Full text of Federal Reserve Bulletin : January 1939

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FKDERAL RESERVE
BULLETIN




JANUARY 1939

Anniversary of Federal Reserve Act
Treasury Financing in 1938
Interest Rates on Commercial Loans

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
CONSTITUTION AVENUE AT 20TH STREET

WASHINGTON

TABLE OF CONTENTS

Review of the month—Treasury financing in 1938
National summary of business conditions
Summary of financial and business statistics
Law department:
Ruling of the Board :
Deposit of trust funds by a National bank in its own savings department
Ceremony on the twenty-fifth anniversary of the signing of the Federal Reserve Act
Rates charged by banks on customers' loans
Indexes of production of durable and nondurable manufactures
Revised form of bank report of condition
.
All banks in the United States, assets and liabilities
French measures affecting the Bank of France and the Treasury
Balance of international payments of the United States, 1936-1937
Statistics of international capital transactions of the United States, July-September 1938
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
u
Gold stock and gold movements; bank suspensions; bank debits._^
All banks in the United States
All member banks
Reporting member banks in leading cities
Acceptances, commercial paper, and brokers' balances
Federal Reserve bank discount rates
Money rates and bond yields.!
Security markets
,
Treasury
finance
Governmental corporations and credit agencies; Postal Savings Systemi
Production, employment, and trade
Wholesale prices
Crop Report
International financial statistics:
Gold reserves of central banks and governments
Gold production
Gold movements
Central banks
Bank for International Settlements
Money rates
Discount rates of central banks
Commercial banks
Foreign exchange rates
Price movements:
Wholesale prices
Retail food prices and cost of living
Security prices
Federal Reserve directory:
Board of Governors and staff; Open Market Committee and staff; Federal Advisory Council
Senior officers of Federal Reserve banks; managing directors of branches_.^_

II




Page
1-8
8-9
11
12
13-16
__ 17-19
20-21
22—23
24-28
29-30
31
32-35
38
39-43
44
45
46
47
48-49
50-53
54
55
56
57
58-59
60-61
62-70
71
72

,

74
75
75-76
77-80
81
81
82
82-83
84
85
86
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89

Bronze bas-relief of the Honorable Carter Glass and inscription placed on the west wall
inside the Constitution Avenue entrance of the Federal Reserve Building in Washington
and unveiled on December 23, 1938, by the Honorable Henry B. Steagall on the occasion of the twenty-fifth anniversary of the signing of the Federal Reserve Act. The
proceedings in connection with this ceremony appear in this Bulletin on pages 13—16.







A X A OV CNT URE I N COKl'&TW50 f ?$/ r i M

FEDERAL RESERVE BULLETIN
VOL.

25

JANUARY, 1939

No. 1

gations issued to Government agencies and
trust funds. Outstanding obligations of
Following a further sharp rise in Novem- Federal agencies guaranteed by the United
ber, business activity was maintained in De- States Government increased by $350,000,000
cember, changes being during the year. Changes in the composition
Business conditions i a r g e l y o f a seasonal na- of the publicly-offered direct obligations durm December
4. • i
J
T J
ing 1938, which are shown in the table below,
ture. Industrial produc- resulted from a growth in the volume of
tion, as measured by the Board's seasonally bonds and declines in the volume of notes and
adjusted index, was at about 104 percent of bills.
the 1923-1925 average, slightly above the fig- During the year about $3,000,000,000 of
ure of 103 for November and materially Treasury notes were retired through exhigher than the midsummer level of 77. For changes for new issues, and about $1,000,the year as a whole the index averaged 86 as 000,000 of new notes were issued, one-third
compared with 110 for 1937. Employment
and payrolls appear to have increased fur- UNITED STATES GOVERNMENT INTEREST-BEARING
OBLIGATIONS, DIRECT AND GUARANTEED
ther from the middle of November to the
[In millions of dollars]
middle of December. Department store sales,
Dec. 31, Dec. 31, Change
which earlier in the year were continuously
in year
1937
1938
lower than in 1937, exceeded last year's volume during the Christmas holiday trade. Publicly-offered direct obligations:
24, 083 + 3 , 528
Treasury and pre-war bonds
20, 555
1,442
U. S. Savings bonds
964
+478
Railroad freight traffic showed about the
8,496 -2,051
Treasury notes
10, 547
Treasury bills
1,952
1,306
-646
usual seasonal decline in the first three weeks Securities issued to Govt. agencies and trust !, 227 3,156 +929
funds
464
415
-49
Other direct obligations
of December.
Total
+2,191
36, 708
For the purpose of financing enlarged ex- Guaranteed direct obligations.
4,992
obligations
4,645
+347
penditures for recovery and relief, in acIncludes adjusted service
cordance with the policy savings bonds formerly issuedbonds of 1945 issued to veterans and postal
to depositors in the postal savings system.
financing
adopted last spring, the
as exchanges and two-thirds for new cash.
United States Treasury
increased the volume of outstanding Govern- New issues of Treasury bonds totalled about
ment obligations during the latter part of $3,500,000,000, three-fourths of which were
for Treasury notes. In addition
1938. Treasury debt operations in December in exchange of United States Savings bonds
the amount
included the sale of about $700,000,000 of increased by $480,000,000. The amount of
new issues of bonds and notes and the ex- Treasury bills outstanding was reduced by
change of over $900,000,000 of Treasury $650,000,000 to $1,300,000,000, compared
notes maturing in March 1939 for new issues with an average outstanding amount of about
of bonds and notes. These followed the sale $2,300,000,000 in 1937. The increase in
for cash in September of about $800,000,000 guaranteed issues resulted from sales of
of bonds and notes. During the year 1938, notes by the Reconstruction Finance Cortaken as a whole, the interest-bearing direct poration and the Commodity Credit Corporadebt of the United States Government in- tion, offset in part by retirements of bonds of
creased by $2,200,000,000, of which $1,300,- the Federal Farm Mortgage Corporation and
000,000 represented additions to publicly- the Home Owners' Loan Corporation.
offered issues and $900,000,000 special obliREVIEW OF THE MONTH




1

1

FEDERAL RESERVE BULLETIN

JANUARY

1939

Interest rates on Treasury obligations sold
NTE REST-BEARING DEBT OF THEU.S. GOVERNMENT
during 1938 declined in the course of the year
and were exceptionally low for issues of sim40
1
ilar maturities. In March maturing notes
35
-!
were exchanged for lO1/^ year bonds, bear3C
ing a coupon rate of 2V2 percent. In June
25
2% percent bonds of 1958-1963 and iy 8 perOTAL /
cent 5-year notes were offered by the Treas/
> ^ ->15
ury in exchange for June and September note
BONDS /
s,
maturities. The September financing inI
TT
i
cluded an offering of 2i/2 percent 12-14 year
1 1
1
bonds and 1% percent June 1943 notes, while
\? 1
•~±
if
V
_ 1918 1920 1922 1926 1928—i—^tW1932A.1934 1936 19360
'16
1930
in December exchanges were permitted for
23/4 percent bonds of 1960-1965 and 2 per- Special issues include securities issued to Government agencies
issued to
cent bonds of 1947, as well as for 1% percent and trust funds, adjusted service bonds depositors veterans, and
postal savings bonds formerly issued to
in the postal
savings system.
5-year notes, and there were cash sales of
the longer bonds and the notes.
Review of the public debt since the end of The increase in the debt has occurred in the
1930 shows a considerable growth in the longer maturities, and issues maturing after
aggregate, a general length- 15 years now comprise about 15 percent of
Changes in
ening of maturities and an the total, whereas in 1930 they were only
public debt in
improvement of the distribu- 9 percent of the total and by 1934 were a
recent years
tion of maturities as between much smaller part.
individual years. It also shows a decline in
the average rate of interest paid on Govern- MATURITY DISTRIBUTION OF PUBLICLY-OFFERED DIRECT
OBLIGATIONS OF THE UNITED STATES GOVERNMENT
ment obligations.
[In millions of dollars]
The interest-bearing direct obligations increased from about $16,000,000,000 at the
Dec. 31, Dec 31, Dec. 31,
Due or callable
1934
1930
1938
end of 1930 to nearly $39,000,000,000 at the
end of 1938. In the early years of this pe- Within 5 years
16, 865
11, 757
13, 390
5-10
359
11, 259
6,143
riod, as shown on the chart, this increase was " 10-15years.
years
5,526
3,411
1,530
Ovei 15 years
5,153
1,327
805
principally in Treasury notes maturing in 5
Total
27, 224
14, 973
35, 327
years or less. In addition about $6,000,000,000 of Fourth Liberty loan bonds, due in 1938, 1 Excludes issues to Government agencies and trust funds, adjusted
issued to veterans, and postal savings bonds.
were callable in 1933. Thus from 1930 until service bondsissues classified according to earliest call dates; savings
Callable
bonds on maturity dates.
1934 over two-thirds of the publicly-offered
debt was due or callable within 5 years and a
In addition to the lengthening of the malarge part of the growth in the debt occurred
within those maturities. Changes in the ma- turity distribution of the debt, maturities
turity distribution of the publicly-offered have been arranged in a larger number of
direct debt since 1930 and since 1934 are individual years. As a result there is no
large amount of issues maturing or callable
shown in the following table.
Since 1935 when refunding of the First in any single year as was the case when
and Fourth Liberty loan bonds was com-there were over $6,000,000,000 of the
pleted, there has been a rapid increase in Fourth Liberty loan bonds callable between
Treasury bonds outstanding and a slow de- 1933 and 1938. The more orderly distribucline in notes. Obligations maturing in less tion of maturities has diminished the refundthan 5 years have decreased in amount and ing problems facing the Treasury in the
are now less than 40 percent of the total. future.




DOLL

J0N

END OF MONTH

ARS

OF DOLLARS

_

y

—J

\r

\

NO

ES/

CERTIFICATES
AND BILLS

1

2

2

JANUARY 1939

FEDERAL RESERVE BULLETIN

In the past two years the amount of securi- yields was downward from 1920 to 1927,
ties issued directly to Government agencies showed a temporary increase in 1928 and
and trust funds has 1929, at the time of high short-term interest
Issues to Government
increased considerably. rates, and returned in 1930 to the 1927 level.
agencies and trust
These special issues re- Following a sharp increase late in 1931 and
funds
mained generally well in January 1932, yields again returned to
under three-quarters of a billion dollars from the 1927 level in 1933. Since that time the
1931 to the early months of 1937. By substantial increase in excess reserves of
the end of 1938 the total had increased to banks and in other funds available for in$3,200,000,000. The principal elements of vestment has resulted in a decline in yields
increase, as shown in the following table, on long-term Treasury bonds to a record low
were the old-age reserve account series and level of about 21/2 percent. Yields on shorterthe unemployment trust fund series. The term Treasury issues, which have shown
law requires that the funds available for wider temporary fluctuations, have declined
these purposes be invested in Government relatively more than bond yields. The widsecurities with specified rates of return, and ening spread between short-term and longthese accounts have purchased securities di- term rates reflects the demand for highly
rectly from the Treasury rather than in the liquid investments in which to place the large
supply of funds awaiting more permanent
open market.
Although the maturity of the debt has been employment.
lengthened in recent years, the average rate
YIELDS ON UNITED STATES GOVERNMENT SECURITIES
of interest paid on outDecline in interest
standing obligations has
rates on Government
declined. The refunding
securities
of securities bearing high
coupon rates and the sale of new issues at
low rates have brought about a reduction in
the average interest rate on the debt from
about 3% percent at the end of 1930 to 3
percent at the end of 193.4 and to between
2V2 and 2% percent at the present time.
These changes reflect the substantial decline
in the general level of interest rates during
this period.
The following chart shows fluctuations in
3- to
on Treasury
due
yields on long-term Treasury bonds and on or Yields onafter 5-year Treasury notes andto 6-months' bonds and
callable
12 years. Yields on 3notes
certificates from January 1920 to January 1931, average rate on
shorter-term Treasury issues since 1919.3-month bills offered within month from February 1931 to Decemand average dealers'
The chart indicates that the trend in bond ber 1933,1934 to December 1938. quotation on 3-month bills from
January
SECURITIES ISSUED TO GOVERNMENT AGENCIES AND
TRUST FUNDS
[In millions of dollars]
Dec. 31,
1930
Adjusted Service funds 1
U n e m p l o y m e n t t r u s t fund
Old-age reserve a n d railroad retirement
funds
Government employees retirement funds. __
Other series
Total1

Dec. 31, Dec. 31,
1937
1938
531
625

522
1,064

161

563
378
130

938
468
164

781

2,227

3,156

620

Figures exclude adjusted service bonds issued to veterans, which now
amount to about $300,000,000.




Banks have purchased a large part of the
newly-issued Government securities in the
™
. ,. ., .
past eight years.
Changes in distribution
of Government obligations
among holders

^
The i n c r e a s e in
banks' h o l d i n g s of

direct and guaranteed obligations of the
United States Government in that period has
amounted to about half of the increase in the
outstanding amount of publicly-offered obligations. The volume of bank purchases has
varied somewhat with changes in the types of

FEDERAL RESERVE BULLETIN

JANUARY

1939

securities offered. As shown in the following HOLDINGS OF UNITED STATES GOVERNMENT OBLIGATIONS BY TYPES OF INVESTORS
table, in 1930 banks held more than a third of
[Amounts in millions of dollars]
the total publicly-offered obligations of the
June 30, June 30, June 30,
Government. In the five years from 1930 to
1935
1938
1930
1935, when bank loans were declining sharply,
._ ._
15,138
38, 316
31, 033
their investments in Government securities Obligations outstanding
Holdings of—
almost tripled, and the proportion of bank Member banks
New York City 2
3,740
1,147
3,809
holdings to the total outstanding increased
5,639
Other reserve cities . . .
1,686
5,136
2,964
1,229
Country
2,484
to 46 percent. In this period the First and Nonmember banks
4,382
1,436
banks
2,829
Fourth Liberty loan bonds, which had been
All banks, excl. Fed. Res. banks
5,498
16, 725
14, 258
widely distributed among individual holders, Federal Reserve banks . _
2,564
_.
591
2,433
2,098
and trust
196
1,344
were refunded, and new issues included a U. S. Govt. agenciescompanies funds
3,942
Large life insurance
1,857
250
11,141
12, 987
8,603
large amount of short-term obligations, which Other holders
Percentage distribution of holdings
were popular with banks. Also in the latter
100.0
100.0
100.0
part of this period guaranteed obligations Obligations outstanding _ _
Member banks
New York City 2 .
9.8
7.6
12.3
were issued by Government agencies princi14.7
Other reserve cities
11.1
16.6
Country
8.0
8.1
7.7
pally in exchange for farm and home mort- Nonmember banks
11.4
9. 1
banks
9.5
gages, and a large portion of these issues
All banks, excl. Fed. Res. banks
43.6
36.3
46.0
came into the portfolios of banks. The issu- Federal Reserve banks
6.7
7.8
3.9
5.5
U. S.
and trust
4.3
1.3
ance of these guaranteed obligations also Large Govt. agenciescompanies funds
10.3
6.0
life insurance
1.7
35.9
33.9
56.8
probably contributed to the increase in hold- Other holders
ings of insurance companies in this period.
* Figures include direct and fully-guaranteed obligations which are
From the middle of 1935 to the middle of publicly-offered and interest-bearing.
Central reserve city banks only.
1938, when a considerable part of the new 3 Figures include mutual savings banks and are partly estimated.
issues were longer-term bonds, the growth increase of about $750,000,000 in holdings
in bank holdings was relatively small and of member banks in 101 leading cities, indiamounted to only about a third of the increase cating a renewed growth in this type of bank
in the obligations outstanding. A large part investment. End-of-year figures for other
of the increase that occurred was at mutual types of investors are not yet available.
savings banks. New York City member
Increase in the public debt during the latter
banks continued to increase their holdings part of 1938 was for the purpose of meeting
until the middle of 1936 but reduced them
larger expenditures for the
considerably in the next year and a half, and Treasury require- recO very and relief proat member banks in other cities holdings de- ments in 1938
f
.
gram inaugurated during
clined during 1937. Country banks showed
no decline in their holdings until the first the year. Total receipts from taxes and other
half of 1938. At life insurance companies Treasury revenues for the year were near the
investments in Government obligations have high level reached in 1937, while expendimore than doubled since 1935. Amounts tures increased. The working balance of the
held by various United States agencies and in Treasury was increased by security sales in
Government trust funds have also increased. anticipation of continued large expenditures
Holdings of other investors, for which de- in the first half of 1939.
tailed information is not available, have Treasury receipts and expenditures in gengradually increased in the past eight years, eral and special accounts for the past three
but the proportion of these to the total out- calendar years are shown in the following
standing has declined from 57 to 34 percent. table. In addition to these accounts Treasury
Since June 30, 1938, there has been a cash needs were affected by receipts and exgrowth of about $2,000,000,000 in the amount penditures in various trust accounts, espeof publicly-offered direct and guaranteed cially those connected with unemployment
Government obligations outstanding and an compensation, and in certain checking accounts of Government agencies, such as the




1

3

3

2

FEDERAL RESERVE BULLETIN

JANUARY 1939

Reconstruction Finance Corporation and the 000,000 of funds from new security issues
sold for cash, $1,200,000,000 from the transCommodity Credit Corporation.
Treasury cash outlays for general and fer of gold from inactive account, and about
special accounts in the latter half of 1937 $600,000,000 from other sources. The total
and the first quarter of 1938 were not of funds from these sources was considerably
much larger than receipts from taxes and larger than the excess of regular budget exother revenues, and the difference was ap- penditures over receipts, amounting to $1,proximately balanced by a net cash inflow 900,000,000 for the year, and the working
from sources outside the regular budget, balance at the end of December at $2,450,chiefly from net deposits by States in the 000,000 was double the balance at the end of
unemployment trust fund. Mounting require- the preceding calendar year.
ments during the spring and early summer
During the latter half of 1937 and the first
of 1938 were financed without new direct quarter of 1938, when expenditures were in
borrowing in the open market at that time.
smaller volume, the yield of taxes
The release of gold from inactive account in Treasury a n ( j 0^her Treasury revenues was
J
April added $1,200,000,000 to the Treasury's receipts
the largest of recent years, averagworking balance. From the latter part of
April to the middle of July these funds were ing $1,600,000,000 a quarter. Subsequently
drawn upon to meet current requirements revenue yields declined somewhat as the
and for the retirement of $800,000,000 of lower level of business activity was reflected
Treasury bills. During the first half of 1938 in reduced receipts from customs and certhe outstanding publicly-offered debt de- tain miscellaneous internal revenue taxes.
clined by about $550,000,000, and in addition In the last quarter of 1938 receipts were
the Treasury's working balance increased by about $1,420,000,000. Income tax receipts
in 1938 did not reflect the lower level of in$400,000,000.
In the latter half of 1938 Treasury needs comes for that year. Collections from this
for funds to meet cash expenditures in excess source during the calendar year 1938 were
of receipts were met by increases in the based largely upon incomes of the calendar
publicly-offered debt, as already described. year 1937 and were about the same as those
Some cash was also available during this of the preceding year based on incomes of
period from net deposits in the unemploy- the calendar year 1936. Receipts of social
ment trust fund and from sale in the open security taxes also were about the same in
1938 as in 1937, although in the latter half of
1938 they were somewhat smaller, reflecting
TREASURY RECEIPTS AND EXPENDITURES
[In millions of dollars]
the decline in payrolls since 1937.
Treasury expenditures during the last
Other,
General and special accounts
net,
three quarters of the calendar year 1938 were
excess of
Calendar years
Excess receipts
in about the same general volExpendiof
(+) or
Receipts tures
expendi- expendi- Treasury
u m e a s d u r i n g the latter part
tures (—) tures (—)
x

expenduures

^

^

^

^

^

^

rf

1937, following a period of about nine months
when they declined about 15 percent from
this level. Total expenditures, excluding
Excluding debt retirements and transfers to trust accounts largely
for investment in Government securities; in 1936 the latter included large debt retirements and amounts which merely
transfers to the adjusted service certificate fund in connection with the
payment of adjusted service certificates, for which the Treasury's cash involve transfers to trust accounts largely
needs are reflected in the last column of the table.
for investment in special debt issues, were
market of guaranteed notes of the Recon- about $2,000,000,000 in each of the last three
quarters of 1938 as compared with a quarstruction Finance Corporation.
terly volume of about $1,600,000,000 during
For the year as a whole the Treasury
added to its working balance about $1,300,- the period from June 1937 to March 1938
and an average quarterly volume of about

1936
1937
1938
1




4,372
6,312
5,993

7,468
7,090
7, 880

-3,096
-778
-1,887

-1,033
+260
+59:

6

FEDERAL RESERVE BULLETIN

$1,900,000,000 in 1936 and the early part of
1937.
As shown in the following table, the decline in expenditures during the latter part
of 1937 and the early part of 1938 and the
subsequent increase resulted largely from
changes in expenditures under various recovery and relief programs. Expenditures
for work relief and direct relief, like those
now administered by the Works Progress
Administration, were in the neighborhood of
$520,000,000 a quarter during 1936, but declined during 1937 to $320,000,000 in the
final quarter of that year and then increased
sharply in the latter part of 1938 to a total
of over $600,000,000 in the last quarter. In
recent months agricultural adjustment payments have been in much larger volume than
a year ago, reflecting largely price adjustment payments to cotton farmers. Payments under various social security programs
have been growing steadily and the quarterly total of $90,000,000 at the end of 1938
was nearly double the quarterly volume of
two years ago. Some recovery and relief expenditures continued during 1938 at a level
much smaller than in the preceding periods.
This was true of public works expenditures;
the new public works program enacted in
June was reflected in Treasury cash outlays
to only a moderate extent prior to the last
month of the year. Expenditures for national
defense and for regular departmental activities were slightly larger in 1938 than in 1937.
TREASURY EXPENDITURES BY QUARTERS, 1937-1938x
[In millions of dollars]
Total
expenditures
1937:
Jan.-Mar._
Apr.-JuneJuly-Sept..
Oct.-Dec.._

1,852
1,961
1,671
1,605

1938:
Jan.-Mar._ 1,626
Apr.-June- 2 2,024
July-Sept.. 1,969
Oct.-Dec. _ 2,167

Recovery
and i•elief

Social
security

AAA

National
defense

Interest

other

All

WPA

Other

449
428
334
316

240
251
196
173

54
51
57
84

194
171
47
32

206
229
236
240

193
271
192
240

516
560
609
520

353
470
559
621

142
2 158
136
196

73
78
82
91

106
178
116
187

246
253
267
273

186
308
176
249

520
579
633
550

1
General and special accounts, on the basis of daily Treasury statement, excluding debt retirements and transfers to trust accounts.
2 Excluding Treasury payment of $94,000,000 to the Commodity Credit
Corporation to restore impairment of capital stock.




JANUARY 1939

Statement by the Federal Open Market Committee

The Federal Open Market Committee announced, following a meeting December 30,
1938, that weekly statements of the total
holdings in the Federal Reserve System's
Open Market Account may at times show
some fluctuation depending upon conditions
in the market affecting the Committee's ability to replace maturing Treasury bills held
in its portfolio. The volume of Treasury bills
available on the market has declined materially during the year and, owing to the large
and increasing demand, such bills are already
selling either on a no-yield basis or at a premium above a no-yield basis. It has, therefore, become difficult and in some weeks impossible for the System to find sufficient bills
on the market to replace those that mature.
Short-term notes are also selling on a no-yield
basis and longer-term notes have at times
been difficult to obtain. In these circumstances, it may be necessary from time to
time to permit bills held in the portfolio to
mature without replacement, not because of
any change in Federal Reserve policy but
solely because of the technical situation in
the market. Because no change in Federal
Reserve policy is contemplated at this time,
maturing bills will be replaced to the extent
that market conditions warrant.
Election of Class A and B Directors

The member banks elected the following
Class A and B directors of the Federal Reserve banks for the three-year term beginning January 1, 1939:
CLASS A
Boston—Allan Forbes, President, State Street
Trust Company, Boston, Massachusetts (reelected )
New York—Otis A. Thompson, President, The
National Bank and Trust Company of Norwich, Norwich, New York (reelected)
Philadelphia—Joseph Wayne, Jr., President,
Philadelphia National Bank, Philadelphia,
Pennsylvania (reelected)
Cleveland—F. F. Brooks, President, First National Bank at Pittsburgh, Pittsburgh,
Pennsylvania (reelected)
Richmond—L. E. Johnson, Chairman, First
National Bank, Alderson, West Virginia
(reelected)
Atlanta—G. J. White, President, First National Bank, Mount Dora, Florida (reelected)

JANUARY

1939

FEDERAL RESERVE BULLETIN

Chicago—F. D. Williams, Vice President and Designation of Chairmen and Federal Reserve Agents
and Appointment of Deputy Chairmen
Cashier, First Capital National Bank, Iowa
City, Iowa (reelected)
The Board of Governors designated the folSt. Louis—Sidney Maestre, President, Mississippi Valley Trust Company, St. Louis, lowing Chairmen of boards of directors and
Missouri
Minneapolis — J. R. McKnight, President, Federal Reserve Agents at Federal Reserve
Pierre National Bank, Pierre, South Dabanks for the year 1939:
kota
Kansas City—E. E. Mullaney, President,
Boston—F. H. Curtiss, retired (redesignated)
Farmers & Merchants Bank, Hill City,
New York—Owen D. Young, Chairman, GenKansas (reelected)
eral Electric Co., New York, New York (reDallas—Ford Seale, President, Citizens National Bank of Denison, Denison, Texas
designated)
San Francisco—Reno Odlin, President, Puget
Philadelphia—Thomas B. McCabe, President,
Sound National Bank, Tacoma, Washington
Scott Paper Co., Chester, Pennsylvania
Cleveland—George C. Brainard, President,
CLASS B
The General Fireproofing Co., Youngstown,
Boston—P. R. Allen, Chairman, Bird & Son,
Ohio
Inc., E. Walpole, Massachusetts (reelected)
Richmond — Robert Lassiter, Chairman,
New York—W. C. Teagle, Chairman, StandMooresville Cotton Mills, Mooresville, North
ard Oil Company of New Jersey, New York,
Carolina (redesignated)
New York (reelected)
Atlanta—Frank H. Neely, General Manager,
Philadelphia—Harry L. Cannon, President,
Rich's, Inc., Atlanta, Georgia (redesignated)
H. P. Cannon & Son, Inc., Bridgeville,
St. Louis—W. T. Nardin, Vice President &
Delaware
Cleveland—G. D. Crabbs, President, Philip
General Manager, Pet Milk Co., St. Louis,
Carey Mfg. Co., Cincinnati, Ohio (reelected)
Missouri (redesignated)
Richmond — Edwin Malloy, President and
Kansas City—R. B. Caldwell, Member of Law
Treasurer, Cheraw Cotton Mills, Inc., CheFirm of McCune, Caldwell & Downing,
raw, South Carolina (reelected)
Kansas City, Missouri
Atlanta—E. T. George, Chairman and PresiDallas—J. H. Merritt, retired, McKinney,
dent, Seaboard Refining Company, Ltd.,
Texas (redesignated)
New Orleans, Louisiana (reelected)
Chicago—N. H. Noyes, Secretary and Treasurer, Eli Lilly and Company, Indianapolis,
The Board of Governors appointed the folIndiana (reelected)
lowing Deputy Chairmen of Federal Reserve
St. Louis—J. R. Stanley, Secretary, Treasurer
and General Manager, Stanley Clothing Co., banks for the year 1939:
Evansville, Indiana.
Minneapolis—J. E. O'Connell, President, Eddy
Boston—Henry S. Dennison, President, DenBakery Co., Helena, Montana (reelected)
nison Manufacturing Co., Framingham,
Kansas City—L. E. Phillips, Phillips PetroMassachusetts (reappointed)
leum Company, Bartlesville, Oklahoma (reNew York—Beardsley Ruml, Treasurer, R. H.
elected)
Macy & Co., Inc., New York, New York (reDallas—J. D. Middleton, President, Texas Reappointed)
fining Company, Greenville, Texas (rePhiladelphia—Francis Biddle, Member of
elected)
Law Firm of Barnes, Biddle & Myers,
San Francisco—W. G. Volkmann, Vice PresiPhiladelphia, Pennsylvania
dent, A. Schilling and Company, San FranCleveland—R. E. Klages, President, and Gencisco, California (reelected)
eral Manager, Columbus Auto Parts Co.,
Columbus, Ohio
Appointment of Class C Directors
Richmond—W. G. Wysor, General Manager,
The Board of Governors appointed the folSouthern States Cooperative, Inc., Richmond, Virginia (reappointed)
lowing Class C directors of Federal Reserve
Atlanta—J. F. Porter, President and General
banks for the three-year term beginning JanManager, Tennessee Farm Bureau Federation, Columbia, Tennessee
uary 1, 1939:
Chicago—R. E. Wood, President, Sears, RoeBoston—F. H. Curtiss, retired (reappointed)
Buck & Co., Chicago, Illinois (reappointed)
New York—Beardsley Ruml, Treasurer, R. H.
St. Louis — Oscar G. Johnston, President,
Macy & Co., Inc., New York, New York (reDelta and Pine Land Co., Scott, Mississippi
appointed)
Minneapolis—W. C. Coffey, Dean, DepartCleveland—James C. Stone, Tobacco Merment of Agriculture, University of Minnechant, Lexington Kentucky
sota, St. Paul, Minnesota.
Atlanta—Frank H. Neely, General Manager,
Kansas City—J. J. Thomas, Lawyer, Seward,
Rich's Inc., Atlanta, Georgia (reappointed)
Nebraska
Chicago—R. E. Wood, President, Sears, RoeDallas—Jay Taylor, Rafter 0 Cattle Combuck & Co., Chicago, Illinois (reappointed)
pany, Amarillo, Texas
Kansas City—J. J. Thomas, Lawyer, Seward,
San Francisco—St. George Holden, President,
Nebraska (reappointed)
St. George Holden Realty Co., San FranDallas—J. H. Merritt, retired, McKinney,
cisco, California (reappointed)
Texas (reappointed)




8

FEDERAL RESERVE BULLETIN

JANUARY 1939

1, 1936, and as Acting Chairman of the bank
from November 1934 to March 1936, and on
March 3, 1936, was designated as Chairman
Effective at the close of December 31,1938, and Federal Reserve Agent, serving in that
Messrs. R. L. Austin, E. S. Burke, Jr., and capacity until his retirement on December
W. B. Geery retired as Class C directors and 31, 1938.
Chairmen and Federal Reserve Agents at
Mr. Geery served as Deputy Governor of
the Federal Reserve Banks of Philadelphia,
the Federal Reserve Bank of Minneapolis
Cleveland and Minneapolis, respectively.
Mr. Austin served as a Class C director from September 1920 to October 1927, at
and as Chairman and Federal Reserve Agent which time he was elected Governor of the
of the Federal Reserve Bank of Philadelphia bank. He served in that capacity until
March 1, 1936, when he was appointed a
from the date of its establishment.
Mr. Burke was appointed a Class C direc- Class C director of the bank and designated
tor and Deputy Chairman of the Federal as Chairman and Federal Reserve Agent,
Reserve Bank of Cleveland in March 1933. serving in that capacity until his retirement
He served as Deputy Chairman until March on December 31, 1938.
Retirement of Chairmen and Federal Reserve Agents
at the Federal Reserve Banks of Philadelphia,
Cleveland, and Minneapolis.

NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled December 23 and released for publication December 25]

The sharp rise in industrial production, ally, while output of automobiles continued
which began early last summer, continued in at the high level reached at the end of NoNovember. Preliminary reports for the first vember. Lumber production in November
three weeks of December indicate some slow- decreased by more than the usual seasonal
ing down in the advance. Employment also amount. In the nondurable goods industries,
increased in November and payrolls showed shoe production declined seasonally, while
little change, although a decline is usual at output of textiles showed a considerable exthis season. Distribution of commodities to pansion, with increased activity at cotton,
consumers increased considerably.
wool, and silk mills. At mines, bituminous
Production.—The Board's seasonally ad- coal output increased further and production
justed index of industrial production in No- of anthracite showed less than the usual seavember rose to 103 percent of the 1923-1925 sonal decline. Output of petroleum showed
average from 96 percent in October. Output little change.
of steel continued to increase, contrary to the
Value of construction contracts awarded
seasonal trend, and there was a further sharp in November showed a decline from the high
rise in automobile production. In the first level reached in October, according to F. W.
three weeks of December activity at steel
mills declined somewhat more than seasonCONSTRUCTION CONTRACTS AWARDED
1NDUSTRIAL PRODUCTION

120

120

110

s
\J

A

v

/\ 1
' V

/

400

-Y—\

110

\

/
I
/
\, /
1929

1930

1931

1932

1933

1934

1935

1936

1937

1938

Three-month moving averages of F. W. Dodge data for value of
contracts awarded in 37 Eastern States, adjusted for seasonal
Monthly index of physical volume of production, adjusted for variation. Latest figures based on data for October and November
and estimate for December.
seasonal variation, 1923-1925 average = 100.




9

FEDERAL RESERVE BULLETIN

JANUARY 1939

Dodge figures for 37 Eastern States. Private
and public projects both declined, following
increases in October. The decline in contracts for private residential building was
less than seasonal.
Employment.—Employment increased
somewhat further and payrolls showed little
change between the middle of October and
the middle of November, although declines
are usual at this time of year. In manufacturing the number employed continued to
rise, reflecting principally a further sharp
increase at automobile factories and substantial increases in the machinery, steel, and
textile industries. Employment declined seasonally at establishments producing clothing
and shoes; in most other industries employment increased somewhat. In lines other
than manufacturing, employment showed
some increase, when allowance is made for
usual seasonal changes.
Distribution.—Distribution of commodities
to consumers showed a considerable increase
in November. Department store sales and
mail order sales, which had been retarded in
October by unseasonably warm weather, rose
sharply, and sales at variety stores also increased in November. Sales of automobiles
to consumers expanded sharply following the
introduction of new models and in November
were larger than a year earlier.
Freight-car loadings, which had increased
considerably in previous months, showed a

slightly less than seasonal decline in November.
Commodity prices.—Prices of some industrial materials, such as nonferrous metals,
hides, and cotton goods, decreased somewhat
from the middle of November to the third
week of December. Sugar prices also declined, while grains advanced somewhat.
Prices of most other agricultural and industrial commodities continued to show little
change.
Bank credit.—In connection with preholiday trade, there was a sharp increase in
money in circulation and as the result of this
increase in the demand for currency, together
with Treasury operations around December
15, there was a temporary decline in member
bank reserves.
MEMBER BANKS IN 101 LEADING CITIES
BILLIONS OF DOLLARS

1938

Wednesday figures for reporting member banks in 101 leading
cities, September 5, 1934, to December 21, 1938. Commercial
loans, which include industrial and agricultural loans, represent
prior to May 19, 1937, so-called "Other loans" as then reported.

FACTORY EMPLOYMENT

/
rv
Monthly index of number employed at factories, adjusted for
seasonal variation, 1923-1925 average = 100.




Following declines during November, total
loans and investments of reporting member
banks in 101 leading cities increased during
the first three weeks of December, largely
reflecting operations of the Treasury. Loans
to security dealers by New York banks increased sharply, reflecting temporary borrowing for the purpose of carrying Government securities exchangeable for new issues
on December 15. Adjusted demand deposits
rose to a new high level in the first half of
December.

10

FEDERAL RESERVE

BULLETIN

JANUARY J.939

MEMBER BANK RESERVES AND RELATED ITEMS
WEDNESDAY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

16

16

15

15

14

14
GOLD $

13

13

12

12

11

11

10

10

8

8

r"

7

MONEY IN CIRCULATION

7
^

4

-

***
TRF- ASURY CASH

J

3 M
2

^ - - * • "

"'••••.....•...

•„ -••"

RESERVE BANK
CREDIT
' TREASLJRY DEPOSITS

1

A.

ft

•
AT C D

2

, \

1

DAM/C

i
1934

1935

1936

1937

1938

1934

1935

1936

1937

1938




Latest figures for December 28. See table on page 38.

1939

1939

JANUARY

11

FEDERAL RESERVE BULLETIN

1939

SUMMARY OF FINANCIAL AND BUSINESS STATISTICS
1937

1938
Nov.

Oct.

Sept

Nov.

Oct.

A n n u a l averages
Sept.

1937

Averages of daily figures; in millions

MEMBER BANK RESERVES, RESERVE BANK CREDIT,
AND RELATED ITEMS

2, 592 2,598 2,610
7
8
8
1
1
1
2, 564 2,564 2,572
14,162 13,940 13,441
2,760 2,745 2,733
6,750 6,668 6,570
2,728 2,782 2,717
704
526
665
783
622

Reserve bank credit outstanding—total
Bills discounted
Bills bought
U. S. Government securities
Gold stock
Treasury currency outstanding
_
Money in circulation
Treasury cash holdings
Treasury deposits with F. R. banks
Nonmember deposits and other accounts
Member bank reserve balances:
Total
Excess

8,727
3,276

8,546
3,143

8,196
2,920

2,592 2,583 2,584
19
22
24
3
3
3
2,545 2,527 2,526
12, 788 12, 782 12,653
2,613 2,603 2,590
6,558 6,566 6,658
3,642 3,636 3,618
95
125
190
717
750
607
6,919
6,954 6,854
1,043
1,104
900

1936

1935

1934

1933

1929

of dollars

2,554 2,481
14
6
3
4
2,540 2,430
12,162 10, 578
2,567 2,503
6,475 6,101
3,225 2,474
158
446
595
551

2,475
7
5
2,431
9,059
2,478
5,585
2,791
128
507

2,502
36
25
2,432
7,512
2,381
5,403
2,798
81
438

2,429
283
83
2,052
4,059
2,271
5,576
288
55
497

1,459
962
241
208
3,696
2,015
4,476
207
22
406

5,989
2,512

5,001
2,469

3,676
1,564

2,343
528

2,358
43

1,220

REPORTING MEMBER BANKS

Averages of Wednesday figures; in millions of dollars

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

21,347 21, 323 21,078 21, 556 21, 889 22,187 22,198 22,064 19,997 18,672 17,505 22,599
9,559 9,890 10,026 9,546 8,462 8,028 8,491 9,156 16,887
8,319 8,282
0)
4,740 4,828 4,733
3,884 3,904 3,893
(0
0)
0)
0)
0)
990
675
881 1,103 1,317 1,226
715
669
«2,208
1 1 1 0)
,8
981
777
669
578
576
657
687
571
0)
0)
0)
3,281 3,290 3,289
0)
3,149 3,133 3,122
0)
0)
0) 11,969
13,028 13, 041 12,810 11,997 11,999 12,161 12,652
(0
0)
7,970 7,914 8,068 8,394 13,602 7,989
8,130 8,084 7,957
5,712
928 10,181 8,349
1,127
1,132 1,131 1,164 9,080
1,682 1,668
1,681
1,250 3,052 6,856 5,228 2,865
2,900 2,953 2,962 3,094
3,121
3,217 3,275 3,185
2,847
e
325 1,822
5,348 5,384 5,313 5,307 3,272 4,024
7,170 7,005 6,712
1,725
305
326 3,000
320
326
416
438
425
240
337 4,799
248
383 2,112 2,875 1,322
1,804
1,781 1,703 1,884
2,467 2,446 2,413
1,142
271
15,825 15, 688 15, 377 14, 636 14, 756 14,843 15,097 2,358 12, 729
0)
0)
5,287 5,278 5,283 5,202 14,619 4,883 1,688 4,946
5,135 5,164 5,213
6,788
5,039 5,088 4,990 5,298 4,999 4,938
6,233 6,122 5,974
0) 2,822 2,787
5
2
1
11
12 5,810
674
4,937
115

8

5

Averages of daily figures; percent per

MONEY RATES AND BOND YIELDS
69
1.00
.05
2.48
3.15

.69
1.00
.08
2.58
3.21

379
225
155
145
43
102

763
165
598
337
64
273

237
144
92
150
85
65

136
94
42
36
26
10

203
96
107
136
67
70

95

91

86

83

91

106

112

78
68
74
81
78

78
67
74
81
78

78
68
75
81
79

83
76
83
84
84

85
80
86
85
85

87
86
88
86
86

86
86
86
85
85

1.00
1.00
.09
2.71
3.24

1.00
1.00
.20
2.76
3.27

221
154
67
152
113
39
Index

PRICES

Common stocks (1926=100).
. _ _.
Wholesale commodity prices (1926=100):

._.

All cornmorjitifts

._

.75
.91
.17
2.65
3.24

.76
.66
.17
2.79
3.60

1.02
1.00
.28
3.12
4.00

1.72
1.16

5.85
7.61

3.31
4.49

3.60
4.73

323
173
150
198
99
99

392
121
270
189
34
155

180
116
64
41
15
26

89
60
29
32
13
18

959
841
118
781
667
115

111

78

72

63

190

81
81
82
80
82

80
79
84
78
80

75
65
71
78
74

66
51
61
71
66

95
105
100
92
106

79
78
86
32
12
48
86
65
62
75

76
75
82
25
11
37
73
60
58
67

119
119
115
117
87
142
106
110
107
111

178
138.

140
121

437
387

518
164
354
382
99
282

numbers

Index numbers, adjusted for seasonal variation, 1923-25=100

BUSINESS INDEXES

Industrial production. _ _ _ _ _
M anuf actures
Minerals
Construction contracts awarded—total
Residential
Allother. _
_.
Factory employment
Factory payrolls (unadjusted)
_ __
Freight-car loadings
Department store sales

69
89

96
95
99
82
57
102
88
84
68
84

91
89
97
78
56
96
87
81
64
86

P252
P176

278
178

246
168

P103
PIOS
P102

P117

_

102
101
113
52
36
65
105
105
76
93

111
110
116
56
37
71
107
104
78
94

110
109
115
59
41
74
106
102
78
92

._

315
223

333
224

297
233

to to

_

88
85
109
56
32
76
101
93
71
91

105
105
105
55
37
70
98
86
75
88

90
90
91
37
21
60
91
74
64
79

Amounts per month; in millions of dollars

MERCHANDISE EXPORTS AND IMPORTS

Exports, including re-exports
General imports

1.00
1.00
.31
2.77
3.28

Amounts per month; in millions of dollars

CAPITAL ISSUES
All issues—total
New
Refunding
Domestic corporate issues—total..
New
Refunding

Farm products
_
. .
Foods
Other commodities
Retail food prices (1923-25—100)

.95
1.00
.28
2.68
3.26

69
1.00
.04
2.50
3. 10

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).

3,814
8

annum

205
202

190
171

r
e
p Preliminary.
Revised.
Partly estimated.
1 Figures not available.
2
Includes time deposits of banks, domestic and foreign. 1929-1934.
» Does not include time deposits 1929-1934.
4
Averages of yields of all outstanding bonds due or callable after 12 years. See B U L L E T I N for D e c e m b e r 1938, pp. 1045-1046.




12

FEDERAL RESERVE BULLETIN

JANUARY

1939

LAW DEPARTMENT
Deposit of Trust Funds by a National Bank in Its
Own Savings Department

The Board recently considered the following questions relating to the deposit of trust
funds by a national bank in its own savings
department:
"(1) May a national bank with trust powers,
acting in a fiduciary capacity, deposit trust
funds in its own savings department 'as an investment/ and would the answer be different in a
State where State banks are permitted to invest
trust funds in their own savings departments?
"(2) If trust funds are deposited in its savings department 'as an investment' are such
funds required to be secured by assets of the
bank segregated in the trust department?
" (3) Where the provisions of the trust instrument require legal investments, may a national
bank deposit funds 'awaiting investment or distribution' in its own savings department under
the provisions of section 11 (k) of the Federal
Reserve Act and of Regulation F, if savings
accounts 'as an investment' cannot be considered
as conforming to local statutes?"

In connection with the first question, the
Board pointed out that section 11 (a) of its
Regulation F provides that "funds received
or held by a national bank as fiduciary shall
not be invested in . . . obligations of . . .
the bank", and a footnote appended thereto
provides that such requirement "shall not
be deemed to prohibit investments which are
expressly required by the instrument creating the trust or by court order," Accordingly, the Board expressed the opinion that
a national bank is not permitted to invest
trust funds by depositing them in its own
savings department unless such investment
is expressly required by the instrument creating the trust or by court order. In this light,
the Board believed it to be immaterial
whether State banks are permitted to invest
trust funds by so depositing them.
With respect to the second question, after
referring to the fact that section 11 (k) of




the Federal Reserve Act and section 9(b) of
Regulation F require that trust funds awaiting investment or distribution which are
used by a national bank in the conduct of its
business be secured by the deposit of securities in the trust department of the bank, the
Board expressed the opinion that trust funds
invested by a national bank by deposit in its
own savings department are not required to
be secured because they are not funds awaiting investment or distribution. In this connection, it was suggested that trust funds
deposited by a national bank in its own savings department ordinarily should be assumed to be funds awaiting investment or
distribution if they cannot properly be invested in obligations of the bank under the
provisions of section 11 (a) of Regulation F
referred to above.
In answer to the third question, the Board
stated that section 11 (k) of the Federal Reserve Act and Regulation F do not prohibit
a national bank from depositing in its own
savings department trust funds administered
by it and awaiting investment or distribution, but it should be borne in mind that
section 9 (a) of Regulation F provides that
trust funds shall not be held uninvested or
undistributed by a national bank "any longer
than is reasonably necessary." Of course,
any such deposit must conform to the requirements of the Board's Regulation Q relating
to "savings deposits." The question whether,
under the laws of a particular State in which
a national bank may be located or under
the provisions of a particular trust instrument, a national bank may properly carry
trust funds awaiting distribution or investment in a savings deposit is one depending
upon all the facts in the particular case and
the proper construction of the State law.

JANUARY

1939

FEDERAL RESERVE BULLETIN

13

CEREMONY ON THE TWENTY-FIFTH ANNIVERSARY OF THE SIGNING OF THE
FEDERAL RESERVE ACT (DECEMBER 23, 1913-1938)
INTRODUCTORY REMARKS BY HONORABLE MARRINER S.
ECCLES, CHAIRMAN, BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM.

"My dear Mr. Chairman:
May I not express my congratulations to
you and, through you, to your associates of
the Board and of the entire Federal Reserve System, upon the occasion of the
twenty-fifth anniversary of the signing of
the Federal Reserve Act by President Wilson, which you are observing today. Had
it been possible for me to be present, I
would have taken pleasure in joining with
you, your colleagues and your guests in the
observance of a quarter century of distinguished service which has been rendered
to the country's banking and, thus, to
business, industry, and agriculture, by this
distinctly American institution in which
all who were associated with its creation,
and particularly those who like myself
served in Woodrow Wilson's administration, justly take pride.
It is especially appropriate that you are
marking the anniversary by unveiling on
the wall opposite the portrait of President
Wilson, a bas-relief of Senator Glass of
Virginia, who, as one of the original sponsors of the Act, has always been its defender. The Federal Reserve System represents one of the great forward steps in
dealing with our economic system. On this
occasion we may well recall for our guidance now and in the future President
Wilson's words, fittingly inscribed under
his portrait:
'We shall deal with our economic system as it is and as it may be modified,
not as it might be if we had a clean
sheet of paper to write upon; and step
by step we shall make it what it should
be.'
Very sincerely yours,

Senator Glass, honored guests, ladies and
gentlemen: We are met here today, as you
all know, to commemorate the twenty-fifth
anniversary of the signing of the Federal
Reserve Act by President Wilson. I take
great pleasure, on behalf of my associates
of the Board of Governors, in welcoming you
and in asking you to join with us on this
occasion. It is one of importance to all of
us who are interested in the Federal Reserve
System. It has historic significance, I think,
as we look back over the history of the United
States and recognize the part that the Federal Reserve System has played in peace and
in war during the last quarter of a century.
The record is a creditable one. The System
has rendered a public service, a service essential in our country, as it is in every other
civilized land. It is fitting, therefore, that
we should pause for a moment to mark this
occasion and to hear from the Honorable
Henry B. Steagall, Chairman of the Committee on Banking and Currency of the House
of Representatives, who for so many years
has been identified with the development of
banking legislation, who has been a staunch
friend of the Federal Reserve System and a
champion of sound, forward-looking banking
measures in the public interest. He has been
constantly and closely associated with the
distinguished Senator from Virginia, whose
portrait in bronze he will unveil. I am especially gratified that Chairman Steagall could
come here today. He made the trip from his
home in Alabama only for the purpose of
being present this morning.
I think I may tell you also that when
Senator Glass was informed of the proposed
FRANKLIN D. ROOSEVELT."
unveiling as a part of this ceremony, his
Letter from Senator McAdoo
natural reluctance to have it take place was
overcome only because he was told that the I should also like to read a letter from
Board had reached a decision, based upon a Senator McAdoo, who was the first Chairman
conviction shared by all of my colleagues and of the Federal Reserve Board:
myself, that we could in no better way observe this occasion than by placing and un- "Dear Mr. Chairman:
veiling his portrait here.
I have just received your letter of December 14 together with your telegram of
Letter from the President
December 16, inviting me to participate in
Before I present Representative Steagall,
a simple ceremony to be held December 23,
1938, in the Federal Reserve Building,
I want to read a letter which I have received
commemorating the twenty-fifth anniverfrom the President of the United States:




14

FEDERAL RESERVE BULLETIN

sary of the signing by President Woodrow
Wilson of the Federal Reserve Act—during
which, you advise me, there will be unveiled
a bas-relief in bronze of Carter Glass.
It is with sincere regret that I find myself unable to participate in these ceremonies. I rejoice that you are celebrating
this historic event which has resulted in
vast benefits to the American people. It
is impossible to calculate the profound
effects the Federal Reserve System has
had upon our development during the past
quarter of a century, but we can readily
see that, without it or some effective substitute, our progress as a Nation would
have been seriously impeded and restricted.
I am delighted that a bas-relief of my
distinguished friend and colleague—the
Honorable Carter Glass, is to be unveiled
on this occasion. I am gratified that this
recognition of his magnificent services in
the formulation and passage of this great
measure through the House of Representatives, and his continuing and important
contributions to the success of the System,
since its establishment, is to be accorded
during his lifetime. Too frequently, those
who have rendered immortal service to the
country are not recognized until long after
they have passed into eternity.
Cordially yours,

JANUARY 1939

With kindest personal regards and best
wishes, I am
Very sincerely yours,
ROBERT F. WAGNER."

It gives me great pleasure to present the
Honorable Henry B. Steagall of Alabama:
ADDRESS OF HONORABLE HENRY B. STEAGALL OF ALABAMA, CHAIRMAN, COMMITTEE ON BANKING AND
CURRENCY OF THE HOUSE OF REPRESENTATIVES.

Twenty-five years ago yesterday the Chairman of the Banking and Currency Committee of the House of Representatives, in presenting the Conference Report on the GlassOwen Bill, expressed the view that the measure embodied legislation which had been
sorely needed for many years. The passage
of the Federal Reserve Act did not represent
any hasty or immature judgment.
The necessity for currency reform had been
recognized by advanced thinkers throughout
the Nation. The country had become accustomed to periodic money panics, resulting in
disastrous disturbance to agriculture, industry, and commerce and special Congressional
committees had made repeated studies in
search of a remedy. During these unfortunate periods the people found themselves
without the supply of credit and currency indispensable to the normal flow of trade and
commerce. At such times it even became
W. G. MCADOO."
necessary to resort to barter or the issuance
Letter from Senator Wagner
of scrip with which to meet the requirements
of which I
I have also received a letter from the Chair- of business. An illustrationfound in thehave
personal knowledge is to be
man of the Committee on Banking and Cur- of many banks in small communities case
that
rency, Senator Robert F. Wagner, reading as were unable to secure payment in currency of
follows:
their deposits in the large banks in financial
"My dear Mr. Chairman:
centers. Under these conditions the large
I regret exceedingly my inability to be banking interests were in control of the Napresent and participate personally in the tion's supply of credit and currency, virtually
ceremony on the twenty-fifth anniversary holding the power of life and death over every
of the signing of the Federal Reserve Act other business interest in the land. The
by President Woodrow Wilson. I extend situation demanded fundamental reform, and
most cordial felicitations to the Board of the passage of the Federal Reserve Act was
Governors of the Federal Reserve System the answer of statesmen to that demand.
and to Carter Glass, to whom the Nation
The party then in power had declared that
owes an eternal debt of gratitude for his banks existed for the accommodation of the
leading part in the drafting and enactment public and not for the control of business, and
of the Federal Reserve Act. He remains the Congress proceeded to make that princito this day the outstanding defender and ple a living reality.
exponent of the law which he fathered. Happily for the Nation, the people had
This occasion signalizes for the American summoned to the office of Chief Executive a
people a great victory in progressive ac- man with a vision unclouded by selfish intertion, and for Carter Glass a major personal est and with an unwavering devotion to the
triumph.
public weal. The task was so stupendous that




JANUARY

1939

FEDERAL RESERVE BULLETIN

it presented a challenge to the leadership of
the President, and required leadership in
Congress possessing the same lofty patriotism, rare courage, and consummate skill.
At that time a modest, unobtrusive, selfstyled "country editor from Virginia" was
Chairman of the Committee on Banking and
Currency of the House of Representatives
and leader in the House in all matters of
legislation touching banking and currency.
During his years of service in the House he
had quietly and studiously acquired vast
stores of information useful to him and to his
Committee in meeting the problems confronting it. It is no exaggeration to say that deeper
or more painstaking study was never given to
any measure than was given to the Federal
Reserve Act by the Chairman of the House
Banking and Currency Committee. Of
course he was ably supported by his associates, but his was the responsibility, his the
task of piloting the legislation through his
Committee and to final passage in the House.
This was accomplished. The historian of the
future, looking back over the period encompassed by the passage of this Act, will be
amazed, not only at the wealth of information
brought to bear at all critical stages, but at
the consummate ability with which the Chairman of the Banking and Currency Committee
of the House met the onslaughts of opponents,
both within and without the halls of Congress.
It is doubtful that any great measure ever
encountered more stubborn and relentless opposition than was arrayed against this proposal, both in the Congress and in the big
business circles of the country. A horde of
powerful lobbyists such as seldom seen gathered in Washington, filling the air with dire
predictions of confusion and chaos to follow
the passage of the Act.
The Chairman of the Banking and Currency Committee of the House, now the beloved Senator from Virginia, with the consummate courage that has characterized his
entire career, undaunted and undisturbed by
the clamor of the hour, pursued the even
tenor of his way until he achieved the goal
that ushered in the dawn of a new day of
freedom for the legitimate business interests
of the Nation. No measure was ever presented to the House of Representatives by
any chairman of a committee with a more
comprehensive grasp of the measure in hand
and of all pertinent information that could
be desired by the House. The masterly man-




15

ner of presentation has never been surpassed
in the history of the House. Objections were
met with devastating facts or reason. Opponents became supporters, and the final vote
was a triumph of leadership seldom equaled
in the House.
The Federal Reserve System afforded a
supply of currency and credit adequate to the
growing demands of the country. The volume of industrial production increased by
30 per cent in two years following the inauguration of the System, with corresponding improvement in agriculture and expansion in trade and commerce. During the
same period the National income increased
approximately fifteen billions of dollars. The
System supplied facilities for financing the
Government during the period of the World
War. The volume of Government securities
handled through the Reserve Banks during
that period amounted to approximately fifty
billions of dollars. The System enabled us
to finance the great war and to hasten its
conclusion. It is today the greatest instrumentality of the Government for meeting the
problems of the present. Strange as it may
seem, if at any time after the System had
been tested by experience a proposal had been
offered to repeal the law, it would have encountered even more strenuous opposition
and from the same sources that opposed the
original measure and indulged such dire predictions of disaster to follow its enactment!
The part played by the illustrious Senator
from Virginia in connection with the establishment of the Federal Reserve System made
him the choice of the President for Secretary
of the Treasury, in which capacity he rendered most able and conspicuous service.
This does not by any means complete the
story of his career. Senator Glass, as Chairman of the Committee on Banking and Currency of the House of Representatives, gave
profound study to the subject of farm credits
and the Federal Farm Loan Act was sponsored by him and passed under his leadership.
Since the passage of the Federal Reserve
Act he has been its constant defender and
protector, and as Senator he has sponsored
and supported new legislation to strengthen
the System and to enlarge its service to the
public—always in conformity with the original purposes of the Act. Senator Glass saw
the evils and dangers attending the orgy of
speculation during the period preceding the
great depression and under his constructive

16

FEDERAL RESERVE BULLETIN

leadership legislation was enacted that terminated many of the evil practices which obtained and brought about the desired improvement since recognized. He is the accepted authority in the Senate in matters of
legislation relating to banking and currency.
His activities cover a wide range too extensive
for review here and have left deep and lasting
imprint on the Nation's financial structure.
His lofty patriotism, great learning, and superb courage have endeared him to all his
associates, as well as to the people of the
entire Nation.
A great Roman said that he would rather
posterity would ask why he had not held
public office than to inquire why he had.




JANUARY

1939

Historians in the years to come will wonder
why Senator Glass was not made the nominee
of his party and elevated to the Presidency
of the United States following the Wilson
regime. His name will have a place in history such as coveted by the great Roman.
We know not how long this marble structure or this bas-relief will survive the vicissitudes of time, but the name and fame of
Carter Glass of Virginia will endure to enrich
the annals of the Republic.
Senator Glass, we unveil this bas-relief
placed here as a testimonial to your distinguished public service and as an expression
of esteem and admiration of those who know
you and love you.

