Full text of Federal Reserve Bulletin : December 1939
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FEDERAL RESERVE
BULLETIN
DECEMBER 1939
Recent Gold and Capital Movements
Economic Controls in Foreign Countries
Amendments to Regulations F and H
Annual Report of Foreign Central Banks
Netherlands and Argentine
***
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
CONSTITUTION AVENUE AT 20TH STREET
WASHINGTON
TABLE OF CONTENTS
Review of the month. Recent gold and capital movements; Economic controls in foreign countries
National summary of business conditions
Summary of financial and business statistics
Law Department:
Financial Transactions under Neutrality Act of 1939
Amendments to Regulation F—Trust Powers of National Banks
Amendments to Regulation H—Membership of State Banking Institutions in the Federal Reserve
System
:
Number of banks and branches 1933-1939
Analysis of changes in number of banks and branches; January 1-September 30, 1939
Restoration of Netherlands Government's power to prohibit the export of gold
Annual Report of the Netherlands Bank
Annual Report of the Central Bank of the Argentine Republic
Financial, industrial, and commercial statistics, United States:
Member bank reserves, Reserve bank credit, and related items
Federal Reserve bank statistics
Reserve position of member banks; deposits in larger and smaller centers
Money in circulation
Gold stock and gold movements; bank suspensions; bank debits
All banks in the United States....
All member banks
Condition of reporting member banks in leading cities
Acceptances, commercial paper, and brokers' balances
Federal Reserve bank discount rates
Money rates and bond yields
Security markets
Treasury finance
Governmental corporations and credit agencies; Postal Savings System
Production, employment, and trade
Wholesale prices
Crop report
Statistics for Federal Reserve chart book
International financial statistics:
Gold reserves of central banks and governments
Gold production
Gold movements,
International capital transactions of the United States
Central banks
Bank for International Settlements
Money rates
Discount rates of central banks
Commercial banks
Foreign exchange rates
Price movements:
Wholesale prices
^
Retail food prices and cost of living
Security prices
Federal Reserve directory:
Board of Governors and staff; Open Market Committee and Staff; Federal Advisory Council
Senior officers of Federal Reserve banks; managing directors of branches
Index to volume 25
II
Page
1039-1049
1050-1051
1053
1054
1054
1054-1064
1065
1066
1067
1068-1076
1077-1094
1096
1097-1101
1102
1103
1104
1105
1106-1107
1108-1111
1112
1113
1114
1115
1116-1117
1118-1119
1120-1128
1129
1130
1131-1132
1134
1135
1135-1136
1137-1139
1140-1143
.
1144
1144
1145
1145-1146
1147
1148
1149
1149
1151
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1153
FEDERAL RESERVE BULLETIN
VOL. 25
DECEMBER, 1939
REVIEW OF THE MONTH
From the outbreak of war to the middle
of November acquisitions of foreign gold by
the United States Treasury
Recent gold and
through import and release
capital movements
_
from earmark averaged
$50,000,000 a week as against a weekly average of $60,000,000 in the preceding twelve
months when the gold movement reached its
peak. The current movement reflects to
a large extent the need of foreigners for
dollars with which to pay for the excess of
exports from the United States, which
amounted to $107,000,000 in September and
reached a new high level for recent years of
$117,000,000 in October. Reported figures
show little net movement of capital since the
end of August. A small inflow of funds from
neutral countries has been offset by utilization of dollar deposits and selling of American securities by belligerents. Transactions
not covered by current statistics were apparently substantial.
When war broke out the third large flight
movement of capital from Europe to the
United States in less than a year was in progress. The first of these movements occurred
in September and October 1938 and was connected with the events immediately preceding
and following the Munich settlement; the second began in March 1939 following the German move on Prague; and the third commenced early last August. In a space of only
twelve critical weeks—four in September
1938, five in March and April of this year,
and three immediately preceding the outbreak
of war—$1,600,000,000 of foreign gold came
to the United States. Largely as a result of
No. 12
the three crisis movements the inflow both of
gold and of capital to the United States in
the twelve months ending August was considerably larger than at any previous time.
It brought the total inflow of gold since January 1934 to $9,000,000,000 and the recorded
net capital inflow to $5,300,000,000. Most
of the difference between these two figures
is accounted for by the $2,600,000,000 excess
of merchandise exports of the United States
and by transactions that have not been identified. Of the recorded capital movement a
third represented the return of American
capital from abroad and the accumulation
of dollar balances by foreign official institutions; the remainder represented private
funds sent here by foreign nationals for deposit in banks or for the purchase of American securities. The full movement of funds,
including unrecorded transactions, may have
been considerably larger.
Half of the private movement of foreign
capital to the United States in the period
since early 1934 came
British foreign
from
the
United King-
exchange regulations
dom, France, and the
countries of the British Empire. To bring
a halt to this type of capital outflow and to
obtain control over funds sent abroad in the
past the British and French Governments
have imposed strict foreign exchange regulations. In the United Kingdom the export of
currency and gold has been subjected to license and the business of dealing in foreign
exchange has been centralized in the Bank of
England and the principal commercial banks
acting under its supervision. Initially all
purchases of foreign exchange, and all transfers of sterling from the accounts of residents
1039
1040
FEDERAL RESERVE BULLETIN
DECEMBER 1939
of the United Kingdom to those of non-resiEarlier in the year, before the war crisis
dents, were prohibited except on application reached its peak, fluctuations in sterling had
to an authorized dealer. Transactions for been held within a narrow range by official
the purpose of liquidating old contracts, de- gold operations, but on August 25 the British
fraying reasonable travelling expenses, or Fund withdrew its support and the rate fell
meeting reasonable business requirements
EXCHANGE, RATES IN NEW YORK
such as payments for imports, insurance premiums and claims, or freight charges, were
for the most part freely approved, but others
were subject to special review. Subsequently
these provisions were somewhat modified, the
most important new ruling providing that
transactions with British territories other
than Canada, Newfoundland, and Hong
Kong were not subject to restriction. Exchange regulations adopted throughout the
Empire were essentially similar to those of
the United Kingdom.
As a further limitation on the power to
export capital, residents of the United Kingdom are required, with certain exceptions,
to sell to authorized dealers for account of
the Government all receipts of currencies of
the United States, Argentina, Belgium, Canada, France, Netherlands and Netherlands
East Indies, Norway, Sweden, and Switzerland. Both sales and purchases of exchange
on these countries in London must be carried
out at the official buying and selling rates
Certified noon buying rates for cable transfers.
fixed by the Bank of England; other exchange
dealings take place at rates established in the sharply. For several days it moved erratimarket. The official buying and selling rates cally in an uncontrolled market. When the
for dollars are $4.04 (originally $4.06) and new exchange regulations and official rates
first became effective the New York quota$4.02 respectively.
While non-residents of the United Kingdom tion steadied at the new level, but it subseare subject to the same restrictions as resi- quently turned irregularly lower. Quotations
dents in the matter of purchasing foreign in New York and other foreign centers, howexchange through authorized dealers at the ever, apply to only a part of the total volume
official or market rates in London, they are of transactions; the rest are carried out in
apparently not prevented from selling their London at the official rates.
sterling abroad. It is this provision that has The chart also shows the trend of New
made it possible for foreigners to deal in York quotations for the Canadian dollar and
sterling exchange outside London at vary- the Netherlands guilder. The former is the
ing rates. The chart shows that the rate for only British Empire currency which has not
sterling in New York, for example, has not closely followed the course of sterling; the
generally remained within the spread of the latter is representative of several currencies,
official buying and selling rates in London. including the Swiss franc and Swedish krona,
AUGUST - NOVEMBER, 1939
AUG.
SEPT.
OCT.
1939
NOV.
DECEMBER
1939
1041
FEDERAL RESERVE BULLETIN
which have been held relatively steady in
terms of the dollar.
Besides prohibiting the current export of
capital, the British regulations contain provisions concerning certain assets acquired
before the war began. Under these provisions residents of the United Kingdom who
are owners of gold or of foreign exchange
denominated in the currencies of the specified
countries mentioned above must offer such
holdings to the Treasury unless it can be
shown that they are required for approved
purposes. Stocks, bonds, and other securities
payable in the specified currencies can be
sold or transferred by residents only with
the permission of the Treasury, and the
Treasury is given power to acquire such securities at some future time. Acting under
this authority the Treasury has requisitioned
holdings of the Canadian 3!/2 per cent sterling loan of 1930-1950, amounting to about
£28,000,000; this will make it possible for
the Canadian Government to redeem these
obligations in advance with part of the proceeds of a $200,000,000 issue of 2 per cent
two-year notes sold to banks in Canada, and
will provide the British authorities with a
substantial amount of Canadian exchange.
There is no evidence that other securities
have yet been requisitioned but sale of securities in foreign markets has been permitted
in certain cases on condition that the foreign
exchange proceeds be delivered to the Treasury. There has been some selling of this
character in the United States.
To enable the Treasury to pay for foreign
assets acquired under the new regulations
the previous limit of £575,000,000 on the borrowing power of the Exchange Equilization
Account has been removed.
The export of capital from France in any
form has been prohibited. The regulations
forbid the purchase
French foreign #
abroad of any property
export of any holdings of securities, claims
to foreign exchange, and similar assets, is
forbidden. The regulations are administered
by an Exchange Bureau operated by the
Bank of France, and foreign exchange dealings are centralized in the Bureau and banks
acting under its direct supervision. Exchange will be made available for necessary
and approved commercial transactions, for
payment of debts arising from transactions
undertaken before September 10, 1939, and
for certain other purposes.
The offer to the authorities of gold and
foreign balances held at the outbreak of war
has not been required in France as it has in
England. All such holdings as well as foreign securities held abroad on December 31,
1939, and in some cases foreign assets held in
France, must be declared before January
15, 1940, however. Dealings in foreign securities have not been restricted, but owners
of foreign assets subject to declaration must
be prepared to explain transactions negotiated after December 31, 1939, and the foreign currency proceeds of security sales must
be turned over to the Exchange Bureau.
Complete figures on the foreign assets of
the belligerent countries are not available.
It is believed, however,
Foreign resources
t h a t t h e i r holdings in the
of the belligerents
•
i
,
United States include a
large part of their more readily disposable
resources—gold and short-term balances and
securities denominated in the currencies of
countries with relatively free and well-developed financial markets. So-called direct investments in controlled enterprises such as
railways and other utilities, mines, oil wells,
manufacturing enterprises, agricultural properties, and other real estate, which bulk large
in British overseas investments, are less likely
to be readily marketable. Some of these assets are situated in the United States, as
exchange regulations
shown in the table below, but a larger part is
or securities. All foreign held in Empire and other countries not highly
exchange received for exports or services industrialized. There is a certain reluctance,
abroad must be returned to France, and the moreover, to lose control of such enterprises
1042
FEDERAL RESERVE BULLETIN
through sale to foreign interests. Obligations
issued by governments and municipalities in
the less highly developed countries, of which
British investors hold a considerable volume,
do not possess the ready availability of gold
and of balances and securities denominated
in dollars and other leading currencies, although they may be negotiable under certain
conditions in the countries of issue.
The table below presents data on the estimated distribution at the end of August 1939
of foreign balances and investments in the
United States and of central gold reserves,
together with estimated gold production in
1938. Figures of dollar resources for dates
since August have not yet been published.
The first column of the table shows total holdings of the more readily available international resources—gold, dollar balances, and
American securities. It does not include
direct investments in the United States. The
DECEMBER 1939
figure for all countries is nearly half again as
large as the export surplus of the United
States during the four years of the World
War, which amounted to $11,800,000,000.
Approximately half of all foreign holdings of
gold and dollar resources at the present time
is under the control of the British Empire and
France.
During the World War little more than a
quarter of the export surplus of the United
States was paid for through the sale in this
country of gold and American securities held
by foreigners, as shown in the first table on
the next page. The remainder was covered
by foreign borrowing in the United States.
The present situation differs in a number
of respects from that of twenty-five years ago.
The Neutrality Act passed early in November
has closed the American capital market to
belligerent Governments, and a number of
other potential borrowers are debarred under
FOREIGN HOLDINGS OF GOLD, DOLLAR BALANCES, AND AMERICAN
E N D OF AUGUST
INVESTMENTS
1939
[Approximate figures in millions of dollars]
Gold, dollar balances, and securities
r
Direct
and other
Annual
investments
gold
(various
production
bases of
(1938)
value)
Securities readily negotiable
Country>r area
Central
Total
gold
(cols. 2-4) reserves
(market value)
Dollar
balances
Total
(cols. 5-7)
1
Belligerents:
United Kingdom
Franee
Canada
__ .
Other British and French countries...
Total British Empire and F r a n c e Germany
Neutrals:
Italy
Netherlands .
Switzerland
_.
U. S. S. R.
Other European
countries
Latin America 6
Far East and other 8
Total neutrals
All foreign countries.
.._
2
3
Common Preferred
stocks
stocks
5
4
Bonds
7
6
8
9
3,330
3,500
1,070
540
i 2,000
13,000
215
540
595
315
355
*
735
185
500
535
130
400
*
120
15
60
*
80
40
40
*
900
80
560
8,440
160
5,755
3 150
1,265
10
1,420
*
1,065
*
195
*
160
*
1,540
*
200
1,400
1,250
1,000
2,750
1,090
1,110
4 190
770
590
6 1,000
2,190
660
375
10
160
285
*
430
390
355
*
470
375
*
130
40
380
*
270
295
*
25
30
*
30
5
20
*
175
50
*
380
170
35
5
25
120
10
180
6185
10
90
115
65
30
335
(2)
165
585
750
(2)
8,800
5,775
1,630
1,395
995
110
290
860
400
17,400
11, 680
2,905
2,815
2,060
305
450
2,400
1,150
* Small amounts not published separately.
1 Broad
Broad estimate,
estimate, based
based on
on latest
latest reported
reported figures of Stabilization Fund holdings and data on gold movements.
2 Less
LLess than
th
than $5,000,000.
$5000000
$5,000,000.
3 Broad
B d estimate,
t i t b
based on probable acquisitions of gold from private note-issuing banks in 1935, Austria in 1938, and Czecho-Slovakia in 1939,
adjusted for net exports since 1935.
< Reported figure for December 1938.
* Estimate based on scattered data.
• Includes small amounts for British and French possessions
1043
FEDERAL RESERVE BULLETIN
DECEMBER :
UNITED STATES BALANCE OP PAYMENTS
JULY 1914-DECEMBER 1918
[In billions of dollars]
Payments
Item
Excess of merchandise exports
Payment effected through:
Gold imports
1.0
Estimated European sales of American
securities
2.0
Total gold and securities-
Receipts
11.8
3.0
Foreign loans sold to private investors in
United States
1.5
Direct advances by United States Government after April 1917
_. 7.3
Total loans to foreigners
Estimated net service payments to foreigners.
Net receipts from unidentified transactions
FOREIGN HOLDINGS OF GOLD AND DOLLAR RESOURCES
1914 AND 1939
[Approximate figures in millions of dollars]
_..
0.4
0.4
12.2
Country
12.2
Source: Review of Economic Statistics, Volume I, p. 251.
the Johnson Act. On the other hand, the dollar value of disposable international resources
is much larger than in 1914. Estimates of
pre-war foreign investments in the United
States are subject to a wide margin of error,
and no classification by type is available. The
data presented in the following table, however, indicate that foreign dollar resources
plus gold holdings are currently perhaps twice
as large as in 1914; and the dollar value of
foreign gold production is three times as
large. Finally, there is a greater readiness
to use gold reserves. The belligerent powers
as a group emerged from the World War with
considerably larger central gold reserves than
they possessed at its beginning. While this
was directly attributable to the return of gold
coin from circulation, a considerable amount
of which was, in fact, shipped abroad, it also
reflected a desire to maintain gold reserves in
preparation for an expected return to the gold
standard after the war. In the present instance, however, none of the belligerents was
on the gold standard at the outbreak of war,
and the two holding most gold took immediate
action to make their entire gold reserves
available for international use. In Great
Britain the gold holdings of the Bank of
England were transferred in their entirety—
except for a nominal amount of less than
$1,000,000—to the Exchange Equalization
Account, and the fiduciary note issue of the
Bank was increased correspondingly. In
France the requirement that the Bank of
France maintain a gold reserve equivalent
to 35 per cent of its total sight liabilities was
suspended. The German Reichsbank has had
no effective legal reserve requirement since
1931.
Total gold and
dollar resources
11939
Leading belligerents:
United Kingdom
France
Canada
Germany
Other countries:
Netherlands
Allother
All foreign countries
1914
4,230 2, 765- 3, 965
3,580 1,080- 1, 280
1,630
4 115
160 1,030- 1, 330
660- !
1,780
8,420 2, 450- 2, 550
19,800 8,100-10,100
Central
gold
reserves
21914
Dollar
resources
3 1914
165 2, 600-3,800
400- 600
115
(6)
6330
700-1,000
2,250
600- 800
200- 300
3,600 4, 500-6, 500
1 Data from table on page 1042, including direct and other investments
(column
8).
2
Figures are for end of December 1913. Monetary gold outside central
reserves in leading countries in 1914 has been estimated as follows, in
millions, of dollars: United Kingdom, 600; France, 965; Germany, 475;
Kussia, 255; estimate for Russia from European Currency and Finance,
Vol. II (Commission of Gold and Silver Inquiry, 1925); other estimates
from
Currencies after the War (League of Nations, 1920).
3
Lower figure for all countries is estimate given in Review of Economic
Statistics, Vol. I, p. 230; higher figure and distribution by countries
based on estimates of Sir George Paish, given in Report of National
Monetary
Commission, 1910.
4
Gold only; see note 5.
6
No estimate available; included with "All other" countries.
8
Includes $50,000,000 of gold held by Government as war reserve
(Annual Report of the Reichsbank, 1914) .£;, •
The financial measures taken by the United
Kingdom and France are designed to conserve and mobilize their
Economic controls
international resources.
m foreign countries
. . . .
As such they constitute
one segment of a broad economic and fiscal
program for making the most effective use
of available international resources and internal productive facilities. This program
involves the establishment of rigid controls
over imports and exports and over the internal production, use, and prices of essential
commodities. It also involves a sharp increase in governmental expenditures and a
revision of the tax structure. As a supplement to their independent efforts the British
and French Governments announced around
1044
FEDERAL RESERVE BULLETIN
the middle of November a plan for coordinate
action in a number of fields; henceforth import programs will be drawn up jointly and
direction of their combined merchant fleets
will be centralized in London.
In Germany the control of international
transactions and of domestic business had
already reached an advanced stage of development before the war began. The new
measures, therefore, have constituted an extension of the previously existing system
rather than a fundamental change.
The adoption of various types of control
measures has not been confined to the belligerents. A number of neutral countries with
previously free markets have invoked exchange restrictions, and others have tightened existing regulations. Few countries
now have free exchange markets.
Neutral countries have also endeavored to
protect themselves against possible shortages
of essential commodities as a result of the
war. Nearly every country in Europe and
some on other continents have subjected exports and imports to controls of varying
extent and severity. A smaller number,
including the Netherlands, Switzerland,
Sweden, Norway, and Denmark, have taken
steps of an internal character. With differences as to countries and commodities affected, maximum prices have been set, the
allocation of raw materials to industry and
the disposition of finished products have been
taken under official supervision, and limits
have been placed on the use of certain commodities.
Shortly before the outbreak of war the
British Government prohibited the export of
many essential raw
United Kingdom—control
of imports and exports
materials
such
as
.
rubber and various
non-ferrous metals. Subsequently nearly all
exports were made subject to license or other
types of regulation, and control over imports
was established. The importation of passenger cars, various types of clothing, jewelry,
and other manufactured articles of a luxury
DECEMBER
1939
or semi-luxury character was prohibited.
For goods falling less definitely in this category, or which are manufactured in sufficient
quantities in the United Kingdom, such as
textiles, leather and rubber manufactures,
and certain types of machinery, importation
was made subject to license. In the case of
most raw or semi-finished industrial materials and foodstuffs the Government has either
reserved the sole right of purchase abroad
or exercises indirect control through the
granting of foreign exchange permits, allocating cargo space in British ships, regulating
the distribution of supplies within the country, or establishing maximum sterling prices
at too low a level to allow purchases abroad.
To ensure an adequate supply of certain
essential raw materials and foods the British
Government has negotiated special contracts.
It has arranged, for example, to purchase the
entire exportable surplus of wool, lead, and
zinc from Australia and New Zealand for the
duration of the war and has entered into
more limited contracts with Empire and
other countries for bulk purchases of such
articles as meat and dairy products and copper. British Empire production of many
basic commodities is well in excess of recent
consumption in the Empire and France.
Sharp declines in the volume of British
exports and imports in September were to
some extent the result of temporary influences such as the sudden disruption of
shipping schedules and the imperfect functioning of the new license-issuing machinery.
They also reflected severance of trade with
Germany and the war-time reorganization
of British business. The October figures for
imports, and to a much smaller extent for
exports, were higher than in September, but
both remained well below those of a year ago.
Internal trade in a considerable number of
important commodities has been subjected
to direct control in the
Internal control
United Kingdom. The type
and degree of supervision varies widely.
Trading in many raw foods has been placed
DECEMBER
1939
FEDERAL RESERVE BULLETIN
1045
under the Ministry of Food, which exercises 37V2 per cent and certain exemptions were
virtually complete authority over stocks, im- lowered; surtax and estate tax rates were
ports, and wholesale distribution. Maximum raised; and a general excess profits tax was
prices have been set in a number of instances imposed. Increases in indirect taxes affected
and plans for rationing are under way. Thus mainly alcoholic beverages, sugar, and tofar, gasoline, coal, gas, and electricity are bacco.
the only important commodities to be rationed
Revenue from the new taxes will cover comdirectly, although civilian consumption of paratively little of the increased expenditure
wool and some other commodities is limited
authorized by Parliament last
through controlling the use of raw materials Government
September. The budget prexpenditure
by manufacturers. The limitation on gasosented in April provided for
line consumption is particularly severe; it is £620,000,000 of defense expenditure in the
estimated that civilian consumption will be fiscal year ending March 1940, an increase of
reduced 25 to 50 per cent.
more than 50 per cent over the preceding
Leading industrial products such as iron, fiscal year. Subsequent authorizations raised
steel, and other metals, wood, and textiles ;he defense appropriation to £750,000,000 and
have been subjected to varying degrees of established the sum to be borrowed at £500,regulation. In some instances reports only 000,000. With the outbreak of war the Govare required; in others maximum prices have ernment received authority to spend an addibeen set, priority has been given to gov- tional £500,000,000. While all budget estiernment contracts, and sales of finished mates in time of war are subject to great
goods and purchases of raw material are uncertainty, it now appears that the Governregulated.
ment may spend £1,200,000,000 for military
The new British tax schedule presented to purposes and air raid defense during the curParliament toward the end of September sup- rent fiscal year, or approximately three times
plements the other measures as much as in 1938-39. Total expenditure
New taxation
of control. Its significance lies may amount to about £2,000,000,000, of which
in the fact that it will somewhat limit the ex- about half is expected to be borrowed. To aspenditures of the civilian population, both by sure the best possible terms for Government
absorbing income and by curtailing the con- borrowing, private businesses have been prosumption of particular commodities. It will hibited from issuing securities without Treasthus facilitate the diversion of resources from ury authorization.
civil to military uses, which is the major task
Not all of the new Government expenditure
of a war-time economy. While estimates of will result in additional orders for industry.
revenue from the new taxes are, in the nature Some of it will merely replace private sources
of the case, uncertain, it is expected that they of demand eliminated by the war. But in
will bring in rather more than £100,000,000 many lines the accelerated rate of armament
during the remainder of the current fiscal expenditure will call forth additional indusyear and over twice as much in 1940-41. Sub- trial output and may stimulate private instantial reductions are expected, however, vestment. The expansive effect on total outin the revenue from certain other taxes, put and on business conditions generally in
particularly those on gasoline and motor the United Kingdom will be retarded to the
vehicles.
extent that private consumption is curtailed
A large part of the added revenue will be and difficulties develop in shifting plant,
derived from direct taxation. The standard equipment, and labor to unaccustomed emrate of income tax was raised from 2 7 ^ to ployments.
1046
FEDERAL RESERVE BULLETIN
In recent years British business conditions
have come increasingly under the influence
of government expenditures
British business
for rearmament. The early
developments
_
_
...
phases of the recovery
movement that began in 1932 were founded
to a large extent on an expanding volume of
private investment, particularly the construction of dwellings and the modernization of
industrial facilities. With expanding national
INDUSTRIAL PRODUCTION
UNITED KINGDOM AND FRANCE
PER CENT
140
PER CENT
140
v
V
UNITED KINGDOM
120
100
V
60
120
v
r
J
100
80
120
120
FRANCE
KJO
INDEX
#X
BO
V
NDE.X
V
- •••
f
Ml
f
V
/
100
80
V
60
1934
1938
Official indexes of physical volume of production on a ratio
scale. United Kingdom: Board of Trade; quarterly index unadjusted for seasonal variation; 1930 = 100; latest figure, second
quarter 1939; figures for 1932-33 represent old Board of Trade
index (1924 = 100) converted to a 1930 base. France: Statistique Generate; monthly indexes partially adjusted for seasonal
variation; 1928 = 100; latest figure, June 1939 (preliminary);
old index on 1913 base has been converted to a 1928 base.
DECEMBER 1939
ture for armament. The iron, steel and other
metal-working trades, machinery, and shipbuilding were affected particularly. They
continued to receive support from government expenditure during the period of declining production and employment that began in
the latter part of 1937. Under the influence
of still larger military and naval appropriations they led the upturn that commenced
toward the end of 1938. The strong upward
trend that was under way before the outbreak
of war is shown on the chart.
The mixed initial effects of the war on
the British economy are epitomized in the
changes that took place in the volume of
unemployment in the two months ending
October 16. During this period there was
an increase of approximately 200,000 in the
number of registered unemployed in the
United Kingdom, some of whom were seeking
employment for the first time.
While on balance the increase occurred entirely among women, there were many shifts
in which both men and women were involved.
As shown in the table unemployment was confined largely to the service trades, with the
largest increases being recorded for workers
in the hotel, boarding-house, entertainment,
and various retail distribution lines. These
were particularly hard hit by the "blackout"
system, the evacuation of urban areas, and the
disruption of normal transportation schedules. Unemployment in the building trades
income, increased consumer buying stimu- PRINCIPAL CHANGES I N UNEMPLOYMENT I N THE
UNITED KINGDOM, AUGUST 14-OCTOBER 16,1939
lated the production of automobiles and other
[In number of persons]
goods for final consumption. Expansion of
plant and equipment was accompanied by inDecreases
Increases
creased activity in the industrial machinery
manufacturing
trades...
— 133, 700 Heavy
and iron and steel industries. Employment Service
and mining
56,400
26,800
Building
20,400 Textiles, apparel, and
Printing,
etc
increased, not only in industry but also in Motor vehicle, cycle, airother light manufactur43,100
13,300
ing
craft; road transport
retail distribution, entertainment, and other Dock
10,900
9,500 Public works
and harbor
House furnishings manuservice occupations.
7,300
facture
During the later phases of the recovery
110,400
Total..
1211,000
Total..
economic activity in England was heightened
An additional net increase of 98,000 in unemployment largely
by an accelerated rate of government expendi- represented
persons seeking work for the first time.
1
DECEMBER 1939
FEDERAL RESERVE BULLETIN
1047
increased substantially, and some manufac- wool manufacturing concerns are relatively
turing industries, particularly those catering well occupied.
to the final consumer, such as house-furnish- Little information is available concerning
ings and motor-cars, also showed a higher economic developments in France in recent
months. Before the outlevel of unemployment. The level for manuFrench
economic
break Of War, however, profacturing as a whole was reduced, however. developments
.
,
Unemployment also declined in public works
ductive activity was at a
contracting, coal mining, national govern- high level, as shown on the chart on page
ment service, and public utilities. Some of 1046. For nearly a year the volume of prothese reductions reflected seasonal influences, duction in France had been rising, a developbut for the most part they were connected ment that was in large measure associated
with the speeding up of military prepara- with increased military expenditure. Such
tions. The figures reveal clearly the early expenditure in 1938 was half again as large
shift of economic activity in the United King- as in 1937, and appropriations for 1939 bedom away from the satisfaction of ordinary fore the outbreak of war, amounting to some
peace-time wants and toward fulfillment of 50,000,000,000 francs, were more than twice
war-time needs. They indicate no less clearly the 1937 figures. Following the commencethe difficulties connected with this process. ment of hostilities in Europe the French ParPublication of many of the statistics re- liament appropriated an additional 69,000,flecting business conditions in the United 000,000 francs for the armed forces.
Kingdom has been discontinued. In many Partly as a result of mobilization, and
lines, as indicated by the unemployment partly as a result of increased armament
figures, the disruption of normal activity was activity, labor shortages have developed and
serious and not quickly overcome. In other it has been found necessary to issue a numlines, however, there was little if any serious ber of regulations governing hours, wages,
interruption to work, and reports from in- and employment. In this respect the ecodustrial centers indicate that output has ex- nomic measures taken in France differ subpanded during recent weeks. Production of stantially from those in the United Kingdom,
steel was at approximately the rated capacity where the settlement of questions concerning
of the industry last May, and remained at rates of pay, hours, and mobility of labor has
very nearly this level through July, the latest been left largely to negotiation between
month for which figures are available. Re- workers and employers. In other respects
ports from leading steel areas are to the the French controls are broadly similar to
effect that output has recently reached new those in Great Britain; strict control over
high levels. Presumably in recognition of an imports and exports has been instituted,
actual or potential shortage of supplies for prices have been fixed, and the production
the steel industry the government removed and distribution of commodities is regulated
the 33% per cent duty on pig iron in October. in various ways.
Similar action was taken in 1937 and reversed
Exports from the United States, as shown
in 1938. Manufacturers of industrial ma- on the chart, increased sharply during Sepchinery and electrical equipment are reported
tember and October, the first
to be exceptionally busy. In some cases un- United States j - w o m o n t h s of war in Europe.
^
employment has been eliminated and the labor foreign trade
The
rise
was
partly
seasonal,
unions have agreed to permit additional
workers to be brought into the industry in but it carried the figures well over those for
order not to hamper production. The chemi- a year previous. No such increase occurred
cal industry is also active, and cotton and in the initial war months in 1914. Exports
in August of that year declined sharply, and
1048
FEDERAL RESERVE BULLETIN
in September they recovered only to the July
level. It was not until December, following
the reorganization of disrupted shipping
schedules and the reopening or establishment
of business connections, that exports exceeded
those of the previous year.
FOREIGN TRADE OF THE UNITED STATES
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
350
350
300
300
150
150
100
-50
1937
1938
1939
General imports and exports, including reexports.
Raw cotton exports have shown by far
the largest current increase. The rise was
largely seasonal, but to some extent it reflected the replenishment of low stocks in
foreign countries and the operation of the
Federal Government's export subsidy program, which went into effect late last summer. Exports of cotton in September and
October were $38,000,000 larger than in the
same months of 1938, when shipments were
unusually low. Shipments of tobacco, on the
other hand, were $37,000,000 less than in
1938. Except for preserved fruits, which increased, and fresh fruits, which declined, exports of most other agricultural commodities
changed only slightly.
Among industrial products, exports of
automobiles rose sharply in October, as is
customary following the introduction of new
models. Exports of iron and steel continued
DECEMBER 1939
the steady expansion that began in the summer of 1938, while shipments of chemicals
and coal in September and October were substantially higher than in the preceding two
months. Other leading exports such as machinery and petroleum products were well
maintained at the high levels reached during
recent years of war preparation abroad, but
shipments of aircraft declined sharply owing
to the arms embargo and were $9,000,000 less
than at the peak reached in August. There
were small increases in exports of a wide list
of manufactured commodities.
Most of the increase in exports to the
United Kingdom that occurred in September
was lost in the following month and shipments to France remained at the relatively
low September level. Exports to Canada rose
sharply in both months, however, reaching a
level higher than in any recent year. During
September and October together the principal neutral countries to which increased
quantities of American goods were shipped
were Italy, the Netherlands, Norway, Sweden, and Russia in Europe; Brazil, Colombia,
Cuba, Mexico, and Venezuela in Latin America ; and Japan.
Industrial activity in the United States,
which increased sharply with outbreak of
the war in Europe, rose
Recent business
somewhat further in NoS s t T t e s i n vember and in many lines
was close to capacity levels.
The Board's seasonally adjusted index of industrial production in November is estimated
at about 125 per cent of the 1923-1925 average as compared with 120 in October, 111 in
September, and 103 in August. In the steel
industry output of ingots and of many finished
products was the largest on record and in most
steel-consuming industries there were marked
increases in activity. Automobile production
reached high levels except at plants of one
major producer whose production had been
curtailed since early October by an industrial
dispute. Output of textiles, petroleum products, and electricity continued at high levels
FEDERAL RESERVE BULLETIN
DECEMBER 1939
reached earlier. On the railroads, shipments
declined less than seasonally, following considerable advances in September and October,
and were at about the level reached in the
spring of 1937. In the construction industry, the effects of the war have not been
marked. Contracts for private construction,
both residential and non-residential, continued
in September and October close to the highest
levels of the year. Awards for public projects
declined sharply in October. Wholesale commodity prices generally showed little change
in November and were close to the advanced
levels reached in the early part of September.
Prices of some industrial materials, such as
steel scrap and wool, continued to decline
from previous high levels while cotton advanced.
Prices of United States Government securities have increased and yields have declined
substantially during the
Government
pasf- f-WQ m o n t h s , following
security m a r k e t
^
. - , / . - .
-IT
a period of sharp declines
in prices and of a rapid rise in yields after the
outbreak of the war. On November 25, the
yield on the longest-term Treasury bond
issue outstanding was 2.45 per cent, com-
1049
pared with the highest point of 2.78 per cent
late in September and with an all-time low of
2.26 per cent on June 5. Yields on Treasury
notes moved similarly during this period,
averaging 0.60 per cent for 3-to-5 year notes
on November 25, compared with 0.35 per cent
on June 5.
In pursuance of the System's policy of endeavoring to maintain orderly conditions in
the market, Federal Reserve bank holdings of
Treasury bonds and notes and guaranteed
obligations, which had been increased by
about $475,000,000 during the period of the
price decline in September, were reduced by
about $45,000,000 during the two weeks ending November 22. System holdings of Treasury bills, as they mature every week, have
been replaced on only few occasions since
June 21, and the System's portfolio of such
bills declined from $477,000,000 on that date
to $77,000,000 on November 22. About half
of this decline has occurred since September
20. The net result has been that total holdings of Government securities in the System
Open Market Account declined from a peak
of $2,826,000,000 on September 20 to $2,593,000,000 on November 22.
1050
FEDERAL RESERVE BULLETIN
DECEMBER 1939
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled November 16 and released for publication November 18]
Rapid expansion of industrial output continued in October, and employment and payrolls increased considerably. Distribution
of commodities to consumers, which had increased in September, was maintained at
the higher level in October. In the first half
of November industrial activity increased
further but, with production in many industries approaching capacity, the advance was
less rapid than in earlier months. Commodity
prices generally showed little change during
October and the first half of November, following the sharp rise in September.
Production.—Volume of industrial production showed a further sharp rise in October and the Board's seasonally adjusted
index advanced from 111 to 120 per cent of
the 1923-1925 average. Marked increases
in activity were reported in the steel and
steel-consuming industries and at mines. In
the steel industry ingot production in October was at a rate of 90 per cent of capacity
and actual volume of output was the greatest
MANUFACTURING PRODUCTION
POINTS IN TOTAL INDEX
POINTS IN TOTAL INI
140
1934
1935
1936
1937
1938
1939
Index of physical volume of production, adjusted for seasonal
variation, 1923-1925 average = 100. Durable and nondurable
series expressed in terms of points in the total index. By months,
January 1934 to October 1939.
for any month on record. Some further
increase in the rate of output was reported
in the first half of November. Pig iron production also advanced sharply and lake shipments of iron ore, which had increased
considerably in September, continued in exceptionally large volume. Activity in the
machinery and shipbuilding industries and
in most other steel-consuming lines rose in
October but by a considerably smaller amount
than output of steel. In the automobile industry, however, output showed less than the
marked rise usual at this season. This was
due to the fact that plants of one large producer were closed during most of the month
by an industrial dispute. Mineral production in October was at record levels owing
chiefly to a high rate of crude petroleum
output.
In the nondurable goods industries activity
was generally maintained at the high levels
reached in August and September. Flour
production declined sharply, however, following an exceptionally large volume of output in September.
Value of construction contracts, as reported by the F. W. Dodge Corporation, decreased considerably in October, reflecting
principally a reduction in awards for public
construction. Private residential contracts
continued in substantial volume while awards
for commercial and industrial building declined somewhat following increases in the
previous month.
Employment.—Reports from leading industrial States indicate that factory employment and payrolls increased sharply between
the middle of September and the middle of
October. Increases were particularly large
at steel mills and in related industries. There
was also a considerable increase in employment on the railroads in October.
Distribution.—Retail distribution of general merchandise in October showed about
the usual seasonal rise from the advanced
September level. In the early part of November department store sales increased
considerably.
Freight-car loadings rose further from
1051
FEDERAL RESERVE BULLETIN
DECEMBER 1939
September to October, reflecting a large increase in shipments of miscellaneous freight,
which includes most manufactured products,
and smaller increases in loadings of coal,
forest products, and ore.
Bank credit.—Total loans and investments
at reporting member banks in 101 leading
cities increased substantially during the six
weeks ending November 8, reflecting largely
purchases of Treasury bills by New York City
WHOLESALE PRICES
MEMBER BANKS IN 101 LEADING CITIES
PER CENT
110
— no
100
100
90
90
BILLIONS OF DOLLARS
" 12
"S
10
U.S. GOVT OBLIGATIONS
8
80
80
70
70
BILLIONS OF DOLLARS
( niRECT AN ) GUARANTEED )
6
COMMERCIAL LOANS
4
60
60
OTHER SECURITIES
j
2
50
1934
1935
1936
1937
1938
Index compiled by the United States Bureau of Labor Statistics,
1926=100. By weeks, 1934 to week ending November 11, 1939.
LOANS TO BROKERS^""
AND DEALERS
0
'34
1935
1938
1939
Wednesday figures for reporting member banks in 101 leading
cities, September 5, 1934, to November 15, 1939. Commercial loans,
which include industrial and agricultural loans, represent prior
to May 19, 1937, so-called "Other loans" as then reported.
Commodity prices.—Price changes that
have occurred since the general sharp rise in
September have reflected largely particular banks. Commercial loans continued to show
developments in individual commodities. moderate increases. Deposits at these banks
From the middle of October to the middle of rose to new high levels.
November prices of a number of foodstuffs
MONEY RATES IN NEW YORK CITY
continued to decline and there were also decreases in some industrial materials, such as
print cloths, wool, tin, and steel scrap. Wheat,
cotton, and burlap advanced somewhat while
prices of most other commodities, including
finished industrial products, showed little
change.
Government security prices.—Following
a sharp recovery from the low of September
21, prices of United States Government bonds
showed irregular changes during the period
1938
1934
1935
1937
1939
1936
from October 24 through the first half of
Minimum
rate
on
rediscounts
for
and
advances
to
member
November. On November 15 yields on long- by Federal Reserve bank; weekly averages of daily yields onbanks
3- to
5-year Treasury notes and Treasury bonds callable after 12 years,
term Treasury bonds were at 2.47 per cent as and
average discount on new issues of 91-day Treasury bills offered
week. For weeks ending January 6, 1934, to November
compared with 2.79 per cent on September 21. within
18, 1939.
1052
FEDERAL RESERVE BULLETIN
DECEMBER
MEMBER BANK RESERVES AND RELATED ITEMS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
16
TREASURY DEPOSITS
AT F. R. BANKS
1934
1935
1936
1937
Latest figures for November 15. See p. 1096.
1939
1939
1053
FEDERAL RESERVE BULLETIN
DECEMBER 1939
SUMMARY OF FINANCIAL AND BUSINESS STATISTICS
1939
Oct.
Sept.
Aug.
2,832
6
1935
1933
2,610
g
2,590
2,600
9
2,554
14
2,481
2,475
2,429
283
1
1
1
1
3
4
5
83
2,540 2,430
12,162 10, 578
2,567 2,503
6,475 6,101
3,225 2,474
2,431
9,059
2,478
5,585
2,791
2,052
4,059
2,271
5,576
11,862 11,443 10,659
5,490 5,198 4,607
1929
8,546
3,143
8,196
2,920
8,119
2,955
7,935
2,522
158
595
446
551
128
507
6,830
1,220
5,989
2,512
5,001
2,469
288
55
497
2,343
528
1,459
952
241
208
3,996
2,015
4,476
207
22
406
2,358
43
Averages of Wednesday figures; in millions of dollars
22,571
8,421
4,279
552
505
3,085
14,150
8,566
2,232
3,352
9,957
482
3,062
18,511
5,254
7,845
1
22,384 22,327 21, 323 21,078 20, 675 21,023 22,198 22,064 19,997 17, 505
8,322 8,179 8,282 8,268 8,215 8,506 9,546 8,462 8,028 9,156
4,166 3,930 3,904 3,893 3,886 4,059
0) 0) 0)
' 0)
777
990
568
642
669
675
636
701 1,226 1,181
511
521
576
578
577
588
0)
0)
12,652
3,077 3,086 3,133 3,122 3,116 3,158
14,062 14,148 13,041 12,810 12,460 12, 517
8,467 8,537 8,084 7,957 7,702 7,982 8,394
2,226 2,265 1,682 1,668 1,646 1,451 1,164
3,369 3,346 3,275 3,185 3,112 3,084 3,094
9,643 8,951 7,005 6,712 6,602 6,400 5,307
0)
0)
13,602
0)
0)
11,969
0)
0)
8,349
9,080
1,250
3,272
4,799
7,989
5,228
3,052
4,024
383
928
3,121
1,822
22 599
16* 887
0)
0)
0)
•2, 208
5,712
2,865
2,847
1,725
248
1,142
1
326
240
2,951 2,808 2,446 2,413 2,416 2,289 1,884 2,358 2,112
18, 209 17, 717 15, 688 15,377 15,118 15,033 15,097 14, 619 12, 729
5,243 5,259 5,164 5,213 5,206 5,202 5,202 4,999 4,883
7,573 7,118 6,122 5,974 5,920 5,770 5,298 5,810 4,938
1,322
0)
4,946
6
115
6,788
2,787
674
.76
.56
.17
2.79
3.60
1.72
1.16
5.85
7.61
3.31
4.49
3.60
4.73
392
121
270
189
34 .
155
89
60
29
32
18
959
841
118
781
667
115
477
440
1
7
.69
1.00
.05
2.60
3.15
.69
1.00
.14
2.65
3.25
.56
1.00
.05
2.21
2.93
740
336
404
176
18
157
174
41
133
90
16
74
'450
»103
"'•347
'327
425
416
1
387
1
382
3
337
12
5
2,822
C)
Averages of daily figures; per cent per annum
1.00
.05
2.48
3.15
1.00
2.58
3.21
.75
1.00
.06
2.51
3.18
.81
1.00
.07
2.56
3.19
1.00
.28
2.68
3.26
.75
.91
.17
2.65
3.24
Amounts per month;in millions of dollars
••301
766
167
599
338
64
274
238
146
92
150
85
65
92
86
91
86
90
79
69
75
82
79
75
61
67
80
75
78
67
74
81
78
78
68
75
81
79
78
67
73
81
78
'26
417
182
236
338
127
211
328
178
150
203
102
101
518
164
354
382
99
282
83
112
111
78
63
190
79
69
74
82
79
86
86
86
85
85
81
81
82
80
82
80
79
84
78
81
66
51
61
71
66
95
105
100
92
105
90
90
91
37
21
50
91
74
64
79
76
75
82
25
11
37
73
50
58
67
119
119
115
117
87
142
106
110
107
111
190
171
140
121
437
367
'371
197
'174
178
73
'105
13
Index numbers
Index numbers, adjusted for seasonal variation, 1923-25=100
BUSINESS INDEXES
P120
P122
P77
P67
P84
PIOI
P101
80
90
111
111
114
73
68
76
97
94
77
91
103
104
91
73
67
78
96
90
70
89
289
181
251
176
96
95
98
82
57
102
90
84
68
84
90
89
97
78
56
96
89
82
64
86
88
87
95
66
53
77
88
77
62
83
86
84
98
64
45
80
90
78
62
85
110
109
116
59
41
74
109
103
78
92
105
105
105
55
37
70
99
86
75
88
Amounts per month; in millions of dollars
MERCHANDISE EXPORTS AND IMPORTS
* Less than $500,000.
p Preliminary.
' Revised.
• Partly estimated.
12 Figures not available.
Includes time deposits of banks, domestic and foreign, 1929-1933.
» Does not include time deposits, 1929-1933.
1936
2,598
g
PRICES
Exports, including re-exports.
General imports
1937
1
763 2,732 2,437 2,564 2,572 2,564 2,565
17,002 16,823 16,390 13,940 13,441 13,057 13, 250
2,926 2,911 2,900 2,745 2,733 2,724 2,711
17, 328 7,249 7,098 6,668 6,570 6,482 6,510
2,239 2,253 2,344 2,782 2,717 2,392 2,804
358
611
783
665
704
774
653
972
972
872
622
598
606
658
Common stocks (1926=100)
Wholesale commodity prices (1926=100):
All commodities
Farm products
Foods
Other commodities
Retail food prices (1923-25=100)
Industrial production
Manufactures
Minerals
Construction contracts awarded—total..
Residential
Allother.
Factory employment.._
__
Factory payrolls (unadjusted) _
Freight-car loadings.
Department store sales.
1938
2,467
CAPITAL ISSUES
All issues—total
New
__.
Refunding
Domestic corporate issues—total..
New
Refunding
Aug.
1
MONEY RATES AND BOND YIELDS
Commercial paper
Stock exchange call loans
U. S. Treasury bills (91 days)
U. S. Treasury bonds, long-term
Corporate high grade bonds (Moody's Aaa).
Sept.
2,794
g
REPORTING MEMBER BANKS IN 101 LEADING CITIES
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
Time deposits (excluding interbank)
2
Deposits of domestic banks 3
Borrowings
.
Oct.
Averages of daily figures; in millions of dollars
MEMBER BANK RESERVES, RESERVE BANK CREDIT,
AND RELATED ITEMS
Reserve bank credit outstanding—total
...
Bills discounted
Bills bought
U. S. Government securities
Gold stock
__
Treasury currency outstanding
Money in circulation
Treasury cash holdings
Treasury deposits with F. R. banks
Nonmember deposits and other F. R. accounts
Member bank reserve balances:
Total
• Excess
_
Annual averages
1938
278
178
246
168
231
166
258
163
279
257
205
202
1054
FEDERAL RESERVE BULLETIN
DECEMBER
1939
LAW DEPARTMENT
Financial Transactions under Neutrality Act of 1939
The President of the United States on November 4, 1939, issued a proclamation under
authority of section l(a) of the Neutrality
Act of 1939 (Pub. Res. No. 54, 76th Cong.),
approved November 4,1939, proclaiming that
a state of war exists between Germany and
France; Poland; and the United Kingdom,
India, Australia, Canada, New Zealand and
the Union of South Africa. In this connection, section 7 of the Neutrality Act, relating
to financial transactions, provides as follows:
FINANCIAL TRANSACTIONS
"SEC. 7 (a) Whenever the President shall
have issued a proclamation under the authority
of section 1 (a), it shall thereafter be unlawful
for any person within the United States to purchase, sell, or exchange bonds, securities, or
other obligations of the government of any state
named in such proclamation, or of any political
subdivision of any such state, or of any person
acting for or on behalf of the government of
any such state, or political subdivision thereof,
issued after the date of such proclamation, or
to make any loan or extend any credit (other
than necessary credits accruing in connection
with the transmission of telegraph, cable, wireless and telephone services) to any such government, political subdivision, or person. The
provisions of this subsection shall also apply to
the sale by any person within the United States
to any person in a state named in any such
proclamation of any articles or materials listed
in a proclamation referred to in or issued under
the authority of section 12 (i).
(b) The provisions of this section shall not
apply to a renewal or adjustment of such indebtedness as may exist on the date of such
proclamation.
(c) Whoever shall knowingly violate any of
the provisions of this section or of any regulations issued thereunder shall, upon conviction
thereof, be fined not more than $50,000 or imprisoned for not more than five years, or both.
Should the violation be by a corporation, organization, or association, each officer or director thereof participating in the violation shall
be liable to the penalty herein prescribed.
(d) Whenever any proclamation issued under
the authority of section 1 (a) shall have been
revoked with respect to any state the provisions
of this section shall thereupon cease to apply
with respect to such state, except as to offenses
committed prior to such revocation.
Amendments to Regulation F
section 11. Inquiries received from time to
time have indicated that in some instances
the best interests of trusts might be better
served if the requirements were somewhat
more flexible. Accordingly, transactions have
been excepted from such requirements where
specifically authorized by court order. This
exception has been incorporated in the regulation by substituting for the last sentence of
footnote 12 the following footnote applicable
to the entire section 11:
The requirements of this section shall not be
deemed to prohibit the making of any investments or the carrying out of any transactions
which are expressly required by the instrument
creating the trust or are specifically authorized
by court order.
For the purpose of clarification, the first
sentence of footnote 12 has been revised and
incorporated as a footnote appended to the
word "interests" in subsections (a) and (b)
of section 11, to read as follows:
Under recognized principles of sound practice
regarding the handling of trust assets, a trustee
or other fiduciary should not have any interest,
direct or indirect, in the assets of a trust except as a fiduciary; and the requirements of this
section contemplate that the national bank will
not invest trust funds in the stock or obligations
of, or property acquired from, any organization
in which officers, directors, or employees of the
bank have such an interest as might affect the
exercise of the best judgment of the management of the bank in investing trust funds and
that the national bank will not sell or transfer
trust assets to any organization in which the
officers, directors, or employees of the bank
have such an interest as might affect the exercise of the best judgment of the management of
the bank in selling or transferring trust assets.
In order to conform with amendments to
Internal Revenue laws, the words "Revenue
Act of 1936" where they appear in section
17(a), the footnote thereto, and in the statutes in the Appendix, have been changed to
read "Internal Revenue Code"; and the appropriate sections of the Internal Revenue Code
have been substituted in the Appendix for the
sections of the Revenue Act of 1936.
Regulation F, relating to trust powers of
Amendments to Regulation H
national banks, was amended effective November 20, 1939. The only substantive
Regulation H, relating to membership of
amendment relates to the requirements of State banking institutions in the Federal Re-
serve System, was amended in minor respects
effective November 20,1939, and reprinted to
incorporate such amendments and one previously adopted. The amendment of Regulation H was prompted primarily by the repeal
of the requirement in subsection (y) of section 12B of the Federal Reserve Act that State
banks having deposits of $1,000,000 or more
become members of the Federal Reserve System. The text of the regulation is set forth
below:
REGULATION H
As amended, effective November 20, 1939
MEMBERSHIP OF STATE BANKING
INSTITUTIONS IN THE FEDERAL
RESERVE SYSTEM
CONTENTS
AUTHORITY FOR REGULATION
SEC. 1. DEFINITIONS
(a)
(b)
(c)
(d)
(e)
(f)
State bank
Mutual savings bank
Board
Board of directors
Federal Reserve bank stock
Capital and capital stock
SEC.
SEC.
SEC.
2. ELIGIBILITY REQUIREMENTS
3. INSURANCE OF DEPOSITS
4. APPLICATION FOR MEMBERSHIP
SEC.
5. APPROVAL OF APPLICATION
(a) State bank, other than a mutual savings bank
(b) Mutual savings bank
(c) Mutual savings bank not authorized to purchase
stock of Federal Reserve bank at time of admission
(d) Execution and filing of application
(a) Matters given special consideration by Board
(b) Procedure for admission to membership after approval of application
SEC.
1055
FEDERAL RESERVE BULLETIN
DECEMBER 1939
6. CONDITIONS OF MEMBERSHIP
SECTION 1.
DEFINITIONS
For the purposes of this regulation—
(a) The term "State bank" means any bank or
trust company incorporated under a special or general law of a State or under a general law for the
District of Columbia, any mutual savings bank (unless otherwise indicated), and any Morris Plan bank
or other incorporated
banking institution engaged in
similar business.1
(b) The term "mutual savings bank" means a
bank without capital stock transacting a savings
bank business, the net earnings of which inure wholly
to the benefit of its depositors after payment of obligations for any advances by its organizers, and in
addition thereto includes any other banking institution the capital of which consists of weekly or other
time deposits which are segregated from all other
deposits and are regarded as capital stock for the
purposes of taxation and the declaration of dividends.
(c) The term "Board" means the Board of Governors of the Federal Reserve System.
(d) The term "board of directors" means the governing board of any institution performing the usual
functions of a board of directors.
(e) The term "Federal Reserve bank stock" includes the deposit which may be made with a Federal
Reserve bank in lieu of a subscription for stock by
a mutual savings bank which is not permitted to
purchase stock in a Federal Reserve bank, unless
otherwise indicated.
(/) The terms "capital" and "capital stock" mean
common stock, preferred stock, and legally issued
capital notes and debentures purchased by the Reconstruction Finance Corporation which may be
considered capital and capital stock for purposes of
membership in the Federal Reserve System under
the provisions of section 9 of the Federal Reserve
Act.
SECTION 2.
ELIGIBILITY REQUIREMENTS
Under the terms of section 9 of the Federal Reserve
Act, as amended, to be eligible for admission to membership in the Federal Reserve System—
(1) A State bank, other than a mutual savings
bank, must possess a paid-up, unimpaired2 capi-
(a) Conditions applicable to all institutions applying
for membership
(b) Conditions applicable to institutions exercising
1
Under the provisions of section 19 of the Federal Reserve Act,
trust powers
national banks, or banks organized under local laws, located in
SEC. 7. POWERS AND RESTRICTIONS
Alaska or in a dependency or insular possession or any part of the
United States outside the continental United States are not reSEC. 8. ESTABLISHMENT OR MAINTENANCE OF BRANCHES
quired to become members of the Federal Reserve System but may,
(a) In general
with the consent of the Board, become members of the System.
(b) Branches in the United States
(c) Application for approval of branches in United However, this Regulation H is applicable only to the admission of
States
banks eligible for admission to membership under section 9 of the
(d) Foreign branches
Federal Reserve Act and does not cover the admission of banks
eligible under section 19 of the Act. Any bank desiring to be
(e) Application for approval of foreign branches
admitted
to the System under the provisions of section 19 should
SEC. 9. PUBLICATION OF REPORTS OF MEMBER BANKS AND THEIR
communicate with the Federal Reserve bank with which it desires
AFFILIATES
to 2do business.
(a) Reports of member banks
Section 345 of the Banking Act of 1935 provides in part that:
(b) Reports of affiliates
"If any part of the capital of a national bank, State member bank,
SEC. 10. VOLUNTARY WITHDRAWAL FROM FEDERAL RESERVE SYSTEM or
bank
applying for membership in the Federal Reserve System
(a) General
consists of preferred stock, the determination of whether or not
(b) Notice of intention of withdrawal
the
capital
of such bank is impaired and the amount of such im(c) Time and method of effecting actual withdrawal pairment shall
be based upon the par value of its stock even
(d) Withdrawal of notice
though the amount which the holders of such preferred stock shall
be entitled to receive in the event of retirement or liquidation
SEC. 11. BOARD FORMS
shall be in excess of the par value of such preferred stock. If any
APPENDIX
such bank or trust company shall have outstanding any capital
AUTHORITY FOR REGULATION
notes or debentures of the type which the Reconstruction Finance
Corporation is authorized to purchase pursuant to the provisions
This regulation is based upon and issued pur- of
section 304 of the Emergency Banking and Bank Conservation
suant to provisions of section 9 of the Federal Act, approved March 9, 1933, as amended, the capital of such bank
may
be deemed to be unimpaired if the sound value of its assets is
Reserve Act and related provisions of law. (Section
less than its total liabilities, including capital stock, but ex9 of the Federal Reserve Act is printed in the not
cluding such capital notes or debentures and any obligations of
Appendix.)
the bank expressly subordinated thereto."
1056
FEDERAL RESERVE BULLETIN
tal sufficient to entitle it to become a national
banking association in the place where it is situated under the provisions of the National Bank
Act, except in the following circumstances, in
which case such a bank may be admitted to membership with a lesser capital as indicated:
(A) Any such institution organized prior
to June 16, 1933 (the date of the approval of
the Banking Act of 1933) situated in a place
the population of which does not exceed 3,000
inhabitants and at the time of admission having a capital of not less than $25,000;
(B) Any such institution (whether or not
organized prior to June 16, 1933) situated in
a place the population of which does not exceed 3,000 inhabitants and which at the time
of admission is entitled to the benefits of insurance under section 12B of the Federal
Reserve Act and has a capital of not less than
$25,000.
(2) A mutual savings bank must possess surplus and undivided profits not less than the
amount of capital required for the organization
of a national bank in the place where it is situated.
(3) The minimum capital required for the organization of a national bank, referred to hereinbefore in connection with the capital required for
admission to membership in the Federal Reserve
System, is as follows:
If located in a city or town with a population-
Minimum
Capital
Not exceeding 6,000 inhabitants
Exceeding 6,000 but not exceeding 50,000 inhabitants
Exceeding 50,000 inhabitants (except as stated below)
In an outlying district of a city with a population exceeding
50,000 inhabitants; provided State law permits organization of State banks in such location with a capital of
$100,000 or less
_..._
DECEMBER
1939
SECTION 4. APPLICATION FOR MEMBERSHIP
(a) State bank, other than a mutual savings bank.
—A State bank, other than a mutual savings bank,
applying for membership, shall make application on
Form 83A to the Board for an amount of capital
stock in the Federal Reserve bank of its district
equal to six per cent of the paid-up capital stock and
surplus of the applying institution.
(b) Mutual savings bank.—A mutual savings bank
applying for membership shall make application on
Form 83B to the Board for an amount of capital
stock in the Federal Reserve bank of its district
equal to six-tenths of one per cent of its total .deposit
liabilities as shown ]by the most recent report of
examination of such institution preceding its admission to membership, or, if such institution be not permitted by the laws under which it was organized to
purchase stock in a Federal Reserve bank, on Form
83 C, for permission to deposit with the Federal
Reserve bank an amount equal to the amount which
it would have been required to pay in on account of
a subscription to capital stock.
(c) Mutual sayings bank not authorized to purchase stock of Federal Reserve bank at time of admission.—If a mutual savings bank be admitted to
membership on the basis of a deposit of the required
amount with the Federal Reserve bank in lieu of
payment upon capital stock because the laws under
which such bank was organized do not at that time
authorize it to purchase stock in the Federal Reserve
bank, it shall subscribe on Form 83D for the appropriate amount of stock in the Federal Reserve
bank whenever such laws are amended so as to
authorize it to purchase stock in a Federal Reserve
bank.4
(d) Execution and filing of application.—Each application made under the provisions of this section
and the exhibits referred to in the application blank
shall be executed and filed, in duplicate, with the
Federal Reserve bank of the district in which the
applying bank is located.
SECTION 5.
APPROVAL OF APPLICATION
SECTION 3 . INSURANCE OF DEPOSITS
(a) Matters given special consideration by Board.
passing upon an application, the following matAny State bank becoming a member of the Federal —In
Reserve System after the date of the enactment of ters will be given special consideration:
the Banking Act of 1935 (August 23, 1935) and
(1) The financial history and condition of the
which is not at the time an insured bank under the
applying bank and the general character of its
provisions of section 12B of the Federal Reserve Act,
management;
will become an insured bank under the provisions of
(2) The adequacy of its capital structure and
that section on the date upon which it becomes
a
its future earnings prospects;
3
member of the Federal Reserve System. In the
(3) The convenience and needs of the comcase of an insured bank which is admitted to memmunity to be served by the bank; and
bership in the Federal Reserve System, the bank
(4) Whether its corporate powers are conwill continue to be an insured bank.
sistent with the purposes of the Federal Reserve
3
Act.
In the case of a State bank which at the time of its admission
to membership in the Federal Reserve System is not an insured
bank, the Board is required under the provisions of subsections
(e) and (g) of section 12B of the Federal Reserve Act to issue a
certificate to the Federal Deposit Insurance Corporation to the
effect that the bank is a member of the Federal Reserve System
and that consideration has been given to the financial history and
condition of the bank, the adequacy of its capital structure, its
future earnings prospects, the general character of its management, the convenience and needs of the community to be served by
the bank, and whether or not its corporate powers are consistent
with the purposes of section 12B of the Federal Reserve Act.
4
The Federal Reserve Act provides that, if the laws under
which any such savings bank was organized be not amended at
the first session of the legislature following the admission of the
savings bank to membership so as to authorize mutual savings
banks to purchase Federal Reserve bank stock, or if such laws be
so amended and the bank fail within six months thereafter to
purchase such stock, all of its rights and privileges as a member
bank shall be forfeited and its membership in the Federal Reserve
System shall be terminated in the manner prescribed in section 9
of the Federal Reserve Act.
DECEMBER
FEDERAL RESERVE BULLETIN
1939
(6) Procedure for admission to membership after
approval of application.—If an applying bank conforms to all the requirements of the Federal Reserve
Act and this regulation and is otherwise qualified for
membership, its application will be approved subject
to such conditions as may be prescribed pursuant to
the provisions of the Federal Reserve Act. When the
conditions prescribed have been accepted by the applying bank, it should pay to the Federal Reserve bank
of its district one-half of the amount of its subscription and, upon receipt of advice from the Federal
Reserve bank as to the required amount, one-half of
one per cent of its paid-up subscription for each
month from the period of the last dividend.5 The
remaining half of the bank's subscription shall be
subject to call when deemed necessary by the Board.
The bank's membership in the Federal Reserve System shall become effective on the date as of which a
certificate of stock of the Federal Reserve bank is
issued to it pursuant to its application for membership or, in the case of a mutual savings bank which is
not authorized to subscribe for stock, on the date as
of which a certificate representing the acceptance of a
deposit with the Federal Reserve bank in place of a
payment on account of a subscription to stock is
issued to it pursuant to its application for membership.
SECTION 6.
CONDITIONS OF MEMBERSHIP
(a) Conditions applicable to all institutions applying for membership.—Pursuant to the authority
contained in the first paragraph of section 9 of the
Federal Reserve Act, which authorizes the Board to
permit applying State banks to become members
of the Federal Reserve System "subject to the provisions of this Act and to such conditions as it may
prescribe pursuant thereto," the Board, except as
hereinafter stated, will prescribe the following conditions of membership for each State bank hereafter
applying for admission to the Federal Reserve System, and, in addition, such other conditions as may
be considered necessary or advisable in the particular
case—
1. Such bank at all times shall conduct its
business and exercise its powers with due regard
to the safety of.its depositors, and, except with
the permission of the Board of Governors of the
Federal Reserve System, such bank shall not
cause or permit any change to be made in the
general character of its business or in the scope
of the corporate powers exercised6 by it at the
time of admission to membership.
2. The net capital and surplus funds of such
bank shall be adequate in relation to the character and condition of its assets and to its de5
In the case of a mutual savings bank which is not permitted
by the laws under which it was organized to purchase stock in a
Federal Reserve bank, it shall deposit with the Federal Reserve
bank an amount equal to the amount which it would have been
required
to pay in on account of a subscription to capital stock.
6
If, after admission of any bank to membership, it should desire
to make any change in the general character of its business or in
the scope of its corporate powers exercised at the time of admission, it will be necessary for it to obtain the permission of the
Board before making any such change.
The acquisition by a bank of the assets of another institution
through merger, consolidation, or purchase may result in a change
in the character of its assets or the scope of its functions within
the meaning of condition numbered 1, and if at any time a member State bank subject to such condition anticipates making any
such acquisition a detailed report setting forth all the facts in
connection with the transaction should be made promptly to the
Federal Reserve bank of the district in which such bank is located.
1057
posit7 liabilities and 8other corporate responsibilities, and its capital shall not be reduced except
with the permission of the Board
of Governors
of the Federal Reserve System.9
3. Such bank shall not engage as a business
in issuing or selling either directly or indirectly
(through affiliated corporations or otherwise)
notes, bonds, mortgages, certificates, or other
evidences of indebtedness representing real estate loans or participations therein, either with
or without a guarantee, indorsement, or other
obligation
of such bank or an affiliated corporation.10
(b) Conditions applicable to institutions exercising
trust powers.—The Board will also prescribe for each
trust company or State bank exercising trust powers
at the time of its admission to membership the following conditions of membership which are appropriate for institutions exercising trust powers:
4. Such bank shall not invest funds held by
it as fiduciary in stock or obligations of, or property acquired from, the bank or its directors,
officers, or employees, or their interests, or in
stock or obligations of, or property acquired
from, affiliates of the bank.11
5. Such bank, except as permitted in the case
of national banks exercising fiduciary powers,
shall not invest collectively funds held by the
bank as fiduciary and shall keep the securities
and investments of each
trust separate from
those of all other trusts12 and separate
also from
the properties of the bank itself.13
6. If funds held by such bank as fiduciary are
deposited in its commercial or savings department or otherwise used in the conduct of its
7
If at any time, in the light of all the circumstances, the aggregate amount of the bank's net capital and surplus funds appears
to be inadequate, the bank, within such period as shall be deemed
by the Board to be reasonable for this purpose, shall increase the
amount thereof to an amount which in the judgment of the Board
shall be adequate in relation to the bank's aggregate deposit liabilities
and other corporate responsibilities.
8
This applies to capital stock of all classes and to capital notes
and debentures legally issued and purchased by the Reconstruction
Finance Corporation which, under the Federal Reserve Act, are
considered as capital for purposes of membership.
A reduction in capital, however, shall not be deemed to be contrary to this provision if, at the same time, the capital is correspondingly increased or a specific reserve in an amount not less
than the amount of the capital reduction is set aside to provide
for an increase in capital and can be used for no other purpose;
provided, of course, the transaction does not violate any provision
of 9 applicable laws.
This condition will not be prescribed in connection with the
admission of mutual savings banks to membership in the Federal
Reserve
System.
10
This condition does not apply to the sale of mortgages covered
by11insurance under the provisions of the National Housing Act.
Under recognized principles of sound practice regarding the
handling of trust assets, a trustee or other fiduciary should not
have any interest, direct or indirect, in the assets of a trust except
as a fiduciary; and the condition contemplates that a trust institution will not invest trust funds in the stock or obligations of, or
property acquired from, any organization in which officers, directors, or employees of the trust institution have such an interest as
might affect the exercise of the best judgment of the management
of the trust institution in investing trust funds.
The requirements of this condition shall not be deemed to prohibit the making of any investments or the carrying out of any
transactions which are expressly required by the instrument
creating
the trust or are specifically authorized by court order.
12
This does not prevent a bank from investing the funds of several trusts in a single real estate loan of the kind which could be
made by a national bank under the provisions of section 24 of the
Federal Reserve Act, as amended, if the bank owns no participation in the loan and has no interest therein except as trustee
or 13other fiduciary.
Requirements relating to collective investment of trust funds
by national banks are contained in the Board's Regulation F.
1058
FEDERAL RESERVE BULLETIN
business, it shall deposit with its trust department security in the same manner and to the
same extent as is required14 of national banks
exercising fiduciary powers.
SECTION 7. POWERS AND RESTRICTIONS
Every State bank while a member of the Federal
Reserve System—
(a) Shall retain its full charter and statutory
rights subject to the provisions of the Federal Reserve Act and other Acts of Congress applicable to
member State banks, to the regulations of the Board
made pursuant to law, and to the conditions prescribed by the Board and agreed to by such bank
prior to its admission;
(b) Shall enjoy all the privileges and observe all
the requirements of the Federal Reserve Act and
other Acts of Congress applicable to member State
banks and of the regulations of the Board made pursuant to law which are applicable to member State
banks; and
(c) Shall comply at all times with any and all
conditions of membership prescribed by the Board
in connection with the admission of such bank to
membership in the Federal Reserve System.
SECTION 8. ESTABLISHMENT OR MAINTENANCE
OF BRANCHES
(a) In general.—Every State bank which is or
hereafter becomes a member of the Federal Reserve
System is subject to the provisions of section 9 of
the Federal Reserve Act relating to the establishment and maintenance of branches in the United
States or in a dependency or insular possession
thereof or in a foreign country. Under the provisions of section 9, member State banks establishing
and operating branches in the United States beyond
the corporate limits of the city, town, or village in
which the parent bank is situated must conform to
the same terms, conditions, limitations, and restrictions as are applicable to the establishment of
branches by national banks under the provisions of
section 5155 of the Revised Statutes of the United
States relating to the establishment of branches in
the United States, except that the approval of any
such branches must be obtained from the Board
rather than from the Comptroller of the Currency.
Under the provisions of section 9, member State
banks establishing and operating branches in a dependency or insular possession of the United States
or in a foreign country must conform to the terms,
conditions, limitations, and restrictions contained in
section 25 of the Federal Reserve Act relating to the
establishment by national banks of branches in such
places. The principal applicable provisions of law
have been interpreted as follows:
(b) Branches in the United States.—
1. Branches established within the corporate
limits of the city, town, or village in which the
14
Such requirements applicable to national banks are contained
in section 11 (k) of the Federal Reserve Act and the Board's Regulation F issued pursuant to section 11 (k).
In cases where trust funds are fully protected by a statutory
preference in all of the assets of the bank over its general
creditors, the Board may waive compliance with this condition.
However, if compliance be waived in any case, the Board expressly
reserves the right to require compliance with the condition if, at
any time, it feels that such trust funds are not adequately protected.
DECEMBER 1939
parent bank is situated do not require the approval of the Board.
2. Before a member State bank establishes a
branch beyond the corporate limits of the city,
town, or village in which it is situated, it must
obtain the approval of the Board.
3. Before any nonmember State bank having
a branch or branches established after February
25, 1927, beyond the corporate limits of the city,
town, or village in which the bank is situated is
admitted to membership in the Federal Reserve
System, it must obtain the approval of the Board
for the retention of such branches; and any
provisions contained in this section of this regulation which by their terms relate to the establishment on retention of branches by member
State banks are equally applicable to the retention by a nonmember State bank applying for
membership and having any branches previously
established.
4. A member State bank located in a State
which by statute law permits the maintenance
of branches within county or greater limits may,
with the approval of the Board, establish and
operate, without regard to the capital requirements of section 5155 of the Revised Statutes, a
seasonal agency in any resort community within
the limits of the county in which the main office
of such bank is located for the purpose of receiving and paying out deposits, issuing and
cashing checks and drafts, and doing business
incident thereto, if no bank is located and doing
business in the place where the proposed agency
is to be located; and any permit issued for the
establishment of such an agency shall be revoked upon the opening of a State or national
bank in the community where the agency is
located.
5. Except as stated in the immediately preceding paragraph, a member State bank which
establishes a branch beyond the corporate limits
of the city, town, or village in which it is situated must have a paid-in and unimpaired capital stock of not less than $500,000, except that,
in a State with a population of less than 1,000,000, and which has no city located therein with
a population exceeding 100,000, the capital stock
shall be not less than $250,000, and except that,
in a State with a population of less than 500,000, and which has no city located therein with
a population exceeding 50,000, the capital stock
shall be not less than $100,000. In any such
case, the aggregate capital stock of the member
State bank and its branches shall at no time be
less than the aggregate minimum capital stock
required by law for the establishment of an
equal number of national banking associations
situated in the various places where such member State bank and its branches are situated.
6. A member State bank may not establish a
branch beyond the corporate limits of the city,
town, or village in which it is situated unless
such establishment and operation are at the
time authorized to State banks by the statute
law of the State in question by language specifically granting such authority affirmatively and
not merely by implication or recognition, and
DECEMBER 1939
FEDERAL RESERVE BULLETIN
1059
subject to the restrictions as to location imposed SECTION 9 . PUBLICATION OF REPORTS OF1 5MEMBER BANKS
AND THEIR AFFILIATES
by the law of the State on State banks.
7. Any member State bank which, on Febru(a) Reports of member banks.—Each report of
ary 25, 1927, had established and was actually condition made by a member State bank, which is
operating a branch or branches in conformity required to be made to the Federal Reserve bank
with the State law is permitted to retain and of its district as of call dates fixed by the Board of
operate the same while remaining a member Governors of the Federal Reserve System, shall be
of the Federal Reserve System, regardless of the published by such member bank within twenty days
location of such branch or branches.
from the date the call therefor is issued.
The report shall be printed in a newspaper pub8. In order to remain a member of the Federal
Reserve System, every member State bank must lished in the place where the bank is located or, if
relinquish any branch or branches established there be no newspaper published in the place where
after February 25, 1927, beyond the corporate the bank is located, then in a newspaper published
limits of the city, town, or village in which the in the same or in an adjourning county and in general
parent bank is situated, unless such branch or circulation in the place where the bank is located.
branches are in conformity with or are brought The term "newspaper", for the purpose of this reguinto conformity with the same terms, conditions, lation, means a publication with a general circulation
limitations, and restrictions as would be appli- published not less frequently than once a week, one
cable in the case of the establishment of such of the primary functions of which is the dissemination
of news of general interest.
branches.
The copy of the report for the use of the printer
9. The removal of a branch from one town to for publication should be prepared on Form 105e.
another town constitutes the establishment of a The published information shall agree in every rebranch in such other town within the meaning of spect with that shown on the face of the condition
the provisions of the Federal Reserve Act.
report rendered to the Federal Reserve bank, except
that any item for which no amount is reported may
(c) Application for approval of branches in United be
omitted in the published statement. All signatures
States.—Any member State bank desiring to establish shall
be the same in the published statement as in
a branch beyond the corporate limits of the city, the original
submitted to the Federal Reserve
town, or village in which it is located and any non- bank, but thereport
signatures may be typewritten or othermember State bank applying for membership and wise copied on
the report for publication.
desiring to retain any branch established after Febof the printed report shall be submitted
ruary 25, 1927, beyond the corporate limits of the to Athecopy
Reserve bank attached to the certificity, town, or village in which the bank is situated cate onFederal
Form 105e.
should submit a request for the approval by the
(b) Reports of affiliates.16—Each report of an afBoard of any such branch to the Federal Reserve
bank of the district in which the bank is located. filiate of a member State bank, including a holding
Any such request should be accompanied by advice company affiliate, shall be published at the same
as to the scope of the functions and the character time and in the same newspaper as the affiliated
of the business which are or will be performed by bank's own condition report submitted to the Fedthe branch and detailed information regarding the eral Reserve bank, unless an extension of time for
policy followed proposed to be followed with refer- submission of the report of the affiliate has been
ence to supervision of the branch by the head office; granted under authority of the Board of Governors
and the bank may be required in any case to furnish of the Federal Reserve System. When such extenadditional information which will be helpful to the sion of time has been granted, the report of the
Board in determining whether to approve such re- affiliate must be submitted and published before the
expiration of such extended period in the same newsquest.
(d) Foreign branches.—Before a member State 15 Under the provisions of section 9 of the Federal Reserve Act,
bank establishes a branch in a foreign country, or reports of condition of member State banks which, under that
dependency or insular possession of the United States, section, must be made to the respective Federal Reserve banks on
dates fixed by the Board of Governors of the Federal Reserve
it must have a capital and surplus of $1,000,000 or call
System "shall be published by the reporting banks in such manner
more and obtain the approval of the Board.
and in accordance with such regulations as the said Board may
(e) Application for approval of foreign branches. prescribe".
Section 9 also provides that the reports of affiliates of a member
—Any member State bank desiring to establish such State bank which are required by that section to be furnished to
the respective Federal Reserve banks "shall be published by the
a branch and any nonmember State bank applying bank
the same conditions as govern its own condition refor membership and desiring to retain any such ports".under
The term "affiliates", as used in this provision of section
branch established after February 25, 1927, should 9, under the express terms of that section, includes "holding comaffiliates as well as other affiliates", but a member State bank
submit a request for the approval by the Board of pany
is not required to furnish to a Federal Reserve bank the report of
any such branch to the Federal Reserve bank of an
affiliated member bank.
the district in which the bank is located. Any such 16 Section 21 of the Federal Reserve Act, among other things,
as follows: "Whenever member banks are required to
request should be accompanied by advice as to the provides
reports from affiliates, or whenever affiliates of member
scope of the functions and the character of the busi- obtain
banks are required to submit to examination, the Board of Governess which are or will be performed by the branch nors of the Federal Reserve System or the Comptroller of the Curthe case may be, may waive such requirements with reand detailed information regarding the policy fol- rency,toasany
such report or examination of any affiliate if in the
lowed or proposed to be followed with reference to spect
judgment of the said Board or Comptroller, respectively, such
supervision of the branch by the head office; and report or examination is not necessary to disclose fully the relabetween such affiliate and such bank and the effect thereof
the bank may be required in any case to furnish ad- tions
the affairs of such bank." Therefore, of course, in any case
ditional information which will be helpful to the upon
where the Board of Governors waives the filing of a report of an
Board in determining whether to approve such re- affiliate of a member State bank, no publication of a report of
such affiliate is required.
quest.
1060
FEDERAL RESERVE BULLETIN
paper as the condition report of the bank was published.
The copy of the report for the use of the printer
for publication should be prepared on Form 220a.
The published information shall agree in every respect with that shown on the face of the report of
the affiliate furnished to the Federal Reserve bank by
the affiliated member bank, except that any item appearing under the caption "Financial relations with
bank" against which the word "none" appears on
the report furnished to the Federal Reserve bank
may be omitted in the published statement of the
affiliate, provided that if the word "none" is shown
against all of the items appearing under such caption in the report furnished to the Federal Reserve
bank the caption "Financial relations with bank"
shall appear in the published statement followed by
the word "none." All signatures shall be the same
in the published statement as in the original report
submitted to the Federal Reserve bank, but the
signatures may be typewritten or otherwise copied
on the report for publication.
A copy of the printed report shall be submitted to
the Federal Reserve bank attached to the certificate
on Form 220a.
SECTION 1 0 . VOLUNTARY WITHDRAWAL FROM FEDERAL
RESERVE SYSTEM
DECEMBER
1939
bank authorizing the withdrawal of such tank from
membership in the Federal Reserve System and authorizing a certain officer or certain officers of such
bank to file such notice or application, to surrender
for cancellation the Federal Reserve bank stock held
by such bank, to receive and receipt for any moneys
or other property due to such bank from the Federal
Reserve bank and to do such other things as may be
necessary to effect the withdrawal of such bank
from membership in the Federal Reserve System.
Notice of intention to withdraw or application for
waiver of six months' notice of intention to withdraw
by any bank which is in the hands of a conservator
or other State official acting in a capacity similar
to that of a conservator should be accompanied by
advice from the conservator or other such State official that he joins in such notice or application.
(c) Time and method of effecting actual withdrawal.—Upon the expiration of six months after
notice of intention to withdraw or upon the waiving
of such six months' notice by the Board, such bank
may surrender its stock and its certificate of membership to the Federal Reserve bank and request
that same be canceled and that all amounts due to
it from the Federal Reserve bank be refunded.18
Unless this is done within two months after the expiration of such six months' notice or after the waiver
of such notice by the Board, or unless the bank requests and the Board grants an extension of time,
such bank will be presumed to have abandoned its
intention of withdrawing from membership and will
not be permitted to withdraw without again giving
six months' written notice or obtaining the waiver
of such notice.
(d) Withdrawal of notice.—Any bank which has
given notice of its intention to withdraw from membership in a Federal Reserve bank may withdraw such
notice at any time before its stock has been canceled
and upon doing so may remain a member of the
Federal Reserve System. The notice rescinding the
former notice should be accompanied by a certified
copy of an appropriate resolution duly adopted by
the board of directors of the bank.
(a) General.—Any State bank desiring to withdraw from membership in a Federal Reserve bank
may do so after six months'
written notice has been
filed with the Board;17 and the Board, in its discretion, may waive such six months' notice in any individual case and may permit such bank to withdraw
from membership in a Federal Reserve bank, subject
to such conditions as the Board may prescribe, prior
to the expiration of six months from the date of
the written notice of its intention to withdraw.
(b) Notice of intention of withdrawal.—Any State
bank desiring to withdraw from membership in a
Federal Reserve bank should signify its intention to
do so in a letter addressed to the Board and mailed
to the Federal Reserve bank of which such bank is
a member. Such letter should state clearly the reason
SECTION 1 1 . BOARD FORMS
for the bank's desire to withdraw. Any such bank
All
forms
referred to in this regulation and all
desiring to withdraw from membership prior to the
expiration of six months from the date of written such forms as they may be amended from time to
notice of its intention to withdraw should so state time shall be a part of this regulation.
in the letter signifying its intention to withdraw and 18 A bank's withdrawal from membership in the Federal Reserve
should state the reason for its desire to withdraw System is effective on the date on which the Federal Reserve bank
stock held by it is duly canceled. Until such stock has been canprior to the expiration of six months.
celed, such bank remains a member of the Federal Reserve SysEvery notice of intention of a bank to withdraw tem,
is entitled to all the privileges of membership, and is required
from membership in the Federal Reserve System to comply
with all provisions of law and all regulations of the
and every application for the waiver of such notice Board pertaining to member banks and with all conditions of
membership
to it. Upon the cancellation of such stock,
should be accompanied by a certified copy of a resolu- all rights andapplicable
privileges of such bank as a member bank shall
tion duly adopted by the board of directors of such terminate.
17
Under specific provisions of section 9 of the Federal Reserve
Act, however, no Federal Reserve bank shall, except upon express
authority of the Board, cancel within the same calendar year more
than twenty-five per cent of its capital stock for the purpose of
effecting voluntary withdrawals during that year. All applications
for voluntary withdrawals are required by the law to be dealt with
in the order in which they are filed with the Board.
Upon the cancellation of such stock, and after due provision
has been made for any indebtedness due or to become due to the
Federal Reserve bank, such bank shall be entitled to a refund of
its cash paid subscription with interest at the rate of one-half of
one per cent per month from the date of last dividend, the amount
refunded in no event to exceed the book value of the stock at that
time, and shall likewise be entitled to the repayment of deposits
and of any other balance due from the Federal Reserve bank.
