Full text of Federal Reserve Bulletin : March 1939
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FEDERAL RESERVE
BULLETIN
MARCH 1939
"8?
Recent Business and Credit Developments
Study of Deposit Behavior
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
CONSTITUTION AVENUE AT 20TH STREET
WASHINGTON
TABLE OF CONTENTS
Review of the month—Recent business and credit developments
National summary of business conditions
Summary of financial and business statistics
Behavior of deposits prior to suspension in a selected group of banks—Analysis by size of account
Statistics of international capital transactions, United States—October-November, 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
M oney in circulation
Gold stock and gold movements; bank suspensions; bank debits
All banks in the United States
All member banks
Reporting member banks in leading cities
Acceptances, commercial paper, and brokers' balances
Federal Reserve bank discount rates
Money rates and bond yields
Security markets
Treasury
finance
Governmental corporations and credit agencies; Postal Savings System
Production, employment, and trade
Wholesale prices
Chart book series on bank credit, money rates, and business
International financial statistics:
Gold reserves of central banks and governments
Gold production
Gold movements
Central banks
Bank for International Settlements
Money rates
Discount rates of central banks
Commercial banks
Foreign exchange rates
Price movements:
Wholesale prices
Retail food prices and cost of living
Security prices
Federal Reserve directory:
Board of Governors and staff; Open Market Committee and staff; Federal Advisory Council
Senior officers of Federal Reserve banks; managing directors of branches
II
Page
167-173
174-175
177
178-183
184-187
190
191-195
196
197
198
199
200-201
202-205
206
207
208
209
210-211
212-213
214-222
223
224
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227
227-228
229-232
233
233
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234 235
236
237
238
238
240
241
FEDERAL RESERVE BULLETIN
VOL.
25
MARCH, 1939
REVIEW OF THE MONTH
Following a rapid advance in the second
half of 1938 business activity has been maintained in recent months
Recent business and
credit developments
near
the
level
a c hieved
by this advance. The
pattern of business developments since the
summer of 1936 has been, first, a rapid rise
in production to a level in excess of current
demand with a consequent accumulation of
inventories of semifinished and finished
goods. This level continued through the
summer of 1937 and was followed by a period
during which production fell considerably
below current consumption with a consequent
liquidation of inventories. In the latter half
of 1938 the rate of production once more rose
rapidly and toward the end of the year
caught up with the current consumption demand.
At the present time output of industrial
products approximately corresponds to the
volume of goods being consumed by individuals and industry. A further growth in activity under current circumstances appears
to depend on an increase in consumption
arising out of such factors as further growth
in private residential building, larger outlays
for plant and equipment, and greater public
expenditures for construction or other purposes.
Increase in business activity since the middle of 1938 has not been accompanied by any
substantial expansion of business borrowing,
but has been financed largely out of current
receipts or previously accumulated funds.
Commercial loans of banks have shown little
change in the period, and corporate security
issues for the purpose of obtaining new funds
have been in relatively small volume. There
No. 3
have been moderate increases in real estate
mortgage loans by banks, by insurance companies, and by savings and loan associations.
Funds available for investment have continued to increase, and short-term money
rates and yields on high-grade bonds have
fallen to new low levels. Prices of lowergrade industrial and public utility bonds have
risen to near the high levels of the early part
of 1937, while stocks in these industries have
recovered less than half of their declines in
1937 and early 1938.
Bank deposits have increased further,
largely as the result of gold imports, and are
now larger than at any previous time. Banks
have added somewhat to their holdings of
obligations of the United States Government
and its agencies and of State and local governments. As the result of the gold inflow
bank reserves have increased substantially
and excess reserves of member banks rose in
January to a new high level.
Income payments, which had increased
considerably during the second half of 1938,
appear to have been largely
National income
maintained in the first two
months of this year. The current level, as
estimated by the Department of Commerce
and shown in the chart on the next page, is
nearly as high as that in early 1937 and about
7 per cent lower than the recovery peak
reached in the summer of that year.
Most of the increase in income payments
since the middle of last year has been in payrolls at factories. Payrolls in trade, on the
railroads, and at mines have increased somewhat, however, and, when allowance is made
for seasonal influences, a considerable increase is shown for the construction industry.
Government expenditures for work relief
have been maintained at the level reached in
167
168
FEDERAL RESERVE BULLETIN
MARCH
1939
the spring of 1938. Changes in farm income considerable increase in the average number
during recent months have been largely sea- of hours worked per week. The present level
sonal.
of hours is nearly as high as at any time in
the recovery period except in the latter part
of 1936 and early in 1937, and any further
substantial increase in activity would be reflected more fully than during recent months
in an increase in the number employed and
less in the average number of hours worked.
Since the end of 1938 volume of industrial
production has shown less than the usual
seasonal rise, and data
NATIONAL INCOME PAYMENTS
ADJUSTED FOR SEASONAL VARIATION
(ANNUAL RATE)
BILLIONS OF DOLLARS
PER
YEAR
90
80
\
70
A'
\
60
\
50
Industrial production
^
^^^^
indicate
that in February the Board's seasonally adjusted index was at about 99 per cent of the
1923-1925 average as compared with 101 in
January and 104 in December. The curBased on U. S. Department of Commerce monthly estimates rent level of output, which is in sharp conof the amount of income payments to individuals.
trast to the low rate of 77 that prevailed
Earnings of large industrial corporations during the second quarter of 1938, reflects
increased sharply in the fourth quarter as in- substantial increases since last summer in
creased business was reflected in rapid im- output of both durable and nondurable manuprovement in the earnings of the steel and factured products and in output of minerals,
automobile industries and a continuation of as is shown on the accompanying chart.
In the nondurable goods industries as a
the third quarter advance in earnings of
group, activity is now nearer the level of
other reporting companies as a group.
The number employed in nonagricultural early 1937 than is activity in the durable
pursuits, after declining from approximately goods industries. In some lines, such as
35,700,000 in the summer of textiles and shoes, production began to inEmployment
1 9 3 ? tQ ^ ^
3 2 > 2 00,000 in crease rapidly late last spring, following a
the middle of 1938, had increased to about long period of inventory liquidation, and in
33,500,000 by last December, according to the recent months has been maintained at a rate
Bureau of Labor Statistics. From Decem- not much below the high levels of 1937. In
ber to January employment showed the usual some other lines, such as petroleum refining
and the manufacture of tobacco products,
seasonal sharp decline.
The recovery in the second half of 1938 was output continued at a high level throughout
chiefly in manufacturing industries, where the period.
In most industries producing durable goods
the previous declines had been largest. In
trade and some other lines there were smaller there have been increases in output since last
increases in employment, and in transporta- summer, but in general the increases have
tion and construction the number employed been much less pronounced than the earlier
was about the same in December as in the declines, and current levels are considerably
middle of 1938 although in these industries below those reached in 1937. This is due
employment is usually lower at the end of chiefly to the small volume of expenditures
the year than in the summer.
for new plant and equipment during the
The rise in factory employment after the past year or more. In recent months orders
middle of last year was accompanied by a for machine tools and for other types of ma1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
MARCH
FEDERAL RESERVE BULLETIN
1939
169
chinery, construction, and container industries, and, to some extent, the railroads. In
some instances increased demand followed
the using up of stocks of steel accumulated
earlier. Since the beginning of this year
steel ingot production has been between 50
and 55 per cent of capacity as compared
with a rate of around 30 per cent during the
first half of 1938. It appears that further
considerable advance from the present level
will depend largely on increased outlays for
industrial equipment and on the initiation of
programs for plant construction.
At mines, output has increased steadily
since last summer and is now close to the
volume maintained throughout most of 1937.
Stocks of most metals and fuels continue in
considerable volume.
Building contracts declined in January, reflecting for the most part a reduction in
awards for public projects, which
U1 ing
had been large in the last quarter
of 1938, owing to the requirement that Public Works Administration projects be started
before the end of the year. The bulk of the
expenditures on these public works will be
1930
1932
1934
1936
1938
Figures for February 1939 a r e preliminary estimates.
made during the remainder of this year and
chinery have increased somewhat and ac- early in 1940. Contracts for private work
tivity in these lines has shown some increase. showed little change from December to JanOutput of lumber and cement have also in- uary and were at a seasonally low level. Curcreased since last summer, reflecting pri- rently private residential building is submarily the rise in residential building and stantially above the level of a year ago, while
the increase in public construction projects. the volume of factory and other nonresidenIn the automobile industry production rose tial building is approximately the same. Figsharply with the introduction of new models ures for the principal types of construction
last fall and is currently at an annual rate are shown in the table on the next page.
of nearly 4,000,000 cars and trucks. Do- The increase in residential building since a
mestic sales of both new and used cars and year ago has been almost uninterrupted, on a
exports have been at levels consistent with seasonally adjusted basis, as is shown on the
this rate of output, and stocks of new and chart on the next page. In the early months
used cars, while increasing seasonally, are of 1938 the increase was predominantly in
one-family dwellings, but in the latter half
below the high levels of early 1938.
Activity at steel mills increased substan- of 1938 the volume of apartment construction
tially in response to the considerable in- also increased considerably. The increase
crease in demand from the automobile indus- in apartment construction was largely in
try and to smaller increases in demand from the New York metropolitan area and reflected
a number of other sources, such as the ma- principally the starting of two slum-clearINDUSTRIAL PRODUCTION
PER CENT
ADJUSTED FOR SEASONAL VARIATION, 1923-25 AVERAGE = 100
p£R
170
FEDERAL RESERVE BULLETIN
MARCH 1939
instruction in the country. In January construction contracts were awarded for five
slum-clearance projects of the United States
Privately financec
Housing Authority, to provide 1,560 dwelling
Publicly fiTotal
units, bringing the total started under this
ResiFacAll
nanced Total
dential tories other
program to 8,800 units.
Prices of building materials have shown
35
112
60
17
111
1936
.
223
71
50
26
147
1937
243
96
little
change in recent months, following a
39
124
10
142
1938. .
..
75
266
substantial
decline during 1937 and early
32
51
92
9
1938, 1st q u a r t e r . . .
179
88
44
135
80
10
117
2nd quarter._
252
last
year,
and
are now slightly above the
45
142
86
11
143
3rd quarter_._
285
36
221
129
82
10
4th quarter.._
350
1935-1936 level. Wage rates in the building
31
72
7
110
December
389
279
trades have remained considerably above the
30
104
7
1939, January
67
252
148
level of those years. Rents for residential
Source: F. W. Dodge Corporation. The figures shown are not ad- properties have shown little change since the
justed for seasonal variation.
end of 1937.
ance projects of the United States Housing The volume of railway freight traffic,
Authority, a number of rental housing pro- which had increased considerably from June
jects financed under mortgages insured by
to November 1938, has been mainthe Federal Housing Administration, and a Railroads tained since that time, with only
large rental housing project initiated by a seasonal changes, at a level about the same as
life insurance company.
that prevailing in the early part of 1936.
Railway operating revenues likewise showed
RESIDENTIAL BUILDING
a sharp rise after the middle of last year,
CONTRACTS AWARDED IN 37 EASTERN STATES
while expenses increased by a smaller
amount, and net operating income during the
last quarter of 1938 averaged $56,000,000 a
month as compared with $17,000,000 a month
in the second quarter.
Distribution of commodities to consumers
declined seasonally in January following a
considerable rise in the second
Retail trade
half of last year. In recent
1929
1930 1931 1932 1933 1934 1935 1936 1937 1938 1939
months the dollar volume of general merBased on F. W. Dodge Corporation data.
chandise sold has been about the same as a
Reports on home mortgages selected for year earlier and only slightly smaller than
appraisal by the Federal Housing Adminis- during the peak of recent years—from the
tration showed a rapid increase during Janu- latter part of 1936 to the latter part of, 1937.
ary and the first two weeks in February, fol- Prices, however, are lower now, and it is
lowing a seasonal decline in November and probable that the physical volume of goods
December, and the current level is substanti- sold is as large as at that time. The course
ally higher than that of a year ago. Con- of sales and stocks at department stores is
struction was started during January on in- shown for recent years in the accompanying
sured rental housing projects providing 3,100 chart. At retail outlets selling only durable
dwelling units; in the year 1938 projects of consumers' goods, such as automobiles and
this type accounted for 12,000 units or nearly furniture, sales have expanded considerably
a fourth of all privately-financed apartment from the low level of last summer and are cur-
CONSTRUCTION CONTRACTS AWARDED I N 37 EASTERN
STATES
[Monthly averages or monthly totals; in millions of dollars]
ADJUSTED FOR SEASONAL VARIATION
-LIONS OF DOLLARS
FEDERAL RESERVE BULLETIN
MARCH 1939
171
rently in larger volume than a year ago notes issued by governmental credit agencies.
but are still substantially less than during This loss in reserves will be restored as
most of 1937.
Treasury expenditures reduce Treasury deposits with the Reserve banks.
DEPARTMENT STORE SALES AND STOCKS
The Government security market has been
120
strong during the past three months and on
February 28 yields on both Treasury bonds
110
and Treasury notes were at record low levels.
100
100
The average yield on long-term Treasury
SALEi
bonds
declined from 2.52 per cent early in
90
90
December to 2.39 per cent on February 28,
/
80
80
while the average yield on long-term TreasV
AT
STOCKS
ury notes declined from 0.68 per cent to 0.57
70
70
per cent. The decline in yields was gradual
60
60
and steady until February 28 when there was
a
sharp rise in prices, following announce50
50
ment of Treasury financing plans.
40
40
In the last week of December and the first
1935
1936
1937
1938
1939
two weeks of January new issues of Treasury
bills sold at a no-yield basis or slightly higher,
Prices of most farm staples and industrial owing to a large demand for Treasury bills
materials have shown little change during for tax avoidance and statement purposes.
the past six months. The Subsequently, the average discount on new
Commodity prices
g e n e r a J J ^ J Qf w h o l e s a l e
bill issues rose slightly to about 0.004 per
commodity prices, as measured by the Bureau cent. Around the turn of the year holdings
of Labor Statistics' index, has declined about of Treasury bills increased considerably at
one point since the middle of August to 76.6 Chicago banks and declined at New York City
per cent of the 1926 average. Prices of farm
products and foods have continued at about banks. It appears that somewhat more than
the same level, while prices of other com- half of the guaranteed obligations issued by
modities, as a group, are somewhat lower Government agencies were purchased by
than in August. This decline in the indus- banks in large cities, which are constantly
trial commodity group has reflected for the seeking short-term high-grade securities for
most part lower automobile prices this season investment of their idle funds.
In response to the extremely easy money
and large decreases in prices of petroleum
market conditions prices of the highest-grade
and petroleum products.
corporate bonds have risen
The money market has continued to reflect
e security
marketf
steadily
since the early
the large volume of funds seeking investpart of 1938, and in recent
ment outlets and the relaMoney market and
of months new record low yields below 3 per
tiyely gmaH amoUnt
credit developments
.
cent have been reached by the industrial and
high-grade paper avail- public utility issues included in the Moody's
able. Excess reserves of member banks in- averages for Aaa bonds.
creased in January to a new high level of
For stocks and lower-grade bonds of cor$3,600,000,000. In the first half of February porations a sharp upturn in prices in the
there was a decline of about $400,000,000, latter part of June 1938 was followed by a
resulting principally from cash payments to
the Treasury for purchase of guaranteed gradual and irregular increase with declines
INDEXES BASED ON DOLLAR VOLUME. /
PER CENT
V
t
i
172
FEDERAL RESERVE BULLETIN
MARCH 1939
in September 1938 and in January 1939, when and in recent months the average volume for
there were critical developments in Europe. these two groups of governmental organizaPrices of industrial and railroad stocks have tions has been larger than in any period since
shown a slight declining tendency since the 1935 when there was an unusual amount of
early part of November, while public utility refunding, especially by the Federal land
stocks have risen in recent weeks above their banks.