JANUARY 1939

17

FEDERAL RESERVE BULLETIN

RATES CHARGED BY BANKS ON CUSTOMERS' LOANS
Interest rates charged by member banks banks in cities with Federal Reserve banks
in principal cities on commercial loans to and branches. These reports have not been
customers have for some time been at the entirely satisfactory chiefly because the types
lowest level on record. These rates have not of loans have not been adequately defined
changed much during the past two years and and because banks have been permitted to
have averaged about 1% percent in New
DISTRIBUTION OF COMMERCIAL LOANS
York City, about 2% percent in 7 other
ACCORDING TO INTEREST RATES CHARGED
Northern and Eastern cities, and about 3*4
percent in 11 Southern and Western cities.
In 1929 these rates were close to 6 percent.
Similar information is not available for
banks in smaller places.
That there are considerable geographical
differences in the structure of rates is shown
by a recent survey of rates charged on commercial loans by banks in 19 leading cities
during the first half of September. The
40
results of this survey, which gives some de- 40
30
30
tailed information that has never been ob20
tained before, are summarized below and in 20
10
10
the following chart. Owing to the brief pe0
riod covered by the survey, these conclusions 0
should be accepted as only approximate.
BASED ON SURVEY OF NEW LOANS MADE BY 92 BANKS DURING PERIOD

60

PERCENT" OF TOTAL
NUMBER OF BORROWERS

50

40

SEPT. 1-15, 1938

60

50

NEW YORK CITY

40

30

30

20

20
10

10
0

0

7 OTHER NORTHERN AND EASTERN CITIES

30

New York City.—Abput two-thirds of the money
being lent to commercial borrowers is at rates between 1 and 2 percent. About one-third of the borrowers pay this rate and the rest pay higher rates,
many up to 6 percent.
7 other Northern and Eastern cities.—In these cities
about half of the funds being lent for commercial purposes is at rates between 1 and 2 percent and the
other half is rather evenly spread over rates from 2
to 6 percent, with but a small amount at higher rates.
Only few borrowers get the lowest rates, nearly fourfifths paying 4 percent or more, and about half of
these pay 6 percent. Whereas the average interest
charge on loans made by banks in these cities was
about 2% percent, the median rate was closer to 2
percent.
11 Southern and Western cities.—In these cities
about one-fourth of the commercial funds being lent
are at rates between 1 and 2 percent and the remainder is about equally distributed over rates from
2 up to 6 percent. Only a small amount of commercial funds is lent at rates higher than 6 percent. Of
the number of borrowers, however, nearly two-thirds
pay 5 or 6 percent and about one-sixth pay rates
higher than 6 percent, with some as high as 12 percent.

Method of reporting customers9 rates.—

Since 1919 rates charged on commercial and
other types of loans to customers have been
reported each month by a number of member




20
10

11 SOUTHERN AND WESTERN CITIES

hull

30
20
10
0

INTEREST RATE CHARGED

use their individual judgments in reporting
"prevailing" rates or ranges of rates. Reported figures have therefore not always
been strictly comparable as between banks
and have also varied from time to time because of changes in persons reporting at
individual banks. In September a preliminary survey was conducted for the purpose
of testing a proposed revision of the reporting of rates. It covered new commercial
loans including industrial and agricultural
loans made during the period September
1-15, 1938, by 92 banks in the 12 Reserve
bank cities and 7 of the branch cities. Agricultural loans made by these banks are negligible in amount. The cities and banks re-

18

FEDERAL RESERVE BULLETIN

JANUARY 1939

porting were selected partly on the basis of are likely to obtain lower rates, in part
volume of commercial loans outstanding and no doubt because many of them have a napartly with a view to providing wide geo- tional credit standing and can shop around
graphical distribution.
for their funds. The increase in rates as the
Geographical differences in customers' rates. average size of the loan decreases is brought
—The chart shows the percent of total dollar out by the following table:
volume and total number of new commercial
loans made at different rates, as reported in AVERAGE SIZE OF COMMERCIAL LOANS MADE A T
DIFFERENT RATES, BY GROUPS OF BANKS,
the survey. Figures are charted separately
SEPTEMBER 1-15, 1938
for New York City and for two groups of
[In thousands of dollars]
cities: 7 other Northern and Eastern cities,
7 North- 11 Southcovering Boston, Buffalo, Philadelphia, CleveNew
ern and ern and
York
Interest rates charged
Eastern Western
land, Pittsburgh, Chicago, and Detroit; and
City
cities
cities
11 Southern and Western cities, covering
65
180
1-2 percentRichmond, Baltimore, Atlanta, New Orleans, 2-3 percent..
24
26
19
22
3-4 percent..
St. Louis, Minneapolis, Kansas City, Dallas, 1-5 percent.
13
10
6
6
5-6 percent.
San Francisco, Seattle, and Los Angeles. 6-7 percent.
2
3
Each Reserve district is therefore repre1
Ranges include the lower percents shown but not the upper.
sented.
The chart illustrates the chief geographical
Volume of loans covered by survey.—
differences in the structure of rates on com- Banks reporting interest rates in the Sepmercial loans. In the principal cities of the tember survey had outstanding on SeptemNorth and East a preponderance of new
ber 14 about $3,000,000,000 of commercial
funds for commercial purposes is being lent
loans, or more than three-fourths of such
at low rates of between 1 and 2 percent. In
the South and West a relatively smaller loans made by all weekly reporting member
volume of loans is made at these low rates, banks in 101 leading cities. As shown in the
other rates up to 6 percent being almost as following table, in the half month covered by
the interest rate report these banks made
common.
Although only a third of the commercial somewhat more than $200,000,000 of new
funds lent by New York banks is at rates commercial loans. Since the volume of such
of 2 percent or more, this includes two-thirds loans outstanding showed little change in the
of the borrowers, while about one-sixth of period, repayments were similar in amount
the borrowers pay 6 percent or more. In to new loans made.
18 other leading cities the number of borCOMMERCIAL LOANS OUTSTANDING AND N E W LOANS
rowers increases steadily as the rate inMADE AT BANKS REPORTING INTEREST RATES,
SEPTEMBER 1-15, 1938
creases, with the most numerous group in
[In thousands of dollars]
the range of 6 to 7 percent. Only in the
Southern and Western cities does any conLoans
Volume
outChange
siderable number of borrowers, amounting
of new
standing
since
loans
on
Aug. 31
to about one-seventh of the total number,
made
Sept. 14
pay 7 percent or more.
610
424, 587
- , 598
New York City
Variation in rates by size of loan.—The 7 other Northern and Eastern cities._ 89, 432 1, 890, 700 +1 43,226
62,
63, 593
655,085
+18, 897
11 Southern^and Western cities
amount of money involved in loans at lower
rates is relatively much larger than the number of borrowers who obtain accommodation
Level of customers' rates.—That the level
at such rates. In other words, big borrowers of rates charged on commercial loans is now




1

FEDERAL RESERVE BULLETIN

JANUARY 1939

unusually low is shown in the following
table, which gives typical rates charged by
reporting banks in these cities on loans to
customers represented by prime commercial
paper eligible for rediscount, as reported on
the schedule that has been in use. The rates
shown for September 1938 on loans of this
type are about the same as the typical rates
BANK

RATES ON COMMERCIAL LOANS TO CUSTOMERS
SELECTED PERIODS, 1920-1938
[Percent per annum]

New
York
City

1920-1921
1925-1927
1929-Sept..._
1931-Sept.
1932-March
1936-June
1938-Sept




7 other
Northern and
Eastern
cities
QU

4^
6

6

11 Southern and
Western
cities

51/
6

5*
3

rl/

2H

31/

19

on commercial, industrial, and agricultural
loans of all kinds more precisely reported in
the special survey made in that month.
During the years immediately after the
War, when money was generally tight, customers' rates increased to exceptionally high
levels. By the middle of 1924 they had declined and during the years 1925-1927, when
business conditions were relatively stable,
they showed only slight fluctuations. In
1928 and 1929 rates rose, reaching a peak
of around 6 percent. The subsequent decline
was temporarily interrupted in the autumn
of 1931, when there was an outflow of gold
from the country, and again in the spring of
1933 during the banking holiday. Since the
middle of 1936 these rates have shown no
change at New York City banks, while at
banks in the 18 other principal cities they
have declined slightly further.

20

FEDERAL RESERVE BULLETIN

JANUARY

1939

INDEXES OF PRODUCTION OF DURABLE AND NONDURABLE MANUFACTURES

duction according to the durability of the
product. The principal items in the durable
group are iron and steel, lumber, and automobiles and in the nondurable group are food
products, textiles, and paper and printing.
In the 1923-1925 base period production of
nondurable goods comprised somewhat over
regularly in t h e FEDERAL RESERVE BULLETIN.
half and production of durable goods somewhat less than half of all manufacturing.
INDUSTRIAL PRODUCTION
The underlying data are those used in comADJUSTED FOR SEASONAL VARIATION
1923-25 AVERAGE=100
piling the manufactures index, which, in
combination with the minerals index, makes
up the Board's total index of industrial production. The index of industrial production
and the indexes of durable manufactures,
nondurable manufactures, and minerals are
shown in the accompanying chart for the period from 1929 to date.
Output of durable manufactures usually
declines more than output of nondurable
manufactures in periods of business recession and rises more in periods of recovery.
The more pronounced declines in the production of durable goods than in the production of nondurable goods during recession reflect in part the fact that existing
supplies of machinery, buildings, automobiles, and other finished durable products are large as compared with current output and are used up slowly; consequently new
purchases can be postponed a long time without seriously affecting the use of such products. Further, purchases of durable goods,
which generally involve substantial amounts
of money, are more dependent on financial
1930
1932
1934
1936
1938
conditions than are purchases of nondurable
Latest figures shown are for November 1938.
goods; and prices of durable goods in general
These indexes are based on a breakdown fluctuate less than prices of nondurable
of the Board's index of manufacturing pro- goods.

Monthly indexes of the production of durable and nondurable manufactures have been
compiled with a view to facilitating interpretation of current developments in manufacturing output. The indexes are shown for
the period since 1919 in the accompanying
table, and current figures will be published




21

FEDERAL RESERVE BULLETIN

JANUARY 1939

DURABLE MANUFACTURES
1923-1925 average=100
Month

1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938

Without Seasonal Adjustment

59

67

68
70
72
70
68
62
58
52
47
44
46
48

89

59

63
72
78
78
75
64
57
53
47
44

64
57

Year. .

110

101

112

122

89

100
104
104
95
84
78
75
86
89
90
94
101

106
105
105
101
102
102
102
101
104
109
114
116

111
109
108
109
110
111
111
113
113
112
108
101

103
105
106
104
107
101
101
100
97
95
93
95

104
106
105
110
107
109
112
113
117
118
120
122

122
121
124
125
129
134
134
127
124
119
108
93

100
107
103
102
100
95
86
81
78

92

106

110

101

112

122

CO
to

_ _

107
113
117
116
115
110
106
113
112
112

CO
to

May
June ...
July
August ..
September
October _
November._ _._
December

103
109
113
108
106
101
98
99
103
110
111
106
106

103

107
114

80
79
89
105
107
105
103
102
97
104
109
108

130
132
116
118
122
103
94

53
54
57
58
56
53
58
63
66
80

107

40
51
65
78
71
60
52

49
60
71
77
78
73
50
46
44
42

39

41

45

51

68
76
80
79
72
70
68
74
71
80
87
88

50

57

76

99

43
40
35
35
34
33
29
25
29
31
33
35

CO CO CN

CM CO O5
CO CO CM

39

114
124
135
137
138
137
129
129
126
118
99
83

93
109
111
112
108
98
84
83
79
72

92

99
109
114
119
113
109
108
114
118
118
111
107

102

_
_

96
108
112
101
88
78
72
84
88
91
92

CO
CO

42

39
40
38
38
37
34
28
26
30
31
29

98
109
114
112
113
101
97
100
97
95
88
85

95
98
106
112
113
109
104
103
103
101
96
90

00
CM

January
February
March
April..

36
46
63
81
70
59
53
43
53

53
59
64
68
71
71
51
45
43
42
45
62

74
74
72
71
65
68
71
76
80
83
89
94

84
79
82
94
98
102
107
105
106
109
112
116

117
120
112
122
126
114
101
74
60

33

50

57

76

99

107

74
57

57
62
68
77
82
86
88
78
81

55
56

90

54

CO

98
97
101
105
108
108
108
106
105
100
98
99

83

92

53

102

88
87
81
77
71
81
88
93
83

May
June
July
August
September
October
November
December

79
_

Year

92

73
70

CM CO CO

64
59
52
49
50
47
45
49
49

83
83

96
98
97
86
91
96
94
98
96
91
82
76

00

Adjusted for Sea? onal Variation
January
February
March. _
_
April

56
54
54
53
51
50
58
64
69
84

. _
_

p Preliminary.
NOTE.—Includes iron and steel, coke, nonferrous metals, lumber, cement, polished plate glass, automobiles, locomotives, and shipbuilding.
Indexes without seasonal adjustment have not been computed for period prior to 1923.
NONDURABLE MANUFACTURES
1923-1925 average=100
Month

1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938

Without Seasonal Adjustment
January
February _
March .
April
MayJune. _
July
August ...
September
October
November
December

103
107
106
106
104
99
92
92
97
98
100
94

102
102
99
96
91
86
84
88
98
102
104
103

108
109
106
105
101
98
97
99
103
107
108
106

109
109
107
101
101
102
98
103
112
114
112
106

110
112
113
112
111
111
106
107
113
112
112
105

113
117
114
108

Year

100

96

104

106

110

110
111
107
107
104
98
93
92
100
101
99
90

97
103
102
104
104
99
98
98
102
98
96
90

97
95
90
84
80
79
78
86
98
98
92
84

89
88
82
92
105
116
114
105
104
97
96
85

98
100
99
100
99
92
90
93
93
101
100
98

104
103
100
100
100
97
96
98
105
110
107
102

107
105
103
105
104
105
107
110
116
116
120
120

118
122
121
120
116
113
104
107
109
103
97
90

112

117

101

99

88

98

97

102

110

94
95
94
91
93
94
97
104
109
109

no

O ©
OO
-J tOOCCD

114
116
118
112

120
120
119
120
119
118
111
115
120
121
114
102

Adjusted for Seasonal Variation

_ _
_. _

Year

96
94
93
91
91
87
83
81
78
73
65
60

65
68
72
75
77
80
82
83
84
86
85
85

86
86
87
85
89
93
93
95
96
97
102
103

100
103
105
106
104
103
99
97
97
97
96
95

99
99
97
96
92
89
90
92
97
100
101
103

105
105
104
104
102
102
103
103
102
104
105
108

106
105
105
104
103
105
104
107
110
110
109
108

108
108
111
111
112
114
113
111
111
109
109
108

86

83

79

93

100

96

104

106

110

118
116
117
119
118
119
117
118
118
118
112
107

109
107
106
106
103
99
98
95
98
99
98
95

96
100
101
103
103
100
103
101
101
96
94
95

95
92
89
83
80
80
81
88
97
95
90
89

88
86
81
91
104
118
120
109
104
95
94
90

96
98
98
99
99
93
94
96
91
98
98
104

103
101
99
100
101
99
100
101
102
106
104
108

106
103
102
104
104
107
112
113
114
112
117
126

117
119
120
119
116
115
108
110
107
100
94
95

CM

_

77
74
74
80
85
87
89
89
92
93
94
93

CO OO

January
February.
March
April .
May
.
June
July...
August
September
October.._
November.
December

117

101

99

88

98

97

102

110

93
94
93
91
93
95
102
108
107
105
P110

110

110
113
112
108
110
110
107
110
112

114

p Preliminary
NOTE.—Includes textiles, leather products, food products, tobacco products, paper and printing, petroleum refining, and rubber tires and tubes.
Indexes without seasonal adjustment have not been computed for period prior to 1923.




22

FEDERAL RESERVE BULLETIN

REVISED FORM OF BANK
In order to improve the statistical information obtained from banks and to simplify
somewhat the task of reporting, the Comptroller of the Currency, the Federal Deposit
Insurance Corporation, and the Board of
Governors of the Federal Reserve System
have together worked out a revised report
of condition for banks. This report has been
adopted by each of the Federal agencies in
a nearly identical form, most of the differences among the adopted forms being required for statutory and administrative
purposes. In addition, the Executive Committee of the National Association of Supervisors of State Banks approved this report
form and recommended that, so far as practicable, it be adopted by State banking departments. The form is being used by the
Federal agencies for the current call for
reports of condition.
The general use of a standard condition
report form will simplify the problem of
preparing reports for State banks, since
most of them submit reports to either the
Reserve System or the Federal Deposit Insurance Corporation as well as to their State
banking departments. Many State bank
members of the Federal Reserve System will
also be relieved of the obligation of publishing two different reports for the same call
date. This duplication occurred when there
was a difference in the form of the reports
required for publication by the State authorities and by the Federal Reserve. With
the standardized condition report a single
publication may be made to satisfy all legal
requirements for any one call date.
The report form has been revised both with
respect to the general statement of condition
which is required to be published for the information of depositors and stockholders
and with respect to the special schedules that
supply information needed for supervisory
purposes and for analysis of banking and
credit developments. Additional information
of importance will be supplied by the new




JANUARY

1939

REPORT OF CONDITION
report. At the same time some less important sections of the previous form have
been condensed or eliminated so as to simplify
for banks the preparation of the report.
With respect to banking and credit statistics the most important changes in the form
are a revision in the classification of loans
and the reporting of information regarding
maturities of security holdings. The new
classification of loans is similar to that used
in weekly reports obtained from member
banks in 101 leading cities and is based more
on purpose of loan than on type of collateral.
Information will be obtained on commercial
and industrial loans, on agricultural loans,
and on loans made for the purpose of purchasing and carrying securities, as well as
on open-market paper, brokers' loans, and
real estate loans.
Security holdings will be reported with
practically the same detailed classifications
as to issuers as before and, in addition, for
the broad classifications figures will be given
as to holdings of securities maturing in five
years or less. For United States Government obligations additional maturity groupings will be shown.
On the report to be published additional
information to be given includes holdings of
obligations of State and political subdivisions
and also the deposits of these bodies. Investments and other assets indirectly representing bank premises or other real estate
are to be reported separately, rather than
being included in loans or investments as
heretofore. Borrowings, which recently
have been small, are to be reported in one
rather than four items. The reporting of
the capital account has been greatly simplified, primarily to enable depositors to see at
a glance the amount and principal kinds of
the bank's capital funds. Secured and preferred liabilities, as well as pledged assets
heretofore published, are included in the new
form of published report.
A short schedule for reporting whether

JANUARY

1939

FEDERAL RESERVE BULLETIN

or not the bank has any affiliates is contained
in the body of the report, so as to make it
unnecessary for most banks, which have no
affiliates, to submit a separate schedule on
affiliates.
The standardized condition report is to be
accompanied by detailed instructions for the
preparation of the report. These instructions are for the purpose of assisting banks
in preparing their reports of condition. Particular attention is given to those sections of
the report which have previously caused confusion. For this reason the instructions
should reduce the amount of correspondence




23

and revision which heretofore has been
necessary in the tabulation of such reports
and should improve the comparability of the
reported figures.
This standardization of the condition report and of the accompanying instructions
is the result of work and negotiations extending over several years, and important
contributions have been made by several
groups outside the Federal agencies, such as
the National Association of Supervisors of
State Banks, the Reserve City Bankers Association, and the National Association of
Bank Auditors and Comptrollers.

24

FEDERAL RESERVE BULLETIN

JANUARY 1939

ALL BANKS IN THE UNITED STATES
x

ALL BANKS —PRINCIPAL ASSETS AND LIABILITIES ON SEPTEMBER 28, AND JUNE 30, 1938 AND
DECEMBER 31, 1937, BY DISTRICTS
[Amounts in millions of dollars. Figures for nonmeinber banks are for dates indicatec1 or nearest thereto for which figures are available.]
Loans and investments
Loans

Total

Federal Reserve District
Sept.

June

1938

1938

Dec.
937

Sept.
193S

June

Investments
Sept.

1938

Dec.
1937

2, 670
8, 004
1,230
1,413
891
687
1,797
715
436
624
512
2, 151

2, 734 2, 948
8,578 10, 063
1,274
2,212
1,473 2, 133
903
1, 055
700
631
1, 952 3,449
735
802
454
622
658
710
525
486
2,106
2,212

1938

June
1938

Deposits, exclusive of
interbank deposits

Dec.

Sept.

1937

1938

June
1938

Dec.
1937

N u m b e r of
banks

Sept.
1938

June
1938

Dec.
1937

ALL B A N K S 1

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total

-__
-- _

.. ._

5, 585 5, 576 5. 659
18, 006 17, 619 18,011
3,433 3,392 3.409
3,519 3, 453
3, 625
1,911
1, 952
I, 957
1, 331 1,285
I, 304
5, 262 5, 086
5,333
1,484
1,535
,497
1, 064 1,049
t, 093
t, 379
1,300
1,338
008
970
1,004
4,275 4, 254 4,292

2, 637
7,943
1, 221
1, 386
897
701
1,813
733
442
628
518
2, 169

2,907
9,615
2,162
2,040
1,020
598
3, 288
769
612
677
459
2,104

2,925 5,870
9,433 18, 621
2,135 3,590
2,152 3,839
1,054
2,217
604
1, 518
3,380 6,362
762
1,687
638
1,225
722
1,630
483
1,289
2,080 4,757

5,864 5,868
18, 475 18, 352
3,588 3,608
3,799 3,926
2,146 2,194
1,491
1,516
6,289 6,325
1,645
1,655
1, 235 1,241
1,630
1,656
1,266
1,295
4,767 4,802

882
1,233
940
1,253
1,071
1,042
2,513
1,560
1,329
1,884
969
589

882
1,235
941
1,253
1,075
1,044
2,513
1,564
1,339
1,883
968
590

883
1,237
Q42

,254
,083
,046
J, 533
,578
,356
898
980
602

48, 304 47, 381 48, 566 21,089 21, 130 22,198 27,215 26, 252 26, 368 52, 611

52,195 52, 440 15, 265 15, 287 15, 393

1,885
1, 949
1,890
10, 828 10, 424 10, 829
2,333 2,291 2,311
2,739 2,674 2,772
1,187
1,226
1,217
994
1,015
1,039
4, 192 4,033 4, 196
1,086
1,085
1, 036
722
735
758
1,063
1,024
1, 101
865
832
868
3, 641 3,618 3,640

943 2,173
6,069 11,309
1,355 2,441
1,681 3,006
655
1,409
485
1,165
2,780 5,040
573
1 174
448
861
610
1,285
425
1,110
1,769 4,113

2,162 2,158
11,188 11 086
2,445 2,462
2 966 3 023
1,363
1,385
1 137 1 153
4,977 4,954
1 135 1 166
870
870
1,282
1,290
1,090
1,106
4,131 4,157

357
774
656
624
404
319
781
390
467
735
544
290

357
775
656
623
405
322
775
390
467
735
544
289

357
776
655
622
405
324
769
392
469
733
547
292

31, 627 30, 721 31, 752 12,937 12, 938 13, 958 18, 689 17, 782 17, 794 35, 086

34, 746 34, 810

6,341

6,338

6,341

3,711
7,266
1,146
904
809
363
1,371
489
371
366
189
645

525
459
284
629
667
723
1,732
1 170
862
1,149
425
299

525
460
285
630
670
722
1,738
1 174
872
1,148
424
301

526
461
288
632
678
722
1,764
1 186
887
1,165
433
310

17, 449 17, 630

8,924

8,949

9,052

MEMBER BANKS

Boston
New York
Philadelphia
Cleveland
Richmond.
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas. .
San Francisco_

. .- - __

.._ ._ ._
_
_

_ .__ _

Total

939
4,174
908
1,042
558
522
1,287
480
295
459
433
1,841

961
4,202
913
1,067
554
511
1,278
463
291
453
426
1,819

1,006
4, 760
957
1,091
571
530
1,415
512
310
491
443
1, 871

951
6,654
1, 425
1, 696
659
517
2, 905
605
440
604
432
1, 800

924
6,223
1,377
1,607
633
483
2,755
573
431
571
406
1,799

NONMEMBER BANKS

Boston
New York
Philadelphia

Cleveland .
.
Richmond
Atlanta
_.
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total

- . _

3,695
7,178
1, 100
780
735
293
1,070
450
329
275
138
634

3,692
7,195
1, 101
779
724
291
1, 053
447
327
276
138
636

3,710
7,182
1,098
852
731
289
1,137
411
334
278
139
652

1,698
3,769
313
344
339
179
526
253
147
170
85
328

1,709
1,729
3,803 ' 3, 818
316
317
346
381
337
332
176
171
520
537
252
223
144
145
166
171
86
82
332
342

1,997
3, 409
787
436
396
114
544
197
182
105
53
306

1,983
3, 393
785
433
388
115
533
196
182
106
52
305

1,981
3,364
781
471
399
119
600
189
190
112
58
311

3,703
7,312
1,149
833
808
353
1,322
513
364
346
179
644

16, 677 16, 661 16,814

8, 151

8, 192

8, 526

8, 469

8,574

17, 525

8,241

3,702
7,287
1,142
834
784
353
1,312
509
365
348
176
636

i Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on page 27.




25

FEDERAL RESERVE BULLETIN

JANUARY 1939

ALL BANKS IN THE UNITED STATES—Continued
ALL BANKS —PRINCIPAL ASSETS AND LIABILITIES ON SEPTEMBER 28, AND JUNE 30, 1938 AND
DECEMBER 31, 1937, BY STATES
[Amounts in thousands of dollars]
Loans

Number of
banks

Deposits, exclusive of interb a n k deposits

Investments

State
Sept,
1938
New England:
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
California
Total

June
1938

Dec.
1937

Sept.

June
1938

Dec.
1937

Sept.
1938

June
1938

Dec.
1937

Sept. June Dec.
1938
1937

318,479
109, 763 109,201
208, 524 202, 547 208,044
108,492
317, 551 319,351
272,522
99, 539
99, 226 172, 006 170, 666 174,001
99,'"""
268, 292 268, 572
88,030
78, 074 167,950
72,120
71,166
164, 526 167, 526
86, 705
87, 741
3, 718,924 3,696, 724
, 736, 005 1, 758, 034 1, 814, 045 1, 789, 094 1, 770, 773 1, 758, 762 3,704, r
280, 574 465,023
275, 977 271,178
455, 511 465,437
175 47'
169, 567 170,122
575, 621 582, 984 588', 148 565, 651 550, 667 560, 355 1, 244, 555 1, 232, 354 1, 246, 050

102
108
91
392
35
196

102
108
91
392
35
196

102
109
91
392
35
196

' 215, 5987, 283, 918 7, 827, 447 9, 094, 733 8, 677, 220 8, 473,006 16, 683, 344 16, 546, 29016, 382, 548
,
953, 663 981,333 1, 960,137 1, 949, 543 2, 006,002 410
691, 851 728, 387 984,065
697,530
. 506, 6511, 541, 392 1, 565, 938 3,035,483 2,932,187 2,909, 669 4, 565, 358 4, 541, 678 4, 557, 916 1,112
,

900
410
1,113

902
411
1,115

809, 947
256,687
866, 485
361, 487
246,306

811,972
257, 748
858, 645
362, 577
244,144

847, 961 980, 314 948,167 1,012, 651 2,142, 334 2,128, 946 2,178, 347
782,426
782, 038 787,-"""
384, 782 393,987
266, 655 385,825
981, 643 1, 939,836 1,821,012 1,859, 238 3,418,891 3, 369,848 3, 322,024
675, 524 718,056 1, 310, 954 1, 287, 571 1, 364, 776
376, 295 707,912
794, 210 806, 810
254, 978 457, 234 447,495
456, 774 793, 527

709
521
863
462
594

709
521
866
462
595

710
524
876
464
602

305, 326
260, 669
425,093
24, 325
33, 537
108, 437
141, 035

316, 434
254, 350
459, 450
24, 328
34,132
113,616
142, 389

653
651
179
169
427

688
653
651
180
175
427

690
659
659
185
181
432
692

76, 335
206,136
99, 616
277, 524
129,050
159, 738
52, 963
206,308
83, 471

299, 233
252, 024
406, 300
24,170
33,:
108, 319
143, 046
76,161
208,658
98, 200
271, 634
127, 549
157,456
55,135
210,017
79, 914

204, 399
221,484
123,939
71, 640

406, 539
206,148
541,225
31,052
31,479
110,745
135,686

801, 613
812, 637 805, 978
420,849
556, 289 551, 203
213, 517 565,470
560,405 1,050,182 1,024,032 1, 041, 744
64,384
32, 332
65, 597
66, 850
79,124
32,844
78, 464
80,059
249,816
114, 489 250,020
256, 569
353,170
137,362
344, 504
363,221

80, 627
215, 768
103, 831
276,199
126, 466
153, 425
55, 216
210, 260
84,333

415, 526
211,845
584,978
30, r~
31, 622
113,359
136,109
100,049
487, 500
135, 814
177, 716
93, 713
141,914
40,473
99, 678
141,824

99,078
471, 200
130,508
175, 633
90,687
132,410
40,198
83, 751
142, 750

105,035
454,303
135, 867
187, 305
99, 529
152,244
47,141
84,810
142, 716

189, 822
734, 792
301,140
513, 767
267,190
333,308
126,988
331, 368
269,054

190, 875
723,380
280, 815
500, 568
269, 491
310,957
121, 645
315,834
282,803

199,047
720,919
299, 613
492, 725
270, 701
332,130
138, 637
320, 212
285,934

48
194
22
317
184
232
150
281
164

48
196
22
319
184
232
150
284
163

48
196
22
322
184
236
151
285
162

205, 351
216, 225
123, 515
68, 480

218, 784
221, 573
121, 791
65, 657

150, 685
140,481
89,157
74, 435

148,611
133,916
85, 993
74, 969

148,871
137,993
91, 569
74, 654

384, 435
408,185
240, 428
178,107

381, 409
401, r
235,022
180, 323

405,377
408,454
248,804
182, 565

428
303
218
206

428
303
218
206

425
305
217

64, 917
147,189
135,781
462, 281

63,071
136,804
137, 510
457, 263

63,114
144,805
140, 565
470,135

53,119
187, 844
148,054
441, 785

53,411
176,636
142,013
418,852

147, 572
143, 798 151,161
55,390
365, 338 379, 797
173, 456 386, 234
381, 072
379, 995 375,988
149,052
443,428 1,156, 251 1,135,835 1,154,180

220
146
400

221
146
398

223
147
400

30,942
29, 629
24, 333
80,397
19,677
27, 904
55, 536
9,545

31,193
29, 245
24, 393
79, 804
18,894
26, 893
55, 071
9,237

30,386
28,385
22, 843
90,624
17,696
28, 512
57,178
8,295

60,376
37,473
16,879
109,177
18,617
30,129
52,987
15, 575

59, 884
38,624
16,098
105,916
18,204
32,374
48,334
15, 398

61,893
40,746
18,442
121, 637
18,247
32,459
54,440
15,027

126,861
93,715
58,700
276,448
54,807
82,398
131, 292
33, 607

114
52
58

114
52
58
145
41
12
59

115
52
58
147
41
12
59

451, 308 466,003
193, 651 200, 386 202, 756 201, 759 202, 731 456,004
196,15:
264, 270 270,366
134,260
269,826
87, 309 135, 565 136,888
92,804
1,762,787 1, 752, 983 1, 807,454 1, 638,133 1, 637, 603 1,607, 980 3, 727, 759 3, 746,015 3, 744, 280

152
77
232

153
77
232

162
77
235

120, 904
87, 734
55, 548
268,937
53,720
76, 360
125,051
33, 636

120, 550
87, 341
54,465
262, 690
54, 660
80, 799
123,098
33,056

21,088,624 21,129,814 22,198,423 27, 215,009 26, 251, 619 26, 367, 547 52, 611, 232 52,194, 913 52,439,916 15, 265 15, 287 15,

i Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on page 27.




41
l:
59
9

26

FEDERAL RESERVE BULLETIN

JANUARY 1939

ALL BANKS IN THE UNITED STATES—Continued
NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON SEPTEMBER 28 AND JUNE
30, 1938 AND DECEMBER 31, 1937, BY STATES
[Amounts in thousands of dollars]
Loans

Deposits, exclusive of interbank deposits

Investments

N u m b e r of
banks

State
Sept.
1938

Sept.
1938
New England:
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia
Virginia...
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
California
Total




June

Dec.
1937

Sept.
1938

June
1938

Dec.
1937

38, 087
29, 705
25,134
490, 870
38, 900
103,126

39, 078
29, 636
25, 423
506, 623
40, 703
106, 750

38, 614
29, 885
23, 956
546, 493
44, 614
108, 024

64, 749
30, 543
24, 111
448, 837
33, 323
111,;

64, 031
29, 203
23,157
437, 242
33, 389
103, 286

66, 516 110, 493
112, 043
110,850
30, 372
66, 395
62,077
62,165
25, 813
54, 672
52,043
51, 248
447,168 1,094, 372 1,100,175 1,082,987
83, 37J
88, 776
38, 545
83,118
106, 34
262, 856
253, 914 261, 684

39
52
42
127
12
54

39
52
42
127
12
54

39
52
42
127
12
54

L, 458, 714 1, 508, 391 1, 623, 553 2, 808, 277 2, 546, 742 2, 506, 279 4, 256, 535 4,110, 555 4, 045, 681
231, 937 229, 474 234, 351 396, 567 377, 698
396, 793 739,227
733, 324 755, 888
780, 288 800,168
810, 467 1, 472, 284 1, 422, 864 1, 408, 678 2, 214, 656 2,199, 556 2, 223, 556

441
229

442
229
697

443
229
697

June
1938

Deo.
1937

Sept. June Dec.
1938 1938 1937

302, 73'
107.163
608, 668
152, 569
96, 618

472, 944 892, 314
315, 488 442, 298 423, 978
923, 986
218, 405 395, 831
115,171
225, 898 224, 855
395, 443 393, 752
706, 352 1, 390,969 1, 279, 242 1, 298, 293 2, 387, 468 2, 348,195 2, 288, 695
393, 854 667, 337
165,137
392, 334 370, 381
658, 682 701, 214
255,170
107, 701 271, 022 268,193
419, 084
420, 678 415, 500

247
127
315
83
106

24'
127
314
83
106

248
126
314
83
105

202, 238
76, 714
171, 750
14,414
18, 740
73,939
61, 752

198, 405
74,004
160, 740
14, 259
18,533
74,101
62, 700

217, 853
75, 522
190,943
14,406
18,801
80, 581
65, 849

280, 368
89,018
250, 379
21, 798
21,073
94, 476
85, 654

271, 854
84, 502
229,917
21,962
20, 747
91,497
85,135

281,122
84, 742
234, 280
23, 593
22,029
93, 890
84, 527

541,041
186,999
437,020
44,086
48, 238
185, 323
188, 064

552,127
187, 378
422,493
42, 873
48,198
185, 282
194, 345

545, 415
184,066
433,335
45,101
49,173
187,;
199, 316

195
109
86
51
45
136
184

195
110
86
52
45
136
184

195
111
86
55
47
136
186

8,085
62, 811
45, 291
149, 449
66,874
40, 525
28, 321
126, 138
57, 117

8,084
63, 336
44, 720
146,149
65, 755
41, 262
29, 576
128, 807
55, 099

7,965
66, 473
49,180
147, 882
64, 390
39, 721
29, 847
131, 349
59, 272

9,923
181,098
76, 623
114.167
50, 866
27,112
19,158
71, 627
112,892

172,811
73,041
116, 639
50, 543
26, 137
19,153
57, 862
112, 948

10, 667
162, 777
83,437
127, 965
54, 552
29,226
23, 491
58, 475
112,648

17, 236
252, 385
166, 898
309, 462
144, 074
90, 537
64, 903
213, 659
198, 458

17, 635
242, 200
149, 296
303, 618
143, 697
83, 949
62, 821
204, 360
207, 006

18,416
238, 262
166,079
295, 390
144,074
92, 211
72, 638
201, 004
211,013

16
63
9
131
79
43
20
53
53

16
63
9
132
79
43
20
53
53

16
63
9
132
79
43
20
54
53

92, 625
153, 916
84, 262
21, 710

93,577
148, 657
82, 860
21, 039

102, 046
154, 652
83, 249
21,190

82, 530
109,600
63,180
26, 045

80, 456
103, 035
60, 299
26, 322

189, 883
281, 394
162, 077
63, 244

201,
286,
170,
60,

33, 913
88, 029
116, 745
377,973

33, 928
95, 661
122, 043
395, 047

33, 321
132.168
131, 830
394, 290

33, 230
123, 306
126, 620
371, 873

77,069
106,211
65, 567
25, 497
34, 776
119, 514
132,381
389, 407

192, 909
287, 740
166, 597
59, 063

34, 498
96,128
115,966
384.164

.

303,469
108,224
606, 619
155,
96,033

81, 271
242, 420
330, 941
990, 509

80, 947
233, 359
329, 019
972, 099

84, 749
238,973
325,108
980, 990

50
30
215
449

50
30
215
449

50
30
216
453

14,013
14, 040
15, 525
61, c722
14, "
20,230
22, 081
8,841

14,083
13, 561
15, 585
61,129
14, 441
19, 768
21, 950
8,512

14, 236
12, 991
14, 601
69, 933
13, 432
21, 299
22, 071
7,643

36, 827
20,411
14,125
91, 096
15, 283
20, 094
24, 143
14, 385

36, 756
20, 242
13, 344
87, 835
14,965
22, 092
22, 205
14, 197

37, 982
22, 089
14, 789
103, 264
15,111
21, 989
26, 927
13, 847

70, 140
43, 851
40, 019
217, 837
42,156
51, 496
54, 567
31,336

68, 339
43, 827
211, 590
43, 333
55, 587
53,718
30, 659

72, 154
46, 907
41, 847
220, 035
42, 671
56, 552
58, 828
31, 256

43
20
26
78
22
5
13
5

43
20
26
78
22
5
13
5

43
20
26
78
22
5
13
5

142, 740 143, 635 143, 612 328, 527
326, 346 334, 768
140, 547 139, 259 143,118
72, 844
120, 589 116, 759 231, 466
226,88:
231, 379
76, 470
71, 981 118,554
1, 231,159 1, 267, 246 1,136, 888 1,147, 745 1,118, 662 2, 642, 434 2, 672, 595 2, 678, 293
, 239,619

48
28
103

28
103

863
772
746
755

50

8, 279, 991 8, 316, 371 8, 796, 20712, 226, 813 11,617,647 11,738,051 22,838,277 22, 552, 90922,655,329 5,239 5,242 5,260

27

FEDERAL RESERVE BULLETIN

JANUARY 1939

ALL BANKS IN THE UNITED STATES—Continued
STATE BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON SEPTEMBER 28 AND JUNE 30, 1938
AND DECEMBER 31, 1937, BY STATES
[Amounts in thousands of dollars]
Deposits, exclusive of interb a n k deposits

Investments

Loans

N u m b e r of
banks

June

Sept. June Dec.
1938 2 1938 2 1937 2

State
Sept.
1938 2

New England:
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania _
East North Central:
Ohio...
Indiana
Illinois
Michigan
Wisconsin

Dec.
1937 2

Sept.

1938 2

June

1938 2

Dec.
1937 2

Sept.
1938 2

141, 528
207, 986
138, 516
143, 775
70, 405
70, 685
70, 587
143, 629
206,127
141, 463
141,463
69, 903
69,903
69, 341
113, 278
48,009
52, 261
62, 607
62, 607
48,009
62, 749
1, 245,135 1, 251, 411 1, 267, 552 1, 340, 257 1, 333, 531 1, 311, 594 2, 610, 318
242, 029
381, 648
237, 789
130,667
242, 654
129, 419
130, 864
454, 008
981, 699
447, 381
453, 792
472, 495
476 234
480 124

1938 2

Dec.
1937 2

206, 701
207, 308
206,127
206,495
113, 278
115,483
2, 618, 749 2, 613, 737
372, 393
376, 661
978, 440
984, 366

63
56
49
265
23
142

63
56
49
265
23
142

63
57
49
265
23
142

5, 756, 884 5, 775, 527 6, 203, 894 6, 286, 456 6,130, 478 5, 966, 727 12, 426, 809 12,435, 735 12, 336, 867
575, 965
584, 540 1, 220, 910 1, 216, 219 1,250,114
465, 593
587, 498
462, 377
494,036
726, 363
741, 224
755, 471 1, 563,199 1, 509, 323 1, 500, 991 2, 350, 702 2, 342,122 2, 334, 360

457
181
415

458
181
416

459
182
418

462
394
548
379
488

462
394
552
379
489

462
398
562
381
497

260, 563
367,137
608, 409
21, 749
30, 886
69, 261
163, 905

491
544
565
128
124
291
503

493
543
565
128
130
291
503

495
548
573
130
134
296
506

210
524
817
918
688

508, 503
149, 524
252 026
207,411
148 111

532, 473
151, 484
275 291
211, 158
147 277

538,016
159,927
548, 867
315, 578
186 212

524,189
159, 927
541, 770
305,143
179, 302

539,707 1, 250,020
386, 595
175, 582
560, 945 1, 031, 423
324, 202
643, 617
374, 443
201, 604

103,088
183, 955
253, 343
9,911
14,797
34, 498
79, 283

100, 828
178 020
245, 560
9,911
14 675
34, 218
80, 346

98, 581
178 828
268, 507
9,922
15 331
33,035
76, 540

135,158
122 827
334, 599
9,090
10, 549
18,883
50, 455

134,685
121, 646
311,308
9,090
10,732
19, 248
50, 551

139, 727
128, 775
326,125
8,739
10, 815
20, 599
52, 835

68, 250
143, 325
54, 325
128,075
62,176
119,213
24, 642
80,170
26, 354

68,077
145, 322
53, 480
125 485
61, 794
116,194
25, 559
81, 210
24, 815

72, 662
149, 295
54, 651
128 317
62,076
113,704
25, 369
78, 911
25,061

90,126
306, 402
59,191
63 549
42,847
114,802
21,315
28, 051
28, 932

89,186
298, 389
57,467
58, 994
40,144
106, 273
21,045
25, 889
29, 802

94, 368
291, 526
52, 430
59, 340
44, 977
123,018
23, 650
26, 335
30,068

172, 586
482,407
134, 242
204, 305
123,116
242, 771
62,085
117, 709
70, 596

173, 240
481,180
131, 519
196,950
125, 794
227, 008
58, 824
111,474
75, 797

180, 631
482, 657
133, 534
197, 335
126, 627
239, 919
65, 999
119,208
74, 921

32
131
13
186
105
189
130
228
111

32
133
13
187
105
189
130
231
110

32
133
13
190
105
193
131
231
109

111,774
67, 568
39, 677
49, 930

111,774
67, 568
40,655
47, 441

116,738
66, 921
38, 542
44,467

68,155
30,881
25, 977
48, 39(

68,155
30,881
25, 694
48, 647

71, 802
31, 782
26, 002
49,157

191, 526
120,445
73,831
119,044

191, 526
120,445
72, 945
117,079

203, 514
121, 682
78,058
121,810

330
232
152
181

330
232
152
181

326
233
151
183

19,
55,
16,
47,

798
676
224
495

20,181
53,330
15, 393
46, 979

20,
53,
16,
54,

66, 301
143, 814
50,131
165, 742

62, 851
131, 979
50,976
163, 736

66, 412
140,824
50, 880
173,190

170
116
185
407

171
116
183
407

173
117
184
415

23,911
18, 657
3,653
18,373
3,136
10,470
27, 513
1,180

50, 764
43,883
15, 529
51,100
11, 564
3
24, 864
70, 484
3 2, 300

52, 211
43, 514
15, 529
51,100
11, 327
3 25, 212
69, 380
3
2, 397

54,707
46, 808
16, 853
56, 413
12,136
3
25, 846
72, 464
3
2, 351

71
32
32
67
19

71
32
32
67
19

46

46

72
32
32
69
19
7
46
4

124, 962
131, 235
38, 987
37, 383
1,073,420 1, 065, 987

104
49
129

105
49
129

507,
149,
257,
208,
149,

West North Central:
Minnesota.
Iowa
Missouri ___
North Dakota
South Dakota
Nebraska. _
Kansas

South Atlantic:
Delaware
_ _ ..
Maryland
District of Columbia
Virginia
West Virginia.
North Carolina
South Carolina
Georgia .
Florida
_.. . _
East South Central:
Kentucky
_ _
_
Tennessee
Alabama..
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
MontanaIdaho
Wyoming...
Colorado
New Mexico
Arizona . .
Utah
Nevada..
. ._
Pacific:
Washington
Oregon . ._ _
California

June

1938 2

__ _

Total

30, 419
51, 061
19,815
78,117

__

29,
48,
20,
79,

158
775
765
290

29,186
49,144
18, 522
75, 088

16, 929
15,589
8,808
18, 675
4,717
7,674
33, 455
704

17,110
15, 684
8,808
18,675
4,453
7,125
33, 121
725

16,150
15, 394
8,242
20, 691
4,264
7,213
35,107
652

23, 549
17, 062
2,754
18,081
3,334
10, 035
28, 844
•
1,190

23,128
18, 382
2,754
18, 081
3,239
10, 282
26,129
1,201

55, 605
16, 334
523,168

54, 392
15, 644
521, 824

57, 268
15, 328
540, 208

60,016
17,011
501, 245

58,124
16, 299
489, 858

614
942
671
021

3

3

260, 572
378, 471
613,162
21,511
30, 226
64, 697
156, 440

3

59,119
127, 477
38, 360
17, 501
489, 318 1,085,325

1, 235,057 1, 254, 361
386, 595
393, 736
1,021, 653 1,033, 329
628, 889
663, 562
373, 532
391, 310

3

260, 510
368, 911
601, 539
21,511
30, 926
64, 534
158, 825

3

3

3

112
49
132

12, 808, 633 12, 813, 443 13, 402, 216 14, 988,196 14, 633, 972 14, 629, 496 29, 772, 955 29, 642, 004 29, 784, 587 10,026 10, 045 10,133

1
Comprises all State commercial b a n k s , t r u s t companies, m u t u a l a n d stock savings b a n k s , cash depositories (in South Carolina), a n d such
p r i v a t e b a n k s a n d industrial b a n k s as are included in abstracts issued b y State b a n k i n g d e p a r t m e n t s .
« All figures in t h e S e p t e r r 1 - - " 1 " 0 0 -- 1
* c i ~ - 4 . — v - - « ~ — ^ ~ ~ * ~ n — , „ . TVT^,-— o . ^ o^.
b a n k s , J u n e 30; Connecticut,
Alabama, Sept. 10; Louisiana,
,
, .
,
,
..-,
„,
,
r
Massachusetts, N e w Jersey, Ohio, Missouri a n d Georgia, J u n e 30 as adjusted b y t h e increase or decrease in t h e figures of State b a n k m e m b e r s between J u n e 30 a n d Sept. 28, except m u t u a l savings b a n k s in M a s s a c h u s e t t s w h i c h are as of Oct. 31. For call dates included in t h e J u n e 1938 a n d
Dec. 1937 columns see footnotes at b o t t o m of pages 976 and 581, respectively, of t h e N o v e m b e r a n d J u l y 1938 B U L L E T I N S .
* Including relatively small a m o u n t s of i n t e r b a n k deposits.




28

FEDERAL RESERVE BULLETIN

JANUARY 1939

ALL BANKS IN THE UNITED STATES—Continued
PRIVATE BANKS—PRINCIPAL ASSETS AND LIABILITIES ON SEPTEMBER 28, AND JUNE 30, 1938
AND DECEMBER 31, 1937, BY STATES
[Figures in this table are also included in the table on pag(} 27 covering " S t a t e B a n k s " .
Loans

A m o u n t s in 1housands

of dollars]

Deposits, exclusive of interbank deposits

Investments

Number of
banks

State
Sept.
1938 1

Connecticut:
District No. 1
_
District No. 2
Indiana:
District No. 7
District No. 8 . .
Iowa
Kansas _
New Jersey Dist. No. 2
New York
Ohio
Pennsylvania:
District No. 3_
District No. 4
South Carolina
__,

June
1938

Dec.
1937

June
1938

Sept.
1938 1

Dec.
1937

Sept.

June
1938

1938 1

Dec.
1937

Sept. J u n e Dec.
19381 1938 1937

296
129

314
133

205
69

217
69

215
122

415
298

423
297

453
370

3
1

3
1

3
1

1,378
169
182
2
15
66,775
2,148

1,378
169
165
2
15
76, 904
2,148

1, 525
167
170
2
15
83, 356
2,141

1,343
52
38

1,343
52
38

1,370
51
267

13
321, 456
566

13
327, 702
566

12
319, 839
570

4,082
256
282
8
6
367, 457
2,803

4,082
256
301
9
6
358, 620
2,803

4,343
248
502
16
7
346, 469
3,030

17
2
1
1
1
13
13

17
2
1
1
1
14
13

19
2
2
1
1
14
13

7,267
1,121
645

8,199
1,107
640

7,422
1.137
679

40, 087
1,127
50

37,102
1,111
50

35. 462
1,416
237

55, 539
2,640
517

56, 395
2,427
622

52, 808
2,644
944

15
4
1

15
4
1

16
4
1

80,114

Total.

292
120

91,152

97, 061

365,006

368, 263

359, 561

434, 303

426, 241

411,834

72

73

77

i Figures in the September 1938 columns are as follows: Connecticut, and Pennsylvania, September 30; New York, Iowa and South Carolina,
September 28; Kansas, September 17; Indiana, New Jersey and Ohio, June 30.

MUTUAL SAVINGS BANKS—PRINCIPAL ASSETS AND LIABILITIES ON SEPTEMBER 28, AND JUNE
30, 1938 AND DECEMBER 31, 1937, BY STATES
[Figures in this table are also included in the table on page 27 covering "State Banks."
Loans

Amounts in thousands of dollars]

Deposits, exclusive of interbank deposits

Investments

Number of
banks

State
Sept.
1938 1

California
Connecticut:
District No. 1.
District No. 2.
Delaware
Indiana:
District No. 7.
District No. 8.
Maine
_.
Maryland
Massachusetts
Minnesota
New Hampshire..
New Jersey:
District No. 2.
District No. 3.
New York
Ohio____
_„.
Oregon
Pennsylvania:
District No. 3.
District No. 4.
Rhode Island
Vermont
Washington
Wisconsin:
District No. 7.
District No. 9.
Total

_.

June
1938

Dec.

Sept.

1937 1

June

Dec.

Sept.

19371

1938 1

1938 1

June
1938

Dec.
19371

Sept. June Dec.
1938 19371

34, 525

34,178

33, 364

58, 313

58, 602

59, 603

86, 311

86, 675

87, 259

267,156
82, 227
13,010

271, 620
81, 868
12, 976

273,001
81, 489
12,636

271, 752
81, 899
26,044

269, 693
81,314
27, 937

271, 635
82, 554
27,142

553, 986
163, 379
36, 780

554, 944
163, 529
36, 971

558, 440
163, 521
36, 230

59
14
2

59
14
2

59
14
2

7,654
7,654
3,818
12,890
7,874
3,818
4,191
4,320
4,320
3,300
8,103
4,545
3,300
2,930
30,140
30, 358
30, 504
104,044
100,987
102,721
127, 446
42,154
42,154
44, 315
223, 285
176, 067
173,128
176,067
1, 036,313 1, 042, 151 1,057,893 1,100,318 1,098, 550 1,082, 790 2,137,047
9,856
9,833
9, 984
53, 342
54, 749
65, 251
53, 758
61, 717
61,717
61, 273
132, 675
134, 637
190, 243
132, 675

12, 890
12, 993
8,103
8,068
126, !"
126, 902
223, 285
222, 532
2,144, 444 2,145, 368
65, 290
66, 378
190, 243
190, 546

4
1
32
12
193
1
44

4
1
32
12
193
1
44

4
1
32
12
193
1
44

172, 518
172, 518
322, 218
128, 799
128, 799
131, 920
169,127
8,036
14, 453
4,972
4,972
8,036
8,088
4,970
2,989, 944 2,989,944 2,997, 574 2,313,928 2, 313,928 2, 283, 517 5,336,851
65, 469
40,405
40, 405
44,102
65, 469
67, 273
121, 016
737
1,134
1,109
765
727
1,853

322, 218
320, 749
14, 453
14,485
5,336,851 5,291,876
121,016
119, 543
1,909
1,691

22
3
134
3
1

22
3
134

74,674
11, 279
51,031
30, 709
26, 504

74, 735
11, 847
51,031
30, 709
26, 493

75, 027
12,042
52, 309
31, 550
26, 876

442, 329
42, 997
124, 395
25, 404
37,006

437, 843
41, 999
124, 395
25,404
36,280

434,094
41, 777
126,096
26, 683
34, 993

523, 789
54, 422
176,023
61, 748
64, 293

525, 500
54, 481
176,023
61, 748
63, 875

529, 594
53, 894
175,948
63,138
63, 240

2,176
60

2,133
62

2,155
65

2,101
59

2,085
58

2,087
57

4,403
113

4,371
110

22
3

134
3
1

4,450
109

4,950, 759 4, 961,068 4, 996, 461 5, 246,995 5, 235, 037 5,190, 599 10, 285,903 10, 295, 859 10, 256, 954

1
9
14

563

563

i All figures in the September columns are as of September 28 except as follows: Connecticut and Pennsylvania, September 30; Maine, September 24; Massachusetts, Oct. 31; Indiana, Maryland, New Hampshire, New Jersey, New York, Ohio, Rhode Island and Vermont, June 30.
Figures for New Hampshire in the Dec. 1937 columns are as of June 30, 1937.




JANUARY

29

FEDERAL RESERVE BULLETIN

1939

FRENCH MEASURES AFFECTING THE BANK OF FRANCE AND THE TREASURY
On October 5, 1938, the French Parliament The Minister of Finance is authorized to make
with the
in
granted the Cabinet authority until Novem- agreements conditionsbanks of issue the question establishing the
under which
State shall reber 15, 1938, to take by decree measures de- ceive the increments resulting from revaluation.
be
by
signed to bring about economic and financial to These increments may the reassignedissuethe State
the territories where
banks of
exercise
recovery. Acting under these powers the their functions for application in due measure to
(1) the
of advances granted by the
Government issued, on November 12, a series Treasuryreimbursementreduction of amounts authorand (2) the
of decrees designed to liberalize the system ized by Parliament to be borrowed for the purpose of
of control over prices, to expand production financing public works. of Article 104 of the stamp
Art. 3. Paragraph 2
through permitting extension of the legal tax code, reprinted in paragraph 2 of Article 166 of
regarding codificawork-week beyond the 40-hour limit imposed the decree of December 31, 1936, Bank of France, is
tion of the texts concerning the
in 1936, and to balance the budget by means abrogated.
105 of the
of both higher taxation and the reduction of in Art. 4. Article of Article stamp tax code, reprinted
paragraph 3
166 of the decree of Decertain expenditures.
cember 31, 1936, regarding codification of the texts
As a part of this program the provisional concerning the Bank of France, is replaced by the
advances granted to the Government by the following provision: Minister of Finance shall de"An order by the
Bank of France since 1936 were reduced by termine the method of calculation to be adopted to
establish the
about 27,500,000,000 francs as the result of notes subject circulation figure of Bank of France
to the stamp tax referred to in the
a new revaluation of the Bank's gold reserves, previous article."
Art. 5.
present decree shall be submitted for
and the permanent advance from the Bank ratificationThe the Chambers as provided in the law
to
to the Government was increased by 6,800,- of October 5, 1938.
Art. 6. The President of the
000,000 francs. The revaluation was effected National Defense and of War, theCouncil, Minister of
Minister of Foreign
on the basis of a gold content for the franc Affairs, the Minister of the Interior, the Minister of
Colonies, and the
as
corresponding to a rate of about 170 francs he is concerned, Minister of Finance, each insofar of
are charged with the execution
to the pound sterling, that is, at a rate which the present decree, which shall be published in the
gave the franc a somewhat higher gold value Journal Officiel.
than that recently quoted in the exchange Done at Paris, November 12, 1938.
ALBERT LEBRUN.
markets. These measures were embodied in
By the President of the Republic:
a convention of November 12, 1938, between The President of the Council, Minister of
the Bank of France and the Treasury, and a National Defense and of War,
EDOUARD DALADIER.
decree of the same date, both of which are
The Minister of Foreign Affairs,
given in translation below.
GEORGES BONNET.

DECREE

The President of the French Republic,
By virtue of the law of October 5, 1938, granting
to the Government powers designed to bring about
immediate economic and financial recovery in the
country;
On the report of the President of the Council,
Minister of National Defense and of War, the Minister of Foreign Affairs, the Minister of the Interior,
the Minister of Colonies, and the Minister of Finance,
The Council of Ministers concurring,
Decrees:
Article 1. The convention entered into on November 12, 1938, between the Minister of Finance and the
Governor of the Bank of France is approved.
Art. 2. The gold and foreign exchange held on
November 12, 1938, by the banks of issue of Algeria,
the colonies, and protectorates, shall be subject to
a revaluation carried out under conditions similar to
those set forth in the convention mentioned in article
1 of the present decree.




The Minister of the Interior,
ALBERT SARRAUT.

The Minister of Colonies,
The Minister of Finance,

GEORGES MANDEL.

PAUL REYNAUD.
CONVENTION BETWEEN THE MINISTER OF FINANCE
AND THE GOVERNOR OF THE BANK OF FRANCE

Between the undersigned, M. Paul Reynaud, Minister of Finance, acting on behalf of the State, and
M. Pierre Fournier, Governor of the Bank of France,
duly authorized by decision of the general council of
the Bank of France, under date of November 12,
1938, it has been agreed as follows:
Article 1. The Bank shall proceed to revalue its
gold and its negotiable foreign exchange holdings
under conditions set forth in article 1 of the convention of September 25, 1936,1 on the basis of a
1

See BULLETIN for November 1936, p . 880.