FEDERAL RESERVE BULLETIN
DECEMBER 1939
APPENDIX
1061
Payment of subscription
Whenever the Board of Governors of the Federal
Reserve System shall permit the applying bank to
Section 9 of the Federal Reserve Act provides as become a stockholder in the Federal reserve bank of
the district its stock subscription shall be payable
follows:
on call of the Board of Governors of the Federal
x
Applications for membership by State banks
Reserve System, and stock issued to it shall be held
Any bank incorporated by special law of any State, subject to the provisions of this act.
or organized under the general laws of any State or
of law to be complied with; reports of
of the United States, including Morris Plan banks Provisions
and other incorporated banking institutions engaged condition
in similar business, desiring to become a member of
All banks admitted to membership under authorthe Federal Reserve System, may make application ity of this section shall be required to comply
to the Board of Governors of the Federal Reserve with the reserve and capital requirements of this
System, under such rules and regulations as it may act and to conform to those provisions of law imprescribe, for the right to subscribe to the stock of posed on national, banks which prohibit such banks
the Federal reserve bank organized within the dis- from lending on or purchasing their own stock, which
trict in which the applying bank is located. Such relate to the withdrawal or impairment of their
application shall be for the same amount of stock capital stock, and which relate to the payment of
that the applying bank would be required to sub- unearned dividends. Such banks and the officers,
scribe to as a national bank. For the purposes of agents, and employees thereof shall also be subject
membership of any such bank the terms "capital" to the provisions of and to the penalties prescribed
and "capital stock" shall include the amount of out- by section fifty-two hundred and nine of the Revised
standing capital notes and debentures legally issued Statutes, and shall be required to make reports of
by the applying bank and purchased by the Recon- condition and of the payment of dividends to the
struction Finance Corporation. The Board of Gov- Federal reserve bank of which they become a memernors of the Federal Reserve System, subject to the ber. Not less than three of such reports shall be
provisions of this Act and to such conditions as it made annually on call of the Federal reserve bank
may prescribe pursuant thereto may permit the on dates to be fixed by the Board of Governors of the
applying bank to become a stockholder of such Fed- Federal Reserve System. Failure to make such
eral reserve bank.
reports within ten days after the date they are called
for shall subject the offending bank to a penalty of
Branches of State member banks
$100 a day for each day that it fails to transmit such
Any such State bank which, at the date of the report; such penalty to be collected by the Federal
approval of this Act, has established and is operating reserve bank by suit or otherwise. Such reports of
a branch or branches in conformity with the State condition shall be in such form and shall contain such
law, may retain and operate the same while remain- information as the Board of Governors of the Federal
ing or upon becoming a stockholder of such Federal Reserve System may require and shall be published
reserve bank; but no such State bank may retain or by the reporting banks in such manner and in accordacquire stock in a Federal reserve bank except upon ance with such regulations as the said Board may
relinquishment of any branch or branches established prescribe.
after the date of the approval of this Act beyond the
limits of the city, town, or village in which the parent Examinations
bank is situated. Provided, however, That nothing
As a condition of membership such banks shall
herein contained shall prevent any State member
bank from establishing and operating branches in likewise be subject to examinations made by directhe United States or any dependency or insular pos- tion of the Board of Governors of the Federal Resession thereof or in any foreign country, on the serve System or of the Federal reserve bank by
same terms and conditions and subject to the same examiners selected or approved by the Board of
limitations and restrictions as are applicable to the Governors of the Federal Reserve System.
establishment of branches by national banks except Acceptance of State examinations; expenses; reports
that the approval of the Board of Governors of the of examinations
Federal Reserve System, instead of the Comptroller
of the Currency, shall be obtained before any State
Whenever the directors of the Federal reserve
member bank may hereafter establish any branch bank shall approve the examinations made by the
and before any State bank hereafter admitted to State authorities, such examinations and the reports
membership may retain any branch established after thereof may be accepted in lieu of examinations made
February 25, 1927, beyond the limits of the city, by examiners selected or approved by the Board of
town, or village in which the parent bank is situated. Governors of the Federal Reserve System: Provided,
however, That when it deems it necessary the board
Financial condition, management and powers
may order special examinations by examiners of its
selection and shall in all cases approve the form
In acting upon such application the Board of ownthe
report. The expenses of all examinations,
Governors of the Federal Reserve System shall con- of
than those made by State authorities, may, in
sider the financial condition of the applying bank, other
discretion of the Board of Governors of the Fedthe general character of its management, and whether the
Reserve System, be assessed against the banks
or not the corporate powers exercised are consistent eral
examined and, when so assessed, shall be paid by the
with the purposes of this act.
banks examined. Copies of the reports of such ex1
aminations may, in the discretion of the Board of
This and subsequent catchlines are not a part of the law.
Statutory Provisions
1062
FEDERAL RESERVE BULLETIN
Governors of the Federal Reserve System, be furnished to the State authorities having supervision of
such banks, to officers, directors, or receivers of such
banks, and to any other proper persons.
DECEMBER
1939
companies organized prior to the date this paragraph as amended takes effect and situated in a
place the population of which does not exceed three
thousand inhabitants and having a capital of not less
than $25,000, nor to any State bank or trust comForfeiture of membership
pany which is so situated and which, while it is entitled to the benefits of insurance under section 12B
If at any time it shall appear to the Board of Gov- of this Act, increases its capital to not less than
ernors of the Federal Reserve System that a mem- $25,000.
ber bank has failed to comply with the provisions of
this section or the regulations of the Board of Gov- Waiver of membership requirements as to insured
ernors of the Federal Reserve System made pursuant
thereto, or has ceased to exercise banking functions banks
without a receiver or liquidating agent having been
(The provisions of this paragraph of the statute
appointed therefor, it shall be within the power of relate to waiver of membership requirements for
the board after hearing to require such bank to sur- banks which were formerly required to become memrender its stock in the Federal reserve bank and to bers of the Federal Reserve System under subsecforfeit all rights and privileges of membership. The tion (y) of section 12B of the Federal Reserve Act.
Board of Governors of the Federal Reserve System In view of an amendment of June 20, 1939, repealing
may restore membership upon due proof of compli- the requirement for membership, the provisions
ance with the conditions imposed by this section.
relating to waiver of membership requirements is
no longer effective, and, accordingly, is not printed
Voluntary withdrawal from membership
herein.)
Any State bank or trust company desiring to
withdraw from membership in a Federal reserve Laws to which subject
bank may do so, after six months' written notice
Banks becoming members of the Federal Reserve
shall have been filed with the Board of Governors System
under authority of this section shall be subof the Federal Reserve System, upon the surrender ject
the provisions of this section and to those of
and cancellation of all of its holdings of capital stock this to
act which relate specifically to member banks,
in the Federal reserve bank: Provided, That the but shall
be subject to examination under the
Board of Governors of the Federal Reserve System, provisions not
of the first two paragraphs of section
in its discretion and subject to such conditions as it fifty-two hundred
and forty of the Revised Statutes
may prescribe, may waive such six months' notice as amended by section
of this act. Subin individual cases and may permit any such State ject to the provisions oftwenty-one
this act and to the regulabank or trust company to withdraw from member- tions of the board made pursuant
any bank
ship in a Federal reserve bank prior to the expiration becoming a member of the Federalthereto,
Reserve System
of six months from the date of the written notice of shall retain its full charter and statutory
rights
its intention to withdraw: Provided, however, That
a State bank or trust company, and may continue
no Federal reserve bank shall, except under express as
authority of the Board of Governors of the Federal to exercise all corporate powers granted it by the
Reserve System, cancel within the same calendar State in which it was created, and shall be entitled
year more than twenty-five per centum of its capital to all privileges of member banks: Provided, howstock for the purpose of effecting voluntary with- ever, That no Federal reserve bank shall be perdrawals during that year. All such applications shall mitted to discount for any State bank or trust combe dealt with in the order in which they are filed with pany notes, drafts, or bills of exchange of any one
the board. Whenever a member bank shall surrender borrower who is liable for borrowed money to such
its stock holdings in a Federal reserve bank, or shall State bank or trust company in an amount greater
be ordered to do so by the Board of Governors of than that which could be borrowed lawfully from
the Federal Reserve System, under authority of such State bank or trust company were it a national
law, all of its rights and privileges as a member banking association. The Federal reserve bank, as a
bank shall thereupon cease and determine, and after condition of the discount of notes, drafts, and bills of
due provision has been made for any indebtedness exchange for such State bank or trust company, shall
due or to become due to the Federal reserve bank it require a certificate or guaranty to the effect that
shall be entitled to a refund of its cash paid sub- the borrower is not liable to such bank in excess of
scription with interest at the rate of one-half of one the amount provided by this section, and will not be
per centum per month from date of last dividend, permitted to become liable in excess of this amount
if earned, the amount refunded in no event to exceed while such notes, drafts, or bills of exchange are
the book value of the stock at that time, and shall under discount with the Federal reserve bank.
likewise be entitled to repayment of deposits and of
any other balance due from the Federal reserve False certification of checks
bank.
It shall be unlawful for any officer, clerk, or agent
of any bank admitted to membership under authorCapital required for membership
ity of this section to certify any check drawn upon
No applying bank shall be admitted to member- such bank unless the person or company drawing the
ship in a Federal reserve bank unless it possesses a check has on deposit therewith at the time such
paid-up unimpaired capital sufficient to entitle it to check is certified an amount of money equal to the
become a national banking association in the place amount specified in such check. Any check so certiwhere it is situated under the provisions of the fied by duly authorized officers shall be a good and
National Bank Act, as amended: Provided, That this valid obligation against such bank, but the act of any
paragraph shall not apply to State banks and trust such officer, clerk, or agent in violation of this sec-
DECEMBER
1939
FEDERAL RESERVE BULLETIN
tion may subject such bank to a forfeiture of its
membership in the Federal Reserve System upon
hearing by the Board of Governors of the Federal
Reserve System.
1063
vided for in lieu of payment upon capital stock
shall be applied upon such subscription. If the
laws under which any such savings bank was organized be not amended at the next session of the
legislature following the admission of such savings bank to membership so as to authorize mutual savings banks to purchase Federal reserve bank
stock, or if such laws be so amended and such
bank fail within six months thereafter to purchase
such stock, all of its rights and privileges as a member bank shall be forfeited and its membership in
the Federal Reserve System shall be terminated in
the manner prescribed elsewhere in this section
with respect to State member banks and trust companies. Each such mutual savings bank shall comply
with all the provisions of law applicable to State
member banks and trust companies, with the regulations of the Board of Governors of the Federal
Reserve System and with the conditions of membership prescribed for such savings bank at the time
of admission to membership, except as otherwise
hereinbefore provided with respect to capital stock.
Government depositaries and financial agents
All banks or trust companies incorporated by special law or organized under the general laws of any
State, which are members of the Federal Reserve
System, when designated for that purpose by the
Secretary of the Treasury, shall be depositaries of
public money, under such regulations as may be
prescribed by the Secretary; and they may also be
employed as financial agents of the Government; and
they shall perform all such reasonable duties, as
depositaries of public money and financial agents of
the Government, as may be required of them. The
Secretary of the Treasury shall require of the banks
and trust companies thus designated satisfactory
security, by the deposit of United States bonds or
otherwise, for the safe keeping and prompt payment of the public money deposited with them and
for the faithful performance of their duties as Reports of affiliates
financial agents of the Government.
Each bank admitted to membership under this
Admission to membership of mutual savings banks section shall obtain from each of its affiliates other
than member banks and furnish to the Federal reserve
Any mutual savings bank having no capital stock bank of its district and to the Board of Governors
(including any other banking institution the capital of the Federal Reserve System not less than three
of which consists of weekly or other time deposits reports during each year. Such reports shall be in
which are segregated from all other deposits and are such form as the Board of Governors of the Federal
regarded as capital stock for the purposes of taxation Reserve System may prescribe, shall be verified by
and the declaration of dividends), but having sur- the oath or affirmation of the president or such other
plus and undivided profits not less than the amount officer as may be designated by the board of direcof capital required for the organization of a national tors of such affiliate to verify such reports, and shall
bank in the same place, may apply for and be ad- disclose the information hereinafter provided for as
mitted to membership in the Federal Reserve System of dates identical with those fixed by the Board of
in the same manner and subject to the same provisions Governors of the Federal Reserve System for reports
of law as State banks and trust companies, except of the condition of the affiliated member bank. Each
that any such savings bank shall subscribe for capital such report of an affiliate shall be transmitted as
stock of the Federal reserve bank in an amount herein provided at the same time as the correspondequal to six-tenths of 1 per centum of its total ing report of the affiliated member bank, except that
deposit liabilities as shown by the most recent report the Board of Governors of the Federal Reserve System may, in its discretion, extend such time for good
of examination of such savings bank preceding its cause
shown. Each such report shall contain such inadmission to membership. Thereafter such subscrip- formation
as in the judgment of the Board of Govtion shall be adjusted semiannually on the same per- ernors of the
Federal Reserve System shall be necescentage basis in accordance with rules and regulations sary to disclose
the relations between such
prescribed by the Board of Governors of the Federal affiliate and such fully
and to enable the Board to
Reserve System. If any such mutual savings bank inform itself as tobank
effect of such relations upon
applying for membership is not permitted by the the affairs of such the
bank. The reports of such aflaws under which it was organized to purchase stock filiates shall be published
the bank under the
in a Federal reserve bank, it shall, upon admis- same conditions as govern itsbyown
condition reports.
sion to the system, deposit with the Federal reserve
bank an amount equal to the amount which it would Additional reports of affiliates
have been required to pay in on account of a subAny such affiliated member bank may be required
scription to capital stock. Thereafter such deposit
shall be adjusted semiannually in the same manner to obtain from any such affiliate such additional reas subscriptions for stock. Such deposits shall be ports as in the opinion of its Federal reserve bank
subject to the same conditions with respect to re- or the Board of Governors of the Federal Reserve
payment as amounts paid upon subscriptions to cap- System may be necessary in order to obtain a full
ital stock by other member banks and the Federal and complete knowledge of the condition of the afreserve bank shall pay interest thereon at the same filiated member bank. Such additional reports shall
rate as dividends are actually paid on outstand- be transmitted to the Federal reserve bank and the
ing shares of stock of such Federal reserve bank. Board of Governors of the Federal Reserve System
If the laws under which any such savings bank and shall be in such form as the Board of Governors
was organized be amended so as to authorize mutual of the Federal Reserve System may prescribe.
savings banks to subscribe for Federal reserve bank
stock, such savings bank shall thereupon subscribe Failure to obtain reports of affiliates
for the appropriate amount of stock in the Federal
Any such affiliated member bank which fails to
reserve bank, and the deposit hereinbefore pro- obtain from any of its affiliates and furnish any
1064
FEDERAL RESERVE BULLETIN"
report provided for by the two preceding paragraphs
of this section shall be subject to a penalty of $100
for each day during which such failure continues,
which, by direction of the Board of Governors of
the Federal Reserve System, may be collected, by
suit or otherwise, by the Federal reserve bank of the
district in which such member bank is located. For
the purposes of this paragraph and the two preceding paragraphs of this section, the term "affiliate"
shall include holding company affiliates as well as
other affiliates.
Dealings in investment securities and stock
State member banks shall be subject to the same
limitations and conditions with respect to the purchasing, selling, underwriting, and holding of investment securities and stock as are applicable in
the case of national banks under paragraph "Seventh"
of section 5136 of the Revised Statutes, as amended.
Divorce of stock from stock of other corporations
After the date of the enactment of the Banking
Act of 1935, no certificate evidencing the stock of
any State member bank shall bear any statement
purporting to represent the stock of any other corporation, except a member bank or a corporation engaged on June 16, 1934 in holding the bank premises
of such member bank, nor shall the ownership, sale,
or transfer of any certificate representing the stock
of any State member bank be conditioned in any
manner whatsoever upon the ownership, sale, or
transfer of a certificate representing the stock of any
other corporation, except a member bank or a corporation engaged on June 16, 1934 in holding the
bank premises of such member bank: Provided, That
this section shall not operate to prevent the ownership, sale, or transfer of stock of any other corporation being conditioned upon the ownership, sale,
or transfer of a certificate representing stock of a
State member bank.
DECEMBER
1939
copy of each such agreement shall be filed with the
Board of Governors of the Federal Reserve System.
Upon the failure of a State member bank affiliated
with a holding company affiliate to obtain such an
agreement within the time so prescribed, the Board
of Governors of the Federal Reserve System shall
require such bank to surrender its stock in the
Federal reserve bank and to forfeit all rights and
privileges of membership in the Federal Reserve
System as provided in this section. Whenever the
Board of Governors of the Federal Reserve System
shall have revoked the voting permit of any such
holding company affiliate, the Board of Governors
of the Federal Reserve System may, in its discretion, require any or all State member banks affiliated
with such holding company affiliate to surrender their
stock in the Federal reserve bank and to forfeit
all rights and privileges of membership in the Federal Reserve System as provided in this section.
Examination of affiliates
In connection with examinations of State member
banks, examiners selected or approved by the Board
of Governors of the Federal Reserve System shall
make such examinations of the affairs of all affiliates
of such banks as shall be necessary to disclose fully
the relations between such banks and their affiliates
and the effect of such relations upon the affairs of
such banks. The expense of examination of affiliates
of any State member bank may, in the discretion
of the Board of Governors of the Federal Reserve
System, be assessed against such bank and, when so
assessed, shall be paid by such bank. In the event
of the refusal to give any information requested
in the course of the examination of any such affiliate,
or in the event of the refusal to permit such examination, or in the event of the refusal to pay any expense
so assessed, the Board of Governors of the Federal
Reserve System may, in its discretion, require any
or all State member banks affiliated with such affiliate to surrender their stock in the Federal reserve
bank and to forfeit all rights and privileges of memHolding company affiliates
bership in the Federal Reserve System, as provided
Each State member bank affiliated with a holding in this section.
company affiliate shall obtain from such holding
NOTE: The provisions of law specifically referred
company affiliate, within such time as the Board
of Governors of the Federal Reserve System shall to in section 9 and other provisions to which a State
prescribe, an agreement that such holding company bank which is a member of the Federal Reserve
affiliate shall be subject to the same conditions and System is subject are printed in the Federal Reserve
limitations as are applicable under section 5144 of Act or the Appendix thereto as compiled under the
the Revised Statutes, as amended, in the case of direction of the Board of Governors of the Federal
holding company affiliates of national banks. A Reserve System.
1065
FEDERAL RESERVE BULLETIN
DECEMBER 1939
NUMBER OF BANKS AND BRANCHES, 1933-1939
[Figures for 1939 are preliminary]
Nonmember banks
Member banks
End of year figures
except where otherwise indicated
Total
National
State
Other than mutual
savings and
private banks
Mutual Private
Not
Insured1 insured
i
N u m b e r of B a n k i n g Offices
1933
1934
1935
1936
1937
1938
1939 (Sept. 30)
.
_
17,940
19,196
19,153
19,066
18, 927
18, 774
18,667
6,275
6,705
6,715
6,723
6,745
6,723
6,716
1,817
1,961
1,953
2,032
2,075
2,106
2,139
8,556
8,436
8,340
8,224
8,129
9, 341
3 9, 579
1,088
1,043
997
958
926
704
705
698
693
691
690
4 688
103
246
143
139
79
73
5 69
15,029
16,063
15,869
15, 667
15, 387
15 194
15,050
5,154
5,462
5,386
5,325
5,260
5 224
5,197
857
980
1,001
1,051
1,081
1 114
1,144
8, J41
7,693
1,108
1,046
7,728
1.004
7,588
960
7,449
7,316
917
7,211
883
579
579
570
565
563
555
552
98
241
138
134
74
68
63
2,911
3 133
3 284
3,399
3 540
3,580
3,617
1 121
1 243
1 329
1,398
1 485
1,499
1,519
981
952
981
994
992
995
125
126
128
128
128
135
136
5
5
5
5
5
5
6
N u m b e r of B a n k s (Head Offices)
1933
1934
1935
1936
1937
1938 _
1939 (Sept. 30) __
.
_
N u m b e r of B r a n c h e s '
1933
1934
1935
1936.
1937
1938.
1939 (Sept. 30)
_.
_
__
„
.
.
.
960
7TO
778
828
848
891
908
918
42
39
37
41
43
i Federal deposit insurance did not become operative until January 1, 1934.
a Thefiguresfor December 1934 include 140 private banks which reported to the Comptroller of the Currency under the provisions of Section
21(a) of the Banking Act of 1933. Under the provisions of the Banking Act of 1935, private banks no longer report to the Comptroller of the Currency and, accordingly, only such private banks as report to State banking departments are in thefiguresshown for subsequent years.
* Separatefiguresnot available for branches of insured and not insured banks.
* Comprises 50 insured banks with 21 branches and 502 uninsured banks with 115 branches.
*6 Comprises 1 insured bank with no branches and 62 uninsured banks with 6 branches.
The number of branches in head-office cities and outside head-office cities, respectively, were as follows:
1933.___
1934
1935
1936
1937
_.
1938..
_.
1939 (Sept. 30).
In head-office cities
Outside head-office cities
1,784
1,776
1,754
1,749
1,757
1,743
1, 742
1,127
1,357
1,530
1,650
1,783
1,837
1,875
1066
FEDERAL RESERVE BULLETIN
DECEMBER
1939
ANALYSIS OF CHANGES IN NUMBER OF BANKS AND BRANCHES, JANUARY 1—SEPTEMBER 30,1939
[Preliminary figures]
Member banks
Total
National
State
Nonmember banks
Other than mutual
savings and
private banks
Insured
Mutual
savings
Private
Not
insured
Analysis of B a n k Changes
15,194
5,224
1,114
7,316
917
-
+17
+3
+1
+11
+2
___
-36
-28
-97
-4
-3
-26
-2
-3
-4
-20
-10
-60
-9
-8
Number of banks on December 31 1938
Increases in number of banks:
Primary organizations (new banks) *
Decreases in number of banks:
Suspensions
Voluntary liquidations 2
_
Consolidations, absorptions, etc
Inter-class bank changes:
Conversions—
State into national
National into State
__
Federal Reserve membership—3
Admissions of State banks
. «
Withdrawals of State banks
Federal deposit insurance—4
Admissions of State banks
Withdrawals of State banks
+13
-10
___.
-»
-9
-4
+2
+49
+8
-4
Net increase or decrease in number of banks
-3
68
-1
-4
-49
+4
+15
-15
.
Number of banks on September 30,1939
A
555
-144
-27
+30
-105
-34
-3
-5
15,050
5,197
1,144
7,211
883
552
63
3,580
1,499
992
908
41
135
5
+35
+37
+5
+11
+5
+4
+22
+21
+2
—9
-26
-4
-7
-10
-2
-12
-4
+4
Analysis of B r a n c h Changes
Number of branches on December 31, 1938
Increases in number of branches:
De novo branches
Banks converted into branches
Decreases in number of branches:
Suspension of parent bank
Otherwise discontinued
««
Inter-class branch changes:
Branches of a National bank which became a State member bank
Branch of a National bank which became a branch of a nonmember bank
- Branches of a nonmember bank which became a National bank
Branches of nonmember banks which became branches of State
Tnembpr bfvnks 5
Net increase or decrease in number of branches
Nmnber of brapches'^p September 30,1939
—1
+13
+1
+1
+1
-13
+7
-7
+37
+20
+3
+10
+2
+1
+1
3,617
1,519
995
918
43
136
6
i Exclusive of new banks organized to succeed operating banks.
a8 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.
4
Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit
Insurance Corporation membership.
* Includes 2 branches of an insured nonmember bank which was absorbed by a State member bank and 5 branches of 3 insured nonmember
banks which became State member banks.
Back figures—See Annual Report for 1938 (tables 13 and 14), and BULLETIN for November 1937, pp. 1084-1122.
DECEMBER
1939
FEDERAL RESERVE BULLETIN
1067
RESTORATION OF NETHERLANDS GOVERNMENT'S POWER TO PROHIBIT
THE EXPORT OF GOLD
The embargo on the exportation of gold
from the Netherlands which came into force
on October 1, 1936, was repealed by Royal
decree of June 28, 1938. An act of November 25, 1938, restores the effect of the original
measure of 1936. The Crown is now authorized, on recommendation of the Minister
of Finance, to prohibit temporarily the export of gold coin and gold bullion. Power
to authorize exemptions from the prohibition
will be granted to the Minister whenever
the embargo becomes effective. The amendments made by the act of November 25,
1938, came into force on December 10, 1938.
An unofficial translation of the act of
September 30, 1936 (Staatsblad No. 101),
as amended by the act of November 25,
1938 (Staatsblad No. 408), published as an
appendix to the Annual Report of the Netherlands Bank for 1938-1939, is given herewith.
The two preceding measures relating to the
embargo on gold were published respectively
in the BULLETIN for December, 1936 and
October 1938.
AUTHORIZATION TO PROHIBIT THE EXPORT OF GOLD
Article 1. As soon as this act comes into force, the
royal decree of September 26, 1936, No. 52, prohibiting the export of gold coin and gold bullion
shall acquire force of law as from the day on which
it was signed. The prohibition shall remain valid
until repealed by royal decree; its repeal shall be
published in the Nederlandsche Staatscourant.
Article Ibis. The Crown is authorized, on the recommendation of the Minister of Finance, to prohibit
temporarily the export of gold coin and gold bullion,
as from a date to be fixed by the Minister of Finance
and with the proviso that exemptions from the prohibition may be granted in special cases by or on behalf of the said Minister. The provision of the second sentence of article 1 shall apply to this prohibition.
After the issue of a royal decree as referred to in
the first paragraph of this article a bill shall be
introduced without delay in the States General in
order to have the prohibition sanctioned by law.
If the bill be withdrawn, or rejected by the States
General, the royal decree shall be repealed without
delay.
Article 2. The provisions of the act of August 3,
1914 (Staatsblad No. 334), as amended by existing
or future laws, shall apply to the prohibition of
article 1 and article Ibis in a like manner as would
be the case if the prohibition were decreed by virtue
of the said act, except in so far as the prohibition
itself contains provisions to the contrary.
Article 3. This act shall come into force on the day
after its promulgation.
1068
FEDERAL RESERVE BULLETIN
DECEMBER 1939
ANNUAL REPORT OF THE NETHERLANDS BANK
The annual report of the Netherlands Bank viction that the world will come to its senses
for the year ending March 31, 1939, was pre- and be able to create the possibility for
sented to the general meeting of shareholders collaboration and mutual support. Two reon June 6, 1939, by Dr. L. J. A. Trip, Presi- flections are the main foundation of this condent of the Bank. Sections of the official viction. Firstly, there is no doubt that a new
English translation of the report
published world war, at the present stage of technique
by the Bank are given herewith: 1
and armaments, would have such annihilatInternational political developments.—The ing consequences, not only of a material
financial year which ended on March 31,1939, nature and for the armed forces in direct
was largely influenced by the development of conflict, but also for the civil population,
international political relations. These rela- especially women and children, that common
tions created constant unrest and uncertainty sense refuses to accept as possible the unwhich turned, on several occasions, into panic chaining of such slaughter and the willingand war-scare. This led to armaments being ness of the peoples to subject themselves to it.
increased to a level which it will be impossible Secondly, it is a fact that a world war would
to maintain. It is comprehensible and ex- lead to such chaos that there could be no
plicable that in a world in which the menace question of gathering the fruits of victory,
of armed forces plays as important a role and the present-day powers would not suras it; does today, no other possibility can be vive the calamity.
envisaged than the concentration of all forces International financial and economic develtowards strengthening the fighting services. opments.—The above remarks not only lead
This also applies to countries which nobody to the conclusion that the economic, financial
for a moment suspects of aggressive inten- and monetary future is absolutely uncertain,
tions. It is, however, incomprehensible and dependent as it is on international political
inexplicable that the world has neither the relations; it implies at the same time that it
strength nor the will to leave the road to ruin is exceedingly difficult, if not impossible, to
and to put an end to the senseless race. It is form an accurate idea of the present situation
surely clear to all who wish to see, that no in the three spheres just mentioned. The
country will be able, in the long run, to keep situation is subject to the influence of so
up the present-day tempo and the present exabnormal, artificial and unsound factent of its armaments and expenditure. Ac- many
tors
that
a correct estimate as to the share of
cording to an estimate relating to this matter, each of these
is impossible. Morethe various governments together must bor- over, the actualfactors
situation
is repeatedly underrow almost 2,000,000,000 guilders a month to going radical changes at very
short notice.
cover their budgetary deficits.
The
unlimited
armaments
have already
Under the circumstances thus briefly dementioned above. Next, attention must
scribed one asks oneself whether there is any been
be called to the ever-advancing isolation of
sense in economic and financial contempla- individual
countries. Despite the admission
tions as, long as there is so little certainty that
more
extensive commercial intercourse
about political developments. For it is in is of the most
vital importance, every day
these developments, as experience teaches brings
new
impediments
imports and, conagain and again, that the decisive factor for sequently, to exports. Intopractice,
all counthe future lies. Economic revival, financial
tries
are
continuing
their
efforts
to
further
recovery and monetary stability are unthinktheir
exports,
often
accepting
most
unsound
able unless international political relations
show a considerable improvement, the fear of and unfruitful means, and at the same time
war is banished, and armaments are reduced to restrict their imports. That such efforts
to a reasonable level. In the meanwhile it have no chance of success is self-evident. It
would be inadmissible, in my opinion, to as- is impossible to reserve the home market for
sume that the conditions just described could home prgduction and at the same time to ennot be fulfilled. We may not give up the con- large sales on foreign markets. In reality
these efforts to further exports whilst at the
1
The report, which is available also in Dutch, contains in addi- same time restricting imports are only part
tion sections dealing with the money market, interest rates, the
capital market, exchange rates, etc., together with a number of of the whole system of artificial and in many
tables. For earlier reports, see BULLETIN for August 1938 and cases mutually contradictory measures which
1937, July 1936, 1934, 1933, September 1932, August 1931, etc.
DECEMBER
1939
FEDERAL RESERVE BULLETIN
are being taken to a growing extent in various countries and styled economic policy.
Among these measures, those in the monetary and financial field play an important
part. A progressive development can be
traced here. In the beginning it was expected
that a lowering of the gold value of monetary
units would lead to a corresponding rise in
commodity prices while a policy of cheap
money and expansion of credit was to stimulate private enterprise. When this expectation was not fulfilled and the said policy
would apparently not yield the desired results, refuge was taken in a great increase
in government expenditure, which caused
budget deficits to grow rapidly. It was supposed that this would make private business
revive in a relatively short time, and that the
government would then be able to reduce its
intervention within the limits of its revenue.
This expectation was not realized either, with
the result that the level of government expenditure and budget deficits was maintained
and even raised on the assumption that, in
this way, the national income and prosperity
would increase. Not in all countries were the
motives of the government's policy along the
lines just indicated stated in so many words.
In several cases this reasoning was even expressly repudiated. But in actual fact things
have on the whole moved in the direction
indicated above. Depreciation of national
monetary units, a policy of cheap money,
great increase of government expenditure,
growing budgetary deficits, which are taking
on a mpre and more permanent character, are
the principal characteristics of the development. In my opinion it cannot be said that
this development has led to a lasting improvement. Nor is it reasonable to suppose that
one can go on in this direction much longer.
This applies especially to the policy of anticipating on future income and future savings,
which is being followed nowadays in various
countries. Even in the wealthiest countries
there is a limit to the reserves which they
sacrifice in order to pursue their present line
of action.
As to the measures in the economic field, I
have already mentioned the continuous curtailment of international trade which is going
hand in hand with persistent endeavors to
reserve the home market for home production. As an inevitable consequence, governments have come to interfere to a rapidly
increasing extent in almost every branch of
1069
economic life. A process of cartellizing national business life under the guidance and
stimulus of the government is well under way
in various countries. This will no doubt
result in rigidity followed by higher prices
and increased cost of production. Experience
has taught that cartels and trusts involve a
tendency to maintain or force up price levels.
As long as the government refrained from cooperation and stimulation, there was a certain corrective in the freedom of participation
and in the initiative and competition of outsiders. If the government bars the way to
this corrective, as seems to be more and more
the case, harmful consequences will make
themselves felt. The burden which is consequently put on the consumer, added to the
influence of monetary and fiscal measures,
will not fail to lead to impoverishment, a
decrease in consumption and the growth of
unemployment. The power of the government
reaches far, but not so far as to enable it to
enforce greater consumption when the required means and confidence on the part of
the consumers are lacking. It is true that the
government could, by distributing money,
create the impression for a certain time that
the consumers have increased purchasing
power at their disposal; but, as experience has already taught and as the future
will certainly show once more in a painful
manner, this is only a question of shifting
purchasing power, the result of which can be
neither sound nor lasting. Only cheaper and
more extensive production, gradually increasing international trade, and the liberation
of economic life from the innumerable impediments which are constantly neutralizing
the essential elasticity in prices and cost of
production, and from the excessive burden of
taxation in various forms, which is stifling
private initiative and investment, can bring
goods within the reach of consumers on a
larger scale and at lower prices. Only then
will sound and lasting purchasing power and
a permanent increase of employment be
created.
I know that my view is not in agreement
with the wishes of the powers that determine
the line of action in most countries. But this
may not deter me from bringing to the fore
and from defending that view again and
again, particularly because I am convinced
that sooner or later the facts will show that
we cannot go on along the road which we
are following at present, and that we shall
1070
FEDERAL RESERVE BULLETIN
have to change our course from sheer necessity. It will then be deplorable that so much
more has been lost and that the sacrifices to
be made will weigh so much more heavily
than would have been the case if the way of
least resistance had been abandoned sooner.
After what has been said above, the reader
will not be surprised that my expectations
for the future, even apart from the international political situation, cannot be favorable. That the considerable decline in economic activity which was noticeable in 1938
as compared with 1937, did not degenerate
into a crisis, and that consequently a comparison with 1936 does not lead to downright
unfavorable results, cannot change these expectations. The same applies with regard
to the improvement shown by the second
half of 1938 as compared with the first part
of that year. Apart from the fact that the
first months of 1939 saw the end of this improvement, it suffices to refer to the many
artificial and unsound factors and measures
which I have already mentioned and which
are little apt to free the world of the everrecurring declines in trade which have been
experienced since the end of the war of 1914.
The decline in 1938 is shown by the following index figures, in the computation of which
1929 is taken as 100.
Industrial world production, which rose
from 109.5 in 1936 to 117.7 in 1937, declined
to 109.8; world trade, the value of which, in
gold, had reached 46.4 in 1937, after having
been 37.4 in 1936, diminished to 40.2; the
sea freights of tramp shipping, which had
reached the high figure of 132.6 in 1937 after
having been 87.4 in 1936, fell to 100.9 in 1938;
shipbuilding moved from 89.7 in 1936 to 102.1
in 1937 and to 84.4 in 1938; wholesale prices
fell from 78.6 in 1937 to 63.0 in 1938 and thus
came below the 1936 figure of 69.7.
International monetary developments.—In
the monetary field there has also been a decline. This can be seen from the following
survey which gives the gold value of the
national monetary units of a number of countries on March 31, 1938, and March 31, 1939,
respectively.
The changes that occurred were all in a
downward direction. The most important
was the movement of the French franc, which
showed a further decline of its gold value
by 13.60 per cent. After that comes the Japanese yen with 5.96 per cent followed at a
short distance by the pound sterling and the
DECEMBER
1939
DEVELOPMENT OF THE GOLD VALUE OF VARIOUS
MONETARY U N I T S
Gold
value
March 31,
1938
Gold
value
March 31,
1939
Decline
in
per cent
(In fine grammes)
U. S. dollar
Belga
Guilder.
._
Pound sterling
Danish crown .
Norwegian crown
Swedish crown
French franc
Swiss franc _ _
Japanese yen..
. .
__
..
0.8863
0.1498
0. 4907
4. 4030
0.1965
0. 2212
0. 2269
0.0272
0. 2032
0. 2568
0.8863
0.1492
0. 4705
4.1495
0.1852
0.2085
0. 2138
0.0235
0.1989
0. 2415
0.40
4.12
5.76
5.75
5.74
5.77
13.60
2.12
5.96
monetary units of the other countries of the
sterling bloc with about 5.75 per cent. The
decline of the Netherlands guilder amounted
to 4.12 per cent while that of the Swiss franc
was only 2.12 per cent.
These figures show once more that there
is still no question of stability in the rates of
exchange and that the monetary agreement
in existence between the United States, Great
Britain, France, Belgium, the Netherlands
and Switzerland provides no adequate security in the monetary sphere. Capital movements, which periodically assumed large proportions under the influence of international
political difficulties, must be considered as
the main cause of the fluctuations in the rates
of exchange. There has been a strong flow
of capital to America. In addition, the trade
balance of the United States showed a substantial excess of exports of more than
$1,100,000,000.
Imports into this very important country
declined in value by 35.8 per cent while the
value of exports only diminished by 7.6 per
cent. This situation stands in peculiar contrast with the position of the United States
as a creditor country, and is naturally apt
to increase the existing difficulties in no small
measure. Notwithstanding the very welcome efforts of the Secretary of State of the
United States to further international commercial intercourse, which once more found
expression in the trade agreement with Great
Britain, the results have until now remained
considerably below what is desirable and
necessary.
In the light of the above it is not surprising
that the flow of gold to the United States did
not only continue but showed a substantial
increase. The monetary gold stock of that
DECEMBER
1939
FEDERAL RESERVE BULLETIN
1071
country amounted to $12,760,000,000 at the in the gold stock of the Bank of England on
end of 1937 and had risen to $14,512,000,000 account of the fact that that stock was still
by the end of 1938. This increase exceeded valued at the old price. It is generally—and
the total gold production of the world in 1938 rightly—admitted that this policy of reservby no less than $466,000,000. It has con- ing the profits of the revaluation is an obvious
tinued during the current year, amounting requirement of sound financial management.
in the first quarter to $746,000,000.
Gold production.—The world's gold proThese facts illustrate the lack of balance duction rose to 1,142,925 kilograms in 1938,
in the economic structure of the world of to- thus exceeding the corresponding figure for
day. Until the return of international con- 1937 by more than 5*4 per cent as against
fidence, which forms the essential basis for an increase of 5 per cent from 1936 to 1937.
a more extensive traffic in goods, credit and A new record was thus attained in the past
capital, an improvement can hardly be ex- year. The value of the production amounted
pected. The same applies to greater stability to $1,286,250,000 in United States dollars of
in the rates of exchange. As to this point, the new parity. As has already been menit is perhaps an advantage that monetary tioned, considerably more than this amount
manipulations are less in the center of inter- of gold flowed to the United States in 1938.
est at present than they were a few years According to the statements made on the
ago, because the inexpediency of such manip- subject it may be assumed that the monetary
ulations is now recognized in wider circles, policy of the United States will be maintained.
and because the freedom in the monetary field The importance of this both to the world and
which nearly all countries have now reserved to the country itself can hardly be overestifor themselves makes it less likely for an mated. There is no denying that the world
individual country to be able to improve its price of gold is founded on this policy. If
position by making use of this artificial de- the present fixed relation between the dollar
vice. If this is correct, the essential impor- and gold were abandoned, a general monetary
tance of a firm maintenance of the exchange dislocation would, in my opinion, set in, which
rates is obvious, and its necessity should be would involve very detrimental consequences
fully taken into account when conducting the for economic and financial conditions in the
wofld including America herself. The results
national economic and financial policy.
The various equalization funds and cen- which the manipulations of various monetary
tral banks have endeavored in close collabo- units have brought about have by no means
ration to prevent serious shocks and violent fulfilled expectations. In no case can they
fluctuations which, without this cooperation, form the foundation of an international monwould no doubt have arisen on several occa- etary system which could satisfactorily resions in the past year. In this connection place the gold standard. That it was possible
the monetary agreement above referred to to attain a certain degree of stability of the
has doubtless rendered a great service. Its rates of exchange is, I am convinced, to be
maintenance and, as far as possible, its ex- attributed to the close connection with gold
tension and strengthening are among the which was created by the scheme adopted in
the United States. If experience, especially
first requirements of practical politics.
In Great Britain an act was passed on that of the last few years, has placed one
February 28, 1939, to value the gold stock of fact beyond doubt, it is this, that we cannot
the Central Bank once in each week.2 I can- dispense with gold as an international means
not attach much importance to this measure of payment. This leads, in my opinion, to
as a matter of principle. What has actually the inevitable conclusion that a fixed basis
happened is, that a change has been made in on which gold is purchased and sold in the
the method of bookkeeping, which has been various countries is necessary and that the
brought more into line with reality. In this factors which govern the mutual relations
connection it must be borne in mind that between cost and price levels in the countries
almost the whole of the book profits which concerned must leave room for such modiresulted from the first revaluation, was trans- fications as are necessary to maintain this
ferred to the Exchange Equalization Account basis.
so that a reserve in the books of this fund
Monetary gold stocks.—As regards the
took the place of the latent reserve contained monetary gold stocks, the lack of complete
data about the various equalization funds
See BULLETIN for April 1939, page 271.
2
1072
FEDERAL RESERVE BULLETIN
makes it impossible, this year no less than
last, to give an exact survey. The afflux of
gold to six countries 3 exceeded the world's
gold production of the last four years by more
than 13 per cent. The flow to the four countries (the United States, Great Britain, Netherlands and Switzerland) whose stocks show
an increase, exceeded the production by almost $3,600,000,000. The uneven distribution of the monetary gold is clearly seen from
these figures. It is also illustrated by the fact
that more than 80 per cent of the total estimated gold stock of the world is in the hands
of the six countries included in the list. This
maldistribution, as well as the still increasing
gold production, are problems which have
been pushed into the background under the
present circumstances and can only be solved
when the world is prepared to return to
collaboration in the economic and financial
sphere.
Conditions in the Netherlands.—What I
have said above regarding the development
of the world applies on the whole also to the
Netherlands. There have been no important
differences between the course of events in
this country and that in the world, as far as
the latter was not influenced by quite special
circumstances. According to the figures and
data available, it cannot be said that developments in the Netherlands were unfavorable
as compared to those in other countries with
which comparisons can be made. The decline
in trade which occurred in 1938 also made
itself felt here.
What I have said above about the numerous artificial and often contradictory measures which render it difficult to make a correct
diagnosis of the real situation and which are
apt to increase rather than to diminish the
lack of balance in the economic structure, also
applies to the Netherlands. The Netherlands
too are continuing to restrict imports despite
the very exceptional importance of international trade and shipping to the country on
account of its geographic situation, its history and the character of its population. In
the Netherlands, too, one can trace the phenomena of increased government expenditure,
a long series of growing budgetary deficits,
depreciation of the monetary unit and pressure on the consumer and on private enterprise. It is strange that some circles are
3 The United States, Great Britain, France, Netherlands,
Switzerland and Belgium; comparison is based on gold holdings,
at the end of 1934 and 1938, of central banks of the six countries
plus $1,800,000,000 in the United States Stabilization Fund. Gold
in other equalization funds is left out of account.
DECEMBER
1939
pleading for more rapid progress along the
road of the above-mentioned financial and
monetary measures, although the bad results
in the countries where they have been most
consistently and extensively enforced are
obvious.
I do not mean to say with the above that the
Netherlands could have maintained their old
policy of laissez-faire under the circumstances
which have developed in the world, and that
they could have refrained from all government interference with economic life. It is
absolutely essential that foreign aggression
should be warded off, and that the means of
the country's national existence should be
defended and maintained. But it is equally
essential fully to realize the necessity not only
of avoiding a rise in the cost of production
and the cost of living in the Netherlands, but
of furthering a reduction in the level of these
costs. In my opinion the future cannot be
faced confidently in this respect. The process
of cartellizing, which is at present going on
in the Netherlands under the guidance and
insistence of the Government, is sure to have
an unfavorable effect. The same applies to
the considerable rise in the tariff of protective import duties which became effective a
few months ago. If the Government interferes on a large scale with economic conditions and the development of economic life, it
cannot, in my opinion, refuse to take upon
itself the care and responsibility for the level
of the cost of production and the cost of living in the country itself, and for the maintenance of the required equilibrium in this
respect with the principal countries with
which the Netherlands have to compete internationally. It is not by means of export
bounties but only by the maintenance of the
required relation between the said costs at
home and abroad, and by the gradual improvement of this relation, that foreign competition can be sustained with success. To
my mind, there is every reason to pay close
attention to this point. There is little doubt
that there is a growing lack of equilibrium
between costs and prices in the "sheltered"
part of Holland's economic life on the one
hand, and costs and prices in those trades
and industries that are dependent on international competition, on the other. It is to
be feared that this disharmony will increase
as a result of the protective measures that
have been taken, and of the organization
among producers for the home market.
DECEMBER
1939
FEDERAL RESERVE BULLETIN
The course of affairs just indicated seems
to me to involve danger for the international
economic position of our country and for a
sound and lasting extension of employment.
In this connection attention must also be
called to the new social and fiscal burdens
which will weigh heavily on industry and
trade if the measures proposed and announced by the Government are accepted.
As far as I have been able to calculate, the
additional burden which trade and industry
will have to bear, as a result of the new measures alluded to, will exceed 60,000,000 guilders a year. It is clear that this will reduce
still further the spirit of enterprise, the
possibilities to invest and the revival of
economic life which are already so much
hampered by existing circumstances and government interference. Experience in other
countries has repeatedly shown that a real
recovery is only attainable when business life
can work and employ people on the foundation of reasonable prospects and possibilities.
It is difficult to understand how increased
social and fiscal burdens of such magnitude
can be reconciled with the very correct
opinion expressed by the Government itself,
that a reduction of unemployment can best
be attained by creating such conditions for
industry and trade as to enable them to employ the largest possible number of workmen. Very careful consideration should be
given to the questions whether, under the
present circumstances, expensive social measures are justified and whether economic life
in the Netherlands may in addition be burdened with new taxes which will lead to
serious fiscal and economic consequences. I
do not hesitate to answer these questions in
the negative. This does not mean that the
state of affairs which has been arrived at in
government finances, particularly as a result
of armament and unemployment expenditure,
does not call for radical measures. On the
contrary, the budgetary prospects of the Government and the municipalities make such
measures an urgent necessity. In order to
preserve its most valuable asset, its freedom
and independence, the Dutch nation will have
to make considerably heavier sacrifices than
it has, until now, been prepared to make.
That under the prevailing circumstances a
certain loss of capital and reserves is as inevitable in the Netherlands as it is elsewhere
may be true; but this does not alter the fact
that a correct understanding of the real situa-
1073
tion has not penetrated sufficiently, and that,
consequently, the impoverishment will assume larger proportions than is in accordance
with the required provision for the future
of the country and the people. As things
look at present, the Dutch nation will not be
able to maintain its present standard of living. Unless it is prepared to make the inevitable sacrifices now and, instead of clinging
to the maintenance of its nominal income, to
cooperate in reducing public expenditure,
cost of production and cost of living, greater
sacrifices will be imposed by the force of
circumstances. Some time ago I cooperated
in a public appeal and warning against the
tendency referred to above. I am firmly convinced that that which was explained and
emphasized in the document concerned, is
right and will be confirmed by future developments. In the meanwhile it has appeared
that those who bear the responsibility are of
another opinion or in any case that they do
not at present feel at liberty to act according
to the above-mentioned appeal. Under these
circumstances it is useless to enter into
further djetailed argumentation. The future
will have to pass judgment, and the facts will
show how long and with what results the road
now taken can be followed.
The Netherlands Bank.—There were no
changes of importance in the task and activities of the Netherlands Bank during the past
year. The management of the Equalization
Fund continued to demand constant attention
and extensive work. This applies to the
technical execution as well as to consultations
with the Government and with the managements of foreign equalization funds and central banks. As is well known, the buying
and selling of gold, which was one of the
principal parts of the activities of the Netherlands Bank, was transferred to the Equalization Fund when the gold standard was abandoned. In this way a source of profit was
cut off, the comparative significance of which
had grown in connection with the extensive
gold movements of post-war years on the one
hand, and on account of the decline in the
Bank's credit business on the other. Experience has shown that the remuneration which
the Bank receives for the management of the
Fund is not sufficient to make good the loss
just mentioned.
As regards the general line of development,
there is a considerable difference between the
year under review and the year 1937-1938.
1074
FEDERAL RESERVE BULLETIN
DECEMBER
1939
This difference does not lie in the character when the current items showed a credit balof the main factors which dominated gold ance. However carefully and conscientiously
movements and the course of the rates of the official figures have been compiled, no
exchange. As has already been recorded definite conclusions can be drawn from them
above in connection with the general mone- as to the question whether, in a given year,
tary situation, these factors again consisted the current items have been in equilibrium,
mainly in capital movements. The difference or what the amount of the credit balance, if
to which I am referring, lies in the fact that any, has been. For 1937 this becomes evident
the capital movements of which I gave a when one sees that the figures leave an unshort survey in my last report, and which explained difference of no less than 499,000,caused the demand for guilders considerably 000 guilders, an amount which exceeds the
to exceed the supply, did not continue in 1938- entire debit balance on merchandise account
1939. This can be seen from the figures of by 97,000,000 guilders. This does not alter
the gold stock of the Netherlands Bank. Let the fact that the compilation and publication
it be clearly understood, however, that they of the figures are of great importance in
only indicate a tendency and are no gauge of order to indicate the direction in which the
the extent of the movements. At the end of various known items are moving. It seems
the financial year 1937-1938 the Bank's gold to me that the remittance relation between
stock amounted to 1,466,200,000 guilders. the Netherlands and the Netherlands Indies
After an initial increase to over 1,481,200,000
a source of great difficulty in judging a
guilders this level was maintained, with slight is
year. For example, the profits of
fluctuations, from the beginning of June, given
companies working in the Netherlands Indies
1938, to the beginning of December, 1938, are not remitted as separate amounts. They
when it fell to 1,461,200,000. It started are included in the yield of the products exfalling again in the second half of February, ported, and the year in which they are re1939, and continued to do so until, by the end mitted rarely coincides with the year in which
of the financial year, the gold stock had they are distributed among those entitled to
diminished to 1,322,500,000 guilders. At the a share in these profits. The latter year, howtime of writing it amounts to 1,209,500,000 ever, is taken as that of the remittance in
guilders. As can be deduced from these compiling the official figures.
figures and from other data at our disposal, Although some reservations should be made
capital is moving away from the Nether- on account of what has just been said, it
lands. The political factors, repeatedly re- should be pointed out that the import balance
ferred to above, have led to the withdrawal for 1938 on merchandise account showed only
of the foreign money that had sought refuge a decrease of 26,000,000 guilders as compared
in the Netherlands. The buying of foreign— with 1937 while, on the other hand, the proespecially American—securities has also ex- ceeds of the exp.orts from the Netherlands
erted an influence, although this factor has
not been so important as one might suppose Indies as well as the yield of the services renjudging by the number of foreign securities dered by the Netherlands—on account of the
that have been* introduced here. Finally, fall in freights—have suffered a considerable
though one cannot speak of capital flight, decline. Considering the strong position of
there has been a certain transfer of liquid the guilder and its gold cover, this developfunds from the Netherlands to other coun- ment obviously constitutes no reason for
tries. There is no reason to deplore this. anxiety. It may, to a certain extent, have
That foreign funds which were held in the contributed in the direction of the capital
Netherlands at short notice have gone again, movement referred to above.
can only be considered as an advantage, while The depreciation of the guilder increased
the other two factors mentioned above have during the financial year under review. On
not in the least affected the position of the March 31, 1938, it amounted to 18.68 per
Netherlands and of the guilder.
cent as against 22.02 per cent on March 31,
Another point which should be mentioned 1939. Thus the guilder once more arrived at
in this connection, is that, as far as can be the level at which it stood at the beginning
judged at present, the balance of payments of October 1936. While the percentage of
of the Netherlands for 1938 presents a some- the depreciation decreased during the period
what different picture from that for 1937, in which the demand for guilders exceeded
DECEMBER
1939
FEDERAL RESERVE BULLETIN
1075
the supply, it has increased now that the tive pressure on sterling. As Holland is one
of the parties to the monetary agreement,
situation is reversed.
Although the extremely abundant supply the Netherlands Bank was among the cenon the money market has been somewhat in- tral banks to which the Bank of England
fluenced by the efflux of gold, the quotations addressed itself in this connection, and we
have nevertheless remained at a very low have gladly given the desired cooperation.
level. Except during a few days in Septem- We were of opinion that speculation was inber 1938, signs of an upward tendency were deed playing an important part in weakening
not perceived until the last month of the finan- the position of the British currency; and we
cial year, and this largely under the influence felt that a further decline of sterling and
of the international political situation. If with it of the monetary units of the counthis upward movement in money rates per- tries belonging to the sterling bloc, would
sists, it may lead to the restoration of more involve serious consequences of a monetary
normal conditions in the money market and and economic nature. We therefore invited
enable the Netherlands Bank to regain its the commercial banks which had, a few years
influence on that market. The conditions ago, joined the gentlemen's agreement to
that were created by the strongflowof capital defend the guilder to collaborate; and to our
to the Netherlands can hardly be considered satisfaction all institutions concerned desound. The efflux of foreign capital has had clared themselves ready to act according to
practically no effect on the rates of interest our wishes. The measures taken by the
in the money market. This is to be attributed British authorities had a favorable result.
to the correct policy which the commercial Not only could the sterling-dollar rate be
banks in the Netherlands have followed with maintained; it showed a marked improveregard to their liquidity. If, however, the ment by rising from 4.628 on January 3,1939,
internal situation, apart from the withdrawal to 4.681 on March 31, 1939.
of foreign money, should cause a contraction
For the sake of completeness, mention
on the money market, the inevitable conse- should be made of the fact that the embargo
quences as to the rates of interest would have on the export of gold coin and gold bullion,
to be accepted, although it would be advisable issued in this country when the gold standard
to prevent the rates from going up too sud- was abandoned, and sanctioned by the act
denly. Efforts to maintain the recent ab- of September 30, 1936 (Staatsblad No. 101),
normally low rates of interest by artificial was repealed upon our suggestion by the
interference must, in my opinion, be rejected Minister of Finance as from August 7, 1938.
as unsound. In the long run they would, In practice, the embargo had already been
moreover, be doomed to failure.
suspended since June 17, 1937, licenses to
When the British authorities took strong export gold having been granted freely and
measures at the beginning of 1939 to defend on an unlimited scale from that date. By
their currency and to restrict speculation virtue of the act of November 25, 1938
against sterling, the Bank of England asked (Staatsblad No. 408), the Minister of Finance
of gold
the other parties to the monetary agreement is authorized to prohibit the export
to cooperate in these endeavors by putting a again under certain circumstances.4
stop, as far as possible, to gold transactions
text of the Act of September 30, 1936, as amended by
in their markets which might exert specula- the The
Act of November 25, 1938, is given on p. 1067.
4
1076
FEDERAL RESERVE BULLETIN
DECEMBER
1939
BALANCE SHEET OF THE NETHERLANDS BANK AS OF
MARCH 31, 1939, AND MARCH 31, 1938
[In thousands of guilders]
Assets
March
31, 1939
March
31, 1938
Gold coin
113, 557
106, 638
Gold bullion
1, 215, 834 1, 352, 681
13, 744
Silver coin
23, 815
4,291
Correspondents abroad
6,011
5,400
2,700
Foreign bills.
9,111
Domestic bills
9,728
77,
718
Loans
73, 713
221, 545
Advances in current account
134,
310
Advances to the Government (law of May 27,
1932)
7,630
Investments in shares listed by the Amsterdam
Brokers' Association
34, 994
34,
525
Shares of the Bank for International Settlements,
1,209
of which 25 per cent is paid in
1,209
7,784
Other investments
8,657
619
Net balance with banking correspondents
253
66
Cash items
_._
35
542
Interest accrued on loans
479
128
Interest accrued on advances in current account..
120
358
Interest accrued on investments
351
71
Commission account
40
4,580
Bank premises and furniture
4,580
Total assets.__
1, 630, 626 1, 857, 306
Liabilities
Notes in circulation
Current accounts
Other demand liabilities
Capital
Reserve fund
Special reserve
Pension fund
Unearned discount on domestic bills
Unearned discount on foreign bills
Dividends payable
Balance of profits at the disposal of the general
meeting
Total liabilities.
March
31, 1939
1,014,184
571, 493
82
20,000
4,277
7,757
12, 120
6
2
23
March
31, 1938
934,313
877,879
453
20,000
4,861
7,102
12,000
3
3
23
682
1, 630, 626
l r 857, 306
DECEMBER 1939
FEDERAL RESERVE BULLETIN
1077
ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
The annual report of the Central Bank of the value of 202,000,000 pesos, decided upon
the Argentine Republic for the fourth finan- by the National Government in 1937. The
cial period, covering the year ending Decem- advantages of the first named procedure lie
ber 31, 1938, was submitted by the Board of not only in the saving effected through not
Directors to the Meeting of Shareholding actually moving the gold, but more particuBanks in March 1939. Sections of the official larly in the fact that it can be released more
promptly and freely with a minimum of unEnglish text are given herewith:
As usually happens when the trade cycle desirable psychological reactions.
The experience gained in this matter has
is in its downward phase, the balance of our
international payments for 1938 closed with taught a lesson which public opinion will not
a substantial deficit. It was therefore neces- fail to learn. In spite of the strain imposed
sary to make full use of the gold and foreign on them our monetary reserves are still subcurrency holdings of the Exchange Fund stantial. Their usefulness lies in their being
which thus fulfilled the specific purpose for employed at the right moment, provided that
the causes of the disturbing adverse balance
which they were accumulated.
This disequilibrium had its origin in the are also attacked at once.
Even a cursory study of current events
exodus of floating funds half-way through
reveals
the unmistakable presence, together
1937 and continued later as exports declined with certain
factors, of all the same
while imports remained at a high level, elements whichnew
give
their characteristic imthereby causing the deficit in our balance print to the undulating
course of Argentine
of payments to reach 582,000,000 pesos in economic life. In actual
fact there is an
1938. Of this total the official and free ex- unbroken succession of periods
of prosperity
change markets were responsible for 313,- and
depression
which
have
a
fundamental
000,000 pesos and 269,000,000 pesos respec- bearing in determining the monetary
as well
tively.1
as the financial policy of the country.
To meet this adverse balance it was necesAlthough it is impossible to say how or in
sary to release 461,000,000 pesos in gold and what
particular form or at what precise
foreign exchange from the Fund, in addition moment
the turn in the tide is likely to occur
to 121,000,000 pesos, obtained by the Na- after a period
of prosperity, the knowledge
tional Government from foreign loans.
that such a moment will inevitably arrive
It was possible to effect the whole of this should be sufficient to advise the timely adopconsiderable transfer of foreign exchange tion of measures tending to moderate the
without causing any uneasiness amongst the range of the fluctuation or to palliate its
general public who, in Argentina as in other social and economic consequences.
countries, are apt to look upon gold exports
Notwithstanding the fact that the characwith a degree of apprehension which is just teristic
elements referred to above determine
as exaggerated as the optimism engendered the course
of the trade cycle now as on previby an influx of that metal.
ous
occasions
in both the present and the
This result may be considered to have jus- past century, profound
have taken
tified the practice, adopted at a favorable place in the meantime inchanges
the
economic
strucmoment, of converting foreign exchange
of the world, while both the domestic
holdings into gold and keeping it earmarked ture
and the international policy of the most imin the more important foreign centers rather portant
nations has also undergone substanthan bringing it to this country. An excep- tial modifications.
cycle continues to
tion to this practice was the repatriation of follow its course, butThe
vastly different
the gold belonging to the Exchange Fund to economic and political under
conditions which not
NOTE: The report, available in the official English translation only powerfully influence its very intensity
published by the Bank, contains in addition sections on profits
for the year, administrative niatters, etc., together with statistical and duration but also the nature, range, and
tables and charts. For earlier reports, see BULLETIN for August severity of its effects.
1938, September 1937 and July 1936.
Quotations in New York of the Argentine peso based on buying
Although monetary policy is being comrates for foreign currencies in the official market in Buenos Aires
plicated by all these circumstances it is still
averaged
$0.31135 in December 1938.
1
The latter figure has been arrived at by calculating the rate
at 15 pesos to the pound, so as to allow of the resulting total being necessary to base it on cyclical experience.
added to the official market figure. Except where otherwise stated, In previous reports we have implicitly recogall figures regarding exchange are shown at the above mentioned
nized this fact as, for instance, when we said
rate.
1078
FEDERAL RESERVE BULLETIN
in the report for 1936 that " in periods when
economic activity is on an upward trend an
exaggerated optimism frequently breeds the
germs of future misfortunes." The country
was at that time definitely in the midst of an
upward phase and we thought it timely to
issue a reminder that such phases "are generally limited in duration" and added that
"therefore, the opportunities which they
offer for remedying the consequences of past
evils and for accumulating reserves for times
of stress for which it is wise to be prepared,
should not be missed."
In the present report we shall again have
to discuss monetary policy in the light of
these periodically recurring events. It will
not therefore be out of place to outline briefly
the characteristic features of the Argentine
trade cycle and the monetary disturbances
which usually take place during its course.
Our trade cycle differs from those of the great
industrial and creditor nations and the lessons of an experience distinct from our own
would be of little use in explaining it. To
interpret it aright we must therefore analyze
the facts peculiar to our own country and to
this purpose the following chapter will be
devoted.
T H E TRADE CYCLE AND MONETARY POLICY
Characteristic features of our trade cycle.—
A study of the Argentine trade cycle from
the academic standpoint does not, of course,
come within the scope of this chapter. We
propose to confine ourselves to a brief outline of its working, as reflected in the experience of former times and in the course of
events which have come under our own direct
observation, and to a recapitulation of precedents which, although already generally
known, will enable us to see in better perspective the occurrences dealt with in this
report and to set forth clearly the aims of
our monetary policy.
Argentina being both an agricultural country and a field for the investment of foreign
capital, the trend of the oscillations of the
trade cycle is determined, on the one hand
by the variations in the physical volume and
prices of the products of the soil and by the
extent to which they are absorbed by the
world markets, and on the other, by the
greater or lesser inflow of foreign capital.
Apart from the varying fortunes of agricultural and pastoral production, which are of
course dependent on weather conditions, the
DECEMBER
1939
other factors just mentioned are closely linked
to foreign cyclical movements which thus
reflect on the Argentine trade cycle.
The intensity and duration of our cycles
depend not only on the individual strength
of each of those factors, but also on the time
and manner in which they happen to take
effect, either exerting pressure jointly or
offsetting each other to a greater or lesser
extent.
The first outward signs of the upward
phase make their appearance in the balance
of payments. An increase in exports, or
larger investments of foreign capital, or both
these factors at once, produce a favorable
balance which immediately reacts on the
internal monetary position. The mechanism
of this reaction is extremely simple. As a
consequence of the favorable balance the
supply of foreign exchange in the market
exceeds the demand. The banks purchase
the excess exchange and credit or deposit the
corresponding amounts in Argentine currency in the sellers' current accounts. In
their turn, the banks usually transfer the
excess exchange bought from their customers
to the Central Bank, which in the same way
credits the banks with the equivalent amount
and thus creates fresh banking funds,2 while
holding the exchange as such, or converted
into gold, until the occasion for using it arises.
A first conclusion may be drawn from the
foregoing, namely that a favorable balance
in our international accounts is immediately
reflected in a parallel expansion in the available media of payment, through an increase
in current account deposits and a similar
expansion of bank cash reserves deposited
in the Central Bank.
The increase in the media of payment is
distributed in the first place among those
sections of the population that benefit directly
from increased exports or from foreign capital investments, and the purchasing power
of those sections is consequently enhanced
to an equivalent extent. The general demand
for goods and services is thereby increased,
and imports, which in this country are extremely sensitive to such an expansion, soon
feel the resulting stimulus.
Media of payment and imports.—In fact,
imports tend to follow closely the growth in
the volume of media of payment. At first
3
Under the Caja de Conversion system the working was identical except that the banks instead of selling exchange surrendered
gold, and the Caja instead of crediting them with the equivalent
amount paid them in notes. The effects on the monetary system
are exactly the same.
DECEMBER 1939
FEDERAL RESERVE BULLETIN
1079
sight this would not seem to be the case, inas- has on the balance of payments. It is a
much as only a part of the goods consumed matter of cardinal importance for Argentine
are of foreign origin and home industries monetary policy that these consequences
supply an increasing proportion of national should be fully recognized. Furthermore, if
requirements. However, a closer study of we think over the example given we will be
the problem will show our contention to be led to a better appreciation of the diverse
well founded. Let us suppose, to take a very positions in which different countries find
simple example, that of the total goods and themselves in regard to the oft recommended
services required by the population only 20 policy of artificially expanding the volume
per cent are imported; let us suppose further of media of payment with a view to encouragthat the increase in the media of payment ing internal economic activity. In countries
amounts to 300,000,000 pesos and that the where only a negligible part of the goods conwhole of this sum is spent by its recipients. sumed by the population are imported, the
Of this increase in demand, on the basis of disturbing effects of such a policy on the balthe percentage just stated, imports would ance of payments are naturally less serious
obtain 60,000,000 pesos while the remaining than in a country like ours where imported
240,000,000 pesos would be satisfied by do- goods supply a very important part of the
mestic manufactures and services, which requirements of the population and of inwould thus benefit to that extent by the dustry.
expansion in purchasing power. If we sup- As imports increase, due to the close relapose further that of those 240,000,000 pesos 20
which exists between them and the
per cent is also expended on foreign articles tionship
media
of
payment, the gold and foreign ex(and the percentage might be altered without change which
had previously entered the
affecting the final result), imports would be country as a result
of the favorable balance
further increased by 48,000,000 pesos and an of payments tend toflow
again and
equivalent volume of media of payment would a corresponding volume ofoutwards
media
of
be thereby eliminated. The residue of 192,- is thereby eliminated. In all this payment
000,000 pesos would go to increase the pur- there are no monetary disturbances process
of any
chasing power of those whom it now reaches. kind, although the resulting fluctuations
in
In this way if we continued our analysis we economic activity bring in their train consewould find that in passing from hand to hand
of another nature which will be dealt
the volume of purchasing power originally quences
with
below.
put into circulation has an ever widening
Disturbances caused by credit expansion.—
sphere of action. At each stage a portion of
The
monetary disturbances of a trade cycle
the transferred purchasing power is devoted
to imports which gradually increase and in really begin when credit expansion creates
this way approach a total value approxi- further media of payment in addition to those
mately equivalent to the initial 300,000,000 already resulting from a favorable balance
of payments.
pesos increase in purchasing power.
Let us now see how this particular diffiThe example given is, of course, only a culty,
which has been so frequent an occurrough outline wherein it has been taken for rence in
monetary history, comes about.
granted that domestic production of goods When, inour
accordance
with the procedure deand services is capable of being increased to
above, the commercial banks transfer
a very considerable extent, as happens when scribed
the bank of issue (whether it be the Caja
there is serious unemployment. If such ex- to
pansion were not possible and the additional de Conversion or the Central Bank) the exThe play of the many variable factors which complicate all
demand could not be met by local producers,
economic problems alters the numerical ratios in our example.
the enhanced purchasing power would flow real
If the increased purchasing power goes into savings rather than
into
expenditure on goods and services, the growth of imports will
more quickly and easily into the hands of the be proportionally
less. The varying rate at which money circualso affects the working of the process, as also does the inimport trade after changing hands less often, lates
crease in the public requirements of currency. In this way the
or, in other words, after giving a lesser im- approach of imports to the 300,000,000 pesos mark in the example
quoted would be in inverse ratio to the volume of funds withheld
petus to internal trade.3
at each stage for such increased currency requirements. On the
hand, if the expansion in the media of payment has its
We would have omitted this explanation other
origin in the investment of foreign capital, there is a corresponding
increase
in the volume of financial services which have to be
had it not, apart from elucidating an impor- remitted abroad,
equivalent volume of purchasing power is
tant point, furnished us with an opportunity therefore eliminatedan and
the growth of imports is diminished in
a similar measure. In other similar ways our example could be
to stress the effects which a credit expansion further complicated to an infinite degree.
3
1080
FEDERAL RESERVE BULLETIN
cess gold or foreign exchange which they
have purchased, they increase their available
funds to an equivalent extent. Each bank, as
is only to be expected, seeks to take advantage of this increase in funds to extend its
loan operations, more especially if the ratio
of its cash reserves to deposits was previously satisfactory. In this respect, it is a
well known and easily explained fact that the
banks, through the medium of credit expansion, can create additional deposits in current
account two, three, or more times greater—
according to circumstances and to the greater
or lesser degree of caution exercised by the
management—than the total fresh funds
which they receive.
Be that as it may, the media of payment
thus created have exactly the same effects
when released on the market as those derived
from the inflow of gold and foreign exchange.
But, whereas the increased imports originating from the latter can be paid for with that
same gold and exchange, imports promoted
by the circulating media created by new bank
loans have to be paid for out of the gold reserves previously lying in the bank of issue.
Here lies the essentially disturbing character of this form of credit expansion. The
inflated imports thus upset the equilibrium
of the balance of payments and bring about
a pressure on the exchange market which increases proportionally to the degree of credit
expansion which has taken place. The shortage resulting from the excess of demand
over supply of exchange must be covered by
the release of gold or foreign exchange from
the reserves and if the media of payment, notwithstanding these unmistakable symptoms
of inflation, continue to grow due to further
credit expansion, the continued dwindling of
monetary reserves and the parallel shrinkage
in cash reserves at the banks are not long in
forcing the country off the gold standard, or
to a further currency depreciation if the gold
standard has already been abandoned, as has
more than once been proved by the grave
events which have occurred in our monetary
history. This goes to prove the validity in
this country also of that ancient principle
which lays down that redundant media of
payment—those of which we write may well
be so described—tend to force monetary reserves out of the country. Depreciation becomes more aggravated as long as there is a
growth of current account deposits originating in the grant of larger credits, the effects
DECEMBER
1939
of which are fundamentally the same as those
following the issue of bank-notes.4
This then is the cause of the monetary difficulties to which our trade cycle is liable and
which are apt to degenerate into a severe
crisis. These difficulties are not inherent to
the course of the cycle, although they very
frequently accompany it as a consequence of
the natural and spontaneous reaction of the
banks when confronted with an increase in
their cash reserves.
This is, of course, a very summary description in which the process has been simplified
as much as possible by eliminating the various peculiarities and complications which
have characterized its working in our country.
Normal banking credit.—In the foregoing
explanation no account was taken of the type
of loans granted, volume being the sole criterion adopted. It is a matter of some importance to elucidate this point as credit
expansion need not necessarily involve risk or
give rise to excessive speculation, as has been
not infrequently noted in these inflationary
movements. It is quite possible indeed to
imagine eminently sound and desirable transactions from the economic point of view which
have nevertheless contributed to monetary
difficulties, either because the amounts loaned
were very large or because they involved an
undue immobilization of banking funds.
It is therefore imperative that our views
on this question should be well defined, inasmuch as they constitute the basis of the recommendations issued by the Central Bank
to the commercial banks last year, advising
caution in granting new loans and in fixing
their date of maturity. In the first place it
is essential to distinguish between investment
loans, or other operations involving the immobilization of funds, and what might be
termed the normal credit requirements of
ordinary business. To provide for these latter is the specific function of deposit and discount banks. This type of transaction is of
a liquid character, whereas operations of the
former class belong to the investment category and can only be liquidated slowly, for
which reason they must be kept within prudent limits if monetary soundness is to be
preserved.
4
This is not the only cause of currency depreciation. It can
also originate in a disequilibrium of the balance of payments
brought about by a persistent fall in prices which gradually reduces exports, as well as by the unbalanced position resulting
from an expansion of the circulating media. The price factor
played a very important part in the late depression although in
its early stages credit inflation was the predominant influence.
DECEMBER
1939
FEDERAL RESERVE BULLETIN
Such normal banking credit presupposes
easy liquidation, since its purpose is the
prompt sale to the consumer of goods which
are produced, imported, and placed on the
market with the help of that credit. It also
implies the creation of fresh purchasing
power by the banks, but only for the relatively short space of time which elapses in
the normal course of business between the
production or importation of the goods and
payment being made for them by the consumer. There is thus at all times a considerable volume of credit which is in process of
repayment, after which it is re-applied to
new transactions in the ordinary routine of
business.
The process of production, whether on the
farm or in the factory, as well as trade in
general, is carried on to a great extent with
the help of banking credit, which thus assists
in providing that part of the population which
depends directly or indirectly on these activities with the purchasing power which it needs
in order to continue its consumption of both
imported articles and domestic goods or
services.
The tempo of these activities, and consequently that of the banking loans used for
them, is largely determined by the prospects
of future sales of the goods dealt in by these
producers or traders, and also on the varying
foreign demand for those goods. Being thus
dependent on future sales, purchasing power
created by normal banking credit is necessarily of limited duration except in certain
special cases which will be dealt with later.
Future sales prospects are the object of innumerable surmises by producers, traders,
manufacturers, and bankers, and are consequently affected by the psychological currents
of optimism and pessimism which influence
the trend of business. Argentina being an
agricultural country, such surmises refer
mainly to the prospects for agricultural and
pastoral products because of their far-reaching effects on the general business situation.
In fact, an increase in the value of rural production, apart from its direct influence on
imports, not only creates a proportionately
greater demand for domestic goods and services by the rural population, but also increases
the demand of the producers and sellers of
those goods and services, and of those who,
in their turn, supply these latter with the
articles they consume; and so on indefinitely.
Internal business activity is thereby stimu-
1081
lated to a greater extent than it would be by
the requirements of the rural population.
Conversely, a decline in the value of agricultural and pastoral production becomes accentuated in its depressing effects when reflected on general business activity.
Temporary immobilizations of normal
credit.—If the trend of rural production,
trade, and credit, are so powerfully affected
by agricultural and pastoral prospects, it is
only natural that in the measure in which results do not come up to expectations, certain
characteristic disturbances should frequently
make their appearance and call into play the
elasticity of a good banking and currency
system.
It happens in such cases that both imports
and local industrial production exceed the real
consumptive capacity of the market. Sales
are therefore not up to expectations and consequently loans cannot be paid off within the
prescribed time limit. Credits therefore become immobilized not because of their nature
but by force of circumstances and loaned
funds are slow in returning to the banks.
In addition, with exports also falling below
expectations and imports unduly high, gold
and foreign exchange have to be released to
cover the deficit in the balance of payments.
However, this adverse balance is purely temporary as imports tend to decline of their own
accord when the purchasing power originating in rural production diminishes. All these
are normal happenings in an agricultural
country and the cash holdings of the banks,
as well as the monetary reserves of the Central Bank, should be sufficient to face such
difficulties without resorting to stringent
credit restriction, which in these circumstances would defeat its own ends.5
It is easy to understand that the ability of
the banks to withstand these unavoidable
credit immobilizations depends on the degree
to which they have previously refrained from
immobilizing funds in financing or investment operations.
The above is an outline of the nature of
normal banking credit and of the important
function which banks perform through its
medium. It is for them a duty, requiring
both prudence and ability, to provide business with media of payment adequate to the
degree of activity prevailing at any given
5
e We refer, of course, to a general restriction and not to such
limitations as it may be desirable to introduce with regard to certain branches of economic activity where a salutary liquidation,
destined to correct past errors or excesses, may be deemed necessary.
1082
FEDERAL RESERVE BULLETIN
time. Concurrently, it is the duty of the
Central Bank to provide the banks with the
supplementary resources which they may
need to ensure that genuine business dealings
are not held up for lack of circulating media.
This is one of the main purposes of rediscounting which, by the nature of the need
it is intended to satisfy, can only be effected
with readily collectible short-term paper
corresponding to real and actual transfers
of merchandise or, in other words, with paper
originating in a producing or a trading operation based on the sale of goods and with the
expectation of their proximate consumption.
Distinction between credit and savings.—
As already stated, a marked distinction must
be drawn between the two forms of credit
mentioned above. In normal credit operations immobilization of funds and excessive
imports are merely incidental risks. On the
other hand, in financing operations and longterm investments immobilization is the direct
and inevitable consequence of the operations themselves, and the purchasing power
launched on the market thereby contributes
at once to the over-expansion of imports,
inasmuch as these operations are not connected with an immediate sale of goods which
depends on the prospects of agricultural
production and its export. Furthermore,
and in contrast to the course of events in
normal credits, no corrective reaction follows.
On the contrary, as long as the expansion in
financing or investment loans remains unchecked, the growth of imports, and the drain
on monetary reserves, will continue.
All this is strictly in accordance with the
acknowledged principle of liquidity in bank
portfolios, a principle which, like many other
ancient monetary truths, has been and still
is entirely borne out by experience. Financing and investment operations are really
contributions of capital which can only be
repaid slowly and therefore can only be undertaken with funds accumulated through
saving which, when all is said and done, is
the only means of building up capital. The
roles of bank credit and saving have, it is
true, been frequently confused and such confusion is easily understandable in new countries which lack the great mass of savings
which their economic development requires.
If savings could be replaced by credit this
problem would be very easily solved.
Whereas the utilization of savings merely
signifies a transfer of purchasing power
DECEMBER
1939
from those who accumulate them to the borrowers who invest it in their enterprises,
bank loans, as already shown, create a fresh
volume of purchasing power. If a private
enterprise or a public department makes an
issue on the market instead of borrowing
from the banks and thereafter spends the
funds so obtained, no monetary consequences
which may affect imports and the balance of
payments are entailed. But such consequences would assuredly follow if the securities, instead of being acquired by the public
out of their savings, were taken up by the
banks. In this case the banks would be
creating fresh purchasing power and transferring it to the issuer of the securities. In
passing we would mention that this is a
factor of considerable practical importance,
and was one of the chief reasons for the
establishment of the short-term bill market,
as explained in the corresponding chapter of
this report.
However, it must not be forgotten that in
this country the banks receive a considerable
portion of the savings of the population.
Consequently they act not only as creators
of purchasing power but also as intermediaries between savings depositors and businessmen wishing to borrow those funds, or in
other words as distributing agents for the
savings of the public.
An important conclusion may be drawn
from the above. If the banks embark on
financing or investment operations utilizing
for such purposes only a prudent percentage
of new savings deposits (inasmuch as previous ones are already invested in one form or
another) they do not bring fresh purchasing
power into being, but only transfer a part
of what they have received from the public.
In this case, and always provided they make
adequate provision to meet such withdrawals
as past experience tells them to expect, such
financing or investment loans involve no
monetary dangers and are exposed only to the
risks inseparable from this class of business.
But if this limit is exceeded the monetary
consequences already described are unavoidable whatever the nature or purpose of the
investments, whether they are first class
mortgages, advances to finance the development of promising industries, or credits to
promote public or private works of an undeniably productive character.
In short, it is a dangerous illusion to think
that these operations, however praiseworthy
FEDERAL RESERVE BULLETIN
DECEMBER 1939
they may be, can be carried on beyond the
limits referred to by resorting to banking
expedients to cover the lack of local capital.
The failure to recognize this elementary principle leads inevitably to depleting monetary
reserves or to floating foreign loans to counterbalance a deficit in the balance of payments.
The trade cycle and monetary disturbances.
—A more accurate appraisal of the working
of the cycle is now possible. During the upward phase imports, internal industrial activity, and business in general, increase.
Prosperity reigns. This is the outcome of the
expansion in the circulating media caused by
the gold and foreign exchange which enter
the country as a result of increased exports
and investments of foreign capital. The
subsequent expansion in imports tends to
disturb the balance of the international payments and this disturbance becomes accentuated at the moment when, inevitably, exTHE ARGENTINE TRADE CYCLE AS REFLECTED IN THE
PRINCIPAL ECONOMIC INDICES
(Twelve months moving averages)
Logantlmk scale
1083
ports fall and the inflow of foreign capital
either dwindles or ceases altogether, while foreign financial services increase. The downward phase then begins. The gold and foreign
exchange which previously poured in now
flows out again, while the drop in purchasing
power causes a decline in industrial and
business activity and a shrinkage in imports.
These events tend to restore the balance and
if no credit expansion has taken place no
major monetary difficulties need be feared.
Nevertheless the problem of the trade cycle
is a serious one, since all the economic activities of the nation—as can be clearly seen
from the appended chart—are continually
subject to these successive periods of expansion and contraction which can be extremely
troublesome if the change of trend is both
sudden and severe. Government finance also
suffers from the same causes, increased revenues and bond issues encourage larger expenditure which cannot be so easily curtailed
when the tide turns.
If there has been credit expansion the
fresh purchasing power which it creates
stimulates the upward trend during the boom
period, and both internal trade and imports
advance more rapidly. If when the downward phase commences, and both6 exports and
investments of foreign capital fall, credit
expansion continues, either because of its
own momentum or of a budget deficit, imports and internal business activity tend at
first to maintain their level and later to decrease less than they would otherwise have
done. This causes a heavier deficit in the
balance of payments and a corresponding
outflow of gold and foreign exchange. Monetary disturbances are therefore more or less
serious according to the degree of inflation
which has taken place.
6
We have not dealt with investments of floating funds from
abroad as they are a recent development and did not occur in
former cycles. In our previous report we discussed the difficulties
which these funds brought in their train. Considerable investments of this kind were made during the upward phase of the
present cycle from 1935 onwards and contributed to accentuate
it, but when half-way through 1937 there appeared the first signs
that the upward phase was coming to an end a considerable
volume of floating funds took hurried flight, while the previous
inflow of long-term foreign capital investments shrunk more and
more. We do not intend to repeat what we wrote in the report
for that year concerning the monetary disturbances which these
funds caused but shall confine ourselves to summarizing briefly
their influence on the course of the cycle. When floating funds
enter the country their effect on the monetary system is the same
as that so frequently observed in the past with regard to investments of long-term foreign capital, namely, increased imports
and utilization of the exchange which had previously come into
the country. Later, the floating funds withdraw at the most unexpected moment and entail a further outflow of exchange reserves. In this way floating funds tend to double the demand for
exchange: first to pay for the imports which they originate, and,
afterwards, to cover their own withdrawal. Far from having the
counterbalancing effect that might have been imagined, these
movements of funds tend to aggravate the consequences of the
cyclical fluctuations.
1084
FEDERAL RESERVE BULLETIN
It should be noted, however, that credit
expansion is neither necessary nor unavoidable, although, as has so often happened in
Argentina, it sometimes occurs spontaneously as an outcome of the increase of bank
reserves. It can be prevented by the adoption of timely and cautious measures by the
banks and of an adequate policy of monetary
absorption by the Central Bank. This will
be the subject of the following chapter.
The above concludes the review of the
typical features of the Argentine trade cycle.
They still exert their influence today as they
did formerly, but under the sway of the great
changes which have taken place in the economic and political structure of the world
and which alter the intensity, duration, and
complexity of the cyclical fluctuations. These
circumstances make new demands on monetary policy, demands which will be more
easily met if the factors which affect monetary policy are more clearly understood and
its purpose more generally recognized. If
this and succeeding chapters help to achieve
those ends they will have served their main
purpose.
MONETARY
ABSORPTION
AND THE PROBLEM
CYCLE
1939
in gold from the Caja de Conversion on commencing operations. The conversion of those
holdings into banknotes would, therefore,
have doubled the total note issue.
To achieve the object outlined above, the
Central Bank first resorted to Certificates
of Participation in Consolidated Treasury
Bonds, then to Treasury Bills specially authorized by the National Government for the
purpose, and, finally, created Gold and Foreign Exchange Holding Certificates to supplement the action of the Participation
Certificates.
The following table gives an idea of the
magnitude of these operations.
ABSORPTION
OF BANKING FUNDS BY THE
BANK
CENTRAL
Volume of funds absorbed
End of:
Certificates
Treasury
of Participa- bills issued Gold and
tion in Con- for the purForeign
solidated
chase of
Exchange
Treasury
Gold and
Holding
Bonds (Real
Foreign Certificates
value)
Exchange 1
OF THE
The absorption of banking funds.—In the
preceding chapter we have sought to describe
certain phenomena of great significance to
our monetary policy without attempting to
discuss the policy itself. This we have done
deliberately so as to avoid confusion between
our examination of the facts and the measures suggested for dealing with them.
The time for discussing these measures
has now arrived, after having established
that the source of monetary disturbances in
the trade cycle lies in a spontaneous movement towards credit expansion which appears
whenever funds derived from a favorable international balance accumulate in the banks.
It will be understood therefore that the absorption or sterilization of those funds is one
of the principal aims of monetary policy.
We shall not repeat what we have written
on this subject in former reports. It will
suffice to recall that the Central Bank judged
it indispensable to carry into effect a policy
of absorption in order to preserve the country
from the dangers of a plethora of funds. In
April 1937 the total gold and foreign exchange
holdings reached the huge sum of 1,224,000,000 pesos, by a strange coincidence the very
same amount that the Central Bank received
DECEMBER
Total
Cash
holdings
of the
banks 2
(In millions of pesos)
1936
January
February __.
March
April
May
June
July
August
September..
October
November. _
December...
27? 7
242.8
223.2
186.9
323.0
342.9
347.0
311.5
330.0
323.4
347.2
397.0
34.4
67.5
1937
January
February. —
March
April
May
June
July
August
September..
October
November. .
December. _.
397.0
397.0
397.0
370.9
365.4
356.2
356.2
364.4
371.1
355.5
331.0
309.1
82.2
93.8
98.0
100.0
94.0
77.0
88.0
93.6
63.6
63.6
63.6
63.6
1938
January
February...
March
April
May
June
July
August
September..
October
November..
December...