DOMESTIC SECURITY ISSUES
November levels.
[Monthly averages or monthly totals; in millions of dollars]
By the end of February lower-grade bonds
of leading public utility and industrial comOther 1
Corporate
panies had recovered most of the price deReTotal
ReNew
New
cline that occurred from early in 1937 until
capital fund- capital funding
the early part of 1938, and yields, as shown
by the bonds included in Moody's Baa aver- 1936
282
506
61
418
160
138
42
1st half....
age, were less than V2 of 1 per cent above the 1937, 2nd
211
41
37
half...
lows of the early part of 1937. Stocks in 1938, Jan.-May.
227
32
43
53
June-Oct..
479
121
141
124
93
these industries had recovered nearly half
Nov
324
42
104
27
151
462
59
197
35
171
Dec
of the 1937-1938 decline. For stocks of
1939, Jan
256
5
10
railroads only a small part of the price de510
15
145
Feb. (est.)
cline has been recovered. Yields on lower- 1
Includes issues of State and municipal governments and publicly
grade railroad bonds, as shown by issues in- offered
issues of Federal credit agencies but excludes direct obligations
of the United States Government.
cluded in Moody's Baa averages, are about 2Details not available.
\y± per cent higher than in the early part Source: Commercial and Financial Chronicle.
of 1937.
Meeting of the Federal Advisory Council
The volume of corporate security issues, as
The
first meeting of the Federal Advisory
shown by the Commercial and Financial
Council
for 1939 was held on February 13-14,
Chronicle tabulation, has de1939.
Walter
W. Smith was reelected presiSecurity issues c r e a s e d i n r e c e n t m o n t h s , foldent
and
Howard
A. Loeb was reelected vice
lowing a period of five months from June to
president.
These
officers as ex officio memOctober 1938 when the capital market showed
bers
and
Messrs.
Steele,
Fraser, Hanes and
signs of increasing activity.
Brown
will
comprise
the
executive commitCorporate issues for new capital averaged
tee.
Walter
Lichtenstein
was reappointed
$30,000,000 a month from November to Febsecretary.
ruary. As shown in the table, this is about
the same monthly volume as during the period Death of President of Federal Reserve Bank of
Atlanta
January to May of last year and considerably
Oscar
Newton,
President
of the Federal
smaller than the monthly volume of $120,Reserve
Bank
of
Atlanta,
died
on February
000,000 during the period June to October
13,
1939.
Mr.
Newton
was
appointed
a Class
1938 when a number of corporations sold
A
director
of
the
Atlanta
bank
on
January
securities largely for the purpose of repaying
bank loans. Refunding issues of corpora- 1, 1920, and served in that capacity until Detions have averaged about $110,000,000 in cember 31, 1924. On January 1, 1925, he
recent months as compared with an average was appointed a Class C director and desigof $40,000,000 a month in the latter part of nated as Chairman and Federal Reserve
Agent of the bank. He served in these ca1937 and the early part of 1938.
Security issues of State and municipal gov- pacities until January 15, 1935, on which
ernments and of Federal credit agencies have date he was appointed Governor of the bank.
been increasing since the early part of 1938, He held that position until March 1, 1936,
MARCH
1939
FEDERAL RESERVE BULLETIN
173
when he was appointed President of the bank pose of facilitating compliance by banks with
for the five-year term ending February 28, the provisions of Regulation U. Additions
1941.
and changes in the list will be indicated in
supplementary lists to be issued quarterly, in
Appointment of President of the Federal Reserve
May, August, and November 1939. These
Bank of Atlanta
lists
will be similar in form to those published
On February 20, 1939, the Board of Govby
the
Board during 1937 and 1938.
ernors approved the appointment by the
Regulation
U applies to loans by banks for
board of directors of the Federal Reserve
the
purpose
of
purchasing or carrying stocks
Bank of Atlanta of Robert S. Parker as Presiregistered
on
a
national securities exchange,
dent of that bank for the unexpired portion and in determining,
for the purposes of Regof the five-year term ending February 28, ulation U, whether or not a security is a
1941, to succeed Oscar Newton. Mr. Parker "stock registered on a national securities exhad served as First Vice President of the change", a bank may rely upon the list pubbank since March 1, 1936.
lished by the Board.
A copy of this list has been mailed to each
Erratum in Federal Reserve Bulletin for February
member and nonmember bank in the United
In heading on page 91 of February Bulle- States. Copies have also been furnished to
tin, Vol. 26 should have been Vol. 25.
bank examiners and supervisory authorities,
national securities exchanges, etc. Other
List of Registered Stocks
persons may obtain copies of these lists, diThe Board of Governors of the Federal rectly from the Board, at a charge of 25 cents
Reserve System has published a "List of for the annual number and the three suppleStocks Registered on National Securities Ex- ments, with a reduction on subscriptions for
changes" as of January 31, 1939, for the pur- five or more copies.
174
FEDERAL RESERVE BULLETIN
MARCH 1939
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled February 24 and released for publication February 27]
production increased somewhat in January,
reflecting an increase in output of crude petroleum.
Value of construction contracts awarded
declined in January, according to F. W. Dodge
Corporation figures, owing principally to a
eduction in awards for publicly-financed
projects, which had been in large volume in
December. Contracts for privately-financed
INDUSTRIAL PRODUCTION
•esidential building continued at the recent
140
140
advanced level, while awards for private non130
130
esidential building remained in small volume.
Employment.—Factory employment and
110
>
payrolls showed the usual decline between the
-100
100
middle of December and the middle of Janu1 /
90
ary. In most individual industries, as well
\ /
as in the total, changes in the number of employees were of approximately seasonal proportions. In trade, employment declined
60
1934
1936
1938
1935
1937
somewhat more than is usual after Christmas.
Monthly index of physical volume of production, adjusted for
Distribution.—Sales at department and vaseasonal variation, 1923-1925 average = 100.
riety stores and by mail order houses showed
of the 1923-1925 average as compared with the usual sharp seasonal decline from Decem104 in December. At steel mills, where activ- ber to January. In the first two weeks of
ity usually increases considerably at this sea- February department store sales continued at
son, output in January and the first three the January level.
weeks of February was at about the same rate Volume of freight-car loadings in January
as in December. Automobile production de- and the first half of February was at about
clined seasonally in the first two months of the same rate as in December.
the year as retail sales showed about the usual
FACTORY EMPLOYMENT
decrease and dealers' stocks reached adequate
120
120
levels. Output of cement declined in January,
and there was also some reduction in output 110
110
of lumber and plate glass. In the nondurable
100
goods industries, where production had been 100
at a high level in December, activity increased
less than seasonally. Increases at cotton, silk
80
and tobacco factories were smaller than usua 80
and at woolen mills there was a decline. Shoe
70
production and sugar refining continued in
substantial volume, and activity at meat 6 0
60
1934
1935
packing establishments showed little change,
Monthly index of number employed at factories, adjusted for
following a decline in December. Minera seasonal
variation, 1923-1925 average = 100.
Industrial production increased less than
seasonally in January and the first three
weeks of February, following a rapid advance
in the latter half of 1938. Wholesale commodity prices continued to show little change.
Production.—In January volume of industrial production, as measured by the Board's
seasonally adjusted index, was at 101 per cent
PERCENT
PERCENT
J
/\ t
A
\
PERCENT
PERCENT
y
CM
/
\
175
FEDERAL RESERVE BULLETIN
MARCH 1939
Commodity prices.—Wholesale commodity
prices generally continued to show little
change in January and the first three weeks
of February. Grain prices declined somewhat, following a rise in December, while
prices of hogs increased seasonally. Changes
in prices of industrial materials were small.
Bank credit.—Excess reserves of member
banks, which reached a record high level of
$3,600,000,000 on January 25, declined somewhat in February. This decline resulted
chiefly from a temporary increase in Treasury balances with the Reserve banks representing cash receipts from the sale of the new
United States Housing Authority and ReconMEMBER BANKS IN 101 LEADING
BILLIONS OF DOLLARS
struction Finance Corporation notes. Purchases of these notes were also responsible for
an increase in total loans and investments of
reporting member banks in 101 leading cities,
following a decline during January.
Money rates.—Average yields on United
States Government securities declined further
during the first three weeks of February to
about the lowest levels ever reached. New
issues of 91-day Treasury bills, after selling
MONEY RATES IN NEW YORK CITY
CITIES
BILLIONS OF DOLLARS
12
12
1934
1935
1936
1937
1938
1939
Minimum rate on rediscounts for and advances to member
banks by Federal Reserve Bank; weekly averages of daily yields
on 3- to 5-year Treasury notes and Treasury bonds callable after
12 years, and average discount on new issues of 91-day Treasury
bills offered within week. For weeks ending January 6, 1934, to
February 18, 1939.
1935
1936
1937
1938
1939
Wednesday figures for reporting member banks in 101 leading
cities, September 5, 1934, to February 15, 1939. Commercial
loans, which include industrial and agricultural loans, represent
prior to May 19, 1937, so-called "Other loans" as then reported.
at par or at a slight premium in late December and early January, were again on a slight
discount basis during February. Other openmarket rates continued unchanged.
176
FEDERAL RESERVE BULLETIN
MARCH
MEMBER BANK RESERVES AND RELATED ITEMS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
16
TREASURY DEPOSITS
AT F. R. BANKS
1934
1935
1936
1937
1938
Latest figures for February 15. See table on page 190.
1939
1939
177
FEDERAL RESERVE BULLETIN
MARCH 1939
SUMMARY OF FINANCIAL AND BUSINESS STATISTICS
1938
1939
j Jan.
Dec.
Jan.
Dec. ,Nov.
2,598
5
J
1
| 2,568
jl4, 599
2,807
| 6,712
i 2,726
I 827
711
i
9,029
I 3,484
2,628 2,592
2,618 2,592 2,603
19
11
16
7
7
3
1
3
1
1
2,564 2,564 2,564
2,565 2,545
14,416 14,162 12, 756 12, 765 12, 788
2,783 2,760 2,643
2,627 2,613
6,888 6,750 6,397
6,618 6,558
2,673 2,728 3,630
3,622 3,642
723
188
125
127
526
788
713
750
664
783
8,745
3,226
8, 727
3, 276
7,183
1, 353
6,879
1,071
6,919
1,104
Total loans and investments
21,468 21, 586 21, 347 21,285 21,484 21, 556
Loans-total
| 8,338 8,465 8,319 9,137 9,451 9,559
Commercial, industrial and agricultural
i 3,800 3,863 3,884 4,462 4,626 4,740
881
850
715
825
To
— -brokers and- dealers
- - in securities.
•••
852
566
623
657
671
Other loans for purchasing or carrying securities.. 547
3,274 3,281
3,186 3,149 3,227
All other loans.
.
3,139
12,033
13,121
12,148
11,997
13,028
Investments—total
-13,130
U. S. Government direct obligations
i 8,191 8,191 8,130 8,118 8,046 7,970
Obligations fully guaranteed by U. S. Govt
j h 728 1,708 1,681 1,131 1,113 1,127
Other securities
3,211 3,222 3,217 2,899 2,874 2,900
7,437 7,219 7,170 5,614 5,358 5,348
Reserve with Federal Reserve banks
320
341
315
483
438
440
Cash in vault
1,804
1,850
2,452 2,467 1, 986
2,561
Balances with domestic banks
.
16,087 15,825 14,438 14, 570 14, 636
Demand deposits—adjusted...
16,054
Time deposits (excluding interbank) 4
J 5,173 5,140 5,135 5,210 5,203 5,287
Deposits of domestic banks •
j 6,327 6,191 6,233 5,286 5,053 5,039
10
4
1
2
Borrowings
I
1935
1933
1.00
1.00
.10
2.65
3.17
1.00
1.00
.11
2.67
3.21
1.00
1.00
.09
2.71
3.24
56
1.00
.03
2.47
3.01
63
1.00
.03
2.49
3.08
69
1.00
.04
2.50
3.10
256
200
57
16
5
10
453
218
234
244
47
197
379
225
155
145
43
102
2,475
5
2,431
9,059
2,478
5,585
2,791
128
507
2,429
283
83
2,052
4,059
2,271
5,576
288
55
497
1,459
952
241
208
3,990
2,015
4,476
207
22
400
5,001
2,469
2,343
528
2,358
21, 023 22,198 22,064 19,997 17,505
8,506 9,546 8,462 8,028 9,156
4,059
G)
0)
0)
0)
701 1,226
1,181
990
777
588
(0
0)
0)
0)
3,158
0)
0)
0)
0)
12, 517 12, 652 13,602 11,969 8,349
7,982 8,394 9,080 7,989 5,228
928
1,451 1,164 1,250
3,084 3,094 3,272 3,052 3,121
6,400 5,307 4,799 4,024 1,822
383
326
382
240
337
2,289 1,884 2,358 2,112 1,322
15,033 15,097 14,619 12, 729
0)
5,202 5,202 4,999 4,883 4,946
5,770 5,298 5,810 4,938 2,822
5
6
3
115
12
22, 599
16,887
2,600 2,554 2,481
14
9
6
3
1
4
2,565 2,540 2,430
13, 250 12,162 10, 578
2,711 2,567 2,503
6,510 6,475 6,101
2,804 3,225 2,474
653
158
446
658
595
551
7,935
2,522
6,830
1,220
5,989
2,512
0)
(0
0)
'2,208
5,712
2,865
2,847
1,726
248
1,142
0)
6,788
2,787
674
123
93
29
51
46
4
164
122
42
92
92
95
82
82
83
77
67
72
80
78
77
68
73
80
79
78
68
74
81
78
81
72
76
84
80
82
73
80
84
83
83
76
83
84
84
P101
P100
104
104
109
96
57
128
92
87
69
89
103
103
102
96
56
128
90
84
69
89
269
171
252
176
.81
1.00
.07
2.56
3.19
.95
1.00
.28
2.68
3.26
.75
.91
.17
2.65
3.24
.76
.56
.17
2.79
3.60
1.72
1.16
5.85
7.61
3.31
4.49
3.60
4.73
Amounts per month; in millions of dollars
CAPITAL ISSUES
All issues—total
New
Refunding..
_
Domestic corporate issues—total
New
Refunding
57
43
14
136
94
42
36
26
10
365
194
170
173
71
102
328
178
150
203
102
101
518
164
354
382
99
282
392
121
270
189
34
155
89
60
29
32
13
18
950
841
118
781
667
115
83
112
111
78
63
100
79
69
74
82
79
86
86
86
85
85
81
81
82
80
82
80
79
84
78
80
66
51
61
71
66
05
105
100
02
105
90
90
91
37
21
50
91
74
64
79
76
75
82
25
11
37
73
50
58
67
110
110
115
117
87
142
106
110
190
171
140
121
437
367
Index numbers
PRICES
Common stocks (1926=100)
Wholesale commodity prices (1926=100):
Farm products
Foods
Otfrfir ooTTimnditifis
Retail food prices (1923-25=100)
Index numberi , adjusted for seasonal variation, 1928-25=100
BUSINESS INDEXES
Industrial production
Manufactures _
Minerals
Construction contracts awarded—total
Residential
. .