30

FEDERAL RESERVE BULLETIN

weight of 27.5 milligrams gold 0.900 fine per franc.
Art. 2. The increment resulting from the revaluation provided for in article 1 of the present convention
shall be applied to the definitive repayment in due
measure of the temporary advances granted to the
Treasury by the Bank of France under the provisions
of the conventions of June 18, 1936 2 (articles 1, 2,
and 3, reprinted in articles 177-179 and 189 [items
1 and 2] of the decree of December 31, 1936, concerning codification of the texts regarding the Bank of
France), of June 30, 1937,5 of March 22, 1938,4 and
of April 14, 1938.5
Art. 3. The amount of advances granted by previous conventions which remains unpaid after the execution of the operations provided for in articles 1 and
2 of the present convention shall be carried in a separate item on the balance sheet of the bank of issue
entitled "Temporary non-interest bearing advances
to the State, repayable according to article 8 of the
convention of November 12, 1938."
Art. 4. The following are annulled insofar as they
concern provisions for temporary advances to the
State:
The convention of June 18, 1936, approved by the
law of June 23, 1936,2 reprinted in articles 177-180,
189 (items 1 and 2), 190 (item 1), and 192 (item 1)
of the codification decree of December 31, 1936, cited
above;
The convention of June 30, 1937, approved by the
decree [law] of June 30, 1937j3
The convention of March 22, 1938, approved by the
law of March 25, 1938 ;4
The convention of April 14, 1938, approved by the
decree of June 17, 1938.5
Art. 5. The Bank of France shall receive as reimbursement for expenses incurred in connection with
the advances mentioned in article 3 of the present
convention, a commission of 0.2 percent per annum
of the effective amount of the said advances.
Art. 6. As evidence of the advances granted under
article 3 of the present convention, the Bank of
France shall receive non-interest-bearing Treasury
bills of 3 months' maturity and renewable until the
repayment of the said advances.
Art. 7. The amount of the advances granted under
article 3 of the present convention shall not be included in the figure of the productive note circulation
serving as the basis for calculation of the royalties
as provided for by the laws and conventions now in
effect.
Art. 8. The following shall ultimately be applied
to definitive repayment of the advances provided for
in article 3 of the present convention:
1. The proceeds of the liquidation of the exchange
stabilization fund, set up by article 3 of the law of
October 1, 1936,1 reprinted in article 172 of the codification decree of December 31, 1936, cited above, as
well as the cash balance of the supporting fund for
rentes set up by article 1 of the decree of July 22,
1937;6
2. In proportion to the collection by the Bank of the
outstanding term credits included in the balance sheet
item "Negotiable bills and other short-term funds
abroad," the increment resulting from the revaluation
2
3
4
5
0

See
See
See
See
See

BULLETIN
BULLETIN
BULLETIN
BULLETIN
BULLETIN

for
for
for
for
for

July 1936, p. 536.
August 1937, p. 720.
J u n e 1938, p. 452.
August 1938, p. 651.
September 1937, p. 853.




JANUARY

1939

of these credits on the basis provided for in article 1
of the present convention;
3. The increment which may eventually result from
a new revaluation of the gold and negotiable foreign
exchange holdings of the Bank.
In case the amounts resulting from the abovenamed operations should exceed the amount of advances to be repaid, the surplus may be applied only
to the amortization of the public debt.
Art. 9. As soon as the decree approving the present
convention is promulgated, the permanent advance
of 3,200,000,000 francs granted by the Bank of France
to the Treasury in execution of the agreements and
conventions of June 10, 1857, March 29, 1878, October 31, 1896, November 11, 1911, and June 23 ;
1928,7 reprinted in article 135 of the codification decree of December 31, 1936, previously cited, shall be
increased to 10,000,000,000 francs. The new advance
in the amount of 6,800,000,000 francs shall be credited immediately to the current account of the Treasury.
As guarantee for the reimbursement of this loan,
the Bank of France shall be given a Treasury bond
maturing on December 31, 1945.
The Bank of France shall receive as reimbursement for expenses incurred in connection with the
new permanent advance provided for by the present
article, a commission of 0.5 percent per annum of
the amount of the advance.
Art. 10. The second paragraph of article 4 of the
convention of October 26, 1917, reprinted in article
159, paragraph 3, of the codification decree of December 31, 1936, previously cited, is modified as
follows:
"Furthermore, supplementary royalties of 20
percent shall be collected on the proceeds, determined as above, of the Bank's productive operations during each fiscal year, after deduction
of the royalty mentioned in the preceding paragraph.
"The portion between zero and 500,000,000 is
to be reckoned only one-fourth of its total amount.
"The portion between 500,000,000 and 650,000,000 at three-eighths of its amount."
Art. 11. The first article of the supplementary
convention of July 26, 1918, approved by the law of
December 20, 1918, and reprinted in article 160 of
the codification decree of December 31, 1936, cited
above, is modified as follows:
"Beginning with the year 1939, whenever an
annual dividend exceeding 500 francs per share
net of tax is declared, the Bank shall be obliged
to pay to the State an amount equal to the net
excess so distributed."
Art. 12. The present convention is exempt from
stamp and registration taxes.
Done at Paris, in two copies, November 12, 1938.
Read and approved:
The Minister of Finance,
PAUL REYNAUD.

Read and approved:
The Governor of the Bank of France,
PIERRE FOURNIER.
r

See BULLETIN for August 1928, pp. 571-574.

31

FEDERAL RESERVE BULLETIN

JANUARY 1939

BALANCE OF INTERNATIONAL PAYMENTS OF THE UNITED STATES, 1936-1937
The Department of Commerce has pub- been overestimated. Changes in the final
lished a final summary of the international summary as shown in the following table retransactions of the United States in 1937 duce this residual in the preliminary sumwhich differs somewhat from the preliminary mary to $676,000,000, a decrease of $35,000,summary published on page 360 of the FED- 000. This decrease reflects small changes in
ERAL RESERVE BULLETIN for May 1938. The a number of items. Unreported operations
preliminary summary showed an unex- of the stabilization fund may affect the size
plained residual credit of $711,000,000. of the residual either way to the extent of
After all the individual merchandise, serv- $200,000,000.
ice, capital, and gold and silver transactions
A revision of the transactions in 1936
for which data could be published had been shows some differences from the final sumrecorded or estimated, aggregate credits in mary published on page 1002 of the BULLETIN
the preliminary summary were short of ag- for October 1937. These revisions reduce
gregate debits by this amount. Since every the unexplained residual credit by $21,000,international transaction gives rise to both 000.
a credit and a debit of the same magnitude,
The revised summary for 1936 and the
this discrepancy indicated that credit items final summary for 1937 are given below in
had been omitted or underestimated in the substantially the same form as that employed
preliminary summary or that debit items had by the Department of Commerce.
fin millions of dollars]
1936 (revised)
Items

Receipts
from
foreigners

1. Trade and services
Merchandise
Merchandise adjustments l
Freight and shipping
Tourist expenditures
Immigrant remittances. _
Contributions
Interest and d i v i d e n d s . . . . .
Government transactions 2
Miscellaneous services
Trade and service transactions

_

.

._ _

_______

2. Gold and silver
Gold exports and imports
Gold earmarking operations
Silver exports and i m p o r t s . .

+
+
-

33
25
61

568
31
191

-f
-

358
148
32
330
65

3,543

3,696

-

28

1,144

9

183

Capital m o v e m e n t .
4. Residual item .

Receipts
from
foreigners

Payments
to
foreigners

3, 490

2,717

Net receipts (+)
or payments (—)

+ 261
+ 37
- 103

608
29
230

3,084
42
210
594
170
35
278
126
64

153

4, 579

4,603

-

-1,116

46

1,632

9

92

+ 123

+

86

-

174

3,345
79
107
156
25

-1,204

Gold and silver movement
3. Capital
Reported long-term capital movement
Reported movement of short-term banking andbrokerage funds
Paper currency movements
Miscellaneous capital transactions

Net receipts (+)
or payments (—)

2,423
41
129
497
172
32
238
96
68

2,456
66
68
139
24
_.
_ .

Payments
to
foreigners

1937

+ 773
+ 404
+ 22
12

•+-

438
145
35
330
97

+ 166
24

-1,586

+ 200
83
-1,469

3,183

2,661

+ 522
+ 290

+

5

+1,187

+ 817

+ 170

+ 676

1
This item consists roughly of 3 parts: (1) exports and imports of goods for which data are available b u t not recorded in the official trade figures
(e.g., ships, bunker fuel sold in the United States, etc.); (2) goods whose export or import is wholly or partly omitted from official trade data (e.g.
unrecorded parcel-post shipments, goods smuggled into the country, etc.); (3) corrections of certain recorded trade figures to allow for possible overvaluation (in the case of goods sent on consignment) or undervaluation (in case of imports subject to ad valorem duties), uncollectible accounts, etc.
2
Includes $1,000,000 of war-debt receipts in 1936.




32

FEDERAL RESERVE BULLETIN

JANUARY 1939

STATISTICS OF INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
JULY-SEPTEMBER 19381
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars. Minus sign indicates net movement from United States]
T A B L E 1.—TOTAL CAPITAL MOVEMENT
In banking funds
From Jan. 2, 1935, through—

Total

Total

Increase in
foreign
funds
in U. S.

In security transactions

Decrease
in U. S.
funds
abroad

In
brokerage
balances

Total
securities

Domestic
securities

Foreign
securities

.__

1,412.5
2, 608. 4
3, 410. 3
3,197. 2
3, 035. 8

964.6
1, 362. 0
1,617.6
1, 374.1
1,179. 5

603. 3
930.5
1,168. 5
949.8
786.2

361.4
431.5
449. 1
424.4
393.3

6.0
12.9
47.5
54.2
57.8

441.8
1,233. 6
1, 745. 2
1, 768. 9
1, 798. 4

316.7
917.4
1,162. 0
1,150. 4
1,155. 3

125.2
316.2
583.2
618.5
643.1

July6_._ . . . .
July 13
July 20.._ _ .
July 27

3, 028.1
3, 005. 6
3, 010. 2
2, 990. 2

1,182. 0
1,157.4
1,165. 3
1,163. 8

765.9
737.6
740.2
735.8

416.1
419.8
425.1
428.1

59.3
60.4
62.1
57.7

1, 786. 8
1, 787. 8
1, 782. 9
1, 768. 6

1,161.3
1,160. 8
1,157.6
1,149. 7

625.5
626.9
625.3
618.9

2, 995. 2
2,993 1
2, 996. 2
3,034 4
3,057. 3

1,174. 4
1,181.3
1,188. 3
1, 288. 7
1, 253. 8

739.2
743.4
752.6
777.1
803.2

435.2
437 9
435.7
451.6
450.6

59.6
58 1
60.5
59.2
60.6

1, 761. 2
1, 753. 7
1, 747. 4
1, 746. 4
1, 742. 9

1,143.0
1,136.8
1,131.8
1,128. 4
1,125.3

618.2
616.9
615.6
618.0
617.6

3,118.4
3, 270. 0
3. 407.1
3, 442. 9

1,314.7
1, 465. 7
1, 590. 3
1, 628. 4

862.0
1, 006. 7
1,127. 4
1,161.2

452.7
459.1
462.9
467.2

58.8
61. 1
62.5
64.1

1, 745. 0
1, 743.1
1, 754. 4
1,750.4

1,123. 6
1,120. 6
1,129. 3
1,125. 4

621.4
622.5
625.1
625.0

1935—Dec. 31
1936—Dec. 30
1937—Dec. 29
1938—Mar. 30
June 29

Aug. 3
Aug 10
Aug. 17
Aug 24
Aug. 31

_ _
_ -

Sept. 7
Sept. 14
Sept. 21
Sept. 28

i__

TABLE 2 .—TOTAL CAPITAL MOVEMENT , BY COUNTRIES

1935—Dec. 31
1936—Dec. 30
1937—Dec. 29
1938—Mar. 30
June 29
July
July
July
July

6
13
20
27

Aug.
Aug.
Aug.
Aug.
Aug.

3
10
17
24
31

Sept.
Sept.
Sept.
Sept.

7
14
21
28

United
Kingdom

France

Netherlands

Switzerland

1,412.5
2, 608. 4
3, 410. 3
3,197. 2
3, 035. 8

554.9
829.3
993.7
938.2
889.7

210.2
299.5
281.7
266.4
237.4

114.5
229.7
311.9
260. 2
266.0

130.4
335.5
607.5
544.1
484.1

36.6
83.1
123.9
125.8
137.7

3, 028.1
3, 005. 6
3,010.2
2, 990. 2

From Jan. 2, 1935,
through—

877.2
879.9
883.6
881.2

238.0
239.9
242.1
238.6

269.3
269.0
265.7
262.9

485.8
478.7
477.6
475.9

2
1
2
4
3

883.1
890.0
891.4
895.9
896.7

239.6
243.3
247.2
259.4
264.6

262.1
260.6
261.2
254.8
255.2

3,118.4
3, 270. 0
3, 407. 1
3, 442. 9

937.0
959.2
1,010.9
983.2

275.4
286.5
292.9
308.7

257.0
274.9
283.2
298.2

Total

2, 995.
2, 993.
2, 996.
3, 034.
,_ 3, 057.

Germany

Latin
Canada America

Fai
East

All
Other

Other
Europe

Total
Europe

24.0
45.6
22.1
15.7
21.4

130.0
228.5
312.2
315.3
313.4

1,200.6
2, 051. 3
2, 653. 0
2, 465. 8
2, 349. 7

(2)
150.5
106.3
124.7
114.1

70.9
201.2
410.6
400.3
412.0

128.3
184.0
224.6
187.7
140.5

12.7
21.4
15.9
18.8
19.5

139.9
137.8
137.3
137.3

22.8
22.1
21.4
21.5

312.7
305.4
302.6
300.9

2, 345. 7
2, 332.9
2, 330. 3
2, 318. 3

112.9
107.6
116.4
100.6

411.7
402.8
401.3
403.7

137.9
141.6
140.1
144.5

19.9
20.6
22.1
23.0

477.7
476.7
477.7
481.1
484.8

135.5
133.6
134.5
135.3
136.2

20.8
22.6
25.1
23.0
23.9

301.5
302.1
298.6
305.1
306.3

2, 320. 4
2, 328. 8
2, 335. 8
2, 354. 7
2, 367. 5

111.1
112.1
109.6
116.5
116.2

403.9
402.8
404. 1
403.9
409.8

138.3
127.1
123.2
133.6
135. 4

21.5
22.3
23.5
25.7
28.3

485.5
493.6
495.4
504.3

136.1
133.9
131.5
131.5

24.9
28 9
26^9
20.6

320.6
364.9
412.0
434.5

2, 436. 3
2, 541. 8
2. 652. 9
2, 681.1

114.5
115.7
124.1
114.8

408.1
423.6
429.9
442.9

130.4
158.2
165. 9
167.1

29.0
30.7
34.3
37.1

Italy

TABLE 3.—TOTAL BANKING FUNDS, BY COUNTRIES
1935—Dec. 31. _
1936—Dec. 30
1937—Dec. 29,.
1938—Mar. 30_.
June 29__

964.6
1, 362. 0
1,617.6
1, 374.1
1,179. 5

337.4
341.6
396.7
347.5
295.9

177.6
206.2
177.0
161.5
132.7

55.4
62.6
71.9
29.7
28.0

74.0
112.5
291.0
226.3
162.4

28.8
68.7
114.7
115.3
126.2

21.0
39.3
13.4

July
July
July
July

6____
13 _.
20. _.
27—

1,182. 0
1,157.4
1,165. 3
1,163. 8

283.5
285.1
290.9
295.8

132.5
134.8
135.6
131.5

28.0
25.8
21.8
23.9

163.9
155.5
156.7
155.7

128.5
126.3
125.7
125.5

Aug.
Aug.
Aug.
Aug.
Aug.

3___.
10_.
17...
24...
31...

1,174. 4
1,181. 3
1, 188. 3
1, 228. 7
1, 253. 8

299.0
310.6
311.8
318.6
320.8

133.7
137.0
140.6
152.8
158.1

25.3
26.5
30.0
23.5
23.6

157.9
157.1
159.3
162.4
165.8

123.8
121.7
122.7
123.7
124.6

Sept. 7 —
Sept. 14..
Sept. 21..
Sept. 28..

1,314.7
1, 465. 7
1, 590. 3
1, 628. 4

359.1
381.8
431.3
406,6

168.9
179. 1
185.0
200.8

24.8
43.2
49.9
64.3

166.4
174.2
172.7
181.0

124.6
122.5
120.1
120.1

1

For back figures see references given in note on page 35.
2 Inflow less than $50,000.




69.5
101.7
136.3
117.5
105.8

763.7
932.5
1, 201.0
1, 003. 0
861.6

41.4
123.6
54.6
79.2
72.1

53.6
174.2
217.9
189.5
190.2

96.1
120.7
144.8
102.0
54.6

9.9
10.8
-.7
.4
1.1

11.3
10.6

104.1
97.1
93.0
91.7

851.8
835.1
833,4
833.8

67.4
63.9
76.2
67.2

209.4
199.8
197.6
199.8

51.8
56.1
54.0
58.1

1.6
2.5
4.1
5.0

9.0

10.8
13.4
11.3
12.1

91.4
92.0
87.8
93.9
95.0

840.2
855.6
865. 6
886.1
900.1

79.2
82.0
81.2
89.2
90.7

199.5
198.5
199.1
198.7
204.4

52.1
41.1
37.3
47.4
48.7

3.4
4.1
5.2
7.4
9.9

13.0
16.8
15.0

108.7
152.0
198.4
219.4

965.5
1,069. 6
1,172.3
1, 200. 9

92.1
94.7
99.0
93.0

202.4
217.2
223.4
235. 9

44.0
71.9
80.0
80.9

10.7
12.3
15.5
17.8

5.3

10.5

9.6
9.7

8.7

33

FEDERAL RESERVE BULLETIN

JANUARY 1939

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 4 . — F O R E I G N BANKING F U N D S I N U N I T E D STATES, BY COUNTRIES
From Jan. 2, 1935,
through-

Total

United
Kingdom

France

Netherlands

Switzerland

Germany

Other
Europe

Total
Europe

Canada

7.3
23.0
6.9
-3.9

60.7
79.7
109.4
88.8
75.0

453.5
588.9
791.7
608.6
482.2

46.0
86.8
76. 3
86.3
73.4

33.5
149.3
166. 3
137.0
140.8

58.8
90.4
126.2
108.5
83.4

11.5
15.2
8.0
9.3
6.5

Italy

Latin
America

Far
East

All
Other

1935—Dec. 31__
1936—Dec. 30. _
1937—Dec. 29. .
1938—Mar. 30._
June 29__

603.3
930.5
1,168. 5
949.8
786.2

128.6
163. 5
189.3
175.9
145. 2

129.6
144.2
111.8
94.1
70.1

55.7
65.9
76.3
34.6
34.7

72.4
109.8
288.4
223.0
160.1

2.7
9.6
-3.9
-2.3

July 6 - _ .
July 13._.
July 20...
July 27...

765.9
737.6
740.2
735.8

137.9
136.7
146.2
149.1

69.5
71.3
71.6
69.7

34.7
32.9
29.8
31.1

161.0
152.6
153. 3
152.2

-1.5
-2.9
-4.4
-5.8

-.7
-1.9
-2.8
-2.9

72.6
65.4
61.0
59.4

473.7
454.2
454.8
452.9

69.0
66.3
75.7
73.5

141.0
132.8
128.6
130.4

74.7
75.9
71. 1
68.5

7.6
8.5
10.0
10.4

Aug.
Aug.
Aug.
Aug.
Aug.

739.2
743.4
752.6
777.1
803.2

152.5
155.7
155.2
157.2
166.0

71.9
73.9
83.5
93.4
94.5

32.3
33.1
35.8
29.6
30.7

154.2
153.5
155.8
158.6
162.5

-6.8
-9.6
-9.2
-8.9
-8.0

59.5
59.2
55.3
61.0
62.5

460.7
463.8
476.5
489.8
507.3

74.9
75.8
75.9
83.1
84.5

128.3
129.0
128.9
127.2
133.3

66.4
65.5
61.5
65.2
64.0

8.9
9.2
9.7
11.9
14.2

862.0
1,006. 7
1,127.4
1,161.2

201.0
218.7
263. 3
236.3

104.2
114.1
119.3
133.5

30.7
48.6
54.0
68.3

163.5
170.8
168.8
177.3

-8.2
-10.2
-11.5
-12.0

-2.9
-1.9
0)
-1.2
-1.0
-1.5
1.7
1.3
-1.5

74.7
117.9
164.4
185.9

564.4
661.6
759.6
787.8

85.0
88.3
93.8
90.7

132.2
147.7
152.8
164.1

65.7
92.6
101.8
96.9

14.7
16.6
19.4
21.7-

3_._.
10...
17—
24..
31...

Sept.
Sept.
Sept.
Sept.

7—
14__
21..
28.

TABLE 5.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2, 1935,
through—
1935—Dec. 31
1936—Dec. 30
1937—Dec. 29
1938—Mar. 30
June 29

.

United
Kingdom

France

Netherlands

Switzerland

361.4
431.5
449. 1
424.4
393. 3

208. 8
178.0
207.4
171.5
150.7

48. 1
62.0
65.3
67.4
62.6

-.4
-3.3
-4.4
-4.9
-6.6

1.6
2.7
2.6
3.3
2.2

29.7
66.0
105.1
119.2
128.6

Total

Germany

Latin
Canada America

Far
East

All
Other

Other
Europe

Total
Europe

13.7
16.3
6.5
9.1
11.1

8.8
22.0
26.9
28.7
30.8

310.2
343.7
409.3
394.4
379.3

-4.6
36.9
-21.7
-7.1
-1.3

20.1
24.9
51.6
52.5
49.4

37.3
30.4
18.7
-6.5
-28.8

-1.6
-4.4
-8.7
-8.9
-5.3

Italy

July
July
July
Julv

6
13
20
27

416.1
419.8
425.1
428. 1

145.6
148.4
144.7
146.7

62.9
63.5
64.0
61.9

-6. 7
-7.1
-8.1
-7.2

2.8
2.9
3.4
3.5

130.0
129.2
130. 1
131. 3

12.0
12.4
12.4
12.5

31.5
31.7
32.1
32.3

378.1
380.9
378.6
380.9

-1.6
-2.4
. 4
-6.4

68.3
67.0
69.0
69.4

-22.8
-19.8
-17.0
-10.4

-5.9
-6.0
-5.9
-5.4

Aug.
Aug.
Aug.
Aug.
Aug.

3
10
17
24
31

435.2
437.9
435.7
451. 6
450. 6

146.6
154.9
156.6
161.4
154. 8

61.8
63.1
57. 1
59.4
63.6

-7.0
-6.6
-5.8
-6.1
-7.1

3.7
3. 6
3.5
3.7
3.3

130.6
131.3
131.9
132.6
132.6

11.9
12.7
13.4
12.4
13.1

32.0
32.8
32.4
32.9
32.5

379.5
391.8
389.1
396.3
392.8

4.3
6.2
5.2
6.2
6.3

71.1
69.5
70.1
71.5
71.1

-14.3
-24.4
-24.2
-17.8
-15.3

-5.5
-5.2
-4.5
-4.5
-4.3

Sept. 7
Sept. 14
Sept. 21
Sept. 28

452.7
459.1
462.9
467.2

158.1
163.1
168.0
170.3

64.7
65.0
65. 7
67.4

-5.9
-5.4
-4.1
-4.0

2.9
3.4
3.9
3.7

132.8
132.7
131. 6
132. 1

14.4
15.2
13.7
10.2

34.0
34.1
34.0
33.4

401.0
408.0
412.7
413. 1

7.2
6.5
5.2
2.3

70.2
69.5
70.7
71.8

-21.8
-20.7
-21.8
-16.0

-4.0
-4.3
-3.9
-3.9

TABLE 6.—BROKERAGE
From Jan. 2, 1935.
through—
1935—Dec. 31
1936—Dec. 30
1937—Dec. 29
1938—Mar. 30
June 29

BALANCES, BY COUNTRIES

United
Kingdom

France

Netherlands

Switzerland

Germany

6.0
12.9
47.5
54.2
57.8

0)
4.0
11.5
13.0
15.7

2.4
10.4
11.5
13.4
13.9

1.3
-.9
5.0
6.6
6.8

2.5
9.1
10.8
8.7
8.4

-.2
-.7
0)
0)
-.1
0)
C1)
0)

Total

Latin
Canada America

.l
.3
.1
.2
.2

1.4
.4
5.0
5.2
6.2

7.6
22.6
44.0
47.2
51.2

-4.5
-7.6
3.5
5.5
4.0

1.0
-4.2
-.5
-1.2
-.1

2.9
2.1
.5
2.6
2.6

-.9

.2
.1
.2
.2

6.0
6.5
8.2
8.1

50.2
54.0
54.3
52.5

5.5
3.5
3.9
2.7

-.1
.3
.3
.2

3.5
2.6
3.3
2.0

.2
.1
.3
.3

.2

. 1

2.6
2.5
2.6
2.3
2.3

.3
.3
.4
.3
.3

.2
.4
.2
.4

2.1
1.4
1.3
.8

.3
.3
.2
.5

6
13
20
27

59.3
60.4
62.1
57.7

15. 1
16.5
14.5
13.8

13.6
15.5
15.8
14.5

5.8
5.7
5.5
5.5

9.5
9.6
10.1
10.3

Aug.
Aug.
Aug.
Aug.
Aug.

3
10
17
24
31

59.6
58.1
60.5
59.2
60.6

14.6
13.8
14.6
15.7
14.9

14.9
15.0
15.4
15.1
14.8

5.4
5.1
4.8
5.1
5.1

10.1
10.4
10.1
10.5
10.5

0)
0)'
-.1
-.1

.2
.2
2
'.2
.2

8.2
8.2
9.0
9.0
8.7

53.4
52.7
54.2
55.4
54.1

3.1
2.6
3.3
1.2
3.7

Sept.
Sept.
Sept.
Sept.

7
14
21
28

58.8
61.1
62.5
64.1

14.8
15.7
15.9
16.8

14.7
15.6
15.2
15.9

5.4
5.7
6.0
6.8

10.5
10.8
11.6
10.7

-.1
-.1
-.1
-.1

.2
.2
.2
.2

6.8
6.6
6.4
6.9

52.3
54.4
55.2
57.2

3.9
4.6
5.6
5.3




All
Other

Total
Europe

July
July
July
July

i Inflow less than $50,000.
i Outflow less than $50, 000.

Far
East

Other
Europe

Italy

.2
0)

.1
.1

34

FEDERAL RESERVE BULLETIN

JANUARY

1939

NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[In millions of dollars.

Minus sign indicates net movement from United States]

TABLE 7.—TOTAL SECURITIES, BY COUNTRIES
Net Purchases by Foreigners
Netherlands

Switzerland

United
Kingdom

France

441.8
1, 233. 6
1, 745. 2
1, 768. 9
1,798.'4

217.5
483.8
585.5
577.8
578.1

30.2
82.9
93.1
91.5
90.8

57.9
168.0
235.1
223.9
231.1

53.9
213.9
305.7
309.1
313.4

7.9
15.1
9.2
10.5
11.5

July 6 . . .
July 1 3 . .
July 20. _
July 2 7 . .

1,
1,
1,
1,

786. 8
787. 8
782. 9
768. 6

578.5
578.3
578. 2
571.6

92.0
89.6
90.8
92.6

235.5
237.6
238.4
233.5

312.4
313.6
310.8
309.8

Aug.
Aug.
Aug.
Aug.
Aug.

1,
1,
1,
1,
1,

761. 2
753. 7
747. 4
746. 4
742. 9

569.5
565.6
565.0
561.6
561.0

91.0
91.4
91.2
91.6
91.6

231.4
229.0
226.4
226.3
226.5

1,
1,
1,
1,

745. 0
743.1
754. 4
750. 4

563.1
561. 8
563.8
559.8

91.9
91.7
92.8
91.9

226.8
225.9
227.2
227.2

From Jan. 2, 1935,
through—

1935—Dec. 31. .
1936—Dec. 30__
1937—Dec. 29__
1938—Mar. 30._
June 2 9 -

3—
10..
1724_.
31..

Sept.
Sept.
Sept.
Sept.

7—
14_.
2l_.
28..

Total

Germany

Other
Europe

Total
Europe

Canada

2.9
6.1
8.6
10.2
10.6

59.1
126.4
170.9
192.6
201.5

429.4
1, 096. 2
1,408.1
1,415.6
1, 437. 0

-36.9
34.4
48.2
40.0
38.0

16.4
31.2
193.2
212.0
221.9

29.3
61.2
79.2
83.1
83.3

3.7
10.6
16.6
18.2
18.2

11.4
11.4
11.5
11. 7

11.3
11.5
11.5
11.7

202.6
201.8
201.4
201.1

1, 443. 8
1, 443. 8
1,442. 7
1, 432. 0

40.0
40.3
36.3
30.7

202.4
202.7
203.4
203.7

82.5
83.0
82.8
84.4

18.0
18.0
17.7
17.7

309.7
309.2
308.3
308.2
308.4

11.8
11.8
11.8
11.7
11.7

11.7
11.6
11.6
11.6
11.6

201.8
201.9
201.8
202.3
202.6

1, 426. 8
1, 420. 5
1,416.0
1,413.3
1,413.4

28.8
27.5
25.2
26.1
21.7

204.3
204.4
204.9
205.2
205.3

83.6
83.5
83.4
83.9
84.4

17.8
17.9
17.9
18.0
18.1

308.5
308.6
311.2
312.7

11.6
11.5
11.5
11.5

11.7
11.8
11.7
11.8

205.1
206.3
207.2
208.2

1, 418. 6
1,417.8
1, 425. 4
1,423.0

18.5
16.3
19.5
16.5

205.5
206.0
206.3
206.6

84.4
84.9
84.6
85.4

18.0
18.1
18.6
18.9

Italy

Latin
America

Far
East

All
Other

T A B L E 8 . — D O M E S T I C SECURITIES, BY COUNTRIES

Net Purchases by Foreigners
Netherlands

Switzerland

United
Kingdom

France

316.7
917.4
1, 162. 0
1, 150. 4
1,155. 3

149.8
367.7
448.7
441.9
440.2

23.4
64.7
70.3
67.7
67.1

50.5
157.6
213.8
202 4
208.6

55. 1
200.2
275.3
279.7
283. 1

-5.4
-7.5
-17.4
-18.2
-19.0

July 6
July 13
July 20
July 27

1,161.3
1,160.8
1,157. 6
1,149. 7

441.2
439.8
441.1
437.7

68.2
66.0
67.1
69.1

212.0
213.8
214.6
209.6

282.7
283.7
281.2
280.0

Aug.
Aug.
Aug.
Aug.
Aug.

3
10
17
24
31

1,143. 0
1,136.8
1,131.8
1,128. 4
1,125. 3

436.6
433.0
433.3
430.7
430.2

67.5
67.8
67.5
67.8
67.8

207.6
205.3
202.7
202.7
202.8

Sept.
Sept.
Sept.
Sept.

7
14
21
28

1,123. 6
1, 120. 6
1, 129. 3
1,125. 4

432.4
431.1
433.7
430. 5

68. 1
67.8
68.7
67.8

203.1
202.4
203.5
203.3

From Jan. 2, 1935,
Total
through—

1935—Dec. 31
1936—Dec. 30
1937—Dec. 29
1938—Mar. 30
June 29

Other
Europe

Total
Europe

Canada

—. l
-3.3
-4.9
-4.9
-5.0

12.9
38.5
55.7
58. 1
54.2

286.2
818.0
1,041.6
1, 026. 7
1, 029. 2

2.8
32.6
37.6
36.8
40.1

3.7
15.5
18.2
20.7
21.1

21.4
44.1
54.7
55.6
54.7

2.6
7. 1
9.8
10.5
10.2

-19.1
-19.2
-19.2
-19.2

-5.0
-4.9
-5.0
-5.0

54.8
53.8
53.3
52.8

1, 034. 9
1, 033. 0
1, 033. 1
1, 024. 9

40.5
41.9
39.0
38.0

22.1
21.9
21.9
21.8

53.9
54.2
53.7
55.2

10.0
9.9
9.8
9.8

279.8
279.5
278.6
278.4
278.5

-19.3
-19.4
-19.5
-19.7
-19.9

-5.0
-5. 1
-5.2
-5.2
-5.2

52.2
52. 1
51.5
51.7
51.8

1, 019. 4
1,013.2
1, 009. 0
1, 006. 3
1, 006. 2

37.8
38.3
37.6
36.6
33.5

21.7
21.5
21.6
21.8
21.7

54.3
54.1
53.8
54.0
54.2

9.8
9.7
9.7
9.7
9.8

278.7
278.7
281.2
282.2

-20.0
-20.2
-20.3
-20.4

-5.2
-5.1
-5.3
-5.3

51.9
52.4
52.7
53.0

1, 008. 9
1, 007.1
1,014.2
1,011.2

29.1
27.4
29.4
27.7

21.7
21.9
21.7
21.9

54. 1
54.5
53.9
54.5

9.8
9.8
10.0
10.1

Germany

Italy

Latin
America

Far
East

All
Other

T A B L E 9 . — 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

Canada

Latin
America

Far
East

All
Other

1935—Dec. 31._
1936—Dec. 30_.
1937—Dec. 29_.
1938—Mar. 3 0 June 29..

125.2
316.2
583.2
618.5
643.1

67.8
116.1
136.8
135.9
137.9

6.8
18.2
22.8
23.7
23.7

7.4
10.4
21.2
21.5
22.5

-1.2
13.7
30.4
29.5
30.3

13.3
22.5
26.6
28.6
30.5

2.9
9.4
13.5
15.1
15.6

46.1
87.9
115.2
134.6
147.3

143. 1
278.3
366.4
388.9
407.8

-39.7
1.7
10.5
3.1
-2.1

12.7
15.7
175.0
191.3
200.8

7.9
17.0
24.5
27.5
28.6

July 6 . . .
July 13. _
July 20-.
July 27.

625.5
626.9
625.3
618.9

137.4
138. 6
!37. 1
134.0

23.7
23.6
23.6
23.6

23.4
23.8
23.8
23.8

29.8
29.8
29.6
29.8

30.5
30.6
30.7
31.0

16.3
16.4
16.5
16.6

147. 8
148. 0
148. 1
148.3

408.9
410.8
409.5
407.1

-.5
-1.6
-2.7
-7.3

180.3
180.8
181.5
181.9

28.7
28.8
29.1
29.2

1.1
3.5
6.8
7.7
8.0
8.0
8.1
7.9
8.0

Aug. 3___
Aug. 1 0 Aug. 17__
Aug. 24..
Aug. 31..

618.2
616.9
615.6
618.0
617.6

132.9
132. 6
131. 6
130.9
130.8

23.5
23.6
23.7
23.8
23.8

23.8
23.7
23.7
23.6
23.7

29.8
29.7
29.7
29.9
29.9

31. 1
31.2
31.3
31.4
31.5

16.7
16.7
16.8
16.8
16.8

149.6
149.8
150.3
150.6
150.7

407.3
407.2
407.0
406.9
407.2

-9.0
-10.7
-12.4
-10.4
-11.8

182.6
182.9
183.2
183.4
183.7

29.3
29.4
29.6
29.9
30.2

8.0
8.1
8.2
8.2
8.3

Sept.
Sept.
Sept.
Sept.

621.4
622.5
625.1
625.0

130. 7
130.7
130.1
129. 3

23.8
23.9
24.1
24.2

23.7
23.5
23.7
23.8

29.8
29.9
30.0
30.5

31.6
31.7
31.8
31.9

16.9
17.0
17.0
17.0

153. 1
153.9
154.5
155.2

409.7
410.6
411.2
411.9

-10.6
-11.0
-9.8
-11.2

183.9
184.2
184.5
184.7

30.3
30.4
30.7
30.9

8.2
8.3
8.6
8.7

7...
14..
21..
28..




35

FEDERAL RESERVE BULLETIN

JANUARY 1939

OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES
[In millions of dollars]
TABLE 10.—LIABILITIES TO FOREIGNERS
United
Kingdom

Total

Date-

France

Netherlands

Switzerland

Germany

Italy

Other
Europe

Total
Europe

Latin
Canada America

Far
East

All
Other

Reported by Banks in New York City
1929—Dec.
1930—Dec.
1931—Dec.
1932—Dec.
1933—Dec.

31. _
31 __
30._
28._
27__

2, 672. 7
2, 335. 0
1, 303. 5
745.6
392.0

301.
214.
104.
169.
48.

5
5
9
7
9

923.
799.
549.
71.
27.

7
4
2
1
0

99.1
122.2
44.6
11.9
8.0

105. 2
222. 2
66. 0
78. 0
11. 5

204. 5
161. 0
41. 1
32. 9
17. 5

157. 4
111. 2
33. 2
39. 8
11. 7

371.3
281.3
122.2
66.2
31.1

2,162. 8
1,911.7
961.2
469.6
155.7

241.8
216.8
148.3
98.2
86.1

188.
130.
•103.
121.
96.

2
8
3
7
7

49.0
38.2
69.0
43.5
42.7

31.0
37.5
21.6
12.6
10.9

130.1
188.9
200.2
236.0
219.5
194.4

12.4
23.4
27.1
20.0
21.3
18.4

185.6
186.9
182.0
179.5

19.5
20.5
21.9
22.4

Reported by Banks in United States
610.6
1, 200. 2
1, 491. 6
1, 729. 6
1, 521. 0
1, 357. 4

83.0
205.5
235.7
261.5
248.1
217.4

39.6
163.5
176.3
143.9
126.3
102.2

12.2
68.6
78.8
89.1
48.5
48.6

13.5
86.1
123.5
302.1
236.7
173.8

30.0
29.0
32.0
39.0
25.7
27.3

19.5
26.1
41.7
25.7
14.9
18.2

47.1
107.5
126.3
156.0
135.7
121.9

245.0
686.3
814.3
1,017.1
835.8
709.4

97.9
145.3
186.1
175.6
186.4
173.5

July
July
July
July

6...
13..
20..
27..

1, 337.1
1,308. 8
1,311.4
1, 307. 0

210.1
208.9
218.4
221.3

101.6
103. 4
103.7
101.8

48.6
46.9
43.8
45.1

174.7
166.3
167.0
165.9

28.2
26.7
25.3
23.9

18.1
16.9
16.0
15.9

119.5
112.3
107.9
106.3

700.9
681.4
682.0
680.1

169.1
166.4
175.9
173.7

125.2
156.3
263.9
280.9
257.9
261.7
262.0
253.7
249.5
251.4

Aug.
Aug.
Aug.
Aug.
Aug.

3__.
10.
17.
24.
31-

1,310.4
1,314.6
1, 323. 8
1, 348. 3
1, 374. 4

224.6
227.9
227.4
229.4
238.1

104.0
106.0
115.6
125.5
126.6

46.3
47.0
49.8
43.5
44.6

167.8
167.2
169.5
172.3
176.2

22.8
20.0
20.5
20.8
21.7

15.9
16.9
18.8
17.6
17.8

106.4
106.1
102.2
107.9
109.4

687.8
691.0
703.7
717.0
734.5

175.0
175.9
176.1
183.2
184.6

249.3
249.9
249.8
248.1
254.2

177 A
176.5
172.5
176.2
175.0

20.9
21.2
21.7
23.9
26.2

Sept.
Sept.
Sept.
Sept.

714.
21.
28.

1, 433.
1, 577.
1, 698.
1, 732.

273.2
290.9
335.4
308.5

136.3
146.2
151.4
165.6

44.6
62.5
68.0
82.2

177.2
184.4
182.5
191.0

21.5
19.5
18.1
17.6

17.3
20.4
20.1
17.2

121.6
164.8
211.3
232.8

791.6
888.8
986.8
1,015.0

185.1
188.4
193.9
190.8

253.1
268.6
273.7
285.0

176.7
203.6
212.8
207.9

26.6
28.6
31.4
33.7

1934—Dec. 26..
1935—Dec. 3 1 . .
1936—Dec. 30_.
1937—Dec. 29_.
1938—Mar. 30.
J u n e 29..

2
9
6
4

TABLE 11.—FOREIGN ASSETS

Date

Total

United
Kingdom

France

Netherlands

Switzerland

Germany

Italy

Other
Latin
Total
Europe Europe Canada America

Far
East

All
Other

Reported by Banks in New York City
1931—Dec. 30
1932—Dec. 28
1933—Dec. 27

1,103. 3
937.9
898.8

166.2
87.3
192.5

29.5
62.9
66.9

20.9
13.0
18.4

12.6
6.2

12.3

467.2
434.9
260.9

18.7
11.8
16.7

149.2
97.0
83.2

864.3
713.1
651.0

58.1
42.2
32.3

136.5
155.2
159.7

41.8
24.0
49.7

175.2
154.5
141.1
114.4
113.5
116.6
97.6
98.9
97.0
96.6

117.8
80.1
67.2
78.9
104.1
126.4
120.4
117.4
114.6
108.0

94.8
96.5
95.8
94.4
94.8
95.8
96.5
95.3
94.2

111.9
122.0
121.8
115.4
112.9

14.0
13.7
13.0
13.0
12.8

119.4
118.3
119.4
113.6

12.4
12.8
12.4
12.4

2.6
3.5
6.2

Reported by Banks in United States
1,132. 6
778.6
672.6
655.0
679.7
710.8

281.8
88.1
114.1
84.8
120.6
141.4

85.7
32.5
16.8
13.5
11.4
16.2

17.6
19.0
21.9
23.0
23.5
25.2

8.3
6.6
5.4
5.5
4.8
5.9

233.6
202.0
165.1
126.1
112.0
102.6

29.7
13.5
10.9
20.8
18.1
16.1

81.0
71.2
57.8
52.9
51.0
49.0

737.6
433.0
392.1
326.5
341.4
356.4

July 6
July 13
July 20
July 27 . . .

688.0
684.3
679.0
676.0

146.6
143.8
147.4
145.5

15.8
15.3
14.8
16.9

25.3
25.8
26.7
25.8

5.2
5.2
4.7
4.6

101.2
101.9
101.1
99.9

15.2
14.8
14.8
14.7

48.3
48.1
47.7
47.5

357.7
354.8
357.2
354.8

94.0
100.9
59.4
118.0
103.3
97.6
97.9
98.7
95.8
102.6

Aug.
Aug.
Aug.
Aug.
Aug.

3
10
17
24
31

668.9
666.2
668.4
652.5
653.5

145.6
137.3
135.6
130.8
137.4

16.9
15.7
21.7
19.4
15.2

25.6
25.2
24.4
24.7
25.7

4.3
4.5
4.6
4.3
4.8

100.6
99.8
99.3
98.6
98.6

15.4
14.5
13.8
14.8
14.1

47.8
47.0
47.3
46.9
47.3

356.2
344.0
346.7
339.5
343.0

92.0
90.1
91.1
90.1
90.0

Sept. 7
Sept. 14
Sept. 21
Sept. 28

651.4
645.0
641.2
636.9

134 0
129.1
124.2
121.9

14 0
13.7
13.1
11.4

24.5
24.0
22.7
22.6

5.2
4.6
4.2
4.4

98 4
98.5
99.6
99.1

12 8
12.0
13.5
17.0

45.8
45.7
45.8
46.3

334.7
327.7
323.0
322.7

89.1
89.8
91.1
94.0

1934—Dec. 26
1935—Dec. 31
1936—Dec. 30
1937—Dec. 29
1938—Mar. 30
June 29

8.0

10.1
12.9
17.2
17.4
13.8
14.4
14.5
14.3
13.9

NOTE.—For description of statistics and for figures from May 1929 to end of 1936 see BULLETIN for May 1937, pp. 394-431. For figures for 1937
and first and second quarters of 1938, see BULLETINS for April 1938, pp. 267-277, July 1938, pp. 574-577, and October 1938, pp. 868-871 respectively.




FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
Tables on the following pages include the principal
The following is a list of current statements issued
available statistics of current significance relating by the Board:
to financial and business developments in the United
States.

The data relating to the Federal Reserve

banks and the member banks of the Federal Reserve
System are derived from regular reports made to the
Board; index numbers of production are compiled
by the Board on the basis of material collected by
other agencies; figures for gold stock, money in
circulation, Treasury finance, and operations of Government credit agencies are obtained principally from
statements of the Treasury or of the agencies concerned; data on money and security markets and
commodity prices and other series on business activity are obtained largely from other sources.
Federal Reserve Chart Book.—The Board has available for sale to the general public copies of a chart
book prepared for use of Federal Reserve officials.
The chart book, which is of brief-case size, contains
about 30 charts on bank credit, money rates, security
markets, and business conditions. Many of the charts
cover the period since 1919 and all contain space for
figures through 1940 with a lightly printed grid for
1938-1940 to aid in keeping them up to date.

A list

of sources for current and back figures is given.
The price of the book is 50 cents.
Description and back figures.—The tables on the
following pages include figures for recent dates and,
within the limitations of space, for significant earlier
dates.

Other back figures may in most cases be

obtained from Annual Reports of the Board of Governors or for figures compiled by other agencies from
the publications of those agencies.

In some cases

description of the data and back figures have been
published in earlier issues of the BULLETIN and are
available as reprints, which will be supplied on
request.
Current figures.—Most of the Board's statistics
are issued in mimeographed form and released for
publication prior to publication of the BULLETIN.
These press statements may be obtained at the
offices of the Board or will be mailed without charge
to those wishing to obtain the figures regularly as
soon as available.




DAILY

Foreign Exchange Rates (for previous day)
WEEKLY

Monday:
Condition of Reporting Member Banks in 101
Leading Cities
Bank Debits
Tuesday:
Money Rates—Open-Market Rates in New
York City
Thursday:
Condition of Federal Reserve Banks
Condition of Reporting Member Banks in New
York City and Chicago (Also a part of
statement of Condition of Reporting Member Banks in 101 Leading Cities released
on following Monday)
Friday:
Department Store Sales
MONTHLY

Federal Reserve Bulletin—released about the
8th of the month (subscription price $2.00
per annum, single copies 20 cents; outside of
the United States, Canada, Mexico, and the
insular possessions, annual subscription $2.60;
single copies 25 cents)
Federal Reserve Inter-District Collection System
(Par List)—including list of State bank members. Semi-annual issues, January-July, and
monthly supplements—released about 10th of
the month
National Summary of Business Conditions—
released about the 25th of the month
Business Indexes—released about the 25th of the
month
Department Store Sales—released about the 10th
of the month
Bank Debits—released between the 6th and 12th
of the month
Foreign Exchange Rates—released about the 1st
of the month
Money Rates—released about the 3rd of the
month
QUARTERLY

Member Bank Call Report (3 or 4 times a year
depending upon number of calls for condition
reports)
ANNUALLY

Bank Debits—released ordinarily in February
Annual Report (covers calendar year)
List of Stocks Registered on National Securities
Exchanges—supplements issued each quarter
(subscription price 25 cents for the List and
three supplements; five or more copies on one
order, 20 cents per copy; fifty or more copies
on one order, 15 cents per copy).

37

38

FEDERAL RESERVE BULLETIN

JANUARY 1939

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve bank credit outstanding
U. S.
Gov- Other
Bills
Bills
ern- Reserve
disbought ment
bank
counted
securi- credit i
ties

Date

End of month figures:
1937—Oct. 30
Nov. 30..-Dec. 31
1938—Jan. 31
Feb. 28.—
Mar. 31—.
Apr. 30
May 31__._
June 30
July 3 1 . —
Aug. 31_._.
Sept. 30.—
Oct. 31.___
Nov. 30
Wednesday figures:
1938—Jan. 5
Jan.12
Jan. 19...
Jan. 26

Gold
stock
Total

Member bank
reserve balances
TreasTreasury
Other
ury
Money Treas- deposits NonFedcurin cirury
with
eral
memrency
cash
culaFederal ber de- Reserve
Excess
outhold- Reserve posits
tion
ac(estistandings
banks
counts Total
mated)
ing

21
17
10
12
10
13
9
9
8
7
7
8
7
7

3
3
1
1
1
1
1
1
1
1
1
1
1
1

2,526
2,564
2,564
2,564
2,564
2,580
2,564
2,564
2,564
2,564
2,564
2,563
2,564
2,564

30
23
38
16
15
17
21
9
23
18
14
29
14
13

2,580
2,606
2,612
2,593
2,590
2,611
2,594
2,582
2,596
2,589
2,585
2,600
2,586
2,584

12,803
12, 774
12, 760
12, 756
12, 776
12, 795
12,869
12,919
12,963
13, 017
13,136
13, 760
14, 065
14, 312

2,609
2,621
2,637
2,655
2,668
2,679
2,690
2,702
2,713
2,721
2,731
2,739
2,751
2,773

6,555
6,561
6,550
6,320
6,334
6,355
6,397
6,467
6,461
6,452
6,504
6,622
6,700
6,787

3,661
3,631
3,619
3,648
3,594
3,550
2,195
2,263
2,303
2,348
2,480
2,810
2,770
2,689

114
121
142
150
180
316
1,320
1,157
860
721
720
853
535
484

472
465
407
388
423
315
355
390
363
384
313
356
424
574

263
261
263
260
257
262
263
261
261
257
255
260
260
259

6,928
6,962
7,027
7,237
7,248
7,287
7,623
7,665
8,024
8,164
8,179
8,198
8,713
8,876

1,055
1,169
1,212
1,383
1,415
1,546
*2, 548
2,568
2,875
3,022
2,941
2,869
3,227
3,383

11
11
11
11

1
1
1
1

2,564
2,564
2,564
2,564

27
24
35
18

2,603
2,599
2,610
2,594

12,
12,
12,
12,

755
755
755
755

2,639
2,640
2,639
2,654

6,510
6,395
6,346
6,294

3,622
3,628
3,621
3,642

127
115
135
117

404
401
418
393

262
262
264
261

7,071
7,193
7,219
7,296

,267
L, 386
L, 371
,440

Feb.
Feb.
Feb.
Feb.

2
9
16
23_...

11
11
10
10

1
1
1
1

2,564
2,564
2,564
2,564

18
18
26
16

2,594
2,594
2,600
2,591

12,
12,
12,
12,

755
756
781
784

2,657
2, 661
2,662
2,665

6,323
6,306
6,302
6,324

3,648
3,650
3,626
3,620

143
156
187
155

383
434
454
443

260
259
258
258

7,249
7,205
7,216
7,240

L,
L,
L,
L,

Mar.
Mar.
Mar.
Mar.
Mar.

2...
9
16.
23_.__
30—_

10
8
8
10
12

1
1
1
1
1

2,564
2,564
2,564
2,564
2,564

12
21
35
18
10

2,563
2,594
2,608
2,592
2,587

12,
12,
12,
12,
12,

767
768
778
781
794

1,669
2,670
2,672
2,674
2,680

6,343
6,334
6,328
6,325
6,329

3,579
3,562
3,550
3,545
3,551

185
181
264
270
292

421
389
325
312
315

256
256
264
263
263

7, 215
7,311
7,328
7,333
7,312

L, 391
L, 467
L, 460
L, 559
L, 560

Apr.
Apr.
Apr.
Apr.

6
13
20
27.__.

11
13
10
8

1
1
1
1

2,564
2,564
2,564
2,564

20
25
9
13

2,596
2,602
2,583
2,586

12,
12,
12,
12,

803
825
841
860

2,682
2,683
2,688
2,690

6,394
6,380
6,361
6,355

3,554
3,542
2,164
2,192

244
141
1,428
1,321

334
317
349
343

259
258
263
264

7,296
7,472
7,547
7,661

1,575
1,727
*2, 492
2,579

May
May
May
May

4
11
18
25

8
8
8
9

1
1
1
1

2,564
2,564
2,564
2,564

16
16
17
10

2,589
2,589
2,589
2,583

12, 870
12, 880
12, 892
12,905

2,693
2,695
2,697
2,701

6,407
6,396
6,402
6,393

2,196
2,215
2,226
2,248

1,429
1,361
1,283
1,183

353
370
383
387

263
262
261
261

7,504
7,560
7,622
7,716

2,442
2,483
2,555
2,632

June
June
June
June
June

1
8
15
22
29

8
9
9
10
10

1
1
1
1
1

2,564
2,564
2,564
2,564
2,564

20
9
24
17
16

2,593
2,582
2,598
2,591
2,590

12, 918
12, 940
12,950
12, 957
12,962

2,703
2,703
2,707
2,710
2,712

6,469
6,437
6,420
6,402
6,428

2,254
2,277
2,289
2,293
2,299

1,093
1,005
935
929
864

393
399
438
445
366

260
261
267
267
266

7,745
7,848
7,904
7,922
8,041

2,640
2,711
2,726
2,782
2,900

July 6
July 13
July20____
July 27.__.

8
9
8
7

1
1
1
1

2,564
2,564
2,564
2,564

30
22
13
11

12, 967
12, 979
12, 989
13,002

2,564
2,564
2,564
2,564
2,564

4
11
16
8
14

13,025
13,033
13,052
13,079
13,136

775
839
802
771
720

392
365
349
315
313

257
256
256
256
255

8,074
8,273
8,202
8,188
8,074
8,046
8,085
8,156
8,179

2,985
3,153
3,039
3,036

1
1
1
1
1

2,303
2,315
2,321
2,328
2,357
2,367
2,386
2,417
2,480

261
261
259
258

6
7
7
7
7

6,514
6,444
6,433
6,416
6,465
6,466
6,485
6,470
6,504

363
372
353
383

3
10____
17
24.___
31._._

2,715
2,716
2,717
2,719
2,721
2,723
2,724
2,727
2,731

770
628
724
732

Aug.
Aug.
Aug.
Aug.
Aug.

2,603
2,596
2,585
2,583
2,574
2,582
2,587
2,579
2,585

Sept. 7
Sept. 14., „
Sept. 21....
Sept. 28 ...

7
7
8
9

1
1
1
1

2,564
2,564
2,564
2,564

21
25
23
24

2,592
2,596
2,596
2,597

13,
13,
13,
13,

237
421
588
714

2,729
2,733
2,735
2,738

6,579
6,550
6,552
6,574

2,579
2,759
2,833
2,816

561
346
917
864

317
416
342
337

254
254
261
261

8,269
8,425
8,014
8,197

3,034
3,131
2,744
2,889

Oct.
Oct.
Oct.
Oct.

5____
12____
19
26....

7
9
6
7

1
1
1
1

2,564
2,564
2,564
2,564

21
32
17
8

2,593
2,605
2,589
2,580

13,812
13, 869
14,008
14, 051

2,741
2,744
2,746
2,749

6,640
6,667
6,668
6,654

2.809
2,812
2,770
2,767

770
703
609
584

346
376
342
374

261
260
261
261

8,321
8,400
8,693
8,740

3,019
3,045
3,265
3,275

Nov.
Nov.
Nov.
Nov.
Nov.

2
9
16 _
23____
30....

8
8
7
7
7

1
1
1
1
1

2,564
2,564
2,564
2,564
2. 564

9
-3
18
16
13

2,582
2,569
2,590
2,587
2,584

14, 071
14, 091
14,162
14, 240
14,312

2,752
2,755
2,756
2,767
2,773

6,706
6,764
6,732
6,763
6,787

2,751
2,737
2,721
2,717
2,689

576
578
544
474
484

426
531
525
563
574

260
259
259
258
259

8,686
8,546
8,727
8,818
8,876

3,217
3,132
3,262
3,353
3,383

Dec.
Dec.
Dec.
Dec.

7
14___
21_._.
28_.._

6
7
8
7

1
1
1
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

385
385
364
412

2,924
2,920
2,927
2,975
2,941

i 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 excass reserves in BULLETIN for August 1935, pp. 499-590. Averages of daily figures for recent months
and years are shown in the table on p. 11.
* Reserve requirements reduced by approximately 1334 percent effective April 16.




39

FEDERAL RESERVE BULLETIN

JANUARY 1939

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
W e d n e s d a y figures

End of month

1938
Dec. 28

Dec. 21

Dec. 14

1938

N o v . 30

Dec. 7

N o v . 23

Nov. 16

Nov. 9

Nov.

1937
Oct.

Nov.

ASSETS
Gold certificates on hand
and due from U. S. Treas11,787,719 11,762,720 11,713,718 11,661,721 11,601,717 11,492,201 11,403,701 11,317,698 11,601,717 11,262,700 9 122 408
ury
Redemption fund—F. R.
9,592
10,815
10, 338
9,071
10, 007
9,677
9,873
9,873
10,815
8,813
notes
9 940
351, 798
362, 857
369, 332
345, 743
357, 940
305, 963
339, 729
357,940
325, 471
367, 842
318, 036
Other cash
Total reserves
Bills discounted:
For member banks
For nonmember banks,
etc

12, 123, 063 12, 078, 556 12,063, 039 12,017,471 11, 970, 472 11, 865, 396 11, 782,710 11, 678, 567 11,970,472 11, 639, 355 9, 450, 384
6, 980

8,293

6,997

6,043

7, 081

6,603

6,547

7,800

7,081

7,401

16, 584

Total bills discounted-

6,980

8,293

6,997

6,043

7,081

6,603

6,547

7,800

7,081

7,401

16, 586

Bills bought:
Payable in foreign currencies
.