300.5
281.3
304.4
266.7
289.0
332.3
306.5
275.3
357.7
352.9
314.4
300.1
63.6
63.6
63.6
63.6
63.6
63.6
63.6
63.6
63.6
63.6
63.6
63.6
75.0
172.5
204.0
248.4
251.8
269.1
283.3
282.6
276.1
249.3
234.6
196.9
. 183.3
183.3
147.8
128.6
86.6
72.8
67.7
12.5
40.0
10.0
272.7
242.8
223.2
186.9
323.0
342.9
347.0
311.5
330.0
323.4
381.6
464.5
739.1
768.7
812.9
829.4
743.5
722.9
690.3
714.0
659.4
747.6
775.8
772.1
479.2
565.8
667.5
674.9
707.8
685.0
713.3
741.3
717.3
695.2
643.9
607.3
793.7
796.4
772.5
829.0
772.9
840.1
829.7
761.9
737.1
780.2
721.5
689.7
561.0
528.2
551.3
478.1
481.2
482.5
442.9
406.6
433.8
416.5
418.0
373.7
709. 2
739.5
701.4
752.8
663.3
651.0
683.4
717.5
682.7
678.7
670.6
630.9
1 The funds obtained from these bills were used in due course for the
repatriation
of dollar indebtedness.
2
Comprises the principal banking institutions which hold approximately 93 per cent of the reserves and deposits corresponding to institutions governed by the Banking Law.
FEDERAL RESERVE BULLETIN
DECEMBER
1085
In August 1937 banking funds absorbed
by these means reached their maximum level
of 741,000,000 pesos, the banks having been
provided with this incentive to invest their
surplus funds temporarily in these categories
of paper. In this way they were not forced
to increase their loans and investments in the
market unduly.
cline in the volume of media of payment
caused by the outflow of foreign exchange
has been less considerable than it would otherwise have been. This circumstance has undoubtedly assisted in keeping internal trade
at a comparatively high level in relation to
the heavy fall in exports. But, as is only
natural, it has also tended to keep imports
at
a high level, so much so that, as mentioned
LOANS, MEDIA OF PAYMENT AND BANKING FUNDS ABSORBED.
in the introduction to this report, this has
Millions of pesos
been one of the main factors in the disequilibrium of the balance of payments.
In view of the trend revealed by imports,
the National Government decided to institute
prior exchange permits for the importation
of all goods paid for through the free market,
which goods
in 1938 were valued at 335,000,000 pesos.8
This measure, efficiently and flexibly applied, will make it possible to regulate the
volume of imports to the country's real capacity to pay, and within limits compatible
with the prudent use of monetary reserves.
i I i i i i i i i i i i i I t i i i i i i
It is reasonable to expect, and indeed it is
J. F. M. A. M. J. J. A. S. O. N. D. J. F. M. A. M. J. J. A. S. O. N. D. J. F. M. A. M. J. J A. S. O. N. D.
already happening, that the purchasing power
which, as a consequence of these measures,
The effects of the launching on the market can no longer encourage a disproportionate
of those surplus funds can be readily imag- expansion of imports, will be diverted prinined if it is borne in mind that, despite the cipally towards industry, except insofar as
considerable amounts which the Central Bank this purchasing power is converted into savwas able to absorb, there was at certain mo- ings and these savings remain unused in the
ments considerable competition amongst the banks. As a Consequence, industry, which
banks in placing funds. Fortunately it was would otherwise suffer much more severely
found possible to ease the situation later, due from the marked decline in exports, as exto the banks cooperating in joint measures plained in the previous chapter, will not only
designed to restore competition to its rightful be able to mitigate these effects to an appresphere, as explained in our previous report. ciable extent but in some branches may even
During the upward phase of the cycle credit be able to regain the level of prosperous
expansion was kept within reasonable limits times.
in relation to the volume of surplus banking
The far-reaching importance for the nafunds available, as can be seen from the tional economy of these events must, of
accompanying chart.
course, be recognized as also the desirability
But later, as the downward phase developed that they should follow their course under
from the middle of 1937 onwards, bank loans the most favorable conditions, taking timely
expanded continuously. The normal credit precautions against certain dangers which
requirements of business had not really in- are not difficult to discern.
creased, the expansion being more the outIn economics, reactions are not infrequently
come of the application of the Agrarian Credit observed comparable with those of a living
Law, of the advances made to the Grain Regu- organism, whose passing phases of depression
lating Board to finance its7 purchases, and of can be alleviated by the use of certain stimugovernment requirements.
lants, but only in carefully measured doses
Promotion of internal business activity.— and when strictly necessary, so as to prevent
By virtue of the above fact, the cyclical de- a dangerous habit being formed. The effect
7
Of the 226,000,000 pesos increase in the net loans and in- of credit on economic life is very similar, it
vestments of the banks in 1938, 92,000,000 correspond to the
1936
1937
193S
8
Agrarian Credit Law, 45,000,000 to the Grain Regulating Board,
Taking the exchange rates at which the operations were
27,000,000 to government requirements, and the remainder to effected. Calculated at 15 pesos to the pound sterling they come
other loans and investments.
to 266,000,000 pesos.
1086
FEDERAL RESERVE BULLETIN
must only be resorted to when absolutely
necessary as an undue expansion would inevitably lead to very serious consequences.
The industrial capacity of the country is
limited and if purchasing power is created
beyond a certain point production could not
continue to develop. A rise in prices of both
locally manufactured and imported goods
would follow with the consequent adverse
effect on the cost of living.
Once this point at which industry is operating at full capacity has been passed, it
would be unwise to encourage its further
growth by means of bank loans. Times are
not propitious for such an expansion, firstly
because it would cause an increase in credit
immobilizations, and secondly because it
would lead to undesirable over-capitalization,
to excessive investments in industrial plant
under the fictitious stimulus of a growth of
purchasing power which, when it goes back
to a normal level, would give rise to serious
over-production.
Finally, circumstances having confronted
us with this emergency, it behooves us to
spare no effort to ensure that the beneficial
results of alleviating the industrial depression and preventing the spread of unemployment shall entail the least possible dislocation
of the subsequent economic development of
the country, and more particularly of the
monetary system.
Absorption of purchasing power.—From
everything that has been said in this and the
preceding chapter it follows that monetary
policy when faced with a trade depression
can aim at two different objectives. The first
is to prevent credit expansion from accentuating the severity of the cyclical fluctuations
and from causing an adverse balance of payments which increases in proportion to the
excess of imports. The second objective goes
further, it aims not only at preventing the
fluctuations from becoming accentuated but
at diminishing their range and the extent to
which the volume of purchasing power varies
during the cycle, in order to moderate the
effects of these variations on the volume of
internal trade.
Naturally, to achieve this latter object it
would be necessary to withdraw from the
market part of the purchasing power derived
from increased exports and from foreign
capital investments, sterilizing it until the
downward phase of the cycle begins and it
should be expedient once again to release it.
DECEMBER
1939
This is therefore a real reserve of purchasing power which, like all reserves, is built up
during prosperous times for use in adverse
conditions. But there is a fundamental difference between a general reserve of this
kind and a reserve which a private individual
deems it wise to make. Anyone who deposits
his savings in a bank or invests them in bonds
is building up an individual reserve, but is
not contributing to a general reserve for the
community, inasmuch as the bank or the
issuer of the bonds re-launches that purchasing power on the market by lending or spending the funds thus received.
Consequently, the accumulation of a general reserve for the purpose of influencing
cyclical fluctuations requires that the purchasing power so accumulated should be neutralized or sterilized, until the moment arrives
for setting it free.
To render the application of such a policy
possible in this country, the establishment of
a market for short-term paper is imperative,
apart from the possibility of using long-term
bonds for this purpose, which will be dealt
with later. Due to the absence of a market
of this kind, the Central Bank has had to confine itself to placing its absorption Certificates
with the banks, and not among the public.
In this way it has withdrawn a considerable
portion of the surplus banking funds without
affecting the volume of deposits in current
account or that of currency in the hands of
the public, which between them constitute
the bulk of the purchasing power of the population. Furthermore, the placing of paper
of this kind with the banks has been proved
in practice to lack the necessary efficacy, because it is a temporary form of investment
which can be quickly liquidated if it is desired
to invest the funds in another way. On the
contrary, the placing of these Certificates on
the market would have the following consequences : the public would draw on their current accounts with the banks to pay the Central Bank which issues the Certificates, and
the banks would thereupon transfer the corresponding funds to the Central Bank, which
would promptly withdraw them from circulation, as it does at present with the funds derived from subscriptions to Certificates. In
this way the funds in question would be definitely withdrawn from the banks, and there
would be no possibility of their being utilized
for credit expansion as long as the Central
Bank pursued its absorption policy.
DECEMBER
1939
FEDERAL RESERVE BULLETIN
For these reasons the gradual establishment of a market for short-term paper is of
great importance from the monetary point
of view. It is also important from the financial standpoint as it would allow of the temporary financing of government expenditure
when the unevenness of revenue collections
is the cause of a shortage of funds, or the
moment is not propitious for the issue of
long-term bonds. This explains the efforts
made during the past financial year to develop
a market of this kind through the placing of
Treasury Bills by public tender, as will be
seen in the following chapter.
The absorption policy could also be put into
practice by placing long-term bonds with the
public and sterilizing the media of payment
received against them. The Central Bank, in
gradually accumulating bond holdings, which
when it completes its fourth year of existence
in a few months time will have reached the
considerable figure of 50,000,000 pesos, has
not failed to envisage this possibility, as will
be explained in the corresponding chapter
of the report. It is conceivable that, in the
future, the Bank may be able to augment the
efficacy of its other means of absorbing funds
by the sale of these bonds, and by keeping the
amounts derived therefrom in reserve for the
purpose of reinvesting them and putting the
corresponding media of payment back into
circulation when it deems such a proceeding
advisable.
Reduction of cyclical fluctuations.—In
short, the absorption of media of payment or
purchasing power during the upward phase
by means of the placing of paper by the Central Bank, would militate against the expansion of imports, industry, and other local activities, and the gold and foreign exchange
which would otherwise be devoted to payment
of imports would then accumulate as monetary reserves. When recession sets in, that
purchasing power would be again put into
circulation by the redemption of the paper at
maturity and its withdrawal from the market
by the Central Bank. Internal trade would
decline less acutely, and so would imports,
since the exchange which had been kept in
reserve would help to pay for them. Therefore, the absorption of media of payment,
and their subsequent return to the market,
would reduce the extent of the cyclical fluctuations and at the same time preserve the
banks from the dangers of credit expansion.
The full development of the market for
1087
short-term paper—a task which can be
neither quickly nor easily accomplished—is
all that is required for the efficient application
of such a policy, as the same means which
the Central Bank has used for the absorption
of funds could serve this purpose without
any substantial change in the financial basis
of such operations.
The idea of exerting influence on cyclical
fluctuations in this fashion, so far as the financial policy of the Government is concerned,
has already been the subject of a very interesting study published in the latest
Annual
Report of the Ministry of Finance.9 In commenting on public works expenditure during
the last decade, it is pointed out that the
maximum was reached "at the culminating
moment of our trade cycle, since the year
1937 may be thus considered. On the contrary, when depression was at its worst between 1931 and 1933 expenditure on public
works dropped to its lowest levels. The State
with its programme of public works has
therefore followed the same trend as the
cyclical movements of our economy, thereby
accentuating their fluctuations instead of
moderating them. It would have been wiser
to accumulate reserves in periods of prosperity and spend them during depression. In
this way the State would have helped to alleviate the unemployment which occurs in
times of crisis. When the economic situation
improves industry can absorb by itself the
greater part of available labour. If State
action were to take this direction the periodic
crises could be surmounted without such serious effects on the economic life of the country".
There is, therefore, a wide field of action
for monetary policy during the trade cycle
and valuable experience is already being
gained therein. We have thought it desirable
to examine it and record the foregoing comments, in which we have sought to avoid all
complexities of a technical nature which
might prevent a clear understanding and discussion of these problems which are of such
far-reaching national importance. In the application of this policy the greatest caution
should be exercised, and it should never be
forgotten that its aim is not to oppose the
natural development of economic forces but
rather to moderate the cyclical momentum
and thus lessen unfavorable social and economic reactions.
9
Year 1937, Vol. 1, page 41.
1088
FEDERAL RESERVE BULLETIN
BOND AND OTHER SECURITY
OPERATIONS
Absorption of government securities in
1938.—While 1936 was characterized by a
wave of optimism, and 1937 by the issue of
the considerable volume of bonds that saturated the market, 1938 was a year of consolidation on the Stock Exchange. As shown
in the following table, the net volume of Government securities placed during the year
amounted to only 135,000,000 pesos as against
550,000,000 and 350,000,000 respectively in
the two preceding years.
Securities
placed
Year
Securities
Net
withdrawn absorption
(In millions of pe 505)
150.0
500.0
150.0
700.0
115.0
250.0
1936
1937
1938
350.0
550.0
135.0
The serious events of 1937, which were
fuHy dealt with in our previous report, made
it imperative to proceed with great caution
in this matter, restricting issues to what
was absolutely indispensable so as to guard
against the dangers of another congestion
of the market. In this way it was possible
to keep quotations at a fairly steady level,
the only two important fluctuations which occurred during the year being fortunately of
very brief duration, as will be explained below.
It is easy to imagine the disastrous effects,
both on the market and on the interests of
those who invest their savings in bonds,
which would have followed a failure to act
WEIGHTED AVERAGE MONTHLY SPOT QUOTATIONS OF
THE PRINCIPAL NATIONAL BOND ISSUES ON THE
BUENOS AIRES STOCK EXCHANGE
Credito Argentino Interno
Year 1938
%
1934
1935
1936
4%
1936
Foreign
Debt
Repatriation
Loan 4%
January
February
March
April
May
June
July
August
September
October
November
December
100.65
99.66
99.95
100. 33
100. 53
100. 63
100.88
100. 50
99.37
100. 01
100.17
100. 23
(In pesos excluding coupon)
93.14
92.38
92.43
84.37
91.65
91.27
91.22
84.19
91.13
90.59
90.85
83.55
92.20
91.78
91.76
83.75
92.44
91.91
91.80
83.64
92.71
91.93
92.07
83.66
92.97
92.44
92.33
83.71
93.45
92.48
92.51
83.74
91.04
90.48
90.73
81.72
92.07
91.34
91.26
81.90
92.70
92.12
92.13
82.76
92.71
92.14
92.26
83.06
84.44
84.02
83.48
83.62
83.56
83.75
83.72
83.58
81.98
81.93
82.86
83.01
Average forjyear.
100.17
92.37
83.20
1
91.60
91.85
83.31
Including EmprSstito Patriotico 5 per cent, 1st Series.
D E C E M B E R 1939
with the prudence which circumstances demanded. It was necessary to recommend repeatedly the postponement or suspension of
various proposed issues. To give an idea of
the magnitude of these projected issues it
will suffice to say that, excluding national securities, at the end of 1938 bond issues awaiting authorization to be put on the market involved the considerable sum of 500,000,000
pesos.
The Securities Commission.—In such circumstances the Securities Commission was
obliged to participate actively in the work of
regulation. As stated in the report for 1937,
it was instituted for the purpose of coordinating the various market factors in order to
put an end to congestion caused by the excessive volume of bonds, and to establish conditions conducive to the greater stability of the
Stock Market. Events have confirmed the
necessity of creating this body.
The Commission has no compulsive powers.
Its function is to study all projected issues
submitted to it, either directly or through
the Ministry of Finance, and make whatever
recommendations it considers advisable in
accordance with the state of the market. For
this purpose it must have a,t its command the
fullest information regarding thefinancialposition and plans of the issuer. The Commission therefore takes no decisions, it merely
recommends. In this way it has advised the
postponement or suspension of such projected issues as could not be placed because
of the limited absorptive capacity of the
market, and it has asked the banks to abstain
from advancing money on bonds issued in
spite of the adverse report of the Commission. Consequently the power of the Commission lies essentially in the moral weight
which its recommendations carry in the market and with issuers. And that moral weight
can only exist if those recommendations are
inspired solely by the public interest and an
unwavering sense of fairness.
Program of issues for 1938.—By nature
of its duties, the Securities Commission has
kept in close touch with the National Ministry
of Finance. At the suggestion of the latter,
a study was made in May last on the basis of
which the absorptive capacity of the market
for the remainder of the year was estimated
at 150,000,000 pesos. This figure, together
with the information furnished by the provinces and municipalities, was used as a basis
at the meeting called that same month by the
DECEMBER 1939
FEDERAL RESERVE BULLETIN
1089
Minister of Finance for the purpose of ex- tions to unjustifiably low levels. These purchanging views on the program of future chases had the desired effect of allowing the
issues. The meeting was attended by the Stock Exchange speedily to regain its former
members of the Securities Commission and confidence.
also by representatives of the Banco de la
In addition to sales on the Stock Exchange,
Nacion Argentina, of the Banco de la Provin- the Central Bank, as in former years, placed
cia de Buenos Aires, and of local financial bonds for account of the Government to the
houses.
value of 32,000,000 pesos, outside the Stock
On that occasion the suggested figure of Exchange with the Pension Boards and va150,000,000 pesos was accepted as a conserva- rious other Government departments.
tive estimate for the absorption of govern- Placing of other government securities.—
ment securities by the Stock Exchange and Mortgage Bonds placed during the year
it was considered advisable to distribute it as amounted to 54,000,000 pesos but as the refollows: National Government issues, 60,- demptions simultaneously effected reached
000,000 pesos; Banco Hipotecario National, 53,700,000 pesos, the net volume of these
50,000,000 pesos, and provincial and munici- bonds placed on the market was insignificant.
pal issues, 40,000,000 pesos. These figures This allowed an increase in the sum originally
were fixed subject to further revision if mar- allotted to the provinces and municipalities
ket conditions made it necessary.
from 40,000,000 to 46,000,000 pesos and also
Placing of National Bonds.—The placing a slight increase in market sales of national
of National Bonds on the market, effected bonds.
through the Bank in its capacity as Financial In the total placings for the year there
Agent of the National Government, was car- must also be included approximately 40,000,ried out gradually up to the figure mentioned 000 pesos, which is the estimated volume
of
above.
Province of Buenos Aires bonds sold.10
The sales of bonds effected on the market Operations in National Treasury Bills.—
were of two categories. On the one hand there In this sphere efforts have been made during
were the ordinary bond issues tofinancethe 1938 to establish and develop a short-term
public works programme, which amounted to Treasury Bill market. The chief obstacle lay
52,000,000 pesos. On the other, bonds were in the nature of these Bills which, being made
sold which had previously been bought by the out to order, could only be transferred by enBank to regulate the market. In respect of dorsement, which proved in practice to be a
these latter operations, purchases during the serious drawback to their free circulation.
year amounted to 33,000,000 pesos, while In addition, these transactions were subject
sales aggregated 47,000,000 pesos, the excess to income tax and stamp duties which also
of 14,000,000 pesos being accounted for by hampered the ready negotiation of the Bills.
bonds purchased in 1937 and carried forward Both these hindrances were removed by the
from that year. At the end of 1938 the National Government with a view to the
remaining securities awaiting liquidation speedy realization of the object referred to.
as a result of these regulatory operations Bearer bills were instituted by Decree on
amounted to 2,700,000 pesos. The excess February 4,1938, and they were subsequently
sales added to the ordinary bond issues re- exempted from the above mentioned taxes.
ferred to above give a total of 66,000,000 The Central Bank was thus able to announce
pesos, which represents the total volume of the new regulations which became effective
National Bonds placed on the market during for these bills as from tenders accepted on
the year.
April 9.
The results achieved have been very satisThe regulatory operations just mentioned
were effected principally on two occasions, factory taking into account the situation durfirst in February, when the depreciation of ing the year and the fact that a pew developthe peso in the free market was accompanied ment of this kind must necessarily take place
by sales of securities chiefly by foreign gradually. The fundamental object pursued
holders, and secondly, on the occasion of the in encouraging the establishment of a shortinternational crisis in September, when the term bill market was to induce the financial
Central Bank had to intervene very actively houses and the investing public in general to
on the Stock Exchange in order to prevent the 10 Apart from this, Province of Buenos Aires Mortgage Bonds
company issues were also offered on the market to the value
momentary confusion from depressing quota- ofand20,000,000
pesos.
1090
FEDERAL RESERVE BULLETIN
DECEMBER 1939
place their funds temporarily in a class of 85,000,000 pesos. Herein lies one of the most
security carrying the most absolute guaran- significant results achieved so far by the
tee. The country lacked this field of invest- creation of a short-term bill market.
ment embodying the characteristics of early Although it is true that from the point of
maturity and immediate realization, in which view of the National Treasury there is no
investors would be assured that the security difference between funds received from the
they had purchased could be realized at any banks and those subscribed by the public,
moment. For this it was necessary that the from the monetary standpoint the two situamarket should be as extensive as possible, tions are entirely different, as shown in the
both in regard to the number and the financial second chapter of this report. Subscriptions
capacity of the investors, so that both buyers by the banks involve the creation of fresh
and sellers could always find the means of media of payment, whereas public subscripsatisfying their requirements. All this has tions merely entail a transfer to the National
been achieved by the cooperation of the brok- Treasury of media of payment already existing firms which have taken an active share ent. It is unnecessary to repeat the remarks
not only in tendering but also in negotiating made in the above mentioned chapter regardbills in the open market. The result of the ing the effects of each of these methods of
tenders throughout the year can be followed financing expenditure. It is therefore easy
in the table given below:
to understand the Central Bank's concern in
furthering the development of this tendency,
PLACING OF TREASURY BILLS FOR ACCOUNT OF THE without in any way prejudicing the interest
NATIONAL GOVERNMENT IN 1938
of the banks which have always been able to
find a suitable field for the investment of
Average rate of interest on
their surplus cash reserves, either in CertifiTreasury Bills
amount allotted maturing
at approximately:
Bills in cates of Participation in Consolidated Bonds
Date of
circulaissue
tion i
or in Gold and Foreign Exchange Holding
Al30
OfSub90 180 360
Certificates. Further, the development of a
fered scribed lotted days days days days days
short-term
market will open up for the banks
(Thou(In thousands of pesos)
(Per cent)
sands a profitable outlet for their temporary cash
ofpesos)
2.25
Jan. 10 20,000 6,900 6,900 2.06
145,100 balances which it will be possible to invest
3,050 2.02
2.25
Feb. 10 25,000 7,050
123,800 in readily realizable short-term bills, as hap2.25
Mar. 10 20,000 9,900 3,900
117,050
2.39 2.50
Apr. 9 20,000 4,600 4,600
109,100 pens" in important financial centers where
2,350 2.13
2.25 2.75
May 10 15,000 3,350
123,950
" 24 25,000 33,700 25,675 2.13 2.33 2.37 2.75 2.88 132, 325 treasury bills are regarded as the most typical
141,050 short-term market security.
June 10 10,000 16,550 13, 225 2.13 2.33 2.33 2.75
135,025
" 25 20,000 25,375 13, 825 2.10 2.33 2.38 2.75
7,100 2.10
2.50 2.75
132,125
July 8 18,000 14,925
The 85,000,000 pesos of bills taken up by
138, 200
" 26 15,000 19,750 17,800 2.12 '2.16 2.42 2.75
Aug. 10 20,000 22,400 18,600 2.15 2.28 2.40 2.75 3.00 142, 200 other institutions and by the public in 1938,
" 25 25,000 29,400 27, 300 2.11 2.31 2.49 2.75 3.00 143,800
Sept. 10 15,000 24,325 23, 275 2.15 2.35 2.49 2.75 3.00 150, 925 include 12,000,000 pesos subscribed by for136, 250 eign holders through exchange swap opera" 24 25,000 25,300 23,300 2.13 2.35 2.50 2.75
142,125
Oct. 10 25,000 27,425 25, 725 2.12 2.35 2.50 2.75
" 25 25,000 27,050 25, 200 2.06 2.32 2.50 2.75 3.00 143, 925 tions.
A very restrictive policy has been
3.00 149,025
Nov. 10 17,500 18,300 16,800 2.08 2.31 2.50
" 25 22,500 19,350 15,850 2.08 2.35 2.50 2." 75 3.00 145, 725 followed in this respect as it has not been
2.93 148, 950
Dec. 10 20,000 22,500 19,750 2.10 2.35 2.50
« 24 25,000 22,055 16, 555 2.13 2.35 2.50 "2~75 3.00 144,755 considered advisable to be burdened with a
large volume of short-term commitments
For this reason tenders for short1 Including Treasury bills placed without tender and Treasury bills of abroad.
Yacimientos Petroliferos Fiscales.
term bills have been refused and practically
No change has occurred during the year in all the foreign bids accepted have been for
the volume of bills in circulation but their maturities at 9 months or a year. A judidistribution has been modified. In effect, of cious contact has thus been established with
the 150,000,000 pesos of bills in circulation foreign investors but within extremely pruat the end of 1937, 91,000,000 had been placed dent limits.
The total of 145,000,000 pesos of bills outwith the banks and 59,000,000 with other
financial institutions and members of the standing on December 31st last, also included
public. Whereas, out of the 145,000,000 11,000,000 of the Yacimientos Petroliferos
pesos in circulation at the close of 1938, the Fiscales and 64,000,000 used for the repatriaamount held by the banks had declined to tion of foreign indebtedness. The balance,
60,000,000 pesos, that held by other in- 70,000,000 pesos, corresponds therefore to
stitutions and by the public had risen to bills for Treasury financing.
DECEMBER 1939
1091
FEDERAL RESERVE BULLETIN
Participation in consolidated treasury bond
and gold and foreign exchange holding certificates.—During the year 1938 the banks
have had to resort to the realization of a part
of their holdings of Participation in the Consolidated Bonds and Gold and Foreign Ex-
OTHER
ACTIVITIES OF THE
BANK
Exchange operations.—The rise of sterling
and the price level. The deficit in the balance
of payments in both the official and the free
exchange markets forced the Central Bank
to become an active seller of exchange in
order to meet the demand which exceeded
supply. During the latter part of January
PLACING OF CERTIFICATES OF PARTICIPATION IN
CONSOLIDATED BONDS I N 1938
and the beginning of February this situation
caused the first depreciation of the peso in
Certificates in Rate of interest on
Nominal value
the free market, when the sterling rate rose
amount allotted
circulation
Date of
from 16.99 pesos on January 28 to 19.05 pesos
issue of
CertifiNomi- Market Mini- Maxi- Aver- on February 4. The continuance of this state
OfSubAlnal
cates
fered
scribed l o t t e d i
value mum mum age of affairs brought about a further depreciavalue
tion in November, when the pound rose from
(In thousands of pesos)
18.96 to 20.62. This decline coincided with
(%)
Jan. 17 70,000 77,000 70,000 301,850 300,502 1.674 2.009 1.906 the National Government's decision to modify
Feb. 2 49, 700 42,900 39,800 291,950 290,640 1.739 2.023 1.931
" 17 50,000 53, 650 40,650 282,600 281,336 1.739 2.023 1.789 the official market selling rate raising it from
Mar. 2 27,750 39,450 27,750 282,800 281, 525 1.722 1.996 1.913 16 to 17 pesos, in view of the exchange situa120,000 110,000 115,000 305,950 304,435 1.957 1.996 1.992
«
8,350
8,350 301, 550 300,048 2.018 2.018 2.018 tion and of the measures adopted in regard
Apr. 2 12,750
" 13 70,000 48,250 36, 500 268,050 266,673 1.992 2.145 2.036
May 2 50,000 39,000 13,000 241, 250 239, 995 1.996 2.113 2.042 to grain prices.
a
50,000 53,000 90,000 290,600 289,043 2.035 2.152 2.092
Last year we explained at length how the
June 2 40,000 24,300 30,600 293,450 291, 858 2.113 2.191 2.183
21,000 312, 450 310, 761 2.186 2.186 2.186
" 10
deficit in the balance of payments began, and
" 17 60,000 34,000 60, 750 313, 200 311,471 2.035 2.230 2.226
21,000 334,200 332, 343 2.218 2.218 2.218 in this report reference has been made in
" 24
July 2 50,000 29,450 43,800 316, 650 314,902 2.176 2.295 2.287
" 16 40,000 28,050 28,050 308,200 306,479 2.168 2.284 2.247 other chapters to the various factors which
Aug. 2 20,000 10,700 10, 700 305,900 304,182 2.191 2.309 2.282 account for its continuance during the year.
" 16 90,000 57,000 57,000 272,900 271, 325 2.245 2.323 2.290
4,000 276,900 275, 302 2.284 2.284 2.284 It only remains now to deplore that such ad" 18
Sept 2 60,000 37, 700 37, 700 263,000 261, 455 2.255 2.374 2.360
36,
350 299,350 297,481 2.356 2.356 2.356 verse circumstances have rendered it impos"
3
" 17 60,000 48,000 90, 300 328, 900 326, 683 2.374 2.374 2.374 sible to maintain a greater degree of stability
24,210
353,110 350, 730 2.388 2.388 2.388
" 23
6,990 360,100 357, 674 2.376 2.376 2.376 in free market rates.
" 24
It must be pointed out,
366,000
363, 391 2.361 2.361 2.361
70,
700
23,000
40,000
Oct. 1
u
25,000 20,000 25,000 365, 950 363, 330 2.309 2.387 2.373 however, that notwithstanding its regrettable
10,000 10,900 10,000 354,750 352,197 2.309 2.387 2.366
Nov. 2
repercussions abroad, the depreciation of the
40,000 24, 500 44,500 346, 750 344,212 2.348 2.377 2.375
a
8,800 316, 850 314,493 2.360 2.380 2.371 peso in the free market, as anticipated in our
Dec. 2 10,000 13,800
50,000 33,500 33, 500 302, 350 300,082 2.360 2.380 2.377
«
1937 report, has had no great effect on the
internal
price level because of the type of
1 Including Certificates allotted without tender.
the imported goods paid for through that
2 For a term of 90 days approximately.
and because they constitute less than
change Holding Certificates, to replenish their market,
20 per cent of the total imports.
cash reserves in view of the drain caused by
VALUE OF GOLD AND GENERAL PRICE LEVEL D¥ ARGENTINA
the deficit in the balance of payments and the
(Indices, basis 1926 = 100)
increase in advances. In this way a substantial decline in cash reserves has been avoided,
I
- 300
but, on the other hand, placings of these Certificates have undergone an appreciable reduction. Whereas in December 1937 the total
value of Certificates of both classes placed by
the Central Bank with the other Banks
amounted to 545,000,000 pesos, at the same
date in 1938 it had fallen to 312,000,000 pesos.
The usual table illustrative of the course of
operations in Certificates of Participation in
Consolidated Treasury Bonds is given above.
In the corresponding column the upward
tendency of the interest rate, in harmony with
I 1,1
1 1I
1 1 1 1
1926 27 28 29 30 31 32 33 34 35 36 37 1938
the changed conditions of the market will be
Note: The value of gold currencies and that of the pound sterling from November 1933 onwards
noted.
has been calculated at the official market selling rate.
2
17
17
17
17
17
Logarithmic
scale
VALUE OF GOLD CURRENCIES
GENERAL WHOLESALE PRICE LEVEL
1092
FEDERAL RESERVE BULLETIN
DECEMBER
1939
On the contrary, the appreciation of the to the bills discounted in Zurich and Amsterpound sterling in the official market is apt dam in May for a nominal value of 40,000,000
to produce a rise in the internal price level. Swiss francs and 12,500,000 florins (guilNevertheless, this has not occurred during ders) respectively. The result of these oper1938 due to the fact that the fall in interna- ations is given below:
tional prices has been greater than the rise in
the pound. In effect, in December 1937 the
Average
general wholesale price index for Argentina Net proceeds of the Rate of
selling rate Yield in
Yield
in
conversion
in the free
in £
stood at 111.7 (basis: 1926 = 100), whereas foreignloancurrency
into £
market
in December 1938 it had fallen to 103.0.
Wholesale prices have therefore almost re- Swiss francs 39,080,000
21.72 1, 799,172
18.94 34,078,882
Florins
12, 315, 752
8.98 1, 371,080
18.97 26,009,905
turned to their pre-crisis level, a very signifi- Dollars
23,143,750
4.76 4,862, 847
18.97 92, 229, 360
cant fact as it proves that despite the considerable currency depreciation which has
taken place during the last decade, prices
Bank inspections.—Inspections. The Bank
stand today almost at the same level as at the Inspection Department has continued to perbeginning of the period. This is easily ex- form its duties according to plan. In the
plained by the great fall in international execution of a program approved in 1938
prices, which in this country has been offset nearly all the important banks and not a few
by the simultaneous rise in the value of gold in of the smaller ones have already been interms of Argentine currency, as can be clearly spected. To date 82 inspections have been
seen in the accompanying chart (p. 1091). carried out comprising banks which hold 92
Nevertheless it is obvious that, given an per cent of the total deposits.
unvarying level of international prices, any
In performing this task the Central Bank
depreciation in the value of the currency must has acted in the same spirit that has been
necessarily affect the internal price level, as explained in previous reports, endeavoring
has been repeatedly proved by past ex- to cooperate with the banks in finding a soluperience.
tion to any difficulties with which they may
Gold exports. Due to the situation referred be confronted. In the case of some instituto above, it was found necessary from July tions whose balance sheets showed losses or
onwards to export an appreciable part of the a considerable volume of frozen assets, it has
gold imported in 1937 by order of the Na- been necessary to consider methods of mobitional Government. Of this gold, which was lizing those funds and improving the state of
valued in the Exchange Fund at 202,000,000 the balance sheet, either by making use of
pesos, at the rate of 140.4 shillings per ounce part of the reserves or of the paid up capital,
and 15 pesos to the £, only 91,000,000 pesos or by obtaining assistance from the Instituto
remained. The cost of shipping the gold Movilizador de Inversiones Bancarias. These
worked out at 0.337 per cent of its value, measures have met with every success and
including freight, insurance, and other ex- have not given rise to any uneasiness in the
penses. At the same time the Central Bank, market.
for the reasons mentioned above, was obliged
In addition, some special inspections have
to dispose of a considerable part of the gold been made in regard to exchange operations.
which it held abroad also for account of the The results have, generally speaking, been
Exchange Fund. The net amount of gold thus very satisfactory, but it has been noticed that
sold reached a total equivalent to £16,231,929. the book-keeping systems used for these oper11s. 5d., or 243,000,000 pesos at the rate given ations sometimes lack clarity. This led to a
above. These operations were effected chiefly study of the possibility of working out a simin the London Market. In addition, when the ple uniform book-keeping system which could
National Government floated the $25,000,000 be used by banking institutions who might
loan in New York, gold to the value of ap- wish to simplify their work and facilitate the
proximately $6,000,000, or 19,000,000 pesos declarations which they have to make to the
at the same exchange rate, was deposited in Central Bank according to the regulations
that market.
issued by the Exchange Control Office.
Foreign Loans. The Bank took part in the Minimum cash holdings. Compliance with
exchange operations originated by the New the regulations regarding minimum cash
York loan, as well as in those corresponding holdings has continued to be satisfactory.
FEDERAL RESERVE BULLETIN
DECEMBER 1939
1093
banking and non-banking, according to the
nature of their assets and liabilities and to
the ratio of their capital to the funds received
from members. The former are required to
comply with the Banking Law, while nonbanking cooperatives must take all measures
necessary to prevent the public from confusing them with institutions subject to the regulations and control of the Banking Law. To
ensure that such measures are taken, the Central Bank is empowered to ask them for information and to inspect them. This Decree
has as its main purpose to ensure the untrammelled development of cooperatives which,
although receiving funds from their members
even if only in limited amounts, devote themselves primarily to activities which are not
of a banking character.
Subsidiary currency.—To date no change
has been made in the subsidiary currency
issue which remains at the same total of 212,LIABILITIES, CASH HOLDINGS AND SURPLUS OVER
000,000 pesos at which it stood on May 31,
LEGAL MINIMUM DURING
1938
1935, when the Central Bank was established.
[Monthly average of daily balances, in thousands of pesos]
At that time the Central Bank held 11,000,000
pesos in its own vaults, the remaining 201,C a s h holdings
Liabilities
000,000 being in the hands of the banks and
Since then the requirements of
Difference with re- the pubjic.
spect to legal
Months
circulation
have
constantly increased, and the
minimum
Per
Sight
Term
Total Amount cent
Central Bank's holdings of subsidiary curSur- Defi- Net
rency have diminished to such an extent that
plus cit surplus
on December 31 last they amounted to only
2,200,000 pesos. This circumstance has made
Jan
1, 843, 886 2, 436, 977 4, 280,863 752, 733 17.6 263, 317 603 262, 768
Feb.... 1, 832, 374 2,453,;, 735 4, 286,
286,109 781,625 18.3 292, 740 578 292,162 it imperative to restrict the exchange of subMarch. 1,853,087 2,i; 448,
"- 510 4, 301,
17.9 276,488 800 275, 688
April. _ 1, 819, 648 2,!,
520 4!
168 771,832 18.1 285, 772 021 284, 751 sidiary currency for Central Bank notes and
May.._ 1, 778, 740 2, U5,483 A,,224,
224', 223 767!\ 493 18.2 288, 641 , 366 287, 275
June.- 1,758,291 2, 442, 537 i,200, 828 702, 331 16.7 226, 705 082 225, 623 to confine these activities to the renewal and
July... 1, 724,046 2,
""!,442, 935 4 , 166,981 704,646 16.9 234,346 976 233, 370 exchange of subsidiary currency of the vaAug.... 1, 701,487 2,!, 439,173 4! 140, 660 742,'
5,710 17.9 277,009 1 655 275, 354
Sept... 1, 728, 572 2,423^
!, 423, 729 4 152, 301 748,
'
823 18.0 279, 963 588 278, 375 rious denominations.
1,719,484 2, 412,
" ' - 745 4! 132, 229 719, 258 17.4 252, 875 729 251, 146
Oct
The Law allows for an increase in the issue
"!, 399, 616 4' 115, 528 713, 670 17.2 248, 874 706 247,168
Nov. _. 1, 715, 912 2,
Dec-.. 1, 729, 270 2,!, 384,110 4!, 113, 380 711,663 17.3 245, 689 426 244, 263 of this class of currency by the National GovAve— 1, 767,066 2,431, 589 4,198, 655
402 17.6 264,373 1,211 263,162 ernment at the request of the Central Bank,
always provided that the total does not exceed
Statistical summary. The regular publica- 20 pesos per inhabitant. The Bank has not
tion of the Statistical summary of the state considered it desirable to make such a request
of the banks called for by the Banking Law without first ascertaining whether the greater
was commenced in February last in accord- demand for this currency, especially in 1938,
ance with forms drawn up by the Central is due to temporary factors or to a natural
growth in circulation requirements. The exBank.
Cooperative societies. A careful study of perience of the present moment may well
the working of cooperative societies led to the show definitely which of these two alternative
conclusion that, generally speaking, the funds causes is responsible.
which they receive cannot be considered as The want of one and two centavo coins has
bank deposits. Once the Central Bank had again been felt during 1938. The continual
studied this matter, the Executive Power is- applications made by Government departsued Decree No. 15,130 on October 21 last, ments, as well as the frequent requests from
which divides cooperatives into two classes, industrial and commercial concerns which re-
The holdings of the banks as a whole remain
appreciably above the minimum required by
law, although excess holdings, due to reasons
mentioned elsewhere, have declined during
the year. Deficits have also been comparatively small as is shown in the table which
follows.
These deficits, as in the previous year, have
occurred in institutions of minor importance
which in most cases are undergoing reorganization. Exercising the powers vested in it
under the Banking Law, the Central Bank
has refused to authorize the payment of dividends by establishments which have not kept
their holdings regularly up to the legal minimum. The same step was taken in the case
of institutions in which inspection had disclosed the existence of losses which it was
desirable to write off by applying profits to
that purpose.
449,
'40,
1094
FEDERAL RESERVE BULLETIN
DECEMBER
1939
quire such coins for their payments, cannot
During 1938 the Bank granted the adbe satisfactorily met because of the very small vances requested by the Government, which
number of these coins in existence.
fluctuated between 10,000,000 and 70,000,000
Temporary advances to National Govern- pesos. The largest sum outstanding at any
ment.—By Art. 44 of Law 12,155 the Bank one moment was 68,000,000 pesos.
is authorized to make advances to the Na- These advances were used by the National
tional Government for the purpose of cover- Government chiefly at the beginning and end
ing temporary insufficiency in revenue collec- of each month. They decreased appreciably
tions, up to a limit of 10 per cent of the aver- in the middle of each month and remained
age cash revenue collected by the Government completely unused for periods of from 8 to
in the three preceding years.
22 days in January, February, May, July,
The average for the years 1935-37 was August, and November. In June no advances
904,000,000 pesos, the maximum advance al- at all were requested.
lowable this year therefore amounting to On December 31 the balance outstanding
of this account was 50,000,000 pesos.
90,000,000 pesos.
BALANCE SHEET OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
AS OF DECEMBER 31, 1938 AND 1937
[In thousands of pesos]
Assets
Gold at home
Gold at home, extension of Exchange FundGold abroad and foreign exchange
Foreign exchange bought forward
Subsidiary currency
Shareholding banks, shares subscription
accounts
Non-interest bearing Government bonds.__
Consolidated Treasury bonds
National securities, Article 34, Law 12, 155..
Bank premises
Temporary advances to National Government, Art. 44, Law 12, 155
Other assets
Total assets..
Dec. 31,
1938
1, 224, 418
71, 351
18, 384
2,198
118,884
396, 909
28, 939
0)
D e c . 31,
1937
Liabilities
1, 224, 418
129,109
68,196
Notes in circulation
B ank deposits
National Government deposits
Other deposits
Foreign exchange sold forward
Capital
General reserve fund
Special reserve for contingencies
Contingency and enlargement of premises
reserve
Certificates of participation in Consolidated
Treasury bonds
Bank premises amortization account
Profit and loss account
Other liabilities
2,477
15
118, 884
397, 970
23, 701
970
50, 255
5,603
17,092
2,510
1, 916, 941
1, 985,340
Total liabilities.
1
Entered at the nominal figure of 1 peso.
Dec. 31,
1938
1,117,957
320, 584
109, 706
914
18, 384
20,000
4,558
1,500
2,500
Dec. 31,
1937
1,149,751
355, 394
125,019
4,927
20,000
2,586
1,500
600
302, 350
5,184
13, 304
310, 500
970
7,386
6,707
1,916,941
1, 985,340
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
1095
1096
FEDERAL RESERVE BULLETIN
DECEMBER 1939
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve bank credit outstanding
Date
Bills
Bills
disbought
counted
End of month figures:
1938—Oct. 31
Nov. 30
Dec. 31
1939—Jan. 31
Feb. 28
Mar. 31__._
Apr. 30
May 31
June 30
July 31
Aug. 3 1 . . . .
Sept. 30
Oct. 31
Wednesday figures:
1938—Dec. 7
Dec. 14
Dec. 21
Dec. 28
1939—Jan. 4
Jan. 11
Jan.18
Jan. 25
U. S.
GovOther
ernReserve
ment
bank
securi- credit i
ties
Gold
stock
Treasury
currency
outstanding
Total
Money Treasury
in circash
culaholdtion
ings
Member bank
Treasury
Other reserve balances
NonFeddeposits
memeral
with
Federal ber de- Reserve
Excess
posits
acReserve
(esticounts Total
banks
mated)
7
7
4
5
4
4
3
4
5
5
5
6
6
2,564
2,564
2,564
2,564
2,564
2,564
2,571
2,564
2,551
2,488
2,426
2,804
2,736
14
13
33
28
30
18
20
4
23
-8
14
68
59
2,586
2,584
2,601
2,607
2,598
2,587
2,595
2,573
2,579
2,486
2,446
2,879
2,801
14,065
14, 312
14, 512
14, 682
14,874
15, 258
15, 791
15,957
16,110
16, 238
16, 646
16,932
17,091
2,751
2,773
2,798
2,816
2,824
2,839
2,849
2,862
2,881
2,895
2,907
2,919
2,932
6,700
6,787
6,856
6,653
6,731
6,817
6,905
6,967
7,047
7,049
7,171
7,293
7,342
2,770
2,689
2,706
2,776
2,740
2,691
2,699
2,636
2,563
2,360
2,325
2,244
2,254
535
484
923
747
1,148
1,229
931
920
944
752
708
545
286
424
574
441
458
488
533
545
586
739
693
622
753
728
260
259
260
255
254
257
255
253
258
257
255
240
241
8,713
8,876
8,724
9,215
8,936
9,157
9,900
10,029
10,018
10, 507
10, 918
11,655
11,973
3,227
3,383
3,205
3,644
3,387
3,559
4,098
4,218
4,140
4,553
4,758
5,352
5,553
6
7
8
7
1
2,564
2,564
2,564
2,564
20
29
84
39
2,591
2,600
2,656
2,610
14, 367
14,380
14,454
14, 508
2 775
2,784
2,788
2,790
6,844
6,858
6,943
6,912
2,681
2,651
2,677
2,707
407
413
1,025
941
576
551
514
505
258
258
267
265
8,966
9,034
8,472
8,577
3,442
3,476
2,979
3,072
4
5
4
5
1
1
1
1
2,564
2,564
2,564
2,564
35
23
18
14
2,604
2,592
2,588
2,583
14,
14,
14,
14,
565
577
615
640
2,800
2,805
2,810
2,812
6,839
6,716
5,666
6,623
2,725
2,712
2,726
2,754
891
873
800
767
436
459
435
470
258
258
256
256
8,819
8,956
9,130
9,166
3,298
3,436
3,559
3,597
Feb.
Feb.
Feb.
Feb.
1
8
15..21
5
7
5
4
1
1
1
1
2,564
2,564
2,564
2,564
13
12
17
23
2,582
2,584
2,587
2,592
14,
14,
14,
14,
694
732
772
818
2,817
2,818
2,819
2,821
6,663
6,673
6,695
6,708
2,770
2,768
2,771
2,752
887
931
1,250
1,181
469
488
500
495
256
255
254
254
9,047
9,018
8,707
8,841
3,478
3, 459
3,166
3,298
Mar.
Mar.
Mar.
Mar.
Mar.
1
8
15
22 ___
29—
4
3
3
3
3
1
1
1
1
1
2,564
2,564
2,564
2,564
2,564
19
-3
27
5
10
2,586
2,565
2,595
2,573
2,578
14,888
14, 923
14, 983
15,075
15,160
2,827
2,829
2,832
2,834
2,837
6,739
6,751
6,751
6,758
6,765
2,716
2,716
2,712
2,743
2,722
1,168
1,102
1,059
1,222
1,201
484
510
552
511
505
253
253
259
258
257
8,942
8,985
9,077
8,989
9,125
3, 382
3,407
3,443
3,364
3,519
Apr.
Apr.
Apr.
Apr.
5
12
19
26..__
3
3
3
3
1
1
1
1
2,564
2,564
2,564
2,564
17
17
23
12
2,584
2,584
2,591
2,580
15,
15,
15,
15,
292
430
605
714
2,838
2,842
2,844
2,849
6,855
6,835
6,858
6,860
2,712
2,707
2,723
2,693
1,103
1,015
951
913
470
515
509
516
257
256
256
256
9,318
9,528
9,743
9,903
3,708
3,879
3,998
4,124
May
May
May
May
May
3
10
17
24
31
3
4
4
4
4
1
1
1
1
1
2,564
2,564
2,564
2,564
2,564
4
7
8
8
4
2,572
2,575
2,576
2,576
2,573
15, 801
15,856
15,892
15, 927
15, 957
2,851
2,854
2,857
2,859
2,862
6,915
6,904
6,913
6,893
6,967
2,691
2,678
2,683
2,646
2,636
936
959
927
915
920
554
521
543
558
586
255
255
255
254
253
9,872
9,967
10,005
10,097
10,029
4,084
4,186
4,244
4,304
4,218
June
June
June
June
7
14
21
28
3
3
5
5
1
1
1
1
2,564
2,564
2,564
2,551
8
37
15
10
2,576
2,605
2,584
2,567
15, 987
16,027
16,060
16, 093
2,864
2,868
2,873
2,879
6,986
6,936
6,934
6,962
2,571
2,570
2,566
2,559
935
928
941
962
630
714
714
677
253
253
263
263
10,053
10,101
10,099
10,116
4,279
4,264
4,227
4,243
July
July
July
July
5
12
19
26
5
5
5
5
1
1
1
1
2,551
2,535
2,515
2,488
13
28
17
19
2,569
2,569
2,537
2,512
16,136
16,174
16,191
16, 227
2,880
2,885
2,890
2,893
7,100
7,041
7,022
7,002
2,577
2,552
2,530
2,506
820
791
764
742
678
638
634
690
257
257
257
257
10,151
10, 350
10, 412
10,436
4,292
4,447
4,485
4,485
Aug.
Aug.
Aug.
Aug.
Aug.
2
9
16
23....
30
5
5
5
5
6
1
1
1
1
1
2,453
2,443
2, 423
2,423
2,426
18
14
25
13
15
2,476
2,462
2,453
2,441
2,448
16,
16,
16,
16,
16,
248
270
335
501
638
2,895
2,897
2,900
2,903
2,905
7,054
7,070
7,091
7,098
7,141
2,370
2,354
2,366
2,334
2,327
863
844
776
724
709
662
597
565
604
608
257
256
256
256
255
10,413
10, 509
10,633
10,829
10,951
4,462
4,533
4,590
4,741
4,799
Sept.
Sept.
Sept.
Sept.
6
13
20—
27
6
7
6
6
1
1
1
1
2,594
2,824
2,826
2,804
42
42
50
36
2,643
2,873
2,883
2,846
16, 726
16,808
16, 902
16, 925
2,908
2,911
2,915
2,914
7,261
7,235
7,236
7,238
2,264
2,227
2,272
2,260
676
615
619
552
688
755
781
771
247
234
242
242
11,141
11, 526
11, 549
11, 621
4,969
5,271
5,275
5,332
Oct. 4
Oct. 11_____
Oct. 18
Oct. 25
Nov. 1 .
Nov. 8
Nov. 1 5 . . .
7
7
6
6
6
6
6
1
1
1
2,785
2,765
2,748
2,736
2,721
2,687
2,649
45
38
63
30
38
28
60
2,837
2,810
2,817
2,771
2,765
2,721
2,715
16, 958
16,973
16, 997
17,039
17,099
17,132
17, 235
2,920
2,924
2,927
2,929
2,932
2,935
2,939
7,309
7,346
7,330
7,302
7,352
7,409
7,384
2,250
2,238
2,216
2,230
2,250
2,263
2,341
469
404
349
326
349
348
564
776
742
698
692
790
779
772
239
238
241
240
241
241
241
11,672
11, 739
11,907
11,950
11,814
11, 749
11, 587
5,359
5,399
5,509
5, 534
5,376
5, 354
5,166
* Includes industrial advances.
NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article
together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in
Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Averages of daily figures for recent months
and years are shown in the table on p. 1053.
1097
FEDERAL RESERVE BULLETIN
DECEMBER 1939
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
E n d of m o n t h
1939
N o v . 15
Nov. 8
Nov. 1
1939
Oct. 25
Oct. 18
Oct. 11
Oct.
Oct. 4
1938
Sept.
Oct.
ASSETS
Gold certificates on hand and due from
14,866, 654 14,858,210 14,839, 206 14, 804, 210 14, 769, 206 14, 725, 715 14, 696, 217 14, 829, 206 14, 671, 720 11, 262, 700
U. S. Treasury
9,005
10, 253
9,139
8,926
9,777
8,987
8,846
8,813
7,344
Redemption fund—F. R. notes
315,194
323, 888
344, 281
332, 383
325,153
339, 670
353, 716
334, 273
367,842
Other cash
Total reserves.
Bills discounted:
For member banks
For nonmember banks, e t c .
Total bills discounted.
15,230,623 15,191,237 15,187,920 15,157,417 15,111,366 15,049, 896 15,030, 375 15,177, 722 15,013,337 11,639,355
3,176
3,309
3,166
3,309
2,939
3,309
2,442
3,309
2,314
3,309
3,205
3,309
3,440
3,
2,848
3,309
2,925
3,309
7,401
6,485
6,475
6,248
5,751
5,623
6, 514
6,749
6,157
6,234
7,401
415
498
548
548
541
11,561
11, 623
11,763
11, 787
11,803
11,841
11, 744
11, 972
15, 264
Bills bought:
Payable in foreign currencies.
Industrial advances
U. S. Government securities, direct
and guaranteed:
Bonds
Notes
.
Bills
1,305,442 1, 313, 942 1, 315, 942 1, 315, 942 1, 315, 942 1,315,942 1, 315,942 1, 315, 942 1, 315,942
787,327
1,239,172 1, 247,497 1, 245, 497 1, 245, 497 1, 245, 497 1, 245, 497 1, 245, 497 1, 245, 497 1, 245,497 1,164, 565
174, 320
186, 820
612,123
104,705
125, 380
159, 380
203, 457
223,457
174, 320
242, 370
Total U. S. Government securities, direct and guaranteed
Other Reserve bank credit
2, 649, 319 2, 686,819 2, 720, 819 2, 735, 759 2, 748, 259 2, 764, 896 2, 784,896 2, 735, 759
16,104
50, 634
26, 241
33,207
47, 950
25, 996
18, 216
47, 361
Total Reserve bank credit outstanding
11,6
2,715,315 2, 721,021 2, 764, 743 2, 771, 4
55,965
2, 564,015
-1,367
2, 837, 241 2, 801,021 2,878, 528 2, 585, 854
2, 816, 718
LIABILITIES
F. R. notes in actual circulation.
4,805, 254 4,817,094 4, 781,385 4, 743, 717 4, 756,457 4, 757,812 4, 732,133 4, 772,822 4, 719, 776 4,315,142
Deposits:
Member bank—reserve account... 11, 587,156 11, 748, 66011,813, 664 11, 950,44611,906,847 11, 739,156 11, 671, 66411,972, 848 11,655,397 8, 713,092
326,003
349,137 403, 535 469,127 286, 371 544, 548 535, 277
564,123 347,622 349,030
U. S. Treasurer—general account..
454, 277 456, 231 470, 881 418, 898 414, 705 444, 207 466,137 415, 699 447,873 204, 063
Foreign bank
319, 449 272, 874 283, 540 297, 400 309, 403 312, 658 304,969
219, 612
317, 728 322,911
Other deposits
Total deposits.
Ratio of total reserves to deposit and
F. R. note liabilities combined (per
cent)
12,923,284 12,875,424 12,953,024 12,968, 221 12, 954, 229 12, 884, 298 12, 916, 331 12, 987, 576 12,952, 787 9,672,044
85.9
85.9
85.6
85.6
85.3
85.3
85.2
85.5
83.2
85.0
MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Bills discounted:
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Industrial advances:
Oct. 25
_
Nov. 1
Nov. 8
Nov. 15 .
U. S. Government securities, direct and guaranteed:
Oct. 25
___
Nov. 1
Nov. 8
Nov. 15
91 days 6 m o n t h s 1 year
to
to
1 year
2 years
Within
15 days
16 to 30
days
31 to 60
days
61 to 90
days
to 6
months
5,751
6,248
6,475
6,485
1,385
1,404
1,594
1,486
125
515
315
3,546
3,609
3,578
3,361
278
207
130
393
189
317
576
753
912
108
45
59
74
11, 763
11,680
11, 623
11, 561
1,442
1,585
1,577
1,467
343
98
73
357
408
891
1,245
1,011
1,115
700
436
476
1,040
1,051
1,040
944
2,104
2,089
2,032
2,114
2,952
2,961
2,930
2,956
48,675
69, 280
76, 705
35,425
182, 453
35, 425
138, 783
138, 783
136,783
136, 783
347, 365
348,829
348, 828
345, 254
Total
2, 735, 759
2, 720,819
2, 686, 819
2,649, 319
48,
54,
48,
69,
940
675
675
280
161,
161,
161,
161,
705
705
705
705
2 years
to
5 years
Over
5 years
2,359
2,305
2,290
2,236
589,
693,
695,
690,
282
567
567
567
1,
1,
1,
1,
218,
218,
218,
210,
556
555
556
305
1098
FEDERAL RESERVE BULLETIN
DECEMBER 1939
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Min- KanSan
Cleve- Rich- At- Chicago St. neapsas Dallas FranLouis olis City
land mond lanta
cisco
ASSETS
Gold certificates on hand and
due from U . S . Treasury:
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Redemption fund — Federal
Reserve notes:
Oct. 2 5 . . . .
Nov. 1
Nov. 8
Nov. 15
Other cash:
Oct. 25
Nov. 1
Nov. 8
Nov. 15__.
Total reserves:
Oct. 25
Nov. 1
Nov. 8.
Nov. 15
Bills discounted:
Secured by U. S. Government obligations, direct
and guaranteed:
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Other bills discounted:
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Total bills discounted:
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Industrial advances:
Oct. 25
Nov. 1
Nov. 8
Nov. 15
U. S. Government securities,
direct and guaranteed:
Bonds:
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Notes:
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Bills:
Oct. 25
Nov. 1
Nov. 8...
Nov. 15
Total U. S. Government
securities, direct and guaranteed:
Oct. 25
Nov. 1
Nov. 8
Nov. 15
14, 804, 210
14,839, 206
14, 858, 210
14,866, 654
8,926
8,846
9,139
10, 253
344,281
339, 868
323,888
353, 716
15,157, 417
15,187, 920
15,191, 237
15, 230, 623
993
1,180
1,091
1,089
853,152 7,
', 124, 328 731, 589
855, 218 7,084, 774 752,121
850,142
,142 6,
\ 998, 030 788, 293
841,, 580 \,
6, 971,039 795, 848
1,116
1,116
1,074
1,061
1,345
1, 345
1,197
1,155
29,184
90, 041
29, 691 84, 374
29, 680 81,613
30, 789 87, 524
883, 452 7, 215, 714
886,,025 7', 170, 493
880.), 896 '7,
, 080, 840
873, 430 7\
', 059, 718
100
85
75
4,758
5,068
5,384
5,:
454
383
1,383
1,308
i, 036 247, 764 336,867215, 654
883, 761 379, 274 268. 600 2, 499, 949 410,
1,151 2,511,503 412,
!, 228 246,089 335, 535
215,142
918, 407 384, 272 273,
914, 681 389, 310 281, 370 2, 528, 284425, 732 248, 255 335,007226, 778
928,083 390, 834 278,465 2, 539,001 425, 209 246, 505 340, 518238,132
575
536
575
536
256
480
1,000, 1,237
348
348
322
294
968
905
838
17, 537
18, 420
18,123
20, 808
46, 370
42, 598
43,054
43, 341
840
840
825
816
552
552
539
517
853, 236
850, 766
872,328
871, 440
415
406
406
389
1,450
1,450
1,431
1,397
17, 570
16,911
16, 288
17, 332
761, 691 906, 545 400, 349 286,485 2, 547, 287425, 237 257,018 355, 790233,639
2, 555,
555, 069 427, 583 255, 251
355,336 232,459
782, 481 941, 059 407, 759 291, 919 !,
I, 670243, 472
817,098 935,807 410,161 299, 815 2, 572, 243 439, 978 258, 514 353i
1,121 255, 853
827,130 952, 870 417, 333 299, 567 2, 583,180 441, 525 256,039 360,
29, 524
30, 270
24, 984
31,020
29,648
29, 977
27, 422
29, 974
22, 248
22,116
20,646
23, 787
20, 500
22, 912
20, 595
25, 262
327
327
321
241
14, 361 8,927 18, 371
14, 515 8,835 19, 249
13,421 9,938 18,124
15, 500
19,086
313
275
249
309
63
55
30
60
138
173
168
143
110
120
81
71
10
90
65
65
145
108
74
101
60
60
75
75
30
100
135
90
1,474
1,525
1^500
321
321
321
321
478
491
477
503
342
362
362
327
136
141
170
167
417
417
433
430
146
146
156
156
147
141
147
159
884, 210
882, 486
898, 743
903, 857
66
4
4
19
4
55
30
50
30
1,124
1,321
1,471
112
101
98
98
301
299
291
264
5,751
6,248
6,475
6,485
100
85
75
1,787
1,800
1,857
1,809
384
376
351
381
616
664
645
646
452
482
443
398
146
231
235
232
562
525
507
531
206
206
231
231
177
241
282
249
949
1,189
1,381
1,537
116
105
117
102
356
329
341
294
11,763
11,680
11, 623
11, 561
1,571
1,520
1,501
1,422
1,998
1,983
1,984
1,974
3,136
3,144
3,145
3,153
339
338
337
332
1,016
1,013
1,003
1,007
644
678
445
444
444
444
7
7
7
7
828
818
812
810
200
162
161
185
522
518
512
510
1,057
1,055
1,054
1,054
1, 315, 942
1, 315, 942
1, 313, 942
1,305,442
95,178
95,198
95,100
94, 538
416, 676 113,124
416, 243 113,099
414, 607 112,869
410, 798 112,074
136, 950
136,970
136,807
135, 974
107, 646
107,675
107, 570
106, 943
1, 245,497
1, 245, 497
1, 247,497
1, 239,172
90, 084
90,103
90, 291
89, 738
394, 370
393, 960
393, 642
389, 944
107,068
107,045
107,163
106, 387
52, 347 143, 664 44,078 35,051 57,790 46,908
52, 392 143, 719 44.106 35,087 57,879 46, 951
52,417 143, 630
35,119 57,998 46, 979
52,196 142, 845 44.107 34, 986 57,854 46, 786
43,897
49, 545 135, 972 41, 716 33,174 54,697 44,397
129, 619
129, 638 63,058 49,588 136,025 41, 744 33,209 54,781 44,438
129, 889 63,365 49, 765 136, 366 41,875 33,342 55,065 44, 603
129,071 63,172 49, 545 135, 593 41, 667 33, 211 54,919 44,412
174, 320
159, 380
125, 380
104, 705
12, 608
11, 530
9,075
7,583
55,196
50, 413
39, 563
32, 949
14,985
13, 698
10,770
6,214
5,686
4,483
3,752
14,260
13,041
10, 265
8,578
2, 735, 759
2, 720,819
2, 686, 819
2, 649, 319
197, 870
196,831
194,466
191, 859
866, 242
860,616
847, 812
833, 691
235,177
233, 842
230, 802
227, 450
72,868 120,142 97, 519
72, 546 119,670 97,075
71, 812 118, 597 96,065
71,003 117,413 94,950
223, 792
222,624
219, 966
217,034
66, 530
66, 623
66,739
66, 551
18,142 8,813
16, 589
13,055 6,368
10,906 5,338
6,934
6,345
5,002
4,186
284,711 138,312 108,826
283,197 137, 750* 108, 325
279, 751 136, 472 107,184
275, 951 135,061 105, 927
19,031
17, 407
13, 705
11,457
5,839
5,342
4,209
3,521
298, 667
297,151
293, 701
289,895
91, 633
91,192
90,191
89,085
4,643
4,250
3,351
2,806
7,655
7,010
5,534
4,640
101,886
101,908
102,131
101, 513
DECEMBER
1099
FEDERAL RESERVE BULLETIN
1939
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS,
BY WEEKS—Continued
[In thousands of dollars]
Min- KanCleve- Rich- At- Chicago St. neapsas Dallas
Louis olis City
land mond lanta
New
York
Philadelphia
199,441
198, 451
196, 052
193, 356
870,027
864, 399
851, 653
837,474
139, 780 109,616
238, 697
237, 362 284,199 139, 245 109, 234
234, 298 280, 733 137, 918 108, 082
230, 984 276, 929 136, 466 106, 822
47
4
47
4'
3
3
3
3
18
18
18
18
5
5
5
5
4
4
4
4
2
2
2
2
2
2
2
2
23, 385
22,133
20, 844
23, 216
553
576
688
592
4,746
4, 236
3,306
4,253
943
895
670
1,218
1,401
1,851
1,546
1,506
2,702
2,884
3T"
2,168
I,1,745
1,502
2,603
2,999
2,228
2,481
1,640
1,427
1,974
1,865
662, 257
716,496
578,163
964,81'
66,123
77, 684
59,100
98,421
167, 343
175,119
116,931
244,816
48, 775 72,080
47, 739 87,404
37, 844 64, 648
70, 797 117,076
56, 963
61, 507
53, 541
79, 988
25, 217
27, 658
25, 657
34,519
90, 983
91,065
86, 379
138, 467
30, 287
30,545
29, 054
41, 227
42,108
42,037
42,037
42,035
2, 903
2,
5,894
5,894
2, 564
2,557
2,557
2,557
2,040
2,041
2,041
2,041
3,880
3,871
3,871
3,871
69, 436
69,492
70,073
70, 581
4,534
4,536
4,572
4,605
4,081
4,078
4.125
4,151
2,923
2,930
6,928
6,991
6,988
7,056
Total
Boston
San
Francisco
ASSETS—Continued
Total bills and securities:
Oct. 25
Nov. 1
Nov. 8
.
Nov. 15
D u e from foreign banks:
Oct. 25
Nov. 1
Nov8
Nov. 15
Federal Reserve notes of other
banks:
Oct. 25
Nov. 1
Nov. 8
.
Nov. 15
Uncollected items:
Oct. 25___
Nov. 1
Nov. 8
Nov. 15
Bank premises:
Oct. 25
Nov. 1
Nov. 8___.
Nov. 15
Other assets:
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Total assets:
Oct. 25
Nov. 1 _..
Nov. 8
.
Nov. 15
2, 753, 273
2, 738, 747
2, 704, 917
2, 667, 365
4,
4,594
4,594
4,594
22, 252
22,193
22, 392
22, 568
1,008
18, 707, 923 1,157,009 8, 289,
18, 776,872 1,170,
245, 346
18,607,318 1,144,
084, 028
1,173,305 8,177.',735
6,027
5,998
6,044
5,r'
5,894
7,644
7,652
7,736
7,766
2^ 976
299, 674
298,120
294, 652
290, 870
91,
91, 405
90, 429
89, 323
73, 873 121, 291 98,157
73,605 121,021 97, 698
72, 906 120,139
72,062 119,135 95, 562
225, 205
224, 008
221, 361
218, 382
1
1
1
1
1
1
1
1
4
4
4
4
557
446
545
1^097
1,605
1,687
1,422
1, 387
2,789
2,621
2,748
3,549
19,136
18,990
18, 553
24,178
28,780
34,103
30, 246
40,140
26, 388
25,042
26, 709
36,332
30,182
39, 640
29, 501
38, 856
2,256
2,251
2,251
2,250
1,508
1,501
1,501
1,500
3,132
3,119
3,119
3,119
1,272
1,266
1,266
1,266
3,157
3,157
3,157
3,157
2,173
2,180
2,188
2,205
1,875
1,886
1,894
1,918
2,842
2,859
2, 886
2,913
2,390
2,418
2,443
2,469
5,767
5, 771
5,837
5,874
1
1
1
1
1, 411
1,207
708 428,451
2, 951, 361553, 440 354, 821 513, 441 362, 404 1,151,314
1,060, 732 1, 279, 234 606,
r
1,079,074 1, 328,063 617, 850 435, 2'
0 2, 958,121 555, 392 352, 440 518,12f
>6 359
359,330
330 1,157, 687
1,100, 553 1,296,368 r
611,188
'""440, 310 2, 966, 367565, 875 354, 456511,483 371,130 1,161,351
1,140,
1, 362,045 643, 765 447,429 i,3^025, 931i78, 396 356, 7946-26. 816 391,981 1,173, 679
LIABILITIES
Federal Reserve notes in actual circulation:
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Deposits:
Member bank—reserve account:
Oct. 25
Nov. l._.
Nov. 8
Nov. 15
U. S. Treasurer-general
account:
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Foreign bank:
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Other deposits:
Oct. 25
Nov. 1
__
.
Nov. 8
Nov. 15
' Less than $500.
4, 743, 717
4, 781, 385
4, 817,094
4,805, 254
400,330 1, 187,036
400, 305 1, 202, 765
400, 231 1, 205, 831
399, 410 1, 203, 510
333,002
333, 989
337, 704
337, 366
440, 727 220,481 158,778 1,043,041 187,157
, 1 3 7 , 274 177, 792
440,096 223, 798 160, 345 , 047, 750188,998
88,9 137,913 179,269
448, 301 225, 247 160, 585 , 051, 487189,
89 408
4 138, 706 180, 503
448, 015 225, 548159, 864 1,052, 207 189, 382
3 138, 700 180,396
82, 536
83, 775
84,186
83, 555
375, 563
382,382
394,905
387, 301
11, 950, 446
11,813,664
11, 748, 660
11, 587,156
606, 676 6,404,940
608,174 6, 256,122
602, 868 \6;139,740
570, 731 6,096, 910
581,117
585, 326
609, 704
595, 266
651, 208 278,174 199,166 1, 682, 706 285, 712 153, 554
270,802 207, 650
668, 843 278, 215 195,014 1, 670,938 290,947 152,126 263,863211, 535
221, 024
659, 384 291, 428 202, 943 1, 673, 756
217, 851
652, 091 279, 791 198, 038 1, 639, 906 295^ 690 151,193 263, 334
628, 741
632, 561
627,053
626, 355
326,003
349, C30
347, 622
564,123
21, 652 95, 204
21, 441 112, 045
20, 318 115, 452
41, 933 152, 504
13,836
16, 904
18, 937
44, 300
33, 899
42, 662
34, 225
63, 624
16, 960
19,169
6,904
20,487
10, 874
18, 923
16, 756
20,195
29, 745
40,158
51, 049
90, 641
18, 621
12,915
11,628
21, 337
23,931
20,825
19, 398
20,824
13, 582
16,047
14,017
19, 246
18,044
11, 211
11, 581
26, 634
29, 655
16, 730
27, 357
42, 398
418, 898
470,881
456, 231
454, 277
30, 875
33,889
33, 079
33, 078
142, 998
168, 062
160, 645
158, 688
41, 613
45, 674
44, 582
44,581
39, 897
43, 791
42, 743
42, 743
18, 447
20, 241
19, 763
19, 763
15, 015
16, 480
16, 086
16, 086
51, 909
56, 975
55,612
55, 612
12,441
13, 655
13, 329
13, 329
9,867
10, 830
10, 571
10, 571
12, 441
13,655
13, 328
13, 329
12, 441
13, 655
13, 328
13, 329
30, 954
33, 968
33,165
33,168
272, 874
319,449
322,911
317, 728
6,006
5,881
6,996
183, 713
218,646
225,066
228,860
10, 657
18,333
17,151
15, 908
7,665
12, 832
12, 631
8,961
1,911
2,953
4,647
3,994
7,111
5,990
6,202
6,668
5,307
5, 5881
5,330
4,792
7,760
8,308
7,474
6,582
5,007
5,486
5,329
5,021
900
1,105
1,098
845
3,379
4,300
4,812
4, 599
33,458
30,027
26,175
23, 624
7,874
1100
FEDERAL RESERVE BULLETIN
DECEMBER 1939
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS,
BY WEEKS—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
LIABILITIES—Continued
D eposits—C ontinued:
Total deposits:
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Deferred availability items:
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Other liabilities, including accrued dividends:
Oct. 25
Nov. l._
Nov. 8
Nov. 15
Total liabilities:
Oct. 2 5 . . . .
Nov. 1
Nov. 8
Nov. 15
12, 968, 221
12,953,024
12, 875,424
12, 923, 284
665,i, 209 6,
>, 826, 855
669,i, 385 6,i, 754,875
663, 261 6,i, 640,903
640;
i, 636, 962
653,I, 616 6,
644,088
690, 547
562,106
916,914
67,130
76,117
56, 349
95,835
153, 732
166, 223
115,583
215,1411
4,147
4,278
4,453
4,853
342
371
358
401
1,449
1,477
1, 582
1,855
732, 669 315,492 232,166 1,769, 667 324, 534192, 359 297, 725241, 514
325',
825 189, 267 294, 670240,701
~"~ '~~~320, 584236,
"- 4C7
•-1,773,659
T
768,128
1,
748,983 322, 742 241, 987 1, 785, 747336, 741 .190,^50
7 289,441 250, 745
767^ 419 324',035 240, 987 1, 790, 951336, 938 187, 609 296, 754 262,413
93, 324 30, 998 15,928 27, 628 27,147
47, 580 72, 614 55, 681 24, 598
91, 420 29, 814 16,009 33,906 23,658
45,942 86, 614 58,435 25, 607
65, 766 48,123 24, 798
83, 744 28,929 15, 721 31, 216 24, 975
39,496
70,377 113, 264 79,102 33, 635 137, 358 41, 297 21, 216 39, 346 34,788
647,223
666,237
690, 374
700,055
453
438
447
468
394
410
428
446
118
121
127
131
384
413
429
445
185
193
195
199
164
167
175
181
123
131
135
139
175
179
185
199
112
117
120
125
722,808
713,286
713, 750
725, 545
27, 728
36,802
27,406
35, 555
248
261
272
264
18, 360,173 1,133,011 8,169,072 1, 028, 258 1, 246, 404 591, 772 415, 727 2, 906,416 542,345,
853 684 503, 320 351, 309 1,126,347
18, 429, 234 1,146,178 8,125|
1125 340 1, 046, 606 1, 295, 248 602, 938 422, 552 2,913, 242 ""
343, 320 5C8,024 348, 251 1,132, 731
544,804
18, 259,077 1,120,199 7,963,
555, 253 345, 312 5C1,345 360,026 1,136,333
1,068,021
18, 650,305 1,149, 262 8, 057, 468 1,108, 266 1, 329i 144 628,816 434', 685 2, 980',567,
961 798 347, 664 516, 695 380,881 1,148, 665
CAPITAL ACCOUNTS
Capital paid in:
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Surplus (section 7):
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Surplus (section 13b):
Oct. 25
Nov. 1____
Nov. 8
Nov. 15
Other capital accounts:
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Total liabilities and capital
accounts:
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Contingent liability on bills
purchased for foreign correspondents:
Oct. 25
Nov. 1
Commitments to make industrial advances:
Oct. 25
Nov. 1
Nov. 8
Nov. 15
4,561
4,561
4,561
4,561
13.803
13,805
13.804
13,804
3,992
4,004
4,019
4,019
2,919
2,919
2,922
2,922
4,303
4,303
4,303
4,303
4,050
4,051
4,051
4,052
10,623
10,621
10, 621
10,621
5,630
5,630
5,630
5,630
22,
22,
22,
22,
666
666
666
666
4,685
4,685
4,685
4,685
3,153
3,153
3,153
3,153
3,613
3,613
3,613
3,613
3,892
9,965
9,965
9,965
9,965
713
713
713
713
1,429
1,429
1,429
1,429
545
545
545
545
1,001
1,001
l,0Gl
1,001
,142
,142
,142
,142
1,266
1,: '
1,266
2,121
2,121
2,121
2,121
1,820
1,814
1,841
1,840
7,047
6,979
7,061
7,071
1,365
1,354
1,373
1,349
2,064
2,047
2, ("
2,054
,063
,044
.,080
1,063
1,887
1,870
1,!
1,890
2,258
2,249
2,311
2,307
18, 707, 923 1,157,
', 009 8. 289,008 1, 060, 732 1, 279, 234 606, 708 428,451 2, 951, 361553, 440
555, 392
18, 776, 872 1,170,173 8, 245, 346 1,079,074
565,875
18, 607, 318 1,144, 2
084, 028 1,100, 553
18,998, 684 1,173, 305 8,177,
140,808 1, 362', 045 643, 765 447,429 3,025, 931 578,396
17 ""
735 .,1,
354,821
352,440
354,456
356,794
135, 557
135, 580
135, 597
135,602
9,383
9,384
9,383
9,383
50, 909
50,912
50,914
50,915
12,117
12,117
12,115
12,115
13, 792
13,796
13, 797
13,799
149,152
149,152
149,152
149,15f
10,083
10, r
10,083
10,083
52, 463
52, 463
52,463
52, 463
13, 696
13, 696
13, r
13
14, 323
14, 323
14, 323
14, 323
27, 264
27, 264
27, 264
27, 264
2,874
2,874
2,874
2,874
7,457
7,457
7,457
7,457
4,416
4,416
4,416
4,416
1,007
1,007
1,007
1,007
3,293
3,293
3,293
3,293
35, 777
35,642
36, 228
36, 361
1,658
1,654
1,670
1,703
9,107
9,174
9,295
9,432
2,245
2,239
2,305
2,315
3,708
3,689
3,763
3,772
1,555
1,529
1,566
1,565
5,105
5,107
5,107
5,108
3,892
3,892
513, 441 362, 404 1,151, 314
518,126 359, 330 1,157, 687
511,483 371,130 1,161, 351
,
526,
816 391, 9811,173,679
101
101
10,156
10,023
9,966
9,919
493
493
484
481
1,891
1,885
1,934
1,907
955
935
923
922
1,407
1,358
1,356
1,362
858
857
856
850
415
410
410
410
567
567
567
567
3,404
3,354
3,273
3,257
1101
FEDERAL RESERVE BULLETIN
DECEMBER 1939
INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL
RESERVE ACT, JUNE 19, 1934, TO NOVEMBER 15, 1939
[Amounts in thousands of dollars]
Date (last Wednesday of
each month)
1934—Dec. 26. __
1935—June 26_._
Dec. 314__
1936—June 2 4 . . .
Dec. 3 0 . _ .
1937—Mar. 3 1 . . .
June 3 0 . . .
Sept. 2 9 . . .
Dec. 29. _.
1938—Mar. 3 0 . . .
June 2 9 . . .
Sept. 2 8 . . .
Dec. 2 8 . . .
1939—Jan. 2 5 . . . .
Feb. 214__
Mar. 29...
Apr. 2 6 . - .
May 31...
J u n e 28 _ July 26....
Aug. 3 0 . . .
Sept. 2 7 . .
Oct. 25_...
N o v . 15 •»..
Applications
received by
Federal Reserve
banks after consideration by Industrial Advisory
Committees, net
Applications under
consideration by
Federal Reserve
banks
Applications approved to date by Federal Reserv e banks (with and
without conditions)
Number
Amount
Number
Amount
Number
4,386
6,325
7,437
8,006
8,247
8,344
8,430
8,474
8,534
8,708
8,976
9,102
9,188
9,203
9,221
9, 249
9,270
9,296
9,308
9,330
9,355
9,366
9,388
9,396
146,972
237, 581
293,084
314,471
328, 998
333, 300
339, 509
341,842
350, 551
358, 936
369, 583
378, 974
387,490
389,176
389, 554
392, 230
394, 055
394, 970
395,499
399,780
401, 228
402, 305
402,944
404,144
71
68
28
12
5
9
10
1
7
19
8
8
5
8
7
14
7
6
5
6
7
2,955
11, 349
2,823
1,880
1,245
1,322
1,263
800
550
1,299
476
146
247
999
964
344
495
400
255
760
532
370
70
470
984
1,646
1,993
2,183
2,280
2,323
2,361
2,381
2,406
2,464
2,566
2,617
2,653
2,660
2,671
2,683
2,697
2,713
2,721
2,730
2,743
2,752
2, 763
2,768
•
2
1
3
Federal
Repaid,
Reserve
expired,
bank Approved or withcommit- but not drawn by
bank
advances ments
comapplipleted a
outoutcant,
Amount standing* standing
etc.
Federal
Reserve
Total
49, 634
88, 778
124,493
133,343
139,829
141, 545
145, 758
146, 724
150, 987
154, 918
161,158
168, 380
175,013
175, 651
175, 902
177, 895
178, 639
179, 332
179, 778
183, 354
184,152
185, 234
186,034
186, 799
13, 589
27, 518
32,493
30,484
25, 526
23,059
23, 019
21, 415
20, 216
19, 371
18, 444
17, 567
17, 345
16, 811
16, 474
15, 798
15, 817
15, 305
15, 255
15, 384
14, 667
14,454
14, 545
14, 341
8,225
20, 579
27, 649
24, 454
20, 959
18, 611
16, 331
14,880
12, 780
13,110
13, 649
13, 597
14,161
13,004
12, 907
12, 647
11, 749
11,530
11,175
11,476
11,009
10, 517
10,156
9,919
20,966
11,248
11, 548
9,381
8,226
7,898
1,470
537
3,369
3,419
3,084
5,737
1,946
1,293
1,105
1,975
2,134
2,496
2,067
733
1,220
1,938
1,764
2,267
Financing institution
participations
out- s
standing
5,558
24, 900
44,025
61,425
77, 910
85,210
97, 663
102, 588
107,384
111,193
117,555
122,447
128, 839
132,009
133,001
135,004
136,696
137, 922
139,281
142, 943
144,812
146,156
148,037
148,888
1,296
4,533
8,778
7,599
7,208
6,767
7,275
7,304
7,238
7,825
8,426
9,032
12, 722
12, 534
12, 415
12,471
12, 243
12,079
12,000
12,818
12,444
12,169
11,532
11, 384
i Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in waskly statement of
condition
of the Federal Reserve banks.
J
Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant.
3
Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to $1,513,763
November
15, 1939.
4
Tuesday.
6
Latest date for which figures are available.
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Federal Reserve notes:
Issued to F. R. bank by F. R. agent:
Oct. 25
Nov. 1
Nov. 8.
Nov. 15
Held by Federal Reserve bank:
Oct. 25_
Nov. 1
Nov. 8
Nov. 15
In actual circulation: 1
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Collateral held by bank as security for
notes issued to bank:
Gold certificates on hand and due
from U. S. Treasury:
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Eligible paper:
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Total collateral:
Oct. 25
Nov. 1
Nov. 8..
Nov. 15
1
Boston
New
York
Philadel- Cleve- Richphia land mond
Atlanta
Chicago
MinneapSt.
Louis olis
Kansas
City
5,060,802 429,043 1, 283,175351, 207 461,881 231,531 170,119 1,080,862 199, 722141, 662 187,064
5,069, 242429,080 1,283,981 351,
351', 726 462,
462', 537 235, 667171, 743 1,080,936 199,996 142,385 186, 504
5,102,403 427,162 1, 290,398354,036 467,
, 249 143, 753 189, 276
921 236,425 172,178 1,081,875 200,
467,921
5,096, 606 424,913 1, 288^ 849 359, 541 468, 229 237, 692
172,182 1,079, 342 200,
200,603 143,162 188,466
317,085
287, 857
285, 309
291, 352
28, 713
28, 775
26,
25, 503
96,139
81, 216
84,567
85, 339
18, 205
17, 737
16, 332
22,175
21,154
22,441
19, 620
20, 214
37,821
33,186
30,388
27,135
12,565
10,998
10,841
11,221
Dallas
91,390 433,:
13,146
13,959
90, 728 433,959
=7,454
91, 676 447,''"'
90, 900 442, 727
9,272
7,235
8,773
8,070
8,854
6,953
7,490
7,345
57, 583
51, 577
52, 549
55,426
11,050
11,869
11,178
12,144
11,341
11, 398
11, 593
12, 318
4, 743, 71 400,330
4, 781, 385400,305
4,817,094 400,231
4,805, 254 "1,410
1,187,036 333,002 440,727 220,481
1, 202,765333,989 440,096 223;
1, 205,831 337, 704 448, 301 225, 247
1, 203, 510337, 366 448,01 225, 548
158, 778
160, 345
160, 585
159,864
1,043,041
137, 274 177, 792
1,047,750 188; 998 137!
" ,913 179,269
1,051,487 189,408 138!I, 706 180, 503
1,052, 207 189, 382 138,
I, 700180, 396
82, 536 375, 563
83, 775 382, 382
84,186 394, 905
83, 555 387, 301
5,164,000 440,000
5,166,000 440,000
5,177,000 440,000
5, 202,000 440,000
1, 305,000 360,000 465,000 235,000 174,000
1, 305,000360,000 465,000 237,000 174,000
1, 305,000360,000 471,000 240,000 174,000
1,315,000 370,000 471,000 245, 000 174,000
1, 090,000 203,000 143, 500190,000
1,090,000 203,000 143, 500 190, 000
1,090,000
,
, 203,000
,
,145, 500 190,000
1090000 203,000
1,090,000
0 0 0 145,
4 500
0 190,000
94, 500 464,:,000
94, 500 464!:,000
94, 500 464!:,000
1,626
2,132
2,346
2,337
100
85
75
5,165, 626 440,000
5,168,132 440,100
5,179, 346 440,085
5, 204, 337440,075
353
370
418
360
63
55
30
60
1,305, 353 360,063 465,000
1, 305, 370360,055 465,000
1,030 471,000
1,305,418 360;
1, 315, 360370,060 471,000
310
340
301
256
235, 310
237, 340
240,301
245, 256
110
110
135
174,000
174,000
174,000
174, 000
1,090,000 203,110
1,090,000 203, "
1,090,000 203.