All other
Factory employment . ._ ._
Factory payrolls (unadjusted)
Freight-car loadings
Department store sales
_
Pill
P54
P112
P92
P83
69
88
__
P213
_
80
76
108
52
26
73
90
75
65
90
84
79
115
61
30
87
95
84
67
89
88
85
109
56
32
76
101
93
71
91
86
84
98
64
45
80
87
78
62
85
110
109
115
59
41
74
106
102
78
92
105
105
105
55
37
70
98
86
75
88
107
111
Amounts per month; in millions of dollars
MERCHANDISE EXPORTS AND IMPORTS
289
171
323
209
315
223
258
163
279
257
205
202
r
'Preliminary.
Revised.
'Partly estimated.
1
Figures not available.
1
Includes time deposits of banks, domestic and foreign, 1929-1934.
* Does not include time deposits 1929-1934.
« Averages of yields of all outstanding bonds due or callable after 12 years. See BULLETIN for December 1938, pp. 1045-1046.
1929
Averages of daily figures; percent per annum
MONEY RATES AND BOND YIELDS
Exports, including re-exports
General imports.
1936
1937
Averages of Wednesday figures; in millions of dollars
REPORTING MEMBER BANKS
Commercial paper
Stock exchange call loans
U. S. Treasury bills (91 days)
U. S. Treasury bonds, long-term*
Corporate high grade bonds (Moody's A a a ) . . .
1938
Averages of daily figures; in millions of dollars
MEMBER BANK RESERVES, RESERVE BANK CREDIT,
AND RELATED ITEMS
j
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
__
Nov.
Annual averages
1937
178
FEDERAL RESERVE BULLETIN
MARCH 1939
BEHAVIOR OF DEPOSITS PRIOR TO SUSPENSION IN A SELECTED GROUP OF
BANKS—ANALYSIS BY SIZE OF ACCOUNT
The analysis of the data made available by smaller deposits. In the sample group of
a Works Progress Administration study of banks as a whole, reductions in the balances
the records of a group of banks that were sus- of accounts of $25,000 and over accounted
pended in the period 1930-1933 has now for 43 percent of the total decrease in dereached the point where it is possible to pre- mand deposits, although demand deposits
sent from time to time preliminary reports of
of this size accounted for only 28 percent
various aspects of the study.1 The present is of the total demand deposits on the date
the first of a series of such reports. It deals from which decreases were measured. Acwith withdrawals of deposits experienced by counts of this size were reduced 64 percent,
banks in the months prior to suspension.
as contrasted with a reduction of 40 percent
in total demand deposits, and a reducThis, and the succeeding reports, will pretion
of
6 percent in the balances of accounts
sent statistical analyses of the behavior of
of
less
than $500.
deposits by type and size of account. It is
hoped that they will throw light on some as4. The most important factor in explainpects of bank liquidity on which heretofore ing differences in the variability of deno quantitative information was available.
mand deposit balances in time of stress is
The results of the investigation may be apparently the size of the balance. The
briefly summarized as follows:
influence of other factors such as type of
deposit (demand or time), residence of
1. From the time that serious deposit
holder (local or nonlocal), or type of holder
withdrawals began until the date on which
they suspended, the banks included in the (business or personal), seems to be of comparatively minor importance.
survey experienced an average reduction
5. The suspended banks included in the
of almost 40 percent in their deposits.
survey were medium-sized banks which
2. In most of the banks demand deposits may be regarded as broadly representative
showed somewhat larger percentage reduc- of the whole group of suspended banks
tions than time deposits, and interbank having deposits of $1,000,000 to $25,000,deposits showed much sharper reductions 000. Banks of this size held almost half of
than either demand or time.
the deposits involved in suspensions during
3. A decrease of 70 percent took place the period 1930-1933. Smaller banks, not
in the balances of demand deposit accounts represented in the sample, made up 85 perof $100,000 and over. The magnitude of
cent of the suspensions and held about a
the percentage decline in balances tended quarter of the deposits involved in suspento decrease in each successively smaller sions during this period.
size class, and became negligible in accounts of less than $200. Large demand The Scope of the Data.—The group of banks
deposits were a very important factor in whose deposit withdrawals are analyzed in
withdrawals of deposits both because of this study consists of sixty-seven mediumtheir proportionate magnitude and because sized banks which were suspended during the
they were reduced much more sharply than period from November 1930 to March 1933.
The project as a whole was made possible through the co- These banks are broadly representative of
operation of many agencies and individuals. The Comptroller
of the Currency and various state banking supervisory authori- suspensions involving banks with total deties granted access to records, and their receivers provided ac- posits of from $1,000,000 to $25,000,000,
commodation for workers ; the Works Progress Administration
financed the study; the Board of Governors and the Reserve
banks contributed the services of the supervisory staff. Lauchlin located in urban areas. Measured as of the
Currie directed the project. The present report was prepared date of suspension, the total deposits of the
by Martin Krost.
1
179
FEDERAL RESERVE BULLETIN
MARCH 1939
banks included in the sample were $211,000,- procedure followed throughout this study was
000, or about 5 percent of the deposits of all to compare deposits at the time of suspension
banks of comparable size suspended from with deposits at a specified base date. For the
1930 to 1933. Although the suspensions in- fifty-eight banks suspended between the midvolving this class of banks constituted only dle of 1931 and March 1933, the base date
15 percent of the total number of suspensions from which deposits losses were measured
during these years, their deposits made up was June 30, 1931; for the nine banks susalmost half of the total deposits involved in pended between November 1930 and the midsuspensions. A high proportion of the banks dle of 1931, June 30, 1928, was adopted as the
included in the sample study was located in base date. By far the major portion of the deeastern and mid-western industrial centers. posit losses revealed by this method undoubtConsequently, these sample data, while indi- edly reflects withdrawals based upon lack of
cating the character of the deposit with- confidence in particular banks or in the bankdrawals experienced by medium-sized banks, ing system, but some portion represents cycliare not directly applicable to the large num- cal, seasonal, and other non-panic withber of small banks located in rural areas drawals. The procedure of measuring deposit
which suspended during the depression of the losses from a uniform base date necessarily
early Thirties. Further information regard- obscures the marked divergencies among indiing the composition of the sample group of vidual banks in the timing of their deposit
banks which provided data for this study is withdrawals.
Deposit Withdrawals Classified by Type of
presented in Table 1.
Deposit.—The
decreases in total deposits
In measuring the deposit withdrawals experienced by banks prior to suspension, the
TABLE 2
TABLE 1
DISTRIBUTION OF BANKS SUPPLYING DATA ON PRESUSPENSION DEPOSIT MOVEMENTS
SusAll
pended
Distribution by location and size sample before
banks June 30,
1931
SusSuspended
between pended
June 30
after
and
Dec. 31,
Dec. 31,
1931
1931
Total number of banks
Distribution by area:
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
Pacific
Type of deposit
67
sample
banks
BASE
14 banks
9 banks
sus- 44 b a n k s
sussuspended
pended between p e n d e d
after
before
J u n e 30
Dec. 31,
J u n e 30,
and
1931
1931
Dec. 31,
1931
Total, including interbank
-37.6
-38.4
-23.7
-41.2
Demand
Time
U. S. Government
Interbank
Certified and officers' checks, etc.
-40.2
-30.1
-11.7
-59.6
-59.2
-37.2
-37.9
-47.9
-21.1
-88.5
-27.7
-13.3
-43.6
-34.3
-35.2
-60.9
-51.0
0)
-84.5
-47.5
i Increase of more than 100 percent.
r-
Distribution by size of city:
Cities of 100,000 and over
Cities of less than 100,00()_...
Suburban areas
Distribution by size of total deposits: (in millions of dollars)
1- 1.9
2-4.9
5- 9.9
10-24.9
25-and over
12 The largest bank had total deposits of less than $40,000,000.
The largest bank had total deposits of less than $35,000,000.
3
The largest bank had total deposits of less than $30,000,000.
PERCENTAGE CHANGES IN DEPOSITS BETWEEN
DATE AND DATE OF SUSPENSION,
BY TYPE OF DEPOSIT
shown in Table 2 measure the severity of the
strain to which the sample banks were exposed.1 The percentage reduction in total deposits experienced by individual banks range
from a negligible figure to almost 75 percent.
Of the sixty-seven banks in the sample, forty1
It is not possible to state precisely the percentage changes in
total deposits of all surviving member banks over comparable
periods, but it can be roughly estimated that total deposits in
surviving member banks showed an increase of 2 or 3% from
June 30, 1928 to June 30, 1931, decreased about 13% from June
30, 1931 to December 31, 1931, and decreased between 14%
and 17% from June 30, 1931 to June 30, 1933.
180
FEDERAL RESERVE BULLETIN
MARCH 1939
four experienced reductions in total deposits formly greater than the percentage reduction
of over 30 percent in this period.
in time deposits. The sole exception is the
group
of banks that suspended before June
Differences between the percentage reductions in total deposits shown by the various 30,1931. A more detailed examination shows
groups of banks are attributable in part to that the percentage reduction in time deposits
the length of time between the date of sus- exceeded the percentage reduction in demand
pension and the date from which the loss of deposits for only four banks of the nine indeposits is measured. In the case of the nine cluded in the group. While demand deposits
banks suspended before June 30, 1931, this showed sharper reductions than time deinterval ranges from 28V2 months to almost posits, the difference between the behavior
36 months; in the case of the fourteen banks of the two types of deposits in this respect
suspended between June 30 and December 31, was not nearly so marked in the period imme1931, it ranges from a few days to almost 6 diately before suspension as it was in the
months; and in the case of the forty-four period of cyclical decline in deposits up to
banks suspended after December 31, 1931, it June 30, 1931. In this earlier period the
ranges from just over 6 months to just over percentage reduction in demand deposits was
20 months. While the period of time over almost three times that in time deposits for
which the loss of deposits is measured has the particular group of banks under consome influence on the magnitude of the per- sideration. Statistics for all member banks
centage reductions which are shown in the and for all commercial banks in Table 3 show
table, the fact that the percentage reductions a similar differentiation between the behavior
in total deposits shown for the nine earliest of demand and time deposits.1 Interbank
suspensions (where the minimum interval is
TABLE 3
281//2 months) and the forty-four latest susPERCENTAGE
CHANGES
BETWEEN J U N E 30, 1928 AND
pensions (where the maximum interval is 20
J U N E 30, 1931, IN DEPOSIT BALANCES,
months) are approximately the same, indiBY TYPE OF DEPOSIT
cates that the type of deposit loss under exSample
amination is in general not a slow, steady
banks
All comAll
suspended
movement extending over many months, but
T y p e of deposit
mercial
after
member
banks
J u n e 30,
banks
a steep decline terminated within a few
1931
months by the exhaustion of liquid resources
including interbank
+0 2
—7 5
and borrowing power, or by the action of Total,
Total, excluding interbank
— 6.9
—2 6
10 4
supervisory authorities. The factors which
Demand
—9 3
—5 6
— 16 4
Time
. - -4.8
—1 4
5 9
determine the magnitude of the deposit losses
U. S. Government
+113 2
+61 5
+53 7
Interbank
_ _
._ . .
+28
2
+23
7
0)
which the various groups of banks were able
Certified and officers' checks, etc.+22.0
+14.3
(2)
to sustain before suspension include the
available.
strength of their liquid positions, the extent 2• Not
Included in demand deposits.
to which they had become weakened by losses
of deposits before the dates indicated in the deposits show much sharper percentage retable, the availability of borrowing facilities, ductions in the period immediately before
and the attitudes of supervisory authorities suspension than either demand or time deand of other members of the local banking posits (again with the exception of the banks
community as to the desirability of extending suspended before June 30, 1931) in marked
contrast to their behavior during the precedaid to particular institutions in distress.
An analysis of deposit movements by type ing period of cyclical decline.
of deposit shows that the percentage reduc- 1 Figures for member banks and all commercial banks reto those which remained active over the period would
tions in demand deposits were almost uni- stricted
show smaller percentage declines in demand and time deposits.
MARCH
181
FEDERAL RESERVE BULLETIN
1939
The allocation of the total reduction in de- in Table 5 and for groups of sample banks
posits by type of deposit is shown for all in Table 6.
sample banks in Table 4. Demand deposits
TABLE 5
PERCENTAGE CHANGES BETWEEN BASE DATE AND
DATE OF SUSPENSION IN DEMAND DEPOSIT
BALANCES, BY SIZE OF ACCOUNT
TABLE 4
ALLOCATION BY TYPE OF DEPOSIT OF THE DECREASE
IN TOTAL DEPOSITS BETWEEN BASE DATE AND
DATE OF SUSPENSION IN ALL SAMPLE BANKS
Percentage
composition
of the
decrease in
deposits
Type of deposit
Total including interbank
Demand
Time
U. S. Government
Interbank
Certified and officers' checks, etc
.
Percentage
composition
of total
deposits on
base date
100.0
100.0
43.5
37.4
40.8
46.7
0.6
9.6
2.3
•0.2
15.2
3.7
Percentage
change
Type of deposit and size on base date
Total demand deposits
-40.2
Public funds
Certificates of deposit
Other demand deposits._.
-17.8
-54.0
-43.5
Inactive and unlisted
Less than $ 1,000
1,000- 4,999
5,000-24,999
25,000-and over
-15.3
-39.4
-63.8
TABLE 6
accounted for about 43 percent of the total
loss of deposits in all sample banks, time deposits for 37 percent, and interbank deposits
for 15 percent. The small remainder was
attributable to reductions in certified and
officers' checks outstanding, and in United
States Government deposits.
The share of a particular type of deposit in
the decrease in deposits is determined in part
by its share in total deposits on the date from
which the loss is measured, and in part by
the magnitude of the percentage decrease
which the particular class undergoes during
the period. The behavior of interbank deposits demonstrates how a particular type of
deposit can contribute to the total loss of
deposits more than in proportion to its share
in total deposits at the beginning of the drain.
In the group of banks suspended between
June 30 and December 31, 1931, interbank
deposits were responsible for 28 percent of
the total loss of funds although their share in
total deposits on June 30 was only 10 percent.
This was the result of the fact that this type
of deposit showed a decrease of 84 percent
during the period as contrasted with the decrease of 24 percent in total deposits.
Deposit Withdrawals by Size of Account.—
Percentage reductions in demand deposits by
size of balance are shown for all sample banks
PERCENTAGE CHANGES BETWEEN BASE DATE AND
SUSPENSION IN DEMAND DEPOSIT BALANCES
BY SIZE OF ACCOUNT, BY CLASSES OF BANKS
Type of deposit and
size on base date
9 banks
suspended
before
June 30,
1931
14 banks
suspended 44 banks
between suspended
after
June 30
Dec. 31,
and
1931
Dec. 31,
1931
Total demand deposits...
-37.2
-27.7
Public funds
Certificates of deposit..
Other demand deposits.
+80.4
+2.2
-77.5
-47.3
+208. 9
-32.8
-75.3
+2.7
+77.6
+12.3
Inactive and unlisted.
Less than $100
100- 199
200- 299
300- 399
400- 499
500- 999.
1,000- 2,499.
2,500- 4,999
5,000- 9,999
10,000-24,999.
_.
25,000-49,999
50,000-99,999
100,000-and over
+73.2
+1.0
-0.5
-32.7
-21.3
-27.2
-35.8
-42.0
-55.1
-51.4
-58.3
-40.8
-67.8
-4.0
-6.5
-11.9
-16.6
-24.9
-31.0
-32.4
-41.0
-53.8
-63.9
-58.7
-43.6
-34.5
-88.6
-44.8
+24.3
+58.7
-15.1
-23.3
-31.1
-26.2
-35. 6
-39.4
-45.6
-46.6
-53.2
-56.0
-62.4
-73.2
The most striking fact which emerges from
the consideration of the accompanying tables
is the regularity with which the percentage
decrease in the balances of demand depositors
rises as the size of the account increases.