549

547

541

2, 828

2

549

549

547

547

545

545

545

15, 533

15, 573

15, 485

15,821

15,199

15,417

15,163

15, 821
15, 688
Industrial advances
15, 264
18, 557
U.S. Government securities:
787, 327
840, 893
787, 327
787, 327
787, 327
787, 327
787, 327
840, 893
787, 327
Bonds
787, 327
738, 073
1,156, 947 1,126, 903 1,167, 565 1, 164, 565 1,164,565 1,164, 565 1,164, 565 1, 164, 565 1,164, 565 1,164, 565 1,168 463
Treasury notes
612, 123
612,123
612,123
612,123
612,123
609,123
596, 219
566, 175
612,123
612,123
657, 479
Treasury bills
_.
Total U. S. Govern2, 564, 015 2, 564, 015 2, 564, 015 2,564,015 2, 564, 015 2, 564, 015 2, 564, 015 2, 564, 015 2, 564, 015 2, 564 015 2 564 015
ment securities
5,234
975
3,021
-18,478
12, 743
- 3 , 234
67, 796
- 3 , 234
23, 238
-1,367
Other Reserve bank credit..
4,458
Total Reserve bank
credit outstanding.. 2, 610, 470 2, 656,186 2, 599, 877 2, 591, 324 2, 584, 230 2, 587, 337 2, 589, 545 2, 569, 045 2, 584, 230 2, 585, 854 2, 606, 444
LIABILITIES
F. R. notes in actual circulation

4, 470, 462 4, 483, 202 4, 432, 967 4, 422, 449 4, 384, 882 4, 362, 465 4, 345, 816 4; 355, 754 4, 384, 882 4, 315,142 4, 273, 526

Deposits:
Member bank—reserve
account
8, 577, 167 8,471,979 9. 033, 512 8, 966, 268 8, 876, 481 8, 818, 335 8, 726, 623 8, 546, 166 8, 876, 481 8, 713, 092 6, 961, 735
U. S. Treasurer—general
412, 790
474, 316
577, 766
483, 982
543, 576
483, 982
407, 377
941, 004 1, 024, 793
account
535, 277
121 300
212, 081
218, 033
195, 280
210, 718
208, 097
202, 848
185, 705
208, 097
Foreign bank
207, 703
204,063
271, 662
312, 482
365,162
365, 517
366,168
350, 438
322, 597
318,617
366,168
296, 843
219,612
Other deposits
193,161
Total deposits

10, 022, 717 10, 010, 669 9, 997,169 9, 949, 880 9, 934, 728 9, 855,170 9, 795, 644 9, 654, 447 9, 934, 728 9, 672, 044 7, 547, 858

Ratio of total reserves to
deposit and F . R. note liabilities combined (percent)

83.6

83.3

83.6

83.6

83.6

83.5

83.3

83.4

83.6

83.2

79.9

Contingent liability on bills
purchased for foreign correspondents

76

76

76

76

240

324

324

324

240

338

2, 054

MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Bills discounted:
Nov. 30
Dec. 7.—
Dec. 14
Dec. 21
Dec. 28
Bills bought in open market:
Nov. 30
Dec. 7
Dec. 14
Dec. 21____
_
Dec. 28
Industrial advances:
Nov. 30
Dec. 7
—
Dec. 14
Dec. 21__._
Dec. 28
U. S. Government securities:
Nov. 30
Dec. 7—
Dec. 14
Dec. 21
Dec. 28




Within
15 days

7,081
6,043
6,997
8,293
6,980

5,712
4,687
5,553
7,128
5,845

547
547
549
549
549

264
264

821
485
573
533
688

2, 564, 015
2, 564, 015
2, 564, 015
2, 564, 015
2, 564, 015

15,
15,
15,
15,
15,

16 to 30
days

31 to 60
days

61 to 90
days

227
352
564
315
321

519
415
246
270
202

162
166
155
134
175

264
264

88
582
555
566
579

1,114
753
805
280
596

95, 330
77, 890
90, 458
103,054
105, 340

82, 358
99,078
105, 340
107, 684
88, 872

187, 657
181,032
190, 057
186, 238
198, 570

Over
5 years

264

1,673
1,626
1,432
1,923
1,784

2 years
to
5 years

237
154

25
179

46
129
285
260
106

91 days 6 months 1 year
to 6
to
to
months
1 year
2 years
437
404
461
427
406

24
19
18
19
31

478
321
429
436
387

1 331
1, 277
1 209
1,275
1 290

3, 778
3,707
3 715
3,876
3 891

193, 485
209, 378
194, 268
171, 733
154, 893

136, 859
128, 311
112,566
112, 707
103, 697

155, 663
155,663
155, 663
173,142
173,142

4 872
4,796
4 800
4,567
4 423
398,
398,
398,
390,
390,

744
744
744
654
654

2
2
2
2
2

487
423
628
610
738

607,
607,
610,
558,
588,

337
337
337
655
699

706, 582
706, 582
706, 582
760,148
760,148

40

FEDERAL RESERVE BULLETIN

JANUARY 1939

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
New
York

Total

Philadelphia

Cleveland

Richmond

Atlanta

MinSt.
Chicago Louis neapolis

Kansas Dallas
City

San
Francisco

ASSETS

Gold certificates on hand and due
from U. S. Treasury:
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Redemption fund—Federal Reserve notes:
Nov. 30
Dec. 7
Dec 14
Dec. 21
Dec. 28
Other cash:
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Total reserves:
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Bills discounted:
Secured by U. S. Government
obligations, direct or fully
guaranteed:
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Other bills discounted:
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Total bills discounted:
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Bills bought in open market:
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Industrial advances:
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
U. S. Government securities:
Bonds:
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Treasury notes:
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Treasury bills:
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Total U.S.Government securities:
Nov. 30,
Dec. 7
Dec. 14
Dec. 21
Dec. 28




504, 963
11,601,717 616, 693 5,151, 777
i
,
11, 661, 721 661,673 5, 109, 042 514, 203
» 123, 695 529, 903
,
11, 713, 718 665,
11,762,720 669,443 5,048,107 536, 821
11,787,719 658,041 5,056,486 547,114
10, 815
10,007
9,592
9,873
9,873
357, 940
345, 743
339, 729
305, 963
325, 471

430
389
346
328
328

1,653
1,484
1,300
1,
1,226

38,053
99, 619
36, 708 99,100
35, 337 98, 485
90, 608
33,024
33, 645 100, 917

1,383
1,319
1,319
1,236
1,236

27, 785
24, 847
24, 863
22,818
24,865

11,970,472 655,176 5, 253, 049 534,131
1,770, 209, 626 540,
5,
1,369
12,017,471
i,085
12, 063, 039 701,216 5, 223, 480 556,
12,078, 556 702, 795 5,139, 941560,875
12,123,063 692, 014 5,158, 629 573, 215

4,601
3,655
4,462
5,968
4,931

711, 345 345,097 264, 06' 2,164, 532320,033 250, 620 307, 566 193, 596
732, 811 350, 364 265, 27i 2,171, 231325, 394 253, 698""",667 199, 64'
313
738,"" 356, 588 261, 961 2,182, 639314,411 253, 895 302, 357 198, 207
368
765, """360,715 269, 225 2, 250, 482322, 006 249, 780 315,112 203, 713
288
771, 590 366, 525 276, 587 ", 241,897 322, 26' 952 311,048 206195
%
!
206;
246,
965
904
844
810
810

907
575
575
1,222
1,222

651
629
603
583
583

800
736
682
629
629

20, 842
20, 588
19,145
14, 846
16, 345

19, 672
19, 963
17,644
17, 663
16, 328

12, 742
13.118

51, 570
48, 027
49, 855
43, 263
46, 658

12.119

11, 407
10, 900

733,152 365, 676 277, 460
754, 303 370, 902279,022
758, 357 374, 807 274, 683
780, 944 379, 600 281, 215
-"
788, 745 384,075 288,070

209
202
202
191
191

1,761
1,743
1,728
1,690
1,690

19, 790 8,422 14,911 13,809
19, 274 7,135 15, 046 13,055
18, 681 6,733 13, 535 13, 651
16, 283
13, 349 11, 488
16, 485
12, 452 11, 723

30, 725
28, 882
29, 681
25,131
28,485

216, 902 340, 710 259, 666 323, 022 614
207,
219, 994 345, 543261,451 329,246 212, 901
233,176 333, 953261, 240 316, 412212, 060
294, 374 339,132 256, 469 328, 970215, 392
T
289,184 339, 595 254, 226 324,009 218,109

803,914
795, 344
817, 570
798, 849
813,192

2,480
2,535
2,325
2,049

875
861
843
84:

114
110
94
89
79

14
14
14
14
4

170
210
190
80
65

186
147
141
109
91

565
533
588
558
576

60
55
48
43
42

10
4
3
3
34

295
350
457
330
270

300
255
249
237
189

679
643
682
647
655

74
69
62
57
46

180
214
193
83
99

2
2
2
2

2
2
2
2
2

16
16
16
16
16

16
16
16
16
16

38
39
39
39

392
270
269
268

774
763
744
737
736

1,324
1,324
1,352
1,348
1,348

17,446
17, 446
17, 446
18, 633
18, 633

34, 774
34, 774
34, 774
37,140
37,140

28, 943
28, 943
28, 943
30,913
30, 913

62, 242
62, 242
62, 242
66, 476
66, 476

47, 473 125, 535 48, 504 25, 805
47,473 125, 535 48, 504 25, 805
47, 595 125, 859 48, 629 25, 872
45, 938 121, 476 46, 935 24, 970
47,163 124, 714 48,187 25, 636
24, 953 65, 984 25, 495 13, 564
24, 953 65, 984 25, 495 13, 564
24, 831 65, "" 25, 370 13, 497
24, 305 64, 269 24, 833 13, 212
23, 080 61, 031 23, 581 12, 546

51, 438
51, 438
51, 570
49, 774
51,101

92,064
92, 064
92, 301
89, 088
91, 463

27,036
27, 036
26, 904
26, 334
25, 007

42, 812
42, 812
42, 922
41, 427
42, 531
22, 503
22, 503
22, 393
21,918
20, 814

56, 815 113, 248
56,815 113, 248
56, 815 113, 248
56,815 113, 248
56, 815 113, 248

94,258
94, 258
94, 258
94, 258
94, 258

202, 697
202, 697
202, 697
202, 697
202, 697

747
767
707
821
887

106
206
141
446
431

143
158
77
434
234

548
601
618
583
506

258
273
269
101
73

65
65
90
152
153

2,249 1,295
1,368
2! 777 1,325
2,462 1,404
1,759 1,393

364
479
410
547
504

208
223
167
586
387

471
430
283
253

226
167
115
170
154

103
48
15

75
105
227
185
178
158

245
286
348
241
211

123
119
100
90
74

7,081
6,043
6,997
8,293

740
177
277
1,517
1,261

547
547
549
549
549

41
41
41
41
41

218
214
216
216
216

55
56
56
56

50
50
50
50
50

23
24
24
24
24

19
19
19
19
19

67
68
68
68

15, 821
15, 485
15, 573
15, 533
15, 688

2,170
2,167
2,117
2,100
2,004

3,592
3,587
3,583
3,591
3,884

3,267
3,171
3,132
3,128
3,121

620
616
619
619
619

1,435
1,344
1,490
1,482
1,481

797
797
823
825
825

415
415
415
415
415

787, 327
787, 327
787, 327
840, 893
840, 893

59, 255
59, 255
59, 255
63, 287
63, 287

250, 391
250, 391
250, 391
267, 426
267, 426

68,403
68,403
73, 057
73, 057

79,168
79,168
79,168
84, 554
84, 554

32,096
32, 096
32,096
34, 279
34, 279

84, 870
84,870
84,870
90, 644
90, 644

1,164, 565
1,164, 565
1,167, 565
1,126, 903
1,156, 947

87, 647
87, 647
87,873
84, 812
87, 073

370, 360 101,177
370, 360 101,177
371,314 101, 437
358, 383 97, 905
367, 938 100, 515

117,101
117,101
117,403

46, 069 194, 671 53,181
46,069 194, 671 53,181
45, 843 193, 717 52, 921
44, 872 189, 613 51, 799
42, 611 180, 058 49,189

61, 551
61, 551
61, 24!~
59, 952
56, 931

612,123
612,123
609,123
596, 219
566, 175

2, 564, 015 192, 971
2, 564, 015 192, 971
2, 564, 015 192, 971
2, 564, 015 192, 971
2, 564, 015 192, 971

815,422 222, 761
815, 422 222, 761
815, 422 222, 761
815, 422 222, 761
815, 422 222, 761

36, 947
36, 947
36, 947
39,461
39, 461

54, 649
54, 649
54, 790
113, 314 52, 881
116, 335 54, 291
28,7!
28, 725
28, 584
27, 979
26, 569

545
533
520
509
509

114
108
108
128

203
203

1,902
1,368
2,393
2,043
1,485
347
300
384
419
274

740
177
277
1,517
1,252

624
618
612
606
606

771,428
764, 719
786,161
772,028
783,017

257, 820 120, 321 104, 5:
257,820 120, 321 104, 522
257,820 120,321 104, 522
257, 820 120, 321 104, 522
257, 820 120, 321 104, 522

976
966
32, 792
32, 792
32, 792
35,023
35, 023

276, 389 106, 791
276,389 106, 791
276, 389 106, 791
276, 389 106, 791
276, 389 106, 791

48, 391
48, 391
48,154
47,133
44, 758

JANUARY

41

FEDERAL RESERVE BULLETIN

1939

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS,
BY WEEKS—Continued
[In thousands of dollars]

Total

Boston

New
York

Philadelphia

Cleveland

Atlanta

Richmond

Chicago

St.
Louis

Minneapolis

Kansas Dallas
City

San
Francisco

ASSETS—continued
Total bills and securities:
.05,1
2, 587,464 .95,922 821,481 227, 378 258, 854 121,!
277,097 107,133 58,107 114,335 95,122 204, 239
Nov. 30
2, 586, 090 .95, 356 820,891 227, 356 258, 965 21,912 105, 768 277,039 107,187 58, 059 114,177 95,106 204, 274
Dec. 7
227,
2, 587,134 .95,406 821, 998 227, 274 258,899 122,002 105,647 276,987 107, 294 58,051 114,215 95,080 204,281
Dec. 14
821, 691 227, 349 259,036 122, 413 105, 619 277, 042 107,167 58,030 114,179 95,068 204,167
2, 588, 390
Dec. 21
2, 587, 232 96, 277 821, 281 227, 331 258, 993 22,213 105, 629 277,026 107, C" 57, 972 114,187 95,056 204,183
Dec. 28
Due from foreign banks:
62
13
18
22
3
174
17
2
5
Nov. 30
5
13
66
13
174
17
16
2
21
3
5
5
12
Dec. 7
64
13
172
16
2
17
21
3
5
5
12
Dec. 14
64
13
172
16
2
17
21
3
5
5
12
Dec. 21
64
13
172
16
2
17
5
21
3
5
12
Dec. 28
Federal Reserve notes of other
banks:
1,487
5,688 1,048
1,564
23, 642
576
1,185
1,435
3,346 2,450
1,007
465
Nov. 30.
3,391
1,556
4,950
886
1, 353 1,006
1,711
21, 573
650
1,181
2,538 1,890
441
Dec. 7
3,411
1,210
5,417
2,033
1,006
25,038
803
1,419
2,923 2,791 1,779
1,020
724
Dec. 14
3,913
1,865
4,903 1,094
2,448
1,552
26, 085
697
1,362
1,601
4,029 2,244
666
Dec. 21
3,624
4,955 1,108
1,347
25, 402
740
1,191 2,221 1,962
4,221 3,072 1,278
2,669
Dec. 28
Uncollected items:
47, 528 20,'
79,833 26,346 16, 670 31, 358 21,516
616,017 65, 277 164, 570 45, 630
Nov. 30
26, 715
174,192 45,864
64,147 50, 484 21, 645
75, 734 27,155 15,865 28, 803 23,187
820, 779 60,i—
Dec. 7
33,055
95,481 61, 725 28,453 104, 858 34, 272 18,191 38, 956 27, 293
790,067 73, 300 205,809 63,119
Dec. 14
38, 610
85, 527 59, 371 27,883 101, 903 34, 585 18, 358 36,
789,04: 73, 812 216, 820 62, 707
26, 617
Dec. 21
45, 390
86,009 59, 248 29, 464
687, 215 66,045 160, 788 47, 504
36, 777 25, 622
88, 725 31,063
Dec. 28
38, 881
Bank premises:
9,791 4,710
6,029 2,627 2,080
44,119
2,950
4,489 2,297 1,536 3,097 1,261
Nov. 30
3,252
9,791 4,710
6,029 2,627 2,080
44,117 2,950
4,490 2,297 1,536 3,091 1,264
3,252
Dec. 7
9,791 4,699
6,029 2,627 2,080
44,106
2,950
4,490 2,297 1,536
3,091
1,264
3,252
Dec. 14
-..
9,791 4,699
6,031 2,627 2,076
44,096
2,950
4,490 2,297 1,536
3,091 1,265
Dec. 21
3,243
9,791 4,699
6,017 2,621 2,076
44, 076 2,950
4,490 2,295 1,536 3,091 1,267
3,243
Dec. 28
All other assets:
15, 834 4,804
5, 673 2,
2,351
51,076
3,339
4,923 1,
1,260
2,056 1,832
Nov. 30
4,188
51, 736 3,359
5,696 2,901 2,388
15, 988 5,021
1,262 2,072 1,862
4,997 1,966
4,224
Dec. 7
56,183
3,414
16, 336 8,679
5,1
1, " " ' 1,282 2,123 1,862
5,778 2,971 2,."'"
4,280
Dec. 14
42, 956 2,725
2,503 2,033
1,072
4,124
1,605
13, 221 4,045
1, " " 1, 535
3,527
Dec. 21
44, 332 2,833
4,199
4'982 2,592 2,107
1,094
1,660
1,583
4,181
13, 7
3, 644
1,749
Dec. 28
Total assets:
15, 292, 964923, 253 6, 270,475 817, 719 1,074, 516 542, 203 410,109 586, 612 480,
338, 805 474,8
327, 815 1,045, 712
Nov. 30
15, 341, 940961, 746 6, 235, 504 824, 223 1,090, 337 550, 390 412, 620
584, 813 486, 041339, 528 478^ 400 334,
, 043, 572
Dec. 7
15, 565, 739977,102 6, 282, 895 860, 879 1,125, 979 565, 350 415, 300627, 523 482, 60f342, 081 475, 822338, 288 1,
338| 288 1,071,918
Dec. 14
15, 569, 29" 979, 621 6, 206,431 860, 786 1,137, 784 568, 387 421, 280685, 983 487,033 337,019 485, 613 340, 548 1,058,812
Dec. 21
15, 511, 492960,872 6,169, 216 858,073 1,145, 953 572, 978 429, 314 667, 848 484, 772
2,
333,197 481,165 342, 280 1,065, 824
Dec. 28
LIABILITIES
Federal Reserve notes in actual
circulation:
4, 384, 882382, 696 1,011,073 315,839
Nov. 30
4, 422, 449 387, 298 1,014, 943 319,173
Dec. 7
4, 432, 967387,110 1, 020, 878 321, 767
Dec. 14
4, 483, 202389, 697 1, 031, 017 324, 606
Dec. 21
4, 470, 462 389,102 1, 024,109 323, 486
Dec. 28
Deposits:
Member bank—reserve account:
363, 877
8, 876, 481406, 368 4, 585, 111
Nov. 30
Dec. 7
8, 966, 268 •~" """14,680, "" 040 367, 926
425, 403
9, 033, 512434, 711 4| 616| 129 383,10'
Dec. 14
"
!
752
8,471, " " 397, ~" 4, 306, 773 363, 018
Dec. 21
8, 577,167 380, 331 4, 404, 55"369,108
Dec. 28
U. S. Treasurer—general account:
73, 582 30,388
25,590
Nov. 30
55,467 28, 394
407, 37' 23, 738
Dec. 7
55, 465 28, 805
412, 790 18, 487
Dec. 14
1,024, 793 84, 236 267,172 62, 724
Dec. 21
941,004 82,941 203, 952 57, 524
Dec. 28
Foreign bank:
75, 256 20, 310
14, 921
Nov. 30
.
78, 715 20,181
210, 71: 14,827
Dec. 7
66, 638 18, 204
185, 705 13,374
Dec. 14
70,049 19,146
195, 280 14,066
Dec. 21
75,158 20, 264
207, 703 14, 888
Dec. 28
Other deposits:
366,168
3,743 243,130
Nov. 30
365, ^ 27,484 217, 281 7,970
Dec. 7
365,162 26,077 211, 578 9,433
Dec. 14
3 1 8 , "•- 4,001 206, 891 7,053
Dec. 21
296,843
4,200 188, 401 7,089
Dec. 28
Total deposits:
!,864
Nov. 30
— 9, 934, 728450,622 4,977,079 422,
9, 949,880 491,452 4, 931, 503424,471
Dec. 7
9, 997,16S 492, 649 4,949,810 439, 549
Dec. 14
10,010, 66S 500, 055 4,850,885 441, 941
Dec. 21
10,022, 71" 482, 360 4,872,068 453, 985
Dec. 28




420,062 209, 316
424, 425 210, 298
427,153 209, 260
434, 545 210, 273
433, 370 210, 893

483, 036 222,
503, 305 236,
501, 502 235,
467, 586 225,
460,405 232,
41,003
33, 639
38, 866
99,17"
112, 282
19,066
18,946
17,089
17, 974
19,024
10, 539
13,444
14, 678
7,528
7,033

147, 773
il, 403 180, 836 135, 744 168, 307
149, 856
182,191 137,415 170, 547
150,410 989, 873 182, 585 137,120 170, 264
153, 958 1, 000,115 184, 452 138, 524 172, 294
153, 090 999, '"" 184,202 137, 377 171, 439

068 170,
219 176,
791 173,
371 165,
642 177,

549 1,
920 1,
735 1,
712 1,
812 1,

329,
341,
351,
280,
272,

161217, 436 117,
830223, 262 122,
629212, 465 124,
664207,106 116,
542210, 721 118,

80, 823
81, 328
81,058
82, 792
82, 374

231, 963 174, 808
802 235, 214 176, 458
224 " * 1, 738 291
228i
178,
503 225, 366 170,467
091 227, 954 176,

351,
356,
355,
360,
361,

010
962
489
929
357

574, 243
576,889
593,190
555, 661
546, 522

32, 216
25, 961
31,348
56, 672
46, 781

44,927
39, 379
38, 518
51, 761
47, 333

48,866
53, 361
184,838
178,454

32, 040
29, 559
28, 742
39, 258
36,177

51,016
44,175
42, 934
47, 779
43, 425

25, 741
24,141
18, 604
37, 045
28, 080

28,040
32,121
30, 218
37, 851
35, 931

34, 577
21, 937
27,442
56, 280
68,124

8,911

7,253
7,208
6,501
6,838
7,237

24, 662
24, 506
22,105
23, 249
24, 607

6,217
6,178
5,573
5,861
6,203

4,767
4,737
4,272
4,493
4,756

6,010
5,972
5,38:
5,666
5,99;

6,010
5,972
5,387
5,666
5,99'

14, 714
14, 621
13,188
13, 871
14, 681

6,167
4,645

58, 675
59,015
61,8ir
59,096
58, 765

5,407
5,618
6,598
5,090
4,912

3,092
5,062
5,075
3,679
3,626

1,004
1,138
1,847
1,07:
1,054

2,501
2,342
2,244
4,199
2,917

15,809
17, 234
17,495
13, 704
13,334

M55
8,' 401
8,891
7,812
4,284
3,430
1,531
1,600

4^ 773
3,912

553, 644 271,007 228, 896 1,477, 360261,100 176,
569,334 275, 319 228,152 1,474,21 264, 617 176,
572,135 278, 556 223, 649 1,488, 907 ""1,378 176,
1,
253,
592, 265 291, 975 229,084 1, 547, 847257, 315 172,
598, 744 289,91' 236, 294 1, 534, 368 258,013169,

736 264, 718 211, 359
776
i,465 216,893
505 254, 576 216,140
454 269,149 218,183
898 263;
221, 327

639,
630,
651,
639,
642,

343
681
315
516
661

42

FEDERAL RESERVE BULLETIN

JANUARY

1939

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS,
BY WEEKS—Continued
[In thousands of dollars]
MinSt.
Chicago Louis neapolis

Total

Boston

New
York

Philadelphia

619, 425
615, 719
777,496
721, 418
664,149

65,497
58, 562
72,890
65,412
64, 979

159,178
166,444
189,168
201, 684
150, 061

45,931
47, 277
62, 701
61,164
47, 423

67,942
63, 655
93, 711
77, 946
80, 792

46, 733
49, 590
62, 344
50, 983
56, 991

134, 032
134,049
134,157
134,440
134, 451

9,412
9,412
9,412
9,411
9,411

50, 906
50, 906
50,905
51.040
51.041

12, 214
12, 213
12, 213
12,213
12, 213

13, 391
13, 395
13, 401
13,477
13, 478

4,982
4,997
4,997
5,001
5,004

4,474
4,474
4,481
4,484
4,495

13,320
13, 320
13,404
13,442
13, 442

147, 739
147, 739
147, 739
147, 739
147, 739

9,900
9,900
9,900
9,900
9,900

51, 943
51, 943
51, 943
51,943
51, 943

13,466
13,466
13,466
13,466
13, 466

14,
14,
14,
14,
14,

323
323
323
323
323

4,964
4,964
4,964
4,964
4,964

5,626
5,626
5,626
5,626

22, 387
22, 387
22, 387
22, 387
22, 387

27, 683
27, 683
27, 683
27, 683
27, 683

2,874
2,874
2,874
2,874
2,874

7,744
7,744
7,744
7,744
7,744

4,411
4,411
4,411
4,411
4,411

1,007
1,007
1,007
1,007
1,007

3,409
3,409
3,409
3,409
3,409

730
730
730
730
730

1,429
1,
1,429
1,429
1,429

32, 672
32, 671
32, 672
32, 637
32, 555

1,448
1,448
1,448
1,448
1,448

8,210
8,210
8,210
8,210
8,210

2,000
2,000
2,000
2,000
2,000

3,176
3,176
3.176
3,176
3,176

1,401
1,401
1,401
1,401
1,401

1,603
1,602
1,603
1,603
1,603

11,803
11, 750
15,856
11, 509
11, 736

804
800
819
824
798

4,342
3,811
4,237
3,908
4,040

994
1,212

971
1,022
1,073
1,045
1,063

391
412
419
381
402

675
680
677
66
683

Cleveland

Rich - Atmond lanta

KanSan
sas Dallas FranCity
cisco

LIABILITIES—continued

Deferred availability items:
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Capital paid in:
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Surplus (section 7):
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Surplus (section 13b) :
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Reserve for contingencies:
Nov. 30
Dec 7
Dec. 14
Dec. 21
Dec. 28
All other liabilities:
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Total liabilities:
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Contingent liability on bills purchased for foreign correspondents:
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28




4,772
1,0

20,332
82, 293 28, 254
21, 500 76, 966 28, 517
28,124 102, 967 35, 897
25,130
92, 263 34,544
26, 793 88,034 31,812

16, 949
15, 960
19,074
16, 700
16, 677

31, 591
31,120
40, 699
33,902
36,356

24, 460
25, 356
29, 904
28, 414
27, 510

30,265
30, 772
40,017
33, 276
36, 721

3,926
3,926
3,934
3,946
3,946

2,904
2,904
2,903
2,903
2,903

4,202
4,201
4,203
4,217
4,211

3,953
3,953
3,953
3,955
3,956

10,348
10, 348
10, 351
10,351
10, 351

4,667
4,667
4,667
4,667
4,667

3,153
3,153
3,153
3,153
3,153

3,613
3,613
3,613
3,613
3,613

3,892
3,892
3,892
3,892
3,892

9,805
9,805
9,805
9,805
9,805

545
545
545
545
545

1,001
, 001
,001
,001
,001

1,142
1,142
1,142
1,142
1,142

1,270
1,270
1,270
1,270
1,270

2,121
2,121
2,121
2,121
2,121

7,035
7,035
7,035
7,007
7,007

1,215
1,215
1,215
1,21
1,215

,873
,873
,873
,866
1,784

935
935
935
935
935

1,776
1,776
1, 776
1,776
1,776

2,000
2,000
2,000
2,000
2,000

1,
1,446
1,521
1,493
1,518

322
363
381
349
372

445
446
452
418
404

372
377
390
361
384

282
298
29,
266
175

820
883
820
814

,
.6,
15, 292, 964923,! 253>, 270,. 47
, 074, 516 542, 203 410,109 2, 586, 612480, 865 338, 805 474, 880 327, 815 1, 045, 712
I,
15,341, 940 961, 746 6, 235, 504 817, 719 1, 090, 337 550,390 412, 620 2, 584, 813 486,041 339, 528
i,
50 824, 223
5,
, i
478,400 334, 766 1,043, 572
15, 565, 739977,102 >, 282, 89, 860, 879 1, 125,979 565,350 415, 300 2.
1.627,""
342,081 475, 822 338,288 1,071,91&
i, 206,43 "1,786 1,137,784 568, 387 421, 280 2,. 685; . 983 487!
15, 569, 297979, 621 6, 206,431 860^
',033 337,019 485, 613 340, 5481,058,812
5,169, 216 858, 073 1, 145, 953 572, 978 429, 314 2, 667, 848 484, 772 333,197 481,165 342, 280 1,065, 824
15, 511, 492960, 872 6,

240
76
76
76
76

17
6

JANUARY

43

FEDERAL RESERVE BULLETIN

1939

INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL
RESERVE ACT, JUNE 19, 1934, TO DECEMBER 21, 1938
[Amounts in thousands of dollars]

Applications

Date (last Wednesday of
each month)

received to date,
net

Number
1934—Dec. 26
1935—June 26
Dec. 3 1 3
1936—June 24
Dec. 30.
1937—Mar. 31
June 30._
Sept. 29
Dec. 29.
1938—Jan. 26
Feb. 23.
_ _
M a r . 30
Apr. 27
M a y 25
June 29
July 27
Aug. 31
Sept. 28
Oct. 26
Nov. 30
Dec. 21" _

Amount

5,053
6,618
7,615
8,158
8,379
8,483
8,546
8,593
8,677
8,711
8,766
8,906
9,012
9,096
9,152
9,182
9,226
9,262
9,292
9,320
9,334

187, 696
263, 482
306, 708
331, 391
342,699
346,911
351,420
354, 426
363,292
364,487
367, 754
373, 519
377, 778
380, 648
383, 535
388, 350
390, 783
393, 532
396, 209
397, 759
398, 734

Applications
recommended
for
approval by Industrial
Advisory
Committees
to
date,
(with and without conditions)

Applications approved to date by Federal Reserve banks (with and
without conditions)

Number Amount Number
1,122
1,815
2,176
2,394
2,500
2,543
2,587
2,610
2,640
2,660
2,683
2,717
2,760
2,813
2,836
2,861
2,884
2,897
2,909
2,931
2,938

Repaid,
Federal Federal
Reserve Reserve Approved expired,
bank
or withbank
but not drawn by
advances commitcomments
applioutpleted i
outcant,
standing standing
etc.
Amount

Total

984
1,646
1,993
2,183
2,280
2,323
2,361
2,381
2,406
2,419
2,433
2,464
2,497
2,536
2,566
2,592
2,606
2,617
2,628
2,644
2,651

54, 531
102,331
132,460
142,811
149, 204
150, 561
154,960
155,902
158, 743
159, 370
160, 603
162,648
165,921
167, 695
168,894
173, 759
174, 544
176,006
180,060
181,144
181,781

49,634
88, 778
124,493
133, 343
139,829
141, 545
145, 758
146, 724
150,987
151, 587
152, 543
154,918
156,933
158,962
161,158
166, 498
166,835
168,380
172, 738
174.091
174, 838

13, 589
27, 518
32,493
30,487
25, 533
23,054
23,014
21, 395
20, 200
19,861
19, 659
19,366
19, 357
18, 583
18,439
18,189
17, 784
17, 562
17, 233
17, 391
17, 093

8,225
20, 579
27, 649
24,454
20,959
18,611
16, 331
14,880
12, 780
13, 388
13,078
13,110
12, 735
13, 260
13, 649
13, 731
13, 543
13, 597
14, 541
14, 328
14, 848

20,966
11, 248
11, 548
9,381
8,226
7,898
1,470
'537
3,369
1,563
2,059
3,419
3,957
3,522
3,084
6,703
5,203
5,737
7,811
3,085
1,798

Financing institution
participations
outstanding *

5,558
24, 900
44,025
61,422
77,903
85, 215
97, 668
r
102, 608
107,400
109,002
109, 992
111, 198
113,126
115, 628
117, 560
119, 391
121, 291
122, 452
123, 723
126, 844
128, 682

1,296
4,533
8,778
7,599
7,208
6,767
7,275
7,304
7,238
7,773
7,755
7,825
7,758
7,969
8,426
8,484
9,014
9,032
9,430
12, 443
12, 417

r
1
2

Revised.
Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant.
Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to
$12,432,607 on December 21, 1938.
3
Tuesday
4
December 28 not yet available.
NOTE.—On Dec. 21, 1938, there were 28 applications amounting to $2,594,000 under consideration by the Industrial Advisory Committees and
the Federal Reserve banks.

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total

Federal Reserve notes:
Issued to F. R. bank by F. R. agent:
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Held by Federal Reserve bank:
Nov. 30
Dec. 7
Dec 14
Dec. 21
Dec. 28
In actual circulation ;i
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due
from U. S. Treasury:
Nov. 30
Dec. 7
Dec. 14
Dec. 21___.
Dec. 28
Eligible paper:
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Total collateral:
Nov. 30
Dec. 7
Dec. 14
Dec. 21. .
Dec. 28

Boston

4,686,288 400,197
730,059 403,306
759,331 406, 371
798, 827 412, 224
800, 507 410, 197
301,406
307, 610
326, 364
315, 625
330, 045

17, 501
16,008
19, ~ "
22, 527
21, 095

New
York

Philadelphia

Cleve- Richland mond

Atlanta

,108,075 333, 319 443,177 220, 971 .60, 442
, 123, 063 337,183 U6, 221, 582 .62,152
\978
, 130, 634 340, 529 448, 222,129 .63, 702
1,025
,140,514 338; 399 453, 777222, 278 .65, 723
, 138, 224 988 453, 767222, 967 66,211
341,
97,002
108,120
109, 756
109, 497
114,115

17,480
18,010
18, 762
13, 793
18, 502

23,115
22, 553
20, 872
19, 232
20,397

11,655
11, 284
12, 869
12, 005
12, 074

12, 669
12, 296
13, 292
11, 765
13, 121

MinSt.
Louis neapolis

Chicago

, 002, 950 198, 224
,009, " ~ —1, 523
,015,
i,306
, 025, 653 201, 657
, 030, 904 201 116
".,

21, 54'
21,577
25, 924
25, 538
31, 241

17, 388
18,332
17, 721
17, 205
16, 914

KanSan
sas Dallas FranCity
cisco

140,026 177,815
142,164 180,160
141,197 180, 356
142,856 181,333
142, 681 181,321
4,282 9,508
4,749 9,613
4 0 ^ 10, 092
4,332
5,304

9,039
9,882

88, 342 412, 750
88, 677 414, 681
89,0
89088 421,197
89, 797 424, 616
7
,
90, 280 420,851
8
7,519
7,349
8,030
7,005
7,906

),316
i
,
011,073 315, 839 420, 062 209,1 147, 773 981, 403 180,836 135, 744168, 307
1,298
014, 943 319,173 424, 425 210, \ 149, 856 988, 013 182,191 137, 415 170, 547
873 182,585 137,120 170, 264
020, 878 321, 767427,153 209, 260150, 410
•"
'
,000,115 184, 452 138, 524 172,294
153,958 1
031,017 324; 606 434, 545 210, 273
024,109 323, 486 433, 370 210,893 153, 090 999, 663 184, 202 137, 377 171
'

80,823 351,010
81, 328 ~356,
, 328 "1,962
81,058 355, 48&
82, 792 360,
1,929
82, 374 361, 357

757,000 410,000 125, 000 335,000 445, 000 225, 000 164,000 1,010, 000207, 000 141, 500 180,000
792,000 410,000 135, 000 340, 000 448,000 225, 000 164,000 1, 020, 000207,000 143, 500 185,000
835, 000 410, 000 145,000 345, 000 451, 000 225,000 169,000 1,030,000 207,000 143, 500 185, 000
880,000 420,000 155,000 345, 000 455, 000 225,000 169,000 1, 050,000207, 000 143, 500 185,000
888,000 420,000 155, 000 345, 000 457,000 230,000 169, 000 1,050, 000207, 000 143, 500 185, 000

90, 500 424,000
90, 500 424,000
90, 500 434,1
[,000
91, 500 434,1
[,000
92, 500 434,000

, 384, 88:382, 696
387, 298
, 422, 449
387,110
, 432, 967
, 483, 202 1, 697
,470, 462 389,102

6,21
5,156
6,057
7,554
6,283

741
177
277
1,517
1,256

2,191
1,614
2,724
2,384
1,680

763, 21
797,156
841, 05"
887, 554
894, 283

410, 741
410,177
410, 277
421, 517
421, 256

127,191
136, 614
147, 724
157,
156, 680

860
908
850
944

164
260
191
515
472

335,860 445,
i,
340, 908 448; 260
345^
451,191
i,944 455, 515
345, 982 457, 472

208
223
167
587
387

450
410
263
232
238

226
167
11E
170
154

295
336
398
271
211

168
15'
158
171
137

659
623
661
625
641

> 208164, 450 1,010,226 207, 295 141, 668 180, 65S
,
225, 223 164, 410 1, 020,167207, 336 143, 657 185, 623
225,167 169, 263 1,030,115 207,398 143, 658 185, 661
225, 587 169, 23f 1, 050,170207, 271 143, 671 185, 625
230, 387 169, 238 1,050,154 207, 211 143, 637 185, 641

180
72
214
6:
193
60
83
55
81
44
90, 572 424,180
90, 56' 424, 214
90, 560 434,193
91, 555 434, 083
92, 544 434;
•~',081

1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank.




61, 740
57, 719
65,708.
63, 687
59,494

44

FEDERAL RESERVE BULLETIN

JANUARY

RESERVE POSITION OF MEMBER BANKS,
NOVEMBER, 1938

MEMBER BANK RESERVE BALANCES,
BY CLASSES OF BANKS

[Averages of daily figures. In millions of dollars]

1939

[Averages of daily figures. In millions of dollars]

Classes of banks
and districts

Gross
Net
dedeTime
mand mand
dededeposits
posits posits 1

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.

All

member 1

Held

5,451

8,727

3,276

694
459

2 363
514

4,075
888

1 712
374

914
143
910
1,135
530
474
855
608
251
617
433
1,630

100
150
250
733
205
172
540
174
89
155
123
1,875

165
33
172
235
103
92
177
115
48
116
82
379

269
36
237
357
151
109
241
163
61
167
105
531

104
3
65
122
48
17
65
48
12
51
23
153

11,100

8,499

4,566

1,716

2,426

710

Country banks:
Boston district
813
New York district
1,250
Philadelphia district._
594
553
Cleveland district
513
Richmond district
452
Atlanta district
795
Chicago district
St. Louis district
351
301
Minneapolis district.._
442
Kansas City district.__
521
Dallas district . .
334
San Francisco district.

607
947
427
395
326
296
531
233
189
271
328
220

554
1,390
869
657
337
213
667
236
271
154
100
263

101
183
95
80
56
46
97
40
36
40
44
40

148
306
142
122
79
66
170
59
56
65
73
51

47
123
47
42
23
20
73
19
20
25
29
12

4,773

5,711

858

1,338

480

Total....

6,919

Reserve

Coun-

city
banks

try
banks 1

New
York

6,954
6,919
6,879
7,183
7,230
7,326
7,469
7,587
7,878
8,167
8,119
••8,196
8,546
8,727

2,767
2,720
2,657
2,856
2,906
3,039
3,150
3,204
3,341
3,545
3,523
3,669
3,939
4,075

581
588
599
604
598
574
622
794
899
925
875
861
884
888

2,240
2,246
2,272
2,345
2,350
2,349
2,348
2, 311
2,359
2,396
2,402
2,352
2,409
2,426

1,366
1,365
1,352
1,378
1,377
1,365
1,350
1,278
1,280
1,302
1,319
n, 314
1,317
1,338

8,710
8,578
8,703
8,808
8,900
8,975
8,911
8,470

4,025
3,927
4,042
4,179
4,253
4,259
4,231
3,972

939
848
874
893
916
913
913
895

2,415
2,455
2,428
2,413
2,414
2,457
2,432
2,315

1,330
1,348
1,359
1,323
1,318
1,346
1,334
1,289

1,043
1,104
1,071
1,353
1,406
1,524
2,071
2,525
2,762
3,026
2,955
r
2, 920
3,143
3,276

354
373
305
461
499
631
884
1,065
1,153
1,352
1,320
1,382
1,589
1,712

59
69
80
86
78
52
146
321
404
424
379
361
375
374

307
333
366
451
468
481
609
689
747
767
762
698
712
710

323
328
319
355
361
359
432
451
459
483
495
'479
467
480

3,245
3,159
3,263
3,340
P3, 408
P3, 459
P3, 356
P2, 978

1,656
1,591
1,689
1,798
1,857
1,842
1,783
1,594

409
338
363
381
399
396
393
368

705
740
711
695
692
732
704
584

475
489
501
466
P460

Excess

1,021
182
1,106
1,466
684
648
1,163
779
363
960
667
2,060

Total

Central reserve
city banks

banks
Required

All member b a n k s . . 31,403 25, 664 11, 430
Central reserve city banks:
New York
10, 932 10, 233
2,452 2,159
Chicago

Reserves with
Federal Reserve
banks

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. 55 for percentages of deposits required
to be held as reserves.

Total reserves held:
1937—October
November
December
1938—January
February
March
April
May
June
„ _
July
August
September
October
November
Week ending (Friday):
November 4
November 11
November 18
November 25
December 2
December 9
_
December 16
December 23
Excess reserves:
1937_October
November
December
1938—January. -_
February
March
April 2
May
June
July
August
September
October
November
Week ending (Friday):
November 4
November 11
November 18
November 25
December 2
December 9
December 16
December 23

Chicago

P489

M76

r
p Preliminary.
Revised.
1
Weekly figures of excess reserves of all member banks and of country
banks are estimates.
2 Reserve requirements decreased April 16, 1938; see table at foot of
page 55 for amount of changes.

DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
X
Vll

Federal Reserve district

Gross demand

Total




Member banks in smaller centers
(places under 15,000)

Gross demand

Gross demand

Time
Nov.

Oct.

1,853
12 289
1,686
2,000
1,164
1 062
4,352
1,106
646
1,385
1,158
2,334

654
2 234
1,118
1 390
543
385
1,665
410
360
309
223
2,138

658
2 251
1,124
1 389
541
386
1,651
408
360
309
224
2,144

31, 036

11, 430

Nov.

Boston
New York
Philadelphia
Cleveland
Richmond _ Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Member banks in larger centers
(places over 15,000)

member banks

Oct.

1,834
12 364
1,700
2 019
1,197
1 100
4,409
1,130
664
1,402
1,188
2,394
31, 403

Oct.

Nov.

1

1

1 709
] 151
1,477
1 805
1,007
956
1, 653
920
489
1,079
897
2,276

Time

1

1

Nov.

1,726
1 112
1,462
1,786
980
926
1, 619
900
476
1,068
880
2,220

529
1,046
668
1,098
354
302
1
930
297
176
197
178
2,044

11, 445 115,421 115,156

1

7, 819

Oct.

1

1

Nov.

Oct.

Time
Nov.

Oct.

532
1, 049
674
1,098
353
303
1
920
296
176
197
179
2,048

125
281
223
214
190
144
304
210
175
323
291
118

127
277
224
214
184
136
301
206
169
317
278
114

125
494
450
292
189
83
276
113
184
112
45
94

125
493
450
291
188
83
274
112
183

7,827

2,598

2,548

2,458

2,452

113
45
95

JANUARY

45

FEDERAL RESERVE BULLETIN

1939

KINDS OF CURRENCY IN CIRCULATION
[Outside Treasury and Federal Reserve banks. In millions of dollars]

Total

E n d of month

1937—November.
December.

Silver
dollars

Treasury
notes
of 1890

Silver

certificates

Subsidiary
silver

6,320
6,334
6,355
6,397
6,467
6,461
6,452
6,504
6,622
6,700
6,787

Minor

coin

National
bank
notes

Federal Federal
Reserve Reserve
bank
notes
notes

United
States
notes

352
350

,097
,125
, 162
,215
,230
,247
,263
,292
,297
,312

148
148

284
283

4,232
4,237

243
239

339
338
338
339
341
342
341
344
348
351
356

1,144
1,137

6,561
6,550

1938—January. _.
February..
March
April
May.
June
July
August
September.
October...
November.

Gold
certificates

145
144
144
144
145
146
145
146
147
148
151

264
267
263
264
268
262
258
262
264
269

4,099
4,104
4,106
4,112
4,127
4,114
4,098
4,129
4,215
4,282
4,349

234
231
227
224
220
217
214
211
208
206
203

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]
Coin and small denomination currency

Total
in circulation J

1937—No vember
December
1938— January _.
February
March
April
May
June
July

August
September
October
November

_

Total

Coin

6,561
6,550

End of month

5,043
5,015

540
537

504
505

33
33

6,320
6,334
6,355
6,397
6,467
6,461
6,452
6,504
6,622
6,700
6,787

4,789
4,798
4,784
4,807
4,856
4,837
4,836
4,885
4,970
5,021
5,096

522
520
521
522
526
527
526
530
536
540
548

474
473
473
476
487
481
481
488
501
505
511

31
32
31
31
32
31
31
32
32
32
33

$13

Large denomination currency J

3

$10

$20

Total

912
905

1,574
1,560

1,480
1,475

1,525
1,542

856
863
860
866
877
875
879
891
912
923
936

$2

1,482
1,489
1,487
1,498
1,512
1,503
1,508
1,528
1,556
1,572
1,599

1,424
1,421
1,412
1,414
1,422
1,420
1,410
1,416
1,434
1,450
1,469

1,532
1,538
1,573
1,593
1,616
1,627
1,618
1,622
1,656
1,683
1,696

$5

$50

Unassorted 2

$100

$500

$1,000

381
387

701
710

136
139

287
288

5
6

14
12

6
7

382
382
385
388
389
391
388
389
396
400
404

705
708
718
725
727
732
727
727
744
754
761

138
138
144
146
152
152
152
152
156
157
158

288
291
300
304
307
309
307
308
317
321
323

7
7
9
12
17
17
17
17
17
18
17

12
13
18
18
24
25
27
29
25
33
32

1
2

$5,000 $10,000

s
s

4
2
2
3
4
4
5

i Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks.
> Includes unassorted currency held in Treasury and Federal Reserve banks and currency of unknown denominations reported by the Treasury 3 destroyed.
as
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Annual Report for 1937 (table 36).

SHIPMENTS AND RECEIPTS OF UNITED
STATES PAPER CURRENCY

TREASURY CURRENCY OUTSTANDING
[Held by Treasury and Federal Reserve banks and in circulation,
millions of dollars]

E n d of month

1937—November.
December..

Total

2,621
2,637

1938—January
February __
March
April... _
May
June.. _
July
August
September _
October

Silver
dollars Subsidand
silver
iary
bulsilver
lion !

1,468
1,486

370
372

In

[By selected banks in New York City.

FedNaeral
tional
Minor United Recoin States serve bank
notes bank notes
notes

155
156

347
347

156
156
157
157
157
157
157
157
158
158
158

347
347
347
347
347
347
347
347
347
347
347

35
34

1933.
1934.
1935.
1936.
1937.
1937—November..
December..

Shipments to
Europe

Receipts
from
Europe

554
345
10, 628
34,774
21, 500

91,059
40, 587
19, 966
26, 216
47, 550

336

13, 326
5,947
4,658
3,824
2,728
2,618
6,179
3,486
3,753
2,348
978
591
982

Net
shipments




1,509
1,526
1,540
1,554
1,570
1,584
1,596
1,608
1,618
1,634
1, 657

373
373
374
374
374
374
374
375
376
376
376

Net
receipts
90, 505
40, 242
9,338

8,558

237
233 1938—January
189
230
February
28
226
March
1,212
223
April
503
221
May
155
217
June
379
214
July
85
212
August
1,052
208
September
14, 740
13, 762
206
October
10, 593
10, 002
November
3,430
2,448
1
Includes silver held against silver certificates amounting to $1, 572,000,000 on Nov. 30, 1938 and $1,380,000,000 on Nov. 30, 1937.
Back figures.—See Annual Report for 1937 (table 38).
Description.—See BULLETIN for January 1932, p p . 7-8.
2,655
2,668
2,679
2,690
2,702
2,713
2,721
2,731
2,739
2,751
November _ 2, 773

33
33
32
32
31
31
30
30
29
29
29

247
242

Year or month

In thousands of dollars]

26, 050
12, 990
5,878
4,469
3,796
1,516
2,115
6,024
3,107
3,668
1,296

46

FEDERAL RESERVE BULLETIN

JANUARY

ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES

MOVEMENT OF GOLD TO AND FROM
UNITED STATES1

[In millions of dollars]

1939

[In thousands of dollars]

Gold stock at
end of year
or month
Year or month
Total
1934 i
1935.
1936.
1937.

8,238
10,125
11, 258
12, 760

1936—June
July
August
SeptemberOctober
November. _
December __

10,608
10, 648
10,716
10, 845
11,045
11,184
11, 258

1937—January
February. __
March
April
May
June
July
August
September. _
October
November..
December __

11, 358
11,436
11, 574
11, 799
11,990
12, 318
12,446
12, 567
12, 741
12,803
12,774
12, 760

1938—January
February
March
April
May
June
July
August
September. _.
October
November..

12, 756
12, 776
12, 795
12,869
12, 919
12, 963
13,017
13,136
13, 760
14, 065
14,312

Increase
in
total
gold
Inactive stock
account

DoNet
mesrelease tic
Net
from
gold
gold
earproimport
mark duction

4,202. 1,133.9
1,887. 2 1, 739.0
26.5 1,132. 5 1,116. 6
1, 227. 9 1, 502. 5 1, 585. 5

82.6
.2
-85.9
-200. 4

26.5

206.
39.2
68.4
129.0
199.7
139.6
73.3

277.8
15.4
67.5
171.8
218.8
75.8
57.0

-24.8
2.3
-11.9
-28.8
-11.3
3.0
-.7

126.5
204.7
342.5
568.0
759.1
1, 086. 8
1, 214.1
1, 335. 7
1, 210. 0
1, 271. 9
1, 242. 5
1, 227.

100.1
78.2
137.9
225.6
191.1
327.8
127.3
121,
174.3
62.0
-29.3
-14.0

121.3
120.3
154.3
215.8
155.4
262.0
175.4
104.8
145.5
90.5
22.1
18.0

-48.3
-8.0
-.4
7.2
26.2
-15.9
-35.5
-5.3
9.3
-8.0
-20.1
-101.6

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

2.1
8.0
52.9
71.1
52.8
55.3
63.8
166.0
520.9
562.4
177.8

-1.1
-18.2
-.6
-1.2
-53.9
-15.5
-20.9
-28.8
-13.3
-110.2
-7.4

1938

From or to—

October

November
Imports

96.0
110.7 Belgium _.
131.6 France
17
143.9 Germany
Netherlands
27, 242
10.0 Spain
118
12.8 Sweden
13.1 Switzerland
1, 136
12.1 United Kingdom... 99,145
13.8 Canada.. .
7,184
11.8 Mexico
3,457
10.9 Central America.__
515
14. 112
Argentina
9.3 Chile.... _
500
8.3 Colombia
11
10.8 Ecuador...
132
9.2 Peru
255
12.4 Venezuela383
11.2 Australia
7 888
12.7 British India
3.822
16.9 China and Hong
12.2
Kong .
2,899
14.9
5, 788
13.8 Japan
Philippine Islands. 2,943
11.9 All other countries 2 .
236

Exports

Imports

Jan.-Nov.

Exports

Imports

13, 509
48 741
1
116,864
223
60,146
1 362
1 1,107,088
1
4
75, 692
34, 618
3,720
14,121
7 454
8 451
2 502
3,641
1 091
32 374
14 363

42 959
41, 832
3,840
1
1 443, 404
13 10, 825
2,236
376
801
4
132
229
332
3 294
760

1,166
5,740
2,720 — : : :
1,731

9 702
154, 315
25, 226
3,712

Exports

5 000

66
109
697

I

10.9
Total .
177,782
14 562, 382
16 1,738,915 5,873
9.9
10.6
1
Figures represent customs valuations which, with some exceptions,
10.5
11.4 are at rate of $35 a fine ounce.
2
Includes all movements of unreported origin or destination.
9.5
14.1
Back figures.— See table, p. 75, and Annual Report for 1937 (tables
14.6 31 and 32).
14.0
13.4

BANK DEBITS

[Debits to individual deposit accounts, at banks in principal cities.]
p Preliminary.
[In millions of dollars]
i Figures based on rate of $20.67 a fine ounce in January 1934 and $35
a fine ounce thereafter.
NOTE.—Figures for domestic production of gold are those published
Total,
140
133
in table, p. 75, adjusted to exclude production in Philippines. AdNew
all
other
other
justment based on annual figures reported by Director of Mint and
York
reportYear and month
leadreportmonthly imports of gold to U. S. from Philippines. For back figures,
City
ing
ing
ing
other than those of domestic gold production, see Annual Report for 1937
centers
cities 1 cities 2
(table 29).

BANK SUSPENSIONS1
Member
banks
Total,
all
banks

Number of banks suspended:
1934
1935
1936
1937
1938—Jan.-Nov

Deposits of suspended banks
(in thousands of dollars):3
1934
1935
1936
1937
1938—Jan.-Nov.

National

57
34
44
59
53

1
4
1
4
1

36,937
10, 015
11, 306
19, 723
12,950

40
5,313
507
7,379
36

Nonmember
banks

InNot
State sured 2 insured

2
1

8
22
40
47
45

48
8
3
6
6

1,708
211

1,912
3,763
10, 207
10,156
11.407

34 985
939
592
480
1,296

1929
1934
1935
1936
1937

982, 531
356, 612
402, 718
461, 889
469,463

603,089
165,948
184,006
208,936
197, 836

331,938
165, 557
190,165
219,670
235, 206

47,504
25,107
28, 547
33, 283
36, 421

1937—October. _.
November
December.

39, 288
34,519
42, 357

16,151
13, 432
18, 277

19, 934
18,171
20,837

3,203
2,916
3,243

1938—January.__
February..
March
April
May
June
July
August
September
October
November.

34, 833
27, 867
34, 857
33, 825
31, 359
35, 501
33,133
30, 798
32,192
36,130
32,166

14, 477
10, 915
14, 746
14, 572
12, 828
15, 637
13, 828
12, 247
13, 085
15,140
12, 425

17, 607
14, 633
17, 373
16, 597
16,013
17,160
16, 677
16, 023
16, 440
18,096
16, 981

2,749
2,319
2,737
2,656
2,518
2,704
2,628
2,528
2,666
2,895
2,760

...

1 Comprises centers for which bank debit figures are available beginning
with 1919, except that one substitution was made in 1920 and one in 1928.
2
Cities (other than the 141 centers) for which bank debits are currently
* Represents licensed banks suspended; does not include nonlicensed reported. The number has changed very little since 1934 and has numbanks placed in liquidation or receivership.
bered 133 since 1936.
2
Federal deposit insurance became operative January 1, 1934.
3
Back figures—See Annual Report for 1937 (Table 71), which also gives
Deposits of member banks and insured nonmember banks suspended
are as of dates of suspension, and deposits of noninsured nonmember a definition of bank debits. Figures for individual reporting cities and
totals by Federal Reserve districts are available in mimeographed form.
banks are based on the latest data available at the time the suspensions
were reported.
Back figures.—See Annual Rep3rt for 1937 (table 76).




__

JANUARY

47

FEDERAL RESERVE BULLETIN

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 comparativefiguresof private banks included in thefiguresfrom June 1934 to December 1935, see Federal Reserve Bulletin for
December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for whichfiguresare
available.

DEPOSITS, EXCLUSIVE OF INTERBANK
DEPOSITS 1

NUMBER OF BANKS
Member banks
Total

Call date

Total

National

Nonmember
banks

[In millions of dollars]

Member banks

Other
Mutual nonState savings membanks
ber
banks

All
banks

Call date

Nonmember banks

Total

National

State

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

1933—June 30_._ 37, 998
Dec. 30— 38, 505

23, 338
23, 771

14, 772
15, 386

8,566
8,385

9,713
9,708

4,946
5,026

1934—June 30
Dec. 31

15,835
16,039

6,375
6,442

5,417
5,462

958
980

578
579

8,882
9,018

1934—June 30— 41,870
Dec. 3 1 — 44, 770

26, 615
28, 943

17,097
18, 519

9,518
10, 424

9,780
9,828

5,475
6,000

1935—June 29
Dec. 31

15,994
15,837

6,410
6,387

5,425
5,386

985
1,001

571
570

9,013
8,880

1935—June 29___ 45, 766
Dec. 3 1 — 48,964

29, 496
32,159

19,031
20, 886

10, 465
11, 273

9,920
9,963

6,350
6,842

1936—June 30
Dec. 31

15, 752
15, 628

6,400
6,376

5,368
5,325

1,032
1,051

566
565

8,786
8,687

1936—June 30___
Dec. 3 1 —

51, 335
53, 701

34, 098
35, 893

21, 986
23,107

12,112
12, 786

10, 060
10,143

7,176
7,666

1937—Mar. 31
June 30 2
Dec. 31

15, 569
15, 527
15, 393

6,367
6,357
6,341

5,305
5,293
5,260

1,062
1,064
1,081

565
564
563

8,637
8,606
8,489

1937—Mar. 3 1 — 52, 577
June30 2 __ 53, 287
Dec. 3 1 — 52, 440

34, 746
35, 440
34, 810

22, 355
22, 926
22, 655

12, 390
12, 514
12,155

10,157
10, 213
10, 257

7,674
7,635
7,373

1938—Mar. 7
June 30
Sept. 28

15, 348
15, 287
15, 265

6,335
6,338
6,341

5,250
5,242
5,239

1,085
1,096
1,102

563
563
563

8,450
8,386
8,361

1938—Mar. 7~_- 51, 703
June 30— 52,195
Sept. 2 8 . . 52,611

34,118
34, 745
35,086

22, 264
22, 553
22, 838

11, 854
12,193
12, 248

10, 259
10, 296
10, 286

7,325
7,153
7,239

For footnotes see table below

For footnotes see table below.

LOANS AND INVESTMENTS
[In millions of dollars]
Nonmember banks

Member banks

All banks

Call date

M u t u a l savings banks
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

48, 458
49, 524

20, 679
21, 449

27, 778
28, 075

32, 259
33,000

12, 542
13, 360

19, 717
19, 640

9,961
10,060

5,105
5,027

4,856
5,034

6,238
6,464

3,032
3,062

3,206
3,402

1937—Mar. 31
June 30 2
Dec. 31

49,138
49, 696
48, 566

21, 790
22, 514
22,198

27, 348
27,182
26, 368

32, 525
32, 739
31, 752

13, 699
14, 285
13, 958

18,826
18, 454
17, 794

10,096
10,180
10,187

5,026
5,002
4,996

5,070
5,178
5,191

6,518
6,778
6,627

3,065
3,227
3,244

3,453
3,550
3,383

1938—Mar. 7
June 30
Sept. 28

48, 319
47, 381
48, 304

21, 779
21,130
21, 089

26, 540
26, 252
27,215

31, 521
30, 721
31, 627

13, 546
12, 938
12, 937

17, 975
17, 783
18, 689

10,196
10,196
10,198

4,995
4,961
4,951

5,201
5,235
5,247

6,602
6,465
6,479

3,238
3,231
3,200

3,364
3,234
3, 279

1936—June 30
Dec. 31

_

1
Prior to Dec. 30, 1933, member-bankfiguresinclude interbank deposits nor subject to immediate withdrawal, which aggregated $103,000,000
on that date. The nonmember bank figures include interbank deposits to the extent that they are not shown separately in a few State bank
abstracts.
2 Beginning with this date (1) thefiguresexclude private banks in Georgia which no longer report to the State banking department (43 such
banks reported deposits of $2,491,000 and loans and investments of $1,087,000 on December 31, 1936); and (2) thefiguresinclude Morris Plan and
industrial banks in New York and North Carolina, of which there were 45 on June 30, 1937, with deposits of $50,287,000 and total loans and investments of $61,165,000. Thefiguresalready include such Morris Plan and industrial banks in other States as are covered by State banking depart,ment reports.
Backfigures.—SeeAnnual Report for 1937 (tables 48-49).