1, 090, 000 203,135
4,388
4,472
5,047
4,462
74
144
185
148
94, 500 464,000
716
1,013
1,192
1,303
143, 574 190,716
143, 644 191,013
145, 685 '"191,192
145, 648 191,303
Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank.
San
Francisco
500
500
500
500
464,000
464,000
464,000
464,000
1102
FEDERAL RESERVE BULLETIN
DECEMBER 1939
RESERVE POSITION OF MEMBER BANKS,
OCTOBER, 1939
MEMBER BANK RESERVE BALANCES
BY CLASSES OF BANKS
[Averages of daily figures. In millions of dollars]
[Averages of daily figures. In millions of dollars]
Gross Net
dedeTime
demand mand
de- posits
deposits posits >
Classes of banks
and districts
All member banks _ _36,732 29,973 11, 735
Central reserve city banks:
13, 588 12, 952
New York
2,506
2,831
Chicago
Reserve city banks:
Boston district
New York district
Philadelphia district..
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis district..
Kansas City district...
Dallas district
San Francisco district.
Reserves with
Federal Reserve
banks
Required
All
member
banks *
6,372 11,862
5,490
744
495
2,984
595
5,958
1,112
2,974
518
1,214
221
1,328
1,736
781
751
1,336
872
409
1,071
760
2,253
1,102
177
1,088
1,332
594
508
922
647
295
660
468
1,784
88
155
246
724
208
177
575
179
90
158
128
1,924
197
39
203
269
114
98
190
122
56
123
88
408
407
51
398
495
182
130
333
215
88
201
132
571
210
13
196
226
67
32
143
93
32
77
44
163
12, 733
9,576
4,652
1,908
3,203
1,295
Country banks:
Boston district
913
New York district
1,353
Philadelphia district..
673
Cleveland district
621
Richmond district
556
Atlanta district
490
Chicago district.
_
897
St. Louis district
383
Minneapolis district..
323
Kansas City district...
474
Dallas district
545
San Francisco district.
350
653
981
447
411
334
290
554
235
204
282
324
223
558
1,395
874
673
350
224
725
241
272
157
104
270
106
188
97
83
58
46
103
40
38
42
44
40
193
365
174
145
96
74
208
68
61
71
78
54
86
177
77
62
39
28
105
28
23
30
34
13
4,939
5,843
885
1,588
704
Total
Total
_
.
7,579
1
Gross demand deposits minus demand balances with domestic banks
(except private banks and American branches of foreign banks) and
cash items in process of collection.
NOTE.—See table at foot of p. 1113 for percentages of deposits required
to be held as reserves
Total reserves held:
1938—September
October
November
December
1939—January.
February
March
April
May
June
July
August
September
October
Week ending (Friday):
1939—Sept. 22
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Oct. 27
Nov. 3
Nov. 10
Excess reserves:
1938—September
October
November
December
1939—January
February
March.
April
May
June
July
August
September
October
Week ending (Friday):
1939—Sept. 22
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Oct. 27
Nov. 3
Nov. 10
Reserve Country
city
banks banks *
New
York
cago
8,196
8,546
8,727
8,745
9,029
8,925
9,021
9,624
9,997
10,085
10, 321
10, 659
11,443
11,862
3,669
3, 939
4,075
4,139
4,409
4,482
4,472
4,889
5,094
5,049
5,195
5,366
5,866
5, 958
861
884
888
898
780
673
681
794
878
893
848
923
1,009
1,112
2,352
2,409
2,426
2,387
2,474
2,405
2,475
2,544
2,630
2,728
2,827
2,883
3,009
3,203
1,314
1,317
1,338
1,322
1,366
1,364
1,393
1,397
1,395
1,415
1,451
1,486
1,559
1,588
11, 593
11, 640
11, 675
11, 747
11,921
12,001
11, 920
11, 759
5,925
5,899
5,898
5,896
5,987
6,023
5,930
5,760
1,049
1,091
1,090
1,094
1,112
1,129
1,137
1,119
3,050
3,101
3,107
3,166
3,221
3,265
3,263
3,271
1,569
1,550
1,580
1,591
1,602
1,583
1,590
1,609
2,920
3,143
3,276
3,226
3,484
3,373
3,432
3,926
4,212
4,246
4,402
4,607
5,198
5,490
1,382
1,589
1,712
1,734
1,996
2,047
1,986
2,302
2,465
2,394
2,504
2,587
2,943
2,974
361
375
374
376
260
164
179
299
360
362
305
363
430
518
698
712
710
658
734
669
741
794
858
944
1,013
1,046
1,147
1,295
479
467
480
457
495
494
526
531
529
546
581
611
678
704
5,317
5,352
5,361
5,402
5,541
5,590
P5, 503
P5, 358
2,982
2,956
2,936
2,927
3,004
3,020
2,924
2,772
466
503
504
504
515
530
535
522
1,180
1,223
1,224
1,265
1,306
1,342
1,339
1,340
706
717
Excess
Held
Central reserve
city banks
Chi-
p1 Preliminary.
Weekly figures of excess reserves of all member banks and of country
banks are estimates.
DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
Member banks in larger centers Member banks in smaller centers
(places over 15,000)
(places under 15,000)
All member bank.5
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
_
St. Louis
Minneapolis
Kansas City. _
Dallas
San Francisco
.
_ _
Total
Gross demand
Time
Oct.
Sept.
Oct.
Sept.
2,128
15,162
2,001
2,358
1,337
1,241
5,064
1,255
732
1,545
1,306
2,602
2,050
14,876
1,932
2,280
1,298
1,201
4,939
1,210
722
1,520
1,256
2,537
647
2,295
1,120
1,397
558
400
1,795
420
362
315
231
2,194
651
2,275
1,123
1,397
556
400
1,784
420
362
315
232
2,193
36, 732
35, 820
11, 735
11, 706
Gross demand
Oct.
Time
Sept.
1,914
1,989
l 1, 272 i 1, 227
1,692
1,755
2,047
2,123
1,110
1,143
1,052
1,089
1 1, 901 i 1,858
988
1,026
541
536
1,176
1,199
1,004
966
2,416
2,477
518
i 1,048
667
1,097
363
314
i 1,006
303
178
201
186
2,096
522
i 1,042
670
1,098
362
314
i 999
303
177
200
186
2,095
138
302
246
235
195
151
332
229
191
346
302
125
136
302
240
233
189
149
326
222
186
343
290
121
129
502
453
300
195
87
294
117
185
114
46
98
129
501
453
299
194
86
293
317
185
115
46
98
117, 520 116, 981
i 7,976
i 7,968
2,792
2,737
2,520
2,515
* Excluding central reserve city banks, for which figures for latest month are shown in table above.
Gross demand
Oct.
Oct.
Sept.
Time
Sept.
Oct.
Sept.
DECEMBER
1103
FEDERAL RESERVE BULLETIN
1939
KINDS OF MONEY IN CIRCULATION
[Outside Treasury and Federal Reserve banks. In millions of dollars]
End of month
Total
Gold
certificates
Silver
dollars
Silver
certificates
Treasury
notes
of 1890
Subsidiary
silver
coin
Federal
National
bank
notes
United Federal Reserve
States Reserve bank
notes
notes
notes
Minor
coin
1938—October....
November.
December..
6,700
6,787
6,856
76
76
75
1,297
1,312
1,339
351
356
357
148
151
151
257
4,282
4,349
4,405
206
203
201
1939—JanuaryFebruary..
March
April
May
June.
July.
August
September.
October
6,653
6,731
6,817
6,905
6,967
7,047
7,049
7,171
7,293
7,342
75
74
74
73
72
72
71
71
71
70
1,269
1,327
1,378
1,385
1,417
1,454
1,446
1,465
1,488
1,485
348
350
352
354
358
361
362
365
369
373
149
150
151
152
154
155
156
157
159
161
244
246
251
255
259
266
264
267
269
267
4,301
4,320
4,350
4,426
4,449
4,484
4,496
4,595
4,688
4,739
198
195
193
191
189
186
184
182
180
178
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]
Large denomination currency 2
Total
Coin and small denomination currency 2
in circula$13
tion i Total Coin
$2
$5
$10
$20
Total
1938—October
6,700
6,787
6,856
5,021
5,096
5,147
540
548
550
505
511
524
32
33
34
923
936
946
1,572
1,599
1,611
1,450
1,469
1,481
1, 683
1,696
1,714
1939—January
February
March
6,653
6,731
6,817
6,905
6,967
7,047
7,049
7,171
7,293
7,342
4,953
5,011
5,049
5,069
5,109
5,164
5,169
5,253
5,329
5,363
538
541
544
548
554
558
561
566
571
577
492
498
503
505
513
514
514
521
532
535
32
33
33
32
33
33
33
34
34
34
904
919
928
929
937
947
947
966
980
982
1,546
1,574
1,594
1,602
1,614
1,638
1,644
1,681
1,706
1,710
1,440
1,446
1,448
1,453
1,458
1,473
1,470
1,487
1,507
1,526
1,705
1,721
1,770
1,838
1,861
1,887
1,885
1,922
1,965
1,981
End of month
November
December
April
May
June
July
August
September.
October
$50
Un-
$5,000 $10,00c
assorted!
$100
$500
$1,000
400
404
409
754
761
770
157
158
160
321
323
327
18
17
17
33
32
32
4
5
5
403
406
411
418
422
428
426
433
440
445
768
774
799
829
836
848
847
857
876
884
160
161
165
170
172
176
175
180
185
186
329
335
349
370
380
388
391
405
413
415
17
17
17
18
17
17
17
17
20
20
28
28
28
33
33
29
28
30
30
30
6
1
2
3
3
3
4
4
1
2
1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks.
2 Includes unassorted currency held in Treasury and Federal Reserve banks and currency of unknown denominations reported by the Treasury as
destroyed.
3
Paper currency only; $1 silver coins reported under coin.
Back figures—See Annual Report for 1937 (table 36).
TREASURY CURRENCY OUTSTANDING
SHIPMENTS AND RECEIPTS OF UNITED
STATES PAPER CURRENCY
[Held by Treasury and Federal Reserve banks and in circulation, In
millions of dollars]
End of month
Silver
Federal
Nadollars Suband
sid- M i n o r United Re- tional
Total silver iary coin States serve b a n k
bul- silver
notes b a n k notes
lion * coin
notes
1938—October _ . „
2,751
November. 2,773
December.. 2,798
1,634
1,657
1,685
376
376
376
158
158
159
347
347
347
29
29
28
208
206
203
1939—January....... 2,816
February __ 2,824
March
2,839
April
2,849
May
2,862
June.
_ 2,881
2,895
July
2,907
August
September. 2,919
2,932
October
1,705
1,717
1,733
1,746
1,759
1,778
1,794
1,804
1,814
1,825
376
376
377
376
377
380
381
383
386
390
159
160
160
160
161
161
162
162
164
166
347
347
347
347
347
347
347
347
••347
347
28
27
27
27
26
26
26
25
25
25
201
198
196
193
191
189
186
185
183
181
'•Revised.
1 Includes silver held against silver certificates a m o u n t i n g to $1,729,
000,000 on October 31, 1939 a n d $1,564,000,000 on October 31, 1938.
[By selected b a n k s and financial institutions in N e w York C i t y .
I n millions of dollars]
Ship-
Net
ments to
Receipts
from
Europe
1936
1937
1938
34.8
21.5
33 1
26.2
47.6
34 4
8.6
1938—October....
November.
December.
10.6
3.4
.7
.6
1.0
2.2
10.0
2.4
1939—January....
February..
March
April
May..
June
July
August....
September
October...
6.7
3.0
27.3
46.1
3.8
2.9
2.2
4.7
.8
1.8
2.0
1.0
.9
.3
4.7
2.0
26.4
45.8
3.1
1.8
1.2
3.8
.7
1.6
Year or month
Europe
ship-
ments
.7
1.1
1.0
.9
.1
.2
Back figures.—See Annual Report for 1937 (table 38).
Description.—See BULLETIN for January 1932, pp. 7-8.
Net
receipts
26.1
1.3
1104
FEDERAL RESERVE BULLETIN
DECEMBER 1939
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
MOVEMENT OF GOLD TO AND FROM
UNITED STATES *
[In millions of dollars]
[In thousands of dollars]
Gold stock at
end of period
Period
Total
19341
1935
1936
1937
1938
.
.
1937—July
August
September
October
November
December
1938—January.
February
March.
April
May
June
July . .
August... •.
September
October
November
December .
1939—January
February....
March
April
May
June
July
August
September
October
Nov. 1-22P
nactive
account
Increase
in
gold
stock
Net
Dogain or mesOSS
( - ) tic
Net
gold through gold
import marking protrans- ducactions 2 tion
8,238
10,125
11, 258
12, 760
14, 512
4,202.5 1,133.9
82.6
.2
1,887. 2 1, 739. 0
26.5 1,132. 5 1,116. 6 - 8 5 . 9
1,227.9 1, 502. 5 1, 585. 5 -200.4
1, 751. 5 1, 973. 6 -333. 5
12,446
12, 567
12, 741
12, 803
12, 774
12, 760
1, 214.1
1, 335. 7
1, 210. 0
1, 271. 9
1, 242. 5
1, 227. 9
127.3
121.6
174.3
62.0
-29.3
-14.0
175.4 - 3 5 . 5
104.8
-5.3
145.5
9.3
90.5
-8.0
22.1 - 2 0 . 1
18.0 -101.6
12.7
16.9
12.2
14.9
13.8
11.9
12, 756
12, 776
12, 795
12, 869
12 919
12, 963
13, 017
13,136
13, 760
14, 065
14, 312
14, 512
1, 223. 2
1, 200. 6
1,183. 0
-4.6
20.7
18.5
74.3
49.8
44.2
54.5
118.3
623.8
305.0
247.5
199.6
2.1
-1.1
8.0 - 1 8 . 2
-.6
52.9
-1.2
71.1
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 -110.2
-7.4
177. 8
240.5 - 6 2 . 4
11.0
10.0
10.7
10.6
11.5
9.6
14.2
14.7
14.1
13.5
15.5
13.3
170.0
192. 7
383.8
532. 3
166.2
153.3
128.0
407.6
285.9
159.9
165.7
156.3
223.3
365.4
605.8
429.4
240.4
278.6
259.9
326.1
69.7
69.6
14.1
-48.6
10.7
-114.8
-251.6
-102.6
-166.2
152.1
2.8
79.5
82.4
12.2
10.4
11.0
13.1
12.6
10.6
13.1
14.0
15.6
14, 682
14, 874
15, 258
15 791
15,957
16 110
16, 238
16, 646
16, 932
17, 091
17, 257
National
Nonmember
banks
In-
State sured1
Not
Number of banks suspended:
1934
1935
1936
1937
1938
1939—Jan.-Oct
Deposits of suspended banks
(in thousands of dollars):"
1934
1935
1936
1937
1938
1939—Jan.-Oct
36, 937
10,015
11, 306
19, 723
13,012
34, 762
40
5,313
507
7,379 1,708
36
211
1,357 25, 736
1,912
3,763
10, 207
10,156
11,721
5,202
34, 98,
93!
59S
48C
1,044
2,46;
1 Represents licensed banks suspended; does not include nonlicense<
banks placed in liquidation or receivership.
2 Federal deposit insurance became operative January 1, 1934.
* Deposits of member banks and insured nonmember banks suspended
are as of dates of suspension, and deposits of noninsured nonmembei
banks are based on the latest data available at the time the suspension;
were reported.
Back figures—See Annual Report for 1937 (table 76).
Exports
Imports
Jan.-Oct.
Exports
69,740
Imports
165,122
3,770
6,363
301,311
3,860
78, 946
1, 797,485
239,264
26, 398
4,847
4,509
8,252
19,006
2,101
4,653
3,601
55, 272
33,226
6,363
2,990
Sweden.
Switzerland
United Kingdom... 10,182
9,954
Canada.
1,794
Mexico
394
Central America.__
4
Argentina
Chile
Colombia
Ecuador
785
Peru
423
Venezuela
8,420
Australia
British India
2,703
China and Hong
4,087
Kong
apan
12,497
D
hilippine Islands. 3,188
South Africa
2,14"
!,854
All other countries 2 .
Total
September
October
Imports
1,482
162, 451
120, 850
653
445
816
2,102
143
1,357
375
5,474
4,065
5,157
16, 425
3,948
11
247
20, 518
136,017
30, 349
15 326,089
15 2,955,485
Exports
68
54
156
206
2,528
487
i Figures represent customs valuations which, with some exceptions,
xe at rate of $35 a fine ounce.
* Includes all movements of unreported origin or destination.
Back figures.—See table, p. 1135, and Annual Report for 1937 (tables
1 and 32).
BANK DEBITS
Debits to individual deposit accounts, at banks in principal cities.]
[In millions of dollars]
Year and month
1929..
1935..
BANK SUSPENSIONS^
Member
banks
From or t o -
96.0
110.7 Belgium
131.6
ance...
143.9 :taly
148.6 Netherlands
p Preliminary.
1 Figures based on rate of $20.67 a fine ounce in January 1934 and $35
a 2fine ounce thereafter.
Gold held under earmark at Federal Eeserve banks for foreign account on October 31, 1939, in millions of dollars: 1,053.1.
NOTE.—Figures for domestic production of gold are those published
in table, p. 1135, adjusted to exclude production in Philippines. Adjustment based on annual figures reported by Director of Mint and
monthly imports of gold to U. S. from Philippines. For back figures
see Annual Report for 1937 (table 29).
Total,
all
banks
1939
1937..
1938..
Total,
all
reporting
centers
982, 531
402, 718
461, 889
469, 463
405,929
New
York
City
140
other
leading
cities i
133
other
reporting
cities 2
197,836
168, 778
331,938
190,165
219, 670
235, 206
204, 745
47,504
28, 547
33,283
36,421
32,406
184,006
1938—September..
October
November..
December. _
32,192
36,130
32, 224
43, 209
13,085
15,140
12,425
18,879
16, 440
18, 096
17,039
21, 087
2,666
2,895
2,760
3,243
1939—January
February...
March
April
May.
June.
July
.__
August
September..
October
35,180
29,973
37, 322
32, 822
34, 656
36,883
33, 245
33,314
36, 594
35,830
14, 533
12, 380
16, 274
13, 311
14,165
15, 312
12, 794
13,118
15,138
13, 683
17, 860
15, 201
18, 211
16,832
17, 763
18, 676
17,683
17,496
18, 526
19,029
2,786
2,392
2,837
2, 679
2,728
2,895
2,768
2,701
2,930
3,119
1 Comprises centers for which bank debit figures are available beginning with 1919, except that one substitution was made in 1920 and one
in 21928.
Cities (other than the 141 centers) for which bank debits are currently
reported. The number has changed very little since 1934 and has numbered 133 since 1936.
Back figures.—See Annual Report for 1937 (Table 71), which also gives
a definition of bank debits. Figures for individual reporting cities and
totals by Federal Reserve districts are available in mimeographed form.
1105
FEDERAL RESERVE BULLETIN
DECEMBER 1939
ALL BANKS IN THE UNITED STATES
Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks
and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period
June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to
the Comptroller of the Currency. Under the amended provisions of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve Bulletin for
December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are
available.
NUMBER OF BANKS
Call date
DEPOSITS, EXCLUSIVE OF INTERBANK
DEPOSITS*
Member banks
Nonmember
banks
National
Other
Mutual nonsavings member
banks
Total
Total
State
[In
millions of dollars]
Member banks
All
banks
Call date
Total
National
State
banks
Nonmeniber
banks
Mutual Other
savings nonmembanks ber banks
1929—June 29
Dec. 31
25,110
24, 630
8,707
8,522
7,530
7,403
1,177
1,119
611
609
15,792
15,499
1929—June 29... 53,852
Dec. 3 1 — 55, 289
32,284
33, 865
19,411
20, 290
12,873
13, 575
8,983
8,916
12, 584
12, 508
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
37,998
1933—June 30
Dec. 3 0 . . . 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
Dec. 31.__
41,870
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
7,178
7,666
1937—June 30
Dec. 31
15, 527
15, 393
6,357
6,341
5,293
5,260
1,064
1,081
564
563
8,606
8,489
1937—June 30..
Dec. 3 1 —
53, 287
52, 440
35,440
34,810
22,926
22, 655
12, 514
12,155
10, 213
10, 257
7,635
7,373
1938—June 30
Dec. 31
15, 287
15, 206
6,338
6,338
5,242
5,224
1,096
1,114
563
556
8,386
8,312
1938—June 30—
Dec. 3 1 —
52,195
54,054
34, 745
36, 211
22, 553
23, 497
12,193
12, 714
10, 296
10, 365
7; 153
7,478
1939—June 30
Oct. 23
15,082
6,330
6,339
5,203
5,196
1,127
1,143
553
8,199
1939—June 30. .. 55, 992
Oct. 2 3 . . . .
38,027
39, 287
24, 534
25, 248
13, 493
14,039
10, 521
7,444
For footnotes see table below.
For footnotes see table below.
LOANS AND INVESTMENTS
[In millions of dollars]
Member banks
All b a n k s
Nonmember banks
Mutual savings banks
Call date
Total
Loans
Investments
Total
Loans
Investments
Total
Loans
Investments
Other nonmember banks
Total
Loans
Investments
1929—June 29. _.
Dec. 31
58,474
58, 417
41, 531
41, 918
16, 943
16,499
35, 711
35, 934
25, 658
26,150
10,052
9,784
9,556
9,463
5,892
5,945
3,664
3,518
13,207
13,020
9,981
9,823
3,227
3,197
1933—June 30
Dec. 30
40,076
40,319
22,203
21,977
17, 872
18, 342
24, 786
25, 220
12,858
12,833
11, 928
12, 386
10,044
9,985
5,941
5,906
4,103
4,079
5,246
5,115
3,404
3,238
1,841
1,877
1934—June 30. .
Dec. 31
42, 502
43,458
21, 278
20, 473
21, 224
22, 984
27,175
28,150
12, 523
12,028
14, 652
16,122
9,904
9,782
5,648
5,491
4,256
4,291
5,423
5,526
3,108
2,955
2,315
2,571
1935—June 29
Dec. 31
44, 416
45, 717
20, 272
20, 329
24,145
25, 388
28, 785
29, 985
11, 928
12,175
16, 857
17,810
9,852
9,804
5,341
5,210
4,511
4,594
5,779
5,927
3,003
2,944
2,777
2,983
1936—June 30
Dec. 31
48,458
49, 524
20, 679
21,449
27, 778
28, 075
32, 259
33,000
12, 542
13, 360
19, 717
19, 640
9,961
10,060
5,105
5,027
4,856
5,034
6,238
6,464
3,032
3,062
3,206
3,402
49, 696
48, 566
22, 514
22,198
27,182
26, 368
32, 739
31, 752
14, 285
13,958
18, 454
17, 794
10,180
10,187
5,002
4,996
5,178
5,191
6,778
6,627
3,227
3,244
3,550
3,383
1938—June 30
Dec. 31 2
47,381
48, 929
21,130
21, 354
26, 252
27, 575
30, 721
32,070
12,938
13, 208
17, 783
18, 863
10,196
10, 255
4,961
4,930
5,235
5,325
6,465
6,604
3,231
3,217
3,234
3,387
1939—June 30 2
Oct. 2 2 3
49, 611
21,314
28, 297
32, 603
33,075
13,141
13,470
19, 462
19, 605
10,342
4,931
5,411
6,665
3,242
3,423
1937—June 30
„
Dec. 31
1 Prior to Dec. 30, 1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000
on that date. The nonmember bank figures include interbank deposits to the extent that they are not shown separately in a few State bank
abstracts.
2 Beginning December 1938 figures of loans and investments exclude approximately $50,000,000 and $100,000,000, heretofore reported as loans
and investments, respectively, which indirectly represent bank premises or other real estate and are now classified in condition reports among
"Other
assets."
3
Figures of all banks not available.
Back figures—See Annual Report for 1937 (tables 48-49).
1106
FEDERAL RESERVE BULLETIN
DECEMBER 1939
CONDITION OF ALL MEMBER BANKS
[In millions of dollars]
Loans 1
Call date
ComTotal
merloans
cial,
and
inOpen
indusvest- Total i trial, market
ments
and paper
agricultural 2
Investments i
u. S. Government
Loans for
purchasing
or carrying
securities
To
brokers
To
and others
dealers
obligations
Obli-
gations
of
States Other
and securGuar- polit- ities i
anical
subNotes Bonds teed
divi-5
sions
Direct
Real Loans Other
estate
to
Total
loans banks loans *
Total
Bills
TOTAL—ALL
MEMBERBANKS
1929—Dec. 31.. 35,934
1933—June 30_. 24, 786
1934—Dec. 31.. 28,150
1935—Dec. 31 _.29,985
1936—Dec. 31.. 33,000
1937—Dec. 31.. 31, 752
1938—Dec. 31.. 32,070
1939—Mar. 29.. 32,095
June 30.. 32,603
Oct. 2 . . . 33, 075
26,150
12, 858
12,028
12,175
13, 360
13, 958
13, 208 5,448
3,047 5,531
3,141 5,571
13,470
(8)
583
595
751
651
634
643
442
427
420
2,463
953
1,030
1,243
1,410
950
973
838
731
7,685
3,752
3,110
2,893
2,785
2,752
?775
733
736
()
714 11,515 9,784 3,863
330 4,857 11, 928 6,887
155 4,708 16,122 9,906
98 5,006 17, 810 LO, 501
85 6,041 19, 640 LI, 639
70 6,996 17, 794 LO, 574
125 2,728 18,863 LO, 882
99 2,671 19,048 LO, 691
58 2,796 19, 462 LO, 946
(8) 19, 605 LO, 893
169
157
139
140
144
141
121
124
130
322
162
63
42
42
29
99
77
41
3,191
2,372
2,273
2,284
2,405
2,547
2,716
2,749
2,828
6
6
989
1,768
1,906
1,797
2,340
2,660
2,831
2,918
1,393
1,744
1,965
2,178
2,226
2,047
2,448
2,555
2,554
2,764
4,528
3,297
3,262
3,364
3,868
3,376
3,192
3,142
3,131
3,030
278
401
470
388
894
1,086
1,123
1,157
222
478
446
507
426
342
517
582
480
662
758
680
632
653
790
704
698
714
736
708
C8)
78
88
94
94
109
108
135
155
96
87
129
141
143
135
141
149
154
147
100
103
124
121
176
171
179
168
6 249
1,113
1,030
1,192
1,053
662
286
303
441
(8)
520
2,049
4,217
5,403
4,527
4,277
3,389
2,604
2,720
(8)
3,094
3,725
4,659
3,905
6,060
5,635
7,208
7,783
7,786
(8)
NEW YORK
CITY »
8,774
7,133
7,761
8,418
9,280
8,313
8,335
8,408
8,688
9,044
6,683
3,424
3,159
3,434
3,855
3,673
3,262
3,086
2,988
3,116
1929—Dec. 31.. 1,757
1933—June 30_. 1,287
1934—Dec. 31. _ 1,581
1935—Dec. 31.. 1,868
1936—Dec. 31. _ 2,100
1937—Dec. 31.. 1,901
1938—Dec. 31.. 1,969
1939—Mar. 29__ 1,965
June30__ 2,052
Oct. 2... 2,050
1,448
677
532
476
633
635
539
545
544
563
1929—Dec. 31..
1933—June 30..
1934—Dec. 31..
1935—Dec. 31..
1936—Dec. 31..
1937—Dec. 31..
1938—Dec. 31..
1939—Mar. 29..
June 30..
Oct. 2...
1,461
1,456
1,479
()
195
364
396
286
216
198
138
126
128
1,257
758
716
1,078
1,173
761
787
668
555
2,145
1,044
820
793
753
733
220
209
215
)
251
61
55
29
51
41
43
32
39
8
533
251
170
149
140
129
70
70
71
664
108
195
117
159
123
119
115
115
2,775
1,340
1,124
1,057
1,048
1,066
242
228
221
2,595 2,091
937 3,709
1,024 4,602
1,096 4,985
1,527 5,425
1,811 4,640
436 5,072
427 5,322
440 5,700
5,928
1,112
2,551
3,246
3,425
3,739
3,207
2,963
2,939
3,360
3,401
»58
6 638
758
865
718
495
158
68
168
(8)
166
987
1,664
1,810
1,559
1,536
1,142
831
908
(8)
889
926
824
749
1,462
1,175
1,663
2,040
2,284
(8)
535
237
202
249
402
426
62
57
59
309
610
1,049
1,392
1,467
1,266
1,430
1,420
1,507
1,487
116
384
743
1,061
1,107
916
1,005
992
1,040
1,017
63
6 206
164
213
198
32
59
121
185
(8)
19
82
299
604
375
366
291
212
234
(8)
94
97
279
243
533
518
655
660
621
3,679
1,678
1,671
1,851
2,231
2,610
1,081
1,066
1,116
(8)
2,944
4,011
5,715
6,432
7,000
6,211
6,691
6 91
6 205
95
85
120
106
57
100
78
(8)
165
681
1,692
2,267
1,904
1,589
1,224
977
1,014
(8)
1,112
1,597
2,022
1,724
2,403
2,267
2,997
3,105
3,010
(8)
279
656
697
637
740
823
889
907
448
598
649
723
774
691
808
823
895
897
1,128
930
978
977
1,102
921
866
6,751
6,752
1,368
2,483
3,809
4,076
4,426
3,961
4,278
4,181
4,102
4,091
4,705 4,439
2,005 3,598
1,810 4,756
1,810 5,002
1,881 5,747
2,149 5,677
1,149 5,669
1,121 5,618
5,504
1,180
(8) 5,437
1,267
1,469
2,108
1,940
2,368
2,490
2,636
2,578
2,444
2,383
6 97
64
«13
28
17
29
11
15
11
171
299
562
722
689
786
732
585
563
(8)
999
1,106
1,533
1,189
1,662
1,675
1,893
1,978
1,870
(8)
355
623
645
678
597
643
683
699
627
581
741
807
883
879
982
1,001
1,025
1,058
2,546
1,549
1,552
1,633
1,851
1,630
1,453
1,397
1,351
1,297
CITY OF
CHICAGO 9
361
348
C)
RESERVE CITY
BANKS
1929—Dec. 31.. 12,029
1933—June 30.. 8,492
1934— Dec. 31. 10,028
1935—Dec. 31. 10,780
1936—Dec. 31. 11,795
1937—Dec. 31. 11,414
1938—Dec. 31.. 11,654
1939—Mar. 29_ 11,624
June 30. 11, 756
Oct. 2... 11,880
9,084
4,482
4,312
4,347
4,794
5,203
4,963
4,936
5,004
5,127
2,121
2,116
2,118
(8)
168
126
179
195
209
201
149
145
138
,131
,090
,094
,124
1,176
1,230
1,249
1,284
()
258
99
55
34
23.
27
20
17
12
856
COUNTRY
BANKS
1929—Dec. 31..
1933—June 30..
1934—Dec. 31.
1935—Dec. 31.
1936—Dec. 31.
1937— Dec. 31.
1938—Dec. 31.
1939—Mar. 29.
June 30_.
Oct. 2 . .
13,375
7,873
8,780
8,919
9,825
10,124
10,113
10,098
10,109
10,102
8,936
4,275
4,025
3,918
4,078
4,446
4,444
4,480
4,605
4,665
1,531
1,597
1,626
(8)
201
35
101
142
187
216
138
142
140
291
25
64
20
29
25
25
24
22
2,231
1,117
996
894
843
824
243
226
229
1,462
1,055
1,026
1,035
1,123
1,219
1,353
1,363
1,402
(8)
6
C8)
1 Classifications indicated were revised as of Dec. 31, 1938; for explanation see BULLETIN for January 1939, pp. 22-23, and the April BULLETIN,
pp. 259-264. Beginning June 30, 1939, detailed classifications available on June and December dates only.
23 Not reported separately prior to December 1938 except for weekly reporting banks in leading cities.
Figures in this column prior to Dec. 31,1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks
and 4to brokers and dealers.
This is a residual item and because of the revised loan classifications figures beginning Dec. 31, 1938, are not comparable with earlier figures.
6
Includes obligations of territorial and insular possessions when reported separately.
6
Includes Treasury certificates of indebtedness.
7
For
estimated figures for Dec. 31,1938, on basis comparable with earlier figures see p. 332 of the April BULLETIN.
8
Not reported separately.
9
Central reserve city banks.
Back figures.—See Annual Report for 1937 (tables 52-58).
1107
FEDERAL RESERVE BULLETIN
DECEMBER 1939
CONDITION OF ALL MEMBER BANKS—Continued
[In millions of dollars]
Demand deposits,
except interbank
Call date
Interbank
deposits
Time deposits,
except interbank
Reserves
BalIndiDewith
ances mand vid- States CertiFed- Cash with
uals, and
defied
eral
doin
posits part- polit- and U. S.
Re- vault mestic adnerical
offiGovserve
banks justed ships, subcers'
ern- 4
banks
and
divi- checks
ment
cor- sions etc.3
porations
IndiDomestic
vid- States
banks
uals, and
part- polit- Postal
nerical
savForsubings4
eign
diviand
De- Time banks
cor- sions
mand
porations
Borrow-
accounts
TOTAL—ALL MEMBER
BANKS
1929—Dec. 31__
1933—June 30_.
1934—Dec. 31__
1935—Dec. 31__
1936—Dec. 31__
1937—Dec. 31__
1938—Dec. 31_.
1939—Mar. 29..
June 30—
Oct. 2___.
2,008
3,149
3,776
4,066
3,414
4,240
4,403
4,674
6
5, 304
12, 089
15,686
18,801
21, 647
20,387
22,293
22, 364
23, 587
25,118
11,830
14,951
18,035
20, 970
19,747
21,119
20,845
22,448
23,983
1,335
1,087
1,799
2,139
2,329
2,132
2,386
2,467
2,532
2,390
1,681
657
838
882
881
767
547
533
790
666
143
806
1,636
844
882
781
790
775
694
675
12,267
7,803
9,020
9,680
10,429
10,806
10,846
10,940
11,063
11,104
827
846
1,576
2,541
2,658
2,738
4,104
4,582
4,975
5,929
179
101
103
111
133
120
109
156
112
6
109
4,750
4,358
5,069
6,193
6,929
6,111
7,168
7,605
8,012
8,676
5,847
4,676
5,370
6,479
7,274
6,507
7,273
7,677
8,281
8,812
128
96
229
323
285
189
280
260
288
321
1,180
461
540
524
457
404
195
272
472
349
20
332
792
224
225
382
139
135
84
72
1,112
671
591
591
679
696
652
655
653
683
232
415
511
558
596
884
705
897
133
203
207
209
188
179
235
178
235
6
237
957
912
1,189
1,401
1,554
1,438
1,688
1,250
1,666
1,747
1,041
870
1,073
1,301
1,495
1,354
1,597
1,182
1,565
1,632
42
87
182
208
191
207
181
141
197
195
2,374
2,235
4,082
5,573
6,572
7,005
8,694
9,112
10,011
11, 617
558 2,168 16, 647 17, 526
665
697
589
746
777
712
774
595
300
294
361
296
482
462
461
441
418
122
788
452
218
104
95
61
68
3,517
3,057
4,S
6,402
5,436
6,510
6,816
7,097
5
8, 243
95
89
134
161
153
129
132
133
142
6142
146
154
449
438
464
511
629
607
6
757
879
191
13
6
15
12
6
7
5
5
6,709
4,837
5,054
5,145
5,275
5,371
5,424
5,467
5,496
5,530
179
2,105
1,582
1,565
1,573
1,585
1,606
1,593
1,692
1,586
1,587
N E W YORK CITY &
1929—Dec. 31._
1933—June 30._
1934—Dec. 31._
1935—Dec. 31_.
1936—Dec. 31_.
1937—Dec. 31. _
1938—Dec. 31_.
1939—Mar. 29..
June 30—
Oct. 2....
18
110
56
1,198
1,255
1,798
2,338
2,493
2,108
2,687
2,731
2,992
6
3, 568
597
128
133
414
397
423
442
553
524
6
670
310
259
445
522
599
528
658
834
746
6
853
33
2
2
4
5
6
9
10
12
614
12
CITY OF CHICAGO 6
1929—Dec. 31..
1933—June 30..
1934—Dec. 31__
1935—Dec. 31_.
1936—Dec. 31_.
1937—Dec. 31__
1938—Dec. 31__
1939—Mar. 29..
June 30__
Oct. 2....
358
381
413
449
445
452
452
471
316
204
226
229
244
255
257
261
270
270
RESERVE CITY BANKS
1929— Dec. 31_.
1933—June 30.
1934—Dec. 31_.
1935—Dec. 31__
1936—Dec. 31__
1937—Dec. 31__
1938—Dec. 31__
1939—Mar. 29..
June 30—
Oct. 2....
751
705
1,268
1,594
2,108
2,310
2,354
2,459
2,735
3,053
156
122
207
256
285
200
321
342
318
323
947
1,002
1,543
1,779
1,816
1,470
1,940
2,106
2,210
6
2, 485
5,229
3,764
5,136
6,161
7,126
6,870
7,214
7,326
7,654
8,017
5,547
3,708
4,919
6,001
7,023
6,743
7,034
6,899
7,331
7,803
423
349
585
707
843
777
796
889
917
801
300
108
169
204
230
192
170
123
160
158
76
312
620
385
407
256
424
420
415
410
4,433
2,941
3,494
3,796
4,026
4,161
4,233
4,276
4,320
4,319
371
208
206
266
203
266
269
243
233
627
452
822
927
1,247
1,361
1,353
1,367
1,403
1,555
321
203
702
275 1,296
305 1,676
319 1,929
307 1,645
322 1,956
350 1, 963
307 2,117
329 «2,473
5,711
3,054
4,292
5,047
6,039
5,968
6,224
6,183
6,255
6,677
5,091
2,576
3,589
4,254
5,177
5,143
5,215
5,087
5,272
5,736
742
555
804
901
1,011
959
1,128
1,176
1,130
1,073
72
106
127
167
149
154
114
135
131
39
116
178
137
178
78
143
137
136
133
6,390
3,833
4,554
4,879
5,275
5,504
5,509
5,557
5,619
5,632
133
86
84
388
186
79
35
34
17
22
19
1,604
1,315
1,984
2,422
2,826
2,389
2,719
2,813
2,920
8
3, 307
30
59
117
134
137
107
108
108
115
6116
61
285
210
136
69
61
44
46
40
35
405
228
342
415
483
412
446
438
439
6
515
7
16
16
16
21
23
25
26
6
26
64
15
18
29
34
34
57
64
69
8
71
292
16
2,029
1,533
1,614
1,657
1,697
1,735
1,777
1,795
1,812
1,821
367
167
13
6
3
12
6
5
5
4
2,258
1,517
1,650
1,687
1,750
1,775
1,798
1,818
1,828
1,852
COUNTRY BANKS
1929—Dec. 31_.
1933—June 30..
1934—Dec. 31_.
1935—Dec. 3 1 . .
1936—Dec. 31__
1937—Dec. 31__
1938—Dec. 3 1 . .
1939—Mar. 29..
June 30—
Oct. 2_...
158
147
153
145
148
1 Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25, 1933,
includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets".
2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31,1935,
less 3cash items reported on hand but not in process of collection.
Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31, 1935.
4
U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
6
Central reserve city banks.
6
Partly estimated.
Back figures—See Annual Report for 1937 (tables 52-58).
1108
FEDERAL RESERVE BULLETIN
DECEMBER
1939
CONDITION OF REPORTING MEMBER BANKS IN 1 0 1 LEADING CITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans
Date or Month
Total
loans
and
investments
Total
Investments
Loans for
purchasing
or carrying
securities
Commercial,
industrial,
and
agricultural
Open
market
paper
To
brokers
and
dealers
U. S. Government obligations
Direct
Real Loans
Other
estate
to
loans banks loans
Total
To
others
Total
Bills i Motes i Bonds1
Guaranteed
Other
securities
TOTAL—101 CITIES
1938—October
1939—April
May
June
July
August.
September
October
21,323
21, 727
21, 693
21,887
22,046
22,327
22,384
22, 571
8,282
8,127
8,091
8,094
8,146
8,179
8,322
8,421
3,904
3,848
3,839
3,830
3,888
3,930
4,166
4,279
346
305
303
304
312
313
316
317
697
678
671
648
642
568
552
576
537
539
541
532
521
511
505
1,163
1,144
1,151
1,159
1,163
1,171
1,178
1,181
109
69
58
52
64
62
38
35
1,515
1,527
1,523
1,537
1,539
1,540
1,545
1,552
,041
.3,600
:3,602
3,793
.3,900
14,148
4, 062
.4,150
8,084
8,225
8,296
8,383
8,499
8,537
8,467
8,566
342
398
422
461
488
450
561
2,011
2,033
2,106
2,132
2,149
2,144
2,132
5,872
5,865
5,855
5,906
5,900
5,873
5,873
1,682
2,033
2,033
2,119
2,158
2,265
2,226
2,232
3,275
3,342
3,273
3,291
3,243
3,346
3,369
3,352
1939—Aug. 3O._
Sept. 6__
Sept. 13.
Sept. 20.
Sept. 27.
Oct. 4___
Oct. 11_.
Oct. 18...
Oct. 25__
Nov. 1—
Nov. 8...
Nov. 15..
22,442
22,389
22, 389
22, 339
22,419
22, 498
22, 568
22, 563
22, 657
22, 728
22,835
23,014
8,209
8,305
8,315
8,319
8,350
8,375
8,408
8,423
8,479
8,521
8,521
8,549
3,996
4,075
4,159
4,201
4,229
4,251
4,288
4,286
4,292
4,310
4,330
4,362
317
314
318
315
316
318
318
316
318
317
316
312
640
568
532
533
538
530
548
593
603
594
588
519
512
513
510
510
505
504
501
510
512
500
497
1,174
1,174
1,178
1,180
1,180
1,179
1,182
1,181
1,180
1,184
1,184
1,187
49
46
34
35
35
36
37
36
32
36
37
39
1,546
1,544
1,545
1,546
1,547
1,548
1,549
1,555
1,554
1,559
1,560
1,564
.4,233
A, 084
A, 074
4,020
A, 069
L4,123
4,160
L4,140
L4,178
14,207
14,314
.4, 465
8,565
8,512
8,489
8,428
8,437
8,503
8,559
8,574
8,628
8,684
8,720
8,725
502
468
475
437
419
492
553
571
629
667
702
720
2,160
2,154
2,153
2,131
2,137
2,130
2,128
2,126
2,145
2,159
2,169
2,179
5,903 2,286
5,890 2,219
5,861 2,222
5,860 2,230
5,881 2,232
5,881 2,240
5,878 2,240
5, 877 2,224
5,854 2,226
5,858 2,232
5,849 2,250
5,826 2,402
3,382
3,353
3,363
3,362
3,400
3,380
3,361
:, 342
3,324
3,291
3,344
3,338
1938—October
1939—April
May
June
July
August.
_
September
October
7,809
8,010
7,958
8,103
8,138
8,349
8,393
8,538
2,935
2,795
2,759
2,758
2,765
2,828
2,869
2,895
1,447
1,379
1,372
1,375
1,408
1,483
1,620
1,661
142
117
120
121
120
117
116
115
528
555
529
523
497
493
435
430
197
195
198
201
191
184
177
173
119
110
111
113
115
117
117
116
413
383
385
386
380
382
377
375
4,874
5,215
5,199
5,345
5,373
5,521
5,524
5,643
2,902
2,946
3,024
3,139
3,174
3,197
3,196
3,314
146
170
168
146
205
233
358
741
727
808
821
826
801
788
2,059
2,127
2,163
2,207
2,166
2,162
2,168
803
1,045
1,034
1,060
1,098
1,137
1,105
1,123
1,169
1,224
1,141
1,146
1,101
1,187
1,223
1,206
1939—Aug. 30..
Sept. 6__
Sept. 13.
Sept. 20.
Sept. 27.
Oct. 4 - _
Oct. 11__
Oct. 18__
Oct 25__
Nov 1...
Nov 8...
Nov 15..
8,379
8,341
8,361
8,393
8,477
8,525
8,508
8,507
8,614
8,679
8,771
8,858
2,856
2,892
2,858
2,856
2,871
2,875
2,881
2,891
2,936
2,955
2,939
2,943
1,545
1,573
1,615
1,640
1,652
1,655
1,665
1,662
1,663
1,672
1,674
1,682
120
115
115
115
117
117
116
113
115
117
115
110
467
499
430
405
406
412
411
430
467
472
467
463
183
176
178
178
177
173
171
170
179
180
170
168
118
118
118
117
117
117
117
114
114
114
114
115
384
378
377
376
377
375
374
377
375
376
373
376
5,523
5,449
5,503
5,537
5,606
5,650
5,627
5,616
5,678
5,724
5,832
5,915
3,155
3,147
3,191
3,217
3,228
3,280
3,285
3,305
3,385
3,458
3,508
3,517
194
189
226
261
255
320
342
358
411
462
515
541
825
816
812
789
787
786
776
776
814
835
844
2,136
2,142
2,153
2,167
2,186
2,174
2,167
2,171
2,160
2,161
2,149
2,130
1,147
1,093
1,098
1,107
1,120
1,128
1,125
1,120
1,119
1,121
1,132
1,213
1,221
1,209
1,214
1,213
1,258
1,242
1,217
1,191
1,174
1,145
1,192
1,185
1938—October
1939-April
May
___
June
July
_._.
August
September
October
13, 514
13,717
13, 735
13, 784
13,908
13, 978
13, 991
14,033
5,347
5,332
5,332
5,336
5,381
5,351
5,453
5,526
2,457
2,469
2,467
2,455
2,480
2,447
2,546
2,618
204
188
183
183
192
196
200
202
141
142
149
148
151
149
133
122
379
342
341
340
341
337
334
332
1,044
1,034
1,040
1,046
1,048
1,054
1,061
1,065
1,102
1,144
1, i38
1,151
1,159
1,158
1,168
1,177
8,167
8,385
8,403
8,448
8,527
8,627
8,538
8,507
5,182
5,279
5,272
5,244
5,325
5,340
5,271
5,252
879
196
228
254
315
283
217
203
1,270
1,306
1,298
1,311
1,323
1,343
1,344
3,813
3,738
3,692
3,699
3,734
3,711
3,705
1,059
1,060
1,128
1,121
1,109
2,106
2,118
2,132
2,145
2,142
2,159
2,146
2,146
1939—Aug. 30..
Sept. 6 . . .
Sept. 13.
Sept. 20.
Sept. 27.
Oct. 4___.
Oct. 11__.
Oct. 18...
Oct 25._
Nov. 1...
Nov. 8...
Nov. 15..
14.063
14, 048
14,028
13, 946
13, 942
13, 973
14,060
14,056
14,043
14,049
14.064
14,156
5,353
5,413
5,457
5,463
5,479
5,500
5,527
5,532
5,543
5,566
5,582
5,606
2,451
2,502
2,544
2,561
2,577
2,596
2,623
2,624
2,629
2,638
2,656
2,680
197
199
203
200
199
201
202
203
203
200
201
202
141
141
138
127
127
126
119
118
126
131
127
125
336
336
335
332
333
332
333
331
331
332
330
329
1,056
1,056
1,060
1,063
1,063
1,062
1,065
1,067
1,066
1,070
1,070
1,072
1,162
1,166
1,168
1,170
1,170
1,173
1,175
1,178
1,179
1,183
1,187
1,188
8,710
8,635
8,571
5,410
5,365
5,298
5,211
5,209
5,223
5,274
5,269
5,243
5,226
5,212
5,208
308
279
249
176
164
172
211
213
218
205
187
179
1,335
1,338
1,341
1,342
1,350
1,344
1,352
1,350
1,331
1,324
1,325
1,333
3,767
3,748
3,708
1,139
1,126
1,124
1,123
1,112
1,112
1,115
1,104
1,107
1,111
1,118
1,189
2,161
2,144
2,149
2,149
2,142
2,138
2,144
2,151
2,150
2,146
2,152
2,153
N E W YORK CITY
OUTSIDE N E W
YORK CITY
8,463
8,473
8,533
8,524
8,500
8,483
8,482
8,550
3,695
3,707
3,711
3,706
3,694
3,697
3,700
3,696
i Not reported separately prior to February 8, 1939.
NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, which may be obtained from the Division of
Research and Statistics, and BULLETIN for June 1937 (pp. 530-531). For back figures see BULLETIN for November 1935 (pp. 711-738) or reprint,
BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports.
DECEMBER
1109
FEDERAL RESERVE BULLETIN
1939
CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
[Monthly data are averages of Wednesday figures. In millions of dollars.]
Demand deposits,
except interbank
Reserves
with
Federal
Reserve
banks
Date or month
Time deposits,
except interbank
Interbank
deposits
IndiIndiDomestic
DeBalbanks
vidmand vid- States CertiCash ances
with
uals,
uals, States
deand
fied
and
in
doU.
S.
part- politpartposits
Forand
polit- Postal
vault mestic
Govnerneradeign
ical
offiical
savbanks justed ships,
ern- ships,
2
banks
subcers' ments
subings
and
and
Dedivi- :hecks,
divicorcormand Time
sions
etc.
porapora- sions
tions
tions
Borrowings.
Capital
account s
TOTAL—101 CITIES
1938—October
1939—April
May
June
July
August
SeptemberOctober
7,005
7,973
8,361
8,460
8,645
8,951
9,643
9,957
425
424
423
447
448
440
477
482
2,446
2,596
2,644
2,727
2,765
15, 688
16,455
16, 796
17,182
17,366
17, 717
2,951 18, 209
3,062 8, 511
16,
16,000
16,259
16,633
17,008
17,168
17,904
18, 277
1,372
1,452
1,470
1,317
1,436
1,331
1,302
428
441
419
406
438
448
411
563
620
581
545
541
532
528
526
5,152
4,974
4,984
4,996
5,006
5,021
5,016
5,040
235
251
229
216
220
210
197
1939—Aug. 30..
Sept. 6...
Sept. 13..
Sept. 20..
Sept. 27..
Oct. 4 . . .
Oct. 1 1 . .
Oct. 1 8 . .
Oct. 25...
Nov. 1...
' Nov. 8...
Nov. 15..
9,247
9,368
9,686
9,723
9,794
9,826
9,879
10,028
10,094
9,885
9,852
9,698
465
463
489
470
486
471
489
480
487
458
500
475
2,789
2,813
2,950
3,021
3,018
3,034
3,037
3,087
3,090
3,111
3,089
3,166
17,479
17, 599
18,102
17,926
17,988
17, 926
18,296
18,433
18,453
18, 273
18,184
18, 520
1,447
1,366
1,359
1,266
1,334
1,328
1,312
1,248
1,320
1,460
1,481
1,431
394
512
496
391
394
392
357
440
456
510
415
407
528
528
526
528
528
528
526
525
526
525
523
521
5,017
5,016
5,018
5,013
5,018
5,028
5,032
5,043
5,057
5,063
5,067
5,070
224
215
210
207
207
203
205
190
190
181
178
182
141
110
85
60
59
51
49
49
583
578
580
589
597
601
615
596
597
604
599
603
609
611
616
625
628
629
630
18,096
18,040
18, 288
18,175
18, 333
18,306
18,451
18,567
18, 721
18, 556
18, 660
18, 604
18
6,012
6,473
6,530
6,607
6,763
6,991
7,447
7,722
110
116
118
121
127
127
126
123
479
638
639
606
620
652
732
793
3,663
3,695
3,712
3,721
3,716
3,722
3,716
3,719
7,040
7,219
7,459
7,566
7,545
7,711
7,687
7,760
7,729
7,832
7,829
7,997
127
127
127
126
122
123
124
123
123
122
123
122
683
712
720
742
753
762
791
797
820
727
721
711
3,724
3,726
3,714
3,712
3,712
3,714
3,719
3,720
3,722
3,728
3,733
3,731
2,549
2,785
2,814
2,845
2,928
3,052
3,300
3,381
424
561
560
529
540
575
657
702
1,482
1,483
1,488
1,488
1,479
1,482
1,475
1,475
3,112
3,179
3,308
3,359
3,354
3,
3,372
3,377
3,386
3,439
3,415
3,465
613
638
649
666
672
675
698
707
729
651
648
645
1,481
1,479
1,475
1,473
1,474
1,476
1,475
1,475
1,476
1,480
1,480
1,479
NEW YORK CITY
1938—October
1939—April
May
___
June
July
August
September..
Otb
3,754
4,651
4,895
4,866
4,995
5,184
5,631
5,701
6,613
7,287
7,467
7,608
7,660
7,905
8,152
8,259
6,972
257
7,348
7,495
304
7,636
280
7,773
225
7,913
304
8,268
249
8,394
240
328
268
274
269
231
274
278
240
1939—Aug. 30
Sept . 6
__
Sept . 13
Sept . 20 . . __
Sept . 27
Oct. 4
Oct. 11
._
Oct. 18
Oct. 25
Nov
Nov,. 8
Nov . 15.... _._
5,499
5,547
5,699
5,636
5,640
5,651
5,667
5,725
5,761
5,560
5,486
5,449
8,195
8,151
8,195
8,091
8,170
8,210
8,214
8,256
8,356
8,212
8,265
8,256
8,174
8,228
8,347
8,227
8,271
8,225
8,377
8,446
8,526
8,365
8,299
8,393
257
269
214
257
272
239
210
237
330
328
317
230
341
319
223
230
220
198
256
285
315
256
231
8,652
8,764
8,997
9,235
9,255
9,636
9,883
694
1,115
1,148
1,190
1,092
1,132
1,082
1,062
165
160
167
150
175
164
170
171
422
510
496
485
482
481
479
477
4,531
4,391
192
4,406
209
4,416
188
4,417
172
4,424
170
4,415
165
4,425
156
3,716
3,762
3,835
3,939
4,147
4,341
110
116
118
121
127
127
126
122
2,181
2,212
2,224
2,233
2,237
2,240
2,241
2,244
1,139
1,109
1,090
1,052
1,077
1,056
1,073
1,038
1,083
1,130
1,153
1,114
164
171
177
168
164
172
159
184
171
195
159
176
480
479
478
479
480
479
477
476
478
476
474
473
4,421
4,419
4,414
4,414
4,415
4,419
4,421
4,427
4,432
4,435
4,438
4,440
3,928
4,040
4,151
4,207
4,191
4,322
4,315
4,383
4,343
4,393
4,414
4,532
127
127
127
126
122
123
123
122
122
121
122
121
2,243
2,247
2, 239
2,230
2,238
2,238
2,244
2,245
2,246
2,248
2,253
2,252
OUTSIDE
NEW YORK CITY
1938—October....
1939—April
May
June
July
August
September
October
1939—Aug. 30
Sept. 6
Sept. 13
Sept. 20
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
Nov. 1
Nov. 8
Nov. 15
.
3,251
3,322
3,466
3,594
3,650
3,767
4,012
4,256
364
368
367
380
383
377
399
402
2,370 9,075
2,514 9,168
2,567 9,329
2,651 9,574
2,688 9,706
2,734 9,812
2,879 10,057
2,989 10, 252
3,748
3,821
3,987
4,087
4,154
4,175
4,212
4,303
4,333
4,325
4,366
4,249
394
386
410
394
406
393
403
403
409
384
415
399
2,717
2,741
2,878
2,947
2,945
2,960
2,966
3,012
3,018
3,039
3,018
3,086
9,901
9,889
10,093
10,084
10,163
10,096
10, 237
10,311
10, 365
10, 344
10, 395
10, 348
9,305
9,371
9,755
9,699
9,717
9,701
9,927
9,908
9,885
10,127
173
166
167
164
163
158
159
153
153
143
141
142
3,463
1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
* U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
1110
FEDERAL RESERVE BULLETIN
DECEMBER 1939
CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
[In millions of dollars]
Loans
Total
loans
and
invest- Total
ments
Federal Reserve
district and date
(1939)
Investments
Loans for
purchasing
Commeror carrying
cial,
securities
inOpen
Real Loans Other
dusmarto
estate
Total
trial,
ket
To
loans banks loans
and paper brokagriers
To
culand others
tural
dealers
U. S. Government obligations
Direct
Total
Bills
Other
Guar- securities
anNotes Bonds teed
BOSTON (6 cities)
October 25 _____ _ - 1,193
November 1
1,192
November 8
1,192
November 15
1,192
602
605
605
604
287
287
289
291
64
65
63
63
23
26
24
22
21
21
21
21
81
81
81
81
1
1
1
1
125
124
126
125
591
587
587
588
415
412
412
414
19
19
20
22
56
55
55
56
340
338
337
336
45
45
44
50
131
130
131
124
3,294
3,312
3,295
3,299
1,777
1,786
1,787
1,796
121
123
121
115
471
476
471
467
237
237
227
225
201
201
201
202
23
24
26
29
464
465
462
465
6,173
6,218
6,330
6,418
3,628
3,699
3,749
3,756
411
462
515
541
876
894
903
905
2,341
2,343
2,331
2,310
1,205
1,208
1 220
1,308
1,340
1,311
1 361
1,354
1,150
1 153
1,157
1,163
423
423
425
426
198
198
198
199
26
25
25
25
19
20
21
21
31
31
31
31
55
55
55
55
1
1
1
1
93
93
94
94
727
730
732
737
362
362
362
364
38
38
38
39
324
324
324
325
92
94
95
99
273
274
275
274
1,884
1,881
1,888
1,902
678
677
677
679
258
253
253
254
6
6
6
6
20
20
20
20
25
26
26
26
172
173
173
174
2
3
3
2
195
196
196
197
1,206
1,204
1,211
1,223
810
809
814
818
12
9
10
11
211
211
212
213
587
589
592
594
115
116
118
126
281
279
279
279
685
688
691
698
259
260
261
260
116
117
117
117
13
13
14
14
3
2
3
2
15
15
15
15
39
39
39
39
73
73
73
73
427
428
430
438
312
313
314
317
4
4
4
4
181
182
184
186
127
127
126
127
48
48
49
55
67
67
67
66
610
615
616
622
305
308
310 1
312
165
168
167
172
4
4
5
4
4
4
5
4
12
12
10
11
31
32
32
32
88
87
90
88
305
307
306
310
142
143
143
144
8
8
9
9
38
38
37
40
96
97
97
95
66
68
67
70
97
96
96
96
3,155
3,148
3,142
3,155
880
884
896
904
515
519
534
539
34
33
33
34
31
31
28
30
76
77
77
76
109
109
109
110
115
115
115
115
2,275
2,264
2,246
2,251
1,500
1,490
1,467
1,450
133
127
106
92
437
434
433
432
930
929
928
926
287
288
292
309
488
486
487
492
697
696
697
704
332
335
336
338
200
203
203
204
8
7
8
8
4
4
4
4
13
13
13
13
52
52
52
52
52
53
53
54
365
361
361
366
201
195
195
196
8
3
3
3
54
54
54
55
139
138
138
138
65
67
67
70
99
99
99
100
405
409
409
412
189
193
194
195
101
103
105
106
3
3
3
3
1
1
1
1
8
8
8
7
9
9
9
9
67
69
68
69
216
216
215
217
146
145
146
146
33
33
32
32
113
112
114
114
26
26
26
28
44
45
43
43
660
665
669
678
284
286
287
290
174
175
176
178
17
16
16
17
3
3
3
3
9
10
10
10
26
26
26
26
54
55
55
55
376
379
382
388
193
195
198
199
11
13
13
15
87
83
84
83
95
99
101
101
52
52
52
57
131
132
132
132
534
538
537
541
270
273
274
275
180
182
183
184
2
2
2
2
2
2
2
2
14
14
14
14
22
22
22
22
50
51
51
51
264
265
263
266
155
157
155
156
23
22
22
23
50
53
53
54
82
82
80
79
52
50
50
52
57
58
58
58
2,216
2,213
2,212
2,230
963
965
961
967
321
319
318
322
20
20
20
21
12
14
12
12
49
48
48
48
383
385
385
385
178
178
177
178
1,253
1,248
1,251
1,263
764
764
765
765
84
84
84
84
680
680
681
681
173
170
170
178
316
314
316
320
2,090
2,086
2,080
2,087
558
561
570
576
379
383
395
399
19
18
18
18
28
27
25
26
66
67
67
67
14
14
14
14
52
52
51
52
1,532
1,525
1,510
1,511
1,048
1,040
1,019
1,004
250
250
250
249
669
667
667
666
154
156
158
170
330
329
333
337
NEW YORK (8 cities)*
October 25
_ ._ _ 9,467
November 1
__ 9,530
9, 625
November 8
November 15
9,717
PHILADELPHIA (4 cities)
October 25
November 1
November 8
November 15
CLEVELAND (10 cities)
October 25 _
November 1
November 8
November 15
__
RICHMOND (12 cities)
October 25
November 1
November 8
November 15
1
ATLANTA (8 cities)
October 25
_
November 1
November 8
November 15
1
1
1
1
CHICAGO (12 cities)*
October 25
November 1
November 8
November 15
ST. LOUIS (5 cities)
October 25
November 1 _ _ _ _
November 8
November 15
MINNEAPOLIS (8 cities)
October 25
November 8
November 15
3
3
3
3
KANSAS CITY (12 cities)
October 25
_
November 1
November 8
November 15 _
_
1
1
1
1
DALLAS (9 cities)
October 25
November 1
November 8
November 15
SAN FRANCISCO (7 cities)
October 25___
November 1
November 8
November 15
1
1
1
CITY OF CHICAGO*
October 25
November 1
November 8 _
November 15
129
123
102
89
* Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for
the New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively.
1111
FEDERAL RESERVE BULLETIN
DECEMBER 1939
CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
[In millions of dollars]
Time deposits,
except interbank
Demand deposits,
except interbank
ReBalDeserves
Indiances mand vid- States Certiwith
Fed- Cash with
uals,
and
fied
dedoeral
in
posits part- polit- and
Reical
offivault mestic ad- 1 nerbanks justed ships, subserve
cers'
banks
and
divi- checks,
cor- sions
etc.
porations
Federal Reserve
district and date
(1939)
Interbank
deposits
Domestic
Indibanks
vid- States
uals,
and
part- polit- Postal
U.S.
Forical
savGov- nereign
ern-2 ships, sub- ings 2
banks
and
diviDement
cor- sions
mand Time
porations
CapBorital
rowacings counts
BOSTON (6 cities)
October 25
November 1
November 8.
November 15
494
490
484
458
144
141
144
143
160
164
168
173
1,195
1,196
1,201
1,180
1,132
1,128
1,116
1,128
112
134
134
115
19
21
17
24
13
13
13
13
234
233
233
233
3
3
3
3
5,903
5,692
5,622
5 579
97
92
106
95
192
199
201
214
8,966
8,830
8,905
8,893
9,014
8,861
8,794
8 888
379
479
494
485
304
336
273
250
67
67
68
67
992
995
997
998
49
47
45
48
420
423
448
431
19
17
20
19
218
220
220
225
920
925
956
940
934
942
946
945
46
47
75
73
9
12
6
10
52
52
52
52
272
272
273
273
8
8
8
8
519
535
520
512
46
43
46
45
354
357
352
362
1,304
1,314
1,312
1,310
1,252
1,277
1,263
1,297
119
120
120
115
17
19
15
18
42
42
42
42
710
711
710
711
19
18
18
18
187
185
196
185
23
20
23
20
211
218
216
217
485
478
489
481
483
480
490
497
41
43
40
38
10
12
9
12
28
28
28
28
198
199
198
198
3
3
3
3
124
119
125
120
14
12
14
12
208
206
206
210
391
387
391
388
374
373
374
390
61
61
61
60
4
5
5
4
41
39
39
39
181
181
182
182
7
7
7
7
1,424
1,414
1,417
1,386
74
71
75
74
545
546
538
552
2,639
2,611
2,598
2,585
2,474
2,450
2,435
2,501
305
298
288
279
39
41
36
34
105
105
104
104
917
919
921
922
214
220
231
224
12
11
13
11
184
187
189
190
476
474
485
479
500
493
498
511
31
32
33
34
6
7
6
6
18
18
17
17
188
188
188
188
97
99
101
97
7
6
7
7
109
117
120
116
303
308
309
307
270
269
271
279
57
64
60
60
7
7
6
6
1
2
2
1
119
119
119
119
196
189
186
189
16
14
16
15
344
336
331
340
541
532
527
531
530
524
522
548
65
66
60
59
10
10
10
11
22
22
22
22
142
142
142
142
134
133
140
135
12
10
12
11
271
277
270
285
464
464
462
469
452
445
444
464
42
48
51
48
10
11
9
9
30
30
30
30
382
386
382
382
23
21
24
23
294
284
278
282
1.037
L, 037
,025
,041
1,038
1,031
1,031
1,072
62
68
65
65
21
29
23
23
1,128
1,127
1,133
1,103
41
40
42
42
246
247
242
243
,826
L, 818
L, 811
] ,792
1,729
1,720
1,712
1,746
187
183
179
172
23
23
20
18
_
1
1
1
1
324
331
329
333
36
27
24
19
1
1
1
245
246
246
246
NEW YORK (8 cities)*
October 25
November 1
November 8
November 15
_
3,461
3,514
3,490
3,543
17
17
17
17
730
653
649
647
1 598
1,602
1,603
1 602
1
1
1
1
393
399
399
409
12
12
12
12
13
8
8
7
223
222
222
222
2
2
2
2
400
402
394
411
39
39
39
39
1
1
1
2
373
374
374
374
295
305
308
314
6
6
6
6
1
1
1
1
97
96
97
97
2
2
2
2
273
274
277
284
3
3
3
3
1
1
2
2
94
94
94
94
22
22
22
22
6
6
6
6
1,137
1,148
1,151
1,186
10
9
10
9
17
13
13
12
405
408
409
408
3
3
3
3
2
2
2
2
336
345
350
356
6
6
6
6
1
95
95
95
95
1
1
1
1
142
147
152
150
3
3
3
3
1
1
1
1
59
59
59
59
3
3
3
3
1
1
1
1
418
415
417
434
7
7
7
7
128
128
128
128
8
8
7
8
1
1
261
267
273
279
107
107
106
106
976
976
976
976
65
59
59
59
60
60
60
60
479
480
480
481
20
20
20
20
PHILADELPHIA (4 cities)
October 25
November 1__
November 8
November 15
_
CLEVELAND (10 cities)
October 25 .
November 1
November 8
November 15
RICHMOND (12 cities)
October 25
November 1 __
November 8
November 15
ATLANTA (8 cities)
October 25
November 1
November 8
November 15
CHICAGO (12 cities)*
October 25 . . .
November 1
November 8 ._
November 15
__ _
ST. LOUIS (5 cities)
October 25
November 1_
November 8
November 15
MINNEAPOLIS (8 cities)
October 25
November 1__ _
November 8
November 15. ._ _
KANSAS CITY (12 cities)
October 25
November 1
November 8_ . .
November 15 _ _
102
102
102
102
DALLAS (9 cities)
October 25, .
November 1_ . _
November 8
November 15 _ __
SAN FRANCISCO (7 cities)
October 25
November 1_
November 8
November 15
CITY OF CHICAGO*
October 25
November 1
November 8
November 15
289
285
289
298
3
3
3
3
867
871
874
898
*1 See note on preceding page.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
2
U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
86
86
87
87
20
20
20
20
20
22
21
20
345
344
345
345
16
12
12
10
266
269
269
269
1112
FEDERAL RESERVE BULLETIN
DECEMBER 1939
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 i
ing
Held by accepting
banks
Own
bills
Total
1938—September
October
November
December
_
1939—January
February
March
April
May
June
July
August
September _
October
--
- -
By classes
Federal
Reserve banks
Held by
Bills
bought
212
213
206
187
261
270
273
270
221
223
222
212
129
130
124
121
92
93
98
91
195
195
191
192
189
181
194
201
209
205
255
248
245
238
247
245
236
235
216
221
204
198
191
189
192
191
188
191
177
179
122
122
117
118
124
122
119
128
115
111
82
76
74
72
68
69
69
63
62
67
For
own account
Based
on ex- Dollar
exports
from change
on
Based on goods
stored in or shipped
between points in
For ac- Held
count of
by
foreign others
correspondents
ports
into
U. S.
40
46
51
58
89
94
94
95
57
57
59
60
2
3
56
59
59
57
57
56
57
56
52
50
54
49
55
53
48
44
39
42
89
87
87
86
82
81
75
79
78
85
57
57
58
56
51
45
41
40
40
40
2
52
48
42
38
36
39
39
40
43
46
55
54
56
57
59
60
61
59
36
32
(2)
(2)
(2)
im
U . S.
Foreign
countries
U.S.
3
3
2
2
1
19
20
19
18
18
18
i As reported by dealers; includes some finance company paper sold in open market.
a 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
End of month
Credit balances
Customers'
credit balances i
Debit
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
Money
borrowed 2
Free
Other
(net)
Other credit balances
In
In
firm
partners'
In
investinvestcapital
ment and ment and accounts
trading trading
(net)
accounts accounts
June
September
December
1,549
1,489
1,363
985
61
55
48
34
175
161
128
108
223
214
239
232
1,172
1,217
1,088
688
346
266
256
278
115
92
96
85
29
25
26
26
18
13
12
10
419
397
385
355
1938—March .
June
September
October
November
December
831
774
823
905
939
991
29
27
29
32
30
32
95
88
76
85
78
106
215
215
213
196
189
190
576
495
559
617
662
754
239
258
257
270
252
247
81
89
68
73
65
60
25
22
20
20
20
22
9
11
7
315
298
300
304
303
305
1939—January
_.
February
March
April
May
June
-July
August
September ___ __ __ _
October
_
971
967
953
831
828
834
839
792
856
894
34
29
27
26
26
25
24
22
20
21
75
83
84
83
76
73
84
71
64
72
192
168
174
190
183
178
183
202
217
200
713
709
699
579
561
570
589
556
520
577
235
222
225
236
230
230
238
235
305
289
60
62
59
60
69
70
67
58
87
76
22
20
20
20
21
21
20
20
22
21
12
5
9
1937—March
8
8
5
7
6
6
6
6
11
9
298
294
294
290
284
280
278
275
283
284
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 method
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
Backfigures.—SeeBULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
1113
FEDERAL RESERVE BULLETIN
DECEMBER 1939
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Rediscounts and advances under sections
13 and 13a of the Federal Reserve Act
except last paragraph of Section 13
Federal Reserve Bank
Secured by direct and
eligible guaranteed obligations of the U . S .
Rate
Nov.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
MinneapolisKansas C i t y Dallas
San Francisco
1
1
IK
l
l
IK
In
effect
beginning-
Advances under Section 10 (b) of the
Federal Reserve Act
All other
In
effect
beginning-
Rate
Nov.
28
Sept. 1, 1939
Aug. 27, 1937
Sept. 4, 1937
M a y 11, 1935
Aug. 27, 1937
Sept. 16, 1939
Sept. 1, 1939
Sept. 21, 1939
Aug. 24, 1937
Sept. 16, 1939
Sept. 16, 1939
Sept. 3, 1937
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
VA
VA
IK
VA
IK
IK
VA
Sept. 1, 1939
Aug. 27, 1937
Sept. 4, 1937
M a y 11, 1935
Aug. 27, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 3, 1937
To banks
Rate
Nov.
28
In
effect
beginningSept. 2, 1937
Oct. 10, 1935
Sept. 4, 1937
Oct. 19, 1935
Sept. 10, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 17, 1937
Rate
Nov.
28
1
1
1
Wi
IK
l
l
IK
To others
Rate
In
effect
beginning-
Nov.
28
Sept. 1, 1939
Aug. 25, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 16, 1939
Sept. 1, 1939
In
effect
beginningApr. 29, 1938
Feb. 8, 1934
Sept. 1, 1939
May 11, 1935
Feb. 19, 1934
Apr. 23, 1938
Oct. 16, 1933
Feb. 23, 1935
Oct. 8, 1938
Apr. 16, 1938
Apr. 16, 1938
Oct. 19, 1933
i 2% per cent to lenders other than banks.
NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, 1 per cent; Cleveland,
Kansas City, and Dallas, VA per cent.
Back figures.—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK
BUYING RATES ON ACCEPTANCES
FEDERAL RESERVE BANK
RATES ON INDUSTRIAL ADVANCES
[Per cent per annum]
Rates in effect, Nov- 28, 1939, on advances and commitments under
Sec. 13b, of the Federal Reserve Act as amended June 19, 1934.
[Per cent per annum except as otherwise specified]
Rate in
effect on
Nov. 28
Maturity
Previous
rate
In effect beginning—
Oct. 20, 1933
__.do
__.do
_._do
...
—do
___do
___do
_-
1-15 days i__
16-30 days___
31-45 days...
46-60 days___
61-90 days...
91-120 days..
121-180 days.
i This rate also applies to acceptances bought under repurchase agreements, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve banks.
Back figures.—See Annual Report for 1937 (table 41).
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Per cent per annum]
Nov. 1, 1933 Feb. 1, 1935
to
to
Jan. 31, 1935 Dec. 31, 1935
In effect
beginning
Jan. 1, 1936
Savings deposits
Postal Savings deposits
Other time deposits payable in:
6 months or more
90 days to 6 months
Less than 90 days
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
banks. In some States the maximum rates established by the Board
and the Federal Deposit Insurance Corporation are superseded by
lower maximum rates established by State authority.
Federal Reserve Bank
Boston
New York
PhiladelphiaCleveland
Advances to financing institutions—
Advances
direct to
Commitindustrial On porments
tion for
or comto make
On re- advances
mercial or- which
maining
ganizations instituportion
tion is
obligated
3^-6
4-6
4-6
Richmond
Atlanta
Chicago
St. Louis
5-6
5-6
Minneapolis..
Kansas City—
Dallas
San Francisco
6
4-6
5-6
5-6
4-5
1-2
H-2
4-6
5
5-6
4
1-2
0)
4-6
4
4
3-4
5-6
4-5
y2
1-2
y2
H-2
1 Authorized rate 1 per cent above prevailing discount rate.
2 Same as to borrower but not less than 4 per cent.
3 Flat charge.
Back figures—See Annual Report for 1937 (table 40).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks
On net demand
deposits: *
Central reserve city.
Reserve city
Country
June 21, Aug. 16, Mar. 1, May 1, Apr. 16,
19171936193719371938Aug. 15, Feb. 28, Apr. 30, Apr. 15,
and
1936
1937
1937
after
1938
15
10K
17K
12M
17K
12
On time deposits:
All member banks__
1
See footnote to table on p. 1102 for explanation of method of computing net demand deposits.
1114
FEDERAL RESERVE BULLETIN
DECEMBER 1939
MONEY RATES AND BOND YIELDS
OPEN-MARKET RATES IN NEW YORK CITY
COMMERCIAL LOAN RATES
[Per cent per annum]
Prevailing rate o n -
Year,
month, or
week
Prime
commercial
paer,
4 to 6
months
AVERAGE OF RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
[Per cent per annum!
Average rate o n -
AverU . S . Preasage
ury bills
yield on
Prime Stock Stock
exU. S.
exbankTreasers' change change
call
New
91ury
accept- time
issues day
3-to-5
ances, loans, loan
reofdealyear
QO
90
yu
res'
new- fered
1934 average
notes
days
days
als Iwithin quo1935 average
1936 average.
period1 tation
Total
19 cities
1937 average
1938 average
1936 average___
1937 average. .1938 average.__
.75
.95
.81
1938— Oct.
Nov
Dec.
h
1939—Jan.
Feb
Mar
April
May
June
July
Aug
Sept
Oct
y2-%
Week ending:
Oct. 2 8 . . . .
Nov. 4
Nov. 11....
Nov. 18_—
1.16
1.25
1.25
.91
1.00
1.00
.143
.447
.053
.17
.28
.07
/l6
1J4
IX
134
1.00
1.00
1.00
.023
.024
.007
.05
.04
.03
Via
Vi«
Via
Vie
Vie
Vie
Vie
Vie
Vie
Vie
i1^
IX
IX
IX
1M
IX
IX
IX
IX
IX
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.002
.004
.005
.019
.006
.006
.017
.046
.102
.028
.03
.03
.03
.03
.03
.03
.04
.05
.14
.05
.15
.43
.44
A-zA
7
/l6
Via
5
A
7
VT-Y%
l
A-bA
VL-*A
Vs-H
A-H
5
Vsr3A
5 Z
A- 4
5
Vie
Vie
Vie
Vie
A-H
%
IX
IX
IX
IK
1.00
1.00
1.00
1.00
.028
.017
.020
.018
_..
1.11
1.40 1938—January
February
.83
March
April
.68
May
.71
June
.67
July...
August
.65
September
.63
October
.51
November
.50
December
.42
_
.39
.45
.48
1939—January
February
1.07
Quarterly Figures:
.77
1938—September
.05
.05
.05
.05
.65
.69
.68
.63
1939—March..
June
September
_
New
York
City
7 other 11 SouthNorthern and
ern and Western
Eastern
cities
cities
3.45
2.93
2.68
2.59
2.53
2.45
1.76
1.72
1.73
1.69
3.71
3.39
3.04
2.88
2.75
4.32
3.76
3.40
3.25
3.26
2.60
2.49
2.48
2.48
2.48
2.56
2.57
2.52
2.53
2.57
2.49
2.60
1.70
1.70
1.65
1.70
1.70
1.70
1.70
1.67
1.70
1.70
1.70
1.70
2.92
2.65
2.64
2.60
2.64
2.78
2.78
2.71
2.74
2.90
2.68
2.95
3.28
3.21
3.28
3.25
3.20
3.31
3.35
3.28
3.26
3.21
3.20
3.63
2.64
2.52
1.73
1.70
2.97
2.69
3.32
3.36
2.65
2.00
2.75
3.25
2.95
2.91
2.68
2.13
2.15
2.04
3.05
3.05
2.78
3.77
3.62
3.31
i Quarterly figures are on revised basis and are therefore not strictly
i Series comprises 273-day bills to October 15, 1937, bills maturing comparable with the series of annual and monthly figures. For figures
about March 16, 1938, from October 22, to December 10,1937, and 91-day beginning January 1928 and description of figures see pp. 963-969
of the November 1939 BULLETIN.
bills thereafter.
Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures
for 91-day Treasury bills available on request.
BOND YIELDS 1
[Per cent per a n n u m ]
U. S.
Treasury 2
Year, m o n t h , or week
N u m b e r of issues
_ _ _ .
1936 average
1937 average
1938 average
Week ending:
Oct. 28
Nov. 4
Nov 11
Nov. 18
_
By ratings
Aa
Aaa
industrial
Baa
A
By groups
Kanroad
Public
utility
2-6
15
120
30
30
30
30
40
40
40
. .
2.65
2.68
2.56
3.07
3.10
2.91
3.87
3.94
4.19
3.24
3.26
3.19
3.46
3.46
3.56
4.02
4.01
4.22
4.77
5.03
5.80
3.50
3.55
3.50
4.24
4.34
5.21
3.88
3.93
3.87
2.48
2.50
2.49
2.47
2.44
2.34
2.30
2.17
2.13
2.16
2.21
2.65
2.60
2.82
2.74
2.75
2.70
2.70
2.67
2.75
2.66
2.63
2.65
2.75
3.29
3.08
4.03
3.95
3.95
3.86
3.81
3.74
3.84
3.78
3.71
3.66
3.67
3.95
3.83
3.15
3.10
3.08
3.01
3.00
2.99
3.02
2.97
2.92
2.89
2.93
3.25
3.15
3.53
3.46
3.42
3.32
3.26
3.22
3.22
3.16
3.13
3.08
3.11
3.49
3.35
4.08
4.02
4.02
3.97
3.94
3.87
3.97
3.92
3.86
3.83
3.80
4.05
3.94
5.36
5.23
5.27
5.12
5.05
4.89
5.15
5.07
4.91
4.84
4.85
5.00
4.88
3.43
3.39
3.40
3.31
3.29
3.29
3.35
3.30
3.23
3.18
3.21
3.57
3.43
4.94
4.83
4.82
4.70
4.63
4.46
4.66
4.60
4.47
4.42
4.41
4.58
4.51
3.73
3.65
3.63
3.57
3.52
3.48
3.51
3.45
3.42
3.39
3.40
3.70
3.57
2.51
2.52
2.51
2.47
2.85
2.82
2.74
2.68
3.77
3.75
3.71
3.70
3.09
3.07
3.01
2.99
3.27
3.23
3.19
3.15
3.88
3.85
3.81
3.78
4.84
4.83
4.85
4.87
3.34
3.31
3.26
3.24
4.46
4.46
4.46
4.45
3.51
3.47
3.43
3.41
_ _.
_
Total
___.
1938—October
N o v e m b e r . . __
December
1939—January
February
March
April
May
June .
July
August
September
October
Corporate4
Municipal 3
1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
2
Average of yields of all outstanding bonds due or callable after 12 years; see BULLETIN for December 1938, pp. 1045-1046 for description. Figure
for week
ending October 21 should be revised to 2.54.
3
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 4, the industrial Aa group from 10 to 3, the industrial A group from 10 to 8, and the railroad Aaa group from 10 to 5.
Back figures.—See Annual Report for 1937 (table 80); for U. S. Treasury bonds, see pp. 1045-1046 of BULLETIN for December 1938.
DECEMBER
1115
FEDERAL RESERVE BULLETIN
1939
BOND PRICES1
STOCK MARKET
Corporate
Year, month, or date
U. S.
Treasury 2
1938—October
November
December
1939—January
February
March
April
May
June
July
August
September
October
._
___
Total
Stock prices 1
Indus- Rail- Utility
trial road
2-6
15
60
20
20
103. 7
101.7
103.4
110.8
110.3
113.7
97.5
93.4
78.9
92.2
90.1
82.9
94.7
89.6
58.6
Number of issues
1936 average
1937 average.
1938 average
Municipal 3
3
105.4
100.4
95.3
104.3
104.0
104.1
104.4
104.8
106.0
106.6
108.3
109.1
108.9
108.2
101.9
102.6
115.2
116.6
116.5
117.3
117.3
117.9
116.4
118.1
118.6
118.3
116.5
107.1
110.7
81.8
82.1
81.1
81.9
82.1
83.1
79.4
80.2
81.4
81.6
81.0
80.9
82.9
86.8
86.9
86.0
86.2
86.4
87.1
83.8
84.8
86.2
86.3
85.8
85.0
86.4
59.9
60.2
58.6
59.7
59.0
60.9
54.5
54.8
56.2
56.4
55.5
59.0
61.6
99.3
98.7
99.7
100.7
101.3
99.7
101.0
101.6
102.1
101.7
98.6
100.5
104.2
104.0
103.9
104.4
114.6
115.1
116.6
117.7
83.4
83.0
83.2
83.1
87.1
87.0
87.0
87.1
61.9
60.5
60.7
60.2
101.1
101.5
101.8
101.9
Oct. 25
Nov. 1
Nov. 8
Nov. 15
i M o n t h l y data are averages of daily figures except for municipal bonds,
which are averages of Wednesday figures.
a Average prices of all outstanding bonds due or callable after 12 years,
based on quotations from Treasury Department; see BULLETIN for
December 1938, p p . 1045-1046 for description. Prices expressed n
decimals.
3
Prices derived from average yields> as computed b y Standard Statistics Co.
Back figures.—See Annual Report for 1937 (table 79); for U. S. Treasury
bonds, see p p . 1045-1046 of BULLETIN for December 1938.