Decreases much below the general average
are characteristic of accounts between the
$100 and $200 level.1 The magnitude of the
reduction increases with the size of the ac1
For an explanation of the increases shown in the lowest
size classes see the following paragraph.
182
FEDERAL RESERVE BULLETIN
count until it exceeds 70 percent in accounts
of $100,000 and over.
In interpreting these figures, it should be
remembered that demand deposit accounts
existing at the base date were classified according to their size on that date. Since the
subsequent drawing down of the balance has
no effect on the initial classification, the magnitude of the losses in the higher size groups
is in no sense attributable to a shift of accounts into lower size groups. This procedure also permits the full loss of balances in
accounts closed to be reflected. Accounts
opened after the base date were classified
according to their size on date of suspension.
Since these new accounts, in general, had
relatively small balances at the date of suspension, the addition of such new accounts
was responsible for the net increases shown
by the balances in the lower size groups.
The figures for different classes of banks
show some differences but they are not as
striking as the similarities. The resemblance
of the general behavior of accounts, especially in the higher size groups, in banks failing at different times and in widely separated
geographical areas, is the more striking in
view of the fact that comparatively few accounts fall within the higher groups. For
example, in the nine banks suspended before June 30, 1931, there were only 130 accounts with balances of over $25,000 on June
30, 1928; in the fourteen banks suspended
between June 30 and December 31, 1931,
there were only 143 accounts of this size; and
in the forty-four banks suspended after December 31, 1931, there were only 594 accounts of this size.
The allocation of the total reduction in
balances in demand deposit accounts by size
classes is shown for sample banks in Table 7.
The contribution made by a given size class
to the total decrease in deposits depends
partly upon the proportion of total deposits
held by that size class on the date from which
the loss is measured, and partly upon the magnitude of the percentage reduction in that size
MARCH
1939
TABLE 7
ALLOCATION BY TYPE AND SIZE OF ACCOUNT OF THE
DECREASE IN DEMAND DEPOSIT BALANCES
BETWEEN BASE DATE AND DATE
OF SUSPENSION
Percentage
composition
of the
decrease
in^deposits
Type of deposit
Total demand deposits
Public funds
Certificates of deposit
Other demand deposits-_
Inactive and unlisted
Less than $1,000
1,000- 4, 999_
5, 000-24, 999
25,000-and over
_._
._
_
__ _
Percentage
composition
of deposits
on
base date i
100.0
100.0
5.6
0.8
93.6
13.0
0.6
86.4
3.1
17.2
18.1
20.4
27.6
0.5
8.9
17.2
24.3
42.7
1
Accounts opened after base date are classified according to their size
on date of suspension.
class. Because the proportion of total deposits held in very small accounts is small,
no serious strain would be imposed upon most
banks even if all depositors with balances of
less than $200 decided to withdraw their accounts entirely. Large accounts hold a very
large proportion of total deposits in most
banks, but this would not be a source of
danger to these institutions if large accounts
displayed a high degree of stability in their
behavior in times of stress.
An inspection of Table 5 and Table 7 reveals that large accounts constitute a source
of danger to banks both because they hold
a large proportion of total deposits, and because they display an exceptional degree of
instability in times of stress. For example,
deposit balances in accounts of $25,000 and
over, made up 28 percent of total demand
deposits on the base date, but they accounted
for 43 percent of the total loss of deposits
that occurred between this date and suspension. This was the result of the fact that
accounts of this size showed a decrease of
64 percent during this period as compared
with a decrease in total demand deposits of
43 percent. In one sample bank which experienced losses of $6,540,000 in demand deposits, 26 accounts with balances of $100,000
and over showed a reduction of $5,737,000,
MARCH
1939
or 88 percent of the net decrease in the total.
The sample is not representative of banks
with total deposits of less than $1,000,000.
These smaller banks constitute a high proportion of the total number of banks and
made up a still higher proportion of the total
number of bank suspensions, although they
hold a comparatively small proportion of the
total deposits of the existing banking structure.
The Relative Importance of Size, Type of
Deposit, Residence of Depositor, and Type
of Depositor as Determinants of Deposit Be-
havior.—The difference between the behavior
of large and small accounts is more marked
than the difference between the behavior of
demand and time deposits, or the difference
between the behavior of local and nonlocal
accounts, or the difference between the behavior of business and personal accounts.
These differences are summarized in Table 8.
The figures suggest that the explanation
of large scale deposit withdrawals in times
of stress is to be found in the circumstances
that differentiate the behavior of the large
183
FEDERAL RESERVE BULLETIN
TABLE 8
PERCENTAGE REDUCTIONS IN DEPOSITS BETWEEN BASE
DATE AND DATE OF SUSPENSION, BY VARIOUS
TYPES OF DEPOSITS
Total
Type of deposit
Deposits Deposits
of
of less
$5,000
than
$5,000 and over
Demand deposits, exclusive of public
funds
Time deposits, exclusive of public funds..
45.2
34.4
31.7
58.8
Business demand deposits !__ __
Personal demand deposits i
50.6
45.5
29.8
37.3
57. 6
65.0
__ _
Total i
Local demand deposits 2 ._2
Nonlocal demand deposits
Total 2
__
49.3
33.5
58.4
49.3
47.3
32.6
25.0
60.5
51.9
49.0
32.1
58.9
1
Percentages differ from those on demand deposits given above because
they are based on figures which exclude fraternal and charitable accounts
and accounts classified as to size but not as to type of holder.
2 Percentages differ from those on the two sets of demand deposits given
above because they are based on figures which exclude accounts classified
as to size but not as to residence of depositor and include fraternal and
charitable accounts.
depositor from the small depositor, rather
than in the circumstances which differentiate
the behavior of the demand depositor from
the time depositor, the nonlocal depositor
from the local depositor, or the business depositor from the personal depositor.
184
FEDERAL RESERVE BULLETIN
M A R C H 1939
STATISTICS OF INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
OCTOBER-NOVEMBER 1938
The statistics of international capital trans- BULLETIN, will appear each month from now
actions of the United States, which have been on. The figures for October and November
published quarterly in the FEDERAL RESERVE 1938 are given in the following tables.
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars. Minus sign indicates net movement from United States]
TABLE 1.—TOTAL CAPITAL MOVEMENT
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
3, 442. 9
964.6
1, 362. 0
1, 617. 6
1,374.1
1,179. 5
1,628. 4
603. 3
930.5
1,168. 5
949.8
786.2
1,161.2
361.4
431. 5
449.1
424.4
393.3
467.2
6.0
12.9
47.5
54 2
57.8
64.1
441.8
1, 233. 6
1,745. 2
1, 768. 9
1, 798. 4
1, 750. 4
316.7
917.4
1,162.0
1,150. 4
1,155. 3
1,125. 5
125. 2
316.2
583.2
618. 5
643.1
625.0
Oct. 5
Oct. 12
Oct. 19
Oct. 26
3, 511. 3
3, 538.1
3, 640. 2
3, 662. 2
1, 670. 6
1, 682. 6
1,772.7
1, 785. 1
1,208.1
1, 204. 6
1,296.0
1, 298. 9
462.4
478.0
476.7
486.3
62.6
57.4
57.2
56.2
1, 778.1
1, 798.1
1, 810. 3
1,820. 8
1,142.6
1,161.1
1,170. 2
1,182. 4
635.5
637.0
640.1
638.4
Nov.
Nov.
Nov.
Nov.
Nov.
3, 640.4
3, 633. 1
3, 656. 2
3, 700.8
3, 699. 2
1, 752. 8
1,761.8
1,780.8
1, 855.1
1, 854. 8
1, 270.5
1, 282. 2
1, 305. 5
1, 375. 7
1, 392.1
482.3
479.6
475.3
479.4
462. 7
53.4
51.8
49.4
51.1
51.5
1,834.2
1,819.5
1,826. 0
1, 794. 6
1, 792.8
1,190. 7
1,192. 4
1,196. 9
1,198. 5
1,194.4
643.6
627.1
629.2
596.2
598.4
1935—Dec. 31
1936—Dec. 30
1937—Dec. 29
1938—Mar. 30
June 29
Sept. 28
.
. .
.
.
2 .
9
16
23
30
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
From Jan. 2, 1935,
through—
1935—Dec. 31
1936—Dec. 30.
1937—Dec. 29
1938—Mar. 30
June 29
Sept. 28
Oct
Oct,
Oct,
Oct
Nov.
Nov.
Nov.
Nov.
Nov.
2
9
16
23
30
United
Kingdom
France
Netherlands
Switzerland
Germany
1,412. 5
2, 608. 4
3,410. 3
3,197.2
3,035. 8
3, 442. 9
554.9
829.3
993.7
938.2
889.7
983.2
210.2
299.5
281.7
266.4
237.4
308.7
114.5
229.7
311.9
260.2
266.0
298.2
130.4
335.5
607.5
544.1
484.1
504.3
36.6
83.1
123.9
125.8
137.7
131.5
3,511.3
3, 538.1
3, 640. 2
3,662. 2
1,002.0
1,015.3
1,065. 8
1,081.8
310.0
321.7
338.1
335. 2
293.2
302.3
310.4
311.2
523.0
535.3
541.6
546.1
3, 640. 4
3, 633.1
3, 656. 2
3, 700. 8
3, 699. 2
1,080. 4
1,094. 3
1,102. 8
1,111.0
1,114. 6
336.2
335.9
347.0
345.8
346.7
310.5
301.9
307.6
314.9
325.4
545.2
546.0
553.2
558. 9
545.7
Total
Other
Europe
Total
Europe
Canada
24.0
45.6
22.1
15.7
21.4
20.6
130.0
228.5
312.2
315.3
313.4
434. 5
1,200.6
2,051.3
2, 653. 0
2,465. 8
2, 349. 7
2, 681.1
150.5
106.3
124.7
114.1
114.8
70.9
201.2
410.6
400.3
412.0
442.9
128.3
184.0
224.6
187.7
140.5
167.1
12.7
21.4
15.9
18.8
19.5
37.1
132.3
132. 6
132.7
132.7
26.4
26.9
28.0
27.4
440.0
442.6
451.6
445. 4
2, 727.1
2, 776. 8
2,868.1
2, 879. 8
139.8
140. 5
141.6
155.5
443.6
425.6
427.0
422.3
163.0
157.0
167.4
168.1
37.8
38.2
36.1
36.4
134.6
138.9
134.6
132.7
136.4
26. 1
27.3
25.6
27. 1
26.2
443. 9
441. 2
443.1
455. 6
444.6
2, 876. 9
2, 885. 5
2,913. 9
2, 945. 8
2, 939. 5
157.7
153.8
151.0
158.8
179.9
414.3
401.1
394.1
397.4
389.6
156.3
154.5
160.8
162.9
152.8
35.3
38.1
36.3
35.9
37.3
Italy
(2)
Latin
America
Far
East
All
Other
NOTE.—For description of statistics and for figures from M a y 1929 to end of 1936, see BULLETIN for May 1937, pp. 394-431. For figures for first
three quarters of 1938, see BULLETINS for April 1938, pp. 267-277, July 1938, pp. 574-577, October 1938, pp. 868-871, and January 1939, pp. 32-39 respectively.
185
FEDERAL RESERVE BULLETIN
MARCH 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 3.—TOTAL BANKING FUNDS, BY COUNTKIES
United
Kingdom
France
Netherlands
Switzerland
964.6
1, 362.0
1, 617. 6
1,374.1
1,179. 5
1,628. 4
337.4
341.6
396.7
347.5
295.9
406.6
177.6
206.2
177.0
161.5
132.7
200.8
55.4
62.6
71.9
29.7
28.0
64.3
74.0
112.5
291.0
226.3
162.4
181.0
28.8
68.7
114.7
115.3
126.2
120.1
21.0
39.3
13.4
5.3
10.5
8.7
69.5
101.7
136.3
117.5
105.8
219.4
763.7
932.5
1,201.0
1,003.0
861.6
1, 200.9
41.4
123.6
54.6
79.2
72.1
93.0
53.6
174.2
217.9
189.5
190.2
235.9
96.1
120.7
144.8
102.0
54.6
.80.9
0.9
10.8
-.7
.4
1.1
17.8
5
12.
19
26
1, 670.6
1,682. 6
1, 772. 7
1,785.1
420.9
432.3
475.6
487.4
200.7
211.0
226.7
223.1
55.4
59.2
65.0
64.7
194.8
204.7
208.3
210.1
120.9
121.4
122.5
122.9
14.5
14.9
16.0
15.5
221. 3
222.8
231.7
224.1
1,
1,
1,
1,
5
3
7
8
113.5
111.6
111.9
126.9
234.1
215.8
217.2
212.0
76.0
70.0
81.3
81.9
18.5
18.8
16.5
16.5
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
1.752.8
1, 761. 8
1,780.8
1,855.1
1,854. 8
478.1
489.6
498.0
504.2
508.6
224.2
223.2
233.6
231.7
232.0
62.0
52.5
55.4
62.6
73.0
209.0
206.9
212.5
216. 9
204.4
125.1
129.4
125.0
123.0
126.6
14.1
15.2
13.6
15.0
14.2
221.8
217.5
220.0
231.6
219.6
1,334. 3
1,334. 2
1,358.1
1,385. 0
1, 378. 4
128.8
125.6
124.1
167.6
191.4
203.9
215.4
208.2
211.2
202.8
70.3
68.9
74.4
75.9
65.3
15.5
17.7
16.0
15.4
17.0
From Jan. 2,1935,
through—
1935—Dec. 31
1936—Dec. 30
1937—Dec. 29
1938—Mar. 30_
June 29
Sept. 28
Oct.
Oct.
Oct.
Oct.
Total
Germany
Italy
Other
Latin
Total
Europe Europe Canada America
228.
266.
345.
347.
Far
East
All
Other
TABLE 4.—FOREIGN BANKING FUNDS IISr UNITED STATES, BY COUNTRIES
603.3
930.5
1,168. 5
949.8
786.2
1,161. 2
128.6
163.5
189.3
175.9
145.2
236.3
129.6
144.2
111.8
94.1
70.1
133.5
55.7
65.9
76.3
34.6
34.7
68.3
72.4
109.8
288.4
223.0
160.1
177.3
2.7
9.6
-3.9
-2.3
-12.0
23.0
6.9
-3.9
-.5
-1.5
7.3
60.7
79.7
109.4
88.8
75.0
185.9
453.5
588.9
791.7
608.6
482.2
787.8
46.0
86.8
76.3
86.3
73.4
90.7
33.5
149.3
166.3
137.0
140.8
164.1
58.8
90.4
126.2
108.5
83.4
96.9
11.5
15.2
8.0
9.3
8.5
21.7
1,208.1
1,204. 6
_ 1, 296.0
1,298.9
246.3
250.0
294.2
295.3
137.1
141.8
160.7
158.2
61.2
62.7
67.8
66.6
191.6
200.8
204.3
205.9
-12.4
-12.1
-11.4
-11.6
3.5
2.5
2.7
3.9
189.9
190.7
199.3
191.8
817.3
836.5
917.6
910.1
111.6
109.4
108.7
126.4
160.8
141.7
142.6
138.9
96.2
93.6
105. 2
101.7
22.3
23.5
21.9
21.8
1,270. 5
1,282. 2
1,305. 5
1,375. 7
1, 392.1
281.1
286.5
292.5
301.2
307.3
155.8
155.2
168.0
163.7
166.2
65.1
58.7
61.9
68.8
81.0
205.1
203.1
208.5
213.1
201.9
-9.6
-5.3
-10.0
-12.8
-10.8
3.1
3.9
3.7
2.1
189.3
185.8
188.9
200.0
187.6
889.8
887.9
913.6
936.1
935.2
126.0
122.6
121.3
164.9
183.1
131.4
144.1
136.4
141.3
134.7
102.4
104.1
111.8
111.8
115.4
20.9
23.5
22.3
21.7
23.7
1935—Dec. 31
1936—Dec. 30
1937—Dec. 29
1938—Mar. 30
June 29
Sept. 28 _ „
Oct. 5
Oct 12
Oct. 19
Oct. 26
Nov.