48

FEDERAL RESERVE BULLETIN

JANUARY

1939

ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]

Investments

Loans

Call date

Total
loans
and
investments

Open market paper

On securities,
to brokers
and dealers
Total

In
New
York
City

On
securReities
port- ceptLoans Real
Com- Other
to
ances Bills
estate
ing
to
mer- loans
Out- others Danks loans banks'
of
cial
side
(exother
own
paper
New
cept
doacbought
York banks)
cept- mestic abroad
City
banks

U. S. Government
obligations

Total

HE

Total

Other
Fully securiguar- ties
Direct anteed

TOTAL—ALL
MEMBER BANKS

26,150
12, 858
12,028
12,175
13, 360
14, 285
13,958
13, 546
12,938
12, 937

1,660
788
843
1,047
1,144
1,278
738
675
523
531

8,774
7,133
7,761
8,418
9,280
9,006
8,313
8,317
8,013
8,355

6,683
3,424
3,159
3,434
3,855
4,276
3,673
3,532
3,172
3,146

1,757
1,287
1,581
1,868
2,100
1,969
1,901
1,997
1,806
1,889

1,448
677
532
476
633
675
635
614
525
522

1929—Dec. 31 12,029
1933—June 30 2 . 8,492
1934—Dec. 31..10,028
1935—Dec. 31..10, 780
1936—Dec. 31..11, 795
1937—June 30.. 11, 629
Dec. 31.. 11,414
1938—Mar. 7... 11, 250
June 30.. 11,150
Sept. 28..11, 426

9,084
4,482
4,312
4,347
4,794
4,994
5,203
5,031
4,853
4,870

85
115
70
96
120
126

3,191
2,372
2,273
2,284
2,405
2,505
2,547
2,556
2,613
2,661

0)
192
232
169
131
113
130
119
112
112

212
291
256
181
161
131
126
102
73
87

291 11, 515
87 4,857
232 4,708
272 5,006
324 6,041
377 6,663
364
368 6,745
293 6,397
271 6,364

9,784
11,928
16,122
17, 810
19, 640
18,454
17, 794
17, 975
17, 783
18, 689

3,863
6,887
10,895
12, 269
'.3, 545
12,689
12, 371
12, 452
12, 343
13,011

3,863
6,887
9,906
10, 501
11, 639
10, 870
10, 574
10,625
10, 215
10, 713

322
162
63
42
42
62
29
60
85
95

169
157
139
140
144
149
141
140
132
132

0)
120
164
107
65
65
74
65
62
65

128
224
210
158
136
98
112
90
65

2,595
937
1,024
1,096
1,527
1,776
1,811
1,741
1,541
1,499

2,091
3,709
4,602
4,985
5,425
4,730
4,640
4,785
4,840
5,209

1,112
2,551
3,524
3,826
4,209
3,630
3,595
3,612
3,740
3,987

1,112
2,551
3,246
3,425
3,739
3,176
3,207
3,180
3,031
3,153

535
237
202
249
402
437
426
423
361
351

610
1,049
1,392
1,467
1,295
1,266
1,382
1,281
1,367

116
384
821
1,149
1,201
1,001
1,010
1,108
981
1,047

116
384
743
1,061
1,107
907
916
1,008
859
921

94
94
94
100
122
126

193
226
229
243
266
294
255
275
300
319

102
38
108
120
131
145
132
134
104
99

3,679
1,678
1,671
1,851
2,231
2,389
2,610
2,498
2,369
2,387

2,944
4,011
5,715
6,432
7,000
6,635
6,211
6,219
6,298
6,556

1,368
2,483
4,088
4,732
5,123
4,902
4,598
4,610
4,658
4,831

1,368
2,483
3,809
4,076
4,426
4,267
3,961
3,962
3,940
4,088

279
656
697
635
637
648
718
743

1,576
1,528
1,628
1,701
1,877
1,733
1,612
1, 609
1,639
1,725

163
27
92
135
178
211
208
208
168
151

4,705
2,005
1,810
1,810
1,881
2,062
2,149
2,083
2,126
2,127

4,439
3,598
4,756
5,002
5,747
5,794
5,677
5,589
5,364
5,558

1,267
1,469
2,463
2,563
3,013
3,155
3,168
3,124
2,964
3,146

1,267
1,469
2,108
1,940
2,368
2,520
2,490
2,477
2,385
2,550

7,685
3,752
3,110
2,893
2,785
2,829
2,752
2,665
2,614
2,590

714
330

2,145
1,044
820
793
753
824
733
727
717
702

803
165
187
196
266
258
212
203
178
181

1,202
720
662
1,018
1,095
1,219
703
647
509
512

1929—Dec. 3 1 . . 35,934
1933—June 30 2_ 24, 786
1934—Dec. 3 1 . . 28,150
1935—Dec. 3 1 . . 29, 985
1936—Dec. 31 _. 33,000
1937—June 30 _. 32,739
Dec. 3 1 . . 31, 752
1938—Mar. 7__. 31, 521
June 30. 30, 721
Sept. 28.. 31,627

1,768
1,906
1,819
1,797
1,827
2,128
2,298

5,921
5,041
5,227
5,541
6,095
5,765
5,422
5,523
5,440
5,678

NEW YORK
CITY 3

1929—Dec. 3 1 . .
1933—June 30 2.
1934—Dec. 31 _.
1935—Dec. 3 1 . .
1936—Dec. 3 1 . .
1937—June 3 0 . .
Dec. 3 1 . .
1938—Mar. 7 . . .
June 30..
Sept. 28-.

278
401
470
454
388
432
709

979
1,158
1,078
1,159
1,217
1,100
1,045
1,174
1,101
1,222

CITY OF
CHICAGO 3

1929—Dec. 3 1 . .
1933—June 30 2 .
1934—Dec. 3 1 . .
1935—Dec. 3 1 . .
1936—Dec. 3 1 . .
1937—June 30..
Dec. 3 1 . .
1938—Mar. 7 . . .
June 30 _.
Sept. 28_.

240
48
29
28
50
50
41
39
29
31

533
251
170
149
140
145
129
113
109
111

425
63
90
96
123
114
97
100

2,775
1,340
1,124
1,057
1,048
1,032
1,066
1,020
998
992

0)
24
16
14

RESERVE CITY
BANKS

239
45
105
21
36
44

258
99
55
34
23
34
27
25
26
22

1,538
1,131
1,090
1,094
1,124
1,164
1,176
1,173
1,201
1,217

0)
46
49
46
56
39
47
45
45
42

1,462
1,055
1,026
1,035
1,123
1,179
1,219
1,233
1,269
1,303

0)

24

COUNTRY
BANKS

1929—Dec. 3 1 . .
1933- J a n e 30 2
1934—Dec. 3 1 . .
1935—Dec. 3 1 . .
1936—Dec. 3 1 . .
1937—June 30..
Dec. 3 1 . .
1938—Mar. 7__.
J u n e 30..
Sept. 28.

13, 375
7,873
8,780
8,919
9,825
10,134
10,124
9,958
9,752
9,958

8,936
4,275
4,025
3,918
4,078
4,340
4,446
4,369
4,388
4,399

1

2,231
1,117
843
828
824
804
790
784

Included in " O t h e r loans."
Beginning June 30, 1933, figures relate "to licensed banks only.
Central reserve city banks.
Back figures—See Annual Report for 1937 (tables 54-58).
2

8




3
2
2
3
2
2
3
2
2

355
623
645
635
678
647
579

3,172
2,129
2,293
2,439
2,734
2,639
2,510
2,465
2,400
2,412

49

FEDERAL RESERVE BULLETIN

JANUARY 1939

ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS
[In millions of dollars]
Demand deposits
Cash
Reitems
Certi- IndiBal- report- Interbank
serves
fied
vidwith Cash ances ed as
with
Unitand
uals,
in
Fedin
doed
offipartPuberal vault mes- procStates lic
cers'
nerDoess
ReFor- Gov- funds checks ships,
tic
of col- messerve
eign
erncash,
corbanks* lectic
banks
letters poration 2 banks banks ment
of
tions,
credit 3 etc.

Call date

Time deposits
Interbank
Demand
deposits ad- Dojusted* mes- Fortic eign
banks

Individuals, BorPos- Pub- part- rowtal
ner- ings
lic
sav- funds ships,
ings
corporations,
etc.

TOTAL—ALL MEMBER BANKS

464
127
126
410
393
575
416
327
283
405

20
332
792
224
225
306
382
360
123
181

128
96
229
323
285
368
189
185
273
196

1,180

310
259
445
522
599
536
528
576
688
636

26
2
2
4
5
5
6
7
6
10

8
46
46
98
72
41
64
92
86
62

42
87
182
208
191
208
207
170
221
204

32
16
23
27
27
22
23
17
23
24

401
537
752
971
805
841
538
693
595

1,604
1,315
1,984
2,422
2,826
2,339
2,389
2,461
2,514
2,557

50
15
17
28
33
33
30
31
30
39

76
312
620
385
407
212
256
234
266
356

423
349
585
707
843
934
777
809
812
711

291
149
207
235
316
269
283
180
258
188

405
228
342
415
483
409
412
403
380
398

3
1
2
1
2
2
1
1
2
2

39
116
178
137
178
69
78
66
68
108

742
555
804
901

558
405
609
665
697
629
589
604
712
775

2,168
2,008
3,149
3,776
4,066
3,207
3,414
3,561
4,084
3,937

3,896
1,485
1,903
2,255
2,533
2,201
2,259
1,407
1,899
1,460

3,517
3,057
4,569
5,696
6,402
5,298
5,436
5,615
6,096
6,088

544
145
147
444
432
615
453
366
321
457

827
846

68
46
86
65
61
60
56
59
65
70

179
101
103
111
133
105
120
95
119
91

2,406

1,576
2,541
2,658
2,749
2,738
2,941
3,517
3,743

996
989
605
842
579

1,198
1,255
1,798
2,338
2,493
2,014
2,108
2,173
2,514
2,498

169
232
415
511
558
596
596
566
936
856

13
34
40
39
32
27
27
22
31
32

133
203
207
209
188
156
179
135
208
198

158
61
90
135
159
130
146
84
106
99

751
705

156
122
207
256
285
212
200
213
300
322

947

1,041

1,002
1,543
1,779
1,816
1,392
1,470
1,632
1,951
1,862
908
702

143
806

1,636

17, 526
11,830
14, 951
18,035
20,970
20, 272
19, 747
19,116
19, 816
20, 439

16,647
12,089
15, 686
18, 801
21, 647
21,401
20, 387
20, 513
20, 893
21, 596

95
89
134
151
153
123
129
137
135
130

154
1
7
5
6
14
11
11
10
10

122
788
452
218
104
100
95
90
83
70

595
300
294
361
296
292
482
512
454
464

12,267
7,803
9,020
9,680
10, 429
10,818
10, 806
10,845
10, 874
10, 789

879
191
13
6
15
16
12
28
11
12

5,847
4,676
5,370
6,479
7,274
6,934
6,507
6,429
6,900
7,128

4,750
4,358
5,069
6,193
6,929
6,733
6,111
6,336
6.698
7,026

40
22
1

133
1
7
4
4
12
7
8
8
6

18
110
56
3

33
4
4
12
13
17
49
67
32
64

1,112

179

1,041

957
912

19

7

870

58
1

1,073
1,301
1,495
1,409
1,354
1,270
1,386
1,455

1,189
1,401
1,554
1,509
1,438
1,372
1,523
1,585

2
6
1

8
16
16
21

332
358
381
413
449
452
445
445
443
439

300
108
169
204
230
163
192
121
146
120

5,547
3,708
4,919
6,001
7,023
6,840
6,743
6,455
6,668
6,843

5,229
3,764
5,136
6,161
7,126
7,132
6,870
6,848
6,934
7,078

30
59
117
134
137
108
107
116
113
107

41
388
186
79
35
35
34
33
31
23

371
208
206
266
203
190
266
269
262
233

4,433
2,941
3,494
3,796
4,026
4,140
4,161
4,198
4,238
4,209

292
16

169
72
106
127
167
139
149
101
126
114

5,091
2,576
3,589
4,254
5,177
5,089
5,143
4,963
4,863
5,013

5,711
3,054
4,292
5,047
6,039
6,027
5,968
5,957
5,738
5,908

6
7
16
16
16
15
21
20
22
23

61
285
210
136
69
64
61
56
52
46

133
86
84
83
80
85
158
159
144

6,390
3,833
4,554
4,879
5,275
5,459
5,504
5,508
5,499
5,488

367
167
13
6
3
12
12
11
11
11

657
838
882
881
752
767
566
662
538

8

NEW YORK CITY

1929—Dec. 31 s
1933—June 30
1934—Dec. 31
1935—Dec. 31
1936—Dec. 31
1937—June 30
Dec. 31
1938—Mar. 7
June 30
Sept. 28
CITY OF CHICAGO

1,681

844
882
628
781
752
543
707

1,335
1,087
1,799
2,139
2,329
2,577
2,132
2,237
2,314
2,080

2,374
2,235
4,082
5,573
6,572
6,897
7,005
7,249
8,004
8,193

1929-Dec. 31 5
1933—June 30
1934—Dec. 31
1935—Dec. 31
1936-Dec. 31
1937—June 30
Dec. 31
1938—Mar. 7
June 30
Sept. 28

874

1,069
1,133
1,087

461
540
524
457
427
404
327
367
280

671
591
591
679
767
696
694
694
653

12
3

6

1929—Dec. 31
1933—June 30 6
1934—Dec. 31..
1935—Dec. 31_.
1936—Dec. 31..
1937—June 30.
Dec. 31..
1938—Mar. 7__
June 30..
Sept. 28.
RESERVE CITY BANKS

1929-Dec. 31 5
1933—June 30
1934—Dec. 31
1935—Dec. 31
1936-Dec. 31
1937—June 30
Dec. 31
1938—Mar. 7
June 30
Sept. 28

1,268
1,594
2,108
2,215
2,310
2,376
2,289
2,311

14
1
1
1
2
4
3
2
4

COUNTRY BANKS

1929—Dec. 31
1933—June 30 »
1934—Dec. 31
1935—Dec. 31
1936-Dec. 31
1937—June 30
Dec. 31
1938—Mar. 7
June 30
Sept. 28

627
452
822
927

1,247
1,337
1,361
1,366
1,263
1,282

321
203
275
305
319
330
307
310
316
351

1,296
1,676
1,929
1,554
1,645
1,700
1,806
1,786

1,011
1,067
959

1,073
1,008
969

147

1 Prior to Dec. 31, 1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25, 1933,
includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets.''
2
Does not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31, 1935, includes cash items on
hand, but not in process of collection, amounting on that date to $16,000,000.
3
Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31, 1935.
* Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31,1935,
ess cash items reported on hand but not in process of collection.
B Beginning June 1933 figures relate to licensed banks only.
6
Central reserve city banks.
Back figures—See Annual Report for 1937 (tables 54-58).




50

FEDERAL RESERVE BULLETIN

JANUARY 1939'

REPORTING MEMBER BANKS IN 101 LEADING CITIES
ASSETS AND LIABILITIES OF ALL REPORTING MEMBER BANKS, AND OF REPORTING MEMBER
BANKS IN NEW YORK CITY AND OUTSIDE NEW YORK CITY
[Monthly data are averages of weekly figures. In millions of dollars]
Loans
Total
loans
and
investments

Date or month

Commercial,
indus- Open
martrial,
Total
ket
and
paper
agricultural

Investments

Other
loans
To
brokers for pur- Real Loans
to
estate
chasand
dealers ing or loans banks
in secarrycurities ing securities

Other
loans

U. S. Government obligations
Total
Fully
Direct guaranteed

Reserve
with
FedOther
eral
securi- Reties
serve
banks

Balances
Cash with
in
domesvault
tic
banks

TOTAL—101 CITIES

1937—November..
1938—May
June
July
August
September _.
October
November...

21, 556
20, 732
20, 696
20, 530
20, 675
21,078
21,323
21,347

9,559
8,430
8,384
8,213
8,215
8,268
8,282
8,319

4,740
4,085
3,953
3,878
3,886
3,893
3,904
3,884

481
380
354
334
337
338
346
343

881
602
686
629
636
675
669
715

657
589
582
577
577
578
576
571

1,169
1,154
1,158
1,159
:, 160
,161
,163
,166

74
115
125
121
111
114
109
113

1,557
1,505
1,526
1,515
1,508
1,509
1,515
1,527

11, 997
12, 302
12, 312
12, 317
12, 460
12, 810
13,041
13,028

7,970
7,980
7,864
7,703
7,702
7,957
8,084
8,130

1,127
1,354
1,453
1,567
1,646
1,668
1,682
1,681

2,900
2,968
2,995
3,047
3,112
3,185
3,275
3,217

5,348
6,070
6,407
6,675
6,602
6,712
7,005
7,170

320
384
398
403
387
416
425
438

1,804
2,296
2,406
2,435
2,416
2,413
2,446
2,467

1938—Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.

21, 295
21, 314
21,493
21, 408
21, 364
21,335
21, 306
21, 325
21, 450
21, 504
21, 742
21, 649

8,272
8,270
8,346
8,327
8,327
8,323
8,303
8,317
8,460
8,496
8,473
8,430

3,917
3,900
3,907
3,892
3,897
3,894
3,869
3,866
3,881
3,872
3,857
3,843

345
345
345
347
342
347
341
338
336
336
330
328

653
665
728
728
717
715
705
712
838
858
854

580
576
572
571
570
571
571
572
571
568
566
560

,161
164
165
164
165
165
168
,169
1,165
1,167
1,169
1,169

107
106
103
110
117
108
113
117
rl21
134
120
115

1,509
1,514
1,526
1,515
1,519
1,523
1,536
1,543
I , 548
1,561
1,577
1,567

13,023
13,044
13,147
13,081
13,037
13,012
13,003
13,008
12,990
13,008
13, 269
13, 219

8,053
8,074
8,154
8,132
8,141
8,140
8,129
8,106
8,087

1,678
1,684
1,687
1,686
1,679
1,678
1,682
1,682
1,685
1,698
1,718
1,732

3,292
3,286
3,306
3,263
3,217
3,194
3,192
3,220
3,218
3,232
3,218
3,221

6,870
7,152
7,200
7,116
6,984
7,148
7,263
7,337
7,395
7,445
6,980
7,057

429
424
438
419
459
431
439
443
458
490
493
489

2,411
2,501
2,495
2,466
2,431
2,522
2,457
2,460
2, 487"
2,522
2,389
2,410

1937—No vember. _
1938—May
June
July
August
September _.
October
November...

7,875
7,614
7,671
7,492
7,584
7,797
7,809
7,737

3,605
3,007
3,038
2,922
2,938
2,969
2,935
2,957

1,865
1,565
1,511
1,457
, 466
,455
,447
,422

187
139
131
131
133
138
142
138

715
473
549
497
510
543
528
573

236
205
200
194
195
195
197
201

133
118
118
118
118
119
119
119

431
420
432
432
432
429
413
414

4,270
4,607
4,633
4,570
4,646
4,828
4,874
4,780

2,973
2,821
2,806
2,931
2,902
2,895

564
650
723
786
800
803
800

943
1,010
1,010
1,026
1,054
1,097
1,169
1,085

2,540
3,010
3,208
3,380
3,351
3,505
3,754
3,910

70
75
74
69
73
76
75

1938—Oct. 12
Oct. 19
Oct. 26
Nov. 2
Nov 9
Nov. 16
Nov. 23
Nov. 30
Dec. 7_
Dec. 14
Dec. 21
Dec. 28

7,799
7,795
7,885
7,797
7,765
7,736
7,681
7,709
7,846
7,876
7,855
7,801

2,925
2,932
2,968
2,968
2,960
2,955
2,940
2,962
3,080
3,088
3,040
3,016

,454
:,445
. 444
,
,433
,425
,420
1,408
1,424
1,424
1,408
1,384
1,377

142
141
141
141
139
139
136
135
135
135
132
132

513
532
571
578
574
576
568
571
687
695
690
681

198
196
197
199
199
202
204
202
201
199
199
199

119
119
119
119
118
118
119
119
118
119
119
119

413
411
412
412
413
414
416
416
417
421
418
414

4,874
4,863
4,917
4,829
4,805
4,781
4,741
4,747
4, 76fi
4,788
4,815
4,785

2,891
2,887
2,918
2,902
2,923
2,919
2,880
2,853
2,863
2,861
2,881
2,826

809
826
845
860

1,183
1,175
1,193
1,131
1,089
1,064
1,057
1,085
1,094
1,101
1,089
1,099

3,651
3,871
3,904
3,821
3,735
3,890
4,025
4,079
4,065
4,101
3,815
3,911

79
7877
78
75
77
74
70
71
77"
75
73

1937—November. .
1938—May
June
July
August
September _
October
November..

13, 681
13,118
13,025
13,038
13, 091
13, 281
13, 514
13, 610

5,954
5,423
5,346
5,291
5,277
5,299
5,347
5,362

2,875
2,520
2,442
2,421
2,420
2,438
2,457
2,462

294
241
223
203
204
200
204
205

166
129
137
132
126
132
141
142

421
384
382
383
382
383
379
370

1,036
1,036
1,040
1,041
1,042
1,042
1,044
1,047

1,126
1,085
1,094
1,083
1,076
1,080
1,102
1,113

7,727
7,695
7,679
7,747
7,814
7,982
8,167
8,248

5,027
4,947
4,891
4,882
4,896
5,026
5,182
5,235

790
803
844
860
868
879
881

1,957
1,958
1,985
2,021
2,058
2,088
2,106
2,132

2,808
3,060
3,199
3,295
3,251
3,207
3,251
3,260

261
334
345
351
337
357
364
373

1, 7352,226
2,331
2,361
2,347
2,3402,370
2,392

1938—Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.

13,496
13, 519
13, 608
13,611
13, 599
13,599
13, 625
13, 616
13,604
13, 628
13, 887
13,848

5,347
5,338
5,378
5,359
5,367
5,368
5,363
5,355
5,380
5,408
5,433
5,414

2,463
2,455
2,463
2,459
2,472
2,474
2,461
2,442
2,457
2,464
2,473
2,466

203
204
204
206
203
208
205
203
201
201
198
196

140
133
157
150
143
139
137
141
151
163
164
167

382
380
375
372
371
369
367
370
370
369
367
361

1,042
1,045
1,046
1,045
1,047
1,047
1,049
1,050
1,047
1,048
1,050
1,050

1,096
1,103
1,114
1,103
1,106
1,109
1,120
1,127
1,131
1,140
1,159
1,153

8,149
8,181
8,230
8,252
8,232
8,231
8,262
8,261
8,224
8,220
8,454
8,434

5,162
5,187
5,236
5,230
5,218
5,221
5,249
5,253
5,224
5,219
5,452
5,440

2,109
2,111
2,113
2,132
2,128
2,130
2,135
2,135
2,124
2,131
2,129
2,122

3,219
3,281
3,296
3,295
3,249
3,258
3,238
3,258
3,330
3,344
3,165
3,146

368
363
375
358
388
370
372
379
392
413
415
419

2,332:
2,423
2,418
2,388
2,356
2,445
2,383
2,390
2,416
2,445;
2,314
2,337

12
19
26
2
9
16
23
30
7
14
21
28

8,333
8,266

N E W YORK CITY

92

2,943

800
801
806
796
793

OUTSIDE N E W
YORK CITY

12
19_.
26
2
9
16.
23
30
7
14
21
28

.

878
883
881

878
873
876
870
873
872

r
Revised.
N O T E . — F o r description of figures see BULLETIN for November 1935, pages 711-738, or reprint, which may be obtained from the Division of
Research and Statistics, and BULLETIN for June 1937, pages 530-531. For back figures see BULLETIN for November 1935, pages 711-738, or reprint,,
page 876 of BULLETIN for December 1935, Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports.




JANUARY

51

FEDERAL RESERVE BULLETIN

1939

REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
ASSETS AND LIABILITIES OF ALL REPORTING MEMBER BANKS, AND OF REPORTING MEMBER
BANKS IN NEW YORK CITY AND OUTSIDE NEW YORK CITY
[Monthly data are averages of weekly figures. In millions of dollars]

Date or month

Cash
items
reported as Other
in proc- assets
ess of
collection^

Demand deposits

Total
assets

Time deposits

Interbank

Total
liabilities

United Certified
States
Domes- Foreign Govern- checks, Other
ment
tic
etc.
banks banks

Demand
its—adjusted2

Interbank
For- Other
Domestic eign
banks banks

Borrowings

Other Capiliabil- tal acities count

TOTAL—101 CITIES

16, 856

14.636
14,579
14, 932
15, 021
15,118
15, 377
15, 688
15, 825

111
110
111
115
112
111
110
113

5, 287
5,214
5,231
5,211
5,206
5,213
5,164
5,135

873
778
756
731
706
735
760
790

3,623
3,645
3,649
3,645
3,657
3,661
3,663
3,677

431
560
570
484
575
564

16,711
16, 697
16, 986
16, 710
16, 749
16, 883
16, 861
17,075
16, 926
17, 327
17,077
17, 166

15, 604
15, 755
15, 995
15, 766
15,711
15, 720
15, 916
16,013
16,114
16. 221
•16,025
15, 986

110
110
110
112
112
113
114
114
11
1
112
112
112

5,163
5,164
5,156
5,155
5,137
5,137
5,125
5,124
5,127
5,130
5,141
5,160

740
757
814
822
772
783
778
795
839
843

3,662
3,663
3,666
3,673
3,678
3,676
3,677
3,684
3,683
3,680
3,683
3,686

301
256
368
279
218
251
328
281

6, 228
6,302
6,609
6,559
6,567
6,781
6,972
7,048

5,834
6,005
6,228

273
364
419
421

232
150
120
108
103
128
141
115

6,453
6,613
6,669

747
636
654
648
650
662
621
604

381
323
303
298
292
311
320
346

1,481
1,488
1,486
1,478
1,483
1,481
1,482
1,488

406
427
434
413
393
423
436
440
421
437
440
450

148
136
122
118
114
114
114
115
115
115
121
120

379
316
295
236
260
275
261
373
380
289
394
362

7,015
6,979
7,118
6,939
6,991
7,040
7,068
7,201
7, 164
7,312
r
7, 146
7,260

6,597
6,657
6,732
6,601
6,607
6,621
6,747
6,767
6,864
6,884
r
6, 750
6, 770

622
619
618
619
598
601
599
604
605
601
599
601

312
367
375
338
341
333
342
350
356
357
358

1,483
1,483
1,482
1,489
1,487
1,486
1,487
1,490
1,490
1,487
1,490
1,491

2,988
3,242
3,306
3,378
3,361
3,369
3,463
3,531

192
399
381
344
322
363
422
421

166
151
168
164
150
158
165
167

9, 453
9,095
9,264
9,341
9,350
9,494
9,694

8,802
8,574
8,704
8,785
8,832
8,924
9,075
9,156

111
110
111
115
112
111
110
113

4,540
4,578
4,577
4,563
4,556
4,551
4,543
4, 531

492
455
453
433
414
424
440
444

2,142
2,157
2,163
2,167
2,174
2,180
2,181
2,189

3,453
3,520
3,473
3,530
3,532
3,615
3,502
3,473
3,528
3,538
3,429
3,429

422
423
424
422
421
420
423
419
418
417
518
517

168
161
159
166
151
161
170
187
190
195
181
202

9,007
9,098
9,263
9,165
9,104
9,099
9,169
9,246
9,250
9,337
9,275
9,216

110
110
110
112
112
113
114
114
11
1
112
112
112

4,541
4,545
4,538
4,536
4,539
4,536
4,526
4,520
4,522
4,529
4,542
4,559

434
445
447
447
434
442
445
453
489
487
471
476

2,179
2,180
2,184
2,184
2,191
2,190
2,190
2,194
2,193
2,193
2,193
2,195

425
309
305
302
312
411
472
477

424
549
501
452
425
491
563
536

485
466
446
477
496
500
483
494
498
510

570
559
546
540
535
534
537
534
533
532
639
637

547
477
454
402

1937—November _ _
1938—May
June
July
August
September
October
November

1,511
1,226
1,477
1,322
1,168
1,308
1,471
1,478

1,305
1,307
1,328
1,269
1,272
1,250
1,241
1,263

31, 844
32,015
32,712
32, 634
32, 520
33,177
33,911
34,163

4,928
5,596
5,736
5,821
5,808
5,863
6,012
6,120

1938—Oct. 12
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28

1,654
1,419
1,445
1,346
1,449
1,599
1,376
1,622
1,382
1,590
1,627
1,744

1,244
1,240
1,242
1,243
1,235
1,256
1,274
1, 306
1,297
1,301
1,272
1,279

33,903
34,050
34, 313
33,998
33, 922
34, 291
34,115
34, 493
34, 469
34. 852
34, 503
34, 628

5,931
6,133
6,086
6,107
6,070
6,240
6,085
6, 098
6,187
6,241
'5, 939
5,949

1937—November,
1938—May
June
July
August
September
October
November

695
553
748
602
499
580
687
660

478
491
495
485
486
464
451
452

11,716
11, 788
12, 250
12,085
12,039
12, 478
12, 838
12, 899

1,940
2,354
2,430
2,443
2,447
2,494
2,549
2,589

390
271

1938—Oct. 1 2 . .
Oct. 19. _
Oct. 2 6 . .
Nov. 2...
Nov. 9...
Nov. 16
Nov. 23..
Nov. 30..
Dec. 7—
Dec. 14..
Dec.21_.
Dec. 28_.

681
574
644
694
582
807
680
717
790
852

455
450
447
442
437
455
457
467
461
457
449
460

12, 842
12, 893
13,057
12, 773
12, 727
12, 913
12, 886
13,196
13,189
13, 305
13, 062
13,167

2,478
2,613
2,613
2,577
2,538
2,625
2,583
2,625
2,659
2,703
'2, 510
2,520

1937—November. _
1938—May
June
July
August
September
October
November

816
673
729
720
669
728
784
818

827
816
833
784
786
786
790
811

20, 128
20, 227
20, 462
20, 549
20,481
20, 699
21,073
21,264

1938—Oct. 12. _
Oct. 1 9 . .

857
781
764
772
805
905
794
815
702
873
837
892

790
795
801
798
801
817
839
836
844
823
819

21,061
21,157
21, 256
21, 225
21,195
21, 378
21, 229
21, 297
21, 280
21,547
21,441
21,461

407
536
443
368
409
493
448

15,681
15, 397
15,873
15,900
15, 917
16, 275

NEW YORK CITY

OUTSIDE NEW YORK
CITY

Oct. 26._
Nov. 2___
Nov. 9___
Nov. 16-.
Nov. 23..
Nov. 30..
Dec. 7___
Dec. 14..
Dec. 21__
Dec. 28. _

T
1
2

9,718
9,868
9,771
9,758
9,843
9,793
9,874
9,762
10, 015
9,931
9,906

Revised.
Does not include cash items in process of collection reported in balances with domestic banks.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.




52

FEDERAL RESERVE BULLETIN

JANUARY 1939

REPORTING MEMBER BANKS IN 101 LEADING CITIES
ASSETS AND LIABILITIES BY DISTRICTS AND FOR CITY OF CHICAGO
[In millions of dollars]
Loans

Federal Reserve
district and date
(1938)

Investments

ReBalserve
U. S. GovernOther
ComTotal
with Cash ances
ment obligaloans
mercial,
To
with
loans
Fedtions
indus- Open brokers foi pur- Real Loans
in
doand
Other eral
chasOther
marand
invest- Total trial,
securi- Re- vault mesto
and
ket
dealers ing or estate banks loam Total
tic
ments
ties
serve
Fully
agri- paper in se- carry- loans
banks
banks
culcurities ing seDirect guarcurities
anteed
tural

BOSTON (6 cities)

Nov
Dec.
Dec.
Dec.
Dec.

30
7
14
21
28

1,152
1,144
1,137
1,162
1,158

584
585
586
583
577

259
258
257
255
251

67

1,530
1,532
1,515
1,490
1,482

144
143
144
140
140

25
28
29
29
29

32
32
32
32
32

82
82
82
82
82

3
3
3
3
2

114
114
115
114
114

568
559
551
579
581

577
693
702

270
269
266
266
266

221
220
221
222
221

95
98
111

504
505
509
505
502

5,215
5,232
5,262
5,292
5,260

3,097
3,106
3,111
3,133
3,074

131
129
130
129
129

406
399
391
420
422

318
335
343
314
293

141
142
143
145
145

140
136
142
136
148

1,250
1,258
1,266
1,256
1,268

4,205
4,194
4,234
3,950
4,035

81
85
97
100

170
169
175
173
185

NEW YORK (8 cities)*

Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28

8,556
8,692
8,730
8,710
8,652

3,341
3, 460
3,468
3,418
3,392

885
903
918

PHILADELPHIA (4 Cities)

Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28

1, 160
1,152
1,150
1,173
1,170

423
423
425
429
431

184
183
183
185
185

24
23
23
22
22

33
33
33
33
33

58
58
58
58
58

104
105
107
109
109

737
729
725
744
739

351
348
345
365
363

290

235
236
242
228
237

162
169
174
166
171

1,818
1,804
1,809
1,851
1,847

640
643
645
661
644

229
231
230
231
230

10
10
10

32
31
31

171
170
170
170
170

172
174
175
195
186

1,178
1,161
1,164
1,190
1,203

805
789
791
817
830

278
278
279
277
277

373
394
386
361
352

281
284
284
270
272

672
674
671
680
675

239
240
243
242
240

108
108
109
108
107

32
32
32
32
32

69
'70
70
71
70

433
434
428
438
435

326
326
320
333
330

41
41
41
39
39

66

139
150
149
144
151

154
154
154
147
139

598
600
607
615
615

308
313
316
318
318

169
171
173
176
175

29
29
29
29
29

85
86
88
87

290
287
291
297
297

160
158
162
168
168

42
42
43
42
42

87
87

104
105
106
101
110

134
141
136
129
127

2,961
2,976
2,985
3,070
3,060

824
833
843
849
854

466
471
476
479
481

94
94
94
94
95

113
113
114
116
119

2,137
2,143
2,142
2,221
2,206

1,439
1,444
1,447
1,527
1,515

230
231
227
226
226

468
468
468

1,127
1,131
1,144
1,080
1,068

415
401
404
392
406

708
705
705
708
709

318
318
317
316
316

194
194
193
193
193

49
48
48
48

45
46
46
46
46

390
387
388
392
393

227
227
231
232

61
61
61
59
59

100
99
100
102
102

159
161
154
148
152

118
122
126
118
118

379
378
377
382
382

164
162
161
162
162

81
81
81
81
80

64
62
61
62
62

215
216
216
220
220

159
160
160
163
163

14
15
14
14
15

42
41
42
43
42

72
75
76
70
72

112
115
117
115
113

650
650
650
662
663

253
254
255
257
258

153
154
154
155
156

43
43
44
44
44

397
396
395
405
405

216
217
214
221
224

52
52
52
54
51

129
127
129
130
130

162
166
158
157
158

274
273
285
268
262

528
526
530
539
536

242
241
244
246
247

159
159
160
163
162

45
46
46
45
46

288
285
286
293

193
187
188
195
189

37
42
42
42
44

56
56
56
56
56

106
108
109
103
109

218
221
223
208
205

(7 cities)
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28

2,143
2,149
2,153
2,190
2,182

993
992
991

334
339
341
341
341

382
382
382
383
383

185
184
186
183
181

1,162
1,161
1,160
1,198
1,191

725
726
724
760
756

115
115
115
120
120

322
320
321
318
315

337
340
344
324
320

282
302
302
267
264

CITY OF CHICAGO*
Nov. 30....
Dec. 7
Dec. 14
Dec. 21
Dec. 28

1,900
1,906
1,916
1,991
1,986

518
525
531
533
529

339
341
343
342
339

12
12
12
12
12

51
52
53
53
54

1,382
1,381
1,385
1,458
1,457

942
939
946
1,021
1,018

117
118
114
113
113

323
324
325
324
326

916
924
935
876
860

213
213
210
219
219

CLEVELAND (10 cities)

Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
RICHMOND (12 cities)

Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
ATLANTA (8 cities)

Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
CHICAGO (12 cities)*

Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
ST. LOUIS (5 cities)

Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
MINNEAPOLIS (8 cities)

Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
KANSAS CITY(12 cities)

Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28

_
..

DALLAS (9 cities)

Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28

.

SAN FRANCISCO

r
Revised.
* 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




53

FEDERAL RESERVE BULLETIN

JANUARY 1939

REPORTING MEMBER BANKS IN 101 LEADING CITIES
ASSETS AND LIABILITIES BY DISTRICTS AND FOR CITY OF CHICAGO—Continued
[In millions of dollars]
D e m a n d deposits

Federal Reserve
district and date
(1938)

BOSTON (6 cities)
Nov 30
Dec 7
Dec 14
Dec 21
Dec 28
NEW YORK (8 cities)*
Nov 30
Dec. 7
Dec. 14
Dec 21
Dec. 28
rinLADELPniA(4 cities)
Nov. 30
Dec 7
Dec 14
Dec 21
Dec 28
CLEVELAND (10 Cities)
Nov 30
Dec 7
Dec 14
Dec 21
Dec 28
RICHMOND (12 cities)
Nov 30
Dec 7
Dec 14
Dec 21
Dec 28
ATLANTA (8 cities)
Nov 30
Dec 7
Dec 14
Dec 21
Dec 28
CHICAOO (12 cities)31'
Nov 30
Dec 7
Dec 14
Dec 21
Dec 28
ST. LOUIS (5 cities)
Nov 30
Dec 7
Dec 14
Dec 21
Dec 28
MINNEA?'OLIS(8 cities)
Nov 30
Dec 7
Dec 14
Dec 21
Dec 28
KANSAS CITY(12 cities)
Nov 30
Dec 7
Dec 14
Dec 2L
Dec 28
DALLAS (9 cities)
Nov 30
Dec 7
Dec 14
Dec 21
Dec 28
SAN FRANCISCO
(7 cities)
Nov 30
Dec 7
Dec 14
Dec 21
Dec 28
CITY OF CHICAGO*
Nov 30
Dec 7
Dec 14
Dec 21
Dec 28

Cash
items
reported as
Other
in proc- assets
ess of
collection !

Total
assets

Total
liabilities

T i m e deposits

Interbank
United CertiStates
fied
Govern- checks,
DomesForeign m e n t
tic
etc.
banks
banks

Other

Demand
deposits—adjusted 2

Interbank

DoFormestic eign
b a n k s banks

65
58
66
63
82

1,891
1,890
1,908
1 894
1,901

237
247
248
234
236

25
23
21
22
22

10
10
10
13
13

17
18
20
20
33

1,086
1,076
1,092
1,089
1,082

1,038
1,036
1,046
1,046
1,033

1

849
713
761
831
902

570
570
563
557
556

14,431
14, 423
14, 560
14, 321
14, 420

2,681
2,717
2,758
'2, 566
2,576

441
423
439
442
452

128
128
128
139
138

391
397
309
411
377

7,802
7,765
7,933
r
7, 767
7,877

7,344
7,449
7,481
r
7, 347
7,352

15
14
15
15
15

70
60
76
69
74

86
84
84
83
87

1,732
1,721
1,748
1,741
1,760

295
300
299
281
287

9
9
9
9
9

38
38
38
55
55

10
12
10
10
11

841
823
854
849
857

781
775
788
790
794

10
10
10
10
10

88
65
96
87
92

108
107
107
103
104

2,709
2,697
2,729
2, 719
2,715

311
312
318
302
309

1
3
1
1
1

29
29
29
42
42

23
20
21
15
20

1,189
1,172
1,203
1,212
1,192

1,124
1,127
1,128
1,140
1,120

47
45
48
47
49

36
37
35
32
33

1,066
1,080
1 078
1,071
1 068

239
251
243
235
236

21
21
21
28
28

11
11
13
11
14

468
471
477
473
467

46
41
49
51
50

40
40
40
40
40

933
939
951
949
956

221
227
229
223
227

1
1
1
1
1

34
35
34
41
42

4
4
5
5
7

175
156
195
196
205

86
85
88
78
80

4 831
4 819
4,891
4, 892
4,896

899
895
906
887
873

10
10
10
11
11

100
100
100
129
129

51
44
56
57
53

.

75
75
77
74
75

34
23
24
23
23

1 081
1,067
1 078
1 067
1,068

265
269
269
266
265

30
27
30
27
28

17
16
17
17
17

617
618
625
618
620

118
121
124
124
122

68
56
73
70
71

22
22
22
22
22

1 188
1, 180
1 201
1 192
1,189

39
35
43
41
40

27
27
27
26
27

94
82
97
88
98
105
99
123
117
126

Other

Other
liabilities

Capital account

23
24
25
25
24

242
242
242
241
242

353
361
368
369
369

1,619
1,619
1,616
1,619
1,621

285
285
284
283
283

18
18
19
19
23

226
226
225
225
225

36
36
36
36
35

735
734
731
725
729

22
29
28
24
25

363
362
362
362
362

432
437
442
437
432

6
6
6
6
6

197
195
195
195
195

29
31
28
28
27

95
94
95
95
95

390
387
398
395
396

348
350
354
349
353

3
3
3
3
3

183
184
183
183
182

6
7
7
7
7

91
91
91
91
91

37
37
37
43
46

2,481
2,473
2,533
2,516
2,526

2,343
2,354
2,375
2,363
2,367

8
9
9
9
9

886
886
886
887
890

22
21
22
23
24

388
388
388
387
388

17
17
17
20
18

7
6
6
6
5

504
486
497
488
492

460
448
447
437
444

6
6
6
6
6

186
185
185
184
185

5
7
7
6
6

91
91
91
91
91

2
2
2
2
2

7
7
6
6
7

303
302
306
299
301

280
282
282
278
280

3
2
2
2
3

118
118
119
119
119

8
8
8
8
8

57
57
57
57
57

355
358
360
354
355

21
21
21
22
22

13
12
12
12
12

550
540
559
555
551

495
496
498
497
492

7
7
7
7
7

142
142
142
141
142

3
3
3
3
3

97
97
97
98
97

928
928
944
929
929

216
221
218
214
210

1

31
31
31
38
38

9
10
12
10
10

449
442
459
443
446

419
417
428
412
416

133
133
133
134
134

7
7
7
6
6

83
84
84
84
84

205
211
217
217
215

3,086
3 107
3,139
3 110
3 106

261
269
269
253
253

12
13
12
11
12

103
101
101
110
110

31
36
33
26
22

1,012
989
1,016
991
979

949
943
952
929
903

1,014
1,022
1, 033
1,054
1,063

299
323
321
310
312

332
332
332
333
333

53
52
54
48
49

3 222
3, 230
3 276
3 290
3,281

682
681
694
675
662

9
10
9
10
10

62
62
62
83
84

21
20
19
28
27

1,706
1,714
1, 747
1, 747
1,750

1,622
1,635
1,643
1,658
1,651

467
468
469
470
471

17
17
18
19
19

258
258
258
258
258

1
1
1
1
1

19
18
18
18
18

250
250
250
249
248
5
5
5
5
5

3
4
4
4
4

995
993
989
987
990

r Revised.
* See note on preceding page.
1 Does not include cash items in process of collection reported in balances with domestic banks.
2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.




Borrowings

1
1
1
1
1

54

FEDERAL RESERVE BULLETIN

JANUARY 1939*

COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS 9 BALANCES
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
By classes

By holders
Commercial
paper
outstanding 1

End of month

Total
outstand-

Held b y accepting
banks

ing
Own
bills

Total

Bills
bought

1937—November
December

311
279

348
343

279
278

148
147

299
293
297
271
251
225
211
209
212
213
206

326
307
293
279
268
264
265
258
261
270
273

266
246
236
229
218
210
217
216
221
223
222

147
140
143
141
139
135
133
129
129
130
124

For
own account

119
106
93
89
80
76
84
87
92
93
98

May

June
July
August
September
October
November

on

For ac- Held
count of
by
foreign others
correspondents

131
131

193g—January
February
March
April

Held by Federal
Reserve banks

ports

into
U.S.

Based
on exports
from

Dollar
exchange

U.S.

Based on goods
stored in or shipped
between points in
Foreign

U.S.

countries

2
2

67
63

122
117

84
87

1
2

79
78

61
59

2
1

59
61
57
48
48
52
47
42
40
46
51

106
96
91
86
81
79
78
83
89
94
94

82
78
75
71
65
63
63
58
57
57
59

3
2

75
70
63
60
57
58
60
55
56
59
59

60
61
62
61
64
63
63
60
57
56
57

(2)

1
2
2
1

2
1
1
1
1

2
2
3
3

* As reported by dealers; includes some finance company paper sold in open market.
» Less than $500,000.
Back figures.—See Annual Report for 1937 (table 70).

CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF
STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
D e b i t balances

Credit balances
Customers'
credit balances i

Customers'
debit
balances
(net) i

E n d of m o n t h

Debit
balances in
partners'
investment
a n d trading
accounts

Debit
balances in
firm
investment
a n d trading
accounts

Cash on
hand
a n d in
banks

Money
borrowed a
Free

Other
(net)

Other credit balances
In
In
partners'
firm
In
investinvestcapital
ment and m e n t and accounts
trading
trading
(net)
accounts accounts

September

1.267
,317
1,395

67
72
64

164
141
164

219
227
249

985
995
1,048

276
289
342

86
99
103

24
24
30

14
14
12

420
423
424

1937—March .
June
September
Nnvmnhfir
December

,549
.489
36*
L. 034
985

61
55
48
38
34

175
161
128
120
108

223
214
239
225
232

1 172
1 217
1.088
723
688

346
266
256
270
278

115
92
96
95
85

29
25
26
24
26

18
13
12
11
10

419
397
385
376
356

958
937
831
763
760
774
843
864
823
905
939

31
31
29
26
25
27
28
29
29
32
30

103
104
95
97
85
88
80
84
76
85
78

220
207
215
203
208
215
209
200
213
196
189

641
628
576
485
482
495
528
571
559
617
662

288
280
239
248

87
80
81
88
92
89
82
77
68
73
65

28
26
25
24
22
22
22
20
20
20
20

11
10
9
9
8
11
10
9
7
8
8

333
324
315
309
301
298
303
301
300
304
303

1938—January
February
March
April
May

June _
July

_
_

August _ September
October
November

__

S3 tO

1936—June

284
272
257
270
252

1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)
of firms' own partners.
2
Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the methods
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
Back figures—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69)




55

FEDERAL RESERVE BULLETIN

JANUARY 1939

FEDERAL RESERVE BANK DISCOUNT RATES
[Percent per annum]

Rediscounts and advances under sees. 13 and 13a of the Federal Reserve Act i

Advances secured by
direct obligations of
the United States
(last paragraph of
sec. 13 of the Federal
Reserve Act)

Advances under sec.
10(b) of the Federal
Reserve Act

Federal Reserve Bank
In effect
Rate
Dec. 31 beginning-

PreIn effect
Rate
vious Dec. 31 beginningrate

Sept. 2, 1937
Aug. 27, 1937
Sept. 4, 1937
May 11, 1935
Aug. 27, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 3, 1937

Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco

Sept. 2,
Oct. 10,
Sept. 4,
Oct. 19,
Sept. 10,
Aug. 21,
Aug. 21,
Sept. 2,
Aug. 24,
Sept. 3,
Aug. 31,
Sept. 17,

In effect
Rate
Dec. 31 beginning
April 29, 1938
Feb. 8, 1934
Oct. 20, 1933
May 11, 1935
Feb. 19, 1934
April 23,1938
Oct. 16, 1933
Feb. 23, 1935
Oct. 8, 1938
Apr. 16, 1938
Apr. 16, 1938
Oct. 19, 1933

1937
1935
1937
1935
1937
1937
1937
1937
1937
1937
1937
1937

i Rates indicated also apply to United States Government securities bought under repurchase agreement.
Back figures—See Annual Report for 1937 (table 40).

FEDERAL RESERVE BANK
BUYING RATES ON ACCEPTANCES

FEDERAL RESERVE BANK
RATES ON INDUSTRIAL ADVANCES

[Percent per annum]

Rates in effect, Dec. 31, 1938, on advances and commitments under See.
13b, of the Federal Reserve Act as amended June 19, 1934.
[Percent per annum except as otherwise specified]

Rate in
effect on
Dec. 31

Maturity

In effect beginning—

Previous
rate

Oct. 20, 1933
...do
...do
. .do
...do
...do
__.do

1-15 days i . .
16-30 days...
31-45 days...
46-60 days__.
61-90 days...
91-120 days_.
121-180 days

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.
[Percent per annum]
Nov. 1, 1933 Feb. 1, 1935
to
to
Jan. 31, 1935 Dec. 31, 1935
Savings deposits
Postal Savings deposits
Other time deposits payable in:
6 months or more.
_
90 days to 6 months
Less than 90 days

I n effect
beginning
J a n . 1, 1936

Advances to financing institutions—
Federal Reserve Bank

Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. _
Kansas City..
Dallas
San Francisco

2V2

3K-6

3
3

4-6
4-6

1

4^-6
6
5-6
5-6

1A
1

4-6
5

^A

4-5H

3A

6

434-5
4
4
3-4

4-6
5-6
5-6

Commitments
to make
advances

1-2

4-5
(3)

4

1

4-6
5
5-6
4

1-2
1-2
3

43^-5

M
1

4
5-6
4-5

1

1
Authorized rate 1 percent above prevailing discount rate.
2 Same as to borrower but not less than 4 percent.
Flat charge.
Back figures—See Annual Report for 1937 (table 40).

3

MEMBER BANK RESERVE REQUIREMENTS
[Percent of deposits]
Classes of deposits
and banks

&A

Advances
direct to
industrial On poror comtion for
mercial or- which
On reganizations institu- maining
tion is
portion
obligated

On net demand
deposits: i
Central reserve cityReserve city
Country

June 21, Aug. 16, Mar. 1, May 1, Apr. 16,
19381937193619371917and
Aug. 15, Feb. 28, Apr. 30, Apr. 15,
after
1938
1937
1936
1937

15

22^
173^

22^

12
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation, On time deposits:
effective February 1, 1936, are the same as those in effect for member
All member banks. _
5
banks. In some States the maximum rates established by the Board
1
and the Federal Deposit Insurance Corporation are superseded by
See footnote to table on p. 44 for explanation of method of computlower maximum rates established by State authority.
ing net demand deposits.




56

FEDERAL RESERVE BULLETIN

JANUARY 1939

MONEY RATES AND BOND YIELDS
RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES

OPEN-MARKET RATES IN NEW YORK CITY
[Percent per annum]
Prevailing rate on—

[Weighted averages of prevailing rates; percent per annum]

Average rate o n -

1929 1931 1932 1933 1934 1935 1936 1937 1938

Year,
month, or
week

Prime
commercial
paper,
4 to 6
months

1935 average..1936 average _
_
1937 average...

Prime
bankers'
acceptances,
90
days

.76
.75
.95

Stock Stock
exexchange change
time
call
loans, loan
90
redays
newals

13
15
43

1937 Nov
Dec.
1938—Jan.
Feb.
Mar
x-i
April
May.....
x-i
June
July
X
Aug
X
Sept_._._
Oct
Nov
%-%
Week ending:
Nov. 5
Nov. 12__
Nov. 19... %-%
Nov. 26____
Dec. 3
%
Dec. 1O.___ %
Dec. 17....
Dec. 24

Vie
Vie
Vie
Vie
Vie
Vie
Vie
Vie
Vie
7/16
Vie

56
1.16
1.25

56
91
1.00

IK
IK
IK
IK
IK
IK
IK
IK
IK
IK
IX

Average
u.ury Treas- yield on New York City:
s. bills
5.74 4.24 4.71 4.12 3.58 2.83 2.64
January
U. S.
5.73 4.31 4.71 4.11 3.43 2.90 2.56
February
TreasMarch
5.81 4.20 4.72 4.88 3.31 2.64 2.61
New
91ury
April
5.85 4.17 4.69 4.33 3.39 2.61 2.54
issues day
3-to-5
4.11 4.55 4.24 3.42 2.69 2.51
May
__. 5.
ofdealyear
June
5.93 4.13 4.61 4.10 3.30 2.66 2.44
fered
ers'
notes
July
5.88 4.05 4.42 3.93 3.30 2.61 2.44
within quoAugust
6.05 3.97 4.45 3.97 3.33 2.67 2.42
period1 tation
September
6.06 3.93 4.30 3.79 3.26 2.72 2.40
October
6.08 4.27 4.35 3.76 3.28 2.72 2.46
November
5.86 4.67 4.12 3.52 3 22 2.77 2.43
14
1.29
17
December
5.74 4.64 4.22 3.48 3.18 2.61 2.43

L.OO
00
L.OO
L.OO
L.OO
L.OO
L.OO
L.OO
LOO
L.OO
L.OO
L.OO
1.00

IK

14
45

17
28

1.11
1.40

15
10
10
08
07
08
03
02
.05
.05
.10
.02
.02

09
11
10
08
08
09
.05
.05
.07
.06
.08
.05
.04

1.31
1 27
1.13
1.09
1.01
94
.77
.67
.70
.71
.82
.68
.71

Year
8 other northern and
eastern cities:
January
February
March
April
May
June
July
August
September
October
November
December

Year
27 s o u t h e r n and
western cities:
7/W
IX
January
7/16
February
7/16
IX
March
7/16
IX
April
7/16
IX
May
7/16
IX
June
July
August
» Series comprises 182-day bills to February 23, 1935, 273-day bills from
September
March 1, 1935, to October 15, 1937, bills maturing about March 16, 1938,
October
from October 22, to December 10, 1937, and 91-day bills thereafter.
November
2
Par, except a small amount at premium.
December
Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures
or 91-day Treasury bills available on request.
Year
7

/l6
7/16

1M

1/4

1.00
1.00
1.00
L.OO
L.OO
L.OO
L.OO
L.OO

.02
.03
.03
.02
.02
.01
.01
<•>

.04
.04
.04
.04
.04
.03
.03
.02

.69
.71
.73
.72
.68
.65
.69
.69

2.36
2.34
2.40
2.36
2.40
2.36
2.27
2.16
2.25
2.29
2.33
2.33

2.49 2.43 2.32

5.88 4.22 4.49 4.02 3.33
5.87
5.86
5.91
6.00
6.09
6.02
6.08
6.11
6.24
6.25
6.12
5.94

2.50
2.41
2.50
2.53
2.44
2.34
2.36
2.41
2.39
2.38
2.45
2.40

3.37
3.29
3.25
3.26
3.27
3.38
3.28
3.26
3.30
3.37
3.28
3.47

4.65
4.49
4.52
4.52
4.39
4.30
4.15
4.12
4.11
4.13
4.08
3.98

6.04 4.61 5.05

4.8

4.29 3.86 3.52 3.36 3.32

5.94
5.96
6.04
6.07
6.10
6.16
6.17
6.22
6.27
6.29
6.29
6.20

5.60
5.56
5.66
5.
5.66
5.62
5.54
5.53
5.55
5.50
5.42
5.43

5.40
5.39
5.40
5.34
5.28
5.19
5.07
5.05
5.04
5.05
4.93
4.92

5.50
5.43
5.40
5.36
5.26
5.34
5.30
5.28
5.32
5.38
5.53
5.56

5.07
5.13
5.14
5.10
5.14
5.13
5.05
5.12
5.03
4.96
4.88
4.88

5.61
5.61
5.64
5.63
5.64
5.62
5.63
5.68
5.63
5.56
5.55
5.60

6.14 5.39 5.62

4.08
4.02
4.05
3.99
3.88
3.78
3.87
3.79
3.75
3.75
3.63
3.67

3.36
3.43
3.34
3.36
3.45
3.32
3.32
3.29
3.33
3.37
3.42
3.36

4.
4.84
5.39
5.09
4.
4.97
4.82
4.
4.65
4.51
4.54
4.59

4.61
4.63
4.62
4.57
4.55
4.49
4.48
4.47
4.48
4.62
4.87
4.91

4.
4.84
4.85
4.80
4.79
4.76
4.58
4.63
4.51
4.55
4.51
4.55

3.63
3.60
3.47
3.45
3.51
3.61
3.47
3.45
3.50
3.47
3.46

4.4'
4.51
4.44
4.40
4.43
4.39
4.35
4.25
4.29
4.23
4.24
4.14

4.16
4.15
4.15
4.21
4.17
4.18
4.19
4.18
4.18
4.16
4.1
4.15

5.56 5.17 4.69 4.35 4.1'

4.16
4.09
4.16
4.13
4.13
4.14
4.12
4.12
4.07
4.06
4.05
4.04
4.11

BOND YIELDS1
[Percent per annum]
Corporate 4
Year, month, or week

U.S.
Treasury 2

Municirtal 3

By ratings

Total

Aa

Aaa

Number of issues

By groups

Industrial

Baa

A

Railroad

Public
utility

2-6

15

120

30

30

30

30

40

40

40

1935 average..
1936 average
1937 average

2.79
2.65
2.68

3.41
3.07
3.10

4 46
3.87
3.94

3.60
3.24
3.26

3.95
3.46
3.46

4.55
4.02
4 01

5.75
4.77
5 03

4.02
3.50
3.65

4.95
4 24
4 34

4.48
3.88
3.93

1937—November
December
1938—January
February
March
April
May
June
July
August
September
October
November

2.71
2.67
2.65
2.64
2.64
2.62
2.51
2.52
2.52
2.51
2.58
2.48
2.50

3 17
3.15
3.03
2.99
2.99
3.03
2.91
2.91
2.87
2.82
3.02
2.82
2.74

4 21
4.16
4.19
4.23
4.36
4.50
4.28
4.40
4.17
4.09
4.17
4.03
3.95

3.24
3.21
3.17
3.20
3.22
3 30
3.22
3 26
3.22
3.18
3.21
3.15
3.10

3.54
3.50
3.50
3.51
3.56
3.73
3.56
3.68
3.62
3.57
3.60
3.53
3.46

4 24
4 20
4 20
4.24
4.34
4.49
4.28
4.41
4.21
4.13
4.20
4.08
4.02

5.82
5.73
5.89
5.97
6 30
6.47
6.06
6.25
5.63
5.49
5.65
5.36
5 23

3.65
3.66
3.54
3.57
3.58
3.64
3.51
3 55
3.48
3.43
3 50
3.43
3 39

4.91
4.79
5.02
5.06
5.44
5.75
5.44
5.75
5.25
5.09
5.18
4.94
4.83

4.06
4.03
4.01
4.07
4.05
4.11
3.90
3.90
3.79
3.76
3.82
3.73
3 65

2.51
2.48
2.48
2.49

2.74
2.77
2.75
2.76

3.95
3.96
3.97
3.95

3.10
3.09
3.09
3.09

3.43
3.43
3.43
3.41

4.03
4.03
4.04
4.02

5.24
5.28
5.29
5.29

3.40
3.40
3.41
3.41

4.83
4.84
4.84
4.82

3.63
3.64
3.65
3.64

__ __ _ __

Week ending:
December 3
December 10
December 17 _.
December 24

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.
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 3, the industrial Aa group from 10 to 5, and the railroad Aaa group from 10 to 9.
Back figures.—See Annual Report for 1937 (table 80); for U. S. Government bonds, see pp. 1045-1046 of BULLETIN for December 1938.