Year, month, or
date
Preferred 2
Volu m e of
trading 3
Common (index, 1926=100)
Total
Industrial
Railroad
Utility
20
420
348
40
1936" average
1937 average
1938 average
138.9
136.2
135.6
111
112
83
127
131
99
104
95
73
1,824
1,519
1,100
1938—October
N o v e m b e r . __
December
1939—January
February
March
April
May
June
July
August
September. __
October
140.4
142.3
141.7
141.7
141.8
142.3
140.4
141.8
143.9
143.7
142.3
136.2
137. 7
91
95
92
92
90
92
82
83
86
86
86
92
95
110
114
111
109
106
108
96
97
101
101
101
109
113
77
81
78
81
84
86
80
82
85
85
87
84
86
1,889
1,355
1,195
1,114
708
999
964
548
507
821
706
2,595
1,050
Oct. 25
Nov. 1
Nov. 8
Nov. 15
139.4
139.7
139.9
140.3
97
95
94
94
115
112
111
110
88
87
87
87
1,306
1,209
1,157
729
N u m b e r of issues __
1 Standard Statistics Co. Monthly data are averages of Wednesday
figures.
2 Average prices of industrial high-grade preferred stocks, adjusted to a
$73 annual dividend basis.
Average daily volume of trading in stocks on the New York Stock
Exchange, in thousands of shares. Weekly figures are averages for the
week ending Saturday.
Back figures—Fov stock prices,'see Annual Report for 1937 (table 79).
CAPITAL ISSUES
[In millions of dollars]
] ?or
Year or
month
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
.
1938—Oct
Nov
Dec
1939—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Total
(new
and
refunding)
11, 513
7,619
4,038
1,751
1,063
2,160
4,699
6,214
3,937
'4,446
For refunding
new capital
Domestic
Domestic
Total
Total
(r\r\
(, domestic
and
foreign)
Total
State
and
municipal
agencies »
Total
(doFor- mestic
and
eign *
Total
forBonds
eign)
and Stocks
Corporate
Federal
notes
10,093 9,420
6,912 6,004
3,095 2,860
1,197 1,165
720
708
1,386 1,386
1,457 1,409
1,972 1,949
2,138 2,094
2,359 2,323
1,418
1,434
1,235
762
483
803
855
735
712
971
0
87
75
77
64
405
150
22
157
481
8,002
4,483
1,551
325
161
178
404
1,192
1,225
872
2,078
2,980
1,239
305
40
144
334
839
817
807
5,924
1,503
311
20
120
35
69
352
408
65
167
196
241
200
378
162
'143
117
283
318
'83
41
336
103
152
126
76
44
105
63
94
253
66
57
15
42
0
0
55
118
310
4
2
2
0
203
0
10
276
64
43
60
6
24
53
'78
'22
30
'50
'26
16
18
62
37
44
5
17
43
'48
18
22
40
'23
14
14
2
6
16
1
7
10
31
3
9
'10
3
2
4
766
386
'514
257
561
240
'357
' 1 , 313
605
'590
'450
174
740
167
226
241
200
398
162
'144
117
293
318
'103
41
336
State
and
municipal
1,387
673 1,420
706
527
908
893
944
235
32
554
498
12
283
343
765
774
0
48 3,242 3,216
23 4,242 4,123
1,680
44 1,799
35 '2,087 '2,060
13
53
21
87
37
136
365
382
191
129
599
135
'271
57
163
75
161
1,180
312
'272
'332
133
402
2
6
15
27
10
13
11
7
39
18
13
8
10
0
31
0
0
20
0
(*)
0
10
0
20
0
0
599
160
'273
57
163
78
213
1,195
312
'272
'347
133
404
Federal
agencies 2
Corporate
Total
Foreign^
Bonds
and Stocks
notes
542
0 1,374
474
461
0
51
821
789
93
319
315
26
187
219
312
317
312
1,782
987 1,864
353 3,387 3,187
856
281 1,209
665 ' 1 , 265 ' 1 , 234
833
23
32
4
32
0
81
200
352
31
33
179
51
56
60
9
26
119
119
28
274
89
'225
10
101
46
106
131
249
'143
'292
74
157
1
18
11
(')
35
(')
23
20
2
'38
9
0
0
25
3
0
0
3
53
16
0
0
15
0
2
323
22
20
19
17
15
21
1,021
21
74
18
51
235
274
108
'235
10
136
47
129
151
252
'180
'301
74
157
* Revised.
i Includes issues of noncontiguous U. S. Territories and Possessions.
i Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
« Less than $500,000.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U.S. Department of Commerce. Monthly figures subject
to revision.
Backfigures.—SeeAnnual Report for 1937 (table 78).
1116
FEDERAL RESERVE
BULLETIN
DECEMBER 1939
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
]Publicly-offered»
Total
gross
E n d of m o n t h
debt
Bonds
Total
interest Total
Prewar
bearing
1932—June
1933—June
1934—June
1935—June .
1936—June
1937—June
1938—June
._
..
_
1938—October
November .
December
1939—January
.
February
March
April
May
June .
__
July
August
_
September
October
_.
_
_ _
19,487
22, 539
27,053
28, 701
33, 779
36, 425
37,165
19,161
22,158
26,480
27, 645
32, 989
35, 800
36, 576
38, 423
38,603
39,427
39, 631
39, 859
39,985
40,063
40,282
40, 440
40, 661
40, 891
40, 858
41, 036
37,897
38,068
38,899
39,097
39,326
39,442
39, 525
39, 751
39, 886
40,114
40, 351
40, 342
40, 526
Treas- U. S.
ury* savings
Notes
Bills
616
954
1,404
2,053
2,354
2,303
1,154
105
92
118
156
1,071
926
868
1,302
1,303
1,306
1,309
1,310
1,311
1,309
1,308
1,308
1,309
1,307
1,306
1,405
826
827
827
826
825
827
826
825
839
833
829
795
791
618,816
•21, 782
626,006
26, 910
31, 297
33, 734
33,463
753
753
753
753
79
79
79
13,460
13,417
15,679
14,019
17,168
19, 936
21,846
62
316
800
1,238
1,261
4,548
6,653
10,023
11,381
10, 617
9,147
34, 527
34, 559
35, 327
35,469
35, 533
35, 579
35, 627
35,680
35, 715
35,798
35,862
35,886
36,026
79
79
79
79
79
79
79
79
79
79
79
79
79
22, 712
22,712
24,005
24,005
24,005
25, 218
25, 218
25, 218
25, 218
25, 218
25, 218
25, 218
25, 218
1.367
L,399
,442
L, 580
L, 643
L, 701
L 751
l', 806
1,868
1,949
2,015
2,051
2,092
9,067
9,067
8,496
8,496
8,496
7,270
7,270
7,270
7,243
7,243
7,243
7,232
7,232
r
AdSocial
justed
seservice3 curity4
issues issues
All
others
Matured
19
579
1,601
240
284
356
580
601
560
644
60
66
54
231
169
119
141
266
315
518
825
620
506
447
1,807
1,937
2,002
2,046
2,207
2,257
2,294
2,442
2,511
2,542
2,722
2,746
2,796
736
745
743
756
761
779
780
805
820
941
938
915
913
94
105
101
109
112
125
122
117
142
140
133
112
109
433
431
427
425
421
419
416
414
411
408
406
404
401
Other
J.VJ.
1 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System.
2 Includes Liberty bonds.
* Includes adjusted service bonds of 1945 and special issues of adjusted service bonds and of notes to Government Life Insurance Fund series
and of certificates to the adjusted service fund.
* Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement account.
* Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation.
* Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000.
MATURITIES OF PUBLICLY-OFFERED DIRECT
OBLIGATIONS, OCTOBER 31,1939
FULLY GUARANTEED OBLIGATIONS, BY AGENCIES i
[In millions of dollars]
[In millions of dollars]
Maturing
D a t e maturing
or callable
Bonds
Total
Bills
Notes
U . S.
Savings
1939—Nov. 1-Dec. 31
1940—Jan. 1-Mar. 31
Apr. 1-June 30
J u l y 1-Sept 30
Oct. 1-Dec. 31
1941
1942
1943
_
1944
1945
1946
1947
1948
1949. _
1950
1951
1952
1953
1954
1955
1956
1958
1959
1960
1961
1963
1965
Total
Bonds
callable *
1,430
1,880
738
904
501
526
1,378
738
737
1,385
1,001
1,050
416
737
2.219
1,001
1,948
416
2,118
1,841
2,820
1,997
1,481
Other
834
898
176
323
422
510
2 662
1,941
1, 519
2,399
1,487
819
1,223
2,436
1,786
2,663
755
489
1,223
2,436
1,786
2,663
755
489
982
2,611
50
919
1,485
982
2,611
50
919
1,485
36,026
1,405
7, 232
2,092 25, 297
1934—June..
Dec...
1935—June..
Dec—
1936—June..
1
Dec...
353 1937—June..
Dec.._
1938—June..
1,379
1,855
2,555
1,755
2,372
1,460
1,674
2,278
1,186
2,382
2,611
982
919
1,485
50
25, 297
i Excludes U. S. savings bonds. Other bonds in the amount of $2,577,000,000
not callable prior to maturity are shown as of date of maturity.
2
Includes unclassified U. S. savings bonds.
End of
Month
1938—Oct...
Nov. _
Dec...
1939—Jan. _.
Feb...
Mar. _
Apr...
May..
June..
July..
Aug...
Sept. _
Oct.._
Total
Federal Home
ReconComFarm Owners' struction modity
Mortgage Loan
Finance Credit
Corpora- CorporaCorpora- Corporation
tion
tion
tion 2
681
3,063
4,123
4,494
4,718
4,662
4,665
4,645
4,853
312
980
1,226
1,387
1,422
1,422
1,422
1,410
1,410
134
1,834
2,647
2,855
3,044
2,988
2,987
2,937
2,937
235
249
250
252
252
252
255
297
299
206
5,001
4,993
4,992
4,987
5,410
5,410
5,410
5,409
5,450
5,480
5,583
5, 456
5,448
1,395
1.388
,388
,383
,381
1,381
,380
,379
.379
1,379
1,379
1,279
1,279
2,888
2,888
2,888
2,888
2,888
2,888
2,888
2,888
2,928
2,958
2,858
2,831
2,823
511
511
509
509
819
819
819
820
820
820
820
820
820
206
206
206
206
206
206
206
206
206
206
409
409
409
U. S.
Housing
Authority
U4
114
114
114
114
114
114
114
114
i Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the
public debt. The total includes guaranteed debentures of the Federal
Housing
Administrator, amounting to $2,933,000 on October 31, 1939.
2
Excludes obligations guaranteed as to interest only. For August 1939
and subsequent months includes matured bonds not presented for retirement amounting to $92,000,000 on October 31.
1117
FEDERAL RESERVE BULLETIN
DECEMBER 1939
SUMMARY OF TREASURY OPERATIONS
[On basis of daily statements of United States Treasury. In millions of dollars]
General and special accounts
Expenditures *
Receipts
General
Period
Total
Other
In- Social inter- All
come securnal other
ity
taxes taxes
2 revenue*
National
Total Inter- deest on fense
and
debt Vet-
All
other
Recovery
and
relief
or deTrust Increase
crease during
acperiod
counts,
etc 7
Excess excess
of receipts of reTrans- (+)or ceipts
Reor
volv- fers to
ex- (+)
extrust pendiing
pendifunds accts.,
tures tures General
fund 7 Gross(net) e etc. 6
(-)
(-) balance debt
erans'4
Adm.
Fiscal year ending:
5,294
June 1937
June 1938
6,242
June 1939.
5,668
4 months ending:
Oct. 1937
Oct. 1938
Oct. 1939
1938—October
November. __
December
1939—January
_
February
March
April
May
June
July
August
September. __
October
2,158
2,635
2,182
253
755
740
2,187
2,285
2,238
697
567
507
8,442
7,626
9,210
866
926
941
1,436
1,556
1,627
1,994
2,178
2,761
3,073
2,238
3,105
204
121
92
868 - 3 , 1 4 9
607 - 1 , 3 8 4
685 - 3 , 542
+374
+306
+890
- 1 2 8 +2,646
-338
+740
+622 +3, 275
1,983
1,841
1,768
634
618
445
216
200
217
897
847
916
237
176
190
2,518
2,965
3,177
260
243
253
507
546
632
703
910
696
958
56
37
26
296
-534
271 - 1 , 1 2 4
336 - 1 , 4 0 9
+125
+219
+122
+532
+353 +1, 258
-925
+597
332
382
704
308
417
737
268
397
613
308
420
719
322
41
36
481
48
56
506
40
43
355
42
37
328
37
34
129
3
43
182
4
30
124
25
36
119
27
36
209
175
181
173
143
183
156
187
193
187
218
312
199
48
41
40
45
37
45
42
42
39
43
46
52
50
769
678
862
693
662
870
785
744
951
807
822
784
764
67
9
173
30
17
120
66
10
272
15
18
151
68
136
137
136
140
122
136
133
136
140
••145
'152
'147
154
250
228
190
221
209
243
258
279
223
••259
'254
'261
305
9
7
4
5
10
6
8
7
8
1
11
5
9
44
49
49
39
50
68
55
50
56
167
66
50
53
262
249
309
258
254
297
266
262
252
220
321
170
175
Details of trust accounts, etc.
Old-age reserve and
railroad retirement accounts
Period
InIn- Benefit
ReRevestvest- payceipts ments
ceipts ments
ments
Fiscal year ending:
June 1937
_
June 1938
June 1939
Withdrawals
by
States
1938—October
November. _
December...
1939—January
February...
March
April
May
June
July
August
September. _
October
-113
-44
+46
-1
In-
gold
All
other
expenditures
293
560
395
1
191
442
9 329
99
9 658
9 112
9 184
136
127
9 11
9 246
+60
+87
+116
2,553
2,216
2,838
1,087
141
142
142
194
143
182
190
240
279
183
64
103
1
168
146
9 207
83
9 54
91
9 56
36
9 43
170
+20
+36
+43
2,676
2,569
1,913
1,271
141
142
143
34
34
34
34
50
50
50
40
83
45
51
43
43
125
37
51
148
34
34
137
32
58
154
13
54
40
26
19
33
36
44
41
32
41
42
41
40
24
19
21
18
9 15
9 326
96
9 60
3
9 86
16
29
22
15
23
18
16
10
9
6
9 11
94
9
20
9 112
9 37
9 27
12
+19
+13
+8
+2
-1
+14
+11
+23
+ 11
+13
+5
+10
+ 15
2,569
2,447
3,084
2,933
3,343
3,389
3,044
2,924
2,838
2,447
2,231
2,178
1,913
267
461
516
223
196
234
44
49
49
39
50
68
55
50
85
65
66
50
53
()
85
120
32
10
111
9 13
108
9 13
9 14
129
9 19
7
-409
-122
+636
-151
+410
+46
-346
-119
-86
-391
-216
-53
-264
Increment Seign(+) or Total active
iorage
on
gold
294
763
838
267
550
639
1
+30
+428
+52
+93
+9
+95
All
other,
excess
of receipts
ComReconstruction m o d i t y
Finance Credit
Corpora- Corporation
tion
4 months ending:
Oct. 1937
Oct. 1938
Oct. 1939
-3
-6
-31
+30
+180
+824
+204
+227
+127
+78
+219
+158
+222
+230
-34
+178
Details of general fund balance
(end of period)
N e t expenditures in
checking accounts of
G o v e r n m e n t agencies
Unemployment
t r u s t fund
-437
-296
-157
-385
-245
-132
-517
-348
-339
-499
-402
-65
-442
-112
(8)
2
5
94
92
144
96
9 74
4
142
142
142
142
142
142
142
142
142
142
142
142
143
356
446
536
467
558
467
478
492
503
508
515
522
528
536
544
549
554
558
Work-
970
1,628
2,160
875
1,960
1,213
1,960
1,828
2,449
2,288
2,693
2,732
2,380
2,254
2,160
1,761
1,539
1,481
1,213
T
Excludes debt retirements.
Revised.
2 Includes taxes u n d e r Social Security Act and on carriers and their employees.
3
Includes miscellaneous internal revenue, unjust enrichment tax, and processing taxes.
4
Excludes expenditures for adjusted service which are included u n d e r "Transfers to t r u s t accounts, e t c . "
5
Includes revolving funds of P u b l i c W o r k s Administration and F a r m Credit Administration.
6
Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account and railroad retirement account; except
for t h e adjusted service certificate fund, these appear as receipts u n d e r " T r u s t accounts, e t c . "
8
9
'' Details given in lower section of table.
Less t h a n $5C0,000.
Excess of credits.
i° Includes other trust accounts, increment resulting from reduction in weight of t h e gold dollar, expenditures chargeable against increment
on gold (other t h a n retirement of national b a n k notes) and receipts from seigniorage.
1118
FEDERAL RESERVE BULLETIN
DECEMBER 1939
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, SEPTEMBER 3 0 , 1939
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]
Home mortgage and
Reconhousing agencies
struction
Finance
Corporation
Home Other United
and
mort- States
Public Owners'
Loan
gage HousWorks Corpoing
Admin- ration agencies thAuistration
ority
Total
Farm credit agencies
TennesInsee surOther
Valance
Farm
ComFarm
ley agen- Other Sept. Aug.
mort- Credit modity
30,
31,
gage
Credit Other Au- cies
Adm.
thor1939
1939
agenCorpobanks
ity
cies and cor- ration
porations
Sept.
30,
1938
ASSETS
Loans and preferred stock:
Loans to financial institutions .
Preferred stock, etc
Loans to railroads
Home and housing mortgage
loans
Farm mortgage loans
Other agricultural loans
All other loans
Total loans and preferred
stock
Cash
U. S. Govt. direct obligations
Obligations of Government credit
agencies:
Fully 6guaranteed by U. S.
Other
Accounts and other receivables
Business property
Property held for sale
Other assets
Total assets
other than interagency 6
.
210
515
462
211
164
40
0)
76
0)
30
2,055
188
281
(0
2,266
65
392
39
37
104
21
2
2,626
66
78
356
53
171
13
8
24
t(i)
36
2
9
4
536
6
1,790
2,885
820
2,731
0)
6
0)
0)
0)
488
2,347
2,626
1,118
1,068
104
2,626
21
2 462
1,670
2
48
430
842
492
56
1
130
0)
210
6
119
8
0)
0)
0)
21
33
7
617
0)
199
3 324
617
1
524
24
77
1
0)
4 282
14
2,337 2,335
2,637 2,776
723
1,128
837
1,033
141
41
446
535
695
111
141
45
450
531
704
95
159
40
372
447
667
125
5
1
61
1
3
8
553
313
671
557
11, 967 12,017 11,319
3
1
204
9
56
5,356 5,489 5,010
1,357 1,345 1,365
737
1,054 1,052
0)
642
1,279
s 1,000
8
105
205
11
188
183
8
8
697
43
101
1
81
470
859
495
8,923 8,900 8,496
329
336
418
684
735
738
312
14
4
107
6
292
3,114
257
56
37
399
428
844
492
LIABILITIES
Bonds, notes, and debentures:
Guaranteed
by United States...
Other 6
Other liabilities (including reserves).
Total liabilities
other than
interagency 6
Excess of assets over liabilities, excluding interagency transactions.
Privately owned interests
U. S. Government interests
(0
114
409
148
107
134
36
967
2,839
169
122
2,385
216
597
183
16
208
65
7,768 7,886 7,112
. 823
46
319
50
135
729
200
426
4
100
370
297
463
139
492
4,19*9 4,131 4,207
377
393
391
823
46
269
135
528
422
100
370
297
324
492
3,806 3,739 3,830
i Less t h a n $500,000.
* Includes $63,000,000 loans of Public Works Administration.
3
Includes $257,000,000 loans of Farm Security Administration.
* Includes $158,000,000 loans of Rural Electrification Administration.
*6 Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation.
Includes, however, investments in securities of agencies (other than mentioned in footnote 5) and deposits of agencies with Reconstruction
Finance Corporation.
NOTE.—For explanation of table, see BULLETIN for October 1938, p. 882.
RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS
[Amounts outstanding. In thousands of dollars]
Oct. 31,
1938
Loans to financial institutions
Loans on preferred stock of banks and insurance companies..
Preferred stock, capital notes, and debentures
Loans to railroads (including receivers)
Loans for self-liquidating projects
Loans to industrial and commercial businesses
Loans to drainage, levee, and irrigation districts
Other loans
Securities purchased from Public Works Administration
216,157
37,090
521,981
426,046
194, 606
98, 224
79, 667
19, 205
138, 783
Apr. 3C
1939
193,967
33, 583
528,024
443,840
111,391
112, 531
27,129
130,313
May 31,
1939
190,447
33, 494
528, 573
436,612
113,450
114,498
83,084
28, 640
128,865
J u n e 30,
1939
183, 943
33, 444
529, 270
439,199
44, 683
117,079
83,109
27,393
116, 577
July 31,
1939
181, 502
33, 349
526,876
438,863
68,106
121,804
83,358
25,196
119, 705
Aug. 31,
1939
178, 833
33,181
517,125
438,837
73,844
123,042
83,462
23,812
122,986
Sept. 30,
1939
177,011
33,162
515,157
438,835
85, 264
125,753
83, 502
23, 847
124, 476
Oct. 31,
1939
175, 795
33,127
513, 200
436, 650
89, 872
126, 863
83, 482
23, 274
126, 649
Total loans and investments, other than interagency.. 1, 731, 760 1, 663, 744 1, 657, 663 1,574,697 1, 598, 759 1, 595,121 1,607,006 1, 608, 911
Preferred stock of Export-Import bank
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
T o t a l loans a n d investments
20,000
44,996
31, 975
2,000
45,000
56,698
55,066
29,398
3,000
45,000
61,148
55, 625
33, 796
3,000
45,000
146,498
55, 219
41, 776
8,300
45,000
146, 498
54,903
44,438
8,300
45,000
146, 498
54,629
46,500
8,300
45, 000
146, 498
55,102
50, 323
1,877,228 1,852,906 1,856,232 1,869,585 1,895,551 1,894, 260 1,907, 932 1, 914,133
N O T E . — F o r explanation of table and back figures, see BULLETIN for April 1936, p . 220.
45,000
146,498
57,094
37,996
8,300
1119
FEDERAL RESERVE BULLETIN
DECEMBER 1939
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-
Regional
agricultural
Other
credit
cor- financing
Land
porations,
instituBank
Federal
tions,
land banks Commis- production
credit asexcept
sioner
sociations, cooperaand banks
tives
for cooperatives i
End of month
Loans to cooperatives b y -
EmerProduc- Regional
agriculgency
tion credit tural
credcrop
and
associait corpodrought
tions
rations
loans
1934—December.
1935—December.
1936—December.
1937—December.
1,915, 792
2, 071, 925
2,064,158
2,035, 307
616, 825
794, 726
836, 779
812, 749
99, 675
104, 706
129,872
165,194
55, 672
47,162
41,017
40, 464
60,852
94,096
105, 212
138,169
87,102
43,400
25, 288
15, 592
111, 182
172,489
164,887
172,130
1938—October. __
November.
December.
1939—January. _.
February..
March
April
May
June
July
August
September
October
1, 997, 561
1, 990, 475
1, 982, 224
1,973,179
1,968, 790
1, 960, 357
1, 954, 677
1, 947,944
1,940, 586
1, 934,013
1, 928,166
1, 922, 577
1, 916,431
766, 502
760, 326
752, 851
745, 631
740, 870
733, 647
174, 626
166, 549
168, 392
163,815
166, 996
175, 362
182, 643
186, 588
190, 359
189,044
187, 968
179, 674
169, 731
36,121
34, 537
33, 545
33,077
34,115
35, 318
36, 483
38,124
39, 794
40, 657
41, 661
37, 645
33, 996
154, 560
148, 430
148,037
148,416
155,409
167,867
177, 792
183, 351
187, 712
187, 844
185, 215
174,032
162, 703
12,354
11, 592
11,081
10,863
10, 689
10, 399
10, 298
10, 286
10, 235
10,003
9,599
9,127
8,351
174, 574
172,043
170,891
169, 707
170,400
175, 509
179,156
179,834
179, 565
178, 754
177, 668
175,060
723,187
717, 622
712, 823
708,426
703,840
699, 274
171,211
Federal
intermediate
credit
banks
Banks for Agriculcoopertural
atives,
Marketincluding ing Act
Central
revolvBank
ing fund
2,731
1,641
1,813
744
851
920
834
1,152
1,528
1,256
596
359
263
127
778
1,493
27,851
50,013
69, 647
87, 633
54,863
44, 433
53, 754
30,982
86, 931
86, 221
87, 496
27,917
25,313
23, 723
23,948
23, 631
23, 305
23,190
23,061
22, 592
22,189
22,422
21, 663
21, 582
73, 692
65, 783
61, 363
60,465
59, 577
62,124
61,404
65,160
70,422
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 savings and
loan associations
Home
Owners'
Loan Cor- Number
poration
of associations
Loansi
1934—December _
1935—December.
1936— December.
1937—December .
2,379,491
2,897,162
2, 765,098
2, 397, 647
1,023
1,212
1,328
81, 300
348, 000
586, 700
853, 500
1938—October. __
November.
December.
1939—January...
February..
March
April
May
June
July
August
September.
October __.
2, 203,896
2,186,170
2,168,920
2,149, 038
2,134, 261
2,117, 598
2,105, 824
2,091, 324
2,080, 512
2,067, 844
2, 059, 792
2,054, 865
2,049, 421
1,370
1,374
1,368
1,370
1,375
1,375
1,381
1,383
1,386
1,385
1,392
1,394
1,394
1, 011,087
1, 020,873
1,034,162
1,040, 770
1, 051,109
1, 067, 887
1,089,879
1,117, 228
1,136, 289
1,157, 536
1,186, 784
1, 206,887
1, 231, 685
Federal
home
loan
bank
loans to
member
institutions 2
86, 651
102, 791
145, 394
200,092
End of month
1935—June..
1936—June. .
1937—June_.
1938—June..
U. S. Government
Depossecurities
itors
Cash
Cash
balin dereGuar- serve
ancesi Total posiDian- funds,
tory
rect teed
banks Total obli- obli- etc.2
gations
1,205
1,232
1,268
1,252
189, 217 1938—September
1,248
October
189, 685
1,250
November
198, 840
1,250
178, 852
December
1,252
170, 614 1939—January
1,259
161, 614
February _____ 1,263
157,176
1,266
March
157, 911
1,264
April
168, 962
1,261
May
161, 537
1,262
June
159, 470
1,268
July
163, 687
1,271
August
168, 654
l 267
September
October
, 270
1,236
1,265
1,307
1,290
385
777
203
967
136 1,100
115 1,103
630
800
933
936
147
167
167
167
74
95
71
72
1,287
1,289
1,291
1,291
1,299
1,304
1,309
1,306
1,305
1,304
1,310
1,314
1,118
1,118
1,128
1,132
1,137
1,144
1,153
1,154
1,157
1,157
1,172
1,174
952
952
961
965
971
978
166
166
167
167
166
166
167
166
146
146
146
146
71
75
76
73
79
79
76
76
75
79
80
84
1,011
1,011
1,026
1,028
1 Federal Home Loan Bank Board estimates for all Federal savings
p1 Preliminary.
and loan associations.
Outstanding principal, represented by certificates of deposit. Does
2 Excludes loans to other than member institutions which are neglinot2 include accrued interest nor outstanding savings stamps.
gible in amount.
Includes working cash with postmasters, 5-per cent reserve fund and
miscellaneous working funds with the Treasurer of the United States,
accrued interest on bond investments, and accounts due from late postmasters.
Back figures—See BULLETIN for August 1935, p. 502.
1120
FEDERAL RESERVE BULLETIN
DECEMBER
1939
PRODUCTION, EMPLOYMENT, AND TRADE
[Index numbers; 1923-25 ayerage=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]
Construction contracts awarded (value) 2
Industrial production i *
Year
and
month
Total
Manufac-
Minerals
Total
Residential
All other
Factory employment3
U
Factory Freight-car
pay- loadings4 *
rolls 3
Department
store sales *
(value)
Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjusted 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
84
83
87
67
85
101
95
104
108
106
111
119
96
81
64
76
79
90
105
110
86
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
77
89
70
74
105
96
99
108
107
106
115
99
84
71
82
86
91
105
116
98
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
107
107
82
91
104
96
100
102
100
100
306
92
78
66
73
86
91
99
109
90
98
117
76
81
103
96
101
104
102
104
110
89
68
47
50
65
74
86
103
78
84
91
78
85
100
98
103
107
104
104
107
92
74
55
58
62
64
75
78
62
78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
75
79
88
92
85
1936
109
110
114
121
108
111
115
114
110
110
114
121
107
110
115
114
102
105
112
117
110
115
115
111
59
57
58
66
60
54
51
53
47
43
40
45
47
41
39
38
69
69
72
83
70
65
62
65
102
102
104
107
104
105
105
106
87
93
94
99
75
77
82
83
84
86
84
77
88
90
94
92
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
100
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
116
121
125
123
113
109
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
107
108
110
111
112
111
112
112
110
108
104
98
105
108
110
111
112
110
111
112
112
110
104
97
95
100
106
110
110
108
105
109
105
105
93
85
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
80
79
79
77
76
77
83
88
90
96
103
104
79
79
80
78
77
77
81
87
91
97
104
98
76
75
75
73
73
74
82
87
89
95
103
104
75
76
77
76
75
75
79
85
89
95
103
98
108
103
104
100
92
92
93
95
97
98
102
109
103
99
96
91
90
92
93
97
102
106
105
103
52
51
46
52
51
54
59
66
78
82
96
96
42
44
46
59
61
63
65
69
79
78
85
77
26
32
33
37
37
42
49
53
56
57
56
57
22
28
35
43
44
46
49
52
56
56
54
48
73
66
56
65
62
64
68
77
96
102
128
128
59
56
55
73
76
76
78
84
97
96
111
100
93
92
90
88
86
85
86
88
89
90
93
94
91
91
91
89
86
84
85
89
92
92
93
94
75
78
78
75
73
71
71
77
82
84
84
87
65
62
60
57
58
58
61
62
64
68
69
69
59
57
57
55
57
58
62
63
71
75
70
64
90
88
86
83
78
82
83
83
86
84
89
89
70
70
77
86
80
79
58
65
91
92
99
156
101
99
98
92
May___
92
98
June
July.... 101
Aug
103
S e p t — 111
Oct
P120
100
99
100
95
94
98
97
99
112
P123
100
97
96
92
91
97
100
104
111
P120
r99 110
98 110
100 110
96
95
94
98
97 104
95 106
99
91
110 114
P121 P122
105
105
102
88
97
105
107
96
123
P133
86
73
69
67
63
63
67
73
73
P77
70
63
69
76
75
73
73
76
73
P77
55
58
55
58
55
58
62
67
68
P67
45
51
58
68
65
64
63
66
68
P65
111
85
80
74
68
67
71
78
76
P84
90
95
72
94
79
94
83
94
84
93
80
94
81
95
84
96
77
97
P79 P101
92
94
94
94
93
93
94
96
100
P103
84
86
88
86
85
87
84
90
94
P101
69
67
66
60
62
67
69
70
77
80
63
62
63
58
62
67
70
71
85
89
88
87
88
88
85
86
86
89
91
80
69
69
82
88
87
83
60
69
97
99
Sept
Oct
Nov
Dec
1937
Jan.
Feb
Mar
April
May
June...
July.—
Aug
Sept. ._
Oct
Nov
Dec
1938
Jan
Feb
Mar
April...
May
June
July.—
Aug
Sept.—
Oct
Nov
Dec
1939
Jan
Feb
Mar
April. __
r
p1 Preliminary.
Revised.
* Average per working day.
For indexes of groups and separate industries see pp. 1121-1122; for description see BULLETIN for February and March, 1927.
2 3-month moving average of F. W. Dodge Corporation data, centered at second month; for description see p. 358 of BULLETIN for July 1931.
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 BULLETIN for October 1938, pp. 835837, and for October 1939, p. 878. For current indexes of groups and separate industries see pp. 1123-1126. Underlying figures are for payroll period
ending nearest middle of month.
4 For indexes of groups see p. 1128.
Back figures.—See Annual Report for 1937 (table 81). For department store sales see BULLETIN for October 1938, p. 918; for factory employment and payrolls see BULLETIN for October 1938, pp. 838-866, and for October 1939, pp. 879-887.
1121
FEDERAL RESERVE BULLETIN
DECEMBER 1939
INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of the Board of Governors; adjusted for seasonal variation.
1923-25 average=100]
1938
Industry
Sept.
Oct.
1939
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
89
69
107
95
83
106
103
94
110
104
92
114
100
88
97
••84
109
06
80
110
92
76
105
01
71
108
97
82
110
100
88
110
104
92
115
Ill
103
117
P120
75
59
77
90
67
92
108
76
112
101
74
104
93
72
95
88
73
89
83
75
84
79
66
80
73
55
75
89
73
90
100
81
102
105
91
107
121
101
123
157
119
160
46
4
84
5
96
8
99
12
105
12
100
12
01
14
87
14
73
15
81
15
87
15
89
19
85
78
71
75
50
81
80
50
73
88
66
59
94
57
66
89
70
72
87
73
76
00
69
92
91
71
102
80
82
93
90
70
87
91
68
99
93
71
97
98
71
95
110
70
69
107
80
155
84
155
82
153
69
147
80
133
90
131
81
83
75
80
79
124
82
87
76
121
78
165
87
222
89
5
08
5
105
6
106
6
106
6
105
5
106
5
94
2
77
2
103
5
110
5
120
5
130
7
23
103
107
93
107
86
66
111
100
104
91
101
87
67
104
112
112
107
123
101
69
123
117
120
116
134
112
72
116
109
111
107
114
113
77
107
109
111
111
117
113
87
97
110
114
105
110
91
84
108
97
105
85
01
80
78
88
104
110
105
120
98
73
76
111
115
116
138
105
70
84
111
117
114
136
105
64
84
120
128
123
150
103
79
87
121
129
118
138
103
84
107
_
103
78
86
72
65
119
101
81
80
69
70
114
107
00
94
89
77
118
123
98
99
109
85
138
124
103
100
119
97
137
124
105
104
118
97
137
121
05
93
103
95
138
115
07
01
101
106
127
113
04
01
80
104
126
108
91
87
91
102
119
114
88
89
69
106
131
117
98
106
'73
103
130
103
86
92
71
87
114
P116
Slaughtering and meat packing
Hogs
Cattle •
Calves
Sheep...
_
Wheat flour
Sugar meltings
_
98
88
106
118
152
88
106
05
02
04
108
140
01
103
04
88
06
112
152
86
100
86
79
89
106
137
92
108
87
74
97
111
150
92
106
83
67
100
108
157
94
70
89
73
106
110
156
97
78
00
81
00
105
135
100
04
04
84
104
108
142
05
72
87
73
103
104
143
100
66
89
77
102
107
145
96
81
92
84
100
104
139
88
77
100
95
102
111
146
103
96
99
69
95
110
144
91
91
160
75
229
84
160
74
211
78
164
76
233
05
179
76
258
07
165
79
237
78
162
77
231
78
164
78
236
80
164
77
236
81
170
75
246
85
170
75
247
84
158
73
227
80
168
76
241
89
164
76
235
85
166
75
240
83
57
130
58
132
63
128
61
128
61
125
61
127
62
126
63
130
65
127
63
132
63
126
63
130
65
142
63
137
206
265
109
141
113
208
269
102
143
110
208
269
104
140
109
201
259
107
142
100
205
262
112
145
106
201
256
113
138
117
202
256
122
140
111
200
265
122
143
115
211
260
124
143
110
215
276
122
144
121
212
273
117
139
115
218
280
123
140
128
221
284
118
148
123
95
98
71
99
103
72
100
104
75
112
116
79
110
115
76
109
114
71
114
119
76
104
108
73
102
106
68
112
117
77
111
116
77
122
127
84
123
128
'86
126
131
90
97
98
102
109
110
110
110
05
08
104
106
91
114
P122
78
67
169
75
69
171
79
61
169
77
61
173
31
80
174
71
94
57
85
89
70
87
73
100
90
69
86
01
71
101
75
53
174
74
91
68
70
77
53
127
78
93
71
86
46
73
175
55
89
82
71
84
71
174
97
98
71
104
Manufactures—Total
1 Durable
Nondurable
IRON AND STEEL
Pig iron
Steel ingots
. .
no
P117
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
_ . _ .
NONFERROUS METALS:
Tin deliveries *
Zinc
Lead
CEMENT AND GLASS:
Cement
Glass, plate _
_._
COKE:
Byproduct
Beehive
TEXTILES
Cotton consumption. _
Wool
Consumption
_ ___
Machinery activity *
Carpet and rug loom activity L
Silk deliveries
LEATHER AND PRODUCTS
Tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Boots and shoes
129
P119
P131
120
FOOD PRODUCTS:
TOBACCO PRODUCTS
__
Cigars
Cigarettes
Manufactured tobacco
_ ._
PAPER AND PRINTING:
Newsprint production
Newsprint consumption .
.
PETROLEUM REFINING
Gasoline 1
Kerosene
Fuel oil i
Lubricating oil 1
_ _
R U B B E R T I R E S AND T U B E S
1
1
Tires, pneumatic
Inner tubes 1
Minerals—Total
Bituminous coal
Anthracite
Petroleum, crude..
Iron ore
Zinc
Lead
__
Silver
.
. .
._
71
50
158
41
75
50
102
72
49
161
50
80
50
102
76
58
165
42
88
66
51
r
90
70
107
79
pro
^185
128
110
70
i Without seasonal adjustment.
v Preliminary.
Revised.
NOTE.—Descriptive material and tables giving back figures may be obtained upon request from the Division of Research and Statistics. Series
on shipbuilding, silk-loom activity, and on production of book paper, wrapping paper, fine paper, boxboard, mechanical wood pulp, chemical wood
pulp, paper boxes, and lumber, included in the total index, are withheld from publication pending revision.
1122
FEDERAL RESERVE BULLETIN
DECEMBER 1939
INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average=100]
1938
1939
Industry
Sept.
Manufactures—Total _
Durable
Nondurable
IRON AND STEEL..
Pig iron
Steel ingots...
89
66
109
Oct.
95
79
109
75
57
76
Nov.
Dec.
103
92
113
85
108
100
77
103
TRANSPORTATION EQUIPMENT:
Automobiles
__.
_
Locomotives
115
8
117
12
Jan.
Apr.
May
Feb.
Mar.
'99
84
111
••84
111
100
86
111
96
84
106
94
78
107
90
71
92
92
75
93
93
79
95
87
70
89
79
56
81
105
11
••100
12
105
14
106
13
15
June
97
85
108
July
95
83
105
Aug.
Oct.
99
85
111
110
99
119
P121
P122
P121
103
87
105
120
98
122
152
119
156
59
93
15
NONFERROUS METALS:
Tin deliveries
Zinc
Lead
-
95
106
72
102
90
73
--
CEMENT AND GLASS:
Cement
Glass, plate
86
107
91
155
155
64
153
42
147
48
133
65
138
107
7
111
111
117
135
112
72
103
107
7
114
117
109
118
113
77
122
108
7
109
6
115
119
116
128
113
87
104
104
95
96
94
92
109
115
98
101
98
92
125
COKE:
« ByproductBeehive
TEXTILES
Cotton consumption
Wool
Consumption
Machinery activity
Carpet and rug loom activity
Silk deliveries
LEATHER AND PRODUCTS
Tanning
Cattle hide leathers
Calf and kip leathers._.
Goat and kid leathers..
Boots and shoes
107
93
112
100
78
121
165
222
95
2
76
2
101
5
107
4
116
4
112
119
106
122
91
84
104
100
113
84
88
80
78
87
104
114
100
111
98
73
75
105
111
109
124
105
70
75
103
106
106
121
105
64
80
112
115
118
139
103
79
91
128
7
121
125
122
145
103
84
113
P127
133
P126
126
108
111
108
101
138
125
94
94
91
97
145
112
94
91
91
105
124
105
88
87
85
96
115
104
90
112
102
113
81
98
128
rl30
100
104
••88
101
'149
119
91
95
82
91
137
P130
84
69
101
104
145
94
80
64
98
96
140
94
91
71
114
107
170
122
102
97
84
111
116
158
102
87
180
181
87
259
179
92
252
63
146
103
104
96
113
86
66
116
103
107
96
111
87
67
104
116
117
113
134
101
69
127
119
84
90
83
68
143
111
86
92
82
73
128
102
85
76
112
90
66
118
113
176
104
114
94
79
110
113
163
102
98
104
97
111
114
151
93
78
101
103
94
100
135
101
100
98
104
151
90
70
74
88
100
147
91
84
74
92
111
142
91
92
81
72
87
114
127
91
109
92
81
101
122
139
90
81
76
96
108
140
88
78
177
86
252
91
161
90
222
81
167
90
231
92
145
57
212
79
167
61
232
79
147
67
211
79
156
71
224
81
151
72
215
78
172
78
248
85
186
81
272
86
171
76
249
80
261
91
57
128
58
140
137
61
132
62
120
61
125
61
131
64
139
131
64
131
62
112
61
116
64
139
206
265
111
141
113
209
269
107
143
110
208
269
113
140
109
202
259
115
142
100
205
262
115
145
106
202
256
115
138
117
201
256
119
140
111
208
265
121
143
115
211
269
119
143
119
215
276
113
144
121
211
273
108
139
115
217
280
116
140
128
221
284
121
148
123
100
104
75
112
116
79
110
115
76
109
114
71
114
119
76
104
108
73
102
106
68
112
117
77
111
116
77
122
127
84
123
128
'86
105
103
105
105
102
97
105
107
86
60
163
35
88
69
55
82
66
164
83
74
164
166
77
50
171
FOOD PRODUCTS:
Slaughtering and meat packing...
Hogs
Cattle
Calves
Wheat flour
Sugar meltings..
TOBACCO PRODUCTS
Cigars
Cigarettes
Manufactured tobacco..
PAPER AND PRINTING:
Newsprint production...
Newsprint consumption.
PETROLEUM REFINING..
Gasoline
Kerosene
Fuel oil
Lubricating oil
RUBBER TIRES AND TUBES
Tires, pneumatic
Inner tubes
Minerals—Total .
Bituminous coal._
Anthracite
Petroleum, crude.
Iron ore
Zinc
Lead
Silver
95
98
71
102
103
72
106
76
51
163
78
71
48
97
79
63
163
86
78
52
101
58
93
75
108
26
83
174
94
70
102
40
73
177
82
90
51
173
132
87
71
105
44
178
150
84
65
59
75
53
129
159
87
68
78
22
P145
P115
P90
120
P115
126
131
90
123
P133
90
72
179
187
93
67
P102
P75
P187
218
106
72
p Preliminary.
«• Revised.
NOTE.—Descriptive material and tables giving backfiguresmay be obtained upon request from the Division of Research and Statistics. Series
on shipbuilding, silk-loom activity, and on production of book paper, wrapping paper,finepaper, boxboard, mechanical wood pulp, chemical wood
pulp, paper boxes, and lumber, included in the total index, are withheld from publication pending revision.
DECEMBER
1123
FEDERAL RESERVE BULLETIN
1939
FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100]
1939
1938
Industry and group
Sept.
Total
Durable goods
Nondurable goods
IRON, STEEL, PRODUCTS
Blast furnaces, steel works
Bolts, nuts, washers, rivets.
Cast-iron pipe _
Cutlery, edge tools
Forgings
Hardware
Plumbers' supplies
Stamped, enameled ware...
Steam, hot-water heating
Stoves
Structural, ornamental
_
Tin cans, tinware
Tools
Wirework _ _
_
MACHINERY
__
Agricultural implements
Cash registers, etc
Electrical machinery
Engines, turbines, etc.
Foundry, machine-shop productsMachine tools
Radios, phonographs
Textile machinery
Typewriters
TRANSPORTATION EQUIPMENT
Aircraft
Automobiles
Cars, electric-, steam-railroad
Locomotives __
Shipbuilding
NONFERROUS METALS, PRODUCTS
AJnminTim
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
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.
.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
89 4
75.6
102.7
90.2
78.3
101.5
92.8
82.1
103.1
94.4
83.7
104.7
94.6
84.4
104.4
94.3
84.2
103.9
94.0
83.7
103.8
93.8
83.9
103.3
93.3
82.9
103.3
94.3
83.9
104.2
95.3
84.7
105.4
96 0
'85.3
105.9
97 3
88.5
105.7
101 0
94.1
107.5
83.6
88
87
85.8
89
90
89.1
93
95
90.9
95
97
90.7
95
96
90.4
94
96
90.7
94
97
90.5
95
94
89.6
94
93
90.3
96
93
90.6
96
94
95.7
101
101
105.0
115
113
69
84
49
71
70
85
52
83
73
88
64
89
72
90
56
91
72
90
54
89
73
89
55
87
73
90
55
84
73
86
55
80
71
91
54
72
73
139
74
146
74
147
74
143
74
147
74
144
75
142
76
147
72
91
56
70
75
135
74
144
73
90
54
87
92.5
97
98
77
147
80
158
75
81
59
88
76
137
74
79
60
91
80
154
74
82
62
93
83
162
74
82
63
94
83
154
74
84
66
95
84
152
75
85
67
95
84
151
75
84
67
96
84
148
74
85
67
95
84
142
78
157
74
79
58
93
76
125
75
86
66
95
84
135
78
89
67
95
81
128
79
88
69
98
85
121
80
86
71
97
87
149
84
89
75
104
90
164
85.1
100
134
86.8
104
134
89.2
104
133
91.7
110
134
92.3
114
132
94.0
123
131
94.8
124
131
94.9
122
127
94.4
119
126
95.4
118
128
96.1
115
127
97.3
121
125
99.7
123
127
105 6
125
126
73
94
56
78
74
97
59
84
76
102
66
88
81
160
81
83
85
84
85
82
75
120
89
63
123
85
75
122
98
64
126
87
77
124
117
66
127
88
79
126
123
69
127
92
80
128
126
69
127
91
81
132
129
71
128
91
82
134
130
72
129
69.8
798
80.3
824
90.6
837
93.2
868
94.1
900
92.9
966
102
102
98
87.2
91.2
91.1
90.0 ••88.3
88.9
98.2 104.2
968 1,075 1,169 1,267
1,385 1 414 1,512 1 606
33
17
103
35
19
106
38
17
113
36
16
111
78
72
86
99
31
16
93
28
15
94
29
16
100
86.2
128
86
97
87
86
87
91
82
138
124
73
129
93
81
140
121
75
126
95
83
144
122
75
126
96
89
89
87
95
83
149
131
77
122
90
34
18
112
34
21
118
33
25
127
32
28
128
88
97
85
146
126
78
119
92
99
86
155
129
78
122
97
108
91
170
145
81
123
f88
100
31
29
125
34
28
128
41
25
132
r96.3
157
99.2
152
107.1
165
115
85
91
88
71
130
87
93
96
70
105
88.4
131
91.9
132
93.1
131
93.3
131
93.4
135
93.4
140
93.2
143
92.8
142
92.8
145
94.6
153
98
79
84
71
61
101
81
84
77
64
106
79
86
82
65
106
79
91
85
67
105
84
90
86
68
104
84
91
84
68
104
84
92
80
69
103
85
93
104
84
90
76
68
105
82
91
73
68
106
84
94
75
70
70
71
76
77
78
78
77
78
77
77
76
62.8
62.4
64.0
65.7
65.1
63.2
64.2
64.8
65.3
66.0
66.4
79
65
80
67
85
67
85
66
85
67
84
56
85
69
86
69
86
60
69 4
57
84
58
67 4
80
65
65.0
83
87
61
89
63
79 0
81 0
77
68
109
85
95
77
70
75
58
57
59
69
60
59
56
57
59
69
60
60
70.7
73.2
76.8
77.8
79.6
77.4
77.4
77.9
75.4
78.4
58
67
97
53
55
63
96
52
78.1
68
66
95
53
77.5
58
67
98
51
57
67
99
50
62
63
87
45
53
67
92
46
81
82
84
85
87
86
85
84
84
87
88
100.3
89.0
67
85
76
118
94
147
71
69
131
64
78
121.4
106
177
103
141
84
119
98.9
88.1
71
84
77
116
96
148
72
69
135
62
75
119.0
104
171
104
142
84
117
100.0
90.5
74
85
80
118
91
148
71
70
139
64
84
116.9
104
167
105
138
72
117
102.2
92.3
76
85
83
121
89
151
77
71
144
65
88
120.0
106
173
106
140
77
119
101.9
91.9
78
85
82
122
90
153
64
72
134
64
88
119.5
103
171
107
132
79
130
101.8
91.7
77
86
82
122
90
153
68
71
134
64
84
120.2
104
173
107
136
84
123
101.0
91.0
77
85
80
122
87
154
70
70
134
65
81
119.2
104
171
107
132
84
121
99.6
90.2
77
85
78
121
86
154
67
70
133
65
77
116.4
103
165
109
128
81
119
99.8
91.0
74
85
80
124
84
153
68
73
128
66
81
115.2
102
161
111
125
80
120
101.2
92.0
73
86
79
120
89
152
72
74
138
63
86
117.5
104
169
114
129
74
120
104.1
94.5
74
56
68
98
47
57
68
99
49
61
64
100
49
59
66
95
48
57
66
98
60
83
128
93
154
75
77
138
63
89
121.1
107
174
115
135
73
123
87
104.9
95.4
76
91
84
129
90
155
80
79
140
62
85
121.4
107
174
117
140
77
121
77
61
59
67
100
48
87
103.6
94.2
78
91
86 129
87
149
75
78
140
61
83
120.4
106
172
116
136
80
121
83
63
60
68
105
50
87
106.4
98.0
83
94
91
133
86
152
75
79
147
65
90
120.4
107
170
117
138
80
121
1124
FEDERAL RESERVE BULLETIN
DECEMBER 1939
FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL
VARIATION)—Continued
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100]
1938
1939
Industry and group
Sept.
LEATHER, MANUFACTURES
Boots, shoes
Leather
Oct.
Nov. Dec.
Jan.
Feb. Mar. Apr. May June
97.2
97
81
96.5
96
83
97.6
96
85
98.1
97
86
98.9
98
87
99.0
98
87
99.2
98
86
97.7
97
85
92
84
126.7
144
263
96
153
83
76
75
98
116
99
123.4
143
263
96
129
82
76
77
99
108
127.4
144
276
95
149
83
78
78
100
108
95
128.8
144
274
96
151
86
79
78
100
152
94
128.8
144
276
96
150
84
79
79
98
212
125.7
144
275
94
143
83
77
78
96
120
93
127.3
144
270
94
158
82
78
78
96
107
127.0
144
270
95
157
81
77
78
96
103
102
128.4
146
272
96
159
81
80
77
98
107
87
129.4
147
275
95
162
80
81
77
100
104
65.7
65
64.4
59
65
65.0
63
65
65.6
63
66
65.9
61
67
64.8
61
65
61.4
62
62
64.5
63
65
65.1
62
65
65.5
62
66
109.0
105
104
109.2
105
105
98
113
110.6
108
106
99
114
111.1
110
106
100
114
111.0
111
106
100
113
111.1
111
106
99
114
111.4
112
106
100
114
111.5
111
106
100
114
111.5
111
107
99
115
111.1
111
106
99
114
CHEMICAL, PETROLEUM, AND COAL
PRODUCTS
Petroleum refining
Other than petroleum
Chemicals
Cottonseed oil, cake, meal
Druggists' preparations
Explosives
Fertilizers
Paints, varnishes
Eayon, allied products
Soap
112.9
121
110.9
113
100
109
87
103
118
299
81
112.6
120
110.8
115
99
108
86
99
118
300
80
113.3
120
111.8
119
101
108
84
102
118
297
77
113.7
119
112.4
120
104
108
85
100
119
297
81
113.6
119
112.3
119
97
109
86
103
119
297
81
112.9
119
111.4
120
88
107
86
97
118
301
80
113.4
119
112.2
120
96
108
120
299
79
114.2
118
113.3
118
103
109
86
110
121
309
78
114.4
119
113.4
117
110
111
87
115
119
302
79
R U B B E R PRODUCTS
Rubber boots, shoes
Rubber tires, inner tubes
Rubber goods, other
75.8
54
61
125
76.5
56
63
123
81.4
60
66
133
82.9
60
67
137
81.4
58
67
133
81.4
60
66
133
82.2
60
67
134
81.3
60
67
131
81.1
61
67
129
FOOD, PRODUCTS
Baking
Beverages
Butter
Canning, preserving
Confectionery
Flour
Ice cream
Slaughtering, meat packing
Sugar, beet
Sugar refining, cane
--
TOBACCO MANUFACTURES
Tobacco, snuff
Cigars, cigarettes
P A P E R , PRINTING
Boxes, paper
Paper, pulp
Book, job printing
Newspaper, periodical printing.
97.1
July
Aug. Sept. Oct.
97.4
96
87
96.8
95
87
97.2
95
127.9 129.7
147
146
269
269
96
95
'160
150
82
86
79
81
75
75
101
101
99
105
94
96
128.1
146
269
95
147
82
82
76
102
131
90
126.4
146
270
95
133
81
80
77
103
108
100
65.7
61
65.2
62
64.4
62
65
63.5
62
64
111.8
113
106
101
114
112.0
115
107
99
115
112.8
116
109
98
116
114.9
121
114
99
116
113.1 '113. 7 r i l l . 9
120
121
122
111.4 r i l l . 9 nO9.4
117
115
119
88
81
85
112
90
93
92
107
103
105
120
125
122
295
254
298
84
87
116.2
122
114.9
122
87
113
98
111
123
297
87
119.8
122
119.2
132
93
113
102
108
125
79.7
47
67
134
86.1
58
70
144
91.2
60
74
154
80.8
59
131
98.7
98
87
83.6
58
68
138
r
Revised.
NOTE.—Figures for October 1939 are preliminary. For description and back data see the BULLETIN for October 1938, pages 835-886, and
for October 1939, pages 878-887. Underlying figures are for payroll period ending nearest middle of month.
DECEMBER
1125
FEDERAL RESERVE BULLETIN
1939
FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT
SEASONAL ADJUSTMENT)
[Index numbers'of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average=100]
Factory employment
Industry and group
1938
1939
Sept. Oct,
Total
Durable goods
Nondurable goods
IRON, STEEL, PRODUCTS
Blast furnaces, steel works
Bolts, nuts, washers, rivets
Cast-iron pipe
Cutlery, edge tools
Forgings
Hardware
Plumbers' supplies
Stamped, enameled ware
Steam, hot-water heating
Stoves
Structural, ornamental
Tin cans, tinware
Tools
Wirework
—
MACHINERY
Agricultural implements
Cash registers, etc
Electrical machinery
Engines, turbines, etc
Foundry, machine-shop products.
Machine tools
Radios, phonographs
Textile machinery
Typewriters
TRANSPORTATION EQUIPMENT
Aircraft
Automobiles
Cars, electric-, steam-railroad
Locomotives
Shipbuilding
NONFERROUS METALS, PRODUCTS
Aluminum
Brass, bronze, copper
Clocks, watches
Jewelry
Lighting equipment
Silverware, plated ware
Smelting, refining
LUMBER, PRODUCTS
Furniture
Lumber, millwork
Lumber, sawmills
STONE, CLAY, GLASS PRODUCTS
Brick, tile, terra cotta
Cement
Glass
Marble, granite, slate
Pottery
TEXTILES, PRODUCTS
Fabrics
Carpets, rugs
Cotton goods
Cotton small wares
Dyeing, finishing textiles
Hats, fur-felt
Hosiery
Knitted outerwear
Knitted underwear
Knitted cloth
Silk, rayon goods
Woolen, worsted goods
Wearing apparel
Clothing, men's
Clothing, women's
Corsets, allied garments
Men's furnishings
Millinery
Shirts, collars
Revised.
__.
June
92.4
79.7
104.6
93.4
84.6
101.8
84.3
88
87
70
84
49
70
74
133
76
84
60
103
75
121
90
70
87
52
84
74
141
77
88
61
91
77
138
90.4
96
93
73
90
54
72
76
147
75
88
67
98
84
136
85.4
94
134
78
83
75
121
103
62
123
87.3
98
134
81
83
75
122
119
63
126
92.0
75.9
107.3
64.4
774
65
30
16
87.3
127
71
62
70
July
93.5
83.0
103.5
Sept. Oct,
June
100.0
89.4
110.2
103.3
95.5
110,
81.6
68.1
96.7
84.2
74.6
94.9
86.5
80.7
93.0
92.3
97
97
75
92
56
76
78
'153
78
90
72
107
84
116
96.4
101
100
75
97
59
83
80
156
81
92
74
107
86
145
106.0
115
113
76
104
65
88
82
162
86
97
76
106
91
166
70.1
70
81
57
72
46
68
59
134
57
76
48
105
66
122
76.7
100.3 106.5
95.6
113
116
119
114
118
127
127
128
125
126
87
92
88
97
87
96
97
105
99
83
84
91
83
147
156
140
171
145
130
150
136
177
120
77
77
78
80
75
122
121
124
118
125
80.2
90.8
79.9 r75.2
95.7 103.1
799 1,305 1,399 1,414 1,467 1,558
86
92
76
97
105
70
35
28
32
33
40
32
26
29
28
16
26
29
126
124
129
95
133
122
91.3
91.5
91.3 94.7 100.4 110.6
133
144
151
150
154
168
102
104
115
104
108
131
80
86
80
83
90
84
100
85
87
94
107
97
88
71
71
73
99
72
68
63
69
73
77
77
76
75
72
84
95
93
75
87
54
69
77
144
76
100
80
126
66.3
83
60
61
66.7
84
60
61
68.7
88
61
63
73.3
55
75.7
56
71
93
48
84
80.5
61
72
99
52
79.7
62
73
96
54
82
62
73
99
53
85
100.9
89.0
71
84
78
116
96
151
78
70
139
64
76
123.3
107
178
105
148
87
122
98.0
89.6
73
84
77
117
86
149
71
75
135
59
85
112.6
100
158
113
127
68
119
98.1
91.1
74
86
80
119
90
149
72
73
136
60
86
109.5
105
144
112
124
56
118
103.5
93.1
76
87
81
122
94
152
78
77
140
63
86
122.1
110
174
114
131
78
120
75
114
97
148
75
69
133
66
77
125.!
110
184
103
137
93
121
1939
'96.3
'83.9
108.0
65.2
84
56
101.3
88.4
1938
Aug. Sept. Oct
65.3
84
56
87
49
Factory payrolls
July
84.4
76.0
Aug. Sept. Oct,
'81.5
99.0
93.6
87.5
100.5
101.3
99.0
103.9
57
78
51
89
62
149
63
83
49
91
70
142
82.6
86
90
66
82
56
74
68
146
63
77
59
103
79
138
78.6 '88.0
82
93
83
104
66
68
72
80
55
59
65
80
65
71
137
156
60
68
73
78
59
64
115
103
79
72
116
124
91.5
95
109
63
85
63
91
72
156
71
82
63
117
82
161
111.5
124
136
72
95
75
97
80
170
83
93
69
111
92
183
77.8
93
122
76
88
64
117
92
53
114
81.1
99
121
81
88
65
120
108
55
126
95.4
127
125
92
114
77
166
105
73
113
94.0
123
123
91
110
75
166
114
75
113
100.9
125
124
98
116
80
182
139
73
122
111.1
131
126
106
130
64.1
726
66
24
11
95
83.5
774 1,299
91
89
22
30
11
25
136
78.7
135
93
75,
78
58
55
65
85.4
144
100
82
88
65
61
67
84.0
157
103
76
70
56
58
72
70.1
91
62
72.5
94
59.6
72
45
55
59.7
72
45
54
60.1
69
48
56
81.8
63
72
101
52
83.6
63
72
106
52
61.5
42
62
87
34
67
66.3
44
64
98
33
77
70.6
50
68
101
40
73
104.5
93.5
78
90
84
125
90
150
79
78
143
63
82
124.
Ill
179
116
133
89
123
108.4
98.
83
94
92
133
86
155
81
81
152
67
91
124.8
110
178
118
145
83
127
86.4
75.8
54
71
69
98
94
163
58
59
115
53
61
101.5
83
142
103
123
102
95
85.1
77.4
59
73
75
101
77
171
63
62
118
53
62
94.7
77
132
112
138
70
96
79.
75.6
57
71
70
97
74
148
56
67
111
48
71
82.3
74
106
117
111
45
124
119
93
114
78
161
123
75
117
170
76
126
'78.3 99.5 109.0
1,381 1,362 1,514
112
103
'75
36
28
27
25
27
26
143
128
135
96.6 113.5
83.4
191
167
148
163
154
123
107
'111
99
89
76
85
93
84
77
69
82
58
75
54
71
59
66
51
81
71
71
71
1,338
73
25
27
132
62.9
76
50
57
63.4
78
50
56
85
52
61
71.7
50
70
103
'41
75
71.8
50
68
105
39
75
78.5
55
72
121
40
79
79.3 88.3
76.5 '80.3
64
57
75
73
76
73
103
98
84
82
'162
144
64
57
65
68
114
117
52
48
72
73
79.7 '98.3
'86
78
133
97
112
113
120
106
37
67
103
91
81.0
68
79
82
108
74
156
62
67
121
52
68
92.1
80
118
120
121
81
102
93.9
88.2
75
84
89
115
61
176
68
75
132
57
77
99.0
84
133
127
144
64
116
56.3
68 '
45
50
92
40
1126
FEDERAL RESERVE BULLETIN
DECEMBER 1939
FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL
ADJUSTMENT) —Continued
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average=100]
Factory employment
Industry and group
1938
Sept.
LEATHER, MANUFACTURES
Boots, shoes
Leather
FOOD, PRODUCTS
Baking
Beverages
Butter
Canning, preserving
Confectionery
Flour
Ice cream
Slaughtering, meat packing.
Sugar, beet
Sugar refining, cane
TOBACCO MANUFACTURES..
Tobacco, snuff
Cigars, cigarettes
PAPER, PRINTING
Boxes, paper
Paper, pulp
Book, job printing
Newspaper, periodical printing.
CHEMICAL, PETROLEUM, AND COAL
PRODUCTS
Petroleum refining
Other than petroleum
Chemicals
Cottonseed oil, cake, meal
Druggists' preparations
Explosives
Fertilizers
Paints^ varnishes
Rayon, allied products
Soap
RUBBER PRODUCTS
Rubber boots, shoes
Rubber tires, inner tubes.
Rubber goods, other
98.2
99
80
Factory payrolls
1938
1939
Oct.
95.4
95
83
150.2
146
281
100
317
92
78
82
97
107
100
133.9
145
263
96
172
97
78
72
67.8
64
67.7
109.4
107
104
98
114
96
June
July
Aug.
94.1
93
85
19.7 100. 7
127.2
147
298
103
141
72
79
92
99
54
91
135.0 147. 0
148
147
301
295
104
103
197
289
70
79
83
80
93
89
101
100
57
100
Sept.
Oct.
Sept.
1939
Oct.
June
July
79.5
78
77
74.
71
79
74.6
70
82
83.6
82
82
'•84. 6
83
83
76.6
72
84
76.5
71
150.7
148
287
99
304
91
84
82
101
121
91
137.1
148
270
95
177
96
83
73
103
290
101
135.8
137
320
85
257
92
78
66
106
105
125.4
133
293
81
141
93
77
60
107
246
82
123.8
138
355
87
110
69
74
75
107
59
77
128.6
139
359
89
154
64
80
77
109
54
81
135.1
135
350
87
251
77
77
74
106
86
81
139.6
139
336
84
264
92
129.7
137
308
82
153
95
83
63
108
241
87
71
62
62.9
63
63
61.5
65
60
61.8
67
61
62.7
67
62
62.9
67
62
63.3
71
62
102.0
117
101
86
102
103.7
125
108
83
102
109.3
133
113
86
110
113.7
150
126
84
110
119.1
136
113.9
136
48
122
109
63
126
247
102
124.
135
121.4
140
94
125
114
86
128
286
107
133.6
141
131.4
158
114
135
125
82
135
303
109
'86.3
58
79
127
91.2
62
83
135
102.2
64
91
162
Underlying
figures
66.'
61
67
66.4
61
67
66.7
62
67
110.1
112
105
99
114
109.8
108
106
97
114
110.1
110
106
99
112
110.9
114
107
113.2
119
109
98
116
116.4
128
114
99
117
102. 4
118
102
83
105
105.1
126
107
83
107
103.5
118
105
84
106
114.
122
112.7
115
131
111
89
92
117
302
83
114.9
121
113.5
117
140
112
88
89
118
301
83
109.8 110.4
122
121
107.2 rlO7. 7
117
117
54
49
108
108
90
91
79
73
124
122
286
297
82
109. 2
123
105.
119
57
110
93
74
122
255
117.7
123
116.4
124
113
114
100
98
122
300
122.0
123
121.8
134
132
117
104
98
125
310
91
118.1
135
112.9
124
106
118
98
78
117
282
119.3
133
115.1
130
115
124
101
70
119
277
118.7 rll7. 9
132
134
113.9 rll3.7
132
131
42
45
121
119
101
103
63
65
124
129
272
283
97
75.8
56
61
123
77.6
58
63
125
56
66
129
60
70
142
92.5
62
74
157
74.8
56
77.7
59
67
120
82.1
55
75
122
133
Oct.
96.1
94
65.4
59
66
82.6
59
Sept.
97.8
97
87
65.2
61
78.7
45
67
131
Aug.
114
81.5
43
77
121
108
117
86
r
Revised.
NOTE.—Figures for October 1939 are preliminary. Back data m a y be obtained from the Bureau of Labor Statistics.
are for payroll period ending nearest middle of m o n t h .
1127
FEDERAL RESERVE BULLETIN
DECEMBER 1939
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.]
Month
January .
February
March____
ApriL
May
June
July
August
_
September
October. _
November
December
Year
Nonresidential building
Residential
building
Total
1938
1939
1938 ?
1939
192.2
118.9
226.9
222.0
283.2
251.0
239.8
313.1
300.9
357.7
301.7
389.4
251.7
220.2
300.7
330.0
308.5
288.3
299.9
312.3
323.2
261.8
36.2
40.0
79.4
74.6
83.2
85.7
88.0
99.7
99.6
112.7
95.3
91.5
80.2
79.0
125.2
114.4
133.8
111.9
109.3
127.2
129.7
118.3
3,196.9
Commercial
Factories
1938
1939
6.6
4.9
15.7
11.5
8.6
10.7
9.7
11.3
10.7
13.8
10.5
7.0
1938
121.1
985.8
1939
15.4
13.0
20.2
18.9
19.2
18.8
26.2
18.3
14.0
24.2
13.7
14.0
7.1
9.5
13.0
17.5
13.0
15.8
17.4
10.4
20.7
16.8
Educational *
1938
1939
19.0
15.4
21.0
16.9
11.8
14.7
10.7
21.4
33.9
47.0
49.0
73.3
17.3
13.5
17.4
21.3
19.5
26.8
22.9
21.1
26.6
22.6
1938
31.7
21.8
27.6
21.1
16.4
12.6
19.4
13.8
10.1
9.5
334.1
215.8
Public works
and public
utilities'
Other i
16.4
15.1
31.0
33.1
38.2
37.7
26.1
36.3
33.4
46.0
42 8
45.2
1939
1938
28.9
24.7
39.8
34.8
27.8
37.8
28.7
24.6
24.9
23.8
401.2
1939
86.5
71.8
77.7
121.0
97.9
83.6
102.1
116.3
111.1
70.8
98.6
30.5
59.7
67.0
122.2
83.5
79.3
126.1
109.3
114.0
90.4
158.4
1,139.0
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.
Total
Value of contracts in millions of dollars.]
Privately-financed *
Publicly-financed»
Month
1934
1935
1936
1937
1938
1939
1934
1935
1936
1937
1938
1939
1934
1935
1936
1937
1938
186
97
178
131
134
127
120
120
110
135
112
93
100
75
123
124
127
148
159
169
167
201
188
264
215
140
199
235
216
233
295
275
234
226
208
200
243
188
231
270
244
318
322
281
207
202
198
209
192
119
227
222
283
251
240
313
301
358
302
389
252
220
301
330
308
288
300
312
323
157
65
126
78
72
73
52
69
69
79
74
61
65
38
68
53
47
64
67
92
97
114
118
196
149
79
96
105
94
116
153
153
116
101
89
82
112
69
66
74
93
137
131
104
80
78
93
115
118
51
95
99
144
108
98
171
160
203
179
279
148
111
128
160
135
128
137
158
144
29
31
52
53
63
54
67
51
41
57
38
32
45
37
55
71
80
84
93
76
70
87
70
68
66
62
103
130
122
116
141
122
119
125
119
117
130
119
165
195
151
180
191
178
127
124
106
94
75
68
132
123
139
143
142
142
141
154
123
110
1,543
1,845
2,675 2,913
3,197
975 1,007
1,334
1,152
1,705
837 1,341
1,761
1,492
January __
February
March
April
May
Jjinft
,_
July
August
September
October
November
December
Year .
i Back figures —See BULLETIN for February 1938, p. 159.
568
1930
104
109
173
170
174
161
163
154
179
Data for years prior to 1932 not available.
CONSTRUCTION CONTRACTS AWARDED, BY
DISTRICTS
COMMERCIAL FAILURES, BY DISTRICTS
[Figures reported by Dun & Bradstreet. Amounts in thousands of
dollars.]
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars.]
Number
Federal Reserve district
Oct.
Sept.
Oct.
16,478
47,226
16,537
29, 485
28, 276
27, 571
44, 670
16, 523
10,041
10, 299
14, 690
21, 288
58,465
18,907
34, 232
32,058
27,982
63,806
21, 274
8,923
11,809
24,483
35,895
82,441
16, 582
33,089
34, 205
28,082
65,861
20,716
10,627
11,154
19,046
261, 796
323, 227
357, 698
Federal Reserve
district
.._
Total (11 districts)
1938
1939
Oct.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Liabilities
1938
1939
Sept.
Oct.
Oct.
Sept.
Oct.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis..
__
Minneapolis
Kansas City
Dallas
San Francisco
90
260
47
52
47
65
137
38
13
38
22
107
67
220
52
38
31
33
112
26
21
42
21
95
85
257
67
83
51
54
127
42
25
48
21
137
1,608
3,549
1,024
1,348
750
1,137
3,158
216
155
350
555
2,290
1,198
2,448
1,077
771
381
328
1,262
301
104
283
257
992
1,036
5,107
770
948
442
476
1,843
477
210
443
316
1,151
Total
916
758
997
16,140
9,402
13,219
1128
FEDERAL RESERVE BULLETIN
DECEMBER :
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports *
Merchandise exports 1
Excess of exports
Month
1935
1936
1938
1937
1939
1935
1937
1936
1938
1935
1939
1936
1937
1939]
1938
January
February
March
176
163
185
199
182
195
223
233
257
289
262
275
213
219
268
167
152
177
187
193
199
240
278
307
171
163
173
178
158
190
9
11
8
11
—11
-4
-18
-45
-51
118
99
102
35
61
April
May
June — _-
164
165
170
193
201
186
269
290
265
274
257
233
231
249
236
171
171
157
203
192
191
287
285
286
160
148
146
186
202
179
-6
—5
13
-10
9
—5
-18
5
-21
115
109
87
45
47
57
July
August
September _
173
172
199
180
179
221
268
277
297
228
231
246
230
251
289
177
169
162
195
193
216
265
246
233
141
166
168
169
176
181
-3
3
37
-15
—14
5
3
31
63
87
65
79
61
75
107
October
November
December-
221
270
223
265
226
230
333
315
323
278
252
269
P332
189
169
187
213
196
245
224
223
209
178
176
171
P215
32
100
37
52
30
-15
108
92
115
100
76
98
Year
2,283
2,456
3,349
3,094
2,047
2,423
3,084
1,960
235
33
265
1,134
77
P117
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.—See BULLETIN for January 1931, p. 18, for July 1933, p. 431, and for February 1937, p. 152.
FREIGHT-CAR LOADINGS, BY CLASSES
DEPARTMENT STORES—SALES, STOCKS
[Index numbers; 1923-25 average=100]
[Index numbers based on value figures; 1923-25 average=100]
1938
Oct.
Sales i
Stocks (end of month)
Without
Adjusted
seasonal
for seasonal
variation adjustment
Without
Adjusted
seasonal
for seasonal
adjustment
variation
1939
June
July
Aug.
Sept. Oct.
Month
Adjusted for seasonal variation
Total
Coal
Coke
Grain and grain products...
Livestock
Forest products
.
Ore
Miscellaneous1
Merchandise
._ _
68
69
50
95
44
42
48
72
62
67
68
51
90
36
40
64
71
61
69
76
62
80
39
43
59
72
62
70
78
69
75
37
42
67
74
62
77
85
80
87
82
88
45
45
85
82
63
95
87
44
50
108
86
62
Without seasonal adjustment
Total
Coal
Coke
Grain and grain products
Livestock
Forest products
Ore.
M iscellaneous1
Merchandise
75
76
50
95
62
43
71
82
65
67
58
47
89
30
42
108
74
61
70
64
52
111
34
43
112
74
61
71
69
57
90
37
44
125
75
62
85
89
78
99
57
49
149
92
65
1938
1939
1938
1939
1938
1939
1938
January
February..
March
90
88
86
88
87
88
70
70
77
69
69
82
71
70
70
67
68
68
63
67
71
60
65
69
April
May
June
83
78
82
88
85
86
86
80
79
88
87
83
69
69
68
67
66
67
71
71
65
69
68
64
83
83
86
86
89
91
58
65
91
60
69
97
67
67
67
67
67
68
61
65
70
60
65
71
84
89
89
90
92
99
156
99
67
67
66
69
74
78
62
77
July
August
September
89 October ___
96 November
95 December
87
62
52
160
97
65
Year
__
85
1939
68
1
Based on daily average sales—with allowance for changes from
month to month in number of Saturdays and in number of Sundays and
holidays. Adjustment for seasonal variation makes allowance in March
and April for the effects upon sales of changes in the date of Easter.
1
In less-than-carload lots.
Back figures.—Department store sales, see BULLETIN for August
NOTE.—For description and back data see pp. 522-529 of BULLETIN 1936, p. 631, and for October 1938, p. 918; department store stocks, see
for June 1937. Based on daily average loadings. Basic data compiled BULLETIN for March 1938, p. 232.
by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of
the Interstate Commerce Commission.
1129
FEDERAL RESERVE BULLETIN
DECEMBER 1939
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics. 1926=100]
Other commodities
All
commodities
Farm
products
Foods
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80 8
86.3
78.6
104.9
88.3
64.8
48.2
61.4
65.3
78.8
80.9
86.4
68.5
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
109.1
100.0
86 1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
94.2
89.1
79.3
73.5
72.6
75.9
80.5
80.4
83.9
77.6
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
78.3
77.6
77.5
77.0
68.1
66.8
67.8
67.6
74.5
73.5
74.1
73.1
81.3
81.1
80.6
80.3
92.0
93.4
94.6
93.1
65.8
66.2
66.2
65.8
76.6
75.4
73.7
73.2
95.5
95.3
94.9
94.6
89.5
89.8
89.2
89.4
77.3
77.1
76.6
76.7
86.2
85.7
85.8
86.0
72.4
72.6
73.0
73.1
1939—January
February
March
April .
May
„
June _
July
August
September
October...
76 9
76.9
76.7
76 2
76.2
75 6
75.4
75 0
79.1
79.4
67.2
67.2
65.8
63.7
63.7
62.4
62.6
61 0
68.7
67.1
71.5
71.5
70.2
68.6
68.2
67.6
67.5
67 2
75.1
73.3
80.2
80.2
80.4
80.5
80.6
80.2
80.2
80.1
82.1
83.8
93.1
91.9
91.8
90.9
91.6
92.3
92.5
98.5
104.6
65.9
66.1
66.6
66.9
67.5
67.3
67.6
67.8
71.7
75.5
72.8
73.0
73.1
73.4
73.9
73.0
72.8
72 6
72.8
73.9
94.4
94.3
94.3
94.0
93.5
93.2
93.2
93 2
94.8
95.8
89.5
89.6
89.8
89.6
89.5
89.5
89.7
89.6
90.9
92.8
76.7
76.3
76.5
76.0
75.9
75.7
75.0
74.6
77.3
78.1
85.4
85.2
85.2
85.4
85.5
85.6
85.6
85.6
86.6
87.8
73.2
73.5
74.1
74.4
74.2
73.8
73.4
73.3
76.6
77.6
Week ending—
1939—August 5
August 12
August 19
August 26 .
September 2
September 9
September 16.
September 23
September 30
October 7__
October 14
October 21
October 28 . . .
November 4
November 11
November 18
75 1
74.8
74.6
74.8
75.3
78 4
79.3
79.6
79 5
79.0
78.9
79.4
79.2
79.3
79.3
79.1
62.5
61.4
60.4
61.1
62.7
68.1
69.7
69.5
69.3
66.8
66.7
67.5
67.2
67.5
67.8
67.3
67.2
66.7
66.2
66.7
68.5
74.5
75.5
75.1
74.4
72.9
72.7
73.2
72.3
72.3
72.4
72.3
80.5
80.5
80.4
80.4
80.4
81.7
82.4
83.0
83.3
83.7
83.7
84.1
84.2
84.4
84.4
84.4
93.7
93.5
9?. 8
92.6
9? 7
96.0
98.3
100.4
104.1
105.2
105.0
105.4
105.5
104.4
104.5
104.3
67.4
67.2
67.4
67.4
67.2
68.4
71.4
72.3
73 4
73.8
74.2
74.8
75.2
75.6
75.6
75.6
73.4
73.5
73.6
73.2
73.2
74.0
74.1
74.2
74.4
74.8
74.4
74.6
74.6
74.7
74.7
74.8
93.4
93.5
93.5
93.5
93.5
94.6
94.9
95.3
95 2
95.1
95.3
96.3
96.3
96.2
96.2
96.1
90.1
90.1
89.5
89.7
89.7
90.1
90.7
91.0
91.2
91.8
92.5
92.5
93.0
93.1
93.1
92.9
74.5
74.3
74.2
74.2
74.4
75.9
77.1
77 9
78.5
77.9
77 fi
78.0
77.9
77.7
77.9
77.8
87.0
87.0
87.0
87.0
87.0
87.0
87.1
88.8
89.1
89.1
89.2
89.2
89.3
89.6
89.7
89.7
73.0
73.0
73.0
73.1
73.2
76.1
76.1
76.6
76.7
77.1
77.0
77.2
77.4
77.9
78.2
78.2
Year, month, or week
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
.
__
1938—September
October
November
December
.
Total
1938
Hides and Textile Fuel and Metals Building Chemi- House- Miscelleather
lighting and metal
cals and furnishproducts products materials products materials drugs ing goods laneous
Q2. 7
1939
1938
Subgroups
Oct.
July Aug. Sept. Oct.
50.8
76.2
65.0
52.3
69.7
60.7
51.5 65.1
66 0 76.3
60.1 64.6
61.6
70.5
66.1
71.6
75.1
57.5
83 3
70.4
64.6
71.9
62.0
75.3
60.4
67 9
71.9
58 5
73 7
60.3
74.5
78.8
62.8
81 0
71.7
78.9
78.0
60.2
74 9
70.2
100 3 100.8 100 8
82.1 76.9 77.2
84.6 84.1 84.0
96.9 95.6 97.1
L01 8
97.4
92.0
97.1
105.7
112.4
97.8
99.3
81.2
65.1
60.2
40.2
75.4
64.1
81.7
70.4
62.8
43 4
84.0
69.8
83.2
74.3
63.5
46 2
91.3
78.3
FARM PRODUCTS:
Grains
Livestock and poultrv
Other farm products
FOODS:
Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods
_
H I D E S AND LEATHER PRODUCTS:
Shoes .
Hides and skins
Leather
Other leather produci s. . .
TEXTILE PRODUCTS:
Clothing
Cotton goods
Hosiery and underwear _
Silk and rayon
Woolen and worsted goods
Other textile product 5
.
81.6
64.6
59.9
30 9
76.3
65.3
81.5
65.5
61.5
39 5
75.5
63.7
FUEL AND LIGHTING MI LTERIALS
Anthracite..
Bituminous coal
Coke
Electricity.
Gas
Petroleum products..
1939
Subgroups
79.1 72.6 72.1 72.5 75.3
98.7 95.8 96.0 96.7 98.2
104.2 104.2 104 2 L04.2 108.0
81.8 78.1 75.8
87 1 89.0 86 7 87.2
53.8 52.2 51.7 53.3 54.0
Oct.
July
Aug. Sept. Oct.
95.4
96.8
96.9
95.0
76 2
78.5
93.4
94.7
95.1
93 0
73 3
79.3
93.5
94 7
95.1
92 5
74 6
79.3
93.5
94.7
95.5
92.1
84 7
79.3
93.4
94.6
96.0
93.9
85.3
79.3
91 1 90 6
90.7 91.5
90 3 91.8
81 1 82 2
78.5
79.3
L07. 3 107.3
89.6
91.7
90 5
91.3
91 8
82 1
79.3
107.3
89.5
91 0
91.3
93.7
84 7
79.3
107.3
90.3
91.5
91.3
98.0
85 7
79.3
107.3
91.9
82.1
74.4
70.6
72 6
METALS AND M E T A L PRODU CTS:
Agricultural implements
Farm machinerv
Iron and steel.
Motor vehicle 5 1
Nonferrous metals
Plumbing and heating
BUILDING M A T E R IALS!
Bri(Vk" a n d til p.
Cecdent
Luinber
Paint and paint materials
Plumbing and heating
Structural stee 1
Other building materials
CHEMICALS AND DRUGS:
Chemicals
Drugs and pharmaceutic als
Fertilizer materials
80.5
74.9
67 5
73 4
78.2
71.8
67.5
72 6
77.5
71.7
67.2
72 9
81.2
72.8
69.2
72 6
Fur nishings
Fur niture __ _ _
89.3
82.1
90.0
81.0
90.0
81.1
91.7
81.3
__ 57.4
60.5
72 4
79.9
34.7
81.3
MiXP.d fp.rtili7P.rs
HOUSEI'URNISHING GOODS:
MISCELLANEOUS:
Auto tires and tubes ._
Cattle feed
Paper and puln
Rubber, crude
Other miscella neous
66 5
81.7
35.3
81.2
93.7
81.7
60.5 60.5 60.5
68 4 93 4 82 9
80.0 81.8 86.3
34.9 47.7 42.7
81.3 82.8 85.4
1 Preliminary revision.
2 Revised series.
Backfigvr<?.—Tor n ontl ly and arrival ir dej>e>" of grcujs, see Annual Eepcrt for 1937 (table 86); for indexes of subproups, see Annual Report
for 1937 (table 87).
1130
FEDERAL RESERVE BULLETIN
DECEMBER 1939
NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates of the Department of Agriculture, by States, as of November 1, 1939] i
[In thousands of units]
Cotton
Federal Eeserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis _
Minneapolis. _ _
Kansas City
Dallas.
San Francisco
Production
1938
Estimate
Nov. 1,
1939
Production
1938
1938
Estimate
N o v . 1,
1939
Production
1938
Estimate
N o v . 1,
1939
Bales
Bales
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
7,663
27, 343
50,942
208, 517
139, 741
146, 651
1,124, 515
337,888
277,850
170, 505
92, 550
6,898
8,324
19,810
52, 956
27, 263
6,572
67, 734
66,081
30, 268
287, 758
36,020
83,851
6,876
17,067
41, 692
24,092
5,521
56, 474
55,903
24,788
223,169
30,402
64,726
68
108
139
120
63
74
165
87
1,847
143
189, 588
10,148
102
41, 901
1,922
97
152,933
4,918
97
28, 379
2, 591,063
686, 637
550, 710
244,164
188, 735
467
3,819
600
415
3,675
593
7,633
29,317
52, 521
199, 591
138, 232
194,289
1,038, 749
332,179
227,136
224, 284
91, 577
6,730
11,943
11, 845
2, 542, 238
1,382
2,399
3
2 3, 386
___
3, 381
Oats
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond _ .
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
_.