Nov.
Nov.
Nov.
Nov.
2 .
9
16..
23
30
-.8
2.1
TABLE 5.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES
361.4
431.5
449.1
424.4
393. 3
467.2
208.8
178.0
207.4
171.5
150.7
170.3
48.1
62.0
65.3
67.4
62.6
67.4
-.4
-3.3
-4.4
-4.9
-6.6
-4.0
1.6
2.7
2.6
3.3
2.2
3.7
29.7
66.0
105.1
119.2
128.6
132.1
13.7
16.3
6.5
9.1
11.1
10.2
8.8
22.0
26.9
28.7
30.8
33.4
310.2
343.7
409.3
394.4
379.3
413.1
-4.6
36.9
-21.7
-7.1
-1.3
2.3
20.1
24.9
51.6
52.5
49.4
71.8
37.3
30.4
18.7
-6.5
-28.8
-16.0
-1.6
-4.4
-8.7
-8.9
-6.3
-3.9
Oct. 5
Oct. 12
Oct. 19
Oct. 26
462.4
478.0
476.7
486.3
174.6
182.3
181.4
192.2
63.6
69.2
66.1
64.9
-5.8
-3.5
-2.9
-1.9
3.2
3.8
4.0
4.2
133.3
133.5
133.9
134.5
10.9
12.4
13.3
11.5
31.4
32.1
32.3
32.4
411.2
429.8
428.2
437.7
2.0
2.3
3.2
0.5
73.2
74.2
74.6
73.1
-20.2
-23. 6
-23.9
-19.8
-3.8
-4.7
-5.4
-5.2
Nov.
Nov.
Nov.
Nov.
Nov.
482.3
479.6
475.3
479.4
462.7
197.0
203.2
205.5
203.0
201.2
68.4
68.0
65.7
68.0
65.9
-3.1
-6.3
-6.6
-6.1
-8.0
3.9
3.8
3.9
3.8
2.6
134.7
134.7
135.0
135.8
137.4
11.0
11.3
9.9
12.9
12.1
32.5
31.7
31.1
31.5
32.0
444.4
446.3
444.5
448.9
443.2
2.8
3.0
2.8
2.7
8.2
72.5
71.3
71.8
69.9
68.1
-32.0
-35.2
-37.5
-35.9
-50.1
-5.4
-5.8
-6.3
-6.2
-6.8
-4.5
-7.6
1.0
-4.2
2.9
2.1
.5
2.6
2.6
.8
1935—Dec. 31
1936—Dec. 30
1937—Dec. 29
1938—Mar. 30 _
June 29
Sept. 28
2
9 .
16
23
30
TABLE 6.—BROKERAGE BALANCES, BY COUNTRIES
1935—Dec. 31
1936—Dec. 30
1937—Dec. 29
1938—Mar. 30
June 29
Sept. 28
Oct.
Oct.
Oct.
Oct.
5
12
19
26
6.0
12.9
47.5
54.2
57.8
64.1
.
__
Nov. 2
Nov. 9
Nov. 16....
Nov. 23
Nov. 30
2.4
0)
1.3
-.9
5.0
6.6
6.8
6.8
11.5
13.0
15.7
16.8
10.4
11.5
13.4
13.9
15.9
62.6
57 4
57.2
56.2
15.6
14.0
13.5
14.1
15.3
14.9
15.3
14.7
6.4
5.8
6.7
53.4
51.8
49.4
51.1
51.5
14.0
13.4
13.8
13.7
13.9
14.2
13.8
13.0
13.4
13.6
i Inflow less than $50,000.
4.0
2.5
9.1
10.8
8.7
8.4
-.2
-.7
0)
0)
10.7
-.1
-.1
-.2
-.1
6. 4
11.4
10.8
11.1
10.7
6.9
6.6
6.9
10.6
11.0
10.5
-.4
-.3
7. 7
9.2
9.2
-.2
-.2
7.4
2 Outflow less than $50,000.
_ j
—. 1
o
.1
.3
.1
.2
.2
.2
1.4
.4
5.0
5.2
6.2
6.9
22.6
44.0
47.2
51.2
57.2
.2
.2
.2
.2
5.8
5.9
5.6
5.9
54.6
51.3
52.3
51.9
5.8
4.0
3.2
2.8
.2
.3
.3
.3
2
6.1
5.5
4.7
5.4
5.9
51.7
50.4
49.0
49.5
50.0
1.3
1.2
.4
1.8
1.7
7.6
3.5
5.5
4.0
5.3
-.5
-1.2
-.1
.4
.4
.2
.1
—. 1
-.3
—!5
—4 7
-.3
-.9
(i)
0)
.1
.1
.5
1.6
1.7
1.4
1.3
.3
.2
.3
.4
.6
.3
.2
.1
-.2
.2
.4
.4
.4
.3
186
FEDERAL RESERVE BULLETIN
MARCH 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 7 . — T O T A L S E C U R I T I E S , BY C O U N T R I E S
Net Purchases by Foreigners
France
441.8
1, 233.6
1, 745. 2
1, 768. 9
1, 798. 4
1, 750. 4
217.5
483.8
585.5
577.8
578.1
559.8
30.2
82.9
93.1
91.5
90.8
91.9
57.9
168.0
235.1
223.9
231.1
227.2
53.9
213.9
305.7
309.1
313.4
312.7
15.1
9.2
10.5
11.5
11.5
1, 778.1
1, 798.1
1, 810. 3
1,820. 8
565.5
569.0
576.7
580.3
94.0
95.9
96.1
97.4
231.4
237.4
238.7
240.0
316.8
319.8
322.2
325.3
1, 834. 2
1, 819. 5
1, 826. 0
1, 794. 6
1, 792. 8
588.3
591.3
591.0
593.1
592.1
97.8
98.9
100.4
100.8
101.1
241.6
242.9
245.3
244.6
245.0
325.6
328.1
330.3
332.7
332.1
Total
1935— Dec. 31
1936—-Dec 30
1937—Dec. 29 _ . .
1938—-Mar 30
June 29_ _ .Sept. 28
Oct.
Oct.
Oct.
Oct.
5
12
19
26
Nov.
Nov.
Nov.
Nov.
Nov.
2 _
9
16
23
30
Netherlands
United
Kingdom
From Jan. 2, 1935,
through—
Switzerland
Germany
Other
Europe
Total
Europe
6.1
8.6
10.2
10.6
11.8
59.1
126.4
170.9
192.6
201.5
208.2
429.4
1, 096. 2
1, 408.1
1,415.6
1, 437. 0
1, 423. 0
-36.9
34.4
48.2
40.0
38.0
16.5
16.4
31.2
193.2
212.0
221.9
206.6
29.3
61.2
79.2
83.1
83.3
85.4
10.6
16.6
18.2
18.2
18.9
11.5
11.4
10.3
10.0
11.8
11.8
11.8
11.8
213.0
213.9
214.3
215.3
1, 444. 0
1, 459. 2
1, 470.1
1, 480.1
20.5
24.9
26.5
25.8
209.2
209.6
209.7
210.5
85.4
85.3
84.8
84.9
19.0
19.2
19.3
19.5
9.9
9.7
9.8
9.9
11.8
11.8
11.7
11.7
11.8
216.0
218.2
218.4
218.6
219.1
1, 491. 0
1, 510.0
1, 506. 9
1,511.4
1,511.2
27.6
27.0
26.5
-10.6
-13.1
210.7
186.2
186.4
186.8
187.1
85.4
85.3
86.3
87.0
87.6
19.6
20.0
19.9
20.0
20.0
7.9
9.9
Italy
2.9
Latin
Canada America
Far
East
All
Other
3.7
TABLE 8.—DOMESTIC SECURITIES, BY COUNTRIES
Net Purchases by Foreigners
United
Kingdom
France
316.7
917.4
1,162. 0
1,150. 4
1,155. 3
1,125. 4
149.8
367.7
448.7
441.9
440.2
430.5
23.4
64.7
70.3
67.7
67.1
67.8
1,142. 6
1,161.1
1,170. 2
1,182. 4
436.5
441.1
448.8
454.0
Nov. 2 ._. .. 1, 190. 7
1, 192. 4
Nov. 9 .
1, 196. 9
Nov. 16
1,198. 5
Nov. 23
1,194. 4
Nov. 30
460.1
460.9
461.6
462.7
462.0
From Jan. 2, 1935,
through—
Total
1935—Dec. 31
1936— Dec. 30
1937—Dec. 29
1938—Mar. 30
June 29
Sept. 28
Oct. 5
Oct. 12
Oct. 19
Oct. 26
Netherlands
Switzerland
Germany
50.5
157.6
213.8
202.4
208.6
203.3
55.1
200.2
275.3
279.7
283.1
282.2
-5.4
-7.5
-17.4
-18.2
-19.0
-20.4
69.3
71.1
71.2
72.5
207.2
212.9
214.1
215.2
286.4
289.0
290.8
293.5
72.6
73.5
75.0
75.3
75.4
216.7
217.2
219.2
218.2
218.5
293.4
293.1
294.9
296.5
295.6
Other
Europe
Total
Europe
Canada
—. 1
-3.3
-4.9
-4.9
-5.0
-5.3
12.9
38.5
55.7
58.1
54.2
53.0
286.2
818.0
1, 041. 6
1,026. 7
1, 029. 2
1,011.2
32.6
37.6
36.8
40.1
27.7
15.5
18.2
20.7
21.1
21.9
3.7
21 4
44.1
54.7
55.6
54. 7
54.5
2 6
7.1
9.8
10.5
10 2
10.1
-20.5
-20.6
-21.6
-21.9
-5.3
-5.3
-5.3
-5.3
53.9
54.6
54.7
55.3
1, 027. 5
1, 042. 8
1, 052. 7
1, 063. 2
27.9
31.3
31.0
32.3
22 5
22.5
22.5
22.7
54.4
54.2
53.5
53.5
10.3
10.4
10.5
10.7
-22.1
-22.3
-22.3
-22.4
-22.5
-5.3
-5.3
-5.4
-5.4
-5.4
55.5
55.4
55.2
55.1
55.0
1, 070. 8
1, 072. 5
1, 078.1
1, 079. 8
1, 078. 7
32.8
33.2
31.3
30.5
27.4
22.4
22.4
22.6
22.7
22.6
53.9
53.6
54.3
54.7
55.0
10.7
10.7
10.6
10.7
10.8
Italy
2.8
Latin
America
Far
East
All
Other
TABLE 9.—FOREIGN SECURITIES BY COUNTRIES
Net Purchases by Foreigners
From Jan. 2, 1935,
through—
1935—Dec. 31
1936—Dec. 30
1937—Dec. 29
1938—Mar. 30
June 29
Sept. 28
Oct.
Oct.
Oct.
Oct.
5
12
19
26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Netherlands
Switzerland
18.2
22.8
23.7
23.7
24.2
7.4
10.4
21.2
21.5
22.5
23.8
-1.2
13.7
30.4
29.5
30.3
30.5
13.3
22.5
26.6
28.6
30.5
31.9
129.0
127.9
127.9
126.3
24.7
24.8
24.8
24.9
24.2
24.5
24.6
24.9
30.4
30.9
31.4
31.8
128.2
130.4
129.4
130.4
130.1
25.2
25.4
25.4
25.5
25.7
24.9
25.7
26.1
26.4
26.6
32.2
35.0
35.4
36.3
36.5
United
Kingdom
France
125.2
316.2
583.2
618.5
643.1
625.0
67.8
116.1
136.8
135.9
137.9
129.3
635. 5
637.0
640.1
638.4
643.6
627.1
629.2
596.2
598.4
Total
6.8
Germany
Other
Europe
Total
Europe
143.1
278.3
366.4
388.9
407.8
411.9
-39.7
13.5
15.1
15.6
17.0
46.1
87.9
115.2
134.6
147.3
155.2
32.0
32.0
32.0
31.9
17.1
17.1
17.1
17.1
159.1
159.3
159.6
160.0
32.0
32.0
32.1
32.3
32.4
17.1
17.1
17.1
17.2
17.2
160.5
162.8
163.2
163.5
164.1
Italy
2.9
9.4
Latin
Canada America
)
Far
East
All
Other
-2.1
-11.2
12.7
15.7
175.0
191.3
200.8
184.7
17.0
24.5
27.5
28.6
30.9
1.1
3.5
6.8
7.7
8.0
8.7
416.5
416.4
417.4
416.9
-7.5
-6.4
-4.6
-6.5
186.7
187.1
187.2
187.8
31.0
31.2
31.3
31.4
8.7
8.8
8.8
8.8
420.1
428.4
428.7
431.6
432.5
-5.2
-6.2
-4.8
-41.1
-40.6
188.3
163 8
163.9
164.1
164.6
31.5
31 8
32.0
32.3
32.6
8.9
1.7
10.5
3.1
7.9
93
9.3
9.3
9.3
187
FEDERAL RESERVE BULLETIN
MARCH 1939
OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES
[In millions of dollars]
TABLE 10.—LIABILITIES TO FOREIGNERS
Date-
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Latin
Canada America
Far
East
All
Other
Reported by Banks in New York City
1929—Dec. 31__
1930—Dec. 31__
1931—Dec. 30__
1932—Dec. 28. _
1933—Dec. 27. _
2, 672. 7
2, 335. 0
1, 303. 5
745.6
392.0
301.5
214.5
104.9
169.7
48.9
923.7
799.4
549.2
71.1
27.0
99.1
122.2
44.6
11.9
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
188.2
130.8
103.3
121.7
96.7
49.0
38.2
69.0
43.5
42.7
31.0
37.6
21.6
12.6
10.9
12.4
23. 4
27.1
20.0
21.3
18.4
33.7
32.9
35.5
34.3
33.6
35.7
Reported by Banks in United States
1934—Dec. 26_.
1935—Dec. 31_.
1936—Dec. 30__
1937—Dec. 29__
1938—Mar. 3O._
June 29__
Sept. 28..
610.6
1, 200. 2
1, 491. 6
1, 729. 6
1, 521.0
1, 357.4
1, 732.4
83.0
205.5
235.7
261.5
248.1
217.4
308.5
12.2
68.6
78.8
89.1
48.5
48.6
82.2
75.2
76.7
81.8
80.5
13.5
86.1
123.5
302.1
236.7
173.8
191.0
30.0
29.0
32.0
39.0
25.7
27.3
17.6
19.5
26.1
41.7
25.7
14.9
18.2
17.2
47.1
107.5
126.3
156.0
135.7
121.9
232.8
245.0
686.3
814.3
1,017.1
835.8
709.4
1,015.0
97.9
145.3
186.1
175.6
186.4
173.5
190.8
125.2
156.3
263.9
280.9
257.9
261.7
285.0
318.4
322.2
366.4
367.4
39.6
163.5
176.3
143.9
126.3
102.2
165. 6
169.2
173.9
192.8
190.3
205.3
214. 5
218.0
219.6
17.3
17.5
18.2
18.0
22.3
21.3
21.4
22.7
236.8
237.6
246.2
238.7
1,044. 5
1, 063. 7
1,144. 8
1,137. 3
211.7
209.5
208.9
226.5
281.7
262.6
263.5
259.9
130.1
188.9
200.2
236.0
219.5
194.4
207.9
207.2
204.6
216.2
212.7
Oct.