57

FEDERAL RESERVE BULLETIN

JANUARY 1939

STOCK MARKET

BOND PRICES i

Stock prices *
Year, month, or date

U. S.
Treas- Municipal s
ury 2

Number of issues

2-6

Corporate
Total

15

Indus- Railtrial road Utility

Volume of
trad-

Common (index, 1926=100)
Preferred 2

ing 3

Total

Railroad

Industrial

Utility

20

20

20

60

Year, month, or
date

32
40
420
348
20
98.2 Number of issues „_
105.4 1935 average
97.5
1,411
71
34
91
78
133.8
100.4 1936 average
93.4
1,824
104
51
127
111
138.9
1.519
95
49
112
131
136.2
1937 average
95.0
72.1
109.1
101.3
1937—No vember
82.7
83.3
94.2 1937—November _. _ 132.3
72.5
109.5
101.9
December
81.4
82.7
1,420
80
31
83
96
94.0
66.2
111.5
102.3
1938—January
81.7
80.6
1,174
79
31
95
December
82
132.1
92.2 1938—January
65.0
112.2
102.4
February
80.6
79.3
1,069
76
96
29
133.5
82
91.2
57.3
112.2
102.5
79.5
76.0
March
719
71
96
February
28
133.3
81
90.2
53.5
111.6
102.7
77.8
73.8
April
922
69
93
March
26
132.2
78
94.0
55.1
113.6
104.0
80.4
76.5
May
778
64
84
April
21
127.9
71
94.0
52.0
113. 6
103.9
80.0
75.3
June
620
70
87
May
22
131.7
74
97.3
60.2
114.2
103.8
85.0
80.8
July
1,033
69
86
June__
21
132.3
73
98.1
60.0
115. 2
104.0
85.7
81.3
August
1,762
77
105
July
27
135.6
88
96.3
55.7
111.7
103.0
84.2
78.7
September
843
75
108
August
28
138.1
90
98.6
59.9
115. 2
104.3
86.8
81.8
October
1,054
72
104
September.. _ 137.9
26
86
99.3
60.2
116.6
104.0
86.9
82.1
November
1,889
77
110
October
28
140.4
91
1,355
81
114
November, __ 142.3
30
95
103.8
November 30
116.6
99.3
86.3
81.4
58.5
104.2
December 7
116.1
99.0
86.2
81.0
57.8
933
79
29
111
92
November 30 142.4
104.3
December 14
116.4
98.5
86.0
81.1
58.9
855
78
28
110
91
December 7_ _ 142.9
104.1
December 21
116.2
98.1
85.8
80.6
57.8
1,362
78
December 14 _ 142.1
29
112
93
1,107
December 21 _ 141.6
77
28
110
• 91
1 Monthly data are averages of daily figures except for municipal bonds*
which are averages of Wednesday figures.
2
1 Standard Statistics Co. Monthly data are averages of Wednesday
Average prices of all outstanding bonds due or callable after 12 years,
based on quotations from Treasury Department; see BULLETIN for figures.
2
Average prices of industrial high-grade preferred stocks, adjusted to a
December 1938, pp. 1045-1046 for description.
3
Prices derived from average yields, as computed by Standard Sta- $73annual dividend basis. of trading in stocks on the New York Stock
Average daily volume
tistics Co.
Exchange, in thousands of shares. Weekly figures are averages for the
Back figures.—See Annual Report for 1937 (table 79); for U. S. Govern- week ending Saturday.
ment bonds, see pp. 1045-1046 of BULLETIN for December 1938.
Backfigures.—Forstock prices, see Annual Report for 1937 (table 79)

105.5
103.7
101.7

1935 average
1936 average
1937 average

79.4
94.7

88.2
92.2
90. 1

105.3
110.8
110.3

CAPITAL ISSUES
[In millions of dollars]
For new capital
Total
(new

Year or
month

and
funding)

Domestic
Total
(domestic
and
forTotal

.

Federal
cies2

Total

9,898
. 11, 513
7,619
4,038
1,751
1,063
2,160
4,699
6,214
3,878

8,040
10,091
6,909
3,089
1,194
720
1,386
1,457
1,972
2,080

6,789
9,420
6,004
2,860
1T165
708
1,386
1,409
1,949
2,076

1,379
1,418
1 434
1,235
762
483
803
855
735
727

64
0
87
75
77
64
405
150
22
157

5,346
8,002
4 483
1,551
325
161
178
404
1,192
1,192

136
164
122
199
245
352
"218
511
470
415
237
763
379

94
122
93
82
126
197
158
347
390
180
144
165
225

94
122
93
81
126
197
"158
344
390
180
144
165
194

43
79
41
40
94
45
88
130
44
55
51
101
151

25
0
6
0
9
140
33
14
216
0
8
0
0

26
43
46
41
24
12
'37
201
130
125
85
64
43

1937—No v

Dec
1938—Jan
Feb
Mar
Apr
May
June
July....
Aug
Sept
Oct
Nov

Domestic
Corporate

State
and
municipal

eign)

1928
1929 .
1930
1931
1932 .
1933
1934
1935
1936
1937

For refunding

Bonds
and Stocks
notes

2
2
2
1

Total
(domestic
Forand
eign i
for- Total
eign)

385
078
980
239
305
40
144
334
839
789

2 961
5 924
1 503
311
20
120
35
69
352
403

1 251
671
905
229
29
12

22
27
40
41
23
11
'22
191
128
121
83
62
37

4
16
6
(3)
1
1
16
10
2
3
2
2
6

Corporate
State
and
municipal

48
23
4

1 858
1 422
' 709
949
557
343
774
3 242
4,242
1 798

1 620
1 387
527
893
498
283
765
3 216
4 123
1 639

36
13
53
21
87
37
136
365
382
175

(3)
1
0
1
0
0
0
3
1
(*)
0
0
31

42
42
29
117
119
155
60
164
79
235
92
598
155

42
42
29
117
119
155
60
164
79
235
92
598
130

4
5
8
22
16
4
4
14
3
11
22
2
6

o

Federal
agencies 2

0

Foreign
Bonds
and
Total notes Stocks

51
93
26
317
987
353
280

1 584
1 374
'474
821
319
219
312
1 864
3 387
1 184

1 054
542
451
789
315
187
312
1 782
3 187
833

530
833
23
32
4
32
0
81
200
351

238
35
182
56
59
60
9
26
119
159

27
23
18
32
45
84
31
52
20
14
6
323
22

10
14
4
62
58
67
26
99
56
211
65
273
102

10
14
3
62
58
67
26
99
56
211
65
273
84

(3)
(3)

0
0
0
0
0
0
0
0
0
0
0
0
25

o
o

r
Revised.
1 Includes issues of noncontiguous U. S. Territories and Possessions.
Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
3 Less than $500,000.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce,
to revision.
Back figures.— See Annual Report for 1937 (table 78).

0
0
0
0
0
0
0
(3)
18

2




Monthly figures subject

58

FEDERAL RESERVE BULLETIN

JANUARY 1939

TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
VOLUME AND KIND OF DIRECT OBLIGATIONS
\.0n basis of daily statements of United States Treasury. In millions of dollars]
Noninterestbearing

Interest-bearing

Publicly-offered »

Total
gross
debt

End of month

Bonds

Total
nterest
oearing

Total

618,816
621, 782
626,006
26,910
31, 297
33, 734

1932—June
1933—June
1934—June
1935—June
1936—June
1937—June

19, 487
22, 539
27,053
28, 701
33, 779
36, 425

19,161
22,158
26, 480
27, 645
32, 989
35, 800

1937—November
December
1938—January
February.. _
March
April
May
June
July
August

37,094
37, 279
37, 453
37, 633
37, 556
37, 510
37,422
37,165
37,191
37, 593
38, 393
38, 423
38,603

36,511
36, 708
36, 887
37,080
37,001
36,963
36,871
36, 576
36, 642
37,052
37, 850
37,897
38, 068

September
October.
November

_.
.

.
.._

..

_

Notes

Prewar

Treasury?

753
753
753
753
79
79

33, 924
34,018
34,114
34,144
34,032
34,016
33, 845
33, 463
33,400
33, 681
34,493
34, 527
34, 559

Adjusted
service
issues3

13, 460
13,417
15, 679
14,019
17,168
19,936

79
79
79
79
79
79
79
79
79
79
79
79
79

19,936
20,476
20, 476
20, 476
20,927
20,927
20,927
21, 846
21,846
21, 846
22, 712
22, 712
22, 712

Bills

62
316
800

1,261
4,548
6,653
10,023
11,381
10,617

616
954
1,404
2,053
2,354
2,303

105
92
118
156
1,071
926

932
964
1,060
1,106
1,148
1,181
1,210
1,238
1,275
1,305
1,334
1,367
1,399

10, 575
10, 547
10, 547
10, 531
10,076
10,076
10,076
9,147
9,147
9,147
9,067
9,067
9,067

2,403
1,952
1,952
1,952
1,803
1,753
1,553
1,154
1,054
1,304
1,302
1,302
1,303

Social

security
issues4

883
876
872
867
860
856
852
868
864
859
830
826
827

All

other5

Matured
debt

Other

U. S.
savings

19
579

240
284
356
580
601
560

60
66
54
231
169
119

266
315
518
825
620
506

1,086
1,188
1,263
1,399
1,460
1,458
1,538
1,601
1,641
1,757
1,788
1,807
1,937

619
626
638
669
648
635
637
644
738
754
739
736
745

106
99
99
91
98
92
101
141
106
102
106
94
105

477
472
466
462
458
454
450
447
443
440
437
433
431

1
2
3

Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System.
Includes Liberty bonds.
Includes adjusted service bonds of 1945 and special issues of adjusted service bonds and of notes to Government Life Insurance Fund series
d 4of certificates to the adjusted service fund.
Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement account.
5
Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation.
6
Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000.
FULLY GUARANTEED OBLIGATIONS, BY AGENCIES'

MATURITIES OF PUBLICLY OFFERED DIRECT
OBLIGATIONS, NOVEMBER 30, 1938
[In millions of dollars]

Total

D a t e maturing

Bondsi

Notes

[In millions of dollars]

Bills

End of month
1938—December _
1939—Jan. 1—Mar. 31
Apr. 1—June 30
J u l y 1—Sept. 30
Oct: 1 Dec. 31
1940—Jan. 1—Mar. 31
Apr. 1—Dec. 31
1942
1943
1945
1946
1947
1948..
1949

410
1,844
1,294
427
526
1,378
1,476
2,219
1,001
1,527
2,121
1,849
2,132
2 1, 942
819
1,223
2,117
1,786
2,663
755
489
982
2,611
50
919

...

1952
1953
1954
1955..
1956
1959
I960—
1961.
1963

_..

Total

.

34, 559

834

2

898
2,121
1,849
2,132
1, 942
819
1,223
2,117
1,786
2,663
755
489
982
2,611
50
919

24,190

10
942
1,294
427
526
1,378
1,476
1,385
1,001
629

Total

400
903

1934—June
December...
1935—June
December
1936—June
December
1937—June

Federal
Farm
Mortgage
Corporation

ComReconHome
Owners' struction m o d i t y
Finance Credit
Loan
Corpora- Corpora- Corporation 2
tion
tion

1,303

312
980
1,226
1,387
1,422
1,422
1,422

134
1,834
2,647
2,855
3,044
2,988
2,987

235
249
250
252
252
252
255

4,644
1937—No vember
December. _ 4,645
4,646
1938—January
4,646
February..
4,646
March
April.. _. _ 4,647
May
... 4,852
4,853
June
5,064
July
, 5,015
August
5,009
September
5,001
October
4,993
November
9,067

681
3,063
4,123
4,494
4,718
4,662
4,665

1,410
1,410
1,410
1,410
1,410
1,410
1,410
1,410
1,410
1,410
1,404
1,395
1,388

2,937
2,937
2,937
2,937
2,937
2,937
2,937
2,937
2,937
2,888
2,888
2,888
2,888

297
297
298
299
299
299
299
299
510
511
511
511
511

206
206
206
206
206
206
206

1 Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the
public debt. The total includes guaranteed debentures of the Federal
1
Issues classified as of date of final maturity; most issues callable at Housing Administrator, amounting to $1,219,000 on November 30,1938.
earlier dates; most of the U. S. savings bonds are redeemable at option
2 Excludes obligations guaranteed as to interest only.
of 2holder.
Includes unclassified U. S. savings bonds.




59

FEDERAL RESERVE BULLETIN

JANUARY 1939

SUMMARY OF TREASURY OPERATIONS
[On basis of daily statements of United States Treasury. In millions of dollars]
General and special accounts

General
Period
Total

Fiscal year ending:
June 1936
4,116
June 1937 .—
5,294
June 1938
6,242
5 months ending:
Nov. 1936
Nov. 1937
Nov. 1938
1937—November
December
1938—January
February
March. _ _
April.,
May
June
__
July
August
September.._
October
November..,.

Trust Increase or decrease during
acperiod
counts,
etc'
Excess excess
of reof receipts ceipts
ReRe- Trans- (+)or (+)or
cov- volv- fers to
exexery
ing
trust pendiand funds accts. tures pendi- General Grosa
6
tures
relief (net) B etc
fund
(-)
(-) balance7 debt

Expenditures l

Receipts

Other
In- Social intercome securnal
ity
taxes taxes 2 revenue 3

All
other

Total

National
Inter- deAll
est on fense other
and
debt
Veterans'
Adm.4

1,427
2,158
2,635

(8)
253
755

2,086
2,187
2, 285

603
697
567

8,666
8,442
7,626

749
866
926

1,340
1,436
1,556

1,310
1,994
2,178

3,441
3,073
2,238

11
204
121

1,814 - 4 , 550
868 -3,149
607 - 1 , 384

1,641
2,311
2,223

420
671
654

(8)
276
329

959
1,079
1,022

262
285
217

3,148
3,012
3, 643

263
269
252

708
868
1,138

1,404
851
1,205

78
38
45

102 -1,507
351
-702
319 -1,420

327
866
335
349
959
273
375
774
311
487
711
332
382

37
487
52
62
723
49
40
550
47
32
498
41
36

60
138
57
110
3
34
131
5
32
131
3
34
129

182
192
172
141
193
155
169
185
186
283
170
209
175

49
49
53
36
40
35
35
34
47
42
40
48
41

494
678
533
515
748
642
568
930
763
683
751
769
678

9
163
16
17
153
66
9
233
13
17
146
67
9

593
635
684
128
134
130
123
138
130
134
132
137
142
131
136
137

165
141
180
150
185
215
201
238

155
169
147
153
196
202
206
314
216
236
243
262
249

9 18
7
4
17
18
9
16
12
5
13
10
10
7

227
177
250
228

Old-age reserve and
railroad retirement accounts

Unemployment
trust fund

Net expenditures in
checking accountsof
Government agencies

BeneComWithReconInfit
In- drawals struction modity
ReReby
ceipts vest- pay- ceipts vestCredit
Finance
ments ments
ments States Corpora- Corporation 10
tion 10
Fiscal year ending:
June 1936
June 1937
June 1938

267
550

267
461

(8)
85

19
294
763

19
293
560

5 months
Nov.
Nov.
Nov.

278
244

245
176

23
47

29
275
365

28
262
160

55
63
56
56
58
19
2
17
60
48
45
44
49

51
51
51
51
51
1
95
17
40
35
35
34
34

6
9
8
7
8
14
9
9
9
9
9
10
10

85
52
50
95
43
37
128
82
35
131
35
38
125

78
51
24
85
10
93
85
46
82
94
914
96

ending:
1936
1937
1938

1937—November
December
1938—January
February
March. _
April
May

June
July

August
September
October
November
1
2
3
4
8
6

1
191
(8)
195
1
34
6
36
41
34
39
36
53
40
40
26

All
other
10

+216 -1,276
+16
+88
+55
+669
+231 +1, 439
+213
-37
-11
(8)
+11
+31
-36
+ 158
+63
+325
-63
-41
-3
-6

-68
+365
-23
+25
+166
-451
-122
-351
-100
+144
+719
-409
-122

+137
+186
+173
+180
-76
-46
-88
-258
+27
+402
+800
+30
+ 180

All
other,
excess
of receipts

Total

Inactive
gold

Increment
on
gold

Seigniorage

Working
balance

+204 2,682
+60 2,553
+87 2,216

1,087

140
141
142

316
356
446

2,225
970
1,628

1,406
2,608 ~1~243
2,447

141
141
142

333
394
478

931
831
1,828

1,243
1,228
1,223
1,201
1,183

141
142
142
142
142
142
142
142
142
142
142
142
142

394
401
413
421
427
433
440
446
451
455
460
467
478

831
1,202
1,172
1,212
1,389
2,114
1,986
1,628
1,523
1,663
2,376
1,960
1,828

(+)or

expenditures
(_)ii

9 241
9 329
9 9

33
9 112
9 184

100
127
9 11

9 240
9 46
187

9 61
9.34
109

104
42
9 54

23
18
12
9 15
3
34
6
914
s
260
10
24
19
21

20
31
19
9
6
7
91
9
96
10
31
27
23
18

6
9 29
9 22
1
8
28
7
9 149
38
9 55
26
97
96
9 11

9

+840 +5,078
-128 +2, 646
-338
+740

Details of general fund balance
(end of period)

Details of trust accounts, etc.

Period

-167
+188
-198
-166
+211
-369
-193
-156
-451
-195
-40
-437
-296

55
63
56
56
58
19
2
1
135
48
45
44
49

+312
+374
+ 306

+18
+27
+49
+7
+5
+19
+3
+15
+8
+7
+2
+10
+3
+3
+19
+13

2,608
2,973
2,950
2,975
3,140
2,689
2,567
2,216
2,116
2,260
2,978
2,569
2,447

Excludes debt retirements.
Includes taxes under Social Security Act and on carriers and their employees.
Includes miscellaneous internal revenue, unjust enrichment tax, and processing taxes.
Excludes expenditures for adjusted service which are included under "Transfers to trust accounts, etc."
Includes revolving funds of Public Works Administration and Farm Credit Administration.
Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account and railroad retirement account; except
for the adjusted service certificate fund, these appear as receipts under "Trust accounts, etc."
7
9
Details given in lower section of table.
» Less than $500,000.
Excess of credits.
0
Monthly figures for the fiscal year 1938 subject to revision.
Includes other trust accounts, increment resulting from reduction in weight of the gold dollar, expenditures chargeable against increment
on gold (other than retirement of national bank notes) and receipts from seigniorage.




60

FEDERAL RESERVE BULLETIN

JANUARY

1939

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, OCTOBER 31, 1938
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]
Home mortgage and
ReconFarm credit
housing agencies
struction
Finance
CorpoOther
ration
Farm
Home Other United Farm
and
Owners' mort- States mort- Credit
Public
Hous- gage
Loan
Adm.
Works Corpo- gage
ing
agenbanks
agenAdminAucies thority cies and coristration ration
porations

agencies

TennesInsee surVal- ance Other
Comley
Oct.
modity
Au- agen31,
Credit Other thor- cies
1938
Corpoity
ration

Total

Oct.

Sept.
30,
1938

31,
1937

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 dirpot obligations
Obligations of Government credit
agencies:
Fully 5
guaranteed by U S
Other
Accounts and other receivables
Business property
Property held for sale
Other assets
Total assets other than interagency

253
522
472

214
2,204

189
47

0)
(0

26

(i)

76

468
859
502

30

287

1,769
1
48

0)
2,418
113
1

344
50
31

4

0)29
0)

15
6
530
6

1,875

3,088

511

2,888

2,764
75
63

18
9

0)

9
2
25

333

4 168

5
5
200
6
111
8

0)

128

0)
438

363
44
149

199
19
4

34
28
6

0)
0)

W

3,232

156

624

95
179

3

333

274
24

0)

8,507 8,496 8,582
367
329
265
698
684
600

(1)

26
31
402

3

146
35
356
451
673
125

103
1

3
217

4

159
40
372
447
667
125

170
37
282
270
578
66

1

16
1
1
23

36
93
1
82

302

224

603

434

11, 359 11,319 10, 849

49

0)

0)

491
891
437

2,330 2,335 2,507
2,764 2,776 2,887
730
723
553
854
837
816

18

108

2,764
16
2 506

470
859
495

382

LIABILITIES

Bonds, notes, and debentures:
Guaranteed by United States...
Other B
Other liabilities (including reserves).

1

94

136

120
22

1

1 395
1 030
119

193
11

75

5

2
5

0)

153

6
100

5,001 5,010 4,634
1,352 1,365 1,413
722
737
547

Total liabilities other than
interagency
_

605

3,025

142

1

2,544

203

281

5

7

155

106

7,075 7,112 6,594

Excess of assets over liabilities, excluding interagency transactions._
Privately owned interests..

1,270

63

297
45

155

687
191

421
4

101

297

217

449
139

328

4,284 4, 207 4,255
379
377
357

U. S. Government interests

1,270

63

251

155

497

417

101

297

217

309

328

3,905 3,830 3,898

(2)

5

206

1 Less than $500,000.
2 Includes $37,000,000 loans of Public Works Administration.
3
Includes $177,000,000 loans of Farm Security Administration.
4
Includes $76,000,000 loans of Rural Electrification Administration.
5
Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation. .
NOTE.—For explanation of table, see BULLETIN for October 1938, p. 882.

RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS
[Amounts outstanding. In thousands of dollars]
Nov. 30, M a y 31,
1937
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

249, 594
38, 800
559, 623
355, 923
234,113
72, 686
77,179
3,970
117, 504

237,
37,
535,
390,
243,
73,
78,
4, 284
144,

Total loans and investments..

12, 308
31, 298
97, 000
20, 000
8,000
16, 849
62, 779

234, 897
37, 525
533, 761
393, 699
245,1""
76, 369
79, 406
4,324
145,148

Total loans and investments, other than interagency-. 1, 709, 392 1, 747,139
Loans to Federal land banks
Loans to Commodity Credit Corporation
Capital stock of Commodity Credit Corporation
Preferred stock of Export-Import bank
Capital stock of Disaster Loan Corporation
Loans to Rural Electrification Administration
Capital stock of, and loans to R. F. C. Mortgage Co
Capital stock of, and loans to Fed. Natl. Mtge. Assn._
Loans to Tennessee Valley Authority

J u n e 30,
1938

6,584

1, 750, 210
5, 0

20, 000

20,000

35,155
48, 293
11, 000

46, 498
40,011
11,000

232, 279
37, 438
531, 694
398, 304
193,053
81,060
79, 529
4,287
138,132

Aug. 31,
1938
219,'
37, 220
525,160
414, 928
191, 551
85,049
79, 391
14, 365
138, 509

Sept. 30,
1938
216, 859
37,154
523, 605
419, 364
193, 078
92,137
79, 601
14, 456
137, 697

Oct. 31,
1938
216,157
37, 090
521, 981
426,046
194, 606
98, 224
79, 667
19, 205
138, 783

N o v . 30,
1938
i 212, 213
37, 083
520, 550
428, 041
194, 748
103, 598
80, 836
19, 215
138, 607

1, 695, 775 1, 706,172 1, 713, 950 1, 731, 760 1, 734, g
4,992

16

20, 000

20, 000

20, 000

20,000

20, 000

41,186
11, 788

46, 498
41, 755
16, 403

46, 498
42, 595
23,185
2,000

46, 498
44, 996
31, 975
2,000

46, 498
48, 644
40, 868
2,000

1, 957, 624 1, 868,170 1, 872, 735 1, 820, 239 1, 830, 844 1, 848, 228 1, 877, 228 1, 892, 902

i Includes $69,000,000 of loans for distribution to depositors of closed banks.
NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220.




J u l y 31,
1938

JANUARY

61

FEDERAL RESERVE BULLETIN

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-

End of month

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

Loans to cooperatives by—

EmerProduc- Regional
gency
agricultion credit tural cred- crop and
associadrought
it corpotions
loans
rations

Federal
intermediate
credit
banks

Banks for Agriculcoopertural
atives,
Marketincluding ing Act
revolvCentral
ing fund
Bank

1934—December.
1935—December.
1936—December.

1,915,792
2,071,925
2,064,158

616, 825
794, 726
836, 779

99, 675
104, 706
129, 872

55, 672
47,162
41,017

60,852
94,096
105, 212

87,102
43,400
25, 288

111,182
172, 489
164, 887

33, 969
2,731
1,641

27,851
50,013
69, 647

54,863
44,433
53, 754

1937—November.
December.
1938—January...
February. _
March
April
May
June
July
August
September.
October. __
November.

2,039,005
2,035, 307
2,031, 290
2,029, 517
2,025, 707
2,022, 846
2,019, 930
2,017, 696
2,013, 645
2,008, 661
2,003, 810
1, 997, 561
1, 990, 475

816, 653
812, 749
807, 788
804, 212
798, 776
794, 916
790, 772
786,068
781, 703
776, 982
771, 988
766, 502
760, 326

160,627
165,194
164, 700
173, 384
186,137
195, 899
202,147
207, 988
199, 288
197, 274
189, 937
174, 626
166, 549

40,857
40, 464
39, 263
38, 852
39,526
40, 650
41,312
42, 894
42, 582
42, 984
40, 808
36,121
34, 537

137,473
138,169
138, 996
147, 983
162, 600
173,113
179, 790
184, 327
183,891
181,154
170, 806
154, 560
148, 430

16, 208
15, 592
15, 488
15,198
15,164
15,060
14, 834
14, 788
14, 442
14, 003
13, 374
12, 354
11, 592

173, 701
172,130
170, 429
169, 609
175, 800
183, 467
184, 766
184, 532
183, 289
181, 867
179, 398
174, 574
172,043

1,509
1,813
1,576
1,502
1,420
793
655
19
118
118
256
744
851

82,026
87, 633
86,856
87,113
82, 323
79, 926
78, 417
81,190
75, 264
75, 961
82, 544
86, 931
86, 221

45, 284
30, 982
30, 259
27,875
27, 304
26,335
25, 332
24, 604
25,028
26,119
27, 370
27, 917
25, 313

1
Some of the loans made by the regional agricultural credit corporations (prior to October 1935) and by the banks for cooperatives and most of
the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are
thus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original credit
is extended.

FEDERAL HOME LOAN BANK BOARD

POSTAL SAVINGS SYSTEM

LOANS OUTSTANDING, BY INSTITUTIONS

[In millions of dollars]

[Loans in thousands of dollars]
Assets
Home mortgage loans by—

End of month

Federal savings and
loan associations

Home
Owners'
Loan Cor- N u m b e r
poration
of associations

Loans *

Federal
home
loan
bank
loans to
member
institutions 2

End of month

Depositors
balances 1 Total

U. S. Government
securities

Cash
in depository
banks Total

Direct
obligations

Guaranteed
obligations

Cash,
reserve
funds,
etc.2

1934—December..
1935—December..
1936—December..

2, 379, 491
2, 897,162
2, 765, 098

639
1,023
1,212

81, 300
348,000
586, 700

86, 651
102, 791
145, 394

1935—June..
1936—June..
1937—June..

1, 205
1,232
1,268

1.236
1,266
1,307

777
385
967
203
136 1,100

630
800
933

147
167
167

74
95
71

1937—November..
December..
1938—January
February...
March
April
May
June
July
August
September..
October
November..

2, 422,149
2, 397, 647
2, 370, 984
2, 348, 025
2, 323, 995
2, 301, 894
2, 281,884
2, 265,153
2, 248, 982
2, 234, 899
2, 221, 417
2, 203, 896
2,186,170

1,318
832, 300
1,328
853, 500
1,332
864, 900
1,334
874, 800
1,338
895, 300
1,342
919, 700
1,345
930, 300
1,346
947, 500
1,348
961, 300
1,354
976, 074
1,365
994, 218
1,370 1,011,087
1,374 1. 020, 873

187, 333
200,092
190, 535
187, 498
183,105
183, 747
186, 507
196, 222
191,889
189, 415
189, 548
189, 217
189, 685

1937—October
November
December.-..
1938—January.......
February
March
April
May
June
July
August
September
October
November

1,269
1,270
1,270
1,272
1,271
1,268
1,266
1,255
1,252
1,252
1,252
1,248
1, 250
1,250

1,308
1,306
1, 308
1,311
1,311
1,306
1,301
1,296
1,290
1,291
1,291
1, 287

130
129
130
125
124
121
119
116
115
102
99
98

1,100
1,101
1,097
1,097
1,112
1,113
1,110
1,108
1,103
1,103
1,113
1,118

934
930
930
946
946
944
941
936
937
947
952

167
167
167
167
167
167
166
167
167
166
166
166

78
76
81
89
75
72
72
72
72
86
79
71

1
Federal Home Loan Bank Board estimates for all Federal savings
p Preliminary.
and loan associations.
1 Outstanding principal, represented by certificates of deposit. Does
2 Excludes loans to other than member institutions which are neglig- not include accrued interest nor outstanding savings stamps.
2
ible in amount.
Includes working cash with postmasters, 5-percent reserve fund and
miscellaneous working funds with the Treasurer of the United States,
accrued interest on bond investments, and accounts due from late postmasters.
Back figures.—See BULLETIN for August 1935, p. 502.




62

FEDERAL RESERVE BULLETIN

JANUARY 1939

PRODUCTION, EMPLOYMENT, AND TRADE
[Index numbers; 1923-25 average=100.

The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]
Construction contracts awarded (value)

Industrial production i *
Year
and
month

Manufactures

Total

2

Factory employment 3
Minerals

Total

Residential

All other

Factory
pay-

Freight-car
ngs4*

rolls3

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
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937

„

77
89
70
74
105
96
99
108
107
106
115
99
84
71
82
86
91
105
115

84
87
67
86
101
94
105
108
106
112
119
95
80
63
75
78
90
105
109

83
87
67
85
101
95
104
108
106
111
119
96
81
64
76
79
90
105
110

44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41

63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59

107
107
82
91
104
96
100
102
100
100
106
92
78
66
73
86
91
98
106

79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74

84
91
78
85
100
98
103
107
104
104
107
92
74
55
58
62
64
75
78

98
117
76
81
103
96
101
104
102
104
110
89
68
47
50
65
74
86
102

78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
75
79
88
92

1935
Oct

Nov
Dec

95
96
101

97
98
96

95
97
101

96
98
'96

93
93
102

101
96
97

48
60
68

45
53
54

25
26
26

25
25
22

66
88
103

62
76
80

93
94
95

95
95
94

79
79
80

68
68
68

75
69
64

78
82
83

86
91
145

97
94
93
101
101
104
108
108
109
110
114
121

96
95
96
104
105
104
105
106
108
111
115
114

96
92
93
100
101
105
109
110
110
111
115
121

95
93
97
105
105
105
105
106
107
110
115
114

104
111
97
106
103
100
102
99
102
105
112
117

100
107
90
96
101
101
102
104
110
115
115
111

62
52
47
47
46
52
59
62
59
57
58
66

50
45
47
53
56
60
65
65
60
54
51
53

25
25
26
30
32
36
44
46
47
43
40
45

21
22
28
35
38
39
45
46
47
41
39
38

92
75
63
60
57
65
71
75
69
69
72
83

75
63
62
67
70
78
82
81
70
65
62
65

94
93
93
94
96
97
98
99
100
101
103
105

92
92
93
95
95
96
97
100
102
103
103
104

77
77
80
82
84
84
83
87
87
93
94
99

70
71
66
71
72
73
76
76
75
77
82
83

65
68
64
68
71
73
77
77
84
86
84
77

81
83
84
84
87
87
90
87
88
90
94
92

63
66
77
85
89
84
6
3
68
94
1C
0
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
110
101
85
79

113
118
122
125
123
114
110
114
106
99
86
75

111
116
128
115
117
115
112
113
116
113
109
115

107
112
119
105
118
118
115
121
125
123
112
108

63
62
56
53
56
61
67
62
56
52
56
61

51
54
56
61
68
72
75
66
56
49
50
49

45
47
45
44
44
42
44
40
37
36
32
30

37
42
47
51
52
47
45
40
37
35
31
25

77
75
64
61
66
77
86
81
71
65
76
87

63
64
63
68
81
92
99
87
72
61
65
68

105
106
107
108
109
108
109
109
107
105
101
95

103
105
108
109
109
108
108
109
109
107
101
95

94
100
106
109
110
107
105
108
104
105
93
84

80
82
83
84
80
78
80
79
78
76
71
67

73
76
80
79
80
79
82
81
87
84
72
62

93
95
93
93
93
93
92
93
94
93
91
89

72
76
90
89
95
90
65
72
100
103
101
156

80
79
79
77
76
77
83
88
91
96

79
79
80
78
77
77
81
87
91
97

76
75
75
73
73
74
82
87
89
95

75
76
77
76
75
75
79
85
89
95

108
103
103
101
91
92
93
95
97
99

103
98
95
91
90
91
92
97
102
106

,104

,103

,103

,102

,105

42
44
46
59
61
63
65
69
79
78
,79

26
32
33
37
37
42
49
53
56
57
,54

22
73
28
66
35
56
43
65
44
62
46
64
49
68
52
77
56
96
56 102
,52 ,117

59
56
55
73
76
76
78
84
97
96

,103

52
51
46
52
51
54
59
66
78
82
.89

90
89
87
85
84
82
83
85
87
88
,90

88
88
88
86
83
82
82
86
89
90
,91

75
77
77
75
73
71
71
77
81
84
,84

65
62
60
57
58
58
61
62
64
68
69

59
57
57
55
57
58
62
63
71
75
70

90
88
86
83
78
82
83
83
86
84
89

70
70
77
86
80
79
58
65
91
92
99

1936
Jan.
Feb
Mar
April.-.

May-__
June
July...Aug
Sept
Oct
Nov
Dec
1937
Jan
Feb
Mar
April. __

May....
June
July.___
Aug
Sept
Oct
Nov
Dec

•18
•1

1938
Jan
Feb
Mar
April. __

May....
June
July....
Aug
Sept
Oct

Nov

,101

r
v Preliminary.
Revised.
* Average per working day.
1 For indexes of groups and separate industries see pp. 63-64; 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.
s The indexes for factory employment and payrolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description of the seasonally adjusted index of factory employment compiled by F. R. Board of Governors see pp. 835-837 of BULLETIN for October 1938.
For current indexes of groups and separate industries see pp. 65-68. Underlying figures are for payroll period ending nearest middle of month.
* For indexes of groups see p. 70.
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.




63

FEDERAL RESERVE BULLETIN

JANUARY 1S3

INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average — 100]
1937

Industry
Manufactures—Total.

Oct.

1938

Nov. Dec.

Jan.

Feb. M a r . Apr. M a y June

July

Aug. Sept.

Oct.

101

75

73

74

82

87

89

95

IRON AND STEEL..

100
95
101

49
45
49

50
44
50

46
36
47

62
42
64

70
51
72

76
59
77

90
67
93

TEXTILES
Cotton consumption
Wool
Consumption.
Machinery activity i
Carpet and rug loom activity l
Silk deliveries

91
101
65
63
74
59
105

81
90
54
57
51
49
100

74
77
50
55
42
47
101

87
88
75
92
69
38
101

97
101
87
110
74
42
105

110
115
106
133
91
55
102

103
108
93
107

100
104
91
101
87
67
104

111
116
151
90
63

84
66
105
111
151
90
77

84
66
103
110
164
86
81

81
58
108
110
151
98
78

62
107
112
152

74
103
115
153
87

Nov

Pig iron
Steel ingots

109
76
112

112
P107
P124
P101
P69

123

FOOD PRODUCTS:

Slaughtering and meat packing.
Hogs
Cattle
Calves
Sheep...
Wheat flour
Sugar meltings..__

74
96
115
139
86
101

72
101
114
143
88
142

63
145

'65
130

63
134

92
77
106
113
160

86
66
109
111
164

57
132

53
129

53
126

46
125

53
125

51
122

54
124

65
14

76
102
120
139
86
73

61
19
102
81
79
89
81
116

54
23

54
17

49
12

46
14

104
78
77
87
74
121

104
72
72
72
73
124

105
75
77
68
74
124

90
75
74
76
74
101

43
12
103
78
77
80
76
119

106
118
152
88
106

95
92
94
108
149
91
103

94
88
96
112
152
86
100

53
123

57
130

58
131

63
127

45
4

46
4
102
78
86
69
'65
118

100
80

P102

107

80
155

PAPER AND PRINTING:

Newsprint production
Newsprint consumption..
TRANSPORTATION EQUIPMENT:

Automobiles
Locomotives

142
32

LEATHER AND PRODUCTS

94
78
72
80
91
105

Tanning
Cattle hide leathers___.
Calf and kip leathers...
Goat and kid leathers..
Boots and shoes

108
82
86
77
75
125

70
113

CEMENT AND GLASS:

Cement_.
Glass, plate

79
179

76
151

71
108

141
115
81

115
108
79

107
87

Petroleum refining
Gasoline x , 2
Kerosene 2
Fuel pin, .
Lubricating oil i, 2_
Coke, byproduct
Coke, beehive

277
110
153
134
128
20

113
150
127
103
14

'203
255
108
148
123
89
11

'201
253
111
146
116
87

195
243
113
145
114
85

191
239
120
137
113
82
7

197
250
114
137
109
79

RUBBER TIRES AND TUBES

04

75
78
53

66
70
42

67
70
45

57
59
41

62
64
42

64
67
40

42

155
73
221
83

170
74
247
84

157
75
225
77

157
73
226
77

160
77
227
83

159
69
230
84

115

108

103

103

79
70
176

65
67
177

64
53
171

58
68
172

...

67

84
155

NONFERROUS METALS:

Tin deliveries *
Zinc
Lead
FUELS, MANUFACTURED:
2

Tires, pneumatic *
Inner tubes J
TOBACCO PRODUCTS

Cigars
Cigarettes
Manufactured tobacco.
Minerals—Total..
Bituminous coal..
Anthracite
Petroleum, crude..
Iron ore
Zinc.__
Lead
Silver

155
73
221
82
113
84
57
176
91
115
81
91

78
67
174
40
108
79
119

73

107
87
104

193
248
117
126
103

208
269
102
143
110

74

203
264
104
134
108
81
5

206
265
109
141
113

72
75
48

82
86
53

91
94
65

96
100
72

'98
102
r71

100
103
73

163
70
237
L84

154
73
219
84

154
71
219
84

161
73
232
81

160
75
229
84

150
74
211
78

164
76
233
95

91
62
45
170

258
106
132
110
71
5

92

93

95

97

57
64
156
19
79
60
92

57
71
153
34
70
64
91

60
47
161

64
38
167
37
74
46
105

71
50
158
41
75
50
102

253
118
133
108
73
5

"•200

54

105

P102

72
49
161
50
80
50
102

P57

P163

42

1 Without seasonal adjustment.
v Preliminary.
' Revised.
2 Indexes of petroleum refining, gasoline, fuel oil, and lubricating oil have been revised for some months in earlier years. The revised figures
are available at the Division of Research and Statistics.
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, November 1936, p. 911, March 1937, p. 255, and October 1938, p. 911. Series on silk-loom activity and on production of book
paper, wrapping paper, fine paper, boxboard, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this
table, are in process of revision.




64

FEDERAL RESERVE BULLETIN

JANUARY 1939

INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Board of Governors; without seasonal adjustment.
1937

1923-25 average=100]
1938

Industry
Oct. Nov. Dec.Jan.
Manufactures—Total

99

Pig iron
Steel ingots
__

._

Cotton consumption
_
Wool
Consumption
_
Machinery activity
Carpet and rug loom activity
Silk deliveries

76

79

85

89

95

P103

98
95
98

IRON AND STEEL

TEXTILES

Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov,

55
47
56

58
39
59

69
49
71

75
57
77

88
67
90

101
77
103

93
104
69
69
74
59
105

76
82
49
54
42
47
100

90
92
81
98
74
42
100

103
103
101
123
91
55
106

104
104
96
113
86
66
116

103
107
96
111
87
67
104

P116

117
P113
PlOl

89
64
119
126
153
96
69

95
81
110
117
137
93
79

101
94
107
109
140
85
8]

107
104
107
105
161
84
66

85
73
96
104
154
86
81

78
60
97
117
137
84
74

76
58
93
121
142
81
89

82
64
100
125
161
81
91

80
60
101
114
148
86
93

79
56
106
109
152
95
104

77
56
101
106
154
94
97

90
66
118
113
176
104
114

94
79
110
113
163
102
98

127
104
97
111
114
151
93
78

63
154

'64
139

63
138

58
127

53
127

52
131

47
134

54
129

52
121

53
111

52
110

57
127

58
139

63
136

100
32

111
23

61
19

63
23

66
15

59
12

45
12

26
4

63
5

115

97
84
88
62
96
106

78
76
80
60
82
79

104
83
84
82
84
117

107
77
78
77
76
127

102
71
72
65
73
122

96
71
73
65
69
113

101
78
75
93
71
116

26
5
120
84
85
93
73
144

119
83
'90
80
68
142

110
85
91
81
73
126

P110

90
179

76
151

56
108

86
107

91
155

83
155

141
112
84

115
108
82

88
109
88

'219
277
115
153
134
128
20

'213
268
122
150
127
106
15

r204
255
117
148
123
89
12

94
98
69

75
78
53

167
89
233
85

FOOD PRODUCTS:

Slaughtering and meat packing. _
Hogs
Cattle
Calves
_
Sheep
Wheat flour
Sugar meltings
PAPER AND PRINTING:

Newsprint production
Newsprint consumption
TRANSPORTATION EQUIPMENT:

Automobiles
Locomotives

LEATHER AND PRODUCTS

Tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Boots and shoes

_
_

CEMENT AND GLASS:

Cement
Glass, plate
NONFERROUS METALS:

Tin deliveries
Zinc
Lead

FUELS, MANUFACTURED:
1

Petroleum refining
Gasoline l
Kerosene1
Fuel oil
Lubricating oil 1
Coke, byproduct
Coke, beehive

RUBBER TIRES AND T U B E S

Tires, pneumatic
Inner tubes

TOBACCO PRODUCTS

Cigars
Cigarettes
Manufactured tobacco

Minerals—Total
Bituminous coal
Anthracite
Petroleum, crude
Iron ore
Zinc
Lead
Silver

91
103
70
r

73
88

201
253
113
146
116
88
10

195
243
115
145
114
87
10

191
239
117
137
113
85

196
250
113
137
109
80
7

197
253
114
133
108
72
5

192
248
109
126
103
68
5

199
258
98
132
110
69
4

""203
264
99
134
108
79
4

206
265
111
141
113
88
5

209
269
107
143
110
98
6

66
70
42

67
70
45

57
59
41

62
64
42

64
67
40

65
68
42

75
48

82
86
53

91
94
65

96
100
72

102

100
103
73

158
86
219
81

138
55
202
69

150
58
221
78

143
63
206
78

152
70
216
84

146
65
210
80

165
72
240
84

169
80
241
86

167
74
241
84

172
76
250
84

177
86
252
91

161
90
222
81

167
90
231
92

123

112

108

103

98

95

90

91

92

97

102

106

P105

92
73
178
156
112
84
90

87
70
172
34
108
82
128

84
69
171

72
72
170

68
57
168

58
56
170

109
88
105

103
70
97

97
69
104

92
65
106

49
64
158
28
80
59
89

51
62
156
67
68
65
89

62
38
170
76
69
44
104

76
50
163
78
71
48
97

79
63
163
86
78
52
101

52
47
170

55
39
165
78
64
52
84

P162

35
88

r
Revised.
Indexes of petroleum refining, gasoline, fuel oil, and lubricating oil have been revised for some months in earlier years. T h e revised figures
are available at the Division of Research and Statistics.

P Preliminary.
1

N O T E . — F o r description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, p p . 194-196, September 1933, p p . 584-587, March 1937, p . 256, and October 1938, p. 912. Series on silk-loom activity and on production of book paper, wrapping
paper, fine paper, boxboard, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process
of revision.




65

FEDERAL RESERVE BULLETIN

JANUARY 1939

FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1935.
1937

1923-25 average=100]

1938

Industry and group

Oct.

Nov. Dec

105.1
105.4
104.7

100.6
99.8
101.3

95.1
91.9
98.1

112.2
123
112
69
94
71
100
83
170
81
96
80
101
96
207

104.6
113
106
66
92
64
97
81
161
74
82
77
100
91

128.0
192
Agricultural implements
155
Cash registers, etc
119
Electrical machinery
112
Engines, turbines, etc
Foundry, machine-shop products. 113
167
Machine tools
145
Radios, phonographs
81
Textile machinery
151
Typewriters

Feb.

Mar.

90.0
83.7
96.0

88.9
81.0
96.4

87.4
79.0
95.4

97.0
105
97
68
90
59
89
73
143
71
77
73
97
87
180

88.2
95
83
62
84
51
75
71
124
67
73
68
95
81
148

85.7
92
82
62
82
47
71
71
122
64
75
66
93
79
138

90
81
62
79
45
70
70
126
64
75
64
93
78
133

120.7
180
152
113
103
107
163
124
76
140

112.8
168
148
105
100
100
157
103
71
129

104.8
156
144
97
98
93
148
91
66
120

100.0
148
144
90
92
89
142
96
63
118

96.9
142
142
87
88
87
134
91
61
115

125.4
932
138
62
52
112

119.4
926
130
60
50
112

101.2
897
107
50
49
110

77.0
892
77
38
41
103

73.3
879
74
34
36

106.2
137
117
108
94
104

103.4
162
110
103
91
98
64
82

97.2
152
101

80.9
886
81
43
45
106
90.4
140
94
85
89
75
62
77

59
61

70.2
84
56
58

66.2
81
53
54

64.1
78
51
52

63.6
76
52
52

STONE, CLAY, GLASS PRODUCTS..

79.4
57
71
109
49
82

77.7
55
72
107
48
80

74.1
52
70
100
46
78

69.8
50
65
92
44
77

TEXTILES, PRODUCTS

102.4
92.4
87
90

97.0
87.6
85
86
82
107
94
114
143
76
75
165
67
63
116.9
102
171
100
133
68
115

93.4
83.9
78
83
77
104
93
107
135
72
68
151
62
62
113.6
97
169
100
123
70
111

90.6
81.4
68
81
72
102
91
106
136
65
67
144
56
61
109.8
94
165
97
116
71
103

Total
Durable goods
Nondurable goods.
IRON, STEEL, PRODUCTS

Blast furnaces, steel w o r k s . .
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

TRANSPORTATION E Q U I P M E N T

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..
Brick, tile, terra cotta
Cement
Glass
Marble, granite, slate
Pottery

Fabrics
Carpets, rugs
Cotton goods
Cotton small wares
Dyeing, finishing textiles..
Hats, fur-felt
Knit goods
Hosiery
Knitted outerwear
Knitted underwear. __
Knitted cloth
Silk, rayon goods
Woolen, worsted goods
Wearing apparel
Clothing, men's
Clothing, women's
Corsets, allied garments...
Men's furnishings
Millinery
Shirts, collars

r

Revised.




112
92
118
145
80
81
180
74
71
123.5
109
179
101
143
70
120

90
63

Jan.

Aug.

Sept.

Oct.

70.7
94.5

84.9
72.0
97.1

•75.7
97.6

87.5
78.0
96.6

77.8
83
77
62
76
40
61
73
113
65
70
58
87
73
114

77.4
83
78
60
67
40
57
73
108
69
71
58
86
70
112

79.4
84
79
61
76
42
62
73
118
70
75
58
90
73
111

81.1
85
83
64
78
44
67
74
123
68
74
58
89
76
132

83.3
87
85
65
78
46
79
72
128
69
77
60
84
77
145

89.1
130
139
78
86
80
123
87
58
115

86.0
124
137
75
82
77
115
83
54
116

83.3
103
138
73
81
76
112
82
54
117

84.7
106
135
74
83
77
112
82
58
119

r

85.1
96
136
77
83
78
114
81
61
122

65.1
823
65
27
26

61.1
790
60
24
25

56.9
787
55
23
20

55.9
759
55
24
18
91

82.4
126
86
81
82
68
59
67

81.3
122
86
78
84
65
58
65

82.0
124
87
78
85
66
57
64

84.4
131
90
80
87
71
59
64

51
52

61.9
74
50
50

60.9
73
48
50

59.9
73
49
48

60.2
73
50
49

61.9
75
52
50

67.6
49
64
85
45
75

65.7
48
63
82
43
73

64.9
47
65
81
41
72

63.4
46
62
80
42
71

63.2
45
63
78
42
74

63.4
46
64
76
42
75

92.2
81.1
72
80
71
101
91
108
138
68
67
146
57
60
116.2
101
173
97
126
72
110

91.4
80.3
70
80
69
101
90
107
138
67
67
143
59
54
115.2
101
168
96
129
71
114

89.4
78.9
67
78
68
100
88
107
139
68
63
140
60
51
112.2
95
165
96
125
76
112

87.6
78.6
63
77
70
102
76
103
133
68
63
132
64
55
106.6
85
161
97
125
71
111

87.4
79.3
48
78
70
101
64
106
135
70
65
137
58
62
104.1
81
158
98
126
65
115

92.1
83.4
63
81
71
104
82
109
138
72
70
139
57
70
109.8
91
163
96
132
65
113

88.4
134
91
74
62
73

131
90
86
89
70
61
71

Apr.

May

June

85.4
76.2
94.1

83.7
74.1
92.9

82.4
71.9
92.4

81.6
87
79
63
78
44
64
71
122
64
70
62
92
76
128

80.2
85
80
63
76
43
63
72
120
64
71
60
89
75
126

92.8
139
141
83
129
93
58
114
857
69
31
30
92
84.5
128
85
70
60
69

July

Nov.

90.1
81.3

91
90
67
81
48
84
73
133
68
74
60
163

62
125

89.1
99
135
83
88
79
117
106
64
126

74.3
779
79
29
16

82.0
810
90
26
16
91

831
100
27
17
96

137
93
79
88
76
'59
65

89.0
140
95
81
87
83
62
66

92.1
141
100
78
90
88
62
71

'63.2
76
53

62.9
75
53
51

64.2
76
55
52

64.0
46
64
79
40
75

65.4
48
63
82
40
75

67.8
49
67
87
41

71.0
52
68
92
42
79

96.4
87.2
68
85
74
107
85
111
140
76
70
150
61
74
115.7
101
166
97
136
68
118

97.0
^87.2
72
85
78
107
87
111
140
76
69
147
61
73
117.9
103
170
97
142
71
116

95.6
86.3
77
84
79
106
90
111
141
77
69
152
60
71
115.4
102
164
98
143
72
114

97.0
88.9
79

99
136
80

107
85
112
142
76
70
156
61
79
114.0
102
161
99
139
63
114

66

FEDERAL RESERVE BULLETIN

JANUARY 1939

FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL
VARIATION)—Continued
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 193S . 1923-25 average=100j
1938

1937
Industry and group
Oct.

Boots, shoes
Leather
FOOD, PRODUCTS

Baking.
Beverages
Butter
Canning, preserving
Confectionery
__ _
Flour
Ice cream _
. _
Slaughtering, meat packing _
Sugar, beet _ _
Sugar refining, cane

Dec.

Jan.

Feb.

Mar.

Apr.

94.5
94
88

LEATHER, MANUFACTURES

Nov.
90.5
91
81

89.0
90
76

89.5
92
75

89.9
92
74

89.9
92
74

89.8
92
73

127.1

127.3

124.5

124.7

124.2

122.4

120.4

120.0

121.2

149
241
105
144

146
247
104
151

144
244
104
139

145
243
105
139

144
246
106
139

143
243
106
134

143
240
107
120

142
237
105
126

143
232
102
131

84
77

83
78

81
78

81
77

80
76

78
76

79
75

76
76

78
77

81
97

79
95

81
94

79
93

77
94

78
77

79
77

105
82
64.0
62
64

106
85

80
99

103
92

88
82

95
86

98
80

91
91

91
89

89
88

64.9
62
65

64.8
62
65

65.2
62
66

92
85
61.9
61
62

62.9
61
63

64.3
63
65

63.2
58
64

63.7
61

81
99

81
98

82
97

May

87.1
89
73

June

July

Aug.

Sept.

Oct.

Nov.

84.4
85
73

88.4
90
75

89.6
91
78

91.3
92
79

90.8
91
81

92
84

122.2

123.0

144
232
101
136

144
236
103
140

122.2
143
234
100
131
79
>75
77
96
109
92

77
95

78
95

91. 8

119.2

123.1

142
234
99
111

143
245
99
129
79
77
80
99
98

79
75
79
97

97
90

64.2
62
65

64.3
62
65

60.7
62
61

64.2
62
65

99
82
64.6
61
65

112.0
103
Boxes, paper
Paper, pulp
115
108
Book, job printing
Newspaper, periodical printing-__ 109

110.1
102
111
107
108

107.4
98
107
105
107

106.4
96
106
104
106

106.1
96
106
103
106

105.6
96
105
103
106

105.0
95
104
102
106

103.7
95
103
100
105

103.0
95
102
99
105

103.0
95
102
100
104

103.7
96
103
99
105

104.0
96
104
99
105

104. 3
97
105
99
105

105.6

125.8

122.9

117.7

114.8

114.4

112.7

110.9

110.2

108.4

108.3

111.0

111.2

111.7

129

127

124

123

123

122

122

122

120

121

121

119

118

125.1
136
108
115
90
99

121.9
131
110
113
88
97

116.3
125
104
112
88
98

112.8
122
112
110
85
92

112.4
119
107
108
84
95

110.3
115
99
107
84
87

108.2
112
109
108
83
85

107.5
110
101
111
82
93

105.5
110
93
112
81
93

105.2
106
102
113
81
91

108.4
110
98
110
81
r
96

111.4
120
109.4
111
87
108
83
92
114
312
91

109.3
113
86
107
82
88

110.2
117
87
106
81

TOBACCO MANUFACTURES _

Tobacco, snuff
Cigars, cigarettes
PAPER, PRINTING

CHEMICALS, P E T R O L E U M . . .

.

Petroleum refining
Other than petroleum
Chemicals. _
Cottonseed oil, cake, meal
Druggists' preparations
Explosives
Fertilizers . . .
Paints, varnishes
Rayon, allied products
Soap
R U B B E R PRODUCTS _.

Rubber boots, shoes
Rubber tires, inner tubes
Rubber goods, other

127

125

119

115

113

114

113

110

360
91

346
90

313
90

291
89

303
89

307
88
72.4

289
86

290
86

96.1

89.7

85.1

78.0

74.1

76

71

66

59

84
139

78
131

57

74
125

69
113

63
112

72.2

109

274
86

110

272
89

113

292
92

71.3

71.3

69.5

73.4

55

55

55

56

44

54

62
110

61
110

60
109

60
107

61
109

61
117

76.0
56
62
123

88

64
100
106
100

106

113

92
113

313
90
76.8

310
86
81.9

58

62

64
121

66
132

r
Revised.
NOTE.—Figures for November 1938 are preliminary. For description and back data see pages 835-866 of the BULLETIN for October 1938. Underlying figures are for payroll period ending nearest middle of month.




67

FEDERAL RESERVE BULLETIN

JANUARY 1939

FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT
SEASONAL ADJUSTMENT)
[Index numbers of the Bureau of Labor Statistics adjusted to Census of Manufactures through 1935. 1923-25 average=100]
Factory payrolls

Factory employment
Industry and group

1937

1938

1937

1938

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 machineryTypewriters
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, mill work .
Lumber, sawmills
STONE, CLAY, GLASS PRODUCTS

Brick, tile, terra cotta _
Cement
Glass _
Marble, granite, slate
Pottery
TEXTILES, PRODUCTS

Fabrics.
Carpets, rugs
Cotton goods
_
Cotton small wares
Dyeing, finishing textiles
Hats, fur-felt
Knit goods
_
Hosiery
Knitted outerwear
Knitted underwear _ _
Knitted cloth
Silk, rayon goods
Woolen, worsted goods
Wearing apparel
Clothing, men's
Clothing, women's
Corsets, allied garments
Men's furnishings
Millinery
Shirts, collars

r

Revised.




Nov.

July

Aug.

Sept.

Oct.

Nov.

Oct.

Nov.

July

Aug.

Sept.

Oct.

Nov.