Spring wheat
Estimate
N o v . 1,
1939
Production
1,048
2,623
Total
Winter wheat
Corn
White potatoes
Tobacco
Tame hay
Estimate
N o v . 1,
1939
Production
1938
Estimate
Nov. 1,
1939
Production
1938
1938
Estimate
N o v . 1,
1939
Production
1938
Bushels
Bushels
Tons
Tons
Pounds
Pounds
Bushels
Production
Estimate
N o v . 1,
1939
6,326
27, 708
19, 222
49,425
20,949
15,276
430, 768
51, 571
235, 287
134,530
39, 563
23, 214
6,765
27,380
16,723
46,240
21,848
14,606
368,452
42,659
253,130
76,908
35, 363
31,156
3,523
5,737
2,376
5,478
3,729
3,419
18, 379
6,825
10,745
7,002
1,403
11,683
3,339
4,470
1,954
5,013
3,471
3,198
17, 396
7,103
9,868
6,433
1,351
11,427
22,847
1,842
32,110
105,694
746,014
188,189
33, 239
241, 254
2,733
4,612
34,853
2,277
36,085
115,981
977,060
196,164
33,364
256,432
2,809
4,384
47,316
32,123
22,996
20,554
27, 261
15,466
53, 457
13,978
43,347
26,160
3,778
65,181
Bushels
47,359
30,081
21,745
20,301
23,146
14,589
48, 954
11,869
42, 517
29,157
3,393
68,654
1,053,839
941, 230
80, 299
75,023
1, 378, 534
1, 659,409
371,617
361, 765
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 16,000 bales grown in miscellaneous territory.
Includes 18,000 bales grown in miscellaneous territory.
2
3
1131
FEDERAL RESERVE BULLETIN
DECEMBER 1939
STATISTICS FOR FEDERAL RESERVE CHART BOOK
Chart
book
page
1939
Oct.
25
Oct.
18
WEEKLY FIGURES
Nov.
1
Nov.
Reserve bank credit—total._
Bills discounted
Bills bought
U. S. Gov't securities...
Gold stock
Money in circulation
Treasury cash
Treasury deposits
Member bank balances
Required reserves e
Excess reserves—total2
New York
City 2
Chicago 2
2
Reserve city banks
Country banks 2
3, 5
5
5
5
3
3, 9
3
3
3, 6
6
7
7
7
7
7
2.82
.01
Aug.
MONTHLY FIGURES
Wholesale commodity prices: 4
United States:
All commodities
31, 32
Farm products
__
31
Foods
31
2.65
Other commodities...
31
17.24
England
32
7.38
France
32
2.34
Germany
___
32
.56 [ndustrial production «
35
11.59 Manufacturing production: 6
6.42
Total.. 6
__
37
P5.20
Durable
37
2.71
Nondurable 6
37
.50 Factory employment
43
1.28 Factory payrolls.__
43
P. 71 Freight-car loadings 6
45
Department store sales 6 5
47
Department store stocks
47
2.77
.01
2.72
.01
2.75
17.00
7.33
2.22
.35
11.91
6.40
5.54
3.00
.51
1.31
.72
2.74
17.04
7.30
2.23
.33
11.95
6.42
5.59
3.02
.53
1.34
.70
2.72
17.10
7.35
2.25
.35
11.81
6.44
2.69
17.13
7.41
2.26
.35
11.75
6.40
P5. 36
2.77
.52
1.34
p. 72
14
14
14
22.56
14.14
8.42
22.66
14.18
8.48'
22.73
14.21
8.52
22.84
14.31
8.52
23.01
14.47
8.55
15
15
15
15
15
18.57
5.24
.54
7.88
.80
18.72
5.25
.54
7.85
.82
18.56
5.25
.54
7.95
.73
18.66
5.25
.54
7.95
.72
18.60
5.26
.53
8.12
.71
16
16
16
16
4.43
1.19
1.66
.43
4.50
1.17
1.66
.47
4.58
1.15
1.67
.47
4.64
1.19
1.67
.47
4.73
1.19
1.68
.46
17
17
17
6.37
2.15
2.62
6.35
2.15
2.63
6.34
2.15
2.64
6.33
2.15
2.66
6.40
2.15
(l)
P5.50
2.92
.54
1.34
P. 70
MONEY RATES AND SECURITY
MARKETS
2.72
.01
Stock prices, total <
27, 29
Industrial
27
Railroads
27
Public utilities
27
Volume of trading 2 (mill,
shares)
29
Brokers' loans (mill, dollars)
29
1.00
.69
.44
.05
.70
2.55
3.14
4.88
1.00
.69
.44
.05
.65
2.51
3.09
4.84
1.00
.69
.44
.05
.69
2.52
3.07
4.83
1.00
.69
.44
.05
.68
2.51
3.01
4.85
1.31
593
1.21
603
OTHER
Oct
79.5
111
104
43
62
96.4
89.8
70
89
67
111
48
63
100.0
93.6
77
91
68
79.4
67.1
73.3
83.8
P89. 3
P120
Phi
P63
P103.
3
P101. 3
80
90
69
of dollars
299
123
176
297
125
172
P314
251
176
75
289
181
107
P332
P215
P117
5,811
5,400
3,665
2,146
5,900
6,010
3,674
2,226
643
293
308
42
847
444
337
66
P124
P190
P6, 009
P6, 204
P3, 791
v2, 218
474
338
82
In billions oj dollars
16.65
1.16
2.71
.77
20
20
20
20
20
QUARTERLY FIGURES
1.16
594
Figures for week3; in unit
BUSINESS CONDITIONS
1.00
.63
.44
.05
.63
2.47
2.99
4.87
entral gold reserves:
United States
England
France
Netherlands
U. S. Gov't interest-bearing
debt—total
Bonds
Wednesday figures; in unit indicated
Notes
Bills
96
94
97
95
94
Special issues
110
113
115
112
111
31
33
34
32
32
87
86
88
87
87
1.15
548
79.1
68.7
75.1
82.1
84.9
75.0
61.0
67.2
80.1
79.2
97 0
79.7
103
In millions
Construction contracts awarded: 7
41
Total
_
41
Eesidential.
_
41
Other
xports and imports:
49
Exports (incl. re-exports).
49
General imports
__
49
Excess of exports
Income payments:
50
Total 6
50
Total unadjusted 5
50
Salaries and wages
50
Other *
iash farm income:
51
Total
51
Crops
51
Livestock and products..
51
Government payments...
Averages of daily figures*; per cent
per annum
F.R.bankdiscountrate,N.Y.
19
Commercial paper
19
Bankers' acceptances
19
U. S. Treasury bills
21
U. S. Treasury notes
21
U. S. Treasury bonds
21, 25
Corporate Aaa bonds
25
Corporate Baa bonds
25
Sept.
Index
numbers
1923-25=100
BUSINESS CONDITIONS
2.77
.01
REPORTING MEMBER BANKS
Total, 101 cities:
Loans and investments.
Investments
Loans.
Adjusted demand
deposits
Time deposits
U. S. Gov't deposits
Domestic bank balances
Foreign bank balances._
New York City:
U. S. Gov't obligations..
Other securities
Commercial loans
Brokers' loans
100 cities outside New York:
U. S. Gov't obligations..
Other securities
Commercial loans
Wholesale commodity prices:
All commodities
Farm products
Foods
Other commodities
_
Steel plant operations
(% of capacity)
Automobile production
(thous. cars)
Electric power production
(mill. kw. hrs.)
Total freight-car loadings
(thous. cars)
Nov.
15
Wednesday figures; in billions of
dollars
RESERVES, GOLD, AND
CURRENCY
1939
Chart
book
16.93
0)
17.09
0)
2.71
76
40.35
27.31
7.24
1.31
4.49
2.71
.75
40.34
27.35
7.23
1.31
4.46
40.53
27.39
7.23
Jan.Mar.
1939
Apr.June
1939
JulySept.
1939
P.
1.41
4.50
In millions 0] dollars
indicated
4
33
33
33
33
79.4
67.5
73.2
84.1
79.2
67.2
72.3
84.2
79.3
67.5
72.3
84.4
79.3
67.8
72.4
84.4
79.1
67.3
72.3
84.4
38
90.3
90.2
91.0
92.5
93.5
38
70.1
78.2
82.7
86.2
86.7
39
2,494
2,539
2,537
2,514
2,514
39
861.2
834.1
805.9
786.0
771.4
Domestic corporation security
issues, total
New
Refunding
276
82
193
••662
130
-532
Per cent per
Customers' rates:8
New York City
7 other Northern and
Eastern cities
11 Southern and Western
cities
'648
'92
••556
annum
23
2.13
2.15
2.04
23
3.05
3.05
2.78
23
3.77
3.62
3.31
r
v Preliminary.
Revised.
• Estimated.
• Points in total index of manufacturing production.
1 Less than $5,000,000.
f Three-months moving average adjusted for seasonal variation.
» Averages of daily figures, see footnote1.
« Revised series. See pp. 963-969 of the November 1939 BUL»Figures are shown under the Wednesday date included in the weekly period.
LETIN.
«Index numbers, 1926=100.
• Adjusted for seasonal variation.
NOTE.—Copies of this chart book can be obtained at a price of 50 cents,
time. The latest figures appear on p. 1132 of this BULLETIN.
Banking statistics for call report dates are published from time to
1132
FEDERAL RESERVE BULLETIN
DECEMBER
1939
BANKING STATISTICS FOR CALL REPORT DATES—CHART BOOK SERIES
[In billions of dollars]
June
30
Dec.
31
Mar. June
30
Sept.
28
Dec.
56.79
25.69
25.23
5.42
57.42
25.96
25.26
5.53
56.83
26.26
24.05
5.69
56.78
26.34
24.13
5.50
56.74
26.27
24.39
5.47
57.64
26.18
25.19
5.49
59.12
26.30
26.10
5.82
11
11
11
11
21.35
11.16
5.75
32.53
21.40
11.35
5.30
32.74
20.39
11.52
5.44
31.75
20.51
11.59
5.62
31.52
20.89
11.56
6.10
30.72
21.60
11.46
6.09
31.63
22.29
11.51
6.51
32.07
22.36
11.60
6.82
32.10
23.59
11.72
7.10
32.60
25.12
11.75
<8.25
33.08
11
12
13
13
12
13
13
13
18.83
12.72
10.86
1.86
6.11
2.33
3.53
.25
18.45
12.69
10.87
1.82
5.77
2.13
3.40
.23
17.79
12.37
10.57
1.80
5.42
2.03
3.21
.18
17.98
12.45
10.63
1.83
5.52
2.19
3.15
.18
17.78
12.34
10.22
2.13
5.44
2.13
3.13
.18
18.69
13.01
10.71
2.30
5.68
2.30
3.19
.18
18.86
13.22
10.88
2.34
5.64
2.45
3.01
.18
19.05
13.35
10.69
2.66
5.70
2.55
2.96
.18
19.46
13.78
10.95
2.83
5.69
2.55
2.94
.19
19.61
13.81
10.89
2.92
5.79
2.76
)
11
12
13
13
12,13
12
13
13
13
13.70
4.28
1.42
2.82
2.44
6.97
6.22
.71
.10
14.29
4.37
1.54
2.83
2.51
7.41
6.66
.64
.12
13.96
3.70
.95
2.75
2.55
7.71
7.00
.64
.07
13.55
3.54
.88
2.67
2.56
7.45
6.75
.61
.10
12.94
3.32
.70
2.61
2.61
7.01
6.40
.49
.12
12.94
3.30
.71
2.59
2.66
6.97
6.36
.48
.13
13.21
2 1.75
.97
2.78
2.72
2 8.74
2 5.45
.44
.12
3
2.73
13.05
1.57
.84
.73
2.75
8.73
5.53
.42
.10
2.67
13.14
1.47
.73
.74
2.83
8.85
5.57
.42
.06
2.80
13.47
All banks in the United States:
Total deposits and currency..
Time deposits
Demand deposits adjusted..._
Currency outside banks
Member banks:
Demand deposits adjustedTime deposits
Interbank balances..
_
Loans and investments
Investments, total.
U. S. Government obligations, total
Direct obligations..
Guaranteed obligations
Other securities, total
State and local government securities..
Other domestic
Foreign securities
Loans, total...
Security loans, total 12
Brokers' loans
Loans on securities (excluding brokers' loans;
Real estate loans J
I
Other loans, total i
Commercial loans 2
Open-market paper
Loans to banks
All other loans*
p Preliminary.
1939
1937
Chart
book
page Mar.
31
31
Mar. June
29
30
Oct.
, 990
•59.17 *60.95
47 P26. 72 J>26,800
13 J>27. 39 29, 170
P5.69 P6.05 *>6, 230
26.
P26.
1 In chart 12 loans to banks on securities are included in the total of "security loans" prior to June 30, 1937 and in the total of "other loans"
since that date.
2 Figures are reported on somewhat different basis beginning December 31, 1938. For detailed explanation of the changes and for estimates
on old
3 basis as of December 31, 1938, see BULLETIN for April 1939, page 332.
4 Not originally plotted in chart book.
5 Partly estimated.
Detailed breakdown of loans and investments now available on June and December dates only.
INTERNATIONAL FINANCIAL STATISTICS
1133
1134
FEDERAL RESERVE BULLETIN
DECEMBER 1939
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Countries in Tripartite Accord
End of month
1934—December_
1935—December.
1936—December.
1937—December.
1938—November.
December.
1939—JanuaryFebruary .
March
April
May
June
July
August
September.
October_-_
21,051
21, 604
22, 630
23, 964
8,238
10,125
11, 258
12, 760
1,584
1,648
2,584
2,689
5,445
4,395
2,995
2,564
25, 287
25, 468
14, 312
14, 512
2,690
2,690
2,435
2,435
24,003
24,175
24, 387
24, 964
25,140
25, 290
25, 512
26,118
P25, 235
2 . 277
14, 682
14, 874
15, 258
15, 791
15,957
16,110
16, 238
16, 646
16, 932
17,091
1,042
1,042
1,066
1,066
1,067
1,067
1,162
1,162
1
1
2,435
2,435
2,435
2,574
2,574
2,574
2,574
2,714
2,714
2,714
Other countries
Switzerland
Total i
(52
Belcoun- United United
King- France gium
tries)
States
dom
Netherlands
590
611
632
597
584
581
582
588
518
520
524
540
573
614
615
611
573
438
490
930
1,008
995
995
974
909
834
823
800
769
769
752
*>757
Argentina
National B.I.S.
Bank
624
454
655
648
699
699
699
680
640
598
598
598
595
585
585
579
Brazil
British
India
Bulgaria
Canada
275
275
275
274
274
274
274
274
274
274
274
274
274
274
*>274
P274
19
19
20
24
24
24
24
24
24
24
24
24
24
24
24
P24
134
189
188
184
186
192
197
206
210
212
214
213
212
218
218
212
403
444
501
469
434
431
431
431
428
428
428
428
427
431
P431
P431
Chile
China
10
8
16
18
18
19
20
21
21
21
21
21
21
P21
Other countries—Continued
End of
month
DenCo- Czechoslomark
lombia vakia
112
112
91
92
83
83
83
83
67
66
65
62
60
60
58
1934—Dec...
1935—Dec...
1936—Dec...
1937—Dec...
1938—Nov...
Dec...
1939—Jan
Feb...
Mar...
April..
May..
June...
July...
Aug. _.
Sept...
Oct....
Egypt
Germany 2 Greece
55
55
55
55
55
55
55
55
55
55
55
55
55
55
P55
40
34
26
24
27
27
27
27
29
29
31
31
30
28
28
P28
Hungary
Italy 3
Japan
518
270
208
210
210
193
193
193
193
193
193
193
193
193
193
193
394
425
463
261
164
164
164
164
164
164
164
164
164
164
End of month
1934—Dec.
1935—Dec.
1936—Dec. _
1937— Dec.
1938—Nov..
Dec.
1939—Jan..
Feb..
Mar.
April
MayJune.
July.
Aug..
Sept.
Oct..
16
South
Africa
104
109
114
120
132
133
133
134
134
135
136
137
137
148
149
184
212
203
189
220
220
220
219
221
218
218
219
219
222
234
P234
68
69
69
P149
Spain * Sweden
740
735
718
718
525
525
525
525
525
525
525
525
525
525
525
159
185
240
244
321
321
331
331
332
339
344
346
348
355
357
332
Turkey
Uruguay
22
24
26
29
29
29
29
30
30
30
30
30
30
30
29
P29
Mexico
New
Zealand
Norway
61
84
98
82
96
94
96
96
96
107
107
107
107
107
107
P107
Peru
Poland
19
20
20
20
19
20
19
19
19
19
19
19
19
19
96
84
75
83
84
85
85
85
85
84
84
84
84
84
P19
Government gold reserves1 not included
in total for 52 countries
Other countries—Continued
Portu- Rumagal
Java
68
68
P68
Yugoslavia
other
countries «
154
158
175
169
125
125
127
126
124
126
126
133
135
136
P131
P131
End of
month
1934—Dec...
1935—Dec...
1936—Dec. _
1937—Dec...
1938—Mar...
June..
Sept...
Oct....
Nov.__
Dec...
1939—Jan... J
Feb.._
Mar...
Apr. ..
May_.
June.July__
Sept. _
United United
France
States Kingdom
Belgium
31
53
2 934
3 1, 395
1,489
81
"62
759
80
"154"
()
1,732
* 103
130
331
381
465
559
455
477
"~85"
1 Reported at infrequent intervals or on dep1 Preliminary.
layed basis: U. S.—Exchange Stabilization Fund
Data reported monthly incomplete. For additional data see section at end of table.
1
(Special A/c No. 1); U. K.—Exchange EqualizaFigure for May 1939 officially reported and carried forward.
3 Figure for Mar. 1937 officially reported as of 20th of month and carried forward through tion Account; France—Exchange Stabilization
Nov. 1937. Figures for Dec. 1937 through Mar. 1938 officially reported and carried forward Fund and Rentes Fund; Belgium—Treasury.
Gold in Swiss and Dutch Funds and in some
through
Nov. 1938. Figure for Dec. 1938 officially reported and carried forward.
4
central reserves not reported.
Figure for Aug. 1, 1936, carried forward through Mar. 1938; Apr. 1938 figure officially re- other
2
Figure for Mar. 1937, first date reported.
ported and carried forward.
& These 16 countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian 43 Figure for Sept. 1937.
Congo, Bolivia, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Guatemala,
First date reported.
6
Finland, Latvia, Lithuania, Morocco, and Siam.
Transferred: from Bank to Account, $1,648,
NOTE.—For back figures and description of table see BULLETIN for June 1933, pp. 368-372, 000,000 on Jan. 6, and $1,162,000,000 on Sept. 6,
and July 1936, pp. 544-547; also see footnotes to table in BULLETIN for Aug. 1936, p. 667, and Dec. 1939; from Account to Bank, $26,000,000 on Mar.
1, and $94,000,000 on July 12, 1939.
1937, p. 1262.
1135
FEDERAL RESERVE BULLETIN
DECEMBER 1939
GOLD PRODUCTION
Outside U. S. S. R.
[In thousands of dollars]
Estimated
world
production
outside
U.S.S.R.
Year or month
Production reported monthlyAfrica
Total
South
Africa
Rhodesia
North and South America
West
Africa
Belgian United
Congo Statesi
$1=25-8/10 grains of gold 9/10 fine
215, 242 11, 607
2,360
4,297
221, 526 11,476
4,995
2,699
224,863 11,193
5,524
3,224
238,931 12,000
5,992
3,642
227, 673 13, 335
6,623
3,631
$1=15-5/21 grains of gold 9/10
385,474 22, 578 11,214
6,148
366, 795 24, 264 12,153
6,549
377,090 25, 477 13, 625
7,159
396,768 28,053 16, 295
7,386
410,710 28, 296 20, 784
8,018
425, 649 28, 532 24, 670
8,470
Canada Mexico Colombia
i. e., an ounce of fine gold=$20.67
45, 651
39, 862 13, 463
2,823
47, 248
43, 454 13,813
3,281
49, 527
55, 687 12,866
4,016
50, 626
62, 933 12,070
5,132
52,842
60,968 13,169
6,165
fine; i. e., an ounce of fine gold=$S5
89,467
103,224 22, 297 10,438
108,191
104,023 23,135 12,045
126, 325 114,971 23,858 11,515
152, 509 131,181 26, 465 13, 632
168,159
143, 367 29, 591 15,478
178,143
165, 379 32,306 18, 225
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..
1938..
794,498
823,003
882, 533
971,514
1, 041, 987
1,118,480
696, 218
707, 288
751, 979
833, 088
892, 535
957,175
1938—July
August
September.
October
November.
December..
98, 551
98,089
97, 439
96, 938
98, 787
98/845
84, 908
84,140
83, 275
82, 954
84, 802
84, 234
36, 222
36,622
36, 237
36, 449
35, 842
36, 007
2,410
2,415
2,365
2,445
2,381
2,318
2,067
2,053
2,048
2,174
2,204
2,240
716
716
743
725
728
751
16, 781
16, 590
16, 937
16, 320
18, 579
16,068
1939—January
February...
March
April
May
June
July
August
September..
94,835
90, 964
97, 627
'94,540
r98, 484
'99, 450
102, 680
P107, 322
P106, 629
80,159
76, 749
82, 656
79, 728
83, 415
83, 541
87,078
P91, 502
P90, 513
36,188
34, 505
37, 558
35, 613
37, 970
37,065
37, 952
38, 494
P37, 444
2,287
2,069
2,202
2,252
2,355
2, 369
2,395
P2, 431
P2, 431
2,230
2,221
2,346
2,349
2,323
2,277
2,395
2,379
P2, 379
753
688
767
729
779
756
739
731
*>731
14,919
13,153
14,364
15, 260
15,167
14, 460
16, 099
16, 796
19,576
14, 689
14,571
14, 291
14, 449
14, 445
15, 231
4,241
2,941
2,062
2,265
2,353
2,700
1,748
1,515
1,812
1,622
1,628
1,499
14,396
1,762
13, 684
3,421
14,498
2,542
14,238
1,733
15,133
1,794
15,287 . 3,216
15,402
3, 627
15, 722
6,519
P15, 050 PS, 529
1,953
1,562
1,752
1,513
1,614
1,551
1,551
1,735
1,803
Far East
Chile
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
10,290
28, 568
30, 559
31, 240
40,118
46, 982
54, 264
11,715
11, 223
11,468
11,663
11,607
11,247
752
986
4,330
4,771
4,816
4,642
4,783
5,393
951
958
946
956
930
995
4,076
4,016
4,492
4,301
4,649
4,684
4,399
P 4 , 714
P 5 , 694
940
863
938
912
936
910
936
923
683
428
442
788
1, 019
906
930
1,033
655
568
1,198
830
696
968
1,583
Pl,059
*>989
Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production, in millions of dollars, as follows—at $20.67 per fine ounce: 1929, $15; 1930, $31; 1931, $34; 1932, $40; 1933, $56; at $35 per fine ounce: 1933, $95;
1934, $135; 1935, $158; 1936, $185; 1937, $180; 1938 (preliminary), $184.
p Preliminary.
r Revised.
i Includes production in the Philippines.
NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETINS for March 1939, p. 227, Febiuary 1939, p. 151,
June 1938, pp. 539-540, and April 1933, pp. 233-35. For annual figures of world production back to 1873 (including Russia-U.S.S.R.), see Annual
Report of Director of Mint for 1936, pp. 108-109, 1937, pp. 104-105 and 1938, pp. 102-103. Figures for Canada beginning January 1939 are subject to
official revision.
GOLD MOVEMENTS
[In thousands of dollars at approximately $35 a fine ounce]
United States
Year or month
1934 1
1935.
1936.
1937.
Total
net
imports
or net
exports
Net imports from or net exports (—) to:
Netherlands
Switzerland
Canada
Mexico
1,131,994 499,870 260, 223 8,902 94,348
3 227,185
1, 739,019 315, 727 934, 243
2
1,116, 584 174,093 573, 671 3, 351 71,006
6,461
1, 585, 503 891, 531 -13,710 90,859
1,973, 569 1, 208,728 81,135 15,488 163,049 60,146
12,402
968
7,511
54, 452
1,363
86, 829
95,171
72, 648
111,480
76, 315
30,270
13, 667
39, 966
38,482
36, 472
16, 944
10,899
11,911
18, 397
10, 557
15,360
47, 219 11,521
41,832 3,840
27, 242
46,185
1
1,136
14, 333
38,148
10, 810
7,171
731
3,183
1,446
2,236
3,457
2,550
2,113
4
4
11
2,107
1,772 2,748
2,721 3,775
2,720 3,294
2
33, 678
29, 256 3,840
-67
10, 842
4,220
6,852
7,665
12,066
17,191
15,196
34, 299
120,837
9,940
2,342
2,496
3,822
1,649
2,050
3,280
4,150
3,956
653
1,794
2,089
2,754
2,719
3,326
2,179
2,594
3,843
3,022
2, 775
3,947
3,188
United
Kingdom
BelFrance gium
1938—August
September..
October
November..
December.
165, 973 91,227
4,721
520,896 377, 984
562, 366 443, 403 42,959
17
177, 768 99,145
240, 526 101, 707 37,395
1939—January
February..
March
April
May
June
July
August
September.
October
156, 345
223, 281
365, 384
605, 797
429, 404
240,430
278, 636
259,921
326,074
69,726
52,050
165, 377
250,042
384,925
302,667
128,196
177,805
163,738
162,450
10,182
3,213
1,979
1,
1,6
1,400
816 37,179
21 84, 603
3 41, 651
2
1
2
86
Sweden
27,098
44, 564
40, 449
55, 081
45, 554
22, 640
1
2,9£0
1Q
8,227
55, 680
2,284
5,644
5,628
1,482
Colom- Philippine Aus- Japan
bia
Islands tralia
4,234
2,114
2,117
2,107
2,123
2,120
2,102
12,038 1,029
15, 335 3,498
21,513 23,
\ 280
25, 427 34,
1,713 246, 464
27,880 39,
1,162 168,740
V ""
2,655
6,585
4,303
4,844
5,295
5,677
5,034
5,474
8,420
British
India
76,820
75, 268
77,892
50, 762
16,159
All
other
countries
32, 316
47,054
39, 743
30,179
!
68,376
li, 425
3,806
2,982
760 2 4,768
3,822 19,150
1,797 2 22, 207
37,819
5,446
11,410
5,528
10, 931
14,093
10,938
10,931
16,425
12,497
1
5,124
175
4,398
3,685
4,391
4,944 » 7, 073
3,390
3,909
3,072
2,244
6,416
2,760
4,512
9,259
4,065 « 8, 552
2,703 5 18,012
23, 497
35, 095
5,740
1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
2 Figures for November and December 1938 include imports from Argentina of $14,112,000 and $17,710,000, respectively.
«Includes $4,503,000 from Argentina.
4 Includes $5,158,000 from Hong-Kong.
5 Includes $6,363,000 from Italy; $4,087,000 from Hong-Kong.
NOTE.—For gross import and export figures and for additional countries see table on p . 1104.
1136
FEDERAL RESERVE BULLETIN
DECEMBER 1939
GOLD MOVEMENTS—Continued
[In thousands of dollars at approximately $35 a fine ounce]
United Kingdom
Net imports from or net exports (—) to:
Total
net im
ports
or net
exports
(-)
Year or
month
United
States
Germanyi
France
Belgium
Netherlands
AustraU.S.S.R.
lia
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 - 2 1 , 993 -16,572 199, 965
38,899 33,173 348, 000 - 4 6 , 463 115, 540
1934
1935
1936
1937
1938
-497,166
716, 269
-435, 502
369, 722
-276, 830
1,169, 931
-834,009
420, 427
-285, 638 -1,050,395
1938—June
July
Aug
Sept
Oct
Nov
Dec
89, 580
24,119
-73,132
-261,143
-210,171
- 9 6 , 508
- 6 6 , 726
-20,811 - 6 , 1 3 7
-10,529
-997
- 9 3 , 660 - 5 , 726
-360, 016
685
-308, 528 69, 604
-105,220
-66
- 9 7 , 371
758
57 56, 764 -12,037
47 23, 212 - 5 , 7 5 0
- 2 5 8 -10,041
6,164
14,358 120, 075 - 7 , 4 9 8
535
4,077 33, 982
6,005 - 2 , 3 2 8 - 5 , 2 4 5
-898
9,990
2,057
28,104
- 3 6 , 514
-148,005
-259, 984
-121,188
-294,077
- 5 1 , 591
-147,332
-318,511
Q
- 5 0 , 814
-68
-160,218
-183
-306, 839
-357, 518 - 1 , 4 3 1
-262
-287, 762
-412
-127,293
-330
-182,145
2,691
-223,370
-33
211
-253
11
396
779
88 23, 477
1,039
29 176, 451 19,164
4, 018
2,008 49,004
-38
415 22,968
-1
196
8,856
1 - 7 , 4 9 1 -11,275
1939—Jan...
Feb
Mar
Apr
May.
June
July
Aug
_
Germany
Year or
month
Total
net imports
or net
exports^
()
41, 790
37, 981
26, 723
24,165
27, 831
South
Africa,
Rhodesia,
West
Africa
British
India
Other
British
countries
335,253 206, 693
404, 295 181, 602
488,814 128,421
464, 837 66, 330
333, 750 55, 744
40, 623
31, 516
31,192
16, 831
6,530
2,695
7,358
3,725
9,929
6,418
6,581
10, 356
3,035
3,023 - 4 , 750
4,204 - 2 0 , 792
4,260
618
1,815
531
5,672
5,613
16, 866
681
736
5,631
143
5,671
3,451
5,559
12, 656
45, 394
52, 636
38, 423
49,120
304
1,374
151 - 1 , 1 0 1
1,417
-1,148
4,805 4 - 4 7 , 875
2,975 1 -145, 856
2,388
911
3,078
697
4,606 s-114,284
5,649
55
Switzerland
Total
net
imports
or net
exports
()
- 7 , 673 - 5 , 407
-11,429 - 1 6 , 521
-11,151 -10,498
- 2 2 , 763 - 2 1 , 980
- 4 , 671
2,831
1,017
1,511
- 3 , 790
-1
-32
-437
- 3 , 793
-2
-1,138
- 4 , 966
United
Kingdom
France
Belgium
421
-920
-312
-1,955
1,353
1,603
1,347
704
3,762
399
1,847
- 3 , 845
3,618
73, 394
-425
32, 921
1,504
153 - 3 , 3 1 8
- 5 7 5 -14,393
—4, 618 - 8 , 980
British India
Net imports from or net exports (—) to:
United
States
All
other
countries
62,397
- 9 , 1 2 3 2 88, 228
32, 754 -50,661
14,126
53, 465
28,067 -10,129
37, 708
3,998
22,079
- 8 1 -16,596 3-55,032
20, 761 - 8 9 , 371 -78,029
4,922
2,024
2,490
2,102
2,839
705
155
528
5,665
8
Switzerland
Sweden
Italy
Netherlands
Germany 1
Increase in India:
All
other
countries
Total
net
Gold
In
In
imports produc- Ingold
or net tion in dian earmarkexports India re- ed for
()
serves foreign
In
private
holdings7
account
1934..
1935..
1936_.
1937..
1938..
- 9 0 , 920 -46,065 -12,784r - 4 5 , 955
64 -54,858
42, 969 -230, 788
- 1 , 8 6 8 122, 278 - 9 , 1 2 7 -1,714
- 3 , 7 1 8 -56,946 -51,1""
11, 940
- 3 5 , 224 - 1 , 2 4 5 - 1 , 1 2 8 76, 620
1938—Aug...
Sept..
Oct.__
Nov...
Dec.__
-6, 864
-36, 626
-16,134
-10,129
- 3 , 765
1939—Jan.. _
Feb._.
Mar.__
Apr.__
May..
June..
July..
Aug...
Sept. _
Oct.?..
33 - 3 , 786
-21
-763
-11,940 - 2 , 1 1 2
1,547
9,999 - 3 7 , 332 -10,786
9,967 -162,645 -54, 266 -104, 650
8,059 - 2 , 329 - 5 , 4 1 9
-5, 807
93
-284 -10,696 - 8 , 589
7,765 - 2 , r •
1,033
2
4,334
5,275
- 2 , 730 - 1 , 5 0 6 -1,030
- 2 , 744
-915
-1,338
9,024
1,454
913
- 5 , 690
-2
-7
-1,140
228
10, 464
15,940
907
13
-1,854
-29,235 18, 397 19,431
-181,725 -13,940 25, 542
39, 305 14,531 51, 299
- 4 5 , 061 27, 739 -657
- 7 4 , 375 - 1 , 0 6 7 11,314
-43
1,543
- 9 , 607 s 2, 812
- 2 , 990 9 26, 368
-16,461 10, 609
-32, 745 - 4 , 989
-230, 720
-161,872
-121,066
- 6 1 , 723
- 5 4 , 661
11, 223
11,468
11, 663
11, 607
11, 247
3,824 - 6 , 267
342
924
1,884 -10,251
2,551
-56
3
994
-265
31
- 2 , 884
-438
-209
- 7 , 082
-957
- 7 , 622
- 2 , 283
211
958
946
956
930
995
-1,274
-125
-7
- 3 , 288
-15
-97
-5,113
-14,830
-860
- 2 , 4 3 1 - 2 , 573 - 3 , 394
- 4 , 202
-1,138
-239
-2,049
-76
-3,116
-10,264
-244
-171
- 5 , 274
-204
-887
-11
-243
2,744
1,830
940
863
938
912
937
910
2,580
342
4,600
6,553
25,125
-8,382
418
-616
33
-139
-1,283
117
-158
-117
-166
549
24
-1,990
- 4 , 805
1 - 2 , 294
-149
-213
556 - 1 , 5 8 1
-1,509 -576 - 8 , 327
- 8 6 4 10, 819 - 3 , 8 7 6
- 7 3 19, 585 - 7 1 8
o
725
10,800
355
—91 2,815 1,234
-1
-25
89
- 4 , 574 - 1 , 3 7 2
-1,153
-1,929
-457
-37
o
173
-6
-219, 670
-150,398
-109,403
-50,075
12,078 -55,494
1,909
5,690
4,479
-3
-6,124
-11
- 8 , 575
-7,043
- 3 , 273
11, 423 -10,608
7,749 -10,174
4,812 -8,984
5,197 - 7 , 679
1,839 -5,104
5,749 - 6 , 888
942 -10,270
2,512 -6,863
c
p Preliminary.
Corrected.
Beginning April 1938 figures refer to Greater Germany.
Includes $17,465,000 exported to Rumania and unspecified net imports of $95,937,000.
3
Includes $67,655,000 exported to Central and South America.
4
Figures for April and May include exports to Canada of $45,972,000 and $144,910,000 respectively.
5
Includes net exports to Canada of $115,515,000.
• Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred.
7
Figures derived from preceding columns; gold movement plus production minus increases in Indian reserves and gold earmarked for foreign
account in India.
8
Includes net import of $19,926,000 from Czecho-Slovakia and net export of $15,374,000 to Austria.
9
Includes net import of $26,555,000 from Czecho-Slovakia.
NOTE.—Switzerland.—In some cases annual aggregates of official monthly figures differ somewhat from revised official totals published for year
as a whole.
1
2
DECEMBER
1137
FEDERAL RESERVE BULLETIN
1939
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars.
Minus sign indicates net movement from United States]
TABLE 1.—TOTAL CAPITAL MOVEMENT
Increase in foreign banking
funds in U. S.
From Jan. 2, 1935, through—
Total
Total
1935—Dec. 31
1936—Dec. 30
1937—Dec. 29
1938—Dec. 28
,
1939—Mar. 29
June 28
Aug.
Aug.
Aug.
Aug.
Aug.
2 _
9
16
23
30
__
_
__
Central
bank
funds
in N. Y.
Other
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
1,412.5
2,608 4
3, 410. 3
3 779 2
603.3
930.5
1,168. 5
1,432 7
9.8
81.1
243.9
216 3
593.5
849.4
924.6
1,216.5
361.4
431.5
449.1
478.1
125.2
316.2
583.2
610.0
316.7
917.4
1,162. 0
1, 210. 9
6.0
12.9
47.5
47.6
4,134. 7
4, 595. 6
1, 693. 0
2, 048. 3
256.8
361.8
1,436. 2
1, 686. 5
550.5
609.5
646.7
664.5
1,180. 6
1,199. 3
63.9
74.0
4, 637. 2
4, 664.8
4,711.8
4,830 0
4, 865. 3
2, 093. 9
2,139. 1
2,182. 2
2,287 3
2, 334. 2
327.1
323.2
305.5
352 5
371.6
1, 766. 8
1,815.8
1, 876. 7
1,934 9
1, 962. 6
598.8
612.0
624.8
635 1
622.6
680.2
652.8
654.5
656 9
657.8
1,182. 2
1,176. 5
1,164.9
1,165.1
1,165. 7
82.1
84.5
85.4
85.5
85.0
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
United
Kingdom
France
31
30
29
28
1,412. 5
2, 608. 4
3,410. 3
3, 779. 2
554.9
829.3
993.7
1,186.1
210.2
299.5
281.7
339.5
114.5
229.7
311.9
324. 6
130.4
335.5
607.5
554.0
36.6
83.1
123.9
140.7
1939—Mar. 29
June 28
4,134.7
4, 595. 6
1, 203.1
1, 360. 2
366.8
439.7
383.6
401.0
587.6
599.2
4, 637. 2
4, 664. 8
4,711.8
4,830.0
. 4,865. 3
1, 337. 7
1, 326. 5
1,341.6
1, 386. 4
1, 326. 3
441.9
444.3
451.0
449.9
473.4
405.7
409.7
407.7
408.8
412.1
606.8
607.5
600.6
618.7
647.2
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
Aug.
Aug.
Aug.
Aug.
Aug.
2
9
16
23
30___
Netherlands
Switzerland
Total
From Jan. 2, 1935,
through—
Germany
Far
East
Other
Europe
Total
Europe
24.0
45.6
22.1
33.0
130.0
228.5
312.2
463.8
1, 200. 6
2,051. 3
2, 653.0
3, 041. 7
150.5
106.3
157.2
0)
70.9
201.2
410.6
389.5
128.3
184.0
224.6
156.8
12.7
21.4
15.9
34.1
150.2
149.5
24.7
29.5
536.8
604.2
3, 252. 9
3, 583. 3
185.1
230.5
443. 5
500.2
206.4
223.8
46.8
57.9
151.5
152.4
151. 7
149.8
148.8
31.2
31.4
32.2
30.9
26.1
617.3
619.8
635.4
664.3
665.1
3, 592. 0
3, 591. 6
3, 620. 3
3, 708. 7
3, 699.1
259.1
267.1
270.7
275 8
29L8
516.1
521.7
523.2
530.2
536.1
207.2
220.3
236.1
248.8
259. 4
62.7
64.0
61.4
66.4
78.9
Italy
Latin
Canada America
All
other
TABLE 3.—FOREIGN BANKING FUNDS I N UNITED STATES, BY COUNTRIES
From Jan. 2, 1935,
through—
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
31___
30
29
28
1939—Mar. 29
June 28
Aug.
Aug.
Aug.
Aug.
Aug.
2
9
16
23
30
United
Kingdom
France
Netherlands
Switzerland
Germany
603.3
930.5
1,168. 5
1, 432. 7
128.6
163.5
189.3
366.7
129.6
144.2
111.8
158.8
55.7
65.9
76. 3
84.4
72.4
109.8
288.4
203.7
-.8
2.7
9.6
-9.8
7.3
23.0
6.9
3.8
60.7
79.7
109.4
203.0
453.5
588.9
791.7
1, 010. 6
46.0
86.8
76.3
135.1
33.5
149.3
166. 3
134.0
58.8
90.4
126.2
132.7
11.5
15.2
8.0
20.4
1, 693. 0
2, 048. 3
401.8
535.2
187.4
252.3
129.9
132.0
233.4
227.1
-10.9
-14.5
-3.9
-6.6
267.8
320.0
1, 205. 5
1, 445. 5
136.5
191.5
179.8
242.0
139.9
131.5
31.3
37.8
2,093. 9
2,139. 1
2,182. 2
2, 287. 3
2, 334. 2
517.0
511.7
529. 5
570.1
522.3
252.1
253.9
262.6
263.6
283.7
138.9
144.6
143.0
140.9
144.8
234.9
234.6
226.2
243.0
270.0
-15.3
-15.5
-15.7
-17.5
-18.5
-5.5
-5.2
-4.1
-5.2
-7.4
332. 8
335. 6
350. 1
379 2
384*. 1
1, 454. 9
1, 459. 7
1,491.6
1, 574.1
1, 579. 0
205.4
232.4
235.6
240.2
256.1
258.6
261.4
260.7
265.5
268.9
133.8
142.7
154. 5
162.9
172.8
41.2
42.9
39.8
44.7
57.5
Total
TABLE 4.—UNITED
From Jan. 2, 1935,
through—
Total
Italy
Other
Europe
Total
Latin
Europe Canada America
Far
East
All
other
STATES BANKING FUNDS ABROAD, BY COUNTRIES
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
8.8
Total
Latin
Europe Canada America
Far
East
All
other
1935—Dec. 31
1936—Dec. 30
1937—Dec. 29
1938—Dec. 28
361.4
431.5
449.1
478.1
208.8
178.0
207.4
204.5
48.1
62.0
65.3
65.5
-.4
-3.3
-4.4
-6.9
1.6
2.7
2.6
2.6
29.7
66.0
105.1
140.3
13.7
16.3
6.5
13.9
22.0
26.9
33.0
310.2
343.7
409.3
453.0
-4.6
36.9
-21.7
30.6
20.1
24.9
51.6
66.8
37.3
30.4
18.7
-65.0
-1.6
-4.4
-8.7
-7.2
1939—Mar. 29
June 28
550.5
609.5
209.2
236.7
64.9
68.1
-1.5
-1.0
4.5
3.6
149.8
153.8
10.8
17.7
30.9
39.9
468.6
518.8
49.9
42.2
66.5
55.7
-28.1
-2.9
-6.4
-4.3
598.8
612.0
624.8
635.1
622.6
239.3
237.8
234.2
236.5
225.2
70.3
71.1
69.8
67.9
70.0
-4.4
-6.0
4.7
8.4
8.4
4.9
5.0
5.4
5.7
5.6
157.5
158.3
158.2
158.1
158.2
17.9
17.7
17.4
17.2
14.6
40.6
40.6
40.8
40.8
35.1
526.1
524.5
530.6
534.6
517.2
39.6
48.3
48.8
49.5
52.3
54.1
56.2
58.7
59.9
61.9
-18.7
-14.3
-10.8
-6.5
-5.7
-2.3
-2.7
-2.4
-2.5
-3.0
Aug.
Aug.
Aug.
Aug.
Aug.
2
9
16
23
30
i Inflow less than $50,000.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For backfiguresand description of the statistics, see BULLETIN for April
1939, pp. 284-296, April 1938, pp. 267-277, and May 1937, pp. 394-431.
1138
FEDERAL RESERVE BULLETIN
DECEMBER 1939
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[In millions of dollars. Minus sign indicates net movement from United States]
T A B L E 5 . — F O R E I G N SECURITIES, BY COUNTRIES
Net Purchases by Foreigners
From Jan. 2,1935,
through—
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Latin
Canada America
Far
East
All
other
1935—Dec. 31
1936—Dec. 30
1937—Dec. 29
1938—Dec. 28_
125.2
316.2
583.2
610.0
67.8
116.1
136.8
129.1
6.8
18.2
22.8
26.2
7.4
10.4
21.2
27.3
-1.2
13.7
30.4
37.1
13.3
22.5
26.6
33.1
2.9
9.4
13.5
20.5
46.1
87.9
115.2
165.9
143.1
278.3
366.4
439.1
-39.7
1.7
10.5
-38.9
12.7
15.7
175.0
166.3
7.9
17.0
24.5
33.8
1.1
3.5
6.8
9.7
1939—Mar. 29
June 28
646.7
664.5
127.6
128.2
28.7
29.4
38.4
41.7
34.9
35.8
23.1
23.8
174.9
180.4
453.8
467.4
-25.8
-26.5
172.6
176.0
36.2
37.1
9.9
10.4
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Aug. 30
680.2
652.8
654.5
656.9
657.8
126.7
126.4
126.6
127.2
127.4
26.3
28.2
28.3
28.4
28.3
28.3
28.3
29.7
29.7
29.8
29.8
29.7
42.3
42.3
42.5
43.0
43.2
36.0
36.1
36.2
36.3
36.4
24.3
24.3
24.3
24.3
24.4
180.6
180.7
181.2
181.5
181.8
468.0
468.0
468.8
470.3
471.2
-13.5
-41.6
-41.3
-41.2
-41.5
177.5
177.8
178.0
178.6
178.8
38.2
38.5
38.7
38.8
38.8
10.0
10.1
10.3
10.4
10.5
T A B L E 6.—DOMESTIC SECURITIES, BY COUNTRIES
Net Purchases by Foreigners
United
Kingdom
France
Netherlands
Switzerland
Germany
316.7
917.4
1,162.0
1, 210. 9
149.8
367.7
448.7
472.6
23.4
64.7
70.3
76.5
50.5
157.6
213.8
212.9
55.1
200.2
275.3
301.7
-5.4
-7.5
-17.4
-22.7
1,180. 6
1,199. 3
448.3
442.0
72.3
74.4
217.7
231.0
301.7
315.0
1,182. 2
1,176. 5
1,164. 9
1,165.1
1,165. 7
434.7
431.5
431.7
432.5
433.5
73.5
72.4
71.7
72.3
72.2
229.5
231.1
220.7
220.0
220.6
311.3
311.0
311.0
312.2
313.4
From Jan. 2, 1935,
through—
Total
1935—Dec. 31
1936—Dec. 30
1937—Dec. 29
1938—Dec. 28
1939—Mar. 29
June 28
Aug.
Aug.
Aug.
Aug.
Aug.
2
9
16
23
30
Latin
Canada America
Other
Europe
Total
Europe
-.1
-3.3
-4.9
-5.4
12.9
38.5
55.7
56.6
286.2
818.0
1,041.6
1,092. 3
2.8
32.6
37.6
27.8
3.7
15.5
18.2
23.4
21.4
44.1
54.7
56.4
2.6
7.1
9.8
11.0
-23.4
-25.2
-5.5
-5.5
56.5
56.9
1,067. 6
1, 088. 4
18.8
13.9
24.6
25.7
57.9
57.6
11.7
13.7
-26.5
-26.6
-26.8
26.9
-27.1
-5.6
-5.6
-5.6
-5.6
-5.7
56.0
55.6
55.4
55.4
56.7
1, 072. 9
1,069. 4
1,058. 2
1,059. 8
1,063. 6
18.9
18.1
17.4
16.9
13.0
25.2
24.6
24.6
24.6
24.7
51.9
51.1
51.3
50.5
50.6
13.3
13.2
13.3
13.3
13.7
Italy
Far
East
All
other
TABLE 7.—BROKERAGE BALANCES1, BY COUNTRIES
From Jan. 2, 1935,
through—
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Latin
Canada America
Far
East
All
other
1935—Dec. 31
1936—Dec. 30
1937—Dec. 29
1938—Dec. 28
6.0
12.9
47.5
47.6
(2)
4.0
11.5
13.2
2.4
10.4
11.5
12.6
1.3
-.9
5.0
6.8
2.5
9.1
10.8
8.8
-.2
.1
.3
.1
.2
1.4
.4
5.0
5.3
7.6
22.6
44.0
46.7
-4.5
-7.6
3.5
2.6
1.0
-4.2
-.5
-.9
2.9
2.1
.5
-1.0
1939—Mar. 29
June 28
63.9
74.0
16.3
18.1
16.0
16.8
8.8
9.6
9.6
11.9
-.2
-.3
.2
.1
6.6
7.0
57.4
63.2
5.6
9.3
.1
.8
.6
.4
.3
.3
82.1
84.5
85.4
85.5
85.0
19.9
19.2
19.6
20.1
17.8
17.7
18.5
18.6
17.7
19.1
12.0
10.3
9.6
9.8
8.6
13.4
14.5
15.5
14.7
15.0
-.2
(2)
2
-.2
_ 2
.2
.2
.2
.2
2
7.3
7.3
7.9
7.5
7.4
. 70.2
70.1
71.2
69.8
68.0
8.8
10.0
10.2
10.4
11.9
.7
1.7
1.3
1.7
1.9
1.9
2.3
2.3
3.2
3.0
.5
.4
.4
.4
.3
Aug.
Aug.
Aug.
Aug.
Aug.
2
9
16
23
30
1 For explanation see BULLETIN for May 1937, pp. 395-396.
2 Inflow less than $50,000.
s Outflow less than $50,000.
(3)
(3)
-.9
.2
1139
FEDERAL RESERVE BULLETIN
DECEMBER 1939
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES
[Outstanding amounts in millions of dollars]
TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES
Date
Total
United
Kingdom
France
Netherlands
Switzerland
105.2
222.2
66.0
78.0
11.5
Germany
Italy
Other
Europe
Total
Europe
Latin
Canada America
Far
East
All
other
Reported by Banks in New York City
2,162.8
1,911.7
961.2
469.6
155.7
196.0
241.8
216.8
148.3
98.2
86.1
91.9
188.2
130.8
103.3
121.7
96.7
106.6
49.0
38.2
69.0
43.5
42.7
60.3
31.0
37.5
21.6
12.6
10.9
11.9
40.6
46.8
107.5
126.3
156.0
249.9
227.1
232.9
686.3
814.3
1,017.1
1, 237.8
103.3
99.3
145.3
186.1
175.6
235.2
117.4
122.8
156.3
263.9
280.9
254.9
125.1
130.1
188.9
200.2
236.0
243.7
12.0
12.0
23.4
27.1
20.0
32.4
14.8
12.2
314.7
366.9
1, 432. 7
1, 672. 7
236.6
291.7
300.7
363.0
250.9
242.5
«= 43. 3
49.7
13.3
13.6
14.6
13.6
11.4
379.7
382.5
397.0
426.1
431.0
1, 682.1
1, 686. 9
1, 718. 8
1,801.3
1, 806. 2
305.5
332.5
335. 8
340.4
356.2
379.5
382.3
381.6
386.4
389.8
244.8
253.7
265.5
273.8
283.7
53.2
54.9
51.8
56.7
69.4
1929—Dec. 31__.
1930—Dec. 31___
1931—Dec. 30. __
1932—Dec. 28___
1933—Dec. 27. __
1934—Nov. 28i.
2, 672.7
2, 335.0
1, 303. 5
745.6
392.0
466.7
301.5
214.5
104.9
169.7
48.9
59.1
923.7
799.4
549.2
71.1
27.0
32.7
99.1
122.2
44.6
11.9
1934—Dec. 5 K.
1935-Jan. 2....
Dec. 31_.
1936—Dec. 30__
1937—Dec. 29__
1938—Dec. 2 8 -
79.6
76.9
205.5
235.7
261.5
438.8
36.1
33.9
163.5
176.3
143.9
190.9
13.5
12.9
68.6
78.8
89.1
98.4
12.1
13.7
86.1
123.5
302.1
217.4
28.4
29.9
29.0
32.0
39.0
19.9
16.8
18.8
26.1
41.7
25.7
22.6
1939—Mar. 29..
June 28. _.
584.8
597.0
1,200.2
1,491.6
1, 729. 6
2,003.9
2, 264. 2
2, 619. 5
473.9
607.4
219.5
284.4
143.9
146.0
247.1
240.8
18.7
15.1
Aug. 2__.
Aug. 9....
Aug. 16__
Aug. 23...
Aug. 30...
2, 665.1
2, 710. 3
2, 753. 4
2, 858. 6
2, 905. 4
589.1
583.8
601.7
642.3
594.5
284.2
286.0
294.7
295.7
315.9
152.9
158.5
157.0
154.8
158.7
248.5
248.3
239.8
256.7
283.6
14.3
14.2
13.9
12.1
11.1
8.0
12.7
9.7
204.5
161.0
41.1
32.9
17.5
25.8
157.4
111.2
33.2
39.8
11.7
14.3
371.3
281.3
122.2
66.2
31.1
41.7
Reported by Banks in United States
TABLE 9—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES
Date
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Latin
Canada America
Far
East
All
other
Reported by Banks in New York City
1931—Dec. 30
1932—Dec. 28
1933—Dec. 27
1934—Nov. 281. __
1,103.3 I
937.9
898.8
827.1 I
166.2
87.3
192.5
201.3
29.5
62.9
66.9
94.1
20.9
13.0
18.4
15.9
12.6
6.2
12.3
8.5
467.2
434.9
260.9
178.8
18.7
11.8
16.7
10.7
854.3
713.1
651.0
569.5
58.1
42.2
32.3
84.4
136.5
155.2
159.7
124.4
41.8
24.0
49.7
46.2
2.6
3.5
6.2
2. 6
81.3
80.0
71.2
57.8
52.9
46.7
749.5
743.2
433.0
392.1
326.5
282.8
267.1
217.0
170.7
174.6
154.5
141.1
114.4
99.2
99.5
110.3
111.8
109.8
107.3
106.1
104.1
118.1
117.4
80.1
67.2
78.9
162.6
125.7
100.5
8.3
8.5
10.1
12.9
17.2
15.7
48.8
39.9
39.2
39.2
38.9
39.0
44.7
91.2
96.3
100.9
59.4
118.0
65.7
46.3
54.0
56.7
48.0
47.5
46.7
44.0
116.3
111.9
108.4
104.1
103.3
10.8
11.1
10.9
11.0
11.5
149.2
97.0
83.2
60.2
Reported by Banks in United States
1934—Dec. 5 2__
1935—Jan. 2....
Dec. 31_.
1936—Dec. 30_.
1937—Dec. 29__
1938—Dec. 28__
1939—Mar. 29..
June 28—
Aug. 2 . . .
Aug. 9_...
Aug. 16...
Aug. 23...
Aug. 30...
c
1
2
1,137. 8
1,139. 9
778.6
672.6
655.0
628.0
553.6
494.6
505.3
492.1
479.3
469.0
481.4
266.4
296.9
88.1
114.1
84.8
87.7
83.0
55.4
52.8
54.4
58.0
55.7
66.9
Corrected.
Last report date on old basis.
First report date on new basis.
108.2
80.5
32.5
16.8
13 5
13.3
13.8
10.7
8.5
7.6
9.0
10.8
8.7
19.2
18.6
19.0
21.9
23.0
25.5
8.3
8.2
6.6
5.4
5.5
5.4
20.1
19.7
3.6
4.5
23.1
24.7
13.9
10.2
10.3
3.1
3.1
2.7
2.3
2.5
239.6
231.7
202.0
165.1
126.1
90.9
81.4
77.4
73.7
72.8
73.0
73.1
73.0
26.5
27.2
13.5
10.9
20.8
13.3
16.4
9.5
9.3
9.5
9.8
10.0
12.6
209.7
211.3
205. 2
201.1
218.6
14.9
12. 8
1140
FEDERAL RESERVE BULLETIN
DECEMBER 1939
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
1929—Dec.
1930—Dec.
1931—Dec.
1932—Dec.
1933—Dec.
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
Assets of
issue dept.
Gold
Other
assets i
Assets of banking department
Discounts
and advances
Securities
26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
22.3
49.0
27.3
18.5
16.8
7.6
8.5
17.5
9.2
84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3
71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
22.2
Cash reserves
Coin
Liabilities of banking department
Note
circulation
Notes
Bankers'
25.
31.
30.
28.
27.
26.
25.
30.
29.
145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4
260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
1938—Nov. 30.
Dec. 28.
326.4
326.4
200.0
230.0
1.2
45.6
51.7
17.6
28.5
110.8
90.7
480.8
504.7
1939—Jan. 25___
Feb. 22..
Mar. 29..
April 26_.
May 31..
June 28..
July 26. _.
Aug. 3O._
Sept. 27..
Oct. 25...
2 126. 4
126.4
3 226. 2
226.2
226.2
226.4
4 246.4
263.0
5.1
.2
400.0
400.0
300.0
300.0
300.0
300.0
300.0
300.0
580.0
580.0
.7
1.0
1.1
62.6
53.7
44.2
37.1
26.4
27.4
35.5
33.5
38.3
53.0
18.8
17.5
4.8
6.2
8.0
6.8
8.0
6.4
2.5
103.9
100.6
124.8
129.5
140.7
136.7
128.0
137. 8
144.2
127.7
463.8
472.7
482.0
489.1
499.8
499.0
510.9
529.5
541. 8
527.1
1.0
.5
Deposits
Public
Domestic bills
(Figures in millions of francs) Gold£
Foreign
Open
exchange market 7
Other
liabilities
12.1
12.1
11.4
35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
97.1
101.0
23.1
15.9
37.2
36.8
17.8
18.0
118.2
103.1
98.5
91.4
82.4
101.4
91.4
90.1
107.1
116.8
12.9
16.3
21.8
27.0
38.3
15.4
26.0
31.1
19.8
12.6
36.7
35.1
36.3
37.6
37.1
37.0
36.7
39.0
40.5
39.2
18.1
18.2
18.2
17.7
17.8
17.9
18.1
18.2
18.3
17.7
8.8
6.6
7.7
8.9
9.9
Liabilities
Assets
Bank of France
Other
Deposits
Loans o n Advances
Shortto
term
Other
Govern- 9 Govern- securiment sement
ties
curities
Other
assets
5,603
6,609
8,545
9,196
8,251
8,288
7,879
8,344
7,277
Special 8
Other
17,698
31,909
573
715
675
2,521
2,901
2,730
2,515
2,921
3,211
3,253
3,583
3,781
1929—Dec. 2 7 1930—Dec. 26. _
1931—Dec. 30__
1932—Dec. 30__
1933—Dec. 29__
1934—Dec. 28_.
1935—Dec. 27__
1936—Dec. 30__
1937—Dec. 30. -
41, 668 25,942
53, 578 26,179
68,863 21,111
4,484
83,017
1,158
77,098
82,124
963
1,328
60, 359 1,460
58, 933
911
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
1,379
652
8,624
8,429
7~"
3,438
4,739
3,971
9,712
8,465
10,066
1938—Nov. 24..
Dec. 29__
87,264
87, 265
821
7,032
7,422
1,611
1,797
11,021
7,880
20, 627
20, 627
443
3,739
3,612
1939—Jan. 26__.
Feb. 23._
Mar. 30..
April 27.
May 25..
June 29._
July 27_ _
Aug. 3 1 . .
Sept. 28_.
Oct. 26__
87, 266
87, 266
87, 266
'092,266
92, 266
92, 266
92, 266
«97, 266
97, 266
97, 266
761
759
758
756
754
722
722
218
212
85
8,004
7,801
8,631
8,609
8,164
8,074
8,316
9,396
9,734
10, 038
1,996
2,014
2,054
2,165
2,276
2,279
2,275
1,708
1,958
2,007
6,193
5,462
5,733
6,012
4,774
5,009
5,000
15,009
14,830
20,627
20, 627
20, 627
20,577
20, 577
20, 577
20, 577
20, 577
22, 777
25,473
136
73
172
127
78
374
472
2,412
930
336
3,389
3,317
3,332
3,362
3,401
3,471
3,461
3,805
3,661
3,576
Other
liabilities
Note
circulaGoverntion
ment
Other
68, 571
76,436
85, 725
85,028
82, 613
83,412
81,150
89, 342
93,837
11,737
12,624
5,898
2,311
2,322
3,718
2,862
2,089
3,461
7,850
11, 698
22,183
20,072
13,414
15, 359
8,716
13, 655
19, 326
1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,160
14,185 106, 798
14,442 110, 935
14.099 109,378
14,308 111, 162
14, 558 119, 748
14,452 124, 666
14, 264 121,391
14, 753 122, 611
14,458 123,239
16,016 142, 359
16,482 144, 562
17.100 144, 379
6,169
5,061
31, 955
25, 595
3,004
2,718
5,445
5,079
3,955
3,755
4,573
5,188
5,468
3,304
2,342
2,004
24, 935
22, 556
16, 702
17, 255
17, 570
16, 909
16,058
18,038
18,022
14, 790
2,713
2,830
2,726
2,649
3,020
2,816
2,781
2,708
2,926
3,006
i Securities and silver coin held as cover for fiduciary issue. Currency and Bank Notes Act, 1939 (see BULLETIN for April 1939, p. 271), fixed
fiduciary issue at £300,000,000 and provided for valuation of gold at current prices instead of legal parity, effective March 1, 1939. Since Sept. 6,
1939, however, an increase in fiduciary issue (and securities held as cover) to £580,000,000 has been authorized b y British Treasury under Section 8
of Currency and Bank Notes Act, 1928 (see BULLETIN for August 1928, pp. 567-569). For status of fiduciary issue before Mar. 1, 1939, see BULLETIN
for April 1939, p. 339.
i On Jan. 6, 1939, £200,000,000 of gold transferred to British Exchange Equalization Account.
8
Effective Mar. 1, 1939, gold valued at current prices instead of legal parity and about £5,500,000 transferred from Exchange Account to
Bank. See note 1.
* On July 12, 1939, £20,000,000 of gold transferred from Exchange Account to Bank of England.
66 On Sept. 6, 1939, £279,000,000 transferred from Bank of England to Exchange Account.
By decree of Nov. 12, 1938 (see BULLETIN for Jan. 1939, p. 29), gold revalued on basis of 27.50 milligrams gold 0.900 fine per franc; on Nov. 14
increment of nearly 31,500,000,000 francs was applied to partial reimbursement of advances to Government, which stood at authorized maximum
of 52,000,000,000 francs on that date. Permanent debt of Government to Bank, included above in Other Assets, was simultaneously increased by
6,800,000,000
francs. For details of revaluations in October 1936 and July 1937 see BULLETIN for Dec. 1938, p . 1091.
7
Negotiable bills of Caisse Autonome and bills bought under authority of decree of June 17, 1938 (see BULLETIN for Aug. 1938, p . 650).
s Bills and warrants endorsed by National Wheat Board (law of Aug. 15,1936—see BULLETIN for Oct. 1936, pp. 785-786), and bills rediscounted
for account of Banques Populates (law of Aug. 19, 1936—see BULLETIN for Oct. 1936, p. 788).
• Includes advances granted under authority of Conventions between Bank of France and Treasury of June 18, 1936, June 30, 1937, March 22,
1938, and April 14, 1938, as modified by Convention of Nov. 12, 1938; and under authority of Convention of Sept. 29, 1938, approved b y decree of
Sept. 1, 1939 (see BULLETINS for July 1936, p . 536; Aug. 1937, p . 720; June 1938, p . 452; Aug. 1938, p . 650; Jan. 1939, p . 30, and Nov. 1939, p . 976).
"11 On April 20, and again on Aug. 3, 1939, 5,000,000,000 francs of gold transferred from Stabilization Fund to Bank of France.
Figures not yet available.
NOTE.—For further explanation of table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463
1141
FEDERAL RESERVE BULLETIN
D E C E M B E R 1939
CENTRAL BANKS—Continued
Liabilities
Assets
Reichsbank
(Figures in millions of
reichmarks)
1929—Dec. 31
1930—Dec. 31
1931—Dec. 31
1932—Dec. 31
1933—Dec 30
1934—Dec. 31
1935—Dec. 31
1936—Dec. 31.
1937—Dec. 31
Reserves of gold and Bills (and
checks),
foreign exchange
including Security
loans
Treasury
Total
Gold*
bills
reserves
2,687
2 685
1 156
920
396
84
88
72
.
2, 283
2 216
984
806
386
79
82
66
76
71
1938—Nov. 30
Dec. 31
77
71
76
71
1939—Jan. 31
Feb. 28
Mar. 31
Apr. 29
M a y 31
June 30. _
July 31
Aug. 31
Sept. 30
Oct. 31
76
76
77
77
77
77
77
77
77
77
71
71
71
71
71
___
Securities
Eligible
as note
cover
Other
Note
circulation
Deposits
Other
liabilities
1,032
1,012
1,059
923
953
861
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
298
1,494
1,621
7,744
8,223
1,141
1,527
1,093
1,091
298
288
292
476
285
274
289
296
393
366
1,848
1,710
1,489
1,928
2,182
1,658
1,652
1,964
1,963
2,375
7,816
7,939
8,311
8,519
8,525
8,731
8,989
10,907
10, 995
10, 820
1,119
1,105
1,249
1,122
1,292
1,281
1,294
1,480
1,602
1,520
1,091
1,112
1,212
1,289
1,234
1,132
1,157
1,294
1,287
1,312
2,848
2 572
4,242
2,806
3 226
4,066
4 552
5,510
6,131
251
256
245
176
183
146
84
74
259
445
349
221
92
102
161
398
322
319
315
303
60
106
286
7,514
8,244
48
548
298
45
557
7,160
7,361
8,180
7,726
7,547
8,159
8,461
10, 272
10,105
9,358
52
60
58
55
40
48
36
60
24
35
592
660
677
668
922
930
925
1,013
1,324
1,440
Other
assets
656
638
1,065
1,114
735
827
853
765
755
652
755
540
640
984
736
822
1,338
1,313
836
1,001
970
1
Not shown separately on Reichsbank statement after June 15, 1939.
NOTE.—For explanation of above table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463.
Central bank
[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 exchange.
Negotiable Government bonds
Other assets
Note circulation
Deposits—Member bank
Government ___ _
Other
Foreign exchange sold forward
Other liabilities
Commonwealth Bank of Australia
(thousands of pounds):
Issue department:
Gold and English sterling
Securities
Banking department:
Coin, bullion, and cash.
London balances
Loans and discounts
Securities
Deposits
Note circulation
Bank of Belgian Congo (millions of
Belgian francs):
Gold
Loans and discounts
Other assets
Note circulation
Deposits
.
Other liabilities
1938
1939
Oct.
Sept.
Aug.
Oct.
Central bank
[Figures as of last report
date of month]
Oct.
National Bank of Belgium (millions
of belgas) :
Gold reserve __
_ 3,603
845
Other gold and foreign exchange
Discounts
552
126
Loans
Other assets, .
549
Note circulation __ _ _
5,370
Demand deposits—Treasury
1
Other
181
Other liabilities
124
1,224
1,224
1,224 Central Bank of Bolivia (thousands
of bolivianos) :
105
135
95
282
Gold at home and abroad
277
41
238
Foreign exchange
220
268
1,135
Loans and discounts
1,163
1,053
430
497
372
Securities—Government
169
93
109
Other
3
8
1
Other assets
60
40
41
Note circulation
52
55
54
Deposits. _.
Other liabilities
National Bank of Bulgaria (millions of leva):
Gold
16, 030 16, 030 16,011
Foreign exchange
43, 995 41, 500 37, 305
Loans and discounts
Government debt.
1,467
1,869
1,463
Other assets
15, 640 15, 874 20,199 •
Note circulation
18, 060 17, 620 14, 935
Deposits
_ _
62, 250 59,550 57, 250
Other liabilities
91,355 87, 262 89, 303
51, 025 48, 525 48, 030 Bank of Canada (thousands of Canadian dollars):
Gold
225, 675
Sterling and United States ex166
change
_____
46, 564
470
Canadian Gov't securities:
399
2 years or less
193, 862
363
Over 2 years
_ _ _. .
55,039
532
Other assets
__ _
7,893
140
Note circulation
_
224, 401
234,102
Deposits-Chartered banks...
Dominion Government 39,089
18, 432
Other
13,008
Other liabilities
7,567
39, 531
4, 965
8,286
25,034
21, 515
13, 799
7,575
18,896
5,583
4,515
10, 978
12,844
12, 746
1938
1939
Sept.
Aug.
Oct.
3,628
942
440
171
553
5,401
4
206
124
3,622
932
374
273
472
5,299
4
247
124
3,318
905
420
48
458
4,542
54
434
119
56, 695
92. 663
23, 655
402, 753
4,037
43, 321
283, 655
280,129
59, 331
2,003
837
1,259
3,468
1,134
3,115
3,318
2, 267
2,006
705
2,409
3,417
1,386
4,426
3,206
2, 291
225, 675 209, 775 181,146
44, 448
52, 860
36, 364
155, 054 111,018 169, 675
63, 588 52,078 44,989
7,125 10,969
7,234
212, 490 179, 704 178,080
221,127 201,318 228,460
38, 228 30, 695 25, 363
11, 380 11, 216 1,682
9,923
9,558
12,774
1142
FEDERAL RESERVE BULLETIN
DECEMBER
1939
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 _
__ _
Deposits—
Bank
_
Other
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities.
Other assets
Note circulation. _ _
Deposits
Other liabilities
National Bank of Czecho-Slovakia '
(millions of koruny):
Gold
Foreisrn exchance
Discounts
Loans
Other assets
Note circulation
Demand deposits
„
Other liabilities
Bank of Danzig (thousands of
gulden):
Gold
Foreign exchange of the reserve
Other foreign exchange
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Denmark (millions of kroner):
Gold
Foreign exchange
Discounts
Loans—To Government agencies
Other
Securities
Other assets
Note circulation
Deposits
Other liabilities
Central Bank of Ecuador (thousands of sucres):
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Egypt2 (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
1939
Oct.
37,233
4,944
22 040
37,087
31 986
53, 795
47, 641
31, 855
Sept.
1938
Aug.
Oct.
146
81
754
240
66
884
146
67
754
231
43
845
145
57
766
166
43
771
191
54
157
157
86
153
182
74
149
37 383
5,544
21 131
37,105
31 018
54,069
46, 060
32,052
35 453
7,543
19 434
37,167
31 787
53, 628
45, 786
31, 969
41 747
7,893
17 527
46, 548
27 359
54, 301
44, 734
42, 040
1,659
793
1,895
1,019
4 585
6,438
851
2,661
1,698
796
1,855
804
4 354
6,056
702
2,750
2,690
786
3,682
1,161
1 443
7,130
987
1,645
22, 862
1,165
197
31, 661
2,263
54,190
25, 900
19, 010
31,182
455
451
22, 367
3,074
38, 551
16, 816
19,012
117
89
25
97
150
189
108
452
127
T95
118
112
22
163
81
146
110
435
142
176
39, 031
7,193
60, 011
18, 459
64, 742
44, 252
15, 701
34, 051
5,887
52, 269
20, 569
67, 558
29, 554
15, 661
117
39
26
101
182
218
86
480
118
169
6,545
1,708
5,744
27,010
11, 973
22,186
3,945
18, 248
8,603
1939
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):8
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation __
Demand deposits
Other liabilities _
Bank of Finland (millions of markkaa): 4
Gold
Foreign assets
Loans and discounts
Domestic securities
Other assets. _
_
Note circulation _ _
_
Deposits—Treasury
Other
Other liabilities
Bank of Greece (millions of drachmas):
Gold and foreign exchange (net)
Loans and discounts
Government obligations
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Hungary (millions of pengo):
Gold*.__
_
Foreign exchange reserve
Discounts
Loans—To Treasury
_
Other
Other assets ___ _ _ _ _
Note circulation __
Demand deposits..
Certificates of indebtedness..
Other liabilities
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad
Sterling securities
Indian Gov't securities
Rupee coin
Note circulation
Banking department:
Notes of issue department
Balances abroad
Treasury bills discounted
Loans to Government
Other assets
Deposits
Other liabilities
Bank of Japan (millions of yen):
29 225
Gold
7,138
Special foreign exchange fund
22, 299
Discounts
3,703
Loans—Government
18,180
Other
8,597
Government bonds
Other assets
Note circulation
Deposits—Government..
Other...
__ _
Other liabilities
Oct.
124
83
625
343
35
334
1,032
178
94
240
Sept.
1938
Aug.
Oct.
13, 208
5,172
837
5,104
1,092
14, 490
7 374
3,550
13, 206
3,421
1,082
5,492
948
13, 644
6 047
4 458
40, 904
7, 370
45, 048
38,115
69, 461
26, 774
35, 203
40, 904
9,454
31, 476
40, 293
56, 981
28, 027
37,119
34,
15,
26,
31,
54,
32,
21
1,181
2,214
1,269
331
274
2,547
132
561
2,028
1,183
2,487
1,155
332
304
2 262
242
906
2,050
620
2,382
1,377
247
348
2 068
273
989
1,645
3,126
13,651
4,207
1,993
10, 639
10, 340
1,996
3,097
12, 388
4,211
2,164
9,980
9,993
1,887
3,410
8,291
4,315
2,115
7,190
8,740
2,201
124
98
627
342
32
331
1,087
148
99
220
124
101
576
343
43
352
1,038
181
99
221
84
115
479
190
14
272
794
126
66
169
444
595
374
755
1,789
444
622
324
709
1,772
379
74
4
6
68
13
428
116
327
29
2
31
56
13
339
119
501
300
451
3
140
1,805
397
2,634
544
501
300
387
3
58
1,850
447
2,461
652
501
300
476
3
63
1,625
245
2,157
554
308
351
397
6,545
1,244
8,626
292
786
697
351
217
229
680
iName changed to National Bank of Bohemia and Moravia, Prague, by decree of March 31, 1939.
Items for issue and banking departments consolidated.
Gold revalued in part on March 6, 1939 at 0.2802 gram fine gold per kroon.
In accordance with law of December 22,1938, gold revalued on December 31,1938, at approximately 0.02 gram fine gold per markka.
In accordance with law XXV of 1938 gold revalued on January 15, 1939, at 0.1754 gram fine gold per pengo and resulting increment included
in other assets.
2
8
4
8
1143
FEDERAL RESERVE BULLETIN
DECEMBER 1939
CENTRAL BANKS—Continued
Central bank
[Figures as of last report
date of month]
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
Special gov't debts
Other assets
Note circulation
Other sight liabilities
Other liabilities
1
2
1939
Oct.
98
31
180
45
119
184
51
Sept.
1938
Aug.
Oct.
129
9
70
92
199
75
26
129
9
67
91
193
77
25
117
3
64
114
189
83
26
98
35
176
47
118
187
51
98
35
153
52
89
204
45
83
42
148
60
83
202
48
58
9
145
42
170
45
38
60
6
132
43
173
39
30
71
4
114
33
143
55
24
1 104
7
2
90
249
74
1,142
1 129
17
2
48
260
68
1,132
336
48
344
48
1 481
20
4
17
302
67
1 046
140
658
47
2,802
5,312
2,802
5,690
2,802
7,708
20, 843
3,816
598
16, 648
14, 710
2,014
19, 634
3, 658
357
15, 802
14, 377
1,962
10 881
2,732
328
14, 438
8,347
1 666
237
78
236
128
211
219
384
182
75
126
27
538
21
81
86
309
136
47
126
43
505
21
109
81
212
73
33
106
39
456
29
115
81
51, 654
24, 045
84 614
5,283
106,119
43, 629
15 848
433
13
1,034
127
0)
360
1,476
121
370
Central bank
[Figures as of last report
date of month]
Othfir assets
Notfi circulation
"OeTriflnrj deposit^
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
DeTiRnd 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:
Gold
Notes and coin
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
1938
Sept.
Aug.
Oct.
920
495
225
415
1 036
1 249
2,374
952
1,013
920
456
219
413
1 036
1 250
2,230
1 040
1,024
918
493
172
f'435
1 039
1,318
2,171
1 099
1,105
20,393
4,762
21,869
1,382
10,197
13, 700
47, 977
8,933
15, 393
20, 267
4,195
17, 930
1,441
10,183
12,490
42, 351
11,004
13,150
18,078
4,207
12, 230
1,850
10, 500
10, 687
34, 581
12, 063
10, 908
28, 398
7,125
18
18, 225
20 545
29, 880
3,341
26, 910
6,421
2 719
15, 848
16 712
31, 676
3,511
26, 560
7,170
1,822
15, 403
17 755
29, 951
3,249
732
452
14
111
207
511
1,248
573
207
786
529
13
78
194
535
1,259
703
173
782
608
11
60
186
545
1,126
884
183
707
890
13
28
86
462
1,028
985
172
2,395
291
95
54
686
2,036
835
649
2,419
285
94
49
684
2,082
802
648
2,419
288
63
43
684
2,024
828
646
2,873
302
111
26
707
1,736
1,641
642
Oct.
Bank of Portugal (millions of
escudos):
Gold.
Other reserves (net)
Non-reserve exchange
Loans and discounts...
Government debt
Other assets
Note circulation
Other sieht liabilities
Other liabilities
National Bank of Rumania (millions of lei):
Gold
Special exchange accounts
Loans and discounts
Special loans 2
Not reported separately on bank statement; included with loans and discounts.
Agricultural and urban loans in process of liquidation.
1939
36, 837
3
2,419
205, 985
197, 852
28,109
288, 521
64,072
118, 612
36,906 36, 871
1
11
3,556 17, 500
154,080 92, 058
193, 539 189, 951
28,053 34,173
229, 521 196, 611
65,461 64,978
121,165 108, 965
86, 235
87, 296
86, 235 103, 585
89, 548 86, 520
2,316
21,003 20,826
52, 327 50,194 48, 718
112,004 108, 563 97, 596
106, 349 108, 389 69, 209
88, 948 87, 450 80, 373
202, 735 200, 521 137, 466
1,987
616
2,573
2,835
3,944
9,244
1,546
1,164
1,987
582
2,494
2,400
3,961
9,108
1,095
1,221
1,924
509
2,132
2,231
3,332
7,986
1,350
791
1,893
442
1,896
2,243
3,457
7,012
2,049
869
1144
FEDERAL RESERVE BULLETIN
D E C E M B E R 1939
BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of Swiss gold francs 1]
1939
1938
1939
Assets
1938
Liabilities
Oct. 31
Gold in bars
Cash on hand and on current account
with banks
_
Sight funds at interest
Sept. 30
17, 532
16, 523
15,851
13,814
27, 337
11, 536
Rediscountable bills and acceptances
(at cost)
Time funds at interest
Sundry bills and investments
Other assets _
158,019
26, 575
214, 265
176,062
32, 979
226,008
6, 233
3,027
Total assets
452, 290
493, 472
Oct. 31
29, 303 Demand deposits (gold)
Oct. 31
Sept. 30
10,664
10,688
9,347
20,175
3,148
40,169
3,002
110,941
8,549
229, 644
250, 906
254,888
188, 659
188, 706
202, 204
452, 290
493, 472
585,929
___
27, 935 Short-term deposits (various currencies) :
14,434
Central banks for own account
Other
201,065
52,080 Long-term deposits: Special accounts..
248, 243
Other liabilities
12, 869
Total liabilities
__
585, 929
Oct. 31
i See BULLETIN for December 1936, p. 1025.
MONEY RATES IN FOREIGN COUNTRIES
[Per cent per anum]
United Kingdom (London)
Month
Bankers'
acceptances
3 months
1929—October...
1930—October...
1931—October...
1932—October...
1933—October...
1934—October...
1935—October. _.
1936—October. __
1937—October. __
1938—October.. _
6.13
2.09
5.68
1939—April
May
_
June
July
August
September
October
Treasury
bills, 3
months
Bankers'
Day-to-day allowance
money
on deposits
.77
.63
.56
.55
.70
6.19
2.13
5.46
.71
.73
.68
.62
.54
.53
.68
5.45
1.65
4.36
.71
.75
.75
.75
.75
.75
.75
1.40
.73
.75
.79
1.58
3.51
1.88
1.36
.70
.76
.77
1.92
3.23
1.77
.75
.77
.75
1.35
2.72
1.71
Netherlands (Amsterdam)
Germany (Berlin)
Switzerland
Belgium
(Brussels)
France
(Paris)
Italy
(Milan)
Private
discount
rate
Private
discount
rate
Private
discount
rate
Private
discount
rate
Private
discount
rate l
Money for Day-to-day
1 month
money 1
Private
discount
rate
Money for
1 month
7.28
4.66
8.00
3.87
3.87
3.81
3.04
2.94
2.88
2.88
9.06
5.93
9.84
5.00
5.50
5.13
3.26
2.82
2.91
2.88
8.06
5.15
9.21
4.94
5.11
4.63
3.13
2.82
2.81
2.70
5.15
1.59
2.76
.37
.50
.59
4.70
1.87
.13
.21
4.52
1.48
3.07
1.00
1.00
1.00
5.00
2.51
.50
.50
2.88
2.77
2.79
2.75
2.75
2.75
2.88
2.53
2.50
2.50
2.50
2.36
2.46
2.71
2.65
2.50
2.51
1.11
.72
.49
.51
1.03
2.94
1.90
1.24
.80
.75
.75
1.53
3.66
2.24
Sweden
(Stockholm)
Hungary
Japan (Tokyo)
Month
1929—September
1930—September
1931—September
1932—September
1933—September
1934—September
1935—September.
1936—September
1937—September
1938—September
3.38
1.50
1.80
1.50
1.50
1.50
2.40
1.98
1.00
1.00
4.94
2.39
2.44
3.00
2.27
2.15
1.88
1.38
1.00
3.26
3.50
1.99
1.50
1.00
1.13
1.50
2.85
3.38
3.54
2.65
7.01
5.48
5.47
5.50
3.55
3.00
4.87
4.50
5.00
5.00
1939—March
April
May
June
July
August
September
1.00
1.00
1.00
1.00
1.00
1.00
1.25
3.28
4.28
3.99
2.79
2.30
2.24
1.94
5.00
5.00
5.00
5.00
5.00
95
2.70
Prime
Loans up
commer- Day-to-day
to 3
money
cial paper
months
M7M
8-1034
^ 8
%
V2
434- 7V2
4- 7
4 - &A
4 - 634
5-6
4-4%
334
334
3
2%
3^-534
3-5
234-5
2M-4H
2^-5
2^5
2H-5
4^-63
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
4.56
4.47
4.47
4.47
4.47
134
134
134
134
2.92
3.65
2.56
3.47
2.56
2.63
2.62
2.81
2.46
2.33
2.54
2.47
2.37
2.39
23-3-5
1 Beginning September 1939 figures are those published in the Wochenbericht des Instituts fur Konjunkturforschung.
NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736; May
1930, p. 318; and September 1938, p . 757.
1145
FEDERAL RESERVE BULLETIN
DECEMBER 1939
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annuml
Central bank of—
Date effective
In effect June 30,
1936
July 7
July 10
Sept. 9
Sept. 25
Oct 2
Oct. 9
Oct. 16... ._
Oct. 20
Nov. 26
Dec 3
Jan. 28, 1937
June 15
July 7
Aug 4
Sept. 3
Nov 13
May 10, 1938
May 13
May 30
Sept 28
Oct 27
Nov 25
Jan 4 1939
Apr. 17
May 11
July 6
Aug. 24
Aug 29
Sept. 28
Oct. 26
In effect Nov. 28,
1939. _
United
GerKing- France many
dom
Belgium
4
2
2
4
Central
bank of—
Neth- Switzerer Japan
lands land
3
2H
2
2
5
3
2
2H
3
Wi
2
4
6
5
4
2
4
2H
3
3
2H
2K
2
Date
effective
Albania
6
April 1, 1937
Argentina..
Mar. 1, 1936
Belgium
July
6, 1939
Bolivia
6 2 July 5, 1932
Britishlndia
Nov.
28,
1935
3
Bulgaria
Aug. 15, 1935
6
Canada
Mar. 11, 1935
Chile
3-4K Dec. 16, 1936
Colombia...
July 18, 1933
Czechoslovakia. _ 3
Jan. 1, 1936
Danzig
Jan. 2, 1937
4
Denmark. __
Oct. 10, 1939
Ecuador
4
Nov. 30, 1932
El Salvador
Mar. 30, 1939
3
Estonia
Oct. 1, 1935
Finland
Dec. 3, 1934
4
France
2 Jan. 4, 1939
Germany...
Sept. 22, 1932
4
Greece
.
Jan. 4, 1937
6
Hungary
Aug. 29, 1935
4
Italy
4H May 18, 1936
3.29
3
2
Rate
Nov.
28
Central
bank of—
Rate
Nov.
28
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. .
3.29
3
6
3
3
2
4
Date
effective
Apr.
Jan.
Jan.
July
Mar.
Aug.
7, 1936
14, 1937
1, 1939
15, 1939
1, 1937
29, 1939
4
Nov. 19, 1938
Sept. 22, 1939
May 20, 1932
Dec. 18, 1937
Aug. 11, 1937
May 5, 1938
May 15, 1933
*Mar. 29, 1939
Dec. 1, 1933
Nov. 26, 1936
July 1, 1938
2
4
5
Oct. 26, 1939
July 1, 1936
Feb. 1, 1935
4
2
1
Not officially confirmed.