Oct.
Oct.
Oct.
5...
12..
19._
26..
1. 779. 4
1, 775. 8
1,867. 2
1,870.1
Nov. 2__.
Nov. 9...
Nov. 16_.
Nov. 23..
Nov. 30..
1,841.7
1,853. 4
1,876. 7
1, 946. 9
1,963. 3
353.2
358. 6
364.6
373.3
379.5
187.9
187.3
200.1
195.8
198.3
79.1
72.7
75.9
82.7
94.9
218.7
216.8
222.2
226.8
215.5
20.0
24.4
19.7
16.9
18.9
21.9
22.7
22.5
20.9
20.9
236.2
232.7
235.8
246.9
234.5
1,117.0
1,115.1
1,140. 8
1,163. 3
1,162. 4
226.1
222.8
221.4
265.1
283.3
252.3
265.0
257.3
262.2
255.6
213.3
215.1
222.8
222.8
226.3
34.2
35.4
33.8
33.7
TABLE 11.—FOREIGN ASSETS
Date—
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Latin
Canada America
Far
East
All
Other
Reported by Banks in New York City
1931—Dec. 30. _
1932—Dec. 28._
1933—Dec. 27..
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
2.6
3.5
6.2
175.2
154.5
141.1
114.4
113.5
116.6
94.2
117.8
80.1
67.2
78.9
104.1
126.4
113.6
8.0
10.1
12.9
17.3
17.4
13.8
12.4
92.7
91.8
91.4
92.9
117.8
121.2
121.5
117.4
12.3
13.2
13.9
13.7
93.4
94.6
94.2
96.1
97.8
129.6
132.8
135.1
133.5
147.7
13.9
14.3
14.8
14.7
15.3
Reported by Banks iri United States
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
26..
31..
30_.
29_.
1938—Mar. 30..
June 29__
Sept. 2 8 Oct.
Oct.
Oct.
Oct.
5_._
12. _
19__
26..
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
1,132. 6
778.6
672.6
655.0
679.7
710.8
636.9
641.7
626.1
627.4
617.8
281.8
88.1
114.1
84.8
120.6
141.4
121.9
117.6
109.8
110.7
100.0
85.7
32.5
16.8
13.5
11.4
16.2
11.4
15.1
621.8
624.5
628.8
624.7
641.4
95.1
89.0
86.6
89.1
90.9
29.7
13.5
10.9
20.8
18.1
16.1
17.0
16.3
14.8
13.9
15.7
81.0
71.2
57.8
52.9
51.0
49.0
46.3
48.4
47.7
47.4
47.4
737.6
433.0
392.1
326.5
341.4
356.4
322.7
4.9
4.3
4.1
3.9
233.6
202.0
165.1
126.1
112.0
102.6
99.1
97.9
97.7
97 3
96.7
324.6
305. 9
307.6
298.1
94.0
100.9
59.4
118.0
103.3
97.6
94.0
94.3
94.0
93.1
95.8
4.1
4.3
4.1
4.2
5.5
96.5
96.5
96.2
95.4
93.8
16.2
15.9
17.3
14.3
15.1
47.3
48.1
48.7
48.3
47.8
291.3
289.5
291.3
286.9
292.6
93.5
93.3
93.5
93.6
88.0
8.3
6.6
5.4
5.5
4.8
5.9
4.4
12.7
13.9
17.6
19.0
21.9
23.0
23.5
25.2
22.6
24.4
22.2
21.5
20.5
10.4
10.8
13.1
10.8
12.9
21.8
24.9
25.2
24.8
26.6
9.6
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
189
190
FEDERAL RESERVE BULLETIN
MARCH 1939
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve bank credit outstanding
U.S.
Gov- Other
Bills
ern- Reserve
Bills
dis- bought
ment
bank
counted
securi- credit i
ties
Date
End of month figures:
1937—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. 3 0 —
Dec. 31_.__
1939—Jan. 31
Wednesday figures:
1938— Mar. 2
Mar. 9
Mar. 16___.
Mar. 23—
Mar. 30—
17
10
12
10
13
9
9
8
7
7
8
7
7
4
5
Gold
stock
Total
TreasOther
Treasury
ury
Money Treas- deposits NonFedcurin cirury
with
memeral
rency
cash
culaFederal ber de- Reserve
outhold- Reserve posits
tion
acstandings
counts
banks
ing
Member bank
reserve balances
Total
Excess
(estimated)
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
2,564
2,574
23
38
16
15
17
21
9
23
18
14
29
14
13
33
28
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
2,601
2,607
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
14,512
14, 682
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
2,798
2,816
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
6,856
6,653
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
2,706
2,776
121
142
150
180
316
1,320
1,157
860
721
720
853
535
484
923
747
465
407
388
423
315
355
390
363
384
313
356
424
574
441
458
261
263
260
257
262
263
261
261
257
255
260
260
259
260
255
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
8,724
9,215
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
3,205
3,644
10
8
8
10
12
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
1,391
1,467
1,460
1,559
1,560
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
3,554
3,542
2,164
2,192
244
141
1,428
1,321
334
317
349
343
259
258
263
264
2,589
2,589
2,589
2,683
12, 870
12, 880
12,892
12, 905
2,693
2,695
2,697
2,701
2,196
2,215
2,226
2,248
1,429
1,361
1,283
1,183
353
370
383
387
263
262
261
261
7,296
7,472
7,547
7,661
7,504
7,560
7,622
7,716
1,575
1,727
*2, 492
2,579
16
16
17
10
6,394
6,380
6,361
6,355
6,407
6,396
6,402
6,393
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
2,640
2,711
2,726
2,782
2,900
2,303
2,315
2,321
2,328
770
628
724
732
363
372
353
383
261
261
259
258
7,745
7,848
7,904
7,922
8,041
8,074
8,273
8,202
8,188
3
Apr.
Apr.
Apr.
Apr.
6
13
20....
27
11
13
10
8
May
May
May
May
4
11_._.
18___.
25—
8
8
8
9
2,564
2,564
2,564
2,564
2,564
2,564
2,564
2,564
8
9
9
10
10
i1
2,564
2,564
2,564
2,564
2,564
20
9
24
17
16
2,593
2,682
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
July 6
July 13.._.
July20.__.
July27.__.
8
9
8
7
1
1
1
1
2,564
2,564
2,564
2,564
30
22
13
11
2,603
2,596
2,585
2,583
12, 967
12,979
12,989
13,002
2,715
2,716
2,717
2,719
6,469
6,437
6,420
6,402
6,428
6,514
6,444
6,433
6,416
Aug. 3
Aug. 10
Aug. 17.___
Aug. 24....
Aug. 31____
6
7
7
7
7
2,564
2,564
2,564
2,564
2,564
4
11
16
8
14
2,574
2,582
2,587
2,579
2,585
13,025
13,033
13,052
13,079
13,136
2,721
2,723
2,724
2,727
2,731
6,465
6,466
6,485
6,470
6,504
2,357
2,367
2,386
2,417
2,480
775
839
802
771
720
392
365
349
315
313
257
256
256
256
255
8,074
8,046
8,085
8,156
8,179
2,924
2,920
2,927
2,975
2,941
Sept. 7
Sept. 14____
Sept. 21....
Sept. 28—.
7
7
8
9
2,564
2,564
2,564
2,564
21
25
23
24
2,592
2,596
2,596
2,597
13,
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
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. 2
Nov. 9
Nov. 16....
Nov. 23—.
Nov. 30__-
8
8
7
7
7
2,564
2,564
2,564
2,564
2,564
9
-3
18
16
13
2,582
2,569
2,590
2,587
2,584
14,071
14,091
14,162
14, 240
14,312
2,752
2,755
2,756
2,767
2,773
6,706
6,764
6,732
6,763
6,787
2,751
2,737
2,721
2,717
2,689
576
578
544
474
484
426
531
525
563
574
260
259
259
258
259
8,686
8,546
8,727
8,818
8,876
3,217
3,132
3,262
3,353
3,383
Dec.
Dec.
Dec.
Dec.
6
7
8
7
1
2,564
2,564
2,564
2,564
20
29
84
39
2,591
2,600
2,656
2,610
14, 367
14, 380
14, 454
14, 508
2,775
2,784
2,788
2,790
6,844
6,858
6,943
6,912
2,681
2,651
2,677
2,707
407
413
1,025
941
576
551
514
505
258
258
267
265
8,966
9,034
8,472
8,577
3,442
3,476
2,979
3,072
4
5
4
5
1
1
1
1
2,564
2,564
2,564
2,564
35
23
18
14
2,604
2,592
2,588
2,583
14, 565
14, 577
14,615
14, 640
2,800
2,805
2,810
2,812
6,839
6,716
6,666
6,623
2,725
2,712
2,726
2,754
891
873
800
767
436
459
435
470
258
258
256
256
8,819
8,956
9,130
9,166
3,298
3,436
3,559
3,597
5
7
5
1
1
1
2,564
2,564
2,564
13
12
17
2,582
2,584
2,587
14, 694
14, 732
14, 772
2,817
2,818
2,819
6,663
6,673
6,695
2,770
2,768
2,771
887
931
1,250
469
488
500
256
255
254
9,047
9,018
8,707
3,478
3,459
3,166
June1
June 8
June 15
June 22
June 29
7
14....
21—
28—
1939—Jan. 4
Jan. 11
Jan. 1 8 —
Jan. 25
Feb. 1
Feb. 8
Feb. 15.___
1
2,442
2,483
2,555
2,632
2,986
3,153
3,039
3,036
Includes industrial advances.
NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article,
together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in
Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Averages of daily figures for recent months
and years are shown in the table on p. 177.
* Reserve requirements reduced by approximately 1334 percent effective April 16.
191
FEDERAL RESERVE BULLETIN
MAECH 1939
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
E n d of m o n t h
1939
1939
Feb. 8
Feb. 15
Jan. 25
Feb. 1
Jan. 18
Jan.11
1938
Jan.
Jan. 4
Dec.
Jan.
ASSETS
Gold certificates on hand and due from
U. S. Treasury
Redemption fund—F. R. notes
Other cash
12, 006. 218 11, 979, 223 11, 947, 218 11, 905, 217 11, 896, 274 11, 867, 720 11, 837, 719 11, 937, 219 11, 787, 720 9.116, 399
9,908
9,874
10, 440
10, 441
10,193
9,193
8,433
8,856
9,873
10, 313
364, 763
434, 587
441, 936
440,142
449, 111
435, 230
418,025
438, 850
368, 213
428, 832
12, 453, 924 12, 431, 067 12, 397, 801 12, 364, 521 12, 340, 697 12, 294,178 12, 212, 356 12, 382, 246 12,165, 806 9, 555, 544
Total reserves
Bills discounted:
For member banks
For nonmember banks, etc.
Total bills discounted
Bills bought:
Payable in foreign currencies.__ . . .
Industrial advances
U. S. Government securities:
Bonds. _
Treasury notes
Treasury bills
... _
5,059
7,394
4,873
4,695
4,361
4,754
4,307
4,598
3,971
12,162
5,059
7,394
4,873
4,695
4,361
4,754
4,307
4,598
3,971
12,162
553
556
556
556
556
549
549
556
549
548
14, 662
14, 738
14, 811
15,131
15, 390
15, 550
15, 505
14, 823
15, 644
17, 939
840, 893
840, 893
840, 893
840, 893
840, 893
840, 893
840, 893
840,893
727, 573
840,893
1, 215, 466 1, 209, 931 1, 209, 931 1, 209, 931 1, 209, 931 1,179, 577 1,156, 947 1, 209, 931 1,156, 947 1,172, 213
513,191
507, 656
523,191
566,175
513,191
513,191
543, 545
566,175
664, 229
513,191
Total U. S. Government securities
Other Reserve bank credit
2, 564,015 2, 564, 015 2, 564, 015 2, 564,015 2, 564, 015 2, 564,015 2, 564, 015 2, 574, 015 2, 564, 015 2, 564, 015
6,644
13, 094
16, 804
-2,053
-1,011
19,125
3,251
2,440
-2,108
- 2 , 976
Total Reserve bank credit outstanding.
2, 586, 729 2, 583, 727 2, 582, 202 2, 583, 386 2, 587, 573 2, 591, 512 2, 603, 501 2, 607, 086 2, 600, 983 2, 592, 556
LIABILITIES
4, 349, 836 4, 344, 753 4, 347, 209 4, 319, 451 4, 338, 417 4, 374, 962 4, 441, 050 4, 338, 726 4, 451, 824 4,137, 916
F. R. notes in actual circulation
Deposits:
Member bank—reserve account
8, 707,191 9,017, 844 9, 046, 811 9,166, 063 9,130, 409 8, 956,139 8, 819, 243 9, 214, 921 8, 724, 050 7, 236, 741
931, 295
747,040
923, 225
767,179
799,950
872, 943
891,119
U. S. Treasurer—general account._ 1, 250, 417
150, 244
887,021
199, 211
208, 215
171, 571
158, 713
176, 767
Foreign bank
266, 340
167, 268
189, 916
149, 647
185, 766
241, 512
298, 213
275, 936
282, 712
233,
476
279, 377
290, 850
245, 684
238, 647
283,161
Other deposits
Total deposits
_ 10, 457, 424 10, 436, 731 10,402, 759 10, 403,026 10, 365, 008 10, 288, 561 10,145, 962 10, 420, 079 10, 087, 998 7, 775,179
_
Ratio of total reserves to deposit a n d
F . R. note liabilities combined (percent)
Contingent liability on bills purchased
for foreign correspondents
84.1
84.1
84.1
84.0
83.7
83.8
83.9
83.9
29
83.7
77.4
76
1,646
MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Within
15 days
16 to 30
days
4,873
7,394
5,059
3,804
6,267
4,031
178
172
152
272
301
303
334
313
238
556
556
553
23
23
48
71
271
256
200
143
262
262
106
14,811
14, 738
14, 662
2,096
2,036
2,283
310
331
149
296
501
434
2, 564,015
2, 564,015
2, 564, 015
111, 390
95, 885
101, 988
101, 988
103, 383
74, 745
198, 465
152, 720
124, 720
Total
Bills discounted:
Feb. 1
_
Feb. 8
F e b 15
Bills bought in open m a r k e t :
Feb. 1
Feb 8
Feb. 15
.
Industrial advances:
Feb. 1
Feb. 8
Feb. 15
U. S. Government securities:
Feb 1
Feb. 8
Feb 15
.
____
31 to 60 61 to 90
days
days
91 days 6 m o n t h s 1 year
to
to 6
to
2 years
months
1 year
2 years
to
5 years
260
314
304
25
27
31
555
326
357
1,925
1,977
1,946
3,322
3,357
3,386
4,078
4,018
3,924
2,229
2,192
2,183
71,018
114, 348
164, 203
115, 527
132, 052
127,197
173,142
173,142
173,142
390, 654
390, 654
390, 654
641, 683
641, 683
647, 218
Over
5 years
760,148
760,148
760,148
192
FEDERAL RESERVE BULLETIN
MARCH 1939
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Philadelphia
Total
New
York
11,947, 218
11,979, 223
12,006, 218
700, 877 5, 606, 764 571,591
700, 099 5, 586, 331 572, 568
699, 701 5, 525, 492 586, 011
Cleveland
Richmond
MinAt- Chicago St. neaplanta
Louis olis
Kansas
City
Dallas
San
Francisco
ASSETS
Gold certificates on hand and
due from U. S. Treasury:
Feb. 1
_
Feb. 8
Feb. 15
Redemption fund—Federal Reserve notes:
Feb. 1
Feb. 8
....