107.2
106.6
107.8

101.1
100.8
101.4

81.9
70.3
92.9

85.7
71.7
99.0

88.8
75.3
'101.7

89.5
79.1
99.3

90.6
82.1
98.6

104.5
108.2
100. 3

92.9
94.8
90.8

70.6
58.6
84.1

76.8
63.7
91.5

81.0
68.7
94.9

83.9
75.4
93.5

84.1
78.3
90.6

113.2
123
112
69
96
71
100
84
172
84
104
82
104
97
209

105.0
113
106
64
94
64
97
81
161
76
87
78
97
92
200

76.7
82
77
62
64
39
57
73
105
67
68
59
91
70
110

79 4
84
78
63
75
42
61
73
114
69
76
60
100
72
106

81 7
85
82
65
78
44
67
73
122
70
80
61
98
75
128

84 1
87
85
65
80
46
80
73
129
71
83
61
86
77
147

86 9
91
90
66
83
48
84
73
133
69
79
60
84
81
165

109 8
117
114
58
91
70
113
77
179
73
89
76
110
94
235

88 7
92
92
53
85
57
99
64
161
58
62
69
99
84
189

57.4
57
59
52
52
29
48
55
92
52
52
49
94
58
92

65 3
65
66
53
61
35
58
57
110
56
62
51
107
63
100

68 6
68
73
54
67
38
66
60
120
53
69
50
103
67
134

74 9
74
81
54
73
42
86
62
135
59
76
51
89
72
156

79 4
83
91
54
75
45
93
55
133
54
63
49
88
76
180

128 7
181
155
119
109
113
168
178
80
152

121 1
176
152
113
98
107
164
139
75
142

82 9
101
138
73
82
76
111
82
54
116

84 1
100
135
74
83
77
107
89
58
118

'90
136
77
83
78
114
94
60
122

87.2
94
136
81
83
78
116
108
61
125

89.4
97
135
83
83
79
118
119
63
129

133.3
209
157
124
124
113
196
158
82
142

120.1
198
147
113
112
102
181
117
71
117

76.1
'72.7
'99
96
121
123
64
' 68
86
90
64
67
94
97
72
76
45
50
92
98

78.6
87
121
73
90
68
108
84
54
116

81.9
92
120
78
90
69
111
98
56
128

83.9
95
120
81
92
71
111
107
61
131

122.2
904
134
60
53
113

121.5
916
134
58
51
112

55.5
795
53
23
20
96

51.0
759
48
24
18
89

63.8
756
65
28
16
90

79.9
786
87
25
16
92

91.9
823
102
26
17
96

128.2
837
139
64
56
119

118.4
844
127
63
51
116

51.0
737
47
20
16
100

49.9
713
47
22
13
90

64.8
727
66
26
11
92

84.7
781
93
23
11
95

95.4
802
107
23
13
90

109.9
139
118
112
109
108
70
87

106.8
164
110
109
103
103
68
83

79.1
122
86
74
79
63
51
64

83.0
129
89
78
87
68
58
63

'87.9
136
93
80
96
76
'60
65

92.2
142
96
84
100
85
64
66

95.1
143
100
82
101
92
66
71

108.7
149
115
127
100
105
69
90

99.0
165
99
116
88
97
62
83

67.0
112
78
60
61
50
38
57

74.1
126
83
70
70
58
49
58

'81.4
139
89
78
81
69
60

88.5
148
96
86
92
78
62
62

89.9
147
99
86
83
84
65
66

77. 7
95
60
64

71.0
87
56
57

60.7
71
51
50

64.0
76
53
52

79
54
54

65.7
80
54
53

64.9
80
55
52

69.6
81
49
59

58.5
69
44
48

48.7
51
42
42

58.1
63
46
50

'60.0
68
46
51

60.0
68
46
50

56.0
65
45
46

82.0
61
75
110
51
84

78.2
55
72
107
49
82

64.6
49
70
75
44
70

66.3
50
70
79
43
72

67.8
51
68
82
43
75

70.1
52
70
88
42
78

71.4
52
68
92
43
80

76.7
49
71
120
40
82

69.9
40
67
113
37
79

53.1
35
66
69
34
53

56.5
37
65
79
32
59

58.3
39
63
83
31
64

63.0
41
65
93
30
73

64.0
40
64
98
31
74

104. 5
93 4
88
90
89
112
92
121
147
86
83
185
75
72
128.0
112
188
102
150
72
126

97.2
88.6
85
87
83
109
92
117
146
78
76
165
68
63
115.2
98
168
100
144
61
120

86.6
80.4
63
78
68
97
80
105
133
69
67
137
55
68
98.9
90
135
93
121
50
108

95.1
85.1
68
81
72
102
88
109
138
74
68
150
61
75
116.3
104
166
95
127
68
117

97.9
86.6
73
83
r
77
104
90
112
141
80
69
150
63
73
122.1
108
177
97
138
79
118

97.5
87.2
77
84
80
106
89
115
144
83
70
156
61
72
119.6
105
171
99
149
74
119

97.2
89.8
79
87
83
109
83
115
146
78
71
155
62
79
112.4
99
159
99
150
57
118

87.2
80.2
57
78
84
95
73
128
171
82
71
153
62
55
98.1
80
136
99
137
56
115

73.8
70.7
44
70
69
89
72
117
163
67
60
121
50
45
77.3
61
104
91
127
43
105

66.6
65.7
45
64
59
78
75
98
134
57
54
111
42
56
66.0
57
86
83
94
36
78

80.0
73.4
55
68
65
87
87
112
154
65
58
126
50
62
90.4
74
128
86
110
60
93

84.1
74.8
61
71
71
90
95
116
159
72
59
128
51
58
99.5
80
138
96
125
92
97

83.1
76.5
66
73
78
92
78
122
167
77
62
131
50
58
93.0
75
129
105
140
63
99

78.6
77.4
66
74
78
93
70
119
165
69
61
121
48
64
78.2
63
102
99
151
40
104

68

FEDERAL RESERVE BULLETIN

JANUARY 1939

FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL
ADJUSTMENT)—Continued
[Index numbers of the Bureau of Labor Statistics; adjusted

to Census of Manufactures through 1935. 1923-25 average=100]

Factory employment
Industry and group

1938

1937

Nov.

Oct.

Nov.

July

Aug.

92.2
94
79

89.6
90
81

85.1
84
84

69.0
62
86

55.9
49
75

69.4
67
72

76.9
75
78

138.3
145
260
110
251
72
78
93
94
75
90

142.7
146
250
104
272
88
77
83
96
100
93

128.7
144
234
99
147
93
78
74
97
261
90

123.5
145
229
97
104
90
78
71
101
266
87

135.2
150
279
88
177
99
82
64

126.3
142
267
84
105
91
78
62
112
280
76

128.5
143
323
96
157
63
79
81
108
53
81

61.5
60
62

64.3
60
65

66.3
63
67

66.3
58
67

66.9
62
68

62.5
70
61

61.8
66
61

111.7
108
111
108
110

101.5
92
102
98
102

102.7
95
103
99
103

104.3
99
104
99
105

105.5
103
105
100
106

107.1
105
106
102
107

110.3
115
115
97
112

_ _ 128.5
129
128.3
138
153
119
92
89
127
362
95

124.5
128
123.7
132
145
117
90
84
124
349
93

105.0
122
101.0
108
59
107
81
64
111
271
88

108.1
122
104.8
110
68
108
82
69
111
294
91

113.0
121
111.1
113
114
110
85
82
113
315
93

113.4
120
111.9
115
122
110
84
80
113
314
93

113.0
119
111.6
118
115
109
83
79
112
313
89

97.1
78
84
142

90.5
73
78
133

68.7
42
61
107

72.5
54
61
113

75.9
58
62
121

77.7
60
64
123

82.6
64
66
134

Tee oTAfiTn
Slaughtering, meat packing
Sugar, beet
Sugar refining, cane
TOBACCO, MANUFACTURES
Tobacco, snuff
Cigars, cigarettes
_ _

Boxes, paper
Paper, pulp
_
Book, job printing
Newspaper, periodical printing, __
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

Aug.

83.9
83
81

89.3
91
74

92.6
95
77

127.5
148
231
102
122
95
79
72
100
287
84

128.6
145
260
111
179
68
78
95
95
53
88

67.1
62
68

Baking
Beverages
Butter
Canning, preserving
Confectionery
Flour

July

138.2
151
241
105
191
99
80
76
99
282
82

FOOD, PRODUCTS

Nov.

93.4
93
88

_ _

CHEMICALS, PETROLEUM

1938

Oct.

LEATHER, MANUFACTURES

PAPER, PRINTING

1937

Sept.

Oct.

Boots, shoes
Leather

Factory payrolls

67.5
62
68

113.3
109
115
109
110

r

Oct.

Nov.

74 0
71
79

69 6
65
82

62 6
55
85

131.1
140
322
94
204
69
79
80
105
68
80

136.7
144
298
90
238
91
81
70
109
97
85

127.0
140
273
86
130
92
80
64
110
226
80

122.4
140
265
83
86
85
74
61
110
274
75

57.1
69
56

59.0
66
58

61.0
79
60

60.7
63
60

59.8
69
59

106.6
108
104
97
111

95.9
93
97
85
101

98.0
97
102
86
101

101. 1
105
102
88
106

103.7
113
107
88
109

103.4
110
103
89
110

135.1
143
132.5
152
131
129
108
82
131
352
97

129.9
142
126.3
143
125
125
104
77
122
338
93

111.1
135
103.7
115
51
111
89
63
111
250
87

116.9
138
110.4
121
57
117
93
65
111
289
91

118.9
135
114.1
121
95
119
93
77
115
308
95

120. 1
133
116.2
128
104
124
97
70
116
303
95

119.2
134
114.7
128
100
119
92
65
114
303
88

94.5
78
82
141

82.2
69
71
123

64.1
37
60
95

69.5
51
61
108

76.7
58
67
117

79.7
62
69
123

85.5
61
76
131

no
227
73

Sept.
r

r
Revised
NOTE.—Figures for November 1938 are preliminary. For description see pages 835-866 of the BULLETIN for October 1938. Back data may be
obtained from the Bureau of Labor Statistics. Underlyingfiguresare for payroll period ending nearest middle of month.




JANUARY

69

FEDERAL RESERVE BULLETIN

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.]
Residential

Total

Public works
and public
utilities 1

1937

January .
February
March _ April
May
_
June
July
August
September
October
November
December...

_ _
_
_

_

Year

1938

1937

1938

242.7
188.3
231.2
269 5
243.7
317.7
321.6
281.2
207.1
202.1
198.4
209.5

192.2
118.9
226.9
222.0
283.2
251.0
239.8
313.1
300.9
357.7
301.7

78.4
63.0
90.2
107.8
83.9
93.0
81.0
73.4
65.6
65.5
59.9
43.5

36.2
40.0
79.4
74.6
83.2
85.7
88.0
99.7
99.6
112.7
95.3

2 913 1

905 3

1937
37.0
12.6
22.2
30.1
18.5
36.8
58.5
37.9
12.9
12.6
13.5
20.9

1938
6.6
4.9
15.7
11.5
8.6
10.7
9.7
11.3
10.7
13.8
10.5

15.4
13.0
20.2
18.9
19.2
18.8
26.2
18.3
14.0
24.2
13.7

21.5
22.3
30.0
28.5
25.6
24.5
29.1
29.6
25.3
25.2
18.9
16.5

1937

98.6
30.5
59.7
67.0
122.2
83.5
79.3
126.1
109.3
114.0
90.4

851.6

297.0

313 7

1938

68.0
60.1
51.9
65.4
65.8
98.9
101.4
89.6
65.3
61.3
59.2
64.8

1938

1937

Educational i

1937

Commercial

Factories

Month

All other i

1938

1937
19.0
19.4
27.9
24.1
28.4
27.7
36.7
34.0
22.6
27.3
28.4
26.8

19.0
15.4
21.0
16.9
11.8
14.7
10.7
21.4
33.9
47.0
49.0

18.8
10.9
9.1
13.7
21.4
36.9
14.8
16.7
15.3
10.1
18.5
37.0

1938
16.4
15.1
31.0
33.1
38.2
37.7
26.1
36.3
33.4
46.0
42.8

322.2

223.2

i Not strictly comparable with data for earlier years due to changes in classification.

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.]
Total

Privately-financed i

Publicly-financed i

Month
1933

1934

1935

1936

1938

83
53
60
57
77
102
83
106
120
145
162
207

186
97
178
131
134
127
120
120
110
135
112
93

100
75
123
124
127
148
159
169
167
201
188
264

215
140
199
235
216
233
295
275
234
226
208
200

243
188
231
270
244
318
322
281
207
202
198
209

Year . . . 1,256

1,543

1,845

2,675

192
119
227
222
283
251
240
313
301
358
302

2,913

January
February
March _
April
M a y _ _.
June
July
August
September
October..
November
December

.

1933

1934

1935

39
27
25
18
24
29
20
47
71
100
126
156

157
65
126
78
72
73
52
69
69
79
74
61

55
38
68
53
47
64
67
92
97
114
118
196

149
79
96
105
94
116
153
153
116
101
89
82

112
69
66
74
93
137
131
104
80
78
93
115

683

1937

975

1,007

1,334

1,152

1936

1937

1938

1934

1935

1936

1937

44
26
35
39
53
74
63
59
49
45
36
51

29
31
52
53
63
54
67
51
41
57
38
32

45
37
55
71
80
84
93
76
70
87
70
68

66
62
103
130
122
116
141
122
119
125
119
117

130
119
165
195
151
180
191
178
127
124
106
94

573

118
51
95
99
144
108
98
171
160
203
179

1933

568

837

1,341

1,761

1938
75
68
132
123
139
143
142
142
141
154
123

i Back figures.—See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available.

CONSTRUCTION CONTRACTS AWARDED, BY
DISTRICTS

COMMERCIAL FAILURES, BY DISTRICTS

[Figures reported by Dun & Bradstreet.
dollars.]
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars.!
Number
Federal Reserve district
Nov.

Oct.

20, 822
44, 981
14, 952
37, 276
36, 928
22, 741
57,161
23, 665
8,727
13, 392
21,034

35, 895
82, 441
16, 582
33, 089
34, 205
28, 082
65, 861
20, 716
10, 627
11,154
19, 046

301, 679

357, 698

Nov.

Federal Reserve
district

1938
Nov.

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Total (11 districts)




13, 890
36, 327
16, 391
25, 325
19, 433
13, 358
28,147
13,194
6,975
10, 334
15, 027

Boston...
New York
...
Philadelphia
Cleveland
Richmond..Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
198, 402 Dallas
San Francisco
Total

Amounts in thousands of

Liabilities
1938

1937

Oct.

Nov.

1937

Nov.

Oct.

Nov.

77
288
72
64
51
55
144
29
15
42
36
111

85
257
67
83
51
54
127
42
25
48
21
137

71
275
30
62
53
50
103
26
20
37
21
94

1,067
4,239
1,058
844
320
694
1,761
151
194
379
338
1,257

1,036
5,107
770
948
442
476
1,843
477
210
443
316
1,151

1,242
5,474
477
1,867
747
530
2,553
466
218
920
380
1,526

984

997

842

12, 302

13, 219

16, 400

NOTE.—Series revised back to Jan. 1934 to include commercial and
industrial failures occurring under Section 77B of The National Bankruptcy Act. Back figures may be obtained from D u n & Bradstreet, Inc.

70

FEDERAL RESERVE BULLETIN

JANUARY 1939

MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports l

Merchandise imports >

Excess of exports

Month

172
163
191

176
163
185

199
182
195

223
233
257

289
262
275

136
133
158

167
152
177

187
193
199

240
278
307

179
160
171

164
165
170

193
201
186

269
290
265

274
257
233

147
155
136

171
171
157

203
192
191

162
172
191

173
172
199

180
179
221

268
277
297

228
231

127
120
132

177
169
162

October
Nnvftmbfir
December.

206
195
171

221
270
223

265
226
230

333
315
323

130
151
132

Year.

2,133

2,283

2,456

3,349

1,655

April
May
June

-

July
August
September

.

.

1938

to

1936

January
February
March

1937

1934

1935

to

1934

P252

1936

1935

1937

1934

1935

171
163
173

37
30
33

287
285
286

160
148
146

195
193
216

265
246
233

189
169
187

213
196
245

224
223
209

2,047

2,423

3,084

1938

1936

1937

1938

9
11
8

11
—11
—4

-18
-45
-51

118
99
102

33
6
34

-6
—5
13

-10
9
-5

-18
5
-21

115
109
87

141
166
168

34
62
60

-3
3
37

-15
-14
5

3
31
63

87
65
79

178
P176

77
44
38

32
100
37

52
30
-15

108
92
115

100

478

235

33

265

* Preliminary.
iIncluding 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]

Nov.

Index of sales i

Index of stocks (end of
month)

Without
Adjusted
for seasonal
seasonal
variation adjustment

Without
Adjusted
seasonal
for seasonal
variation adjustment

1937

1938

1937

1938

1937

1938

1937

January
February
March

93
95
93

90
88
86

72
76
90

70
70
77

74
76
76

71
70
70

66
72
78

63
67
71

April
June

93
93
93

83
78
82

89
95
90

86
80
79

76
76
76

69
69
68

79
78
73

71
71
65

July
August.
September __

92
93
94

83
83
86

65
72
100

58
65
91

77
78
77

67
67
67

69
74
80

CO CO

1937

October
November
December

93
91
89

84
89

103
101
156

92
99

76
75
72

67
67

85
86
68

74
78

1938
July

Aug.

Sept. Oct.

Nov.

Month

Adjusted for seasonal variation
Total
Coal.
Coke
Grain and grain products
Livestock
Forest products
Ore
Miscellaneous
Merchandise *

71
72
59
92
42
41
73
76
64

61
62
43
89
39
37
32
65
60

62
63
46
84
37
40
34
67
60

.

64
68
51
74
39
40
41
69
61

68
69
50
95
44
42
48
72
62

69
70
58
81
44
40
74
74
61

Without seasonal adjustment
Total
Coal
Coke
Grain and grain products. _
Forest products
Ore
Miscellaneous
Merchandise *

72
78
59
86
51
40
40
78
65

62
52
36
123
34
37
60
66
59

63
56
38
101
37
41
63
68
61

71
71
49
83
50
43
72
78
64

75
76
50
95
62
43
71
82
65

70
76
58
76
53
39
41
76
62

May

Year
1

70

76

Based on daily average sa les—wi th all(3wance for changes from
month to month in number of SEiturda?/s and n n u m b e r of S u n d a y s and
holidays. Adjustment for seasonal variation makes allowance in March
and April for the effects upon sales of changes in the date of Easter.
Back figures.—Department store sales, see BULLETINS for August
1936, p. 631, and October 1938, p. 918; department store stocks, see BUL-

i In less-than-carload lots.
NOTE.—For description and back data see pp. 522-529 of BULLETIN
for June 1937. Based on daily average loadings. Basic data compiled
by Association of American Railroads. Total index compiled by com- LETIN for March 1938, p. 232.
bining indexes for classes with weights derived from revenue data of
the Interstate Commerce Commission.




92

1938

71

FEDERAL RESERVE BULLETIN

JANUARY 1939

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics. 1926=100]

Year, month, or week

All
commodities

Other commodities
Farm
products

Foods
Total

Hides and Textile
Fuel and Metals Building ChemiHouselighting and metal
leather
cals and furnishproducts products materials products materials drugs
ing goods

Miscellaneous

1929
1930
1931
1932
1933
1934
1935
1936
1937

95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3

104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4

90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5

91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3

109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6

90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3

83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6

100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7

95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2

94.2
89.1
79.3
73.5
72.6
75.9
80.5
80.4
83.9

94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7

82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8

1937—September.
October....
November.
December.

87.4
85.4
83.3
81.7

85.9
80.4
75.7
72.8

88.0
85.5
83.1
79.8

85.9
85.1
84.3
83.6

107.6
106.7
101.4
97.7

75.3
73.5
71.2
70.1

78.7
78.5
78.2
78.4

97.1
96.4
96.8
96.3

96.2
95.4
93.7
92.5

81.4
81.2
80.2
79.5

91.1
91.0
90.4
89.7

77.0
76.2
75.4
75.0

1938—January...
February..
March
April
May
June..
July
August
September.
October
November.
Week ending—
1938—Aug. 6._.
Aug. 13..
Aug. 20_.
Aug. 2 7 Sept. 3__.
Sept. 10..
Sept. 17_.
Sept. 24..
Oct. l.._.
Oct. 8—.
Oct. 15...
Oct. 22...
Oct. 2 9 . .
Nov. 5___
Nov. 12_.
Nov. 19_.
Nov. 26..
Dec. 3__.
Dec. 10__
Dec. 17-_

80.9
79.8
79.7
78.7
78.1
78.3
78.8
78.1
78.3
77.6
77.5

71.6
69.8
70.3
68.4
67.5
68.7
69.4
67.3
68.1
66.8
67.8

76.3
73.5
73.5
72.3
72.1
73.1
74.3
73.0
74.5
73.5
74.1

83.5
83.0
82.6
82.0
81.6
81.3
81.4
81.4
81.3
81.1

96.7
94.7
93.6
92.1
91.3
90.1
91.5
91.9
92.0
93.4
94.6

69.7
68.6
68.2
67.2
66.1
65.5
66.1
65.9
65.8
66.2
66.2

78.3
78.5
77.7
76.8
76.2
76.4
76.8
76.8
76.6
75.4
73.7

96.6
96.0
96.0
96.3
96.7
96.1
95.2
95.4
95.5
95.3
94.9

91.8
91.1
91.5
91.2
90.4
89.7
89.2
89.4
89.5
89.8
89.2

79.1
78.7
77.5
76.8
76.3
77.7
77.7
77.3
77.1
76.6

88.3
88.0
87.7
87.3
87.2
87.1
86.4
86.4
86.2
85.7
85.8

75.2
74.8
74.4
73.4
73.1
72.9
72.7
72.4
72.4
72.6
73.0

78.4
77.9
77.4
77.8
77.8
77.9
78.3
78.4
78.0
77.8
77.7
77.3
77.6
77.3
77.4
77.3
77.3
77.4
77.1
76.7

68.7
67.0
65.9
67.3
67.1
67.7

73.5
72.2
72.0
73.0
73.0
73.7
74.8
75.0
74.1
73.7
73.6
73.5
73.8
72.9
73.9
73.9
74.0
74.3
73.7
72.6

81.7
81.8
81.6
81.6
81.5
81.5
81.6
81.6
81.6
81.5
81.6
81.2
81.3
81.2

92.2
92.5
92.5
92.4
92.5
92.8
92.4
92.3
92.5
92.8
93.7
94.3
95.1
95.3
95.1
95.1
95.0
94.4
93.4
93.8

65.5
65.5
65.3
65.3
65.4
65.3
65.3
65.3
65.4
65.6
65.7
65.7
65.9
65.9
65.7
65.7
65.7
65.6
65.4
65.2

77.7
78.0
77.6
77.6
77.2
77.1
77.6
77.5
77.2
76.9
76.9
75.5
75.2
75.2
74.8
74.9
74.4
74.3
74.4
74.1

95.5
95.5
95.5
95.4
95.4
95.4
95.5
95.6
95.7
95.7
95.4
95.4
95.9
95.3
95.3
95.0
95.0
95.0
94.8
94.8

89.3
89.3
89.3
89.3
89.4
89.5
89.6
89.4
89.5
89.7

77.4
77.2
77.1
77.1
77.1
77.1
77.1
77.1
76.9
76.7
76.7
76.7
76.6
76.3
76.2
76.4
76.3
76.3
76. 3
76.3

87.9
87.8
87.8
87.8
87.8
87.8
87.8
87.8
87.2
87.1
87.1
87.1
87.1
87.1
87.1
87.1
87.7
87.7
87.6
87.6

72.3
72.3
72.1
72.3
72.3
72.2
72.1
72.3
72.3
72.4
72.4
72.4
72.4
72.4
72.5
72.5
72.4
72.4
72.8
72.9

68.1
67.4
67.4
66.9
68.2
67.2
67.6
67.8
68.3
69.1
67.8
67.4

80.7
80.7
80.6

90.0
89.0
89.3
89.4
89.3
89.1

1938

1938

Subgroups

Subgroups
Nov.
FARM PRODUCTS:
Grains
Livestock and poultry
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 products
TEXTILE PRODUCTS:
Clothing
Cotton goods
Hosiery and underwear
Silk and rayon
Woolen and worsted goods
Other textile products
F U E L AND LIGHTING MATERIALS:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
r
1

Aug.

Sept. Oct.

Nov

53.4
80.6
62.6

53. 0
81.0
'•63. 2

50.8
76.2
65.0

50.9
75.2
67.4

68.8
77.0
57.3
86.0
66.5

'71. 1
76.1
55.5
87. 3
69.5

71.6
75. 1
57.5
83.3
70.4

72.5
74.0
63.0
81.9
71.0

Nov.

Aug.

Sept. Oct.

Nov

95.9
97.6
99.3
95.3
78.5
79.6

95.5
97.0
97.3
96.1
72.9
79.2

95.5
96.9
97.3
96.2
73.5
78. 5

95.4
96.8
96.9
95.0
76.2
78.5

93.7
95.0
96.9
93.6
77.6
78.7

METALS AND METAL PRODUCTS:

100.8
75.6
82. 1
97.0
81.7
64.4
59.8
29.2
76.3
65.2
77.9
98.1
104.2
81.6
88.1
56.7

100.8 100.3 100.4
75.7 82.1 85.5
82.4 84.6 86.9
96.9 96.9 96.6
81.6
64.1
59.9
29.5
76.3
65.0

81.6
64.6
59.9
30.9
76.3
65.3

81.6
65.1
59.9
30.3
76.4
64.5

79.1 79.1 80.1
98.4 98.7 98.5
104.2 104.2 104.2
81.8
88.7 87.1
56.4 53.8 51.5

Agricultural implements
Farm machinery
Iron and steel 1
Motor vehicles
Nonferrous metals
Plumbing and heating

BUILDING MATERIALS:

Brick and tile
Cement
Lumber
Paint and paint materials
Plumbing and heating
Structural steel
Other building materials

CHEMICALS AND DRUGS:

Chemicals
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers

92.9 90.6 90.9 91.1 91.5
95.5 95.5 95.5 95.5 95.5
94.8 90.2 90.4 90.3 90.2
81.5 80.5 80.4 81.1 80.9
79.6 79.2 78.5 78.5 78.7
114.9 107.3 107.3 107.3 107.3
98.7 91.3 91.3 91.7 89.7
. . . 84.2
76.8
71.9
74.5

81.4
74.8
67.3
74.2

81.0
74.8
67.2
73.4

80.5
74.9
67.5
73.4

73.6
67.7
73.2

94.8
86.0

90.5
82.2

90.2
82.1

89.3
82.1

89.7
81.9

57.4
83.3
90.4
30.6
83.5

57.4
67.0
82.4
33.5

57.4
67.6
81.9
33.3
81.1

57.4
66.5
81.7
35.3
81.2

58.8
70.5
81.5
34.3
81.2

HOUSEFURNISHING GOODS:

Furnishings
Furniture

MISCELLANEOUS:

Auto tires and tubes..
Cattle feed
Paper and pulp
Rubber, crude
Other, miscellaneous.

Revised.
Preliminary revision.
Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for
1937 (table 87).




72

FEDERAL RESERVE BULLETIN

JANUARY 1939

DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates of the Department of Agriculture, by States, as of December 1, 1938]
[In thousands of units]
Cotton
Federal Reserve district

Production

Corn

1937

Boston
New York
Philadelphia
Cleveland
_
Richmond
Atlanta
__
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco. _ _

Estimate
Dec. 1,
1938

Bales

Bales

4, 891

- 3, 384

642
6,329
1,020

473
3,858
599

18,946

12,008

2, 651, 284

1,846
4,218

_.
-_
.

1,065
2,629
9

-__-__

_

_ _

_ __
_____

___

Total
1

- _




Bushels

Production
1937
Bushels

Estimate
Dec. 1,
1938
Bushels

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

9 164
20, 783
53, 526
28,459
7,529
76, 688
80,044
14, 346
290, 925
42 801
61, 559

8,324
19, 810
52, 956
27, 263
6,572
67, 734
66, 081
30,268
287, 758
36, 020
83, 851

76
92
169
120

68
108
139
120

1, 641
140
116, 667
8,121
105
62, 721

1,847
143
189, 588
10,148
10 9
41,901

2, 542, 238

685, 824

686, 637

189,852

244.164

White potatoes

Tobacco

Estimate
Dec. 1,
1938

Production
1937

Estimate
Dec. 1,
1938

Production
1937

Bushels
6,142
20,194
15, 557
45, 886
19, 029
13, 571
560,610
55,844
250, 491
113, 224
33, 087
27. 977

Bushels

Tons

Tons

Pounds

Pounds

Bushels

6 326
27, 708
19, 222
49, 425
20, 949
15, 276
430, 768
51, 571
235, 287
134, 530
39, 563
23, 214

3,497
6,053
2,353
4,931
3,746
3,108
14, 992
6,106
9,602
6.376
1,211
11,474

3.523
5,737
2,376
5,478
3,729
3,419
18, 379
6,825
10, 745
7,002
1,403
11,683

29 963
1,367
28,990
131,007
840, 381
187, 549
26, 635
300, 855
1,966
3,888

23,261
1,787
32, 690
119,691
755, 559
198, 459
37, 244
279,065
2,976
5,238

56, 706
33, 753
25, 559
18, 604
30, 046
14, 722
50, 568
12, 716
46, 762
32, 039
4,268
68, 396

Bushels
47 316
32,123
22, 996
20, 554
27, 261
15, 466
53, 457
13, 978
41,027
26,160
3,778
65,181

1,161,612

1, 053,839

73, 449

80, 299

1, 552r 601

1, 455, 970

394.. 139

369, 297

Includes 23,000 bales grown in miscellaneous territory.
Includes 17,000 bales grown in miscellaneous territory.
NOTE.—1937 figures for all crops except cotton are as revised in December 1938.
2

Bushels

Estimate
Dec. 1,
1938

Production
1937

1937

_ _

Bushels

Production
1937

Spring wheat

Estimate
Dec. 1,
1938

Production

Boston

Estimate
Dec. 1,
1938

Tarn e hay

Oats
Federal Reserve district

New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Bushels
7 730
28, 379
55, 607
207,157
139, 866
182, 250
1,141, 846
366, 932
247, 672
179,147
86, 945
7,753

1

Total

Production
1937

Winter wheat

Estimate
Dec. 1,
1938




INTERNATIONAL FINANCIAL STATISTICS

73

74

FEDERAL RESERVE BULLETIN

JANUARY 1939

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Total i
(52
countries)

End of Month

1934—December. _ __
1935—December
1936—December
1937—November
December
193g—January
February .
March
April
May

June
__ _
July
August
September
October. . ._
November

Africa
(5
countries)

11,010
9,517
10, 241

601
666
736

805
816
858

263
291
283

187
184

10, 754
10, 776

695
685

687
687

266
266

186 10,848
188 10, 746
186 10,819
189
10, 589
187 10, 521
185 10, 546
189 10, 572
10,603
190
9,916
187
188
9,961
P188 P10, 000

12, 756
12, 776
12, 795
12,869
12, 919
12,963
13,017
13,136
13, 760
14,065
14, 312

25, 431
25, 339
25, 417
25, 254
25, 236
25,304
25, 292
25, 455
25, 407
P 2 5 , 756

Asia
and
Oceania (8
countries)

689
681
665
658
656
658
656
656
656
P655

687
686
686
686
687
687
589
591
591
P591

266
261
266
263
266
265
268
280
298

Canada

8,238
10,125
11, 258
12, 774
12, 760

25, 363
25, 359

Latin
America
(11
countries)

134
189
188

United
States

21,051
21, 604
23, 564

Europe

Eu
rope
(26
countries)

Switzerland
Nether- Nalands tional B.I.S.
Bank

United Kingdom
Bank of ExFrance
Eng- change
2
land Acc't.

P297

1,584
1,648
2,584
2, 689
2,689
2,689
2,689
2,689
2,689
2,690
2,690
2,690
2,690
2,690
2,690
2,690

5,445
4,395
2,995
2,564
2,564
2,564
2,428
2,428
2,428
2,428
2,428
2,428
2,428
2,428
2,428
2,435

934
1
1
1
1
1
1
1,
1
1,
1

S95
W5
489
48Q
48Q
489
48Q
759
759
759

Belgium
590
611
632

573
438
490

570
597

940
930

644
648

599
593
531
529
456
481
501
517
539
562
584

957
977
998
1,007
1,008
1,008
1 008
1,008
1,008
1,008
1,008

687
699
698
697
686
679
674
686
690
695
699

1934—Dec. ._
1935—Dec. _.
1936—Dec. _.
1937—Nov. _.
Dec. _.
1938—Jan
Feb. _ _

Mar. „
April,
May...

June...
July...
Aug. __
Sept...
Oct....
Nov. __

Bulgaria

CZ

sToh°"
vakia

Den
"
mark

Ger
" !
many

J
Greece , \ Hun- , Italy s
gary

Norway
61
84
98
86
82
82
81
90
90
90
90
101
101
96
96
96

96
84
75
82
83

112
112
91

60
54
54

32 i
33 !
27 |

40
34 i
26 ;

23
23
25

518
270
208

23
24

91
92

53
53

28 '
28 i

24
24

25
25

208
210

24
24
24
24
24
25
25
25
28 !
27 j
27

25
25
25
25
25
25
25
25
25
25
28

210
210
210
210
210
210
210
210
210
210
210

93
93
93
93
93
93
93
93 I
81 l
83 ,
83

24
24
24
24
24
24
24
24
24
24
24

53
53
53
53
53
53
53 ''
53
53
53
53

[

29
29
29
29
29
29
29
29
29 :
29 i
29 '

4

Chile

Mexico

Peru

Uruguay

other
countries

29
29
29

19
16
19

23
44
46

19
20
20

82
77
77

18
19
19

740
735
718

159
185
240

53
43
48

106
109
127

403
444
501

8
17
25

69
69

119
120

718
718

244
244

52
51

124
124

471
469

31
32

69
69
69
69
69
69
69
69
69
69

120
121
122
122
122
123
123
124
129
132
132

718
718
718
525
525
525
525
525
525
525
525

245
253
261
261
272
279
280
280
310
321
321

51
51
53
54
54
55
55
55
56
56
57

124
124
124
79
79
79
79
79
79
79

463
458
447
442
440
439
435
435
435
434

32
30
31
31
32
33
33
34
34
33

P69

30
30
30

16
15
16

34
31
24

20
20
20

77
77
74

30
30
30
30
30
30
30
30
30
30

18
19
19
19
19
20
21
20
23
24

32
30
25
25
26
26
28
27
24
24

21
20
19
20
19
19
19
19
19

74
74
74
71
71
71
71
71
71

British China
India

20
20
20

275
275
275
274
274
274

20
20
20
20
20
20
20
20
20
P20

274
274
274
274
274
274
274
274
274
274

Brazil

104
109
114

Asia and Oceania

Colombia

1934—December
1935—December _ _
1936—December
1937—October
November.. _
December
1938—January
February
March
April
May
June _. __ __
July
August - -. _
September
October

other ArYugo- 7coun- genslavia tries
tina

68
68
68

83
83
83
83
84
85
85
85
83
82
84

Latin America—Continued
End of month

Portu- Ruma- Spain4 Sweden
nia
gal

Poland

19
19
20

4
8
11
5
5
5
5
7
7
11
10
9
10
6
10
11

Latin America

Europe—Continued
End of
month

624
454
655

Africa
New
Zealand

Japan Java

Turkey

3

2

South other
other
coun- Egypt Africa countries
tries

77
54
60

25
23
23

22
24
26

6
6
4

20
16
16

394
425
463
261
261
261

79
79
79

23
23
23

29
29
29

16
16
16
16
16
16
16
17
17
18

261
261
261
261
261
261
164
164
164
164

79
79
79
79
80
80
80
80
80
80

23
23
23
23
23
23
23
23
23
23

29
29
29
29
29
29
29
29
29
29

7
10
8

•

184
212
203

24
24
25

3
3
3

55
55
55
55
55
55

189
189
189

22
22
22

3
3
3
3
3
3
3
3
3
3

55
55
55
55
55
55
55
55
55
55

189
184
189
186
188
187
190
202
220
219

22
22
22
22
23
23
23
23
23

p Preliminary.
* Table is incomplete since certain central banks and governments, and certain stabilization funds such as those of France, Netherlands, and
Switzerland, hold gold that is not reported. U. S. Stabilization Fund gold included in table to extent of $1,800,000,000. See also notes under United
Kingdom, Italy and Spain.
2 Figures officially reported only for end of March and end of September, beginning with March 1937; carried forward for intervening dates.
Figure for March 1937 also carried backward to December 1936. Exchange Equalization Account established in June 1932.
3 Figure for March 1937 officially reported as of 20th of month and carried forward through November 1937. Figures for December 1937 through
March 1938, officially reported and carried forward for subsequent months.
* Figure for August 1, 1936, carried forward through March 1938; April 1938 figure officially reported and carried forward.
NOTE.—The countries for which figures are not shown separately are, in Europe: Albania, Austria through March 7, 1938, Danzig, Estonia,
Finland, Latvia, and Lithuania; in Latin America: Bolivia, Ecuador, El Salvador, and Guatemala; in Asia and Oceania: Australia and Siam; and in
Africa: Algeria, Belgian Congo, and Morocco.
For back figures and description of table see BULLETIN for June 1933, pp. 368-372, and July 1936, pp. 544-547; also see footnotes to table in BULLETIN for August 1936, p. 667, and December 1937, p. 1262.




75

FEDERAL RESERVE BULLETIN

JANUARY 1939

GOLD PRODUCTION
Outside U. S. S. R.
Estimated
world
production
outside
U.S.S.R.

Year or month

[In thousands of dollars]
Production reported monthly
Africa

North and South America

Total

South
Africa

352, 237
365, 258
386,293
413,459
411, 208

215, 242 11, 607
4,297
2, 390
45, 651
221, 526 11, 476
4,995
2,699
47, 248
224, 863 11,193
5, 524
3,224
49, 527
238,931 12,000
5,992
3,642
50, 626
227, 673 13,335
6,623
3, 631
52, 842
$1=15-6/21 grains of gold 9/10 fine; i. e.,

39, 862 13,463
2,823
43, 454 13,813
3,281
55, 687 12, 866
4,016
62,933 12,070
5,132
60,968 13,169
6,165
an ounce offinegold=$S5

385, 474
366, 795
377,090
396, 768
410, 710

22, 578
24, 264
25, 477
28,053
28, 296

11,214
12,153
13,625
16, 295
20, 784

89, 467
108,191
126, 325
152,509
168,159

103, 224
104,023
114,971
131,181
143, 367

22, 297
23,135
23, 858
26, 465
29, 591

77, 736
77, 794
76, 506

34, 559
34, 279
34, 696

2,399
2, 352
2, 341

1, 896
1, 854
1,957

16,147
16, 023
14, 083

12,579
12,365
12, 677

74, 820
69,915
77, 064
74, 624
77, 134
77,810
84, 675
P 8 3 , 779
P 8 4 , 099
P 8 4 , 236

34, 573
32, 524
35, 519
34, 351
35, 794
35, 509
36, 222
36, 622
36,237
36,449

2, 381
2, 246
2, 387
2,374
2,415
2,394
2,410
2,415
2,365
P2, 445

1,964
1,887
2, 002
2,024
1,989
2,020
2,067
2,053
2,048
P2, 172

12,618
11, 207
12, 85C
12,339
13, 715
12,711
16, 543
16, 352
16,699

12, 638
11, 929
13,161
12, 895
13,338
13, 674
14, 727
14, 425
14,336
14, 394

Rhodesia

West
Africa

Belgian United
Congo States 1

Mexico

Far East

ColomChile
bia

Austra- British
lia
India

$1=25-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold=$20.67
382, 532
401,088
426, 424
458,102
469, 257

1929.
1930.
1931.
1932.
1933.

794, 498 696,218
823,003 707, 288
882, 533 751,979
970, 206 833,088
1, 044,540 892, 502

1933.
1934.
1935.
1936.
1937.

1937—October
November..
December..

90, 221
90, 257
88, 800

L 938—January
February
March
April
May
June
July
August
September
October

87,
82,
89,
87,
90,
91,
98,
P97,

6,148
6,549
7,159
7,386
8,018

661
642
673
702
687
726
682
P805

P16,082

3,009

8,712
9,553
12,134
14, 563
16, 873

7,508
6,785
6,815
6,782
6,919

10, 438
12,045
11, 515
13, 632
15, 478

5,094
8,350
9, 251
9,018
9,544

28, 568
30, 559
31, 240
40,118
46, 982

11,715
11, 223
11, 468
11, 663
11, 574

2, 449
2,849
2, 064

1,281
1,373
1,144

876
689
1,063

3, 891
4,386
4, 725

961
938
1,029

2,948
2,266
3, 253
2,389
1,863
3,024
4,241
P% 946
P3, 156
P3, 331

1, 456
1,175
1,403
1,664
1, 338
1,365
1,748
1,515
1,812
Pl,812

775
834
673
698
782
901
752
986
1,019

3, 858
4,333
4,204
4,280
4,278
4,577
4,330
4,771
4,816
P4, 711

948
872
939
906
935
909
951
958
946

683
428
442
788

P1,089

Qold 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.
p Preliminary.
1
Includes production in the Philippines.
NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETINS for June 1938, pp. 539-540, and April 1933, pp.
233-35. For annual figures of world production back to 1873 (including Russia-U.S.S.R.), see Annual Report of Director of Mint for 1936, pp. 108109 and 1937 p. 104. Figures for Canada beginning January 1938 are subject to official revision.

GOLD MOVEMENTS
[In thousands of dollars at approximately $35 a fine ounce]
United States
Year or month

19341
1935
1936. _
1937
1937—October
November. _
December

Net imports from or net exports (—) to:

Total
net
imports
or net
exports

United
King- France
dom

Belgium

1,131,994
1, 739,019
1,116, 584
1, 585, 503

499,870
315, 727
174,093
891, 531

8,902 94,348
3 227,185
3,351 71,006
90,859
6,461

260,223
934, 243
573, 671
- 1 3 , 710

90, 477 24, 402
22,110 -5,046 -24,968
- 4 0 -14,987
17, 982

22,030

Netherlands

Sweden

2
6

Switzerland

Canada

Mexico

Colom- Philip- Aus- Japan
pine
bia
Islands tralia

12, 402 86, 829
968 95,171
7,511 72, 648
54,452 111,480

30, 270
13, 667
39,966
38, 482

16, 944
10,899
11,911
18, 397

9,669
816
2,767

2,089
2,285
3,404

8
4,323
16




All
other
countries

4
12, 038 1,029
15, 335 3,498
21, 513 23, 280
25, 427 34, 713 246, 464

76,820
75, 268
77, 892
50,762

32,316
47,054
39, 743
30,179

19,875
37,148
18, 774

6,902
767
107

2,051
1,326
1,862

1,043
4,484
23,311
21, 950
5,782
28, 669
23, 497
35,095
5,740
5,788

2,979
2,359

1,870
1,241
1,536
2,353
2,530
3,438
2,495
3,806
2,982
4,768
2 19,150

1,375 2,076
2,286 3,173
2,292 3,786

1,676 1,025
649
819
- 2 0 -4,974
2,088
1,330 1,943
692
2,105
15
721
-11
8,036
2,102
2,240
717 2,758
4,220
458
39
52,927 31, 395
1
1,883 1,241
1,938
747 1,812
18
71,091 35, 429
2,108
2,285 3,582
891
630 5,650
35
10, 221
2,895
52, 775
1
3,232 2,984
3,248
726
226
13
571 11, 520
715
55, 307 20, 599
1
2,422 3,434
962 11,123
898
4,976
63, 815
7,685
2,113
1,772 2,748
14, 333 3,183
3,213
15, 360
4,721
165,973 91, 227
4
2,721 3,775
38,148 1,446
47, 219 11, 521
520,896 377, 984
4
2,720 3,294
41,832 3,840
1 10,810 2,236
562,366 443,403 42,959
11
2, 943 7,888
7,171 3,457
27 242
177, 768 99,145
1,136
17
1
Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately
2
Includes imports from Argentina of $14,121,000.
NOTE.—For gross import and export figures and for additional countries see table on p. 46.

1938—January
February...
March
April
.
May
June. __ July
August
September..
October
November, _

British
India

2,252
1,148
760
3,822

$20.67 a fine ounce.

76

FEDERAL RESERVE BULLETIN

JANUARY 1939

GOLD MOVEMENTS—Continued
[In thousands of dollars at approximately $35 a fine ounce]
United Kingdom
Net imports from or net exports (—) to:
Year or
month

Total
net imports
or net
exports

Germany

Belgium

South
Other
Africa,
British British
NetherAustra- Rhocounlands U.S.S.R.
desia, India
lia
tries
West
Africa

United
States

France

716, 269
369, 722
1,169, 931
420, 427

-497,166
-435, 502
-276, 830
-834, 009

348,190 121,017 -13, 585 32, 575
142,137 - 4 , 726 -17,476 10,796
931
756, 215 23, 292 -15,133 -21,215
541,187 46,147 -21, 993 -16,572 199, 965

41, 790
37,981
26, 723
24,165

1937—Sept..
Oct....
Nov...
Dec...

- 2 9 , 775
- 6 , 348
22,054
20, 976

-86,145
-16,236
4,258
2,006

-2,034
-2,831
- 2 , 488
-15,077

19, 784

2,039
1,476
2,359
2,379

36,199
36, 244
47, 694
36, 528

1938—Jan....
Feb...
Mar...
Apr._.
May..
JuneJuly..
Aug...
Sept...
Oct...
Nov.?

1,487
27, 245
3,528
51, 387
79, 037 - 3 5 , 535
53,186 - 1 8 , 507
-5,233
97, 478
89, 580 - 2 0 , 811
24,119 -10,529
-73,132 - 9 3 , 660
-261,143 -360,016
-210,171 -308, 528
-100,201 -118,743

-1,940
- 4 , 276
-3,039
-119
-6,137
-997
-5,726
685
69,604
— 135

3,775
2,958
3,620
4,168
2,467
2,024
2,490
2,102
2,839
705
153

32, 889 4,425 10,063
-5
43, 092 5,002
7,036
-5
50, 540 5,101
2,786 - 7 , 590
3,586
35,077
3,590 - 1 0 , 0 8 8
35, 407 3,824
2,139 - 1 3 , 996
40, 623 3,725
9,929 - 7 , 673
31, 516 6,418
6,581 - 1 1 , 4 2 9
31,192 10, 356
3,035 - 1 1 , 1 5 1
16, 831 3,023 - 4 , 750 - 2 2 , 763
4,204 -20, 792 - 4 , 671
6,530
5, 242 4,260

1934
1935
1936
1937

8,245
573
-420
3,171
8,176 -10,047
84 - 2 , 2 1 5 - 5 , 6 6 3
90 - 1 2 , 8 3 4 - 5 , 689
41 - 1 , 4 8 7
78
5
49 55, 448
86 15, 039
48, 446
56, 764
47 23, 212
6,179
-258
14, 358 120, 075
4,077 33,982
4,007 - 3 , 6 0 6

Germany

Year or
month

1934..
1935..
1936..
1937. .

-6,055
-3,067
3,625
-4,139
- 6 , 781
-12,037
-5,750
-10,041
- 7 , 498
535

5,669
11, 273
31,089
28,083
28,104
5,665
8

4,269

Net imports from or net exports (—) to:

United
States

United
Kingdom

France

Belgium

1937—Sept...
Oct.__.
Nov...
Dec...

-8,182
63
-79
-247

-7,147
-1,138
4,113
26,892

Italy

1938—Jan...
Feb...
Mar..
Apr
May..
June..
July..
Aug..
Sept..
Oct...

-200
5,359
-27
6,009
18, 058
7,626

10,826
2,448
-3,188
- 7 , 632
-5,201
5,978
- 8 , 837
-1,338
9,024
1,454
915

-35
7
33
-220
-2
-2
-7
-1,140

-6,995
- 9 , 627
- 6 , 276
-5,828

Netherlands

88, 228
14,126
37, 708
-55,032

707
- 3 , 430
- 5 , 462
- 6 , 085

-14,445
- 2 9 , 641
- 2 5 , 351
6,183

-11,164
-12,082
- 6 , 000
2,527
- 2 , 263
-5,407
-16,521
-10,498
- 2 1 , 980
2,831
1,758

3,124
1,114
-5
- 6 , 202
5,336
340
-92C
-327
-1,955
1,353
1,987

1,032
3,877
8,300

Germany 4

All
other
countries

Increase in:
Total
Gold
net
imports produc- RePrivate
or net tion in
holdexports India serves ings in
in In()
dia* India 6

1,543 -230, 720
-43
2,580
342 - 9 , 607 7 2, 812-161,872
-121,066
4,600 - 2 , 990 * 26, 368
6,553 -16,461 10, 609 r-61, 723

-37
-109
-227
24, 558

-561
559
-559

-1,186
4,559
3,275
2,553

12,478 -13,978 10, 409
11, 223 -11,518
-584
-943
3,595 - 9 , 257
-266
-2,391 -6,084
4,860 -2,943 -1,549
-484
5,256 -7,839
16,128 -14,071 -6,041
10, 464 - 8 , 382 - 1 , 283
418
117
15, 940
-616
907
-158

-41
615
1,763
5,397
-2,009
5,814
-142
-37
-2
-38

1,614
2,198
1,421
2,467
2,396
5,657
3,962
3,824
924
2,551
915

-376
3,286
4,869
5,810

1

British India

18, 397 19, 431
- 9 0 , 920 - 4 6 , 065 -12,784 -45,955 - 2 9 , 2 3 5
647 - 5 4 , 8 5 8 -181,725 -13,940 25, 542
42, 969 - 2 3 0 , 7 8 8
122,278 - 9 , 1 2 7 - 1 , 7 1 4
39, 305 14, 531 51, 299
- 5 1 , 608 11, 940 - 4 5 , 061 27, 739 - 6 5 ^
- 3 , 718 - 5 6 , '

V"

4,735
5,739
4,960
5,174

Switzerland

62, 397
-9,123
32, 754 -50,661 53, 465
28, 067 -10,129
3,998
22,079
- 8 1 -16,596

Switzerland

Total
Total
net imnet
imports
ports
or net 4 or net
exports exports

-6,864
- 3 6 , 626
P-16,162

335, 253 206, 693
404, 295 181, 602
488, 814 128, 421
464, 837 66, 330

Sweden

All
other
countries

11,223
11, 468
11, 663
11, 574

173 -219, 670
- 6 -150,398
-109,403
-50,108

- 4 , 566
- 4 , 655
- 4 , 200
-5,999

932
961
938
1,029

r-3,634
- 3 , 694
- 3 , 262
-4,970

-38
373 - 5 , 599
-10
559 - 7 , 423
-32
265 - 2 , 749
- 9 , 970
3,209 -4,388
-6,175
is; - 3 , 452
-2,487
282 - 2 , 327
-8,893
222 -10,988
- 6 , 267
343 -7,082
1,884 -10,251
-957
3 P-7,209
-56

948
872
939
906
935
909
951
958
946

-4,651
- 6 , 551
-1,810
- 3 , 482
- 2 , 517
-1,418
-10,037
-6,124
—11
P—6, 263

-57
-11
-20

1,513
1,318
1,934
386

r

p Preliminary.
r Revised.
1 Includes $17,465,000 exported to Rumania and unspecified net imports of $95,937,000.
2 Includes $67,655,000 exported to Central and South America.
3
Figures for Sept., Oct. and Nov. 1937 include exports to Central and South America of $15,120,000, $27,511,000 and $24,996,000 respectively.
4
Beginning with April 1938, figures represent gold movements of Greater Germany.
B
Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred.
8
Figures derived from preceding columns; gold movement plus production minus increase in reserves in India.
»Includes net import of $19,926,000 from Czechoslovakia and net export of $15,374,000 to Austria.
8
Includes net import of $26,555,000 from Czechoslovakia.
NOTE—Switzerland and United Kingdom.—In some cases annual aggregates of official monthly figures differ somewhat from revised official
totals published for year as a whole.




77

FEDERAL RESERVE BULLETIN

JANUARY 1939

CENTRAL BANKS
Liabilities of banking department

Assets of banking department

Bank of England
(Figures in millions of
pounds sterling)

Gold (in

issue
department) !

Discounts
and advances

Cash reserves
Coin

Notes

Note
circulation

Securities

Bankers'

22.3
49.0
27.3
18.5
16.8
7.6
8.5
17.5

84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6

41.1

9.2

53.2
51.9
41.0
37.1
46.2
41.2
33.1
46.0
25.5
43.9
45.6
51.7

10.4
6.5
8.7
7.1
9.5
7.3
9.5
5.4
7.3
4.2
17.6
28.5

1929—Dec. 25
1930—Dec. 31
1931—Dec. 30
1932—Dec. 28
1933—Dec. 27
1934—Dec. 26
1935—Dec. 25
1936—Dec. 30

145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7

.6
.6
.8
1.0
.5
.6
.6

26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3

1937—Dec. 29

326.4

.8

1938—Jan. 26
Feb. 23
Mar. 30 _
Apr 27
M a y 25
June 29
July 27
Aug. 31
Sept. 28
Oct. 26
Nov. 30
Dec. 28P

326.4
326.4
326.4
326.4
326.4
326.4
326.4
326.4
326.4
326.4
326.4
326.4

.6
.8
.8
.8
.8
.9
1.1
1.3
1.5
1.4
1.2

.2

.8

Deposits

379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4

71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6

135.5

505.3

117.9
116.9
131.0
133.4
115.1
140.6
137.0
124.4
135. 6
129.2
110.8
90.7

473.2
474.5
485.4
489.3
480.2
485.2
493.3
480.4
500.9
482. 5
480.8
504.7

6.6
7.7
8.9
22.2
9.9
12.1
12.1

35 8
36.2
40 3
33.8
36 5
36.4
37 1
39.2

17 9
18.0
18 0
18.0
18 0
18.0
18 0
18.0

120.6

11.4

36.6

18.0

113.1
105.6
108.1
113.3
91.2
125.5
116.4
94.7
99.9
100.4
97.1
101.0

13.6
16.7
17.8
10.9
26.5
10.5
11.2
27.8
11.4
25.0
23.1
15.9

37.3
35 5
37.4
36.5
36.1
36.1
35 1
36.4
10 9
35.5
37 ?,
36.8

18.1
18.2
18.3
17 7
17.8
17.9
18.1
18.2
18.2
17.7
17.8
18.0

8.8

Assets

Liabilities

Deposits

Loans on—

Domestic bills

Bank of France

Ad-

Special 4

Other

vances
Shortto
term
Other
Govern- 5 Govern- securiment seties
ment
curities

398
1, 460

5,612
5,304
7,157
6,802
6,122
5, 837
5,800
5,640

1,379

8,624
8,429
7,389
3,438
4,739
3,971
9,712
8,465

17, 698

5,603
6,609
8,545
9,196
8,251
8,288
7,879
8,344

For(Figures in millions of francs) Gold 2 eign
exchange

9t.

Other

Public

Other
liabilities

Open
market3

Other
assets

Note
circulaGoverntion

Other

Other
liabilities

68, 571
76,436
85, 725
85,028
82, 613
83, 412
81,150
89, 342

11,737
12, 624
5. 898
2,311
2,322
3,718
2,862
2,089

7,850
11, 698
22,183
20, 072
13, 414
15 359
8,716
13, 655

1 812
2,241
1 989
2,041
1,940
1 907
2,113
2,557

ment

1929—Dec 27
1930—Dec. 26
1931—Dec 30
1932—Dec. 30
1933—Dec 29
1934—Dec 28
1935—Dec 27
1936—Dec. 30

41, 668
53, 578
68, 863
83, 017
77,098
82,124
66, 296
60, 359

715

2,521
2,901
2,730
2,515
2,921
3,211
3,253
3,583

1937—Nov. 25
Dec. 30

58, 932
58, 933

965
911

5,637
5,580

722
652

9,655
10, 066

26, 918
31, 909

314
675

3,675
3,781

7,343
7,277

90,131
93, 837

2,686
3,461

17, 893
19, 326

3,452
3,160

1 9 3 g _ j a n . 27
Feb. 24
Mar 31
Apr. 28 _
M a y 25
June 30
July 28.
Aug. 25
Sept 29
Oct. 27
Nov 24

58,933
55, 807
55, 807
55, 807
55, 808
55, 808
55, 808
55, 808
55, 808
55, 808
87, 264

871

5,580
5,575
5,575
5,575
5,575
5,850
5,835
6,098
6,781
6,802
7,032

841

12,053
11, 582
10, 321
10, 865
9,024
5,497
7,133
8,241
20, 293
14, 694
11,021

31, 904
31, 904
38, 574
40,134
40,134
40,134
40,134
40,134
50,134
48,134
20, 627

925

845
830
813
804
782
767
764
763

3,824
3,652
3,825
3,700
3,454
3,614
3,545
3,545
4,362
3,865
3,739

7,019
7,187
8,361
7,288
7,334
8,258
7,117
7,364
8,410
7,427
14,185

92, 255
92, 740
98, 095
98, 519
98, 923
102, 087
101,117
99, 065
124,428
110, 446
106, 798

2,689
2,226
2,233
2,802
3,248
3,245
3,135
2,891
2,825
3,642
6,169

23, 720
20,147
21, 409
21, 237
17, 525
12, 769
14, 207
17, 684
18, 593
23,827
31, 955

3,285
3,154
3,141
3,154
3,155
2,592
2,608
2,649
2,660
2,727
3,004

Q4?

26, 179
91, 111
4 484
1, 158

963

874

888

821

573
632
596
177
89
642
1,550
1,611

573

866

997
879
113
552
623
331
1 311
1 600
1 559

p Preliminary.
1
Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000. However, b y direction
of British Treasury under Section 2, paragraph (2), of Currency and Bank Notes Act, 1928 (see BULLETIN for August 1928, pp. 567-569), reductions
in amount of fiduciary issue (and securities held as cover) have been in effect as follows: Dec. 16,1936, to Nov. 10, 1937, £60,000,000; Nov. 17, 1937, to
Jan. 12, 1938, £40,000,000; Jan. 19, 1938, to Nov. 30, 1938, £60,000,000; since Dec. 7, 1938. £30,000,000. From August 1, 1931, to March 31, 1933, increase of £15,000,000 in fiduciary issue (and securities held as cover) was authorized by British Treasury under Section 8 of Currency and Bank
Notes Act.
2
By decree of Nov. 12, 1938 (see p. 29), gold revalued on basis of 27.50 milligrams gold 0.900 fine per franc. Of total gold increment of about
31,000,000,000 francs, about 27,500,000,000 francs was applied to partial reimbursement of advances to Government. Permanent debt of Government to Bank, included above in Other Assets, was increased by 6,800,000,000 francs. For details of revaluations in October 1936 and July 1937
see BULLETIN for December 1938, p . 1091.