Changes since Oct. 26: None.
4
3
4
3
3
2
2
2
4
2H
3
IK
3.29
COMMERCIAL BANKS
[Figures as of end of month, except those for United Kingdom, which are averages of weekly figures]
Liabilities
Assets
United Kingdom
(Figures in millions of pounds sterling)
Cash
Money at
call and Bills discounted
short
notice
Securities
Loans to
customers
Other
assets
Deposits
Total
Demand i
Time i
Other
liabilities
10 London clearing banks
1930—December.
1931—December.
1932—December.
1933—December.
1934—December.
1935—December.
1936—December.
1937—December.
1938—December.
208
184
207
213
216
221
236
236
235
144
119
127
119
151
159
187
155
150
322
246
408
311
255
322
316
295
244
285
297
472
565
594
605
630
605
606
933
905
778
740
759
784
864
954
940
240
222
208
237
247
231
238
242
250
1,876
1,737
1,983
1,941
1,971
2,091
2,238
2,250
2,172
1,015
1,044
1,140
847
846
963
900
910
924
254
237
216
244
251
231
232
237
254
992
868
991
11 London clearing banks 2
1936—December.
1937—December.
244
244
195
163
322
300
660
635
890
984
249
256
2,315
2,330
1,288
1,284
1,012
1,026
245
252
1938—September.
October. __
November.
December.
234
234
233
243
148
149
149
160
289
268
272
250
646
645
642
635
973
973
966
971
242
256
255
263
2,269
2,256
2,249
2,254
1,236
1,247
1,244
1,256
1,033
1,009
1,004
262
270
269
269
1939—January...
February..
March
April
_
May
June
_
July
August
September
October 3__
248
243
232
229
236
235
235
233
268
256
143
138
141
145
144
150
155
152
146
159
256
212
190
184
201
249
278
279
236
289
625
617
611
611
605
600
597
599
603
605
972
982
992
997
992
993
986
985
252
253
249
256
258
257
251
269
276
271
2,230
2,176
2,152
2,155
2,167
2,219
2,240
2,245
2,278
2,327
1,260
1,213
1,186
1,185
1,194
1,232
1,241
1,239
970
964
966
970
973
987
999
1,016
1,020
997
1,007
267
268
264
267
268
265
263
273
266
272
1 Through December 1937 excludes deposits in offices outside England and Wales, which are included in total. Figures for 10 banks not available2beginning 1936.
District Bank included beginning in 1936.
3
Figures combined from reports by banks for one or another of several days near end of month; averages of weekly figures discontinued.
NOTE.—For other back figures and explanation of tables see BULLETIN for October 1933, pp. 639-640.
1146
FEDERAL RESERVE BULLETIN
DECEMBER
1939
COMMERCIAL BANKS—Continued
[Figures as of end of month]
Assets
France
(4 large banks. Figures in millions of
francs)
Cash
1930—December.
1931—December.
1932—December.
1933—December.
1934—December.
1935—December.
1936— December.
1937—December.
1938—November
December.
1939—January. _.
February..
March
April
May
June
July
August p__
2,419
11,311
9,007
5,870
5,836
3,739
3,100
3,403
3,357
3,756
3,329
3,433
3,604
3,522
5,148
3,538
3,464
6,357
Due from Bills disbanks
counted
4,675
2,168
1,766
1,416
1,421
2,484
2,975
4,116
4,318
4,060
3,985
3,824
3,519
3,745
3,769
3,857
3,580
3,718
20,448
18,441
22,014
19,848
18, 304
16,141
17, 582
18, 249
18, 522
21, 435
22,100
23,024
23, 945
25, 667
25,102
25, 263
25, 717
18, 784
Other
Loans
Total
10,743
9,274
7,850
8,309
8,159
8,025
7,631
7,624
7,956
7,592
7,079
6,927
6,654
6,414
7,061
6,538
6,850
7,353
Demand
36,681
38,245
37,759
32, 635
30,943
27, 553
28,484
30,348
30,971
33, 578
33,444
34, 243
34, 793
36, 368
38,120
36, 231
36, 650
33, 293
2,361
2,130
1,749
1,827
1,717
1,900
1,957
2,134
1,976
1,940
1,339
1,250
1,310
1,353
1,409
1,472
1,532
1,674
Cash
(5 large Berlin banks. Figures in millions of reichsmarks)
reserves
191
173
143
131
115
139
137
148
199
270
179
195
184
175
219
189
237
214
Due
from
banks
1,483
817
583
471
393
316
269
299
255
295
261
270
285
307
308
271
292
306
35,284
37,023
36,491
31,773
30,039
26,859
27,955
29, 748
30,460
33,042
32,863
33, 619
34,127
35, 700
37, 444
35, 547
35, 991
32, 668
1,397
1,222
1,268
862
904
694
529
600
511
537
581
624
667
667
676
684
659
626
3,934
3,888
3,904
4,364
4,537
4,108
921
576
295
273
193
337
473
661
746
721
643
538
541
558
519
486
430
455
Other
liabilities
4,357
4,503
4,331
4,362
4,301
4,399
4,289
4,517
4,411
4,484
3,745
3,677
3,697
3,775
3,849
3,951
4,063
4,138
Liabilities
Bills dis- Loans
counted
2,453
1,431
1,631
1,702
2,037
2,162
2,567
3,205
3,589
3,384
3,620
3,643
Own
acceptances
Time
Assets
Germany i
1930—November..
1931—November..
1932—November..
1933—November..
1934—November..
1935—November..
1936—November..
1937—November..
1938—August
September..
October
November..
1939—January
February...,
March
April
May
June
Liabilities
Deposits
7,416
5,377
4,570
3,731
3,331
2,884
2,729
2,628
2,731
2,817
2,743
2,685
2,708
2,798
2,833
2,761
2,772
Securities
482
807
938
860
874
,027
,112
,020
,098
,097
,183
L, 406
L, 178
, 145
,112
,082
1,073
1,080
Deposits
Other
Total
1,127
991
1,003
851
812
844
876
895
902
901
891
852
829
9,091
6,062
6,161
5,754
5,816
5,376
5,751
6,264
6,933
6,915
7,031
7,234
7,334
7,377
7,458
7,745
7,981
7,793
Demand
3,857
3,252
2,958
2,624
2,731
2,435
2,661
2,912
3,219
3,311
3,373
3,531
3,619
3,576
3,693
3,870
3,996
3,793
Time
5,233
2,810
3,203
3,130
3,085
2,941
3,090
3,352
3,714
3,603
3,658
3,703
3,716
3,801
3,765
3,875
3,985
3,999
Credits
obtained
from
banks
1,986
1,328
1,146
661
485
686
579
513
416
424
422
420
414
410
401
398
396
390
Other
liabilities
1,828
2,341
1,550
1,481
1,432
:, 449
,334
,335
:,368
,400
1,427
1,438
1,436
1,427
1,418
1,414
1,385
1,342
Liabilities
Canada
'10 chartered banks. Figures in millions of Canadian dollars)
1930—December.
1931—December.
1932—December.
1933—December.
1934—December.
1935—December.
1936—December.
1937—December.
1938—November.
December.
1939—January...
February..
March
April
May
June
July..
August
September.
Security
loans
abroad
and net Securities
Other
due
Security loans
from
loans and dis- foreign
counts
banks
Entirely in Canada
Cash
207
201
211
197
228
228
240
255
277
263
276
267
259
260
266
255
266
265
279
205
135
103
106
103
83
114
76
64
65
63
60
56
54
55
53
51
49
51
1,275
1,253
1,104
1,036
977
945
791
862
970
940
919
921
943
956
963
957
947
957
1,020
171
146
155
134
155
141
161
102
192
166
167
171
192
203
217
226
202
245
214
604
694
778
861
967
1,155
1,384
1,411
1,426
1,463
1,454
1,490
1,499
1,509
1,505
1,525
1,520
1,507
1,502
Other
602
510
439
432
449
485
507
510
471
474
459
450
458
449
452
494
468
461
475
Note
circulation .
133
129
115
121
124
111
103
96
92
88
85
88
93
90
85
92
95
Deposits payable in Canada excluding interbank
deposits
Total
2,115
2,058
1,916
1,920
2,035
2,180
2,303
2,335
2,499
2,500
2,457
2,471
2,492
2,509
2,524
2,542
2,520
2,524
2,583
Demand
538
563
628
694
755
752
844
840
789
780
791
812
846
862
822
822
891
Other
liabilities
Time
1,426
1,360
1,378
1,357
1,407
1,486
1,548
1,583
816
752
760
725
718
745
790
786
1,655
1,660
808
782
1,667
1,691
1,700
1,697
1,678
1,680
1,697
1,702
1,692
7fi6
800
821
833
850
875
849
873
862
v Preliminary.
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 othe r back figures and explanation of table see BULLETIN for October 1933, pp. 641-646; June 1935, pp. 388-390; and August 1939,
p. 699.
1147
FEDERAL RESERVE BULLETIN
DECEMBER 1039
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
In cents per unit of foreign currency]
Brazil (milreis)
Australia
(pound )
Argentina
(peso)
Year or month
Belgium
(belga)
Official
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
95 127
83 505
66. 738
58 443
72. 801
33 579
32 659
33 137
32. 959
32 597
480 83
458 6C
351. 5C
279 92
337.07
400 91
388.8(>
395 94I
393. 94I
389. 5,)
13 912 11.8072
13 952 10.7136
7.0290
13. 929
7.1223
13 914
7. 9630
17. 900
23 287 8. 4268
8. 2947
18.424
16 917 8. 5681
8. 7190
16.876
5. 8438
16.894
1939—February
M!arch
April
M^ay
June
July
August
September
October
31.236
31 234
31 207
31 210
31.217
31.211
31. lie
373. 3[\
373 2"7
372. 8(3
372 8<)
373.112
373. o:$
367.3 I
318 3 I
319.5 L
16.860
16 823
16.838
17 016
17.008
16.991
16.968
17.028
16.729
Year or month
1929
1930
1931
1932
1933
1934
1935
1936
1937 1938
1939— F e b r u a r y _ _.
March.
April
May
June
July
.
_
29. 77C
Chile (peso)
Free
market
5. 8788
6.1806
5. 8602
5. 8647
5. 8595
6. 0585
6. 0571
6.0579
6. 0594
6. 0575
5.1038
5.0555
5.0236
5.0162
5. 0503
Export
China
(yuanShanghai)
Colombia
(peso)
12.0601
12. 0785
12. 0669
7. 9079
7. 6787
10.1452
5.0833
5.1240
5.1697
5.1716
4.0000
4. 0000
41.901
29.917
22. 437
21. 736
28. 598
34.094
36. 571
29. 751
29. 606
21. 360
96.551
96. 493
96. 570
95. 275
81. 697
61. 780
56.011
57.083
56. 726
55. 953
99
99
99.
99
99
99
99
99
99.
99
99. 502
99. 583
99. 483
99. 620
99. 773
99. 835
99.494
91. 255
89. 331
5.1736
5. 1733
5.1735
5.1733
5.1737
5.1703
5.1691
5.1776
5.1713
4.0000
4.0000
4. 0000
4.0000
4.0000
4.0000
4.0000
4.0000
4. 0000
15. 885
16.016
16.015
15.987
13. 434
10. 637
7.163
6.696
7.638
56.990
56. 983
56. 982
57.009
57.169
57.036
57.061
57. 068
57.151
99 933
99 932
99 936
99 942
99. 949
99. 950
99.950
Hungary
(pengo)
Italy
(lira)
Japan
(yen)
Mexico
(peso)
Netherlands
(guilder)
Bulgaria
(lev)
Canada —
(dollar)
36.202
36.067
33. 690
26.347
31. 816
37. 879
36. 964
37. 523
37. 326
36. 592
.7216
.7209
.7163
.7193
1.0039
1. 2852
1. 2951
1. 2958
1. 2846
1. 2424
99.247
99. 842
96. 326
88.090
91. 959
101.006
99. 493
99. 913
100.004
99. 419
35.014
35.057
34. 962
34.916
34. 924
34. 905
34.407
29. 928
30. 296
1. 2130
1. 2103
1. 2089
1. 2101
1. 2077
1. 2126
1. 2111
British
India
(rupee)
Official
Cuba
(peso)
965
952
930
941
946
936
920
909
916
925
DenEgypt
mark .
(krone) u Dound)
Finland
(markka)
France
(franc)
GerHong
many Greece
(drach- Kong
(reichs- ma)
(dollar)
mark)
2.9609
2. 9640
2. 9619
2. 9618
3. 8232
4. 2424
4.1642
4. 0078
3.4930
3. 4674
26.680
26. 765
25.058
18. 832
19. 071
22. 500
21. 883
22.189
22. 069
21. 825
498.07
498. 60
465.11
359. 54
434. 39
516. 85
502. 60
509. 68
506. 92
501. 30
2, 5160
2. 5169
2. 3875
1. 5547
1. 8708
2. 2277
2.1627
2.1903
2.1811
2.1567
3.9161
3. 9249
3. 9200
3.9276
5. 0313
6. 5688
6. 6013
6.1141
4. 0460
2. 8781
23.809
23. 854
23. 630
23. 749
30. 518
39. 375
40. 258
40. 297
40. 204
40.164
1.2934
1. 2959
1. 2926
.8320
.7233
.9402
.9386
.9289
.9055
.8958
47.167
33. 853
24. 331
23.460
29. 452
38. 716
48. 217
31.711
30. 694
30. 457
17.441
17.494
17. 452
17. 446
22. 360
29. 575
29. 602
29. 558
19. 779
19. 727
5. 2334
5. 2374
5. 2063
5.1253
6. 7094
8. 5617
8. 2471
7. 2916
5. 2607
5. 2605
46.100
49.390
48. 851
28. I l l
25. 646
29. 715
28. 707
29.022
28. 791
28. 451
48.183
47.133
35. 492
31. 850
28.103
27. 742
27. 778
27. 760
27. 750
22.122
40.162
40. 225
40. 230
40. 295
51. 721
67. 383
67. 715
64. 481
55.045
55.009
483 21
468 22
415 29
320.19
340 00
402. 46
391. 26
398.92
396. 91
392 35
3.4248
3. 4245
20.912
20. 912
20.891
20.895
20. 900
20. 896
20.834
19 317
19.291
480.43
480. 40
479. 90
479.97
480.10
480. 00
472. 41
432 04
2. 0604
2.0597
2. 0542
2.0548
2.0559
2.0547
2.0456
1. 9000
1. 8943
2. 6471
2. 6488
2. 6478
2. 6487
2. 6493
2. 6488
2. 6137
2. 2651
2. 2736
40.117
40. 098
40. 081
40.115
40.105
40.113
39.859
39. 500
.8583
.8586
.8579
.8570
.8565
.8576
.8520
. 7575
.7345
29. 078
29. 049
28. 659
28. 884
28. 916
28. 703
28. 213
24. 863
25. 030
19. 627
19. 613
19. 602
19.588
19. 577
19. 576
19. 576
5. 2602
5. 2601
5. 2601
5. 2603
5. 2604
5. 2605
5.2515
5.1445
5.0465
27. 297
27. 300
27. 274
27. 277
27. 284
27. 279
26.870
23. 459
23. 510
19. 973
20. 026
20.023
20.025
19. 753
17.133
16.800
19. 023
20.151
53. 626
53.092
53.132
53. 601
53.167
53. 278
53.484
53.182
53.115
374. 84
374. 78
374 41
374.42
374 60
374. 49
368 82
319 75
320. 81
Czechoslovakia
koruna)
August
September
October ___
_
New
Zealand
(pound)
Uruguay (peso)
Year or month
Norway
(krone)
Poland
(zloty)
Straits SweRuma- South
PortuSpain Settleden
nia
Africa
gal
ments
(peseta)
(leu)
(escudo)
(pound)
(dollar) (krona)
1929
1930
1931
1932
1933
1934 . . .
1935
1936
1937
1938
26.683
26. 760
25.055
18.004
21. 429
25. 316
24. 627
24. 974
24. 840
24. 566
11 194
11. 205
11.197
11.182
14. 414
18. 846
18.882
18.875
18. 923
18.860
4.4714
4. 4940
4. 2435
3.1960
3. 9165
4. 6089
4. 4575
4. 5130
4. 4792
4. 4267
.5961
.5953
.5946
.5968
.7795
1.0006
.9277
.7382
.7294
.7325
483. 27
483. 79
480. 76
476. 56
414. 98
498. 29
484. 66
491. 65
489. 62
484.16
1939—February
March
April
Mav
June.July... ~ .
August
September..
October
23. 539
23. 539
23 515
23. 519
23. 524
23. 520
23. 376
22. 655
22. 697
18 898
18. 860
18 818
18 812
18.812
18. 808
18.754
4. 2508
4. 2502
4 2448
4. 2460
4. 2484
4. 2506
4. 2234
3. 6564
3. 6444
.7272
.7140
.7056
.7056
.7042
.7035
.7043
463. 83
463. 74
462. 80
463.11
463. 32
463. 28
456.10
394. 57
396.12
United
Switzerland Turkej' King)
dom
(pound
(franc)
(pound;
Controlled
Yugoslavia
Non-con- (dinar)
trolled
14.683
11. 667
9.545
8.044
10. 719
13. 615
13.678
12. 314
6.053
5.600
56 f11?
55. }64
52. 445
40 W
49. ?3?
59. 005
57 73
58 258
57. 973
56. 917
26. 784
26. 854
25. 254
18. 471
22.032
25. 982
25. 271
25. 626
25. 487
25.197
19. 279
19. 382
19. 401
19.405
24. 836
32. 366
32. 497
30.189
22. 938
22. 871
48.411
47. 061
47.181
47. 285
60. 440
79.047
80.312
80. 357
80.130
80.109
485 69 98. 629
486. 21 85.865
453. 50 55. 357
350. 61 47.064
423. 68 60. 336
503. 93 79. 956
490.18 80. 251
497.09 79. 874
494. 40 79.072
488 94 64. 370
1
1
1
1
1
2
2
2
2
2
11. 023
11. 023
11. 023
11. 000
10. 492
10.148
54. 416
54. 394
54 ?73
54 S73
54. 509
54 785
53. 996
46. 712
47. 017
24.133
24.130
24. I l l
24.110
24.107
24.114
24. 002
23. 763
23.792
22. 672
22. 614
22. 431
22. 480
22. 546
22. 550
22. 573
22. 57f
22. 433
80. 385
80.361
80. 279
80. 290
80.101
80. 021
80.022
79. 500
468 57
468. 54
468 05
468 13
468. 24
468.15
461. 07
399. 51
401.05
2 2820
2 2781
2 2636
2 2675
2. 2674
2 2744
2. 2729
61 646
61. 650
61 592
61. 598
61. 609
61. 600
60. 659
52. 595
52.847
35.620
35. 818
35. 698
38.180
39. 022
7591
7681
7680
6411
7607
2719
2837
2965
3060
3115
NOTE.—Developments affecting averages since September 1939 have been as follows: No rates certified for following days: Argentina—Oct. 1-16;
Bulgaria, Cuba, Egypt, Germany, Hungary, Poland, Rumania, Turkey, and Yugoslavia—Oct. 1-31; Uruguay—Oct. 17-31. Quotations no longer
nominal for Australia, Denmark, Finland, Hong Kong, Italy, Norway, Portugal, South Africa, Straits Settlements, and Sweden. For further
information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the basis of quotation, see
BULLETINS for March 1938, p. 244; March 1939, p. 236; September 1939, p. 831; and November 1939, p. 1031.
1148
FEDERAL RESERVE BULLETIN
DECEMBER
1939
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
Canada
States
(1926=100) (1926=100)
Year or month
United
Kingdom
(1930=100)
France
(1913=100)
Germany
(1913=100)
Italy
(1928=100)
Japan
(October
1900=100)
Netherlands
(1926-30=
100)
Switzerland
(July 1914
=100)
237
106
144
220
181
141
126
110
96
91
90
90
96
111
107
1926
100
100
1124
695
134
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
95
86
73
65
66
75
80
81
86
79
96
87
72
67
67
72
72
75
85
79
100
88
86
86
88
89
94
109
101
627
554
500
427
398
376
338
411
581
653
137
125
111
97
93
98
102
104
106
106
95
85
75
70
63
62
68
76
89
95
161
180
178
186
198
238
251
100
90
76
65
63
63
62
64
76
72
1938—September
October
November. __ _
December
78
78
78
77
75
74
74
73
98
99
98
98
652
664
674
684
106
106
106
106
97
97
97
96
252
253
254
255
71
71
70
71
106
106
106
106
1939—January
77
77
77
76
76
76
75
75
79
79
73
73
73
73
74
73
73
72
78
97
97
97
97
98
98
98
98
105
pill
689
685
683
675
684
683
678
674
107
107
107
106
107
107
107
107
107
97
97
98
98
97
98
96
259
264
265
266
270
270
270
272
288
70
70
70
70
70
70
70
71
106
105
105
106
107
106
107
107
117
__
—
February
March
April
May
__ _
__
June
July
August
__
September
October
p Preliminary.
i Approximate figure, derived from old index (1913=100).
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United Kingdom
(1930=100)
United States (1926=100)
Year or month
Farm
products
Foods
Other
commodities
Foods
Industrial
products
France (1913=100)
Germany (1913=100)
Farm
and food
products
Industrial
products
Agricultural
products
Provisions
Industrial raw
Indusand semi- trial finfinished
ished
products products
1926
100
100
100
581
793
129
132
130
150
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
105
88
65
48
51
65
79
81
86
69
100
91
75
61
61
71
84
82
86
74
92
85
75
70
71
78
78
80
85
82
100
89
88
83
85
87
92
102
97
100
87
85
87
90
90
96
112
104
579
526
542
482
420
393
327
426
562
641
669
579
464
380
380
361
348
397
598
663
130
113
104
91
87
96
102
105
105
106
125
113
96
86
75
76
84
86
96
91
132
120
103
89
88
91
92
94
96
94
157
150
136
118
113
116
119
121
125
126
68
67
68
68
75
74
74
73
81
81
81
80
92
93
91
92
102
102
103
102
631
646
662
684
669
680
685
685
106
106
107
107
91
92
95
95
94
94
94
94
126
126
126
126
67
67
66
64
64
62
63
61
69
67
72
72
70
69
68
68
68
67
75
73
80
80
80
81
81
80
80
80
82
84
93
91
90
91
92
92
91
90
101
100
100
100
100
101
101
102
102
107
688
673
671
650
652
643
629
616
690
694
694
697
712
718
721
726
108
108
108
107
108
109
109
109
108
94
94
94
92
94
91
92
92
94
94
95
95
94
94
95
95
95
126
126
126
126
126
126
126
126
126
- -
193g—September
October
_ _
November __ _
December
1939—January
February
March
April
May
June
July
.
August
September
October
__
_
_ _
P109
r 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.
DECEMBER
1149
FEDERAL RESERVE BULLETIN
1939
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
Year or
month
RETAIL FOOD PRICES
COST OF LIVING
[Index numbers]
[Index numbers]
EngGer- Nether- SwitzUnited
land
lands
erland
States
France many
192319131911June
July
July
1925=100 1914=100 1914=100 1914=100 1913=100 1914=100
Nether- SwitzGerEngUnited
lands perland
land
France many
States
June
19111923July
19131925=100 1914=100 1930=100 1914=100 1913=100 1914=100
Year or
month
1926
109
161
554
146
161
160
1926
103
170
142
168
162
1929
1930
1931
1932.
1933
1934
1935
1936
1937.
1938
105
100
82
68
66
74
81
82
85
79
154
145
131
126
120
122
125
130
139
141
611
614
611
536
491
481
423
470
601
702
156
146
131
116
113
118
120
122
122
122
162
150
136
119
120
124
118
120
127
130
156
152
141
125
117
115
114
120
130
130
1929
1930
1931_.
1932
1933 .
1934
1935
1936
1937
1938
100
97
89
80
76
79
81
82
84
83
164
158
148
144
140
141
143
147
154
156
154
148
136
121
118
121
123
125
125
126
168
161
151
141
139
140
161
158
150
138
131
129
CO <M I>
COCO C<
128
130
137
1938-September
October. __
November
December.
79
78
78
79
140
139
140
139
697
725
727
742
121
121
121
121
130
130
128
130
130 1938-September
130
October
130
November
130
December.
83
156
155
156
156
125
125
125
125
139
138
137
138
137
137
137
137
1939-January . .
February
March
April
May
June
JulyAugust...
September
October. __
78
77
76
77
77
76
77
75
79
78
138
138
135
135
748
744
742
734
122
122
123
122
138
123
136
136
137
136
137
138
134
738
134
139
739
741
124
125
137
138
749
125
122
83
129 1939-January
129
February
128
March
129
April
130
May
132
June
132
July
131
August
133
September
October
130
124
1
82
82
83
100
97
91
87
83
78
86
102
117
120
155
155
153
153
122
153
123
139
137
136
126
126
126
126
126
153
156
127
127
155
127
126
155
137
137
138
P165
p Preliminary.
i Revised index from March 1936 (see BULLETIN for April 1937, p . 373).
Sources— See BULLETIN for April 1937, p . 373, and October 1939, p . 943.
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks
Bonds
Year or month
United
States
(average
price) i
(1926=100)
France
England
(December (1913=100)
1921=100)
Germany
(average
price)
Number of issues. _
60
1926.-
97.6
110.0
57.4
1929
1930.
1931
1932
1933.
1934
1935
1936
1937
1938
98.1
99.3
90.9
69.5
73.4
84.5
88.6
97.5
93.4
78.9
110.2
111.8
108.4
113.2
119.7
127.5
129.9
131.2
124.6
121.3
85.1
95.8
96.9
88.6
81.3
82.1
83.5
76.3
75.1
77.3
81.4
83.3
3 83.4
3 67.1
82.5
90.7
95.3
95.8
98.7
99.9
1938—September..
October
November..
December...
78.7
81.8
82.1
81.1
118.4
118. 2
118.0
116.3
75.6
78.3
80.6
88.3
1939—January
February
March
April
May
June
July
August
September..
October
81.9
82.1
83.1
79.4
80.2
81.4
81.6
81.0
80.9
82.9
115.9
115.8
113.6
110.8
113.5
113.5
112.5
110.9
106.9
83.4
86.5
86.0
86.6
85.1
84.0
84.3
82.9
c
1
2
87
36
Netherlands 2
8
United
States
England
France
Germany
Netherlands
(1930=100)
100
420
278
300
329
100.0
100.0
100.0
100.0
100.0
104.3
104.1
94.8
105.3
113.4
107.8
109.1
4 101. 8
105.9
190.3
149.8
94.7
48.6
63.0
72.4
78.3
111.0
111.8
83.3
119.5
102.6
78.9
67.9
78.6
85.7
86.3
97.0
96.3
80.8
217.6
187.6
132.2
105.2
99.6
83.3
79.7
77.2
97.4
89.7
122.8
100.2
3 78.0
3 50.3
61.7
71.1
82.9
91.6
102.6
100.1
99.8
99.8
99.7
99.2
100.6
105.6
105.3
105.9
86.0
91.1
94.7
92.0
78.4
79.6
80.4
78.4
83.7
88.0
91.8
104.7
94.7
98.6
97.2
94.6
92.8
98.0
98.8
97.8
99.0
99.0
99.0
99.0
99.0
99.0
99.0
99.0
98.9
104. 3
102.1
100.9
95.2
98.0
96.3
94.4
92.6
79.6
91.8
90.1
91.7
81.9
83.1
86.0
86.1
86.3
92.4
95.3
78.0
77.5
77.1
75.1
77.0
76.6
75.8
75.3
72.0
94.0
100.0
97.9
97.9
103.0
98.3
100.4
94.0
95.3
96.1
94.4
94.9
94.1
92.5
91.7
C
93. 2
92.8
94.3
92.4
94.0
139
100
70
46
52
55
55
66
104
96
89! 3
91.6
89.3
88.6
92. 1
Corrected.
Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co.
Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 per cent. For new index
beginning
January 1937, January-March 1937=100; average yield in base period was 3.39 per cent.
8
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.
• New index. See note 2.
Sources.—See BULLETIN for February 1932, p. 121; June 1935, p. 394; April 1937, p. 373; July 1937, p. 698; and November 1937, p. 1172.
FEDERAL RESERVE DIRECTORY
1150
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
RONALD RANSOM, Vice Chairman
M. S. SzYMCZAK
CHESTER C. DAVIS
ERNEST G. DRAPER
JOHN K. MCKEB
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. PATJLGER, Chief, Division of Examinations
R. F. LEONARD, Assistant Chief, Division of Examinations
C. E. CAGLE, Assistant Chief, Division of Examinations
E. A. GOLDENWEISER, Director, Division of Research and Statistics
WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics
EDWARD L. SMEAD, Chief, Division of Bank Operations
J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations
J. E. HORBETT, Assistant Chief, Division of Bank Operations
CARL E. PARRY, Chief, Division of Security Loans
PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
FEDERAL OPEN MARKET COMMITTEE
FEDERAL ADVISORY COUNCIL
MARRINER S. ECCLES, Chairman
District No. 1 (BOSTON)
THOMAS M. STEELE
GEORGE L. HARRISON, Vice Chairman
District No. 2 (NEW YORK)
LEON FRASER
CHESTER C. DAVIS
ERNEST G. DRAPER
M. J. FLEMING
GEORGE H. HAMILTON
HUGH LEACH
WM. M C C . MARTIN
JOHN K. MCKEE
RONALD RANSOM
M. S. SZYMCZAK
District No. 3 (PHILADELPHIA)
HOWARD A. LOEB,
District No. 4 (CLEVELAND)
T. J. DAVIS
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
Vice-President
District No. 5 (RICHMOND)
ROBERT M. HANES
District No. 6 (ATLANTA)
EDWARD BALL
District No. 7 (CHICAGO)
EDWARD E. BROWN
District No. 8 (ST. LOUIS)
WALTER W. SMITH
District No. 9 (MINNEAPOLIS)
JOHN CROSBY
President
District No. 10 (KANSAS CITY)
JOHN EVANS
J. P. DREIBELBIS, Assistant General Counsel
District No. 11 (DALLAS)
R. E. HARDING
E. A. GOLDENWEISER, Economist
JOHN H. WILLIAMS, Associate Economist
District No. 12 (SAN FRANCISCO)__.PAUL S. DICK
WALTER WYATT, General Counsel
ALLAN SPROUL, Manager of System Open Market Account
1151
WALTER LICHTENSTEIN, Secretary
SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Chairman and Federal
Reserve Agent
Federal Reserve
Bank of—
President
First Vice President
Vice Presidents
F. H. Curtiss_
R. A. Young
New York__
Owen D. Young
G. L. Harrison.. _ _ Allan Sproul
PhiladelDhia
T B McCabe
J S Sinclair
F J. Drinnen
C A Mcllhenny 3
W. J. Davis
E. C. Hill
Cleveland
G C Brainard
M. J. Fleming
F. J. Zurlinden
W. H. Fletcher
G. H. Wagner
W. F. Taylor »
Richmond... _ _.
Robert Lassiter
Hugh Leach
J. S. Walden, Jr
J. G. Fry
G. H. Keesee i
Atlanta
F H Neely
R. S. Parker
W. S. McLarin, Jr.
Chicago
R. E. Wood i
G. J. Schaller
H. F Conniff
M. H. Bryan
C. S. Young
W. H. Snyder»
J. H. Dillard
St Louis
W T Nardin
W. McC. Martin..
F. G. Hitt
Minneapolis.._ _ _ W. C. Coffey 1
J N Peyton
0 S. Powell
Kansas City
R. B. Caldwell
G. H. Hamilton...
C. A. Worthington
H. G. Leedy
J. W. Helm 3
Dallas
J. H. Merritt
R R Gilbert
E B Stroud
R. B. Coleman
W. J. Evans
W. 0. Ford 2
San Francisco
St George Holden l
W. A. Day
Ira Clerk
W. M. Hale
C. E. Earhart *
R. B. West
Boston
i Deputy chairman.
W. W. Paddock
_
2
W. Willett »
_
__ H. P. Preston...
Cashier.
L. R. Rounds
W. S. Logan
J. H. Williams
R. M. Gidney
L. W. Knoke
R. G. Rouse
0. M. Attebery
C M . Stewart *
H. I. Ziemer 3
E. W. Swanson
3
Also cashier.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo Branch
Cleveland:
Cincinnati Branch
Pittsburgh Branch
Richmond:
Baltimore Branch
Charlotte Branch.__
Atlanta:
Birmingham Branch
Jacksonville Branch
Nashville Branch. _.
New Orleans Branch
Chicago:
Detroit Branch
St. Louis:
Little Rock Branch
Louisville Branch
Memphis Branch
Managing director
R. M. O'Hara
_. B. J. Lazar
_ P. A. Brown
W. R. Milford
W. T. Clements
P. L. T. Beavers
G. S. Vardeman, Jr.
J. B. Fort, Jr.
L. M. Clark
_ _ R. H. Buss
Federal Reserve Bank of—
Minneapolis:
Helena Branch
Kansas City:
Denver Branch
Oklahoma City Branch
Omaha Branch
_ _ __
Dallas:
El Paso Branch
Houston Branch
San Antonio Branch
San Francisco:
Los Angeles Branch
_
Portland Branch.
Salt Lake City Branch
Seattle Branch.. _ _ __ _
Managing director
R. E. Towle
J. E. Olson
C. E. Daniel
L. H. Earhart
J. L. Hermann
W. D. Gentry
M. Crump
W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw
A. F. Bailey
F. D. Rash
W. H. Glasgow
SUBSCRIPTION PRICE OF BULLETIN
The FEDERAL RESERVE BULLETIN is an official publication of the Board of Governors of
the Federal Reserve System. The BULLETIN is issued monthly and is sent to member banks
without charge. To others the subscription price, which covers the cost of paper and printing, is as follows: in the United States, Canada, Mexico, and insular possessions, $2.00 per
year and 20 cents per single copy; elsewhere, $2.60 per year and 25 cents per single copy.
1152
INDEX TO VOLUME 25
Page
Page
Acceptances:
Bankers':
Outstanding
54, 130, 206, 314,
414, 508, 585, 664, 796, 906, 996, 1112
Buying rates
55, 131, 207, 315,
415, 509, 586, 665, 797, 907, 997, 1113
Discount rates, open market
.56, 132, 208, 316,
416, 510, 587, 666, 798, 908, 998, 1114
Member bank holdings:
All banks on call dates:
Mar. 29, 1939
489
June 30, 1939
728
Monthly table
48, 124, 200
(See also Open market paper.)
Africa. (See South Africa; West Africa.)
Agricultural credit institutions. (See Farm
credit agencies.)
Albania:
National Bank of:
Condition
78, 154, 230, 340,
441, 535, 613, 693, 825, 935, 1025, 1141
Discount rate
82, 158, 234, 344,
445, 539, 617, 697, 829, 939, 1029, 1145
Algeria:
Decree approving
convention
between
French Government and Bank of Algeria 976
Allen, P. R., reelected Class B Director, Federal
Reserve Bank of Boston
7
Anthracite. (See Coal.)
Argentina:
Central Bank of:
Annual report, 1938
1077-1094
Condition
78, 154, 230, 340,
441, 535, 613, 693, 825, 935, 1025, 1141
Discount rate
82, 158, 234, 344,
445, 539, 617, 697, 829, 939, 1029, 1145
Gold reserves
74, 150, 226, 336,
434, 528, 606, 686, 818, 928, 1018, 1134
Foreign exchange rates
84, 160, 236, 346,
447, 541, 619, 700, 831, 941, 1031, 1147
Gold movements to and from U. S. .46, 122, 198,
306, 406, 500, 577, 656, 788, 898, 988, 1104
Assets and liabilities. (See Condition statements.)
Austin, R. L., retirement as Class C Director
and Chairman and Federal Reserve Agent,
Philadelphia
8
Australia:
Bank of:
Condition
78, 154, 230, 340,
441, 535, 613, 693, 825, 935, 1025, 1141
Foreign exchange rates
84, 160, 236, 346,
447, 541, 619, 700, 831, 941, 1031, 1147
Gold movements to and from U.S.. .46, 122, 198,
306, 406, 500, 577, 656, 788, 898, 988, 1104
Gold production
75, 151, 227, 337,
435, 529, 607, 687, 819, 929, 1019, 1135
Austria:
Foreign exchange rates
84, 160, 236, 346,
447, 541, 619
Automobiles. (See Transportation equipment.)
Balance of international payments of United
States:
July, 1914-Dec, 1918
1043
1936-1937
31
1937-1938
975
Balance of trade of United States:
Discussion of
92, 96, 551, 1048
Balance sheets. (See Condition statements.)
Bank credit. (See Credit, Bank.)
Bank debits. (See Debits to individual accounts.)
Bank directorates, Interlocking:
Board of Governors statement on
719
President's veto message on S. 2150
719
Regulation L, amended
719
Bank failures. (See Banks: Suspensions.)
Bank for International Settlements:
Annual report, 1938
746-772
Condition
81, 157, 233, 343,
445, 538, 616, 696, 828, 938, 1028, 1144
Gold reserves
74, 150, 226, 336,
434, 528, 606, 686, 818, 928, 1018, 1134
Bank mergers.
(See Banks: Consolidations,
absorptions, etc.)
Bank premises:
Member banks:
Dec. 31, 1938
264
Mar. 29, 1939
489
June 30, 1939
728
Bank supervision:
"Problems of Banking and Bank Supervision"
97
Bankers' acceptances. (See Acceptances.)
Bankers' balances:
Discussion of
712-713
Member bank holdings:
All banks on call dates:
Dec. 31, 1938
264
Mar. 29, 1939
488
June 30, 1939
727
Monthly table
49, 125, 201, 309, 409,
503, 580, 659, 791, 901, 991, 1107
Reporting banks:
All banks, N. Y. C. and outside
N. Y. C, monthly and Wednesday figures. . . 50, 126, 202, 311, 411,
505, 582, 661, 793, 903, 993, 1109
By districts and for Chicago, Wednesday figures 52, 128, 204, 313, 413,
507, 584, 663, 795, 905, 995, 1111
Banking and financial legislation:
Branch banking laws, Federal and State
851-870
Federal Reserve membership requirement
for State insured banks repealed
559
Federal Reserve notes, Direct obligations of
U. S. as collateral for, until June 30, 1941 637
Foreign. (See under name of country.)
Gold Reserve Act of 1934, amended
638
Loans to executive officers of member banks
extended
559
Neutrality Act of 1939:
Financial transactions under
1054
1153
1154
INDEX TO VOLUME 25
Page
Banking and financial legislation—Continued.
Reconstruction Finance Corporation and
related agencies continued
253-254
Trust Indenture Act of 1939, note on
851
Banking developments:
Discussion of
243, 456
Banking funds:
Discussion of
353, 709-714
Movement to U. S. from abroad:
July-Sept., 1938
32-33
Oct.-Nov., 1938
184-185
1938
290-291
Description of tables
284-287
Monthly table
437, 531, 609, 689, 821,
931, 1021, 1137
Banking offices:
Number of:
1933-1939, by classes
109, 477, 1065
Banks:
Branches. (See Branch banks.)
Consolidations, absorptions, etc.:
1938 changes
110
Jan.-Mar., 1939 changes
478
Jan.-Sept., 1939 changes
1066
Loans to, by member banks:
All banks on call dates:
Dec. 31, 1938
264
Mar. 29, 1939
489
June 30, 1939
728
Monthly table. . 48, 124, 200, 308, 408,
502, 579, 658, 790, 900, 990, 1106
Reporting banks:
All banks, N. Y. C. and outside
N. Y. C , monthly and Wednesday figures. . 5 0 , 126, 202, 310, 410,
504, 581, 660, 792, 902, 992, 1108
By districts and for Chicago, Wednesday figures .52, 128, 204, 312, 412,
506, 583, 662, 794, 904, 994, 1110
Loans to, by Reconstruction Finance Corporation
60, 136, 212, 320, 420,
514, 591, 670, 802, 912, 1002, 1118
Number of:
Call dates:
1933-1939
109, 477, 1065
1938 changes
110
Jan.-Mar., 1939 changes
478
Jan.-Sept., 1939 changes
1066
Monthly table . 4 7 , 123, 199, 307, 407,
501, 578, 657, 789, 899, 989, 1105
Group banks:
Dec. 31, 1938
480
Operating branches:
Dec. 31, 1938, by States
479
Group banks, Dec. 31, 1938
480
Suspensions:
Monthly table. . 4 6 , 122, 198, 306, 406, 500,
577, 656, 788, 898, 988, 1104
(See also Federal Reserve banks; Member
banks; National member banks; Nonmember banks; State banks; State member banks.)
Banks for cooperatives:
Loans outstanding
61, 137, 213, 321,
421, 515, 592, 671, 803, 913, 1003, 1119
Belgian Congo:
Bank of:
Condition
825, 935, 1025, 1141
Gold production
75, 151, 227, 337,
435, 529, 607, 687, 819, 929, 1019, 1135
Page
Belgium:
Foreign exchange rates
84, 160, 236, 346,
447, 541, 619, 700, 831, 941, 1031, 1147
Gold movements to and from U . S .
46, 122,
198, 306, 406, 500, 577, 656, 788, 898, 988, 1104
Money rates
81, 157, 233, 343,
445, 538, 616, 696, 828, 938, 1028, 1144
National Bank of:
Annual report, 1938
279-283
Condition
78, 154, 230, 340,
441, 535, 613, 693, 825, 935, 1025, 1141
Discount r a t e :
Changes in
445, 539, 697
Monthly table . 8 2 , 158, 234, 344, 445,
539, 617, 697, 829, 939, 1029, 1145
Gold reserves
74, 150, 226, 336,
434, 528, 606, 686, 818, 928, 1018, 1134
Treasury gold reserves
606, 686, 818, 928,
1018, 1134
Belligerents:
Credits to, regulations
961
Financial transactions under Neutrality
Act
'.1054
Foreign resources
1041-1043
Biddle, Francis, appointed Deputy Chairman,
Federal Reserve Bank of Philadelphia
7
Bills:
Bought in open market by Federal Reserve
banks:
All banks combined, end of month and
Wednesday figures
38, 114, 190, 298,
398, 492, 569, 648, 780, 890, 980, 1096
Each bank, Wednesday figures. .40, 116,192,
300, 400, 494, 571, 650, 782, 892, 982, 1098
Discounted by Federal Reserve banks:
All banks combined, end of month and
Wednesday figures
38, 114, 190, 298,
398, 492, 569, 648, 780, 890, 980, 1096
Each bank, Wednesday figures 40, 116,192,
300, 400, 494, 571, 650, 782, 892, 982, 1098
Federal Reserve bank holdings:
Maturity distribution . 3 9 , 115, 191, 299,
399, 493, 570, 649, 781, 891, 981, 1097
Payable by member banks. (See Borrowings.)
Bituminous coal. (See Coal.)
Board of Governors of Federal Reserve System:
Members and officers
88, 164, 240, 350,
452, 546, 624, 704, 836, 946, 1036, 1151
Press statements:
Advances to member and nonmember
banks
840
Check clearing and collection
719
Interlocking bank directorates
719
Monetary measures and objectives. . . .363364, 461
Price stabilization
255-259, 461
Publications:
Annual report, 1938
97
Federal Reserve System—Its Purposes
and Functions
461
List of
37, 568
Member bank condition reports revised
22, 259-262
Monetary Measures and Objectives . . . 461
Problems of Banking and Bank Supervision
97
Stocks registered, Jan. 31, 1939
173
Bolivia:
Central Bank of:
Condition
78. 154, 230, 340,
441, 535, 613, 693, 825, 935, 1025, 1141
INDEX TO VOLUME 25
Page
1155
Page
Brokers and dealers in securities—Continued.
Bolivia—Continued.
Loans to, by member banks—Continued.
Central Bank of—Continued.
Reporting banks—Continued.
Discount rate
82, 158, 234, 344,
N. Y. C, monthly and Wednes445, 539, 617, 697, 829, 939, 1029, 1145
day
figures
50, 126, 202, 310,
Bonds:
410, 504, 581, 660, 792, 902, 992, 1108
Collateral loans on. (Ruling.)
362
By districts and for Chicago, WedNew issues. (See Capital issues.)
nesday
figures
52, 128, 204, 312,
Prices:
412, 506, 583, 662, 794, 904, 994, 1110
Discussion of
628-629
Margin accounts, Debit balances in. (See
Principal countries
86, 162, 238, 348,
Brokers' balances.)
449, 543, 621, 702, 833, 943, 1033, 1149
United States
57, 133, 209, 317, Broker's balances:
Monthly table
54, 130, 206, 314,
417, 511, 588, 667, 799, 909, 999, 1115
414, 508, 585, 664, 796, 906, 996, 1112
United States Government. (See United
Movement to U. S. from abroad:
States Government securities.)
July-Sept., 1938
33
Yields:
Oct.-Nov., 1938
185
Charts
629, 840
1938
294
Discussion of
628-629, 840
Description of tables
284-287
Monthly and weekly figures
56, 132, 208,
Monthly table
438, 532, 610, 690,
316, 416, 510, 587, 666, 798,
822, 932, 1022, 1138
908, 998, 1114
National summary
98, 175, Brooks, F. F., reelected Class A Director, Federal Reserve Bank of Cleveland
6
250, 556, 633, 958
contracts. (See Construction conBoots and shoes. (See Leather and leather prod- Building
tracts.)
ucts.)
Building materials:
Borrowings:
Prices, Discussion of
953
Member banks:
Wholesale price indexes
71, 147, 223, 331,
All banks on call dates:
431, 525, 602, 681, 813, 923, 1013, 1129
Dec. 31, 1938
264 Bulgaria:
Mar. 29, 1939
488
Foreign exchange rates
84, 160, 236, 346,
June 30, 1939
727
447, 541, 619, 700, 831, 941, 1031, 1147
Monthlv table . 49, 125, 201, 309, 409,
National Bank of:
503, 580, 659, 791, 901, 991, 1107
Condition
78, 154, 230, 340,
Reporting banks:
441, 535, 613, 693, 825, 935, 1025, 1141
All banks, N. Y. C. and outside
Discount rate
82, 158, 234, 344,
N. Y. C, monthly and Wednes445, 539, 617, 697, 829, 939, 1029, 1145
day figures . .51,-127, 203, 311, 411,
Gold reserves
74, 150, 226, 336,
505, 582, 661, 793, 903, 993, 1109
434, 528, 606, 686, 818, 928, 1018, 1134
By districts and for Chicago, WedBurke, E. S., Jr., retirement as Class C Director
nesday figures 53, 129, 205, 313, 413, and Chairman and Federal Reserve Agent,
Cleveland
8
507, 584, 663, 795, 905, 995, 1111
Business and credit conditions:
Brainard, George C, designated Chairman and
Discussion of
1, 91, 167, 243, 353,
Federal Reserve Agent, Cleveland
7
455, 549, 627, 709, 839, 949, 1039, 1048
Branch banks:
National summary
8, 97, 174, 249
1933-1939
109, 477,1065
357, 462, 555, 632, 715, 846, 957, 1050
1938, by States
479
Statistical summary
11, 100, 177, 252,
1938 changes
110
360, 465, 558, 635, 718, 849, 960, 1053
Jan.-Mar., 1939 changes
478
Jan.-Sept., 1939 changes
1066 Caldwell, R. B., designated Chairman and Federal Reserve Agent, Kansas City
7
Group bank branches:
Dec. 31, 1938
480 Canada:
Bank of:
Laws, Federal and State
851-870
Annual report, 1938
392-395
Brazil:
Condition
78, 154, 230, 340,
Bank of:
441, 535, 613, 693, 825, 935, 1025, 1141
Condition
78
Discount rates
82, 158, 234, 344,
Gold reserves
74, 150, 226, 336,
445, 539, 617, 697, 829, 939. 1029. 1145
434, 528, 606, 686, 818, 928, 1018, 1134
Gold reserves
74, 150, 226, 336,
Foreign exchange rates
84, 160, 236, 346,
434, 528, 606, 686, 818, 928, 1018, 1134
447, 541, 619, 700, 831, 941, 1031,1147
Commercial banks
.
83. 159. 235, 345,
Breithut, R. C
265, 468
446, 540, 618, 698, 830, 940, 1030, 1146
British India. (See India, British.)
Foreign exchange rates
84, 160, 236, 346,
Brokers and dealers in securities:
447, 541, 619, 700, 831, 941, 1031, 1147
Loans to, by member banks:
Gold movements to and from U. S. 46, 122, 198,
All banks on call dates:
306, 406, 500, 577, 656, 788, 898, 988, 1104
Gold production
75, 151, 227, 337,
Mar. 29, 1939
489
435, 529, 607, 687, 819, 929, 1019, 1135
June 30, 1939
728
Wholesale price indexes
. 85, 161, 237, 347,
Monthly table
48, 124, 200, 308,
448, 542, 620, 701, 832, 942, 1032, 1148
408, 502, 579, 658, 790, 900, 990, 1106
Cannon, Harry L., elected Class B Director, FedReporting banks:
eral Reserve Bank of Philadelphia
7
All banks, N. Y. C. and outside
1156
INDEX TO VOLUME 25
Page
Page
Capital:
Federal Reserve banks
40, 116, 192, 300,
400, 494, 571, 650, 782, 892, 982, 1098
Member banks:
Dec. 31, 1938
264
Mar. 29, 1939
489
June 30, 1939
728
Capital accounts:
Member banks:
All banks on call dates:
Dec. 31, 1938
264
Mar. 29,1939
488
June 30, 1939
727
Monthly table
309, 409, 503, 580,
659, 791, 901, 991, 1107
Reporting banks:
All banks, N. Y. C. and outside
N. Y. C, monthly and Wednesday figures
51, 127, 203, 311,
411, 505, 582, 661, 793, 903, 993, 1109
By districts and for Chicago, Wednesday figures
53, 129, 205, 313,
413, 507, 584, 663, 795, 905, 995, 1111
Capital issues:
Discussion of
172, 630
Monthly figures
57, 133, 209, 317,
417, 511, 588, 667, 799, 909, 999, 1115
Capital movement to United States:
Discussion of. . . .92-96, 247, 455, 549, 1039-1043
Statistics:
July-Sept., 1938
32-34
Oct.-Nov., 1938
184-186
1938
288-289
Description of tables
284-287
Monthly table
437, 531, 609, 689, 821,
931, 1021, 1137
Capital movements, International:
Discussion of
92-96, 1039
Car loadings, Freight. (See Freight-car loadings.)
Cash:
Member bank holdings:
All banks on call dates:
Dec. 31, 1938
264
Mar. 29, 1939
488
June 30, 1939
727
Monthly table .
. 4 9 , 125, 201, 309,
409, 503, 580, 659, 791, 901, 991, 1107
Reporting banks:
All banks, N. Y. C. and outside
N. Y. C , monthly and Wednesday figures . . 50, 126, 202, 311, 411,
505, 582, 661, 793, 903, 993, 1109
By districts and for Chicago, Wednesday
figures
52, 128, 204, 313,
413, 507, 584, 663, 795, 905, 995, 1111
Cement:
Factory employment index:
Adjusted
65, 141, 217, 325,
425, 519, 596, 675, 807, 917, 1007, 1123
Unadjusted
67, 143, 219, 327,
427, 521, 598, 677, 809, 919, 1009, 1125
Factory payrolls index
67, 143, 219, 327,
427, 521, 598, 677, 809, 919, 1009, 1125
Production index:
Adjusted
63, 139, 215, 323,
423, 517, 594, 673, 805, 915, 1005, 1121
Unadjusted
64, 140, 216, 324,
424, 518, 595, 674, 806, 916, 1006, 1122
Wholesale price index
71, 147, 223, 331,
431, 525, 602, 681, 813, 923, 1013, 1129
Central America:
Gold movements to and from U. S.. .46, 122, 198,
306, 406, 500, 577, 656, 788, 898, 988, 1104
Central banks. (See under name of country, e.g.
France: Bank of.)
Central reserve city member banks:
Condition on call dates:
Dec. 31, 1938
264
Mar. 29, 1939
488-489
June 30, 1939
727-728
Monthly table
48, 124, 200, 308,
408, 502, 579, 658, 790, 900, 990, 1106
Deposits
44, 120, 196, 304,
404, 498, 575, 654, 786, 896, 986, 1102
Reserves:
Monthly and weekly figures 44, 120, 196,
304, 404, 498, 575, 654, 786, 896, 986, 1102
Certificates of deposit:
Payment or renewal of time certificates
maturing on Sunday. (Ruling.)
850
Charts:
American investment abroad and foreign investment in U. S.
95
Bond yields
629, 840
Chart book statistics . 111-112, 224, 332-333, 432,
526, 603-604, 683, 815, 925, 1015, 1131-1132
Commercial loan rates at banks in principal
cities
963
Condition of member banks by classes of
banks
712
Construction contracts awarded . 8, 170, 249, 459
Department store sales and stocks. . 171, 463, 846
Deposit behavior study
269, 469
Distribution of commercial loans according
to interest rates charged
17, 725
Earnings and expenses of member banks
373
Excess reserves of member banks
98, 358
Exchange quotations for leading countries . 353
Exchange rates in New York
1040
Exports of U. S. merchandise
552
Factors of gain and losses of reserve funds . 711
Factory employment
9, 98,174,
250, 458, 463, 632
Factory employment, hours and earnings
458, 463
Foreign trade of the United States . . 552, 1048
Freight-car loadings
556, 633, 715, 958
Industrial production
8, 20, 97, 169, 174,
249, 456, 462, 555, 632, 715, 844, 846
Industrial production, United Kingdom and
France
1046
Interest-bearing debt of U. S. Government. .
2
Investments of country banks
245
Manufacturing production
357, 1050
Member bank reserves and related items 10, 99,
176, 251, 359, 464, 557, 634,
716, 717, 848, 959, 1052
Member banks in 101 leading cities 9, 175, 244,
358, 556, 633, 958, 1051
Money in circulation
355
Money rates in New York City
175,
250, 463, 847, 1051
National income payments
168, 455
Resources of Foreign Monetary Authorities
with Federal Reserve Banks
549
Stock prices
629, 841
Wholesale prices
97, 358, 460, 556,
716, 843, 847, 950, 951, 958, 1051
Yields on U. S. Government securities. . . .
3
Check clearing and collection:
Regulation J, revised
719-721
INDEX TO VOLUME 25
Page
Chemicals:
Factory employment index:
Adjusted
65, 141, 217, 325, 425, 519,
596, 675, 807, 917, 1007, 1123
Unadjusted
67, 143, 219, 327, 427, 521,
598, 677, 809, 919, 1009, 1125
Factory payrolls index. . .67, 143, 219, 327, 427,
521, 598, 677, 809, 919, 1009, 1125
951
Prices, Discussion of
Wholesale price indexes .71, 147, 223, 331, 431,
525, 602, 681, 813, 923, 1013, 1129
Chile:
Central Bank of:
Condition. . .78, 154, 230, 340, 441, 535, 613,
693, 825, 935, 1026, 1142
Discount rate. . . 82, 158, 234, 344, 445, 539,
617, 697, 829, 939, 1029, 1145
Gold reserves. . . . 74, 150, 226, 336, 434, 528,
606, 686, 818, 928, 1018, 1134
Foreign exchange rates. . .84, 160, 236, 346, 447,
541, 619, 700, 831, 941, 1031, 1147
Gold movements to and from U. S. 46, 122, 198,
306, 406, 500, 577, 656, 788, 898, 988, 1104
Gold production
75, 151, 227, 337, 435, 529,
1135
607, 687, 819, 929, 1019,
China:
Central Bank of:
Gold reserves
. 74, 150, 226, 336, 434, 528,
606, 686, 818, 928, 1018, 1134
Foreign exchange rates .84, 160, 236, 346, 447,
541, 619, 700, 831, 941, 1031, 1147
Gold movements to and from U. S. 46, 122, 198,
306, 406, 500, 577, 656, 788, 898, 988, 1104
Cigars and cigarettes. (See Tobacco: Manufactures.)
Closed banks. (See Banks: Suspensions.)
Coal:
Freight-car loadings indexes .70, 146, 222, 330,
430, 524, 601, 680, 812, 922, 1012, 1128
Production indexes:
Adjusted
63, 139, 215, 323, 423, 517,
594, 673, 805, 915, 1005, 1121
Unadjusted . . 64, 140, 216, 324, 424, 518,
595, 674, 806, 916, 1006, 1122
Wholesale price indexes . . 71, 147, 223, 331,
431, 525, 602, 681, 813, 923, 1013, 1129
Coffey, W. C , appointed Deputy Chairman, Federal Reserve Bank of Minneapolis
7
Coin:
499,
Circulation
45, 121, 197, 305, 405,
576, 655, 787, 897, 987, 1103
Coke:
Freight-car loadings indexes
70, 146, 222,
330, 430, 524, 601, 680, 812, 922, 1012, 1128
Production indexes:
63, 139, 215, 323, 423, 517,
Adjusted
594, 673, 805, 915, 1005, 1121
64, 140, 216, 324, 424, 518,
Unadjusted
595, 674, 806, 916, 1006, 1122
Collier, Raymond J.
963
Colombia:
Bank of:
Condition . . . 78, 154, 230, 340, 441, 535,
613, 693, 825, 935, 1026, 1142
Discount rate. 82, 158, 234, 344, 445, 539,
617, 697, 829, 939, 1029, 1145
Gold reserves. 74, 150, 226, 336, 434, 528,
606, 686, 818, 928, 1018, 1134
Foreign exchange rates
84, 160, 236, 346, 447,
541, 619, 700, 831, 941, 1031, 1147
Gold movements to and from U. S. 46, 122, 198,
306, 406, 500, 577, 656, 788, 898, 988, 1104
1157
Page
Colombia—Continued.
Gold production. . . .75, 151, 227, 337, 435, 529,
607, 687, 819, 929, 1019, 1135
Commercial failures. . .69, 145, 221, 329, 429, 523,
600, 679, 811, 921, 1011, 1127
Commercial, industrial and agricultural loans:
Commercial loans, Discussion of increase in. 841
Member banks:
All banks on call dates:
Mar. 29, 1939
489
June 30, 1939
728
Monthly table
308, 408, 502, 579,
658, 790, 900, 990, 1106
Reporting banks:
All banks, N. Y. C. and outside
N. Y. C, monthly and Wednesday figures . .50, 126, 202, 310, 410,
504, 581, 660, 792, 902, 992, 1108
By districts and for Chicago, Wednesday figures . 52, 128, 204, 312, 412,
506, 583, 662, 794, 904, 994, 1110
Term loans to commercial and industrial
concerns
560-562
Commercial paper:
Discount rates, open market 56, 132, 208, 316,
416, 510, 587, 666, 798, 908, 998, 1114
Member bank holdings:
All banks on call dates:
Mar. 29, 1939
489
June 30, 1939
728
Monthly table
48, 124, 200
Outstanding
54, 130, 206, 314, 414, 508,
585, 664, 796, 906, 996, 1112
(See also Open market paper.)
Commodity Credit Corporation:
Act continuing functions
254
Assets and liabilities . . 60, 136, 212, 320, 420,
514, 591, 670, 802, 912, 1002, 1118
Guaranteed obligations outstanding . . . 58, 134,
210, 318, 418, 512, 589, 668, 800, 910, 1000, 1116
Summary of operations, 1938
365-371
Commodity prices. (See Prices.)
Comptroller of the Currency:
22
Condition report form revised.
Condition statements:
All banks in U. S.:
24-28
Sept. 28, 1938
382-386
Dec. 31, 1938
563-567
Mar. 29, 1939
970-974
June 30, 1939
81, 157.
Bank for International Settlements
233, 343, 445, 538, 616, 696, 828, 938, 1028, 1144
Federal Reserve banks:
All banks combined, end of month and
Wednesday figures
39, 115, 191, 299,
399, 493, 570, 649, 781, 891, 981, 1097
Each bank, Wednesday figures . 40, 116,
192, 300, 400, 494, 571,
650, 782, 892, 982, 1098
Foreign central banks
77, 153, 229, 339,
440, 534, 612, 692, 824, 934, 1024, 1140
Foreign commercial banks
82, 158, 234, 344,
445, 539, 617, 697, 829, 939, 1029, 1145
Governmental corporation and credit
agencies:
Monthly table
60, 136, 212, 320, 420,
514, 591, 670, 802, 912, 1002, 1118
Summary of operations
365-371
Insured commercial banks:
Dec. 31, 1938
.
. . .
381
June 30, 1939
877
1158
INDEX TO VOLUME 25
Page
Condition statements—Continued.
Member banks:
All banks on call dates:
Dec. 31, 1938
264,
Mar. 29, 1939
488-489
June 30, 1939
727-728
Monthly table. . .48, 124, 200, 308, '408,
502, 579, 658, 790, 900, 990, 1106
Selected dates, 1933-1938
263
Chart
712
Reporting banks:
All banks, N. Y. C. and outside
N. Y. C, monthly and Wednesday figures . . 50, 126, 202. 310, 410,
504, 581, 660, 792, 902, 992, 1108
By districts and for Chicago, Wednesday figures 52, 128, 204, 312, 412,
506, 583, 662, 794, 904, 994, 1110
Revised form
22, 259-262
Consolidations, absorptions, etc. (See Banks:
Consolidations, absorptions.)
Construction contracts awarded, Value of:
By types of construction and financing, and
by districts
69, 145, 221, 329, 429, 523,
600, 679, 811, 921, 1011, 1127
Charts
8, 170, 249, 459
Discussion of
169, 455, 458-459, 949, 955
Indexes
62, 138, 214, 322, 422, 516, 593,
672, 804, 914, 1004, 1120
National summary. . 8, 98, 174, 249, 357, 462,
555, 632, 715, 846, 957, 1050
Corn crop reports
72, 682, 814, 924, 1014, 1130
Corporations and credit agencies, Governmental.
(See Governmental corporations and credit
agencies.)
Cost of living:
Indexes, principal countries 86, 162, 238, 348,
449, 543, 621, 702, 833, 943, 1033, 1149
Cotton:
Crop reports
72, 682, 814, 924, 1014, 1130
Manufactures. (See Textiles.)
Country member banks:
Condition on call dates:
Dec. 31, 1938
264
Mar. 29, 1939
488-489
June 30, 1939
727-728
Monthly table. . 48, 124, 200, 308, 408, 502,
579, 658, 790, 900, 990, 1106
Deposits:
Monthly figures 44, 120, 196, 304, 404,
498, 575, 654, 786, 896, 986, 1102
Reserves:
Monthly and weekly figures . 44, 120, 196,
304, 404, 498, 575, 654, 786, 896, 986, 1102
Cozzo, J. B., appointed Class C Director, Federal
Reserve Bank of Dallas
554
Crabbs, G. D., reelected Class B Director, Federal Reserve Bank of Cleveland
7
Credit, Bank:
Federal Reserve:
End of month and Wednesday figures,
38, 114, 190, 298, 398, 492, 569, 648,
780, 890, 980, 1096
Monthly and yearly averages of daily
figures. .11, 100, 177, 252, 360, 465, 558,
635, 718, 849, 960, 1053
Member banks:
Discussion of
171, 243-246, 354,
456, 631, 709-714
National summary
9, 98, 175, 250, 358, 462,
556, 633, 716, 847, 958, 1051
Page
Credit agencies, Governmental. (See Governmental corporations and credit agencies.)
Credit control:
Board of Governors statement on Monetary
measures and objectives
363-364, 461
Credit union notes:
Eligibility for discount by F. R. banks.
(Ruling.)
361
Crops:
National summary
633, 716, 847
Reports, by districts
72, 682,
814, 924, 1014, 1130
Cuba:
Banking and financial legislation:
June, 1939. Stabilization fund established
742
July, 1939. Settlement in pesos of
obligations contracted in U. S. dollars
; 744
Foreign exchange rates 84, 160, 236, 346, 447,
541, 619, 700, 831, 941, 1031, 1147
Currency circulation. (See Money in circulation.)
Currie, Lauchlin B. :
Appointed Administrative Assistant to President of United States
631
Deposit behavior studies
178, 871
Curtiss, F. H.:
Reappointed Class C Director, Federal Reserve Bank of Boston
7
Redesignated Chairman and Federal Reserve Agent, Boston
7
Customers' debit balances of Stock Exchange
firms. (See Brokers' balances.)
Customers' loans, Rates on. (See Interest rates:
Charged customers by banks; Interest rates:
Commercial loan rates.)
Czechoslovakia:
Foreign exchange r a t e s . . . 84, 160, 236, 346,
447, 541, 619, 700, 831, 941, 1031, 1147
National Bank of:
Condition. . .78, 154, 230, 340, 441, 535,
613, 693, 825, 935, 1026, 1142
Discount rates. . 82, 158, 234, 344, 445, 539,
617, 697, 829, 939, 1029, 1145
Gold reserves
74, 150, 226, 336, 434,
528, 606, 818, 928, 1018, 1134
Danzig:
Bank of:
Condition
78, 154, 230, 340, 441, 535,
613, 693, 825, 935, 1026, 1142
Discount rate
82,158, 234, 344, 445,
539, 617, 697, 829, 939, 1029, 1145
Debits to individual accounts:
Monthly table
46, 122, 198, 306, 406,
500, 577, 656, 788, 898, 988, 1104
Debt, U. S. Government. (See Treasury finance:
Public debt.)
Deficit, U. S. Treasury. (See Treasury finance:
Deficit.)
Denmark:
Foreign exchange rates ... 84, 160, 236, 346,
447, 541, 619, 700, 831, 941, 1031, 1147
National Bank of:
Condition
78, 154, 230, 340, 441, 535,
613, 693, 825, 935, 1026, 1142
Discount rate:
Changes in
234, 939, 1029
Monthlv table 82, 158, 234, 344, 445,
539, 617, 697, 829, 939, 1029, 1145
Gold reserves 74, 150, 226, 336, 434, 528,
606, 686, 818, 928, 1018, 1134
INDEX TO VOLUME 25
Page
Dennison, Henry S., reappointed Deputy Chairman, Federal Reserve Bank of Boston
7
Department store sales and stocks:
Charts
171, 463, 846
Discussion of
170, 949
Index of sales (value) :
Monthly figures
70, 146, 222, 330, 430,
524, 601, 680, 812, 922, 10.12, 1128
Yearly and monthly figures . 62, 138, 214,
322, 422, 516, 593, 672,
804, 914, 1004, 1120
Index of stocks (value) :
Monthly figures . 7 0 , 146, 222, 330, 430,
524, 601, 680, 812, 922, 1012, 1128
National summary
9, 98, 174, 250, 357, 463,
556, 632, 716, 846, 957, 1050
Deposits:
All banks in U. S.:
Call dates:
Sept. 28, 1938
24-28
Dec. 31, 1938
382-386
Mar. 29, 1939
563-567
June 30, 1939
970-974
Monthly table . .47, 123, 199, 307, 407,
501, 578, 657, 789, 899, 989, 1105
Behavior study:
178-183, 265-270, 468-476
Analysis by size of accounts
178-183
Analysis by type of deposit holder. . 265-270
Charts:
Movement of deposits prior to suspension
469
Percentage reductions in demand
deposits, classified
269
Demand deposit accounts, Changes in
number
476
Location of banks supplying data
179
Scope of data
178
Summary of results
178
Timing of deposit reductions
468-476
Demand:
Distribution by economic classes of depositors, 1933, 1935 and 1936
871-874
Federal Reserve banks:
All banks combined, end of month and
Wednesdav figures 39, 115, 191, 299,
399, 493, 570, 649, 781, 891, 981, 1097
Each bank, Wednesday figures 40, 116,
192, 300, 400, 494, 571,
650, 782, 892, 982, 1098
Group banks, Dec. 31, 1938
480
Insurance of. (See Insurance of deposits.)
Insured: survey, Sept. 21, 1939
101-104
Insured commercial banks:
Dec. 31, 1938
381
June 30, 1939
877
Interest on. (See Interest on deposits; Interest rates.)
Member banks:
All banks on call dates:
Dec. 31, 1938
264
Mar. 29, 1939
488
June 30, 1939
727
Monthly table . 49, 125, 201, 309, 409,
503, 580, 659, 791, 901, 991, 1107
Charts
244, 712
Classes of banks
. 44, 120, 196, 304, 404,
498, 575, 654, 786, 896, 986, 1102
Discussion of
456, 631, 709, 713
Larger and smaller centers . . . . 44, 120,
196, 304, 404, 498, 575, 654, 786, 896.
986, 1102
1159
Page
Deposits—Continued.
Member banks—Continued.
Reporting banks:
All banks, N. Y. C. and outside N.
Y. C, monthly and Wednesday
figures
51, 127, 203, 311, 411,
505, 582, 661, 793, 903, 993, 1109
By districts and for Chicago,
Wednesday figures 53, 129, 205, 313,
413, 507, 584, 663, 795, 905, 995, 1111
Mutual savings banks:
Sept. 28, 1938
28
Dec. 31, 1938
386
Mar. 29, 1939
567
June 30, 1939
974
National member banks:
Sept. 28, 1938
26
Dec. 31, 1938
384
Mar. 29, 1939
565
June 30, 1939
972
Nonmember deposits in Federal Reserve
banks:
End of month and Wednesday figures . 38,
114, 190, 298, 398, 492, 569, 648, 780,
890, 980, 1096
Personal loans:
Funds for retiring personal loans as
deposits. (Ruling.)
637
Postal Savings System. (See Postal Savings deposits.)
Private banks:
Sept. 28, 1938
28
Dec. 31, 1938
386
Mar. 29, 1939
567
June 30, 1939
974
Reserves required against. (See Reserve
requirements.)
Savings:
Payment of interest on. (See Interest
on deposits.)
State banks:
Sept. 28, 1938
27
Dec. 31, 1938
385
Mar. 29, 1939
566
June 30, 1939
973
Suspended banks:
Monthly table
46, 122, 198, 306,
406, 500, 577, 656, 788, 898, 988, 1104
Time:
Distribution by economic classes of depositors, 1933, 1935 and 1936
873
Directorates, Interlocking. (See Bank directorates, Interlocking.)
Discount rates:
Federal Reserve banks:
Discussion of
840
Monthly table
55, 131, 207, 315,
415, 509, 586, 665, 797, 907, 997, 1113
Foreign central banks:
Prevailing rates
82, 158, 234, 344,
445, 539, 617, 697, 829, 939, 1029, 1145
Discounts and advances:
Federal Reserve banks for member banks:
Board of Governors statement on
840
Credit union notes. (Ruling.)
361
Regulation G repealed
361
Distribution:
National summary
9,98, 174, 250,
357, 463, 556, 632, 716, 846, 957, 1050
Dividends:
Federal Reserve banks:
Jan.-June, 1939
640
1160
INDEX TO VOLUME 25
Page
Dividends—Continued.
Member banks:
1938
372-379
Jan.-June, 1939
875
Dollar, Weight of:
Act extending powers relating to alteration
of
638
Durable goods:
Estimated expenditures for new durable
goods, 1919-1938
731-736
Factory employment index:
Adjusted
65, 141, 217, 325,
425, 519, 595, 675, 807, 917, 1007, 1123
Unadjusted
67, 143, 219, 327,
427, 521, 598, 677, 908, 919, 1009, 1125
Factory payrolls index
67, 143, 219, 327,
427, 521, 598, 677, 809, 919, 1009, 1125
Prices, Discussion of. . .
953
Production index:
Adjusted:
1919-1938
21
Monthly table
139, 215, 323, 423,
517, 594, 673, 805, 915, 1005, 1121
Discussion of
20
Unadjusted:
1923-1938
21
Monthly table
140, 216, 324, 424,
518, 595, 674, 806, 916, 1006, 1122
Earmarked gold. (See Gold: Earmarked.)
Earnings and expenses:
Federal Reserve banks:
Jan.-June, 1939
640
Member banks:
1938 and 1937
372-379
By classes of banks
374
By districts
375-377
By six-month periods during 1938 378
Discussion
372
Jan.-June, 1939
874-875
Chart
373
Operating ratios, 1938:
By size groups and geographic
divisions
481-486
Eccles, Marriner S.:
Introductory remarks at ceremony on 25th
anniversary of signing of Federal Reserve
Act
13
Ecuador:
Central Bank of:
Condition
78, 154, 230, 340,
441, 535, 613, 693, 825, 935, 1026, 1142
Discount rate
82, 158, 234, 344,
445, 539, 617, 697, 829, 939, 1029, 1145
Gold movements to and from U. S.. . . 46, 122,
198, 306, 406, 500, 577, 656, 788, 898,
988, 1104
Egypt:
Foreign exchange rates
84, 160, 236, 346,
447, 541, 619, 700, 831, 941, 1031, 1147
National Bank of:
Condition
78, 154, 230, 340,
441, 535, 613, 693, 825, 935, 1026, 1142
Gold reserves
74, 150, 226, 336,
434, 528, 606, 686, 818, 928, 1018, 1134
El Salvador:
Central Reserve Bank of:
Condition .
78, 154, 230, 340,
441, 535, 613, 693, 825, 935, 1026, 1142
Discount rate
82, 158, 234, 344,
445, 539, 617, 697, 829, 939, 1029, 1145
Page
Employment, Factory:
Charts
9, 98, 174, 250, 458, 463, 632
Discussion of
168, 457
Indexes:
Adjusted:
By industries, monthly figures. . 65, 141,
217, 325, 425, 519, 596, 675, 807,
917, 1007, 1123
Total, monthly
figures
62, 138,
214, 322, 422, 516, 593, 672, 804,
914, 1004, 1120
Unadjusted:
By industries, monthly figures. . 67, 143,
219, 327, 427, 521, 598, 677, 809,
919, 1009, 1125
Total, yearly and monthly figures. . 62,
138, 214, 322, 422, 516, 593, 672,
804, 914, 1004, 1120
National summary
9, 98, 174,
249, 462, 556, 632, 715, 1050
England. (See United Kingdom.)
Estonia:
Bank of:
Condition
78, 154, 230, 340,
441, 535, 613, 693, 825, 935, 1026, 1142
Discount rate
82, 158, 234, 344,
445, 539, 617, 697, 829, 939, 1029, 1145
Exchange stabilization funds:
Gold reserves
606, 686, 818, 928, 1018, 1134
Executive officers of member banks:
Definition of "Executive officer" changed.
Regulation O, amended
636
Loans to:
Public act extending period
559
Expenditures, U. S. Treasury. (See Treasury
finance: Expenditures.)
Expenses. (See Earnings and expenses.)
Export-Import Bank:
Act continuing functions
254
Loans outstanding, Dec. 31, 1938
365, 371
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. ... 60, 136, 212, 320,
420, 514, 591, 670, 802, 912, 1002, 1118
Loans and discounts outstanding, by institutions
61, 137, 213, 321,
421, 515, 592, 671, 803, 913, 1003, 1119
Summary of operations of institutions under, 1938
365-370
(See also Governmental corporations and
credit agencies.)
Farm credit agencies:
Assets and liabilities
60, 136, 212, 320,
420, 514, 591, 670, 802, 912, 1002, 1118
Summary of operations, 1938
365-371
Farm mortgage agencies:
Assets and liabilities
60, 136, 212, 320,
420, 514, 591, 670, 802, 912, 1002, 1118
Summary of operations, 1938
365-371
Farm products:
Wholesale price indexes:
Principal countries
85, 161, 237, 347,
448, 542, 620, 701, 832, 942, 1032, 1148
United States
71, 147, 223, 331,
431, 525, 602, 681, 813, 923, 1013, 1129
Farm Security Administration:
Summary of operations, 1938
370-371
INDEX TO VOLUME 25
1161
Page
Federal Advisory Council:
Meeting
172
Members
88, 164, 240, 350,
452, 546, 624, 704, 836, 946, 1036, 1151
Federal Deposit Insurance Corporation:
Condition report form revised
22
Deposits covered: survey, Sept. 21, 1938 101-104
Federal Reserve membership requirement
for State insured banks repealed
559
Federal Farm Mortgage Corporation:
Guaranteed obligations outstanding . 5 8 , 134,
210, 318, 418, 512, 589, 668, 800,
910, 1000, 1116
Summary of operations, 1938
369-370
Federal Home Loan Bank Board:
Loans outstanding, by' institutions
61, 137,
213, 321, 421, 515, 592, 671, 803,
913, 1003, 1119
Summary of operations of institutions under, 1938
368
(See also Governmental corporations and
credit agencies.)
Federal Home Loan Banks:
Loans to members
61, 137, 213, 321,
421, 515, 592, 671, 803, 913, 1003, 1119
Federal Housing Administration:
Summary of operations, 1938
369
Federal intermediate credit banks:
Loans and discounts outstanding. .61, 137, 213,
321, 421, 515, 592, 671, 803, 913, 1003, 1119
Federal land banks and Land Bank Commissioner:
Loans outstanding
61, 137, 213, 321,
421, 515, 592, 671, 803, 913, 1003, 1119
Summary of operations, 1938
366-370
Federal National Mortgage Association:
Summary of operations, 1938
365, 368
Federal Open Market Committee:
Members and officers
88, 164, 240, 350,
452, 546, 624, 704, 836, 946, 1036, 1151
Policy statement
6
Statement on reduction of holdings of Treasury bills
630
Federal Reserve Act:
Amendments, 76th Congress:
Federal Reserve membership requirement for State insured banks repealed 559
Loans to executive officers of member
banks extended
559
Ceremony on 25th Anniversary of the signing of
13-16
Federal Reserve Agents:
Accounts. (See Federal Reserve notes:
Agents' accounts.)
Appointments.
(See Federal Reserve
banks: Chairmen and Federal Reserve
Agents.)
Federal Reserve bank notes:
Circulation
45, 121, 197, 305,
405, 499, 576, 655, 787, 897, 987, 1103
Federal Reserve banks:
Branches, Managing directors of
89, 165,
241, 351, 453, 547, 625, 705, 837,
947, 1037, 1152
Chairmen and Federal Reserve Agents:
Designation of
7
Retirement of
8
Deputy Chairmen, appointments
7
Directors:
Class A and B, election of
6
Class C, appointments
7, 248, 554, 714
Federal Reserve banks—Continued.
Earnings and expenses:
Jan.-June, 1939
640
Officers
89, 165, 241, 351,
453, 547, 625, 705, 837, 947, 1037, 1152
Presidents:
Death of B. A. McKinney, Dallas
356
Death of Oscar Newton, Atlanta
172
R. R. Gilbert, appointed President,
Dallas
356
Robert S. Parker, appointed President,
Atlanta . . .
173
Vice Presidents:
E. B. Stroud appointed First Vice President, Federal Reserve Bank of Dallas 554
W. S. McLarin, Jr., appointed First
Vice President, Federal Reserve
Bank of Atlanta
956
Federal Reserve chart book:
Changes in member bank series
332, 1015
Statistics
111-112, 224, 333, 432, 526,
603-604, 683, 815, 925, 1015, 1131-1132
Federal Reserve directory
88, 164, 240, 350,
452, 546, 624, 704, 836, 946, 1036, 1151
Federal Reserve districts:
Map showing districts on back cover of each
bulletin.
Federal Reserve notes:
Agents' accounts
43, 119, 195, 303,
403, 497, 574, 653, 785, 895, 985, 1101
Circulation:
Actual:
All banks combined, end of month
and Wednesday figures . . . 39, 115,
191, 299, 399, 493, 570, 649, 781, 891,
981, 1097
Each bank, Wednesday figures ... 43,
119, 195, 303, 403, 497, 574, 653, 785,
895, 985, 1101
Outside Treasury and Federal Reserve
banks, end of month figures. .45, 121, 197,
305, 405, 499, 576, 655, 787, 897, 987, 1103
Collateral security:
Direct obligations of U. S. may be used
as, until June 30, 1941
'
637
Wednesday
figures
43, 119, 195, 303,
403, 497, 574, 653, 785, 895, 985, 1101
Redemption fund:
All banks combined, end of month and
Wednesday
figures
39, 115, 191,
299, 399, 493, 570, 649, 781, 891, 981, 1097
Each bank, Wednesday figures . . 40, 116,
192, 300, 400, 494, 571, 650, 782,
892, 982, 1098
Federal Reserve System:
State bank membership:
Membership requirement for State insured banks repealed
559
Regulation H, revised
1054-1064
"Federal Reserve System—Its Purposes and
Functions"
461
Federal Savings and Loan Associations:
Mortgage loans
61, 137, 213, 321,
421, 515, 592, 671, 803, 913, 1003, 1119
Fiduciary powers of national banks. (See Trust
powers of national banks.)
Financial conditions. (See Business and credit
conditions.)
Financial legislation. (See Banking and financial legislation.)
1162
INDEX TO VOLUME 25
Page
Finland:
Bank of:
Condition
78, 154, 230, 340,
441, 535, 613, 693, 825, 935, 1026, 1142
Discount rate
82, 158, 234, 344,
445, 539, 617, 697, 829, 939, 1029, 1145
Foreign exchange rates
84, 160, 236, 346,
447, 541, 619, 700, 831, 941, 1031, 1147
Floating money, Discussion of
93-96
Food and food products:
Factory employment index:
Adjusted
•
65, 141, 217, 325,
425, 519, 596, 675, 807, 917, 1007, 1123
Unadjusted
67, 143, 219, 327,
427, 521, 598, 677, 809, 919, 1009, 1125
Factory payrolls index
67, 143, 219, 327,
427, 521, 598, 677, 809, 919, 1009, 1125
Prices, Discussion of
954
Production indexes:
Adjusted
63, 139, 215, 323,
423, 517, 594, 673, 805, 915, 1005, 1121
Unadjusted
64, 140, 216, 324,
424, 518, 595, 674, 806, 916, 1006, 1122
Retail price index, principal countries 86, 162,
238, 348, 449, 543, 621, 702, 833, 943, 1033, 1149
Wholesale price indexes:
Principal countries
85, 161, 237, 347,
448, 542, 620, 701, 832, 942, 1032, 1148
United States
71, 147, 223, 331,
431, 525, 602, 681, 813, 923, 1013, 1129
Forbes, Allan, reelected Class A Director, Federal Reserve Bank of Boston
6
Foreign banks:
Central banks:
Resources in United States:
Chart of
549
Discussion of
549-551
(See also France, Bank of; etc.)
Commercial banks, condition. .82, 158, 234, 344,
445, 539, 617, 697, 829, 939, 1029, 1145
Deposits of, held by Federal Reserve banks:
All banks combined, end of month and
Wednesday figures
39, 115, 191,
299, 399, 493, 570, 649, 781, 891, 981, 1097
Each bank, Wednesday figures, . 40,116,192,
300, 400, 494, 571, 650, 782, 892, 982, 1098
Deposits of, held by member banks:
All banks on call dates:
Dec. 31, 1938
264
Mar. 29, 1939
488
June 30, 1939
727
Monthly table
49, 125, 201, 309,
409, 503, 580, 659, 791, 901, 991, 1107
Discussion of
711, 842
Reporting banks:
All banks, N. Y. C. and outside
N. Y. C, monthly and Wednesday
figures
51, 127, 203, 311,
411, 505, 582, 661, 793, 903, 993, 1109
By districts and for Chicago, Wednesday figures 53, 129, 205, 313,
413, 507, 584, 663, 795, 905, 995, 1111
Foreign exchange:
Rates:
Chart
353, 1040
Discussion of
'
842, 1039-1041
Monthly table
84, 160, 236, 346,
447, 541, 619, 700, 831, 941, 1031, 1147
Regulations:
France
1041
United Kingdom
1039-1041
Page
Foreign trade of United States:
Chart
552, 1047
Discussion of
551-552, 955, 1048
Forest products:
Freight-car loadings indexes. . 70, 146, 222, 330,
430, 524, 601, 680, 812, 922, 1012, 1128
France:
Bank of:
Annual report, 1938
272-278
Condition
77, 153, 229, 339,
440, 534, 612, 692, 824, 934, 1024, 1140
Discount rate:
Changes in
82, 158
Monthly table
82, 158, 234, 344,
445, 539, 617, 697, 829, 939, 1029, 1145
Gold reserves
74, 150, 226, 336,
434, 528, 606, 686, 818, 928, 1018, 1134
Banking and financial legislation:
Sept. 1, 1939. Decree and conventions.