Feb. 15
Other cash:
Feb. 1
Feb. 8
Feb. 15
Total reserves:
Feb. 1
Feb. 8
Feb. 15
Bills discounted:
Secured by U. S. Government obligations, direct or
fully guaranteed:
Feb. 1
Feb. 8
Feb. 15
Other bills discounted:
Feb. 1.
Feb. 8
Feb. 15
Total bills discounted:
Feb. 1
Feb. 8
Feb. 15
Bills bought in open market:
Feb. 1
Feb. 8
Feb. 15
Industrial advances:
Feb. l._
Feb. 8
Feb. 15
U. S. Government securities:
Bonds:
Feb. 1
Feb. 8
Feb. 15
Treasury notes:
Feb. 1
Feb. 8
Feb. 15
Treasury bills:
Feb. 1
Feb. 8
Feb. 15
Total U. S. Government securities:
Feb. 1
Feb. 8____
Feb. 15
10, 441
9,908
8,850
185
159
105
440,142
441, 936
438, 850
44, 858
44, 449
43,158
12, 397, 801
12, 431, 067
12, 453, 924
1,624
1,523
1,™
1,010
128,176 35, 798
134,087 37, 442
127, 688 37, 686
920) 5, 736, 564 608,1,399
744, 707 5, 721, 941 611,009
742, 964 5, 654, 473 62<
~~':,695
745,
739, 476 330, 696 254, 4151,008,
2,008, 655 314, 516 242, 924 289, 536 188, 369
748,481325,975 252,594 2, 029, 555 315, 478 249, 316 303, 843
187,926 707,057
772, 077 335, 478 262, 5121,2,057, 789 310, 463 249, 354 295, 699
190,024 721, 618
597
545
468
1,048
'534
491
455
426
28, 572 25, 380 20,150
27, 609 23, 048 18, 473
28, 312 25, 701 19, 700
1, 392
1, 256
1,168
797
782
764
62, 252 17, 639
65,124 17, 217
64,146 17, 850
580
526
518
155
150
180
60
560
25
40
30
26
569
555
555
95
155
157
10
10
569
574
636
1,993
2,100
1,981
234
261
229
1,606
1,550
1,525
36,152
34, 877
33, 857
768, 645 357,124 275,056 2,072, 299 332, 952 252, 635 307, 725 203,325 737,157
~~\ 635 350, 060 271, 522 2,095, 935 333, 477 259,044 320, 422 202,831 743, 484
259, 707 313, 510 204,187 757, 000
800, 857 361, 713 282, 638 2,123, 103 329, 077
25
25
25
1,292
3,311
1,710
661
650
650
1,131 17, 739 14, 295
1,202 16,153 14, 255
1,835 17, 404 13, 513
211
301
211
2,880
5,294
3,078
450
426
407
104
85
612
557
447
21
21
32
50
50
40
43
118
144
71
83
69
115
115
115
90
71
69
77
4,873
7,394
5,059
332
14'
1,526
3,572
1,939
1,138
1,129
1,191
281
370
280
140
140
140
250
305
33'
70
570
33
129
129
116
111
99
103
711
661
532
64
139
176
121
133
120
556
556
553
42
42
42
216
216
213
56
56
56
52
52
52
24
24
24
20
20
20
70
70
70
2
2
2
2
2
2
16
16
16
16
16
16
40
40
40
14, 811
14, 738
14, 662
1,871
1,876
1,875
3,839
3,844
3,848
2,999
2,930
2,922
47
47
463
1,253
1,253
1,249
825
825
822
454
453
453
9
8
877
875
873
245
237
231
638
638
621
1,325
1,323
1, 297
840, 893
840, 893
840, 893
61, 659
61, 659
61, 659
237, 660 67, 514
237, 660 67, 514
237, 660 67, 514
92, 091 39, 296 26, 386 43, 323 34, 901
92, 091 39, 296 26, 386 43, 323 34, 901
92, 091 39, 296 26, 386 43, 323 34, 901
70, 853
70, 853
70, 853
1, 209, 931
1, 209, 931
1, 215, 466
88,71
88, 71
89,123
341, 961 97,142 121, 713 63, 009 55, 873 132, 506 56, 544 37, 966 62, 334 50,217
341, 961 97,142 121, 713 63,009 55, 873 132, 506 56, 544 37, 966 62, 334 50,217
343, 525 97, 586 122, 269 63, 29: 56.129 133.. 113 56, 802 38,140 62, 620 50, 447
101, 949
101, 949
102, 415
513,191
513,191
507, 656
37, 630
37, 630
37, 224
145, 042 41,203
145, 042 41, 203
143, 478 40, 759
56, 203 23, 982 16,103 26, 440 21, 300
56, 203 23, 982 16,103 26, 440 21, 300
55, 596 23, 724 15, 929 26,154 21, 070
43, 241
43, 241
42, 775
2, 564, 015
2, 564, 015
2, 564,015
188,006
188, 006
188,006
84, 588 43. 790 38, 832
84, 588 43, 790 38, 832
84, 588 43, 790 38, 832
51, 623 26, 725
51, 623 26, 725 23, 699
51, 067 26, 43' 23, 443
132, 097 106, 418 216, 043
724, 663 205, 859 257, 924 133, 524 118, 404 280, 800 119, 822 80,
724, 663 205, 859 257, 924 133, 524 118,404 280, 800 119, 822 80, 455 132, 097 106, 418 216,043
724, 663 205, 859 257, 924 133, 524 118, 404 280, 800 119, 822 80, 455 132, 097 106, 418 216, 043
MARCH
193
FEDERAL RESERVE BULLETIN
1939
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS,
BY WEEKS—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
ASSETS—Continued
Total bills and securities:
2, 584, 255 190, 251 730, 244 210,052 258, 733 134, 941 119, 499 281, 394 119, 962 81, 445 133, 069107,136 217, 529
Feb. 1
2, 586, 703 190,071 732, 295 209,974 258, 822 134,
134,941 119, 554 281, 893 119, 961 81,431
Feb. 8
107, 211 217, 539
2, 584, 289 190, 015 730, 6631210,028 258, 719 134, 937 119, 583 281, 356 119, 948 81, 433 132, 876 107,
Feb. 15
', 231 217, 500
Due from foreign banks:
21
12
Feb.1
166
15
6
3
5
21
Feb. 8
166
12
6
12
15
3
5
169
6
20
Feb. 15
12
3
15
12
Federal Reserve notes of other
banks:
3,831 1,966
26, 324
692
872
Feb. 1
939
7,489
1,099 2,484 2,245
744
3,267
22, 337
935
Feb. 8
1,382
3,869
1,135 1,917 2,361
652
2,888 2,549
3,086
580
Feb. 15
21, 247
1,314
1,522
3,620
1,158
2,730
1,618
4,197
630
1,892
581
Uncollected items:
583, 874
71, 301 25, 451 13, 798 30, 783 19, 928 32, 067
72, 257 45, 901 22, 571
Feb. 1
59, 233 146,183 44, 401
623, 879
68, 394 23, 541 12, 055 26, 990 22,108
Feb. 8
51, 386 221,418 41,198
60, 955 47,168 21,083
27, 583
Feb. 15
701, 774
80,439 46, 317 25,124 108,593 31, 279 16, 947 28,804 31, 541
57, 296 188,001 52,071
35, 362
Bank premises:
Feb. 1
42, 831
6,005 2,614 2,073
3,955 2,288 1,522 3,235 1,255
2, 940
9,021 4,689
3, 234
42, 831
3,955 2,288 1,522 3,235 1,255
6,005 2,614 2,073
Feb. 8
2, 940
9,021 4,689
3,234
42.
827
2,614
3,955 2,287 1,520 3,235 1,255
2,072
Feb. 15-6,005
2,940
9,021 4,689
3,234
Other assets:
4,!
47, 870
5,442 3,036 2,200
Feb. 1
3,072
2,046 1,531 2,273 1,1
13,187
4,242
4,146
48, 391
4,762 2,065 1,536 2,306 1,883
Feb. 8
3.117
5,518 3,094 2,221
13, 428 4,269
4, 192
Feb. 15
49, 512J
3,192
13, 846 4,349
4,861 2,120 1,569 2,349 1,937
5,619 3,127 2,276
4,267
Total assets:
15, 683,121 1, 002,120 i6,
Feb. 1
, 642, 750 872,
!, 6711,112,196 546,107 423, 650 2, 437, 607 484, 668 351, 629 478, 029 334, 282
997, 412
15, 755, 374 992, 813 3,
6, 702, 034872, 090 1,109, 085 539, 801 418, 820 2, 457, 848 483, 884 356, 573 487, 351 335, 945
Feb. 8
999,130
15, 853, 742 997,, 000
5 9 9 --" " i, 5451,152, 812 550, 029 434, 429 2, 526, 085 486, 332 362, 466 482, 301 346,'
000 \66,
Feb. 15
1, 019, 267
LIABILITIES
Federal Reserve notes in actual
circulation:
4, 347, 209
Feb.1
4, 344, 753
Feb. 8
4, 349, 836
Feb. 15
Deposits:
Member bank—reserve account:
9, 046, 811
Feb.1
9, 017, 844
Feb. 8
8, 707,191
Feb. 15
U. S. Treasurer—general account:
Feb. 1
887, 021
Feb. 8
931, 295
Feb. 15
1, 250, 417
Foreign bank:
Feb. 1
185,7
Feb. 8
208, 215
Feb. 15
266, 340
Other deposits:
Feb. 1
283,161
Feb. 8
279, 377
Feb. 15
233, 4^~
Total deposits:
Feb. 1
10, 402, 759
Feb. 8
10, 436, 731
Feb. 15
._
10, 457, 424
378, 815
379, 480
377, 922
995, 397 315, 239
•,, 397
397 314,
314, 976
997, 237 317,
7,243
416, 546 197, 840 150,126 983, 981 180, 022 134, 361 168, 111 77, 924
419, 833 196, 808 149, 709 985, 705 —179;226
226'"134;
-,718 "1,310 77, 634
418, 505 196, 427 148, 712 983,518 179, 485 134,
^,494 167, 721 77,209
348, 847
351, 957
351, 363
447, 098 4, 914, 284 407, 703 482, 688 233, 450180, 795 1,131, 856 219, 818 109, 808 222, 983 176, 752519,
434, 799 4, 906, 904 408, 876 465^ 576 236,548
236, 548 181, 5111,108, 577 223, 328 115, 993 235,199 179, 627 520,
403, 892 4, 691, 632 392, 286 466,071 229,093 185,732 1,089, 550 213, 212 115,065 224, 782 178, 503 517,
75, 204
82, 909
111,381
183, 799
179, 936
332, 334
46, 091
44, 787
69,155
87, 204
103, 969
129, 608
13, 380
14, 958
19, 188
66, 279
74, 629
94,!
18, 025
20, 152
25, 850
17, 282
19, 321
24, 784
4,765
5,436
5. 319
223, 003
218, 769
176, 444
6,937
6,821
6,188
6,785
4,879
540, 447 5, 387, 365 478, 505
),752
538, 102 5,380,238
5, 380, 238 480;
539, 7f 5, 295, 391'
494,
-• 112
39, 299 45, 654
35, 263 39, 383
51, 872 45, 966
180,007
218, 604
258, 787
37, 002
34, 386
39, 252
7,990
8,934
11, 459
6,504
7,271
9,327
22, 485
25,138
32, 246
5,:
6,025
7,729
4,274
4,779
6,130
1,660
1,366
1,440
5,552
6,f
6,!
1,639
3,405
3,235
5,324
5,616
5,023
6,542
5,674
5,219
576
906
373
74,065 37,429 36, 894
73, 959 39,146 34, 306
75, 586 41,188 34, 970
44, 373
44, 647
60, 318
5,389
6,025
7,729
5,389
6,025
7,729
13, 380
14, 958
19, 188
1,195
985
1,016
4,105
3,612
4,285
16, 502
13, 843
12, 806
',533 194, 689 266, 996 223,140
593, 362 282, 399 238,, 505 1, 335, 987 267,
595, 651 282, 111 235, 114 1, 355,
1,355 200, 405 281, 355 223, 570
625, 342 293, 864 248, 014 1, 383, 818 265, 216 202, 000 274, 715 225, 487
593,831
594, 354
609, 685
194
FEDERAL RESERVE BULLETIN
MARCH
1939
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS,
BY WEEKS—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
LIABILITIES—continued
Deferred availability items:
Feb. 1
Feb. 8
Feb. 15
Other liabilities including accrued dividends:
Feb. 1
Feb. 8
Feb. 15
Total liabilities:
Feb.1
Feb.8
Feb. 15
CAPITAL
586,093
627,021
699, 503
58, 838
51,196
55, 267
3,131
2,589
2,947
225
238
5, 339,192
5, 411, 094
.5, 509, 710
139, 343 46, 564
215, 435 43, 954
186, 866 52, 791
1,53'
868
1,131
201
217
232
69, 661 51,109 22, 444
60, 914 46,074 21, 396
76, 290 44, 928 25,105
177
199
217
103
109
114
26,i
13, 408 32, 747 22, 256
72,'
24, 786 12, 266 27, 481 23, 757
114', 036 31,139 16, 801 29, 677 33,116
27'
299
313
112
11
124
30,099
28, 071
33, 487
261
267
274
978, 325 6, 523, 64:840, 509 1,079, 746531, 387 411,178 2, 393, 243 474, 251342, 570 468,115 323, 380
969, 016 6,>, 582, 938839, 899 1,076, 597525,048 406, 3282, 413, 419 473, 441347, 504 477, 4ir 325,025
973, 215 6, 480, 625864, 378 1,120, 354535, 276 421, 945"2,"481,
685
353, 419 472, 387335, 881
"• ""475,912
972, 846
974, 466
994,633
ACCOUNTS
Capital paid in:
134, 790
13, 571 3,959 2,914 4,227 3,961
Feb. 1
9,416
50, 996 12,049
13, 679 5,045 4,510
10, 463
134,
9,417
13, 679 5,055 4,515
13, 589 3,967 2,913 4,227 3,961
Feb. 8
50,997 12,051
10, 528
134, 913
9,405
Feb. 15
13, 678 5,075 4,521
13, 593 3,969 2,912 4,234 3,
10, 532
50, 981 12,051
Surplus (section 7):
149,152
14, 323 4,983 5,630
22, 666 4,
9,965
Feb. 1
10,083
52, 463 13, 696
3,153 3,613 3,89:
149,152
14, 323 4,983
9,965
Feb. 8
10, 083
52, 463 13, 696
22, 666 4,685 3,153 3,613 3,
149,152
14, 323 4,983 5,630
9,965
Feb. 15
10,083
52, 463 13, 696
2 2 , " • - 4,
3,153 3,613
3,892
Surplus (section 13b):
2,874
1,429
2,121
Feb. 1
27,
713
545 1,001 1,142 1,266
3,293
7,45' 4,416
2,121
27, 264
2, " " •
1,429
545 1,001 1,142 1,266
Feb. 8
1,00' 3,293
713
7,45' 4,416
2,121
27, 264
545 1,001 1,142 1,266
Feb. 15
2,874
1,007 3,293
1,429
7,45' 4,416
713
Other capital accounts:
932 1,783
Feb. 1
32, 723
3,441 1,399 1,619
6,698 1,228 1,991
2,017
1,422
8,192 2,001
956 1,801
Feb. 8
32, 965
3,479 1,422 1,634
6,745 1,246 2,002
2,050
1,423
8,179 2,028
1,785
Feb. 15
32, 703
3,450 1,402 1,620
6,712 1,221 1,
2,016
1,423
8,164 2,004
925
Total liabilities and capital accounts:
15, 683,12 1, 002,1206, 642, 750872, 67: 1,112,196 546,107 423, 6502, 437, 607484, ,668 351,, 629478,029
Feb. 1
:, 282 997, 412
15, 755, 374 992, 813 6, 702, 034872, 090 1,109, 085539, 801 418, 8202, 457, 848483,
483, 884 356,
, 573
573487, 351 335, 945 999,130
Feb. 8
15, 853, 742
997,000 6, 599, 690896, 54£ 1,152, 812550, 029 434. 429 2, 526, 085486,332 362,466 482, 301 346, 786 1, 019, 267
Feb. 15
MARCH
195
FEDERAL RESERVE BULLETIN
1939
INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL
RESERVE ACT, JUNE 19, 1934, TO FEBRUARY 15, 1939
[Amounts in thousands of dollars]
Date (last Wednesday of
each month)
Applications
received to date,
net
Number
1934—Dec. 26.