3 Negotiable bills of Caisse Autonome and bills bought under authority of decree of June 17, 1938 (see BULLETIN for Aug. 1938, p. 650).
« Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for October 1936, pp. 785-786), and bills rediscounted for account of Banques Populates (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788).
e Includes advances granted under authority of Conventions between Bank of France and Treasury of June 18, 1936, June 30, 1937. March 22,
1938, and April 14, 1938, as modified by Convention of Nov. 12, 1938 (see BULLETINS for July 1936, p . 536; August 1937, p. 720; June 1938, p . 452;
August 1938, p. 650, and January 1939, p. 30).
NOTE.—For further explanation of table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463.




78

FEDERAL RESERVE BULLETIN

JANUARY

CENTRAL BANKS—Continued
Liabilities

Assets
Reichsbank

Reserves

(Figures in millions of
reichmarks)

Gold

Other
Treasury bills (and Security
loans
Foreign
bills
checks)
exchange

2,283
2,216
984
806
386
79
82
66

404
469
172
114
9
5
5
6

241
206
98
1
49
45
53
62

2,608
2,366
4,144
2,806
3,177
4,021
4,498
5,448

251
256
245
176
183
146
84
74

1937—Nov. 30
Dec. 31.

70
71

6
6

27
119

5,520
6,013

1938—Jan. 31
Feb. 28
Mar. 31
Apr. 30
M a y 31
June 30
July 30
Aug. 31.
Sept. 30
Oct. 31__
Nov. 30

71
71
71
71
71
71
71
71
71
71
71

5
5
5
5
5
6
5
5
6
6
6

60
21
89
12
18
39
17
1
2
1

5,459
5,637
5,813
5,841
5,832
6,136
6,247
6,647
8,173
7,542
7,513

1929—Dec. 31
1930—Dec. 31
1931—Dec. 31
1932—Dec. 31. _. .
1933—Dec. 30
1934—Dec. 31
1935—Dec. 31
1936—Dec. 31 ___

_

Securities
Eligible
as note
cover

Other

Note
circulation

Other
assets

Deposits

Other
liabilities

259
445
349
221

92
102
161
398
322
319
315
303

656
638
1,065
1,114
735
827
853
765

5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980

755
652
755
540
640
984
1,032
1,012

736
822
1,338
1,313
836
1,001
923
953

46
60

105
106

286
286

870
861

5,196
5,493

766
1,059

967
970

66
81
63
59
57
71
49
35
48
32
48

108
110
96
121
545
547
549
550
550
550
548

286
286
297
297
300
300
298
298
298
298
298

982
953
1,388
1,614
1,373
1, 322
1,285
1,268
1,129
1,360
1,494

5,199
5,278
5,622
6,086
6,269
6,440
6,650
6,869
8,023
7,754
7,744

851
891
1,323
1,031
1,021
1,119
920
1,033
1,231
1,040
1,141

986
996
877
903
911
932
951
974
1,022
1,064
1,093

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
National Bank of Belgium (millions of belgas):
Gold reserve
Other gold and foreign exchangeDiscounts
Loans
__
Other assets.
_
Note circulation
Demand deposits—Treasury
Other
Other liabilities . . .
1
2

1938

1937

Sept.

Nov.

7,577
19, 689
5,672
4 850
11,361
13, 794
12, 633

7,603
22, 484
4,175
4 638
11, 396
14, 703
12, 803

1,224
95
41
268
1,053
372
109
1
41
54

1,224
111
37
267
1,107
327
106
2
43
54

1,224
210
65
175
1,112
371
136
6

16,011
37, 305

16,011
38, 301

16, 008
40, 551

1,463
20,199
14, 935
57, 250
89, 303
48, 030
3,446
912
290
38
466
4,450
136
447
119

Oct.

7,575
18, 896
5, 583
4 515
10, 978
12,844
12, 746

Nov.

1,395
23, 047
14, 206
54,153
87, 305
49, 030

1,165
35, 099
10, 963
42, 838
86, 507
49, 284

3,318
905
420
48
458
4 542
54
434
119

3,180
1,031
548
179
452
5 100
6
165
119

2 1, 266
35
309
4 271
27
602
72

51

3, 362

0)

Central bank
[Figures as of last report
date of month]
Central Bank of Bolivia (thousands
of bolivianos):
Gold at home and abroad
Foreign exchange. _
_
Loans and discounts
Securities—Government
Other
Other assets
Note circulation
Deposits
Other liabilities
__ __
Bank of Brazil (millions of milreis):
Cash
___ _
Correspondents abroad
Loans and discounts
Deposits _ _
National Bank of Bulgaria (millions of leva):
Gold
__ _
Foreign exchange
Loans and discounts
Government debt _ _ __
Other assets
Note circulation
Deposits
Other liabilities. _ __ __
Bank of Canada (thousands of Canadian dollars):
Gold
Sterling and United States exchange
Canadian Gov't. securities:
2 years or less
Over 2 years. _ _
Other securities
Other assets
Note circulation.
Deposits-Chartered banks
Dominion Government
Other
Other liabilities

Not reported separately on bank statement; see note 2.
Discounts, domestic and foreign; includes certain items carried in other assets beginning December 1937.




1938

Nov.

Oct.

1937

Sept.

Nov.

55 953
104,538
23 836
402 133
4 033
36, 509
275,152
291, 364
60, 486

54, 209
138, 758
29,192
397 851
4,587
17, 699
250, 055
331, 077
61,165
409
137
1,985
2,383

2,003
1,105
1 083
3,468
1,171
2 938
3,604
2,287

2,003
837
1 259
3,468
1,134
3 115
3, 318
2,267

181, 033 181,146
45,157
154,875
41,018

36 364

2,003
649
1 187
3,468
1,207
3 137
3,224
2, 153

1,900
637
1 384
3,523
1,110
2 744
3,475
2,334

181, 033 179, 561
31 349

22 187

169, 675 155, 569
44, 989 48,169

94 790
97, 433
12 189
9,818
156, 319
216,130
28, 376
577
14 575

5,425 10, 969
5,839
170, 724 178, 080 175, 422
215,195 228, 460 211, 485
29, 988 25, 363 23, 045
1 844
1 682
878
9 759
9 558 11 129

79

FEDERAL RESERVE BULLETIN

JANUARY 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 Czechoslovakia
(millions of koruny):
Gold*
Foreign exchange
Discounts
Loans
Government debt
Other assets
Note circulation
Demand deposits
Other liabilities
Bank of Danzig (thousands of
gulden):
Gold
Foreign exchange of the 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 2 (thousands of sucres):
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
D e m a n d deposits
Other liabilities
National Bank of Egypt 3 (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, a n d other
Government securities
Other assets
Note circulation
Deposits— Government
Other

Other liabilities

Nov.

Oct.

Sept.

Nov.

145
18
766
172
47
742

145
57
766
166
43
771

145
37
766
150
47
750

144
17
795
103
58
663

202
52
151

182
74
149

202
47
146

240
72
141

41, 747
7,893
17, 527
46, 548
27, 359
54, 301
44, 734
42,040

40,426
4,867
15, 684
46, 404
26, 892
52, 716
39, 634
41, 923

27,110
10, 498
28, 717
47,156
27, 088
49, 564
49,065
41, 941

2,694
1, 308
2,310
835

2,690
786
3,682
1,161

2,653
87
4,425
1,605

1,702
6,870
403
1,575

1,443
7,130
987
1,645

1,719
8,115
433
1,941

2,582
474
1,125
1,030
2,012
1,164
6,441
217
1,729

28, 263
2,501
368
26, 014
3,157
39,018
17, 783
19, 012

31,182
455
451
22, 367
3,074
38, 551
16, 816
19,012

31, 219
5,520
475
21, 444
2,810
41,134
22,117
19,015

28.115
2,912
343
16.116
3,693
34, 447
13,171
19, 012

118
118
23
151
116
148
112
414
192
179

118
112
22
163
81
146
110
435
142
176

118
111
21
196
74
132
105
429
153
174

118
59
25
222
89
64
71
392
97
159

33, 223
5,460
49,169
21, 943
65, 920
27, 566
16,310

39, 221
14, 046
53, 118
19, 263
69, 224
40, 142
16, 282

6,545
830
6,710

6,545
1,665
6,535

6, 545
1,244
8,626

29, 225 32, 213 35, 948
6,802 6,816
7,138
22, 299 23, 091 21, 278
3,427
8,126
3,703
18,180 18,054 19,186
8,597 8,529 8,920

Central bank
[Figures as of last report
date of month]

Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange
Loans and discounts
Government debt and securities
Other assets
Note circulation
Deposits
Other liabilities
Bank of Estonia (thousands of
krooni):
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
D e m a n d deposits
Other liabilities
Bank of Finland (millions of markkaa):
Gold
Foreign assets
Loans and discounts
Domestic securities
Other assets
Note circulation
Deposits—Treasury
Other
Other liabilities
Bank of Greece (millions of drachmas):
Gold and foreign exchange (net)
Loans and discounts
Government obligations
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Hungary (millions of pengos):
Gold
Foreign exchange reserve
Discounts
Loans—To Treasury.
Other
Other assets
Note circulation
Demand deposits
Certificates of indebtedness
Other liabilities
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad
Sterling securities
Indian Gov't. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department.__
Balances abroad
Loans to Government
Investments
Other assets
Deposits
Other liabilities
Bank of Japan (millions of yen):
Gold
Special foreign exchange fund
Discounts
Loans—Government
Other
Government bonds
Other assets
Note circulation
Deposits—Government
Other
Other liabilities

1
Includes 336 million shown separately as cover for liabilities in gold beginning September 1938.
2 Form of official statement revised effective December 1937.
«Items for issue and banking departments consolidated




1938

1937

34, 295
16, 386
26, 516
36, 627
51, 903
34,454
27, 467

Oct.

Sept.

Nov.

13, 206
3,421
1,082
5,492
948
13, 644
6,047
4,458

Nov.

13, 206
3,513
936
5,511
956
13, 375
6,316
4,431

13,161
3,402
1,362
5,938
2,094
16,104
5,228
4,624

34, 292 34, 288 34, 213
15, 786 16,211 15, 334
26,697 25, 565 27,052
31, 351 31,191 27, 561
54, 217 52, 791 49, 806
32, 229 32, 728 34, 973
21, 680 21, 737 19, 379

620
2,374
1,247
310
367
2,042
152
1,039
1,684

620
2,382
1,377
247
348
2,068
273
989
1,645

620
2,325
1,515
233
292
2,166
129
1,070
1,620

635
2,264
1,020
341
437
1,996
33
980
1,687

3,375
8,209
4,315
2,012
7,011

2,006

3,410
8,291
4,315
2,115
7,190
8,740
2,201

3,246
8,655
4,305
1,968
7,726
8,387
2,061

3,436
5,359
4,377
2,019
6,510
5,909
2,770

94
100
462
267
12
293
806
178
66
179

84
115
479
190
14
272
794
126
66
169

84
135
567
193
19
262
853
164
70
173

84
56
422
114
17
281
431
236
89
219

444
622
324
714

444
622
324
709
1,772

444
655
324
702
1,757

444
803
274
628
1, 799

314
3
1
59
16
273
120

327
29
31
56
15
339
119

369
46
3
63
14
379
116

350
56
10
68
12
382
113

501
300
442
3
49
1,412
328
2,132
460
161
282

501
300
476
3
63
1,625
245
2,157
554
105
397

501
300
466
3
48
1,254
266
1,931
471
124
311

801
550
3
207
677
205
1,787
283
84
288

80

FEDERAL RESERVE BULLETIN

JANUARY 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
Other assets
Note circulation
Other sight liabilities
Other liabilities
Bank of Portugal (millions of
escudos):
Gold

Other reserves (net)

c
1
2
3

1937

1938

Nov.

Oct.

Sept.

Nov.

117
3
64
114
189
83
26

117
2
65
105
188
74
26

117
3
65
121
186
92
27

83
43
150
60
83
205
49

83
42
148
60
83
202
48

83
38
135
61
74
191

77
46
133
41
62
201
34

66
4
117
35
143
54
25

71
4
114
33
143
55
24

73
3
116
33
148
53
24

77
4
111
36
121
83
24

1,481
25
4
16
321
68
1,005
112
750
47

1,481
20
4
17
302
67
1,046
140
658
47

1,481
15
4
12
290
64
1,053
159
608
46

1, 382
17
5
26
194
62

2,802
7,708

2,802
11,449

2,802
16, 587

10, 881
2, 732
328
14,438
8,347
1,666

7,659
2,732
431
13. 735
9^681
1,657

5,291
2,658
230
13,319
12, 529
1,719

211
217

211
219

211
219

189
213

212

212
73
33
106
39
456
29
115
81

212
78
33
101
41
471
31
101
81

185
93
29
63
6
422
62
45
64

0)
0)
0)
(0
448
48
98

0)

48, 888
24, 025
83, 454
8, 812
.06,110
39, 875
19,194
442
12
975
127
386
1,373
195
375

433
13
1,034
127
360
1,476
121
370
918
493

c

437
13
1,167
128
346
1, 548
181
363
918
481

58,
41,
45,
11,
95,
40,
20,

488
493
484
245
423
343
945

434
35
650
135
490
1,034
324
388

Central bank
[Figures as of last report
date of month]
Bank of Portugal—Cont.
Nonreserve exchange
Loans and discounts
Government debt
Other assets
Note circulation
Other sight liabilities
Other liabilities
National Bank of Rumania (millions of lei):
Gold
Special exchange accounts
Loans and discounts
Special loans 2
Government debt
Other assets
Note circulation
Demand deposits
Other liabilities
South African Reserve Bank
(thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Sweden (millions of
kronor):
Gold
Foreign assets
Discounts
Loans
Domestic securities
Other assets
Note circulation
Demand deposits
Other liabilities
Swiss National Bank (millions of
francs):
Gold
Foreign exchange
Discounts
Loans
Other assets
Note circulation
Other sight liabilities
Other liabilities
Central Bank of the Republic of
Turkey (thousands of pounds):
Gold
Foreign exchange—Free
In clearing accounts
Loans and discounts
Securities
Other assets
Note circulation
Deposits
Other liabilities
Bank of the Republic of Uruguay
(thousands of pesos):
Issue department: 3
Gold and silver
Note circulation
Banking department:
Cash reserves
Loans and discounts
Other assets
Deposits
Other liabilities
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
Gold
Foreign exchange
Loans and discounts
Government debt
Other assets
Note circulation
Other sight liabilities
Other liabilities

917
573

Corrected.
Figures not yet available.
Agricultural and urban loans in process of liquidation.
By law of January 18,1938, gold revalued in March at rate of 0.585018 gram fine gold per peso.




1938

Nov.

1937

Oct.

Sept

Nov.

172
435
1,039
1, 318
2,171
1,099
1,105

151
425
1,040
1,319
2,178
1,071
1, 083

151
335
1,042
1,422
2,161
1,088
1,190

18,125
4,071
12,121
1,831
10, 499
11, 009
33, 676
13, 075
10, 905

18, 078
4,207
12, 230
1, 850
10, 500
10,687
34,581
12,063
10, 908

17,641
4, 111
11,350
1,868
10, 404
10, 950
34, 242
11,005
11,079

16, 343
5,942
6,109
2,014
10, 695
8,690
28,111
12,190
9,493

26, 722
9,050
1,820
15, 072
16, 547
33, 033
3,084

26, 560
7,170
1,822
15,403
17, 755
29, 951
3,249

26, 709
6,977
822
15,989
18, 437
28, 512
3,548

22, 937
6,126
1,330
12, 889
16, 401
23, 602
3,279

707
874
14
33
91
463
982
1,029
171

707
890
13
462
1,028
985
172

992
12
26
76
460
1,083
998
169

2,890
286
115
24
709
1,696
1,686
643

2,873
302
111
26
707
1,736
1,641
642

2,851
306
139
31
712
1,933
1, 465
642

2,663
508
21
32
626
1,453
1,756
640

36, 871
1
17, 500
92, 058
.89, 951
34,173
^ 611
64, 978
.08, 965

36, 870
13
11,079
81, 353
.90, 005
39, 649
58, 770
:03, 510

36, 720
2
26, 773
50, 220
86, 290
35, 070
77, 171
46,123
.11, 781

.03, 585
87, 353

42,087
:,960

50,
99,
71,
82,
39,

28, 541
90, 790
' "I, 022
83, 636
95, 716

1,906
512
1,781
2, 244
3,383
6,783
2,266
778

1,893
442
1,896
2,243
3.457
7,012
2,049
869

972
406
584
345
617

1,886
478
1,948
2,243
3,540
7,404
1,636
1,053

538
1,089
14
27
300
893
976
105

1,758
472
1,614
2,253
2,923
5,753
2,515
751

JANUARY

81

FEDERAL RESERVE BULLETIN

1939

BANK FOR INTERNATIONAL SETTLEMENTS
1
[In thousands of Swiss gold francs ]

1938

1937

1937
Liabilities

Assets
Nov. 30

Nov. 30

Oct. 31

Nov. 30

33, 969

29, 303
27, 935
14, 434

25, 886
18, 643

219, 464
50,110
246, 367

201, 065
52, 080
248, 243

Gold in bars
Cash on hand and on current account
with banks
Sight funds at interest
Rediscountable bills and acceptances
(at cost)
Time funds at interest
Sundry bills and investments

4,544

Other assets
Total assets

9,380

9,347

8,391

131, 345
7,620

110,941
8 549

181, 796
9,398

254, 409

254, 888

263, 228

194, 667

202, 204

190, 449

597, 421

585, 929

653, 262

13, 775 Demand deposits (gold)

23,185
19, 782

Oct. 31

597, 421

12, 869
585, 929

Short-term deposits (various currencies) :
Central banks for own account
Other

269,461
47, 577 Long-term deposits: Special accounts.__
275, 736
Other liabilities
2,184
Total liabilities
653, 262

Nov. 30

i See BULLETIN for December 1936, p. 1025.

MONEY RATES IN FOREIGN COUNTRIES
[Percent per annum]

Month

Treasury
Bankers'
acceptances bills, 3
months
3 months

Netherlands (Amsterdam)

Germany (Berlin)

United Kingdom (London)
Bankers'
Day-to-day allowance
money
on deposits

Private
discount
rate

Money for Day-to-day
1 month
money

Private
discount
rate

Money for
1 month

1929—November.
1930—November.
1931—November.
1932—November.
1933—November.
1934—November.
1935—November.
1936—November.
1937—November.

5.35
2.18
5.75
.89
1.05
.45
.57
.56
.59

5.30
2. 15
5.55
.82
.94
.29
.55
.55
.58

5.15
2.01
4.96
.73
.75
.68
.75
.75
. 75

4.79
8.00
3.87
3.87
3.63
3.01
3.00
2. 88

8.29
6.51
9.31
5.00
5.50
4.37
3.10
2.84
2.81

7.79
5.48
8.69
4.80
5.18
4.21
3.07
2.79
2.65

4.26
1.31
1.59
.37
.45
.83
3.15
.85
.13

4.17
1.29
1.73
1.00
1.00
1.00
3.00
1.55
.50

1938—May
June
July
August
September.
October
November.

.53
.59
.55
.53
.91
.70
.66

.51
.59
.52
.51
.86

.75
.75
.75
.75
.75
.75
.75

2.88
2.88
2.93
2.88
2. 88
2.88
2. 88

2.88
2.88
2.88
2.87
2.88
2.88
2.88

2.66
3.06
2.96
2.51
2.59
2.70
2.58

.13
.13
.13
.13
.32
.21
.14

.50
.50
.50
.50
.70
.50
.50

Switzerland

Month

Belgium
(Brussels)

France
(Paris)

Italy
(Milan)

Private
discount
rate

Private
discount
rate

Private
discount
rate

Private
discount
rate

1929—October. _.
1930— October _._
1931—October. __
1932—October. __
1933—October...
1934—October...
1935— October...
1936—October.. _
1937—October...

3.38
1.29
1.90
1.50
1.50
1.50
2.37
1.69
1.00

4.94
2.27
2.44
3.00
2.21
2.10
1.88
1.29
1.39

3.50
2.00
1.80
1.01
1.25
1.45
2.71
2.52
3.62

7.18
5.25
7.50
5.00
3.50
3.00
5.00
4.50
5.00

1938—April
May
June
July

1.00
1.00
1.00
1.00
1.00
1.00
1.00

1.50
1.50

3.25
2.62
2.40
2.50
2.50
2.65
3.00

5.00
5.00
5.00
5.00
5.00
5.00
5.00

August
September.
October.. _

T

Sweden
(Stockholm)

Hungary
Prime
commercial paper
910

5M-7
7Mio

Day-to-day
money

7M8
4^-5
56

Loans up
to 3
months

53^-7
3H-5M
6-73^
3H~5^
3-5

3
2%
2%
23^-5
2^-5
23^-5
2M-5
234-5

Japan (Tokyo)

Discounted
bills

Call
money
overnight

5.48
5. 48-5. 66
4. 93-5. 66
5. 66-6. 02
5.11-5. 48
5.11
5.11
4.75
4.75

3.47
3.29
5.48
3.28
2.56
2.52
2.69
2.92
2.65

4.56
4.56
4.56
4.56
4.56
4.56
4.56

2.45
2.40
2.37
2.48
2.44
2.33
2.31

Revised.
NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736; May
,1930, p. 318; and September 1938, p. 757.




82

FEDERAL RESERVE BULLETIN

JANUARY 1939

DISCOUNT RATES OF CENTRAL BANKS
[Percent per annum]
Central bank o—
f
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
M a y 30
Sept 28
Ont 97

Nov 25
In effect Dec. 31,
1938

United
GerKing- France many
dom

Belgium

4

2

2

4

Central
bank o—
f

3.29

W2
3

3

2

5
3
2

2

21/

2
4
6
5
4
3
4

VA

3

Rate
Dec.
31

Albania
Argentina
Belgium
Bolivia
British India
Bulgaria
Canada
Chile
Colombia...
Czechoslovakia
Danzig
Denmark...
Ecuador
El Salvador
Estonia
Finland
France
Germany. __
Greece _
Hungary. __
Italy

Neth- Switzerer- Japan
lands land

6
6/2
3
6
4
3
4
4
4
4
4

2

2K
6
4

3

Date
effective

Central
bank o—
f

April 1, 1937
Mar. 1, 1936
Oct. 27, 1938
Julv 5, 1932
Nov. 28, 1935
Aug. 15, 1935
Mar. 11, 1935
Dec. 16, 1936
July 18, 1933
Jan.
Jan.
Nov.
Nov.
Aug.
Oct.
Dec.
Nov.
Sept.
Jan.
Aug.
May

1, 1936
2, 1937
19, 1936
30, 1932
23, 1935
1, 1935
3, 1934
25, 1938
22, 1932
4, 1937
29, 1935
18, 1936

Rate
Dec.
31

Date
effective

Japan
3.29
Java.
3
Latvia._ __ 5
Lithuania5
Mexico
3
Netherlands 2
New Zealand
4
Norway
Peru
6 2
Poland
Portugal
4-4^
Rumania
South Africa VA
Spain.. _ _ 5
Sweden
Switzerland 11
*
Turkey. _ _ 4
United Kingdom
2
U. S. S. R . . . 4
Yugoslavia.. 5

Apr.
Jan.
Nov.
July
Mar.
Dec.

7, 1936
14, 1937
1, 1936
1, 1938
1, 1937
3, 1936

Nov.
Jan.
May
Dec.
Aug.
May
May
July
Dec.
Nov.
July

22, 1938
5, 1938
20, 1932
18, 1937
11, 1937
5, 1938
15, 1933
15, 1935
1, 1933
26, 1936
1, 1938

June 30, 1932
July 1, 1936
Feb.
1, 1935

2^2

Changes since Oct. 31: New Zealand—Nov. 22, up from 2 to 4 percent;
France—Nov. 25, down from 3 to 2% percent.

2K
2

2K

4

2H

3.29

2

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)

Money at
Cash
call and Bills disreserves
short
counted
notice

Securities

Loans to
customers

Deposits

Other
assets

Total

Demand 1 Time

Other
liabilities

10 London clearing banks

1930—December.
1931—December.
1932—December.
1933—December.
1934—December.
1935—December.
1936—December.
1937—December.

208
184
207
213
216
221
236
236

144
119
127
119
151
159
187
155

322
246
408
311
255
322
316
295

285
297
472
565
594
605
630
605

933
905
778
740
759
784
864
954

1,876
1,737
1,983
1,941
1,971
2,091
2,238
2,250

240
222
208
237
247
231
238
242

11 London clearing banks

992
868
991
1,015
1,044
1,140

847
846
963
900
910
924

254
237
216
244
251
231
232
237

2

1936—December.

244

195

322

660

890

249

2,315

1,288

1,012

245

1937—September.
October
November.
December.
1938—January _._
February..
March
April
May
June
July
August
September.
October.. _
November.

238
234
235
244

162
165
161
163

281
296
298
300

641
639
634
635

978
988
991
984

240
244
245
256

2,287
2,312
2,311
2,330

1,242
1,244
1,238
1,284

1,009
1,019
1,025
1,026

251
253
252
252

251
243
244
246
231
247
244
241
234
234
233

154
144
150
150
146
154
159
153
148
149
149

331
288
239
249
280
289
302
305
289
268
272

636
633
634
638
631
630
633
642
646
645
642

970
984
1,000
998
986
985
985
974
973
973
966

240
238
239
240
246
251
242
239
242
256
255

2,329
2,280
2,254
2,268
2,263
2,299
2,309
2,298
2,269
2,256
2,249

1,290
1,242
1,221
1,228
1,220
1,245
1,254
1,248
1,236
1,247

1,039
1,038
1,033
1,040
1,043
1,054
1,055
1,050
1,033
1,009

252
250
252
252
256
256
255
256
262
270
269

1 Excluding deposits of National Bank relating to offices outside United Kingdom, which are included in total. Figures for 10 banks not available beginning 1936.
2 District Bank included beginning in 1936.
NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pp. 639-640.




JANUARY

83

FEDERAL RESERVE BULLETIN

1939

COMMERCIAL BANKS—Continued
[Figures as of end of month]

(4 large banks.

Figures in millions of
francs)

Cash
reserves

Due from Bills disbanks
counted

1930—December.
1931—December.
1932—December.
1933—December.
1934—December.
1935—December.
1936—December.

2,419
11,311
9,007
5,870
5,836
3,739
3,100

4,675
2,168
1,766
1,416
1,421
2,484
2,975

1937—November
December.

3,325
3,403

4,040
4,116

1938—January. __
February..
March
April
May
June...
July
August
September.

2, 990
3,218
3,025
3,063
5,976
4,086
3,297
3,270
4, 410

4,319
4,357
4,302
4,128
3,944
3, 799
3,962
4,708
4,237

20, 448
18, 441
22, 014
19,848
18, 304
16,141
17, 582
18, 046
18, 249
17,921
17,617
17, 533
18, 817
20, 271
20, 443
21, 620
19,828
14,080

(5 large Berlin banks. Figures in milCash
lions of reichsmarks)
reserves

1938—February...
March
April
May
June
July
August
September..
October

Deposits

Other
assets

Loans

Total

10,743
9,274
7,850
8,309
8,159
8,025
7,631
7,834
7,624

2,361
2,130
1,749
1,827
1,717
1,900
1,957

7,905
7,994
7,331
7,423
7,153
7,083
7,314
7,490
8,072

1,400
1,475
1,546
1,617
1,573
1,538
1,653
1,702
1,921

Demand
35, 284
37,023
36,491
31, 773
30,039
26, 859
27, 955
29, 539
29, 748
29, 386
29, 542
28,620
29,874
33, 828
31, 938
32, 701
31, 784
27, 405

36, 681
38, 245
37, 759
32, 635
30,943
27, 553
28, 484
30,142
30, 348
30, 022
30,198
29, 234
30, 454
34, 394
32, 464
33,184
32, 293
27, 869

2,011
2,134

191
173
143
131
115
139
137
148
141
197
151
167
208
178
199
270
179

Due
from
banks
1,483
817
583
471
393
316
269
299
278
308
273
260
271
263
255
295
261

Cash
reserves

Securities

2,453
1,431
1,631
1,702
2,037
2,162
2, 567
3,205

7,416
5,377
4,570
3,731
3,331
2,884
2,729
2,628

482
807
938
860
874
1,027
1,112
1,020

2,997
3,081
3,083
3,328
3,270
3,464
3,589
3,384
3,620

2,631
2,714
2,680
2,604
2,704
2,729
2,731
2,817
2,743

1,058
1,000
1,150
1,094
1,107
1,100
1,098
1,097
1,183

207
201
211
197
228
228
240
255
257
242
247
248
247
247
240
262
270
291

Other
Security loans
loans
and discounts

205
135
103
106
103
83
114
76
72
70
63
64
66
69
71
71
60

1,275
1,253
1,104
1,036
977
945
791
862
839
852
870
906
900
921
920
913

921
576
295
273
193
337
473
695
661
740
781
780
781
676
534
566
550
678

Other
liabilities
4,357
4,503
4,331
4,362
4,301
4,399
4,289
4,419
4,517
3,773
3,682
3,722
3,813
3,847
3,950
4,096
4,155
4,174

Liabilities

Bills dis- Loans
counted

Entirely in 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—January...
February..
March
April
May
June
July
August
September.
October

1,397
1,222
1,268
862
904
694
529
604
600
636
656
614
580
566
527
483
508
463

Other
assets
1,127
991
1,003
983
983
851
812
855
853
834

844
876
895

Deposits
Total

Demand

Time

9,091
6,062
6,161
5,754
5,816
5,376
5,751
6,264

3,857
3,252
2,958
2,624
2,731
2,435
2,661
2,912

5,233
2,810
3,203
3,130
3,085
2,941
3,090
3,352

6,146
6,338
6,384
6, 509
6,635
6,788
6,933
6,915
7,031

2,818
2,910
2,978
3,050
3,159
3,194
3,219
3,311
3,373

3,328
3,428
3,406
3,459
3,476
3,594
3,714
3,603
3, 658

Credits Other
obtained liabilifrom
ties
banks
1,986
1,328
1,146
661
485
686
579
513
463
460
453
444
433
420
416
424
422

1,828
2,341
1,550
1,481
1,432
1,449
1,334
1,335
1,350
1,356
1,334
1,327
1,303
1,334
1,368
1,400
1,427

Liabilities

Assets

Canada

Own
acceptances

Time

Assets

Germany 1

1930—November _.
1931—November..
1932—November..
1933—November..
1934—November..
1935—November..
1936—November..
1937—November..

Liabilities

Assets

France

Deposits payable in Canada excluding interbank

Security
loans
abroad
and net
due
from
foreign
banks

Securities

171
146
155
134
155
141
161
102

604
694
778
861
967
1,155
1,384
1,411

110
121
129
119
123
137
150
147

1,434
1,440
1,438
1,456
1,449
1,462
1,437
1,440
1,421
1,409

Other

assets

602
510
439
432
449
485
507
510
480
482
477
483
479
520
471
459
481
470

Note
circulation

133
129
115
121
124
111
103
96
92
95
96
95
91
99
95
93
99
94

deposits

Total

2,115
2,058
1,916
1,920
2,035
2,180
2,303
2,335
2,314
2,319
2,338
2,414
2,403
2,459
2,394
2,418
2,447
2,480

Demand

Other
liabilities
Time

689
698
538
563
628
694
755
752

1,426
1,360
1,378
1,357
1,407
1,486
1,548
1,583

816
752
760
725
718
745
790
785

723
704
715
783
111
838
772
783
814
824

1,591
1,615
1,623
1,631
1,626
1,621
1,623
1,635
1,633
1,656

771
770
772
769
777
781
772
771
802
795

i Combined monthly balance sheets not published for December. Prior to merger of two of the banks in February 1932 figures refer to six large
Berlin banks. Beginning in 1935 figures are not entirely comparable with those shown for previous years due to changes in reporting practice
(See BULLETIN for June 1935, p. 389).

NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pp. 641-646, and June 1935, pp. 388-390.




84

FEDERAL RESERVE BULLETIN

JANUARY 1939

FOREIGN EXCHANGE RATES
[Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency]

Year or month

1929
1930
1931
1932
1933
1934
1935
1936
1937

___

1938—March
April
May
June
July
August
September.
October
November.

Year or month

Argentina
(peso)

AusAustria
tralia
(schil(pound) ling)

95.127
83. 505
66. 738
58. 443
72. 801
33. 579
32. 659
33.137
32. 959

480.83
458. 60
351. 50
279. 93
337.07
400. 95

33. 233
33. 208
33.118
33. 053
32. 862
32. 541
32.032
31. 793
31. 382

397.14
396.85
395. 77
395. 02
392. 77
388. 90
382. 74
379. 89
375. 05

395. 94
393. 94

Belgium
(belga)

14.058
14.089
14.023
13. 960
15.448
18. 793
18.831
18. 792
18. 770

13.
13.
13.
13.
17.
23.
18.
16.
16.

912
952
929
914
900
287
424
917
876

18.922

Brazil (milreis)
Free
market

Official

16. 880
16. 854
16. 835
16. 956
16. 919
16. 869
16. 877
16.904
16. 908

British
India
(rupee)

11. 8078
10. 7136
7. 0290
7.1223
7. 9630
8. 4268
8. 2947
8. 5681
8. 7190

.7216
.7163
.7193
1. 0039
1.2852
1.2951
1. 2958
1.2846

5. 8744
5. 8680
5. 8566
5. 8564
5. 8528
5. 8460
5. 8563
5. 8488
5. 8595

Czecho- DenEgypt Finland
Cuba slovakia mark
(mar(peso) (koruna) (krone) (pound) kka)

5. 8788
6.1806

36. 202
36.067
33. 690
26. 347
31.816
37. 879
36. 964
37. 523
37. 326
37. 638
37. 432
37. 052
36. 738
36. 762
36. 390
35. 827
35. 617
35.151

1. 2525
1. 2506
1. 2466
1. 2395
1. 2370
1. 2349
1. 2323
1. 2324
1. 2325

France
(franc)

.7209

Chile (peso)
Canada
(dollar)
99.
99.
96.
88.
91.
101.
99.
99.
100.

China

Official

247
842
353
090
959
006
493
913
004

99. 716
99. 446
99.177
98. 908
99. 437
99. 646
99. 365
99.062
99. 248

99. 965
99. 952
99. 930
99. 941
99. 946
99. 936
99. 920
99. 909
99. 916

2. 9609
2. 9640
2. 9619
2. 9618
3. 8232
4. 2424
4.1642
4.0078

26. 680
26. 765
25.058
18. 832
19. 071
22. 500
21. 883
22.189
22.069

498.07
498. 60
465.11
359. 54
434. 39
516. 85
502. 60
509. 68
506. 92

2. 5160
2. 5169
2. 3875
1. 5547
1. 8708
2. 2277
2.1627
2.1903

1938—March
April
May
June
July
August
September.
October
November

99. 916
99. 916
99. 926
99. 933
99. 935
99. 933
99. 932
99. 916
99. 926

3. 5017
3. 4833
3. 4792
3. 4754
3. 4580
3. 4518
3. 4476
3. 4401
3. 4264

22. 251
22. 236
22.174
22.132
22. 004
21. 785
21. 441
21. 283
21.011

511.06
510. 54
509. 30
508.36
505. 39
500.30
492. 54
488. 92
482, 66

New
Zealand Norway
(pound) (krone)

Poland
(zloty)

Portu- Ruma- South Spain
gal
nia
Africa
(escudo) (leu) (pound) (peseta)

Export

12.0601
12. 0785
12.0669
7. 9079
7. 6787
10.1452
5. 0833
5.1240
5.1697
5.1680
5.1683
5.1683
5.1682
5.1694
5.1744
5.1765
5.1771
5.1777

Germany Greece Hong Hungary
Kong
(reichs (drach- (dollar) (pengo)
ma)
mark)

1929
1930
1931
1932
1933
1934
1935
1936
1937

Year or month

Bulgaria
(lev)

(yuan)

Colombia
(peso)

4. 0000

41.901
29.917
22. 437
21. 736
28.598
34.094
36. 571
29. 751
29.606

96. 551
96. 493
96. 570
95. 275
81. 697
61. 780
56.011
57.083
56. 726

4. 0000
4. 0000
4. 0000
4.0000
4.0000
4.0000
4.0000
4. 0000
4. 0000

28. 219
26. 905
23.804
18. 835
18. 205
16. 618
17.167
16.029
15. 796

54. 648
54. 813
55. 447
55. 370
56. 223
56. 564
56. 704
57. 078
57.136

Italy
(lira)

Japan
(yen)

Mexico Netherlands
(peso) (guilder)

2.1811

3. 9161
3. 9249
3. 9200
3. 9276
5. 0313
6. 5688
6. 6013
6.1141
4. 0460

23.809
23. 854
23. 630
23. 749
30. 518
39. 375
40. 258
40. 297
40. 204

1. 2934
1. 2959
1. 2926
.8320
.7233
.9402
.9386
.9289
.9055

47.167
33. 853
24. 331
23. 460
29. 452
38. 716
48. 217
31.711
30. 694

17. 441
17. 494
17. 452
17. 446
22. 360
29. 575
29. 602
29. 558
19. 779

5. 2334
5. 2374
5. 2063
5.1253
6. 7094
8. 5617
8. 2471
7. 2916
5. 2607

46.100
49. 390
48. 851
28. Ill
25. 646
29. 715
28. 707
29. 022
28. 791

48.183
47.133
35. 492
31.850
28.103
27. 742
27. 778
27. 760
27. 750

40.162
40. 225
40. 230
40. 295
51. 721
67. 383
67. 715
64. 481
55.045

2. 2001
2.1987
2.1938
2.1878
2. 1751
2. 1510
2.1171
2. 1016
2. 0750

3.1224
3.1020
2. 8148
2. 7824
2. 7663
2. 7331
2. 6924
2. 6662
2. 6343

40. 241
40. 200
40.160
40. 266
40.188
40. 090
39. 966
40. 047
40. 042

.9128
.9115
.9100
.9078
.9031
.8950
.8805
.8736
.8636

30. 987
30. 828
30. 849
30. 856
30. 755
30. 479
29. 989
29. 668
29. 325

19. 831
19. 778
19. 769
19. 759
19. 701
19. 663
19. 642
19. 641
19. 637

5. 2605
5. 2605
5. 2604
5. 2604
5. 2604
5. 2604
5. 2604
5. 2603
5. 2603

28. 864
29.013
28. 938
28.884
28. 722
28. 444
27. 996
27. 787
27. 430

25. 597
23.109
22. 275
20. 914
20.104
19. 732
19. 462
19. 659
19. 971

55. 556
55. 564
55. 351
55. 343
55.040
54. 602
53. 940
54. 390
54. 334

United UruStraits
SwitzSettle- Swe- erland Turkey Kingden
guay
ments (krona) (franc) (pound) dom
(pound) (peso)
(dollar)

Yugoslavia
(dinar)

1929
1930
1931
1932
1933
1934
1935
1936
1937

483. 21
468. 22
415. 29
320.19
340. 00
402. 46
391. 26
398. 92
396. 91

26. 683
26. 760
25.055
18.004
21. 429
25. 316
24. 627
24. 974
24. 840

11. 194
11. 205
11. 197
11. 182
14. 414
18. 846
18. 882
18.875
18. 923

4. 4714
4. 4940
4. 2435
3. 1960
3. 9165
4. 6089
4. 4575
4. 5130
4. 4792

.5961
.5953
.5946
.5968
.7795
1. 0006
.9277
.7382
.7294

483. 27
483. 79
480. 76
476. 56
414. 98
498. 29
484. 66
491. 65
489. 62

14. 683
11. 667
9.545
8.044
10. 719
13. 615
13. 678
12. 314
6.053

56. 012
55. 964
52. 445
40. 397
49. 232
59. 005
57.173
58. 258
57. 973

26. 784
26. 854
25. 254
18. 471
22. 032
25. 982
25. 271
25. 626
25. 487

19. 279
19. 382
19. 401
19. 405
24. 836
32. 366
32. 497
30.189
22. 938

48. 411
47.061
47.181
47. 285
60. 440
79. 047
80. 312
80. 357
80.130

485. 69
486. 21
453. 50
350. 61
423. 68
503. 93
490.18
497. 09
494. 40

98. 629
85. 865
55. 357
47.064
60. 336
79. 956
80. 251
79. 874
79. 072

1. 7591
1.7681
1. 7680
1. 6411
1. 7607
2. 2719
2. 2837
2. 2965
2. 3060

1938—March
April
May
June
July
August
September.
October....
November.

400. 28
399. 95
398. 87
398.13
395. 86
391. 99
385. 81
382. 46
376. 50

25. 045
25. 028
24. 957
24. 911
24. 767
24. 523
24.136
23. 957
23. 652

18. 909
18. 852
18. 845
18. 835
18. 839
18. 832
18. 815
18. 794
18. 798

4. 5105
4.5032
4.4869
4. 4811
4. 4713
4. 4228
4. 3492
4. 3220
4. 2683

.7337
.7341
.7336
.7303
.7318
.7317
.7305
.7299
.7305

493. 74
493.22
491. 92
490. 94
488. 07
483. 23
475. 63
472. 05
466. 01

5.814
5.766
5.846
5.766
5.666
5.747
5.228
5.092
5.054

58.118
57. 965
57. 509
57. 432
57. 452
56. 864
55. 794
55. 440
54. 738

25. 674
25. 670
25. 604
25. 561
25. 412
25.162
24. 765
24. 563
24. 251

23. 045
22. 990
22. 840
22. 887
22. 885
22. 885
22. 603
22. 719
22. 653

80.183
80. 039
79. 701
79. 919
79. 620
79. 460
79. 624
80. 311

498. 45
498.12
496. 73
495. 80
492.91
488.08
480. 38
476. 85
470. 75

65. 597
65. 550
65. 352
65. 240
64. 864
64. 239
63. 231
62. 742
61. 955

2. 3291
2. 3270
2. 3239
2. 3256
2. 3241
2. 3133
2. 2895
2. 2805
2. 2797

NOTE.—For information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the basis of
quotation, see note in BULLETIN for March 1938, p. 244. Subsequent developments have been as follows: Australia, New Zealand, and South Africa—
quotations no longer nominal beginning March 26; Austria—no quotations available beginning March 14; China—quotations nominal beginning
March 14; Czechoslovakia—quotations nominal from September 22 to October 4, inclusive; Mexico—quotations not available March 19-21 and
nominal thereafter; Portugal—quotation nominal on September 28 and October 4; Yugoslavia—quotations no longer nominal beginning September 17.




JANUARY

85

FEDERAL RESERVE BULLETIN

1939

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States

Year or month

United
Kingdom

Canada

France

(1930=100) (1913=100)

(1926=100)

(1926=100)

100
95
86
73
65
66
75
80
81
86

100
96
87
72
67
67
72
72
75
85

1124

1937—October. _.
November
December.

85
83
82

1938—JanuaryFebruary..
March
April
May
June
—
July
August
September
October
November.

81
80
80
79
78
78
79
78
78
78
78

1926
1929
1930
1931
1932
1933___
1934
1936
1936____
1937__

.___
__.

Germany

Italy

(1913=100)

(1928=100)

Netherlands

Switzerland

(1926-30=
100)

Japan

(October
1900=100)

( J u l y 1914
=100)

88
86
86
88
89
94
109

627
554
502
427
398
376
338
411
581

134
137
125
111
97
93
98
102
104
106

237
220
181
153
161
180
178
186
197

106
100
90
76
65
63
63
62
64
76

144
141
126
110
96
91
90
90
96
111

85
83
83

111
109
108

628
621
631

106
106
106

237
238
241

77
76
76

111
110
110

84
84
83
82
80
80
79
76
75
74
74

108
106
104
103
102
101
101
100
98
99

634
643
654
660
652
649
652
'664

106
106
106
106
105
106
106
106
106
106

245
258
252
247
249
254
254
252
252
253
254

75
74
73
73
72
72
71
71
71
71
70

110
109
108
108
107
107
106
105
106
106
106

166

PQ74:

r

Revised.
v Preliminary.
i A p p r o x i m a t e figure, derived from old index (1913=100).

WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]

United

S t a t e s (1926=100)

Year or month
Farm
products

1926
1929
1930
1931
1932
1933
1934
1935
1936
1937

_- _
_

_

November
1938—January
February
March
April
May
June
July .
August
September
October _
_
November.._

Other
commod- Foods
ities

Germany (1913=100)

F r a n c e (1913=100)

Farm
Indus- AgriculIndusand food
trial
tural
trial
products products products products

Provisions

Industrial raw Indusand semi- trial finfinished ished
products products

_.

r

100
105
88
65
48
51
65
79
81
86

100
100
91
75
61
61
71
84
82
86

100
92
85
75
70
71
78
78
80
85

100
89
88
83
85
87
92
102

100
87
85
87
90
90
96
112

581
579
526
542
482
420
393
327
426
562

793
669
579
464
380
380
361
348
397
598

129
KO
113
104
91
87
96
102
105
105

132
125
113
96
86
75
76
84
86
96

130
132
120
103
89
88
91
92
94
96

150
157
150
136
118
113
116
119
121
126

80
76
73

_

1937—October .

Foods

United Kingdom
(1930=100)

86
83
80

85
84
84

105
106
104

113
110
109

607
613
636

646
628
626

105
106
105

97
96
94

96
94
94

126
128
126

72
70
70
68
68
69
69
67
68
67
68

76
74
74
72
72
73
74
73
75
74
74

84
83
83
82
82
81
81
81
81
81
81

105
103
101
100
100
99
98
95
92
93
91

109
107
106
104
103
101
102
102
102
102
103

634
625
620
633
650
657
630
625
631
••646

638
636
647
651
657
663
671
670
669
680
^685

105
105
106
106
106
106
106
107
106
106

90
90
90
90
90
90
90
90
91
92

94
94
94
94
93
94
94
94
94
94

126
126
126
126
126
126
126
126
126
126

P107

Revised.
P Preliminary.
Sources.—See B U L L E T I N for M a r c h 1931, p . 159; M a r c h 1935, p . 180; October 1935, p . 678; M a r c h 1937, p . 276: a n d April 1937. p . 372.




86

FEDERAL RESERVE BULLETIN

JANUARY 1939

PRICE MOVEMENTS IN PRIN<"IPAL COUNTRIES—Continued
RETAIL FOOD PRICES

COST OF LIVING

[Index numbers]

[Index numbers]

GerNether- SwitzUnited EngerStates land France m a n y lands
land
July
19111923July 1914=100 1913June"
1914=100 1913=100 1914=100
1925=100 1914=100

Year or
month

109

161

654

105
100

154
145

611
814

82
68
66
74
80
82

611
536
491
481
423
470

85

131
126
120
122
125
130
139

1937—October
November
December

85
84
83

143
146
146

644

1938—January. .
February _
March
April
May
June
July
August
September
October...
November

80
78
79
79
79
80

145
142
140
137
139
138
146
141
140
139
140

688
694
698
702
705
698
671
677
697
725
727

1926
1929
1930
1931
1932
1933
1934
1935
1936
1937

80

78
79
78
78

601
645
659

United EngFrance Ger- Nether- SwitzerStates
land
m a n y lands
Jan.land
1923July
June
1911— June 6
19131925=100 1914=100 1914=100 1914=100 1913=100 1914=100

Year or
month

146
156
146
131
116
113
118
120
122
122

161
162
150
136
119
120
124
118
120
127

160
141
125
117
115
114
120
129

1926
1929
1930
1931 .
1932.
1933
1934.
1935
1936.
1937

121
121
121

130
131
130

130
130
130

1937-October .
November
December.

121
122
122
122
123
123
124
124
121
121

130
130
128
129
132
134
130
129
130
130

130
130
129
129
128
130
129
129
130
130
130

1938-January
February _
March
April
May
June ___
July
AugustSeptember
October
November

156
152

103

170

505

100
97

164
158

556
581

148
144
140
141
143
147
154
158
160
160

89
80
76
79
81
82
84

_

85

83
83
83

569
526
520
516
483
507
619

168
168
161
151
141
139
140
136
1
132
137

162
161
158
150
138
131
129
128
130
137

658

159
157
156
154
156
155
159
156
156
155
156

142
154
148
136
121
118
121
123
125
125
125
125
125

140
140
139

138
138
138

125
125
126
126
126
126
127
127
125
125

139
139
138
138
139
140
139
138
139
138

138
137
137
137
136
137
137
136
137
137
137

688
692
689

c
Corrected
i Revised index from March 1936 (see BULLETIN for April 1937, p . 373).
Sources.—See BULLETIN for April 1937, p. 373.

SECURITY PRICES
[Index numbers except as otherwise specified]
Common stock 5

Bonds
Year or month

United
States

(average
price)i

Germany
England
(average
(December France
price)
1921=100) (1913=100)

60

87

36

97 6
98.0
99.3
90 9
69.5
73.4
84 5
88.6
97.5
93.4

110.0
110.2
111.8
108 4
113.2
119.7
127 5
129.9
131.2
124.6

57.4
85.1
95.8
96 9
88.6
81.3
82.1
83.5
76.3
75.1

1937—October
November...
December _„

86.4
83.3
82.7

123.6
124.1
123.9

1938—January
February
March __
April
May . .
June
_
July
August
September...
October
November _.

80.6
79.3
76.0
73 8
76.5
75.3
80 8
81.3
78.7
81.8
82.1

124.7
125.1
121.0
124 2
122.1
121.9
123 4
122.4
118.4
118.2
118.0

Number of issues. _
1926
1929
1930
1931
1932
1933.
1934
1935
1936
1937

_

r
1
2

139

(1926=100)
Netherlands-

United
States

England

France

Germany

Netherlands
(1930=100)

329

100

8

420

278

300

81.4
83.3
83.4
3 67.1
82.5
90.7
95.3
95.8
98.7

100.0
104.3
104.1
94.8
105.3
113.4
107.8
109.1
<101.8

100.0
190.3
149.8
94.7
48.6
63.0
72.4
78.3
111.0
111.7

100.0
119.5
102.6
78.9
67.9
78.6
85.7
86.3
97.0
96.3

100.0
217.6
187.6
132.2
105.2
99.6
83.3
79.7
77.2
97.4

100.0
122.8
100.2
> 78 0
J
50. 3
61.7
71 1
82.9
91.6
102.6

75.6
76.4
75.5

99.4
99.6
99.7

102.4
104.3
105.0

91.4
82.9
82.2

88.2
85.8
86.8

91.8
90.1
87.6

103.9
'102. 8
102.1

94.8
92.0
93.7

75.1
74.7
73.2
75.6
76.1
77.2
76.5
76.6
75.6
78.3
80.6

99.8
89.9
100.1
100.1
100.0
100.0
100.0
99.9
99.8
99.8
99.7

106.3
107.2
104.3
106.3
108.0
107.0
107.0
106.3
100.6
105.6
105.3

81.6
80.7
77.9
70.7
73.9
73.1
88.0
89.5
86.0
91.1

86.5
83.8
78.9
81.7
79.7
78.5
82.1
81.1
78.4
79.6
80.4

85.0
84.5
82.0
93.6
92.7
91.4
88.8
87.6
83.7
88.0
91.9

104.4
104.2
104.5
105.3
103.4
101.4
99.0
93.8
94.7
98.6
97.2

98.3
97.5
95.1
92.2
92.7
91.6
97.2
97.1
92.8
98.0
98.8

3

94. 7

100.
70
46.
52.
55.
55.
66.
104.

Revised.
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 percent. For new index
beginning January 1937, January-March 1937=100; average yield in base period was 3.39 percent.
* Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19, 1931, to Apr. 11,1932. Index for 1931 represents average of months JanuaryJune; index for 1932 represents average of months May-December.
4
New index. See note 2.
Sources— See BULLETIN for February 1932, p. 121; June 1935, p. 394; April 1937, p. 373; July 1937, p. 698; and November 1937, p. 1172.







FEDERAL RESERVE DIRECTORY

87

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman

RONALD RANSOM, Vice Chairman
M. S. SZYMCZAK
JOHN K. MCKEE

CHESTER C. DAVIS
ERNEST G. DRAPER

LAWRENCE CLAYTON, Assistant to the Chairman

ELLIOTT THURSTON, Special Assistant to the Chairman
CHESTER MORRILL, Secretary

LISTON P. BETHEA, Assistant Secretary

S. R. CARPENTER, Assistant Secretary
J. C. NOELL, Assistant Secretary
WALTER WYATT, General Counsel

J. P. DREIBELBIS, Assistant General Counsel
GEORGE B. VEST, Assistant General Counsel
B. MAGRUDER WINGFIELD, Assistant General Counsel
LEO H. PAULGER, Chief, Division of Examinations
R. F. LEONARD, Assistant Chief, Division of Examinations
C. E. CAGLE, Assistant Chief, Division of Examinations
E. A. GOLDENWEISER, Director, Division of Research and Statistics
WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics
LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics
EDWARD L. SMEAD, Chief, Division of Bank Operations
J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations
J. E. HORBETT, Assistant Chief, Division of Bank Operations
CARL E. PARRY, Chief, Division of Security Loans
PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent

FEDERAL OPEN MARKET COMMITTEE

FEDERAL ADVISORY COUNCIL

MARRINER S. ECCLES, Chairman

District No. 1 (BOSTON)

THOMAS M. STEELB

GEORGE L. HARRISON, Vice Chairman

District No. 2 (NEW YORK)

W. W. ALDRICH

CHESTER C. DAVIS
ERNEST G. DRAPER
JOHN K. MCKEE
OSCAR NEWTON
J. N. PEYTON

District No. 3 (PHILADELPHIA) . . . .HOWARD A. LOEB,

Vice-President
District No. 4 (CLEVELAND)

L. B. WILLIAMS

District No. 5 (RICHMOND)

ROBERT M. HANES

RONALD RANSOM
G. J SCHALLER
.

District No. 6 (ATLANTA)

EDWARD BALL

JOHN S. SINCLAIR
M. S. SZYMCZAK

District No. 7 (CHICAGO)

EDWARD E. BROWN

District No. 8 (ST. LOUIS)

WALTER W. SMITH

District No. 9 (MINNEAPOLIS)

JOHN CROSBY

President
CHESTER MORRILL, Secretary

S. R. CARPENTER, Assistant Secretary

District No. 10 (KANSAS CITY) . . . . C. Q. CHANDLER

WALTER WYATT, General Counsel

District No. 11 (DALLAS)

J. P. DREIBELBIS, Assistant General Counsel

District No. 12 (SAN FRANCISCO).. .PAUL S. DICK

E. A. GOLDEN WEISER, Economist

JOHN H. WILLIAMS, Associate Economist

ALLAN SPROUL, Manager of System Open Market Account
88




R. E. HARDING

WALTER LICHTENSTEIN, Secretary

SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank o—
f

Chairman and Federal
Reserve Agent

President

Vice Presidents

First Vice President

Boston
New York.

F. H. Curtiss.
Owen D. Young

R. A. Young..

W. W. Paddock.

G. L. Harrison.

Allan Sproul

Philadelphia.

T. B. McCabe

J. 8. Sinclair.

F. J. Drinnen.

C. A. Mcllhenny s
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.____.

Atlanta

F. H. Neely....

Oscar Newton..

R. S. Parker.

J. G. Fry
G. H. Keesee 2
H. F. Connifl
W. S. McLarin, Jr.»
M. H. Bryan

Chicago

R. E. Wood *_

G. J. Schaller.

H. P. Preston.

W. H. Snyder a
O. 8. Young
J. H. Dillard

St. Louis

W. T. Nardin_

W. McC. Martin.

F. G. Hitt.

O. M. Attebery
C M . Stewart2

Minneapolis

W. C. Coffey1

J. N. Peyton

O. S. Powell.

H. I. Ziemer •
E. W. Swanson

Kansas City._.

R. B. Caldwell

G. H. Hamilton...

O. A. Worthington..

H. G. Leedy
J. W. Helm 3

Dallas

J. H. Merritt

B. A. McKinney..

R. R. Gilbert

R. B. Coleman 3
W. J. Evans

8an Francisco..

St. George Holden 1.__ W. A. Day

Ira Clerk

W. M. Hale 2
C. E. Earhart

1

Deputy chairman.

2

Cashier.

W. Willett 2
L. R. Rounds
W. S. Logan
J. H. Williams
R. M. Gidney
L. W. Knoke

3

Also cashier.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank o—
f
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
Of- T rini«'
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
_ A. F. Bailey
_
F. D. Rash
W. H. Glasgow

Federal Reserve Bank o—
f

Managing director

Minneapolis:
Helena branch
_. _ R. E. Towle
Kansas City:
J. E. Olson
Denver branch... _
C. E. Daniel
Oklahoma City branch
L. H. Earhart
Omaha branch
Dallas:
J. L. Hermann
El Paso branch
W. D. Gentry
Houston branch
M. Crump
San Antonio branch
San Francisco:
W. N. Ambrose
Los Angeles branch
R. B. West
Portland branch._
Salt Lake City branch
_ W. L. Partner
0. R. Shaw
Seattle branch
_

SUBSCRIPTION PRICE OF BULLETIN
The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member
banks of the Federal Reserve System and is the only official organ or periodical publication of
the Board. The BULLETIN will be sent to all member banks without charge. To others the
subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold
at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60;
single copies, 25 cents.




89

FEDERAL RESERVE DISTRICTS

OKLA.
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A
Oklahoma City P
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Little#Rock/

ATLANTA
Birmingham

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BOUNDARIES OF FEDERAL RESERVE DISTRICTS

. _ _

BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
(APPROXIMATE IN THE ST. LOUIS DISTRICT)

®
•
O

FEDERAL RESERVE BANK CITIES.
FEDERAL RESERVE BRANCH CITIES
FEDERAL RESERVE BANK AGENCY




DALLAS®

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