Discussion of
2, 251, 557, 560, 753, 828 United Kingdom:
Bank of England:
Expenditures:
Condition of
59, 167, 237, 329,
Monthly table
41, 149, 219, 311,
411, 543, 624, 738, 811, 925, 1019, 1091
393, 523, 605, 719, 793, 907, 1001, 1073
Discount rates
65, 173, 243, 335,
Revised
figures
793, 1037, 1073
417, 549, 630, 744, 817, 931, 1025, 1096
General fund balance
41, 149, 219, 311,
Gold reserves
56, 164, 234, 326,
393, 523, 605, 719, 793, 907, 1001, 1073
408, 538, 620, 734, 808, 922, 1016, 1088
Guaranteed obligations
40, 148, 218, 310,
Business conditions, Discussion of
431
392, 522, 604, 718, 792, 906, 1000, 1072
Commercial banks
63, 171, 241, 333,
Public debt:
415, 547, 628, 742, 815, 929, 1023, 1096
Gross debt
40, 148, 218, 310,
Cost of living index
. .68, 176, 246, 338,
392, 522, 604, 718, 792, 906, 1000, 1072
420, 552, 633, 747, 820, 934, 1028, 1100
Interest bearing (bonds, notes, certifiForeign exchange rates
66, 174, 244, 336,
cates and bills)
40, 148, 218, 310,
418, 550, 631, 745, 818, 932, 1026, 1098
392, 522, 604, 718, 792, 906, 1000, 1072
Gold imports and exports
58, 166, 236, 328,
Interest on
41, 149, 219, 311,
410, 542, 623, 737, 810, 924, 1018, 1090
393, 523, 605, 719, 793, 907, 1001, 1073
Gold movements to and from U. S.. . 28, 136, 206,
Maturities
40, 148, 218, 310,
298, 380, 510, 592, 706, 780, 894, 988, 1060
392, 522, 604, 718, 792, 906, 1000, 1072
Money rates
65, 173, 243, 335,
Noninterest bearing
40, 148, 218, 310,
392, 522, 604, 718, 792, 906, 1000, 1072
417, 549, 630, 744, 817, 931, 1025, 1095
Outstanding:
Retail food price index
68, 176, 246, 338,
Chart
561
420, 552, 633, 747, 820, 934, 1028, 1100
Receipts
41, 149, 219, 311,
Security prices
68, 176, 246, 338,
393, 523, 605, 719, 793, 907, 1001, 1073
420, 552, 633, 747, 820, 934, 1028, 1100
1128
INDEX TO VOLUME 24
Page
United Kingdom—Continued.
Wholesale price indexes
67, 175, 245, 337,
419, 551, 632, 746, 819, 933, 1027, 1099
United States Government credit agencies. (See
Governmental corporations and credit agencies.)
United States Government debt. (See Treasury
finance: Public debt.)
United States Government deposits:
Federal Reserve banks:
All banks combined, end of month and
Wednesday figures 20, 128, 198, 290,
372, 502, 584, 698, 772, 886, 980, 1052
Member bank holdings:
All banks on call dates. . 3 1 , 139, 209, 301,
383, 513, 595, 709, 783, 897, 991, 1063
Reporting banks:
Monthly and Wednesdayfigures,all
banks, N. Y. C. and outside N.
Y. C
33, 141, 211, 303,
387, 515, 597, 711, 785, 899, 993, 1065
Wednesday figures:
By districts and for Chicago . 713,
787, 901, 995, 1067
By districts and for New York
and Chicago
35, 143, 213,
305, 385, 517, 599
United States Government insurance agencies.
(See Insurance agencies of United States Government.)