Issuance of 5, 10 and 20 franc notes
to replace small coins. Gold reserve
requirement of Bank of France suspended. Conventions between Government and Bank of France and
Bank of Algeria approved
976
Nov. 12, 1939. Convention and decree.
Gold revalued. Advances to Government increased
29
Commercial banks
83, 159, 235, 345,
446, 540, 618, 698, 830, 940, 1030, 1146
Cost of living index
86, 162, 238, 348,
449, 543, 621, 702, 833, 943, 1033, 1149
Economic developments, Discussion of
1047
Exchange Stabilization Fund:
Gold reserves . 606, 686, 818, 928, 1018, 1134
Financial conditions, Discussion of
94
Foreign exchange rates
84, 160, 236, 346,
447, 541, 619, 700, 831, 941, 1031, 1147
Foreign exchange regulations
1041
Gold movements to and from U. S.. .46, 122, 198,
306, 406, 500, 577, 656, 788, 898, 988, 1104
Money rates
81, 157, 233, 343,
445, 538, 616, 696, 838, 938, 1028, 1144
Retail food price index
86, 162, 238, 348,
449, 543, 621, 702, 833, 943, 1033, 1149
Security prices
86, 162, 238, 348,
449, 543, 621, 702, 833, 943, 1933, 1149
Wholesale price indexes
85, 161, 237, 347,
448, 542, 620, 701, 832, 942, 1032, 1148
Freight-car loadings :
Charts
556, 633, 715, 958
Indexes:
By classes
70, 146, 222, 330,
430, 524, 601, 680, 812, 922, 1012, 1128
Total
62, 138, 214, 322,
422, 516, 593, 672, 804, 914, 1004, 1120
National summary
9, 98, 174, 250,
357, 463, 556, 633, 716, 846, 957, 1050
Fuel and lighting materials:
Prices, Discussion of
954
Wholesale price indexes
71, 147, 223, 331,
431, 525, 602, 681, 813, 923, 1013, 1129
Fuels, Manufactured:
Production indexes:
Adjusted
63
Unadjusted
64
Geery, W. B., retirement as Class C Director
and Chairman and Federal Reserve Agent,
Minneapolis
8
General fund balance, U. S. Treasury. (See
Treasury finance: General fund balance.)
INDEX TO VOLUME 25
Page
George, E. T., reelected Class B Director, Federal Reserve Bank of Atlanta
7
Germany:
Banking and financial legislation:
June 15, 1939. New German Reichsbank law
737
Commercial banks
83, 159, 235, 345,
446, 540, 618, 698, 830, 940, 1030, 1146
Cost of living index
86, 162, 238, 348,
449, 543, 621, 702, 833, 943, 1033, 1149
Foreign exchange rates
84, 160, 236, 346,
447, 541, 619, 700, 831, 941, 1031, 1147
Gold imports and exports
76, 152, 228, 338,
436, 530, 608, 688, 820, 930, 1020, 1136
Gold movements to and from U. S.
46, 122,
198, 306, 406, 500, 577, 656, 788, 898, 988, 1104
Money rates
81, 157, 233, 343,
445, 538, 616, 696, 828, 938, 1028, 1144
Reichsbank:
Annual report, 1938
773-778
Condition
78, 154, 230, 340,
441, 535, 613, 693, 825, 935, 1025, 1141
Discount rate
82, 158, 234, 344,
445, 539, 617, 697, 829, 939, 1029, 1145
Gold reserves
74, 150, 226, 336,
434, 528, 606, 686, 818, 928, 1018, 1134
Law governing Reichsbank, June 15,
1939
737
Retail food price index
86, 162, 238, 348,
449, 543, 621, 702, 833, 943, 1033, 1149
Security prices
86, 162, 238, 348,
449, 543, 621, 702, 833, 943, 1033, 1149
Wholesale price indexes
85, 161, 237, 347,
448, 542, 620, 701, 832, 942, 1032, 1148
Gilbert, R. R., appointed President of Federal
Reserve Bank of Dallas
356
Glass:
Factory employment index:
Adjusted
65, 141, 217, 325,
• 425, 519, 596, 675, 807, 917, 1007, 1123
Unadjusted
67, 143, 219, 327,
427, 521, 598, 677, 809, 919, 1009, 1125
Factory payrolls index
67, 143, 219, 327,
427, 521, 598, 677, 809, 919, 1009, 1125
Production index:
Adjusted
63, 139, 215, 323,
423, 517, 594, 673, 805, 915, 1005, 1121
Unadjusted
64, 140, 216, 324,
424, 518, 595, 674, 806, 916, 1006, 1122
Glass, Carter, Bas-relief of:
Dedication of
15-16
Photograph of
facing 1
Gold:
Earmarked:
Discussion of
550, 631
Monthly table
46, 122, 198, 306,
406, 500, 577, 656, 788, 898, 988, 1104
Imports and exports:
Principal countries
75, 151, 227, 337,
435, 529, 607, 687, 819, 929, 1019, 1135
United States:
Gross
46, 122, 198, 306,
406, 500, 577, 656, 788, 898, 988, 1104
Net
75, 151, 227, 337,
435, 529, 607, 687, 819, 929, 1019, 1135
Movement to U. S., Discussion of
92-96,
247, 353, 455, 549, 709-712, 841, 1039
Production:
United States
75, 151, 227, 337,
435, 529, 607, 687, 819, 929, 1019, 1135
World
75, 151, 227, 337,
435, 529, 607, 687, 819, 929, 1019, 1135
1163
Page
Gold—Continued.
Reserves:
Central banks and governments:
Discussion of
550-551
Monthly table
74, 150, 226, 336,
434, 528, 606, 686, 818, 928, 1018, 1134
United States
74, 150, 226, 336,
434, 528, 606, 686, 818, 928, 1018, 1134
Stock, Monetary in U. S.:
Analysis of changes in. . . 46, 122, 198, 306,
406, 500, 577, 656, 788, 898, 988, 1104
Discussion of
709
End of month and Wednesday figures. . .38,
114, 190, 298, 398, 492, 569, 648, 780, 890,
980, 1096
Gold certificates:
Circulation
45, 121, 197, 305,
405, 499, 576, 655, 787, 897, 987, 1103
Federal Reserve bank holdings:
All banks combined, end of month and
Wednesday figures
39, 115, 191,
299, 399, 493, 570, 649, 781, 891, 981, 1097
Each bank, Wednesday figures. 40,116, 192,
300, 400, 494, 571, 650, 782, 892, 982, 1098
Gold Reserve Act of 1934:
Amendment extending powers
638
Government bonds. (See United States Government securities.)
Government debt. (See Treasury finance: Public debt.)
Governmental corporations and credit agencies:
Assets and liabilities
60, 136, 212, 320,
420, 514, 591, 670, 802, 912, 1002, 1118
Summary of operations, 1938
365-371
Grain:
Freight-car loadings indexes. . 70, 146, 222, 330,
430, 524, 601, 680, 812, 922, 1012, 1128
Wholesale price index
71, 147, 223, 331,
431, 525, 602, 681, 813, 923, 1013, 1129
Great Britain. (See United Kingdom.)
Greece:
Bank of:
Condition
78, 154, 230, 340,
441, 535, 613, 693, 825, 935, 1026, 1142
Discount rates
82, 158, 234, 344,
445, 539, 617, 697, 829, 939, 1029, 1145
Gold reserves
74, 150, 226, 336,
434, 528, 606, 686, 818, 928, 1018, 1134
Foreign exchange rates
84, 160, 236, 346,
447, 541, 619, 700, 831, 941, 1031, 1147
Group banks:
Number, deposits, branches, by States and
geographic divisions, Dec. 31, 1938
480
Guaranteed obligations of the U. S. (See Treasury finance: Guaranteed obligations.)
Hay crop reports
72, 682, 814, 924, 1014, 1130
Holden, St. George, reappointed Deputy Chairman, Federal Reserve Bank of San Francisco 7
Home mortgage and housing agencies:
Assets and liabilities
60, 136, 212, 320,
420, 514, 591, 670, 802, 912, 1002, 1118
Summary of operations, 1938
365-369
Home Owners' Loan Corporation:
Assets and liabilities
60, 136, 212, 320,
420, 514, 591, 670, 802, 912, 1002, 1118
Guaranteed obligations outstanding
58
134, 210, 318, 418, 512, 589, 668, 800,
910, 1000, 1116
Mortgage loans
61, 137, 213, 321,
421, 515, 592, 671, 803, 913, 1003, 1119
Summary of operations, 1938
365-368
1164
INDEX TO VOLUME 25
Page
Hong Kong:
Foreign exchange rates
84, 160, 236, 346,
447, 541, 619, 700, 831, 941, 1031, 1147
Gold movements to and from U. S.
46,
122, 198, 306, 406, 500, 577, 656, 788,
898, 988, 1104
Housefurnishing goods:
Wholesale price indexes
71, 147, 223, 331,
431, 525, 602, 681, 813, 923, 1013, 1129
Hungary:
Foreign exchange rates
84, 160, 236, 346,
447, 541, 619, 700, 831, 941, 1031, 1147
Money rates
81, 157, 233, 343,
445, 538, 616, 696, 828, 938, 1028, 1144
National Bank of:
Condition
78, 154, 230, 340,
441, 535, 613, 693, 825, 935, 1026, 1142
Discount rates
82, 158, 234, 344,
445, 539, 617, 697, 829, 939, 1029, 1145
Gold reserves
74, 150, 226, 336,
434, 528, 606, 683, 818, 928, 1018, 1134
Imports. (See Foreign trade.)
Income:
International income position of U. S.
645
Payments to individuals:
Charts
168, 455
Discussion of
167
Tax receipts. (See Treasury finance: Receipts.)
Index numbers:
Cost of living
86, 162, 238, 348,
449, 543, 621, 702, 833, 943, 1033, 1149
Department store sales and stocks. .70, 146, 222,
330, 430, 524, 680, 812, 922, 1012, 1128
Factory employment:
Adjusted
65, 141, 217, 325,
425, 519, 596, 675, 807, 917, 1007, 1123
Unadjusted
67, 143, 219, 327,
427, 521, 598, 677, 809, 919, 1009, 1125
Factory payrolls
67, 143, 219, 327,
427, 521, 598, 677, 809, 919, 1009, 1125
Freight-car loadings
70, 146, 222, 330,
430, 524, 601, 680, 812, 922, 1012, 1128
Industrial production:
Adjusted
63, 139, 215, 323,
423, 517, 594, 673, 805, 915, 1005, 1121
Unadjusted
64, 140, 216, 324,
424, 518, 595, 674, 806, 916, 1006, 1122
Retail food prices
86, 162, 238, 348,
449, 543, 621, 702, 833, 943, 1033, 1149
Security prices
86, 162, 238, 348,
449, 543, 621, 702, 833, 943, 1033, 1149
Wholesale prices
85, 161, 237, 347,
448, 542, 620, 701, 832, 942, 1032, 1148
India, British:
Foreign exchange rates
84, 160, 236, 346,
447, 541, 619, 700, 831, 941, 1031, 1147
Gold imports and exports
76, 152, 228, 338,
436, 530, 608, 688, 820, 930, 1020, 1136
Gold movements to and from U. S. 46, 122, 198,
306, 406, 500, 577, 656, 788, 898, 988, 1104
Gold production
75, 151, 227, 337,
435, 529, 607, 687, 819, 929, 1019, 1135
Reserve Bank of:
Condition
78, 154, 230, 340,
441, 535, 613, 693, 825, 935, 1026, 1142
Discount rates
82, 158, 234, 344,
445, 539, 617, 697, 829, 939, 1029, 1145
Gold reserves
74,150, 226, 336,
434, 528, 606, 686, 818, 928, 1018, 1134
Pago
Industrial advances of Federal Reserve banks:
All banks combined:
End of month and Wednesday figures. 39,
115, 191, 299, 399, 493, 570, 649, 781,
891, 981, 1097
Number and amounts
43, 119, 195, 303,
403, 497, 574, 653, 785, 895, 985, 1101
Each bank, Wednesday figures. . .40, 116, 192,
300, 400, 494, 571, 650, 782, 892, 982, 1098
Maturity distribution
39, 115, 191, 299,
399, 493, 570, 649, 781, 891, 981, 1097
Rates
55, 131, 207, 315,
415, 509, 586, 665, 797, 907, 997, 1113
Industrial loans. (See Commercial, industrial
and agricultural loans; Industrial advances of
Federal Reserve banks.)
Industrial production.
(See Production, Industrial.)
Installment loans:
Term loan survey
562
Insurance agencies of United States Government:
Assets and liabilities
60, 136, 212, 320,
420, 514, 591, 670, 802, 912, 1002, 1118
Summary of operations, 1938
366
Insurance of deposits:
Federal Reserve membership requirement
for State banks repealed
559
Survey of number and amounts of deposits,
by size and classes, by types of banks, by
States, Sept. 21, 1938
101-104
Insured commercial banks:
Assets and liabilities:
Dec. 31, 1938
381
June 30, 1939
877
Deposits insured: survey, Sept. 21,1938 .101-104
Number of:
Dec. 31, 1938
381
June 30, 1939
877
Interest on deposits:
Credit for obtaining new depositor not in
conflict with Regulation Q. (Ruling.) . . . 559
Savings accounts:
Payment of interest after death of depositor. (Ruling.)
851
Transfers to FHA mortgages. (Ruling.) 850
Time certificates of deposits, Payment or renewal of those maturing on Sunday.
(Ruling.)
850
Interest on public debt. (See Treasury finance:
Public debt.)
Interest rates:
Charged customers by banks . .56, 132, 208, 316,
416, 510, 587, 666, 798, 908
Commercial loan rates:
1928-1939:
963-969
Chart
963
Cities included
965
Comparable figures beginning 1928 966
Computation of averages
965
Definition of commercial loans . . 964
Movements in rates
964
Revised figures compared with former rates
966
Schedule
965, 968
Table of figures, 1928-1939
969
Sept. 1-15, 1938:
17-19
Chart
17
Geographical differences
18
Level of customers' rates
18
Method of reporting
17
INDEX TO VOLUME 25
1165
Page
Interest rates— -Continued.
Commercial loan rates—Continued.
Sept. 1-15, 1938—Continued.
Variation in rates by size of loans
18
Volume of loans covered by survey 18
Mar. 16-31 and June 1-15, 1939
725-726
Monthly table
998
Government securities, Discussion of . .2, 3, 628
Open market, in N. Y. C
56, 132, 208, 316,
416, 510, 587, Q66y 798, 908, 998, 1114
Term loans survey
562
Time deposits
55, 131, 207, 315,
415, 509, 586, 665, 797, 907, 997, 1113
(See also Discount rates.)
Interlocking bank directorates. (See Bank directorates, Interlocking.)
International capital movements:
Discussion of
92-96
International capital position of United States 645
International capital transactions of United
States:
Statistics:
July-Sept., 1938
32-35
Oct.-Nov., 1938
184-187
1938
288-296
Description of tables
284-287
Monthly table
437, 531, 609, 689,
821, 931, 1021, 1137
International income position of United States. . 645
Investments:
All banks in U. S. on call dates:
Sept. 28, 1938
24-28
Dec. 31, 1938
382-386
Mar. 29, 1939
563-567
June 30, 1939
970-974
Monthly table
47, 123, 199, 307, 407,
501, 578, 657, 789, 899, 989, 1105
American investment abroad:
Chart
95
Discussion of
95
Tables
645
Foreign investment in U. S.:
Chart
95
Discussion of
96, 554, 1041-1043
Table
645
Member banks:
All banks on call dates:
Dec. 31, 1938
264
Mar. 29, 1939
489
June 30, 1939
728
Monthly table . . 48, 124, 200, 308, 408,
502, 579, 658, 790, 900, 990, 1106
Chart
245, 1051
Discussion of
244-245, 631, 713-714
Maturity distribution, Discussion of. . . 260
Reporting banks:
All banks, N. Y. C. and outside
N. Y. C, monthly and Wednesday figures . 5 0 , 126, 202, 310, 410,
504, 581, 660, 792, 902, 992, 1108
By districts and for Chicago, Wednesday figures 52, 128, 204, 312, 412,
506, 583, 662, 794, 904, 994, 1110
(See also Loans and investments.)
Iron and steel:
Factory employment index:
Adjusted
65, 141, 217, 325,
425, 519, 596, 675, 807, 917, 1007, 1123
Unadjusted
67, 143, 219, 327,
427, 521, 598, 677, 809, 919, 1009, 1125
Iron and Steel—Continued.
Factory payrolls index
67, 143, 219, 327,
427, 521, 598, 677, 809, 919, 1009, 1125
Prices, Discussion of
953
Production index:
Adjusted
63, 139, 215, 323,
423, 517, 594, 673, 805, 915, 1005, 1121
Unadjusted
64, 140, 216, 324,
424, 518, 595, 674, 806, 916, 1006, 1122
Wholesale price index
71, 147, 223, 331,
431, 525, 602, 681, 813, 923, 1013, 1129
Italy:
Bank of:
Discount rates
82, 158, 234, 344,
445, 539, 617, 697, 829, 939, 1029, 1145
Gold reserves
74, 150, 226, 336,
434, 528, 606, 686, 818, 928, 1018, 1134
Foreign exchange rates
84, 160, 236, 346,
447, 541, 619, 700, 831, 941, 1031, 1147
Money rates
81, 157, 233, 343,
445, 538, 616, 696, 828, 938, 1028, 1144
Wholesale price indexes
85, 161, 237, 347
448, 542, 620, 701, 832, 942, 1032, 1148
Japan:
Bank of:
Condition
78, 154, 230, 340,
441, 535, 613, 693, 825, 935, 1026, 1142
Discount rates
82, 158, 234 344
445, 539, 617, 697, 829, 939, 1029, 1145
Gold reserves
74, 150, 226, 336
434, 528, 606, 686, 818, 928, 1018, 1134
Foreign exchange rates
84, 160, 236, 346,
447, 541, 619, 700, 831, 941, 1031, 1147
Gold movements to and from U. S.. .46, 122 198
306, 406, 500, 577, 656, 788, 898, 988, 1104
Money rates
81, 157, 233, 343
445, 538, 616, 696, 828, 938, 1028, 1144
Wholesale price indexes
85, 161, 237, 347
448, 542, 620, 701, 832, 942, 1032, 1148
Java:
Bank of:
Condition
78, 154, 230, 340
441, 535, 613, 693, 825, 935, 1027, 1143
Discount rates
82, 158, 234, 344
445, 539, 617, 697, 829, 939, 1029, 1145
Gold reserves
74, 150, 226, 336
434, 528, 606, 686, 818, 928, 1018, 1134
Johnson, L. E. reelected Class A Director, Federal Reserve Bank of Richmond
6
Johnston, Oscar G., appointed Deputy Chairman,
Federal Reserve Bank of St. Louis
7
Klages, R. E., appointed Deputy Chairman, Federal Reserve Bank of Cleveland
* 7
Krost, Martin
178, 265, 871
Land Bank Commissioner loans. (See Federal
land banks and Land Bank Commissioner:
Loans outstanding.)
Lassiter, Robert, redesignated Chairman and
Federal Reserve Agent, Richmond
7
Latvia:
Bank of:
Condition
78, 154, 230, 340,
441, 535, 613, 693, 825, 935, 1027, 1143
Discount rates
82, 158, 234, 344,
445, 539, 617, 697, 829, 939, 1029, 1145
Laws and legislation. (See Banking and financial legislation.)
Lead production index:
Adjusted
63, 139, 215, 323,
423, 517, 594, 673, 805, 915, 1005, 1121
1166
INDEX TO VOLUME 25
Page
Page
Lead production index—Continued.
Unadjusted
64, 140, 216, 324,
424, 518, 595, 674, 806, 916, 1006, 1122
Leather and leather products:
Factory employment index:
Adjusted
65, 141, 217, 325,
425, 519, 596, 675, 807, 917, 1007, 1123
Unadjusted
67, 143, 219, 327,
427, 521, 598, 677, 809, 919, 1009, 1125
Factory payrolls index
67, 143, 219, 327,
427, 521, 598, 677, 809, 919, 1009, 1125
Prices, Discussion of
951
Production index:
Adjusted
63, 139, 215, 323,
423, 517, 594, 673, 805, 915, 1005, 1121
Unadjusted
64, 140, 216, 324,
424, 518, 595, 674, 806, 916, 1006, 1122
Wholesale price index
71, 147, 223, 331,
431, 525, 602, 681, 813, 923, 1013, 1129
Liabilities. (See Condition statements.)
Lichtenstein, Walter, reappointed Secretary of
Federal Advisory Council
172
Liquidity of member banks:
Discussion of
262
Lithuania:
Bank of:
Condition
78, 154, 230, 340,
441, 535, 613, 693, 825, 935, 1027, 1143
Discount rates:
Changes in
539, 697
Monthly table
82, 158, 234, 344,
445, 539, 617, 697, 829, 939,1029,1145
Livestock:
Freight-car loadings indexes. . .70, 146, 222, 330,
430, 524, 601, 680, 812, 922, 1012, 1128
Wholesale price index
71, 147, 223, 331,
431, 525, 602, 681, 813, 923, 1013, 1129
Loans:
Agricultural. (See Commercial, industrial
and agricultural loans.)
Brokers'. (See Brokers and dealers in securities: Loans to.)
Commercial. (See Commercial, industrial
and agricultural loans.)
Executive officers of member banks:
Public act extending period
559
Industrial. (See Commercial, industrial and
agricultural loans; Industrial advances of
Federal Reserve banks.)
Member banks:
Classification changes
259
Real estate. (See Real estate: Loans.)
Security. (See Securities: Loans on.)
Stock and bond collateral loans. (Ruling.) 362
Term loans to commercial and industrial
concerns
560-562
Total:
Reporting member banks:
All banks, N. Y. C. and outside
N. Y. C, monthly and Wednesday
figures
50, 126, 202, 310,
410, 504, 581, 660, 792, 902, 992, 1108
By districts and for Chicago, Wednesday
figures
52, 128, 204, 312,
412, 506, 583, 662, 794, 904, 994, 1110
Loans and investments:
All banks in U. S. on call dates:
Sept. 28, 1938
24-28
Dec. 31, 1938
382-386
Mar. 29, 1939
563-567
June 30, 1939
970-974
Loans and investments—Continued.
All banks in U. S. on call dates—Continued.
Monthly table
47, 123, 199, 307,
407, 501, 578, 657, 789, 899, 989, 1105
Insured commercial banks:
Dec. 31, 1938
381
June 30, 1939
877
Member banks:
All banks on call dates:
Dec. 31, 1938
264
Mar. 29,1939
488-489
June 30,1939
727-728
Monthly table
48, 124, 200, 308,
408, 502, 579, 658, 790, 900, 990, 1106
Charts
9, 175, 244, 358, 556, 633, 712, 958
Discussion of 245-256, 354, 456, 631, 713-714
Reporting banks:
All banks, N. Y. C. and outside
N. Y. C, monthly and Wednesday
figures
50,126, 202, 310,
410, 504, 581, 660, 792, 902, 992, 1108
By districts and for Chicago, Wednesday figures 52, 128, 204, 312,
412, 50.6, 583, 662, 794, 904, 994, 1110
Mutual savings banks:
Sept. 28, 1938
28
Dec. 31, 1938
386
Mar. 29, 1939
567
June 30, 1939
974
National member banks:
Sept. 28, 1938
26
Dec. 31, 1938
384
Mar. 29, 1939
565
June 30, 1939
972
Private banks:
Sept. 28, 1938
28
Dec. 31, 1938
386
Mar. 29, 1939
567
June 30, 1939
974
State banks:
Sept. 28, 1938
27
Dec. 31, 1938
385
Mar. 29, 1939
566
June 30, 1939
973
Loeb, Howard A., reelected Vice President of
Federal Advisory Council
172
Longstreet, Victor M
963
Lumber and lumber products:
Factory employment index:
Adjusted
65, 141, 217, 325,
425, 519, 596, 675, 807, 917, 1007, 1123
Unadjusted
67, 143, 219, 327,
427, 521, 598, 677, 809, 919, 1009, 1125
Factory payrolls index
67, 143, 219,
327, 427, 521, 598, 677, 809, 919, 1009, 1125
Wholesale price index
71, 147, 223,
331, 431, 525, 602, 681, 813, 923, 1013, 1129
McAdoo, W. G.:
Letter on 25th anniversary of signing of
Federal Reserve Act
13
McCabe, Thomas B., designated Chairman and
Federal Reserve Agent, Philadelphia
7
McCormick, Charles P., appointed Class C Director, Federal Reserve Bank of Richmond . . 714
Machinery:
Factory employment index:
Adjusted
65, 141, 217, 325,
425, 519, 596, 675, 807, 917, 1007, 1123
Unadjusted
67, 143, 219, 327
427, 521, 598, 677, 809, 919, 1009, 1125
Factory payrolls index
67, 143, 219, 327,
427, 521, 598, 677, 809, 919, 1009, 1125
INDEX TO VOLUME 25
Page
McKinney, B. A., Death of
356
McKnight, J. R., elected Class A Director, Federal Reserve Bank of Minneapolis
7
McLarin, W. S., Jr., appointed First Vice President, Federal Reserve Bank of Atlanta
956
Maestre, Sidney, elected Class A Director, Federal Reserve Bank of St. Louis
7
Malloy, Edwin, reelected Class B Director, Federal Reserve Bank of Richmond
7
Manufactures:
Production index:
Adjusted:
By industries, monthly figures. . 63, 139,
215, 323, 423, 517, 594, 673, 805, 915,
1005, 1121
Durable and nondurable, 1919-1938 21
Total, monthly figures. . 62, 138, 214,
322, 422, 516, 593, 672, 804, 914,
1004, 1120
Charts
357, 1050
Unadjusted:
By industries, monthly figures. . 64, 140,
216, 324, 424, 518, 595, 674, 806, 916,
1006, 1122
Durable and nondurable, 1919-1938 21
Total, yearly and monthly figures 62,
138, 214, 322, 422, 516, 593, 672, 804,
914, 1004, 1120
Margin account statistics
54, 130, 206, 314,
414, 508, 585, 664, 796, 906, 996, 1112
Margin requirements:
Banks. Regulation U:
Stocks registered, Jan. 31, 1939, list
published
173
Brokers and dealers in securities. Regulation T:
Capital contribution loans.
(Amendment.)
722
Cash transactions. (Amendment.) . . . . 466
Domestic broker permitted to borrow
from foreign broker. (Ruling.) . . . . 721
Loans by one member of an exchange to
another. (Amendment.)
466
Time extension after expiration of original period (Ruling.)
253
Transacting business through medium
of a member. (Ruling.)
961
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
38, 114, 190, 298,
398, 492, 569, 648, 780, 890, 980, 1096
Member banks:
Banking offices:
1933-1939
109, 477, 1065
Bills discounted for. (See Bills: Discounted
by Federal Reserve banks.)
Borrowings at Federal Reserve banks. (See
Borrowings.)
Branches:
1933-1939
109, 477, 1065
1938 changes
110
Jan.-Mar., 1939 changes
478
1167
Page
Member banks—Continued.
Branches—Continued.
Jan.-Sept., 1939 changes
1066
Condition of. (See Condition statements.)
Deposits. (See Deposits.)
Earnings and expenses:
1938 and 1937
372-379
Jan.-June, 1939
875
Operating ratios, 1938
481-486
Loans and investments. (See Loans and investments.)
National banks.
(See National member
banks.)
Number of:
1933-1939
109, 477, 1065
1938 changes
110
Jan.-Mar., 1939 changes
478
Jan.-Sept., 1939 changes
1066
Monthly table
47, 123, 199, 307,
407, 501, 578, 657, 789, 899, 989, 1105
Reserves. (See Reserves.)
State banks. (See State member banks.)
Suspensions. (See Banks: Suspensions.)
Merchandise:
Exports:
Chart of
552
Discussion of
92, 96, 551-552,
949, 955, 1047-1048
Exports and imports:
Monthly table
70, 146, 222, 330,
430, 524, 601, 680, 812, 922, 1012, 1128
Freight-car loadings indexes . 70, 146, 222, 330,
430, 524, 601, 680, 812, 922, 1012, 1128
Merritt, J. H.:
Reappointed Class C Director, Federal Reserve Bank of Dallas
7
Redesignated Chairman and Federal Reserve Agent, Dallas
7
Metals and metal products:
Wholesale price indexes
71, 147, 223, 331,
431, 525, 602, 681, 813, 923, 1013, 1129
Mexico:
Bank of:
Discount rate
82, 158, 234, 344,
445, 539, 617, 697, 829, 939, 1029, 1145
Gold reserves
74, 150, 226, 336,
434, 528, 606, 686, 818, 928, 1018, 1134
Foreign exchange rates
84, 160, 236, 346,
447, 541, 619, 700, 831, 941, 1031, 1147
Gold movements to and from U. S. 46, 122, 198,
306, 406, 500, 577, 656, 788, 898, 988, 1104
Gold production
75, 151, 227, 337,
435, 529, 607, 687, 819, 929, 1019, 1135
Middleton, J. D., reelected Class B Director,
Federal Reserve Bank of Dallas
7
Minerals:
Production index:
Adjusted:
By kinds, monthly figures 63, 139, 215,
323, 423, 517, 594, 673, 805, 915,
1005, 1121
Total, monthly figures. 62, 138, 214,
322, 422, 516, 593, 672, 804, 914,
1004, 1120
Unadjusted:
By kinds, monthly figures 64, 140, 216,
324, 424, 518, 595, 674, 806, 916,
1006, 1122
Total, yearly and monthly figures 62,
138, 214, 322, 422, 516, 593, 672, 804,
914, 1004, 1120
1168
INDEX TO VOLUME 25
Page
Page
Monetary gold stock. (See Gold: Stock, Monetary.)
Monetary legislation. (See Banking and financial legislation.)
"Monetary measures and objectives'". 363-364, 461
Money in circulation:
Chart
355
Discussion of
354
Kinds of:
End of month figures . . 45, 121, 197, 305,
405, 499, 576, 655, 787, 897, 987, 1103
Seasonal variations in:
Description of methods
641-642
Revised figures, 1919-1939
643-644
Seasonal adjustment factors, 1919-1940 643
Total:
End of month and Wednesday figures 38,
114, 190, 298, 398, 492, 569, 648, 780, 890,
980, 1096
Money rates:
Charged customers by banks 56, 132, 208, 316,
416, 510, 587, 666, 798, 908, 998, 1114
Charts
175, 250, 463, 847, 1051
Commercial loan rates:
1928-1939:
963-969
Chart
963
Cities included
965
Comparable figures beginning 1928 966
Computation of averages
965
Definition of commercial loans . . . 964
Movements in rates
964
Revised figures compared with
former rates
966
Schedule
965, 968
Table of figures, 1928-1939
969
Sept. 1-15, 1938:
17-19
Chart
17
Geographical differences
18
Level of customers' rates
18
Method of reporting
17
Variation in rates by size of loans
18
Volume of loans covered by survey 18
Mar. 16-31 and June 1-15, 1939 . . 725-726
Monthly table
998, 1114
Foreign countries
81, 157, 233, 343,
445, 538, 616, 696, 828, 938, 1028, 1144
National summary
98, 175,
250, 358, 463, 556, 633, 716, 958
Open market, in N. Y. C
56, 132, 208, 316,
416, 510, 587, 666, 798, 908, 998, 1114
Mutual savings banks:
Assets and liabilities:
Sept. 28, 1938
28
Dec. 31, 1938
386
Mar. 29, 1939
567
June 30, 1939
974
Banking offices:
1933-1939
109, 477, 1065
Branches:
1933-1939
109, 477, 1065
Dec. 31, 1938
479
1938 changes
110
Jan.-Mar., 1939 changes
478
Jan.-Sept., 1939 changes
1066
Deposits on call dates
47, 123, 199, 307,
407, 501, 578, 657, 789, 899, 989, 1105
Loans and investments on call dates 47, 123, 199,
307, 407, 501, 578, 657, 789, 899, 989, 1105
Number of:
1933-1939
109, 477, 1065
Mutual savings banks—Continued,
Number of—Continued.
1938 changes
110
Jan.-Mar., 1939 changes
478
Jan.-Sept., 1939 changes
1066
Call dates:
Sept. 28, 1938
28
Dec. 31, 1938
386
Mar. 29, 1939
567
June 30, 1939
974
Monthly table
47, 123, 199, 307,
407, 501, 578, 657, 789, 899, 989, 1105
Operating branches:
Dec. 31, 1938
479
Mullaney, E. E., reelected Class A Director, Federal Reserve Bank of Kansas City
7
Nardin, W. T., redesignated Chairman and Federal Reserve Agent, St. Louis
7
National bank notes:
Circulation
45, 121, 197, 305,
405, 499, 576, 655, 787, 897, 987, 1103
National income. (See Income.)
National member banks:
Banking offices:
1933-1939
109, 477, 1065
Branches:
1933-1939
109, 477, 1065
Dec. 31, 1938, by States
479
1938 changes
110
Jan.-Mar., 1939 changes
478
Jan.-Sept., 1939 changes
1066
Condition on call dates:
Dec. 31, 1938
264
Mar. 29, 1939
488-489
June 30, 1939
727-728
Deposits on call dates
47, 123, 199, 307,
407, 501, 578, 657, 789, 899, 989, 1105
Earnings and expenses:
1938 and 1937
374, 378
Jan.-June, 1939
875
Group banks, Dec. 31, 1938
480
Number of:
1933-1939
109, 477, 1065
1938 changes
110
Jan.-Mar., 1939 changes
478
Jan.-Sept., 1939 changes
1066
Call dates:
Sept. 28, 1938
26
Dec. 31, 1938
384
Mar. 29, 1939
565
June 30, 1939
972
Monthly table
47, 123, 199, 307,
407, 501, 578, 657, 789, 899, 989, 1105
Operating branches:
Dec. 31, 1938, by States
479
Suspensions:
Monthly table
46, 122, 198, 306,
406, 500, 577, 656, 788, 898, 988, 1104
Trust powers. (See Trust powers of national banks.)
National summary of business conditions 8, 97, 174,
249, 357, 462, 555, 632, 715, 846, 957, 1050
Neely, Frank H.:
Reappointed Class C Director, Federal Reserve Bank of Atlanta
7
Redesignated Chairman and Federal Reserve Agent, Atlanta
7
Netherlands:
Bank of:
Annual report, 1938-1939
1068-1076
INDEX TO VOLUME 25
Page
1169
Page
Nonferrous metals—Continued.
Prices, Discussion of
953
v
Production indexes:
78, 154, 230, 340,
Adjusted
63, 139, 215, 323,
441, 535, 613, 693, 825, 935, 1027, 1143
423, 517, 594, 673, 805, 915, 1005, 1121
Discount rates:
Unadjusted
64, 140, 216, 324,
Change in
829
424, 518, 595, 674, 806, 916, 1006, 1122
Monthly table
82, 158, 234, 344,
445, 539, 617, 697, 829, 939, 1029, 1145
Wholesale price index
71, 147, 223, 331,
Gold reserves
74, 150, 226, 336,
431, 525, 602, 681, 813, 923, 1013, 1129
434, 528, 606, 686, 818, 928, 1018, 1134 Nonmember banks:
Banking and financial legislation:
Branches:
1933-1939
109, 477, 1065
Nov. 25, 1938. Authorization to prohibit export of gold
1067
Dec. 31, 1938, by States
479
Cost of living index
86, 162, 238, 348,
1938 changes
110
449, 543, 621, 702 833, 943, 1033, 1149
Jan.-Mar., 1939 changes
478
Foreign exchange rates
84, 160, 236, 346,
Jan.-Sept., 1939 changes
1066
447, 541, 619, 700, 831, 941, 1031, 1147
Deposits:
Gold movements to and from U . S . . . 46, 122, 198,
Call dates
47, 123, 199, 307,
306, 406, 500, 577, 656, 788, 898, 988, 1104
407, 501, 578, 657, 789, 899, 989, 1105
Money rates
81, 157, 233, 343,
Deposits of, held by Federal Reserve banks:
445, 538, 616, 696, 828, 938, 1028, 1144
End of month and Wednesday figures . 38,
Retail food price index
86, 162, 238, 348,
114, 190, 298, 392, 492, 569, 648, 780,
449, 543, 621, 702, 833, 943, 1033, 1149
890, 980, 1096
Security prices
86, 162, 238, 348,
Group banks, Dec. 31, 1938
480
449, 543, 621, 702, 833, 943, 1033, 1149
Insured:
Wholesale price indexes . .
85, 161, 237, 347,
Assets and liabilities:
448, 542, 620, 701, 832, 942, 1032, 1148
Dec. 31, 1938
381
Neutrality Act of 1939:
June 30, 1939
877
Credits to belligerants, regulations
961
Banking offices:
Financial transactions under
1054
1933-1939
109, 477, 1065
New Zealand:
Branches:
Foreign exchange rates
84, 160, 236, 346,
1933-1939
109, 477, 1065
447, 541, 619, 700, 831, 941, 1031, 1147
110
1938 changes
Reserve Bank of:
478
Jan.-Mar., 1939 changes
Condition
78, 154, 230, 340,
1066
Jan.-Sept., 1939 changes
441, 535, 613, 693, 825, 935, 1027, 1143
Number of:
Discount rates:
1933-1939
109, 477, 1065
Change in
82
381
Dec. 31, 1938
Monthly table
82, 158, 234, 344,
110
1938 changes
445, 539, 617, 697, 829, 939, 1029, 1145
478
Jan.-Mar., 1939 changes
Gold reserves
74, 150, 226, 336,
877
June 30, 1939
434, 528, 606, 686, 818, 928, 1018, 1134
1066
Jan.-Sept., 1939 changes
Newton. Oscar, Death of
172
Suspensions
46, 122, 198, 306,
Nondurable goods:
406, 500, 577, 656, 788, 898, 988, 1104
Factory employment index:
Loans and investments, call dates 47, 123, 199,
Adjusted
65, 141, 217, 325,
307, 407, 501, 578, 657, 789, 899, 989, 1105
425, 519, 596, 675, 807, 917, 1007, 1123
Number of, call dates
47, 123, 199, 307,
Unadjusted
67, 143, 219, 327,
407, 501, 578, 657, 789, 899, 989, 1105
427, 521, 598, 677, 809, 919, 1009, 1125
Operating branches:
Factory payrolls index
67, 143, 219, 327,
Dec. 31, 1938, by States
479
427, 521, 598, 677, 809 919 1009 1125
Uninsured:
Prices, Discussion of
951
Banking offices:
Production index:
1933-1939
109, 477,1065
Adjusted:
Branches:
1919-1938
21
1933-1939
109, 477,1065
Monthly table
139, 215, 323, 423,
1938 changes
110
517, 594, 673, 805, 915, 1005, 1121
478
Jan.-Mar., 1939 changes
Discussion of
20
1066
Jan.-Sept., 1939 changes
Unadjusted:
Number of:
1923-1938
21
1933-1939
109, 477,1065
Monthly table
140, 216, 324, 424,
.110
1938 changes
518, 674, 806, 916, 1006, 1122
478
Nonferrous metals:
Jan.-Mar., 1939 changes
1066
Jan.-Sept., 1939 changes
Factory employment index:
Suspensions
46, 122, 198,306,
Adjusted
65, 141, 217, 325,
406, 500, 577, 656, 788, 898, 988,1104
425, 519, 596, 675, 807, 917, 1007, 1123
Unadjusted
67, 143, 219, 327, Norway:
Bank of:
427, 521, 598, 677, 809, 919, 1009, 1125
Condition
78, 154, 230,340,
Factory payrolls index
67, 143, 219, 327,
441, 535, 613, 693, 825, 935, 1027,1143
427, 521, 598, 677, 809, 919, 1009, 1125
Netherlands—Continued.
Bank of—Continued.
Condition
1170
INDEX TO VOLUME 25
Page
Page
Norway—Continued.
Bank of—Continued.
Discount rates:
Change in
939
Monthly table
82, 158, 234, 344,
445, 539, 617, 697, 829, 939, 1029, 1145
Gold reserves
74, 150, 226, 336,
434, 528, 606, 686, 818, 928, 1018, 1134
Foreign exchange rates
.
84, 160, 236, 346,
447, 541, 619, 700, 831, 941, 1031, 1147
Noyes, N. H., reelected Class B. Director, Federal Reserve Bank of Chicago
7
Number of banks. (See Banks: Number of)
Oats crop reports
72, 682, 814, 924, 1014, 1130
Obligations fully guaranteed by the U. S. (See
Treasury finance: Guaranteed obligations.)
O'Connell,'j. E., reelected Class B Director, Federal Reserve Bank of Minneapolis
7
Odlin, Reno, elected Class A Director, Federal
Reserve Bank of San Francisco
7
Objectives, Monetary measures and . 363-364, 461
Officers and employees:
Member banks:
1938
378-379
Jan.-June, 1939
875
Open Market Committee. (See Federal Open
Market Committee.)
Open market operations:
630, 710, 839, 1049
Discussion of
Open market paper:
Member bank holdings:
All banks on call dates:
489
Mar. 29, 1939
728
June 30, 1939
Monthly table 308, 408, 502, 579, 658,
790, 900, 990, 1106
Reporting banks:
All banks, N. Y. C. and outside
N. Y. C, monthly and Wednesday figures . 50, 126, 202, 310, 410.
504, 581, 660, 792, 902. 992, 1108
By districts and for Chicago,
Wednesday figures 52, 128, 204, 312
412, 506, 583, 662, 794, 904, 994, 1110
Operating ratios of member banks, 1938:
By size groups and geographic divisions
481-486
Ore:
Freight-car loadings indexes 70, 146, 222, 330,
430, 524, 601, 680, 812, 922, 1012, 1128
Paper and printing:
Factory employment index:
Adjusted
65, 141, 217, 325,
425, 519, 596, 675, 807, 917, 1007, 1123
Unadjusted
67, 143, 219, 327
427, 521, 598, 677, 809. 919, 1009, 1125
Factory payrolls index
.
67, 143, 219, 327,
427, 521, 598, 677, 809, 919, 1009, 1125
Prices, Discussion of
951
Production index:
Adjusted
63, 139, 215, 323,
423, 517, 594, 673, 805, 915, 1005, 1121
Unadjusted
64, 140, 216, 324,
424, 518, 595, 674, 806, 916, 1006, 1122
Wholesale price index
71, 147, 223, 331,
431, 525, 602, 681, 813, 923, 1013, 1129
Paper currency:
Circulation
45, 121, 197, 305,
405, 499, 576, 655, 787, 897, 987, 1103
Paper currency—Continued.
Shipments and receipts
45, 121, 197, 305,
405, 499, 576, 655, 787, 897, 987, 1103
Parker, Robert S., appointed President of Federal Reserve Bank of Atlanta
173
Partnership loans under Section 11 (m) of Federal Reserve Act. (Ruling.)
362
Payrolls, Factory:
Charts
462
Indexes:
By industries, monthly
figures
67,
143, 219, 327, 427, 521, 598, 677, 809, 919,
1009, 1125
Total, yearly and monthly
figures
.62,
138, '214, 322, 422, 516, 593, 672, 804, 914,
1004, 1120
National summary
9, 98, 174, 249, 463, 715
Personal loans:
Amounts received in connection with personal loans as deposits. (Ruling.)
637
Peru:
Central Reserve Bank of:
Condition
78, 154, 230, 340,
441, 535, 613, 693, 825, 935, 1027, 1143
Discount rate
82, 158, 234, 344,
445, 5391 617, 697, 829, 939, 1029, 1145
Gold reserves
74, 150, 226, 336,
434, 528, 606, 686, 818, 928, 1018, 1134
Gold movements to and from U. S.
46, 122,
198, 306, 406, 500, 577, 656, 788, 898, 988, 1104
Petroleum and products:
,
Factory employment index:
Adjusted
65, 141, 217, 325,
425, 519, 596, 675, 807, 917, 1007, 1123
Unadjusted
67, 143, 219, 327,
427, 521, 598, 677, 809, 919, 1009, 1125
Factory payrolls index
67, 143, 219, 327,
427, 521, 598, 677, 809, 919, 1009, 1125
Production index:
Adjusted
63, 139, 215, 323,
423, 517, 594, 673, 805, 915, 1005, 1121
Unadjusted
64, 140, 216, 324,
424, 518, 595, 674, 806, 916, 1006, 1122
Wholesale price index
71, 147, 223, 331,
431, 525, 602, 681, 813, 923, 1013, 1129
Philippine Islands:
Gold movements to and from U. S. .
46, 122,
198, 306, 406, 500, 577, 656, 788, 898, 988, 1104
Phillips, L. E., reelected Class B Director, Federal Reserve Bank of Kansas City
7
Poland:
Bank of:
Condition
78, 154, 230, 340,
441, 535, 613, 693, 825, 935, 1027, 1143
Discount rate
82, 158, 234, 344,
445, 539, 617, 697, 829, 939, 1029, 1145
Gold reserves
74, 150, 226, 336,
434, 528, 606, 686, 818, 928, 1018, 1134
Foreign exchange rates
.
84, 160, 236, 346,
447, 541, 619, 700, 831, 941, 1031, 1147
Porter, J. F., appointed Deputy Chairman, Federal Reserve Bank of Atlanta
7
Portugal:
Bank of:
Condition
78, 154, 230, 340,
441, 535, 613, 693, 825, 935, 1027, 1143
Discount rate
82, 158, 234, 344,
445, 539, 617, 697, 829, 939, 1029, 1145
Gold reserves
74, 150, 226, 336,
434, 528, 606, 686, 818, 928, 1018, 1134
INDEX TO VOLUME 25
Page
1171
Page
Private banks—Continued.
Portugal—Continued.
Branches—Continued.
Foreign exchange rates
84, 160, 236, 346,
Jan.-Mar., 1939 changes
478
447, 541, 619, 700, 831, 941, 1031, 1147
Jan.-Sept., 1939 changes
1066
Postal savings deposits:
Number of:
Interest rate on, paid by member banks. . 55, 131,
1933-1939
109, 477, 1065
207, 315, 415, 509, 586, 665, 797, 907, 997, 1113
Sept. 28, 1938
28
Member bank holdings:
Dec. 31, 1938
386
All banks on call dates:
1938 changes
. . 110
Dec. 31, 1938
264
Mar. 29, 1939
567
Mar. 29, 1939
488
Jan.-Mar., 1939 changes
478
June 30, 1939
727
June 30, 1939
974
Monthly table
49, 125, 201, 309,
Jan.-Sept., 1939 changes
1066
409, 503, 580, 659, 791, 901, 991, 1107
Operating branches, Dec. 31, 1938
479
Reporting banks:
"Problems of Banking and Bank Supervision". . 97
All banks, N. Y. C. and outside
Production, employment and trade:
N. Y. C, monthly and WednesMonthly table
62, 138, 214, 322,
day figures
311,
422, 516, 593, 672, 804, 914, 1004, 1120
411, 505, 582, 661, 793, 903, 993, 1109
Production, Industrial:
By districts and for Chicago,
Charts
8, 20, 97, 169, 174, 249,
Wednesday figures
313,
456, 462, 555, 632, 715, 844, 846, 1046
413, 507, 584, 663, 795, 905, 995, 1111
Discussion of
168, 456-457, 844-845
Postal savings system
61, 137, 213, 321,
Indexes:
421, 515, 592, 671, 803, 913, 1003, 1119
Adjusted:
Potato crop reports
72, 682, 814, 924, 1014
By industries, monthly figures
63,
President of United States:
139, 215, 323, 423, 517, 594, 673, 805,
Letter on 25th anniversary of signing of
915, 1005, 1121
Federal Reserve Act
13
Total, monthly figures
62
Proclamations on newly-mined silver. 105, 723
138, 214, 322, 422, 516, 593, 672, 804,
Regulations concerning credits to belliger914, 1004, 1120
ents
961
National summary
8, 97, 174, 249,
Veto message on interlocking bank directo357, 462, 555, 632, 715, 846, 957, 1050
rates
719
Unadjusted:
Prices:
By industries, monthly figures
64,
Agricultural :
140, 216, 324, 424, 518, 595, 674, 806,
Discussion of
459, 843
916, 1006, 1122
Retail food:
Total, yearly and monthly figures. . 62
Discussion of
844, 950
138, 214, 322, 422, 516, 593, 672, 804,
Index, principal countries 86, 162, 238, 348,
914, 1004, 1120
449, 543, 621, 702, 833, 943, 1033, 1149 Production, Manufacturing. (See ManufacStabilization of:
tures: Production.)
Board of Governors statement on 255-259, Production credit associations:
461
Loans outstanding
61, 137, 213, 321,
Wholesale commodity:
421, 515, 592, 671, 803, 913, 1003, 1119
Charts
97, 358, 460, Profit and loss:
556, 716, 843, 847, 950, 951, 958, 1051
Member banks:
Discussion of 170, 459-461, 842-844, 949-955
1938
347-379
Indexes by groups:
Jan.-June, 1939
875
Principal countries . 85, 161, 237, 347, Public debt, U. S. Government. (See Treasury
finance: Public debt.)
448, 542, 620, 701, 832, 942, 1032, 1148
United States
71, 147, 223, 331, 431, Public Works Administration:
Assets and liabilities:
525, 602, 681, 813, 923, 1013, 1129
Combined with Reconstruction Finance
National summary
9, 175, 250,
Corporation figures
60, 136, 212,
358, 463, 556, 633, 716, 847, 957, 1051
320, 420, 514, 591, 670, 802, 912,1002,1118
Principal assets and liabilities of Federal ReSummary of operations, 1938
366-367
serve banks:
Monthly table
39, 115, 191, 299, Railroads:
Earnings and expenses
170
399, 493, 570, 649, 781, 891, 981, 1097
Real estate:
Private banks:
Loans on, by member banks:
Assets and liabilities:
All banks on call dates:
Sept. 28, 1938
28
Dec. 31, 1938
264
Dec. 31, 1938
386
Mar. 29, 1939
489
Mar. 29, 1939
567
June 30, 1939
728
June 30, 1939
974
Monthly table
48, 124, 200, 308,
Banking offices:
408, 502, 579, 658, 790, 900, 990, 1106
1933-1939
109, 477, 1065
Reporting banks:
Branches:
All banks, N. Y. C. and outside
1933-1939
109, 477, 1065
N. Y. C, monthly and Wednesday
figures
50, 126, 202, 310,
Dec. 31, 1938
479
410, 504, 581, 660, 792, 902, 992, 1108
1938 changes
110
1172
INDEX TO VOLUME 25
Page
Real estate—Continued.
Loans on, by member banks—Continued.
Reporting banks—Continued.
By districts and for Chicago, Wednesday figures
52, 128, 204, 312,
412, 506, 583, 662, 794, 904, 994, 1110
Member bank holdings:
Dec. 31, 1938
264
Mar. 29, 1939
489
June 30, 1939
728
Term loans secured by real estate
561
Receipts, U. S. Treasury. (See Treasury finance:
Receipts.)
Reconstruction Finance Corporation:
Act continuing functions
253-254
Assets and liabilities:
Combined with Public Works Administration figures
60, 136, 212, 320,
420, 514, 591, 670, 802, 912, 1002, 1118
Guaranteed obligations outstanding . 58, 134,
210, 318, 418, 512, 589, 668, 800, 910, 1000, 1116
Loans and investments
60, 136, 212, 320,
420, 514, 591, 670, 802, 912, 1002, 1118
Mortgage Company operations, 1938 . . 365-368
Summary of operations, 1938
365-371
Redemption fund; Federal Reserve notes. (See
Federal Reserve notes: Redemption fund.)
Regulations of Board of Governors:
Regulation D. Reserve requirements:
Funds for retiring personal loans as deposits. (Ruling.)
637
Regulation F. Trust powers of national
banks:
Amendments
1054
Ruling
:
12
Regulation G. Rediscount of notes secured
by adjusted service certificates:
Regulation repealed
361
Regulation H. Membership of State banks:
Revised
1054-1064
Regulation J. Check clearing and collection:
Revised
719-721
Regulation L. Interlocking directorates:
Amendments
719
Regulation O. Executive officers of member
banks.
Amendment. Change in definition of
"Executive officer"
636
Regulation Q. Interest on deposits:
Rulings
559, 850, 851
Regulation T. Margin requirements for
brokers:
Amendments
466, 722
Rulings
253,721,961
Reserve bank credit. (See Credit, Bank.)
Reserve city member banks:
Condition on call dates:
Dec. 31, 1938
264
Mar. 29, 1939
488-489
June 30, 1939
727-728
Monthly table
48, 124, 200, 308,
408, 502, 579, 658, 790, 900, 990, 1106
Deposits:
Monthly
figures
44, 120, 196, 304,
404, 498, 575, 654, 786, 896, 986, 1102
Reserves:
Monthly and weekly figures . .44, 120, 196,
304, 404, 498, 575, 654, 786, 896, 986, 1102
Reserve position of member banks:
Monthly table
44, 120, 196, 304,
404, 498, 575, 654, 786, 896, 986, 1102
Page
Reserve requirements:
Member banks:
Monthly table
55, 131, 207, 315,
415, 509, 586, 665, 797, 907, 997, 1113
Personal loans:
Funds for retiring personal loans as deposits for reserve purposes. (Ruling.) 637
Reserves:
Federal Reserve banks:
All banks combined, end of month and
Wednesday figures
39, 115, 191, 299,
399, 493, 570, 649, 781, 891, 981, 1097
Each bank, Wednesday figures 40, 116,192,
300, 400, 494, 571, 650, 782, 892, 982, 1098
Member banks:
Account in Federal Reserve banks:
All banks combined, end of month
and Wednesday figures
39,
115, 191, 299, 399, 493, 570, 649, 781,
891, 981, 1097
Each F. R. bank, Wednesday figures. 40,
116, 192, 300, 400, 494, 571, 650, 782,
892, 982, 1098
Charts
10, 99, 176, 251, 359, 464,
557, 634, 711, 716, 717, 848, 959, 1052
Discussion of
91, 246, 456, 630, 709-711
Excess:
Charts
98, 358
Classes of banks
44, 120, 196, 304,
404, 498, 575, 654, 786, 896, 986, 1102
Discussion of
91, 456, 630, 709
End of month and Wednesday figures
38, 114, 190, 298,
398, 492, 569, 648, 780, 890, 980, 1096
Total:
All banks:
Call dates:
Dec. 31, 1938
264
Mar. 29, 1939
488
June 30, 1939
727
Monthly table
49, 125,
201, 309, 409, 503, 580, 659,
791, 901, 991, 1107
End of month and Wednesday
figures . . 38, 114, 190, 298, 398,
492, 569, 648, 780, 890, 980, 1096
Classes of banks ... 44, 120, 196, 304,
404, 498, 575, 654, 786, 896, 986, 1102
Ratio to liabilities . . 39, 115, 191, 299,
399, 493, 570, 649, 781, 891, 981, 1097
Reporting banks:
All banks, N. Y. C. and outside
N. Y. C, monthly and
Wednesday figures . 50, 126,
202, 311, 411, 505, 582, 661, 793,
903, 993, 1109
By districts and for Chicago,
Wednesday figures,
. 52, 128,
204, 313, 413, 507, 584, 663, 795,
905, 995, 1111
Retail trade:
Discussion of
170
(See also Department store sales and stocks.)
Retail food prices. (See Prices: Retail food.)
Review of the month
1,91, 167, 243,
353, 455, 549, 627, 709, 839, 949, 1039
Rhodesia:
Gold production
75, 151, 227, 337,
435, 529, 607, 687, 819, 929, 1019, 1135
INDEX TO VOLUME 25
Page
Rubber and rubber products:
Factory employment index:
Adjusted
65, 141, 217, 325,
425, 519, 596, 675, 807, 917, 1007, 1123
Unadjusted
67, 143, 219, 327,
427, 521, 598, 677, 809, 919, 1009, 1125
Factory payrolls index
67, 143, 219, 327,
427, 521, 598, 677, 809, 919, 1009, 1125
Prices, Discussion of
951
Production indexes:
Adjusted
63, 139, 215, 323,
423, 517, 594, 673, 805, 915, 1005, 1121
Unadjusted
64, 140, 216, 324,
424, 518, 595, 674, 806, 916, 1006, 1122
Wholesale price indexes
71, 147, 223, 331,
431, 525, 602, 681, 813, 923, 1013, 1129
Rulings of Board of Governors:
(For rulings of Board see under subject
matter, i.e., Margin requirements.)
Rumania:
Foreign exchange rates
84, 160, 236, 346,
447, 541, 619, 700, 831, 941, 1031, 1147
National Bank of:
Condition
78, 154, 230, 340,
441, 535, 613, 693, 825, 935, 1027, 1143
Discount rate
82, 158, 234, 344,
445, 539, 617, 697, 829, 939, 1029, 1145
Gold reserves
74, 150, 226, 336,
434, 528, 606, 686, 818, 928, 1018, 1134
Ruml, Beardsley:
Reappointed Class C Director, Federal Reserve Bank of New York
7
Reappointed Deputy Chairman, Federal Reserve Bank of New York
7
Rural Electrification Administration:
Loans outstanding, Dec. 31, 1938 . .365-366, 371
Salaries:
Federal Reserve banks:
Jan.-June, 1939
640
Member banks:
1938
374-379
Jan.-June, 1939
875
Salvador. (See El Salvador.)
Savings accounts:
Payment of interest on savings account after
death of depositor. (Ruling.)
851
Transfers to FHA mortgages. (Ruling.) . . 850
Savings deposits:
Interest rates on
55, 131, 207, 315,
415, 509, 586, 665, 797, 907, 997, 1113
Payment of interest on. (See Interest on
deposits.)
Seale, Ford, elected Class A Director, Federal
Reserve Bank of Dallas
7
Seasonal variations in money in circulation. . 641-644
Securities:
Loans on, by member banks:
All banks on call dates:
Mar. 29, 1939
489
June 30, 1939
728
Monthly table
48, 124, 200, 308,
408, 502, 579, 658, 790, 900, 990, 1106
Reporting banks:
All banks, N. Y. C. and outside N.
Y. C, monthly and Wednesday
figures
50, 126, 202, 310, 410,
504, 581, 660, 792, 902, 992, 1108
By districts and for Chicago,
Wednesday
figures
52, 128,
204, 312, 412, 506, 583, 662,
794, 904, 994, 1110
1173
Page
Securities—Continued.
Market, Discussion of
171, 243, 355, 628-630
New issues. (See Capital issues.)
Prices:
National summary
358
Principal countries
86, 162, 238, 348,
449, 543, 621, 702, 833, 943, 1033, 1149
United States
57, 133, 209, 317,
417, 511, 588, 667, 799, 909, 999, 1115
Purchased by foreigners:
July-Sept., 1938
34
Oct.-Nov., 1938
186
1938
292-293
Description of tables
284-287
Discussion of
96
Monthly table
438, 532, 610,
690, 822, 932, 1022, 1138
United States Government. (See United
States Government securities.)
Shipments and receipts of United States paper
currency. (See Paper currency: Shipments
and receipts.)
Short-term foreign assets of banks in United
States:
July-Sept., 1938
35
Oct.-Nov., 1938
187
1938
296
Description of tables
284-287
Monthly table
439, 533, 611, 691,
823, 933, 1023, 1139
Short-term foreign liabilities of banks in United
States:
July-Sept., 1938
35
Oct.-Nov., 1938
187
1938
295
Description of tables
284-287
Monthly table
439, 533, 611, 691,
823,933,1023,1139
Silver.
Circulation
45, 121, 197, 305,
405, 499, 576, 655, 787, 897, 987, 1103
Newly mined domestic silver:
Act providing for coinage of
638
Presidential proclamations
105, 723
Regulations governing. . . .105-108, 638, 724
Production index:
Adjusted
63, 139, 215, 323,
423, 517, 594, 673, 805, 915, 1005, 1121
Unadjusted
64, 140, 216, 324,
424, 518, 595, 674, 806, 916, 1006, 1122
Silver certificates:
Circulation
45, 121, 197, 305,
405, 499, 576, 655, 787, 897, 987, 1103
Smith, Walter W., reelected President of Federal
Advisory Council
172
Social security:
Act made applicable to member banks
723
Receipts, withdrawals and benefit payments 59,
135, 211, 319, 419, 513, 590, 669, 801, 911,
1001, 1117
South Africa:
84,
160,
236, 346,
Foreign exchange rates .
447, 541, 619, 700, 831, 941, 1031, 1147
Gold production
75, 151, 227, 337,
435, 529, 607, 687, 819, 929, 1019, 1135
Reserve Bank:
Condition
78, 154, 230, 340,
441, 535, 613, 693, 825, 935, 1027, 1143
Discount rates
82, 158, 234, 344,
445, 539, 617, 697, 829, 939, 1029, 1145
Gold reserves
74, 150, 226, 336,
434, 528, 606, 686, 818, 928, 1018, 1134
1174
INDEX TO VOLUME 25
Page
Spain:
Bank of:
Discount rates
82, 158, 234, 344,
445, 539, 617, 697, 829, 939, 1029, 1145
Gold reserves
74, 150, 226, 336,
434, 528, 606, 686, 818, 928, 1018, 1134
Foreign exchange rates
84, 160, 236, 346,
447, 541, 619, 700, 831, 941, 1031, 1147
Gold movements to and from U. S. . . . 46, 122,
198, 306, 406, 500, 577, 656, 788, 898, 988, 1104
Stabilization fund:
Act extending powers relating to
638
Stabilization of prices:
Board of Governors statement on 255-259, 461
Stanley, J. R., elected Class B Director, Federal
Reserve Bank of St. Louis
7
State banks:
Assets and liabilities:
Sept. 28, 1938
27
Dec. 31, 1938
385
Mar. 29, 1939
566
June 30, 1939
.
973
Federal Reserve membership requirement
for State insured banks repealed
559
Number of:
Sept. 28, 1938
27
Dec. 31, 1938
385
Mar. 29, 1939
566
June 30, 1939
973
State laws:
Branch banking
851-870
State member banks:
Banking offices:
1933-1939
109, 477, 1065
Branches:
1933-1939
109, 477, 1065
Dec. 31, 1938, by States
479
1938 changes
110
Jan.-Mar., 1939 changes
478
Jan.-Sept., 1939 changes
1066
Condition on call dates:
Dec. 31, 1938
264
Mar. 29, 1938
488-489
June 30, 1939
727-728
Deposits, call dates
47, 123, 199, 307,
407, 501, 578, 657, 789, 899, 989, 1105
Earnings and expenses:
1938
374, 378-379
Jan.-June, 1939
875
Group banks, Dec. 31, 1938
480
Number of:
1933-1939
109, 477, 1065
1938 changes ,
110
Jan.-Mar., 1939 changes
478
Jan.-Sept., 1939 changes
1066
Monthlv table
47, 123, 199, 307,
407, 501, 578, 657, 789, 899, 989, 1105
Operating branches:
Dec. 31, 1938, by States
479
Regulation H, revised
1054-1064
Suspensions
46, 122, 198, 306,
406, 500, 577, 656, 788, 898, 988, 1104
States and political subdivisions:
Obligations of, owned by member banks:
Dec. 31, 1938
264
Mar. 29, 1939
489
June 30, 1939
728
Public fund deposits:
Member bank holdings:
All banks on call dates:
Dec. 31, 1938
264
Page
States and political subdivisions—Continued.
Public fund deposits—Continued.
Member bank holdings—Continued.
All banks on call dates—Continued.
Mar. 29, 1939
488
June 30, 1939
727
Monthly table
49, 125,
201, 309, 409, 503, 580, 659, 791,
901, 991, 1107
Reporting banks:
All banks, N. Y. C, and outside N. Y. C, monthly and
Wednesday figures
311, 411,
505, 582, 661, 793, 903, 993, 1109
By districts and for Chicago,
Wednesday figures 313, 413,
507, 584, 663, 795, 905, 995, 1111
Steagall, Henry B.:
Address at 25th anniversary of signing of
Federal Reserve Act
14
Steel. (See Iron and steel.)
Stock exchange:
Customers' debit balances, etc., of firms carrying margin accounts. . 54, 130, 206, 314,
414, 508, 585, 664, 796, 906, 996, 1112
Discount rates on loans
56, 132, 208, 316,
416, 510, 587, 666, 798, 908, 998, 1114
Stocks registered, Jan. 31, 1939
173
Volume of trading on N.Y.S.E
57, 133, 209,
317, 417, 511, 588, 667, 799, 909, 999, 1115
Stocks:
Collateral loans on. (Ruling.)
362
Member bank holdings:
Dec. 31, 1938
264
Mar. 29, 1939
489
June 30, 1939
728
New issues. (See Capital issues.)
Prices:
Charts
629, 841
Discussion of
629, 840
Principal countries
86, 162, 238, 348,
449, 543, 621, 702, 833, 943, 1033, 1149
United States
57, 133, 209, 317,
417, 511, 588, 667, 799, 909, 999, 1115
Stone, James C, appointed Class C Director,
Federal Reserve Bank of Cleveland
7
Stone and clay products:
Factory employment indexes:
Adjusted
65, 141, 217, 325,
425, 519, 596, 675, 807, 917, 1007, 1123
Unadjusted
67, 143, 219, 327,
427, 521, 598, 677, 809, 919, 1009, 1125
Factory payrolls indexes
67, 143, 219, 327,
427, 521, 598, 677, 809, 919, 1009, 1125
Straits Settlements:
Foreign exchange rates
84, 160, 236, 346,
447, 541, 619, 700, 831, 941, 1031, 1147
Stroud, E. B., appointed First Vice President,
Federal Reserve Bank of Dallas
554
Summary of financial and business statistics . 11,
100, 177, 252, 360, 465, 558, 635, 718,
849, 960, 1053
Supervision of banks. (See Bank supervision.)
Surplus :
Member banks:
Dec. 31, 1938
264
Mar. 29, 1939
488
June 30, 1939
727
Suspensions, Bank. (See Banks: Suspensions.)f
INDEX TO VOLUME 25
1175
Page
Page
Sweden:
Bank of:
Condition
78, 154, 230, 340,
441, 535, 613, 693, 825, 935, 1027, 1143
Discount rates
82, 158, 234, 344,
445, 539, 617, 697, 829, 939, 1029, 1145
Gold reserves
74, 150, 226, 336,
434, 528, 606, 686, 818, 928, 1018, 1134
Foreign exchange rates
84, 160, 236, 346,
447, 541, 619, 700, 831, 941, 1031, 1147
Gold movements to and from U. S.. .46, 122, 198,
306, 406, 500, 577, 656, 788, 898, 988, 1104
Money rates
81, 157, 233, 343,
445, 538, 616, 696, 828, 938, 1028, 1144
Switzerland:
Cost of living index
86, 162, 238, 348,
449, 543, 621, 702, 833, 943, 1033, 1149
Foreign exchange rates
84, 160, 236, 346,
447, 541, 619, 700, 831, 941, 1031, 1147
Gold imports and exports
76, 152, 228, 338,
436, 530, 608, 688, 820, 930, 1020, 1136
Gold movements to and from U. S. 46, 122, 198,
306, 406, 500, 577, 656, 788, 898, 988, 1104
Money rates
81, 157, 233, 343,
445, 538, 616, 696, 838, 938, 1028, 1144
Retail food price index
86, 162, 238, 348,
449, 543, 621, 702, 833, 943, 1033, 1149
Swiss National Bank:
Annual report, 1938
387-391
Condition
78, 154, 230, 340,
441, 535, 613, 693, 825, 935, 1027, 1143
Discount rates
82, 158, 234, 344,
445, 539, 617, 697, 829, 939, 1029, 1145
Gold reserves
74, 150, 226, 336,
434, 528, 606, 686, 818, 928, 1018, 1134
Wholesale price indexes 85, 161, 237, 347,
448, 542, 620, 701, 832, 942, 1032, 1148
Tax receipts, U. S. Treasury. (See Treasury
finance: Receipts.)
Taxation of banks:
Social Security Act made applicable to member banks
723
Taylor, Jay, appointed Deputy Chairman, Federal Reserve Bank of Dallas
7
Teagle, W. C , reelected Class B Director, Federal Reserve Bank of New York
7
Tennessee Valley Authority:
Assets and liabilities
60, 136, 212, 320,
420, 514, 591, 670, 802, 912, 1002, 1118
Government's proprietary share in
366
Terborgh, George
731
Term loans:
Survey of term loans to commercial and industrial concerns
560-562
Textiles:
Factory employment index:
Adjusted
65, 141, 217, 325,
425, 519, 596, 675, 807, 917, 1007, 1123
Unadjusted
67, 143, 219, 327,
427, 521, 598, 677, 809, 919, 1009, 1125
Factory payrolls index
67, 143, 219, 327,
427, 521, 598, 677, 809, 919, 1009, 1125
Prices, Discussion of
952
Production index:
Adjusted
63, 139, 215, 323,
423, 517, 594, 673, 805, 915, 1005, 1121
Unadjusted
64, 140 ,216, 324,
424, 518, 595, 674, 806, 916, 1006, 1122
Wholesale price index
71, 147, 223, 331,
431, 525, 602, 681, 813, 923, 1013, 1129
Thomas, J. J.:
Appointed Deputy Chairman, Federal Reserve Bank of Kansas City
7
Reappointed Class C Director, Federal Reserve Bank of Kansas City
7
Thompson, Otis A., reelected Class A Director,
Federal Reserve Bank of New York
6
Tobacco:
Crop reports
72, 682, 814, 924, 1014, 1130
Manufactures:
Factory employment index:
Adjusted
65, 141, 217, 325, 425,
519, 596, 675, 807, 917, 1007, 1123
Unadjusted
67, 143, 219, 327, 427,
521, 598, 677, 809, 919, 1009, 1125
Factory payrolls index . 6 7 , 143, 219, 327,
427, 521, 598, 677, 809, 919, 1009, 1125
Production index:
Adjusted
63, 139, 215, 323, 423,
517, 594, 673, 805, 915, 1005, 1121
Unadjusted
64, 140, 216, 324, 424,
518, 595, 674, 806, 916, 1006, 1122
Transportation equipment:
Factory employment index:
Adjusted
65, 141, 217, 325,
425, 519, 596, 675, 807, 917, 1007, 1123
Unadjusted
67, 143, 219, 327,
427, 521, 598, 677, 809, 919, 1009, 1125
Factory payrolls index
67, 143, 219, 327,
427, 521, 598, 677, 809, 919, 1009, 1125
Production indexes:
Adjusted
63, 139, 215, 323,
423, 517, 594, 673, 805, 915, 1005, 1121
Unadjusted
64, 140, 216, 324,
424, 518, 595, 674, 806, 916, 1006, 1122
Treasury cash and deposits with Federal Reserve banks. (See United States Government deposits: Federal Reserve banks.)
Treasury currency outstanding:
End of month and Wednesday figures . 3 8 , 114,
190, 298, 398, 492, 569,
648, 780, 890, 980, 1096
End of month
figures
45, 121, 197, 305,
405, 499, 576, 655, 787, 897, 987, 1103
Treasury finance:
Deficit
59, 135, 211, 319,
419, 513, 590, 669, 801, 911, 1001, 1117
Discussion of
1-6, 243, 627-628, 710, 712
Expenditures:
Discussion of
4-6, 627-628
Monthly table
59, 135, 211, 319, 419,
513, 590, 669, 801, 911, 1001, 1117
General fund balance . . .59, 135, 211, 319, 419,
513, 590, 669, 801, 911, 1001, 1117
Guaranteed obligations
58, 134, 210, 318,
418, 512, 589, 668, 800, 910, 1000, 1116
Public debt:
Changes in
2, 627
Gross debt. .58, 134, 210, 318, 418, 512, 589,
668, 800, 910, 1000, 1116
Interest bearing:
Chart
2
Monthly table. . .58, 134, 210, 318, 418,
512, 589, 668, 800, 910, 1000, 1116
Interest on:
Discussion of
2,3
Monthly table. . .59, 135, 211, 319, 419,
513, 590, 669, 801, 911, 1001, 1117
Maturities:
Discussion of
2, 628
1176
INDEX TO VOLUME 25
Page
Page
Treasury finance—Continued.
Public debt—Continued.
Maturities—Continued.
Monthly table. . .58, 134, 210, 318, 418,
512, 589, 668, 800, 910, 1000, 1116
Noninterest bearing
58, 134, 210, 318,
418, 512, 589, 668, 800, 910, 1000, 1116
Receipts:
Discussion of
4-5, 627
Monthly table
59, 135, 211, 319, 419,
513, 590, 669, 801, 911, 1001, 1117
Treasury notes of 1890:
Circulation
45, 121, 197, 305, 405, 499, 576,
655, 787, 897, 987, 1103
Trust Indenture Act of 1939, Note on
851
Trust powers of national banks:
Investment of funds:
Amendments to Regulation F
1054
Deposit of funds in own savings department. (Ruling.)
12
Turkey:
Central Bank of:
Condition . .78, 154, 230, 340, 441, 535, 613,
693, 825, 935, 1027, 1143
Discount rate . .82, 158, 234, 344, 445, 539,
617, 697, 829, 939, 1029, 1145
Gold reserves . .74, 150, 226, 336, 434, 528,
606, 686, 818, 928, 1018, 1134
Foreign exchange rates 84, 160, 236, 346, 447,
541, 619, 700, 831, 941, 1031, 1147
Union of Soviet Socialist Republics:
Bank of:
Discount rate
82, 158, 234, 344,
445, 539, 617, 697, 829, 939, 1029, 1145
Gold production
75, 151, 227, 337,
435, 529, 607, 687, 819, 929, 1019, 1135
United Kingdom:
Bank of England:
Condition
77, 153, 229, 339,
440, 534, 612, 692, 824, 934, 1024, 1140
Discount r a t e :
Changes in
829, 939, 1029
Monthly table . 8 2 , 158, 234, 344, 445,
539, 617, 697, 829, 939, 1029, 1145
Gold reserves
74, 150, 226, 336,
434, 528, 606, 686, 818, 928, 1018, 1134
Gold transferred to British Fund . . . 91-92
Banking and financial legislation:
Feb. 28, 1939. Currency and Bank
Notes Act, 1939
271
Commercial banks
82, 158, 234, 344,
445, 539, 617, 697, 829, 939, 1029, 1145
Cost of living index
86, 162, 238, 348,
449, 543, 621, 702, 833, 943, 1033, 1149
Economic controls:
Exports and imports
1044
Internal controls
1044-1045
Economic situation, Discussion of
553-554
Exchange Equalization Account:
Bank of England transfer of gold to. 91-92
Borrowing power limit removed .
1041
Gold reserves
74, 150, 226, 336,
434, 528, 606, 686, 818, 928, 1018, 1134
Foreign exchange rates:
Discussion of
842, 1040
Monthly table
84, 160, 236, 346,
447, 541, 619, 700, 831, 941, 1031, 1147
Foreign exchange regulations
1039-1041
Gold imports and exports . . . 76, 152, 228, 338,
436, 530, 608, 688, 820, 930, 1019, 1135
United Kingdom—Continued.
Gold movements to and from U. S
46, 122,
198, 306, 406, 500, 577,
656, 788, 898, 988, 1104
Money rates
81, 157, 233, 343,
445, 538, 616, 696, 828, 938, 1028, 1144
Retail food price index
86, 162, 238, 348,
449, 543, 621, 702, 833, 943, 1033, 1149
Security prices
86, 162, 238, 348,
449, 543, 621, 702, 833, 943, 1033, 1149
Tax measures, Discussion of
1045
Treasury expenditures, Discussion of
1045
Wholesale price indexes . . . 85, 161, 237, 347,
448, 542, 620, 701, 832, 942, 1032, 1148
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 . . . 38, 114, 190, 298,
398, 492, 569, 648, 780, 890, 980, 1096
Each bank, Wednesday figures . 4 0 , 116,
192, 300, 400, 494, 571,
650, 782, 892, 982, 1098
Member bank holdings:
All banks on call dates:
Dec. 31, 1938
264
Mar. 29, 1939
488
June 30, 1939
727
Monthly table . 49, 125, 201, 309, 409,
503, 580, 659, 791, 901, 991, 1107
Reporting banks:
All banks, N. Y. C. and outside
N. Y. C , monthly and Wednesday figures. 51, 127, 203. 311, 411,
505, 582, 661, 793, 903, 993, 1109
By districts and for Chicago, Wednesday figures 53, 129, 205, 313, 413,
507, 584, 663, 795, 905, 995, 1111
United States Government insurance agencies.
(See Insurance agencies of United States
Government.)
United States Government securities:
Bonds:
Member bank holdings:
All banks on call dates:
Dec. 31, 1938
264
Mar. 29, 1939
489
June 30, 1939
728
Monthly table 308, 408, 502, 579,
658, 790, 900, 990, 1106
Reporting banks:
All banks, N. Y. C. and outside N. Y. C , monthly and
Wednesday figures . . . . 310, 410,
504, 581, 660, 792,
902, 992, 1108
By districts and for Chicago,
Wednesday
figures
312, 412,
506, 583, 662, 794,
904, 994, 1110
Prices . . 57, 133, 209, 317, 417, 511, 588,
667, 799, 909, 999, 1115
Yields. .. .56, 132, 208, 316, 416, 510, 587,
666, 798, 908, 998, 1114
Collateral security for Federal Reserve notes
until June 30, '1941.
637
INDEX TO VOLUME 25
Page
United States Government securities—Continued.
Federal Reserve bank holdings:
All banks combined, end of month and
Wednesday
figures
38, 114, 190, 298,
398, 492, 569, 648, 780, 890, 980, 1096
Discussion of
630, 710, 839, 1049
Each bank, Wednesday figures. . . .40, 116,
192, 300, 400, 494, 571, 650,
782, 892, 982, 1098
Maturity distribution. . .39, 115, 191, 299,
399, 493, 570, 649, 781, 891, 981, 1097
Guaranteed obligations:
Member bank holdings:
All banks on call dates:
Dec. 31, 1938
264
Mar. 29,1939
489
June 30,1939
728
Monthly table
48, 124, 200,
308, 408, 502, 579, 658,
790, 900, 990, 1106
Reporting banks:
All banks, N. Y. C. and outside N. Y. C, monthly and
Wednesday figures. . . .310, 410,
504, 581, 660, 792,
902, 992, 1108
By districts and for Chicago,
Wednesday figures . . . 312, 412,
506, 583, 662, 794,
904, 994, 1110
Outstanding, by agencies. . 58, 134, 210, 318,
418, 512, 589, 668, 800, 910, 1000, 1116
Holdings by types of investors
3-4
Interest rates on
2, 3
Issued directly to Government agencies and
trust funds
3
Market, Discussion of. . .171, 243, 628, 847, 1049
Member bank holdings:
All banks on call dates:
Dec. 31, 1938
264
Mar. 29, 1939
489
June 30, 1939
728
Maturity distribution
489, 728
Monthly table
48, 124, 200, 308, 408,
502, 579, 658, 790, 900, 990, 1106
Discussion of
354, 631, 839
Reporting banks:
All banks, N. Y. C. and outside
N. Y. C, monthly and Wednesday figures 50, 126, 202, 310, 410,
504, 581, 660, 792, 902, 992, 1108
By districts and for Chicago,
Wednesday
figures
52, 128, 204,
312, 412, 506, 583, 662,
794, 904, 994, 1110
Treasury bills:
Discount rates on
56, 132, 208, 316,
416, 510, 587, 666, 798, 908, 998, 1114
Federal Open Market Committee statement on reduction of holdings
630
Federal Reserve bank holdings:
Discussion of
630, 710
Member bank holdings:
All banks on call dates:
Mar. 29, 1939
489
June 30, 1939
728
Monthly table
308, 408, 502,
579, 658, 790, 900, 990, 1106
1177
Page
United States Government securities—Continued.
Treasury bills—Continued.
Member bank holdings—Continued.
Reporting banks:
All banks, N. Y. C. and outside N. Y. C, monthly and
Wednesday figures ..'310, 410,
504, 581, 660, 792,
902, 992,1108
By districts and for Chicago,
Wednesdav figures . 3 1 2 , 412,
506, 583, 662, 794,
904, 994, 1110
Treasury notes:
Member bank holdings:
All banks on call dates:
Mar. 29, 1939
489
June 30, 1939
728
Monthly table
308, 408, 502,
579, 658, 790, 900, 990, 1106
Reporting banks:
All banks, N. Y. C. and outside N. Y. C , monthly and
Wednesday figures. 310, 410,
504, 581, 660, 792,
902, 992, 1108
By districts and for Chicago,
'Wednesday
figures
312, 412,
506, 583, 662, 794,
904, 994, 1110
Yields
56, 132, 208, 316,
.416, 510, 587, 666, 798, 908, 998, 1114
Yields on, Chart of
3
United States Housing Authority:
Assets and liabilities
60, 136, 212, 320,
420, 514, 591, 670, 802, 912, 1002, 1118
Guaranteed obligations outstanding. . .318, 418,
512, 589, 668, 800, 910, 1000, 1116
Summary of operations, 1938
365-369
United States Maritime Commission:
Loans outstanding, Dec. 31, 1938
366, 371
United States notes:
Circulation
45, 121, 197, 305,
405, 499, 576, 655, 787, 897, 987, 1103
United States Treasurer:
General account on deposit in Federal Reserve banks. (See United States Government deposits: Federal Reserve banks.)
Uruguay:
Bank of:
Condition
78, 154, 230, 340,
441, 535, 613, 693, 825, 935, 1027, 1143
Gold reserves
74, 150, 226, 336,
434, 528, 606, 686, 818, 928, 1018, 1134
Foreign exchange rates
84, 160, 236, 346,
447, 541, 619, 700, 831, 941, 1031, 1147
Venezuela:
Gold movements to and from U. S.
46, 122,
198, 306, 406, 500, 577, 656, 788, 898, 988, 1104
Volkmann, W. G., reelected Class B Director,
Federal Reserve Bank of San Francisco
7
Wages and hours of labor:
Chart
458
Discussion of
458
Wagner, Robert F . :
Letter on 25th anniversary of signing of
Federal Reserve Act
14
Wald, Haskell
871
War effects on American markets
839-845
1178
INDEX TO VOLUME 25
Page
Wayne, Joseph, Jr., reelected Class A Director,
Federal Reserve Bank of Philadelphia
6
West Africa:
Gold production
75, 151, 227, 337,
435, 529, 607, 687, 819, 929, 1019, 1135
Wheat crop reports
72, 682, 814, 924, 1014, 1130
White, G. J., reelected Class A Director, Federal
Reserve Bank of Atlanta
6
Wholesale commodity prices. (See Prices:
Wholesale commodity.)
Williams, Alfred H., appointed Class C Director,
Federal Reserve Bank of Philadelphia
248
Williams, F. D., reelected Class A Director, Federal Reserve Bank of Chicago
7
Wood, R. E.:
Reappointed Class C Director, Federal Reserve Bank of Chicago
7
Reappointed Deputy Chairman, Federal Reserve Bank of Chicago
7
Wysor, W. G., reappointed Deputy Chairman,
Federal Reserve Bank of Richmond
.. 7
Young, Owen D., redesignated Chairman and
Federal Reserve Agent, New York
7
Yugoslavia:
Foreign exchange rates
84, 160, 236, 346,
447, 541, 619, 700, 831, 941, 1031, 1147
National Bank of:
Condition
78, 154, 230, 340,
441, 535, 613, 693, 825, 935, 1027, 1143
Discount rates
82, 158, 234, 344,
445, 539, 617, 697, 829, 939, 1029, 1145
Gold reserves
74, 150, 226, 336,
434, 528, 606, 686, 818, 928, 1018, 1134
Zinc production index:
Adjusted
63, 139, 215, 323,
423, 517, 594, 673, 805, 915, 1005, 1121
Unadjusted
64, 140, 216, 324,
424, 518, 595, 674, 806, 916, 1006, 1122
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