United States Government securities:
Bonds:
Prices:
Monthly table
39, 147, 217, 309,
391, 521, 603, 717, 791, 905, 999, 1071
Revised averages
1045
Yields:
Monthly table
38, 146, 216, 308,
390, 520, 602, 716, 790, 904, 998, 1070
Revised averages
1045
Federal Reserve bank holdings:
All banks combined, end of month and
Wednesday figures 20, 128, 198, 290,
372, 502, 584, 698, 772, 886, 980, 1052
Each bank, Wednesday figures 22, 130, 200,
292, 374, 504, 586, 700, 774, 888, 982, 1054
Maturity distribution . . . 21, 129, 199, 291,
373, 503, 585, 699, 773, 887, 981, 1053
Market, Discussion of
560-561, 826
Member bank holdings:
All banks on call dates... 30, 138, 208, 300,
382, 512, 594, 708, 782, 896, 990, 1062
Discussion of
74-75, 346, 756, 1036
Reporting banks:
Monthly and Wednesday figures,
all banks, N. Y. C. and outside.
N. Y. C
32, 140, 210, 302, 386,
514, 596, 710, 784, 898, 992, 1064
Wednesday figures:
By districts and for Chicago. .712,
786, 900, 994, 1066
By districts and for New York
and Chicago
34, 142
212, 304, 384, 516, 598
Treasury bills:
Discount rates on
38, 146, 216, 308,
390, 520, 602, 716, 790, 904, 998, 1070
Treasury notes:
Yields
38, 146, 216, 308,
390, 520, 602, 716, 790, 904, 998, 1070
Page
United States Housing Authority:
Assets and liabilities
908, 1002, 1074
Loans outstanding, Dec. 31, 1937
266
United States Maritime Commission:
Loans outstanding, Dec. 31, 1937
266
United States notes:
Circulation
27, 135, 205, 297,
379, 509, 591, 705, 779, 893, 987, 1059
United States Treasurer:
General account on deposit in Federal Reserve banks. (See United States Government deposits: Federal Reserve banks.)
Uruguay:
Bank of:
Condition
62, 170, 240, 332,
414, 546, 627, 741, 814, 928, 1022, 1094
Gold reserves
56, 164, 234, 326,
408, 538, 620, 734, 808, 922, 1016, 1088
Foreign exchange rates
66, 174, 244, 336,
418, 550, 631, 745, 818, 932, 1026, 1098
Gold movements to and from U. S
28, 136
Venezuela:
Gold movements to and from U. S. 28, 136, 206,
298, 380, 510, 592, 706, 780, 894, 988, 1060
Walsh, C. C, retirement as Class C Director and
Chairman and Federal Reserve Agent, Dallas.... 5
Washburn, W. 0., reelected Class B. Director,
Federal Reserve Bank of Minneapolis
5
Watson, Thomas J., reelected Class B Director,
Federal Reserve Bank of New York
5
West Africa:
Gold production:
1929-1937
539
Monthly table
57, 165, 235, 327,
409, 539, 621, 735, 809, 923, 1017, 1089
Wheat crop reports
54, 732, 806, 920, 1014, 1086
Wholesale commodity prices. (See Prices:
Wholesale Commodity.)
Wiess, Harry C, elected Class B Director, Federal Reserve Bank of Dallas
5
Wood, R. E., reappointed Deputy Chairman, Federal Reserve Bank of Chicago
5
Woolen and worsted. (See Textiles.)
Wright, R. P., reelected Class B Director, Federal Reserve Bank of Cleveland
5
Wysor, W. G., appointed Deputy Chairman, Federal Reserve Bank of Richmond
5
Young, Owen D.:
Designated Chairman and Federal Reserve
Agent, New York
81
Reappointed Class C Director, Federal Reserve Bank of New York
5
Reappointed Deputy Chairman, Federal Reserve Bank of New York
5
Yugoslavia:
Foreign exchange rates
66, 174, 244, 336,
418, 550, 631, 745, 818, 932, 1026,1098
National Bank of:
Condition
62, 170, 240, 332,
414, 546, 627, 741, 814, 928, 1022, 1094
Discount rates
65, 173, 243, 335,
417, 549, 630, 744, 817, 931,1025, 1096
Gold reserves
56, 164, 234, 326,
408, 538, 620, 734, 808, 922, 1016, 1088
Zinc production index:
Adjusted
45, 153, 223, 315,
397, 527, 609, 723, 797, 911,1005,1077
Unadjusted
46, 154, 224, 316,
398, 528, 610, 724, 798, 912, 1006, 1078
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