1935—June 26.
Dec. 313.
1936—June 24.
Dec. 30..
1937—Mar. 31..
June 30.
Sept. 29.
Dec. 29..
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. 28 .
1939—Jan. 25__.
Feb. 15 4
5,053
6,618
7,615
8,158
8,379
8,483
8,546
8,593
8,677
8,711
8,766
8,906
9,012
9,096
9,152
9,182
9,226
9,262
9,292
9,320
9,336
9,349
9,360
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)
Amount 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
2,940
2,948
2, 956
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, 956
182, 611
182, 764
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
2,653
2,660
2,667
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
390, 783
393, 532
396, 209
397, 759
400, 410
400, 575
Repaid,
Federal Federal
expired,
Reserve Reserve
bank Approved
or withbank
but
not
drawn by
advances commitcomments
applioutpleted i
outcant,
Amount standing standing
etc.
Total
49, 634
88, 778
124,493
133, 343
139, 829
141, 545
145, 758
146, 724
150,987
151, 587
152, 543
154,918
156,933
158,962
161,158
166,498
166, 835
168, 380
172, 738
174. 091
175,013
175, 651
175, 765
8,225
20, 579
27, 649
24,454
20,959
18, 611
16, 331
14,880
12,780
13, 388
13,078
13,110
12, 735
13, 260
13, 649
13,731
13, 543
13, 597
14, 541
14, 328
14,161
13,004
12,880
13, 589
27, 518
32,493
30,487
25, 533
23,054
23,014
21, 395
20, 200
19, 861
19, 659
19, 366
19, 357
18, 583
18,439
18,189
17,784
17, 562
17,233
17, 391
17, 250
16,811
16, 348
20,966
11, 248
11, 548
9,381
8,226
7,898
1,470
••537
3,369
1,563
2,059
3,419
3,957
3,522
3,084
6,703
5,203
5,737
7,811
3,085
1,946
1,293
1,123
Financing institution
participations
outstanding2
5,558
24,900
44,025
61,422
77,903
85, 215
97,668
••102, 608
107,400
109,002
109,992
111, 198
113,126
115, 628
117, 560
119, 391
121,291
122, 452
123, 723
126, 844
128,934
132,009
132, 983
1,296
4,533
8,778
7,599
7,208
6,767
7,275
7,304
7,238
7,773
7,755
7,825
7,758
7,969
8,426
8,484
9,014
9,032
9,430
12, 443
12, 722
12, 534
12, 431
r
Revised.
i 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
$12,190,252 on February 15, 1939.
34 Tuesday
February 21 not yet available.
NOTE.—On February 15, 1939, there were 25 applications amounting to $3,024,500 under consideration by the Industrial Advisory Committees
and the Federal Reserve banks.
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Federal Reserve notes:
Issued to F. R. bank by F. R. agent
Feb. 1
Feb. 8
Feb. 15
Held by Federal Reserve bank:
Feb. 1
;
Feb. 8
Feb. 15
In actual circulation:1
Feb. 1
.
Feb. 8_. _ . _ .
Feb. 15
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due
from U. S. Treasury:
Feb. 1
Feb. 8.
Feb. 15
Eligible paper:
"Feb. 1.
Feb. 8
Feb. 15
Total collateral:
Feb. 1
Feb. 8
Feb. 15
1
Boston
New
York
Phila- Cleve- Richdelphia land mond
Atlanta
Chi-
MinSt.
Louis neapolis
Kansas
City
San
Dallas Francisco
4, 678, 715402, 821 1, 092, 762336, 020 441, 890212, 315 163,117 1, 020, 558195, 768 140,311 175,014 86, 042 412, 097
4, 670, 386401, 361 1, 091, 227333, 981 440^548 211,844 162, 934 1, 021, 061195, 796 139,531 176, 943 85. 408 409, 752
4, 657, 531400, 079 1, 091, 536 334; 450 439,172 209^
1,673 161, 710 1, 017, 417194, 404 138, 827 176,113 84, 892 409, 258
331, 506 24, 006
325, 633 21, 881
307, 664 22,157
97, 36; 20, 781 25, 344 14, 475 12, 991
104, 830 19, 005 20, 715 15, 036 13, 225
94, 299 17, 207 20, 667 13, 246 12, f "
4, 347, 209378, 815
4, 344, 753379, 480
4,349,"^ 377, 922
397 315, 239 416, 546197, 840 150,
1,126
986, 397 314, 976 419,
1,833 196, 808 149, 709
12
997, 23" 317, 243 418.
1,505 196, 427
36, 57' 15, 746
35, 356 16, 570
33, 899 14, 888
5,950
4,813
4,333
6,903
983, 981 180, 022 134, 361168, 111 77, 924 348, 847
985, 705 179, 226 134, 718168, 310 77, 634 351, 957
983, 518 179, 516 134, 494167, 721 77, 209 "".,363
35!
4, 781, 000 420,
169,
1,000 1,105,000 345,000 446, 000 215,000 1
, 000 1,035,000 199, 000 143, 500 180,000
4, 778, 000 420,
143', 500
500 180,000
1,000 1,105,000 345, 000 443,000 215,, 000 169,000
169,
1,035,000 199, 000 143,
4, 778, 000 420, 000 1,105,000 345, 000 443,000 215, 000 169,000 1, 035, 000199, 000 143, 500 180,000
4,153
6,678
4,304
307
117
1,499
3,554
1,921
658
644
706
267
357
267
140
140
140
214
269
270
70
570
33
76
76
51
695
645
516
4, 000
\, 500 434, 000
i, 500 434, 000
136
165
96
111
100
, 096
4, 785,153 420, 307 1,106, 499
658 446, 267 215, 140 169, 214 1, 035,070 199,076 143, 571 180, 695 89, 560 434.
076 143, 559 180, 645 89, 636 434!
,111
4, 784, 678 420,117 1,108, 554345, 644 443, 357215,140 169, 269 1, 035, 570199,""
,100
4, 782, 304 420, 082 1,106, 921 345, 706 443, 267215,140 169, 270 1,035,033 199, 051 143, 553 180, 516 89, 665 434.
Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank.
8,118 63, 250
7,774 57, 795
7,683 57, 895
196
FEDERAL RESERVE BULLETIN
M A R C H 1939
RESERVE POSITION OF MEMBER BANKS,
JANUARY, 1939
MEMBER BANK RESERVE BALANCES,
BY CLASSES OF BANKS
[Averages of daily figures. In millions of dollars]
[Averages of daily figures. In millions of dollars]
Classes of banks
and districts
Gross Net
dedeTime
mand mand
dededeposits
posits posits i
All member banks _ _31,961 26,139 11,494
Central reserve city banks:
New York
11,165 10, 453
2,485 2,186
Chicago
Reserve city banks:
Boston district
New York district
Philadelphia district._
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis distriot
Minneapolis district _Kansas City district...
Dallas district
__
San Francisco district.
Reserves with
Federal Reserve
banks
Required
Held
Excess
5,545
9,029
3,484
701
461
2,413
520
4,409
780
1,996
260
1,036
193
1,135
1,496
692
671
1,195
794
359
958
673
2,056
937
152
936
1,159
541
489
869
617
248
626
430
1,624
102
150
242
727
204
172
545
175
90
156
124
1,929
169
34
176
239
105
94
179
117
48
117
81
381
288
43
254
361
157
114
255
163
67
165
112
494
119
9
78
122
52
20
76
46
20
47
31
113
11, 257
8,627
4,614
1,740
2,474
734
Country banks:
Boston district
820
New York district
1,304
Philadelphia district..
601
Cleveland district
569
Richmond district
504
Atlanta district
_
485
Chicago district
816
St. Louis distriot
351
Minneapolis district._
301
Kansas City district __
449
Dallas district _.
519
San Francisco district.
334
605
955
439
402
328
320
557
234
192
285
338
219
549
1,392
867
651
340
213
676
238
270
154
100
268
100
184
96
81
56
49
101
40
37
42
46
40
149
312
147
125
89
69
173
59
54
66
71
53
49
128
51
44
32
20
72
19
18
24
25
13
4,874
5,719
871
1,366
495
Total
Total
7,054
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. 207 for percentages of deposits required
to be held as reserves.
All
member
banksi
Total reserves held:
1937—December
6,879
1938—January
7,183
February
7,230
March
7,326
7,469
April..
7,587
May
7,878
June
8,167
July
8,119
August..
8,196
September
8,546
October
8,727
November
8,745
December
9,029
1939—January
Week ending (Friday):
1939—January 6
8,775
January 13
8,930
January 20
9,101
January 27
9,168
February 3
9,133
February 10
8,991
Excess reserves:
1,071
1937—December
1,353
1938—January
February
__ 1,406
1,524
March
2,071
April 2
2,525
May.
2,762
June
3,026
July
2,955
August
2,920
September
3,143
October
3,276
November
3,226
December
3,484
1939—January
Week ending (Friday):
1939—January 6
3,261
3,404
January 13
3,542
January 20
3,605
January 27
P3, 575
February 3
P3, 447
February 10
Central reserve
city banks
Reserve
city
banks
Country
banks»
780
2,272
2,345
2,350
2,349
2,348
2,311
2,359
2,396
2,402
2,352
2,409
2,426
2,387
2,474
1,352
1,378
1,377
1,365
1,350
1,278
1,280
1,302
1,319
1,314
1,317
1,338
1,322
1,366
845
792
762
754
726
690
2,386
2,474
2,498
2,491
2,469
2,423
1,379
1,387
1,366
1, 357
1,350
1,369
305
461
499
631
884
1,065
1,153
1,352
1,320
1,382
1,589
1,712
1,734
1,996
52
146
321
404
424
379
361
375
374
376
260
366
451
468
481
609
689
747
767
762
698
712
710
658
734
319
355
361
359
432
451
459
483
495
479
467
480
457
495
1,778
1,888
2,049
2,133
2,152
2,077
320
273
243
234
208
176
658
731
753
748
731
691
504
511
497
491
P483
P502
New
York
2,657
2,856
2,906
3,039
3,150
3,204
3, 341
3,545
3,523
3,669
3,939
4,075
4,139
4,409
4,165
4,278
4,475
4,565
4,588
4,509
Chicago
604
598
574
622
794
899
925
875
861
p Preliminary.
i Weekly figuresof excess reserves of all member banks and of country
banks are estimates.
* Reserve requirements decreased April 16, 1938; see table at foot of
page 207 for amount of changes.
DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
Member banks in larger centers Member banks in smaller centers
(places under 15,000)
(places over 15,000)
Ail member banks
Federal Reserve district
Boston _
New York
Philadelphia .
Cleveland
Richmond
Atlanta
Chicago
St. Louis...
_
Minneapolis
Kansas City
Dallas
San Francisco
_.
Total
1
__ _ _
Gross demand
Time
Jan.
Dec.
Jan.
Dec.
1,856
12, 662
1,736
2,065
1,196
1,156
4,495
1,145
660
1,408
1,192
2,390
1,837
12, 674
1,714
2,043
1,203
1,121
4,471
1,130
669
1,406
1,190
2,399
651
2,243
1,108
1,378
544
385
1,683
412
360
310
224
2,197
31, 961
31, 856
11, 494
Gross demand
Time
Jan.
Dec.
Time
Jan.
Jan.
Dec.
Jan.
Dec.
648
2,219
1,104
1,373
538
384
1,672
407
358
308
223
2,167
1,735
i 1,214
1,518
1,844
1,010
998
1
1 699
935
484
1,077
904
2,273
1,714
i 1,179
1,494
1,827
1,014
971
i 1 671
921
493
1,078
899
2,280
526
i 1, 049
658
1,082
352
301
i 943
297
176
197
179
2,101
524
i 1,041
658
1,082
349
301
i 933
294
175
195
178
2,073
121
284
218
221
186
158
311
210
176
330
288
117
122
278
220
216
189
150
304
209
176
328
291
120
125
493
450
295
192
84
279
115
184
113
45
96
124
488
446
291
189
83
277
112
183
113
45
95
11, 402
45, 691
115, 541
i 7,861
i 7, 803
2,621
2,603
2,471
2,447
Excluding central reserve city banks, for which figures for latest month are shown in table above.
Gross demand
Dec.
MARCH
197
FEDERAL RESERVE BULLETIN
1939
KINDS OF CURRENCY IN CIRCULATION
[Outside Treasury and Federal Reserve banks. In millions of dollars
End of month
Total
1933—January
February __ .
March
April
May
.
June...
July
AugustSeptember
October
November _ _ _ .
December
_
1939—January
Gold
Silver
certificates
dollars
6,320
6,334
6,355
6,397
6 467
6,461
6,452
6,504
6,622
6,700
6,787
6 856
82
81
81
80
79
78
78
77
77
76
76
75
39
39
39
39
39
39
40
40
40
41
41
42
6,653
75
41
Federal Fedaral
Reserve Reserve
bank
notes
notes
National
bank
notes
Treasury
notes
of 1890
Subsidiary
silver
1,085
1,097
1,125
1,162
1,215
1,230
1,247
1,263
1,292
1,297
1.312
1 339
1
1
1
1
1
1
1
1
1
1
1
1
339
338
338
339
341
342
341
344
348
351
356
357
145
144
144
144
145
146
145
146
147
148
151
151
264
267
263
264
268
262
258
262
264
269
269
257
4,099
4,104
4,106
4,112
4,127
4,114
4,098
4,129
4,215
4,282
4,349
4,405
33
32
32
31
31
30
30
29
29
28
28
28
234
231
227
224
220
217
214
211
208
206
203
201
1,269
1
348
149
244
4,301
27
198
Silver
certificates
Minor
coin
United
States
notes
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]
Total
End of month
1938—January
February
March
April
May-___
June
July
August
September
October
November
December
Coin and small denomination currency
culation i
Total
6,320
6,334
6,355
6,397
.___ 6,467
6,461
6,452
6,504
6,622
6,700
6,787
6,856
4,789
4,798
4,784
4,807
4,856
4,837
4,836
4,885
4,970
5,021
5,096
5,147
522
520
521
522
626
527
526
530
536
540
548
550
474
473
473
476
487
481
481
488
501
505
511
524
31
32
31
31
32
31
31
32
32
32
33
34
6,653
4,953
538
492
32
1939—January
$13
Coin
$2
Large denomination currency 3
3
Unassorted »
$10
$20
Total
856
863
860
866
877
875
879
891
912
923
936
946
1,482
1,489
1,487
1,498
1,512
1,503
1,508
1,528
1,556
1,572
1,599
1,611
1,424
1,421
1.412
1,414
,422
L, 420
L, 410
L, 416
L,434
,450
1,469
481
1,532
1,538
1,573
1,693
1,616
1,627
1,618
1,622
1,656
1,683
1,696
1,714
382
382
385
388
389
391
388
389
396
400
404
409
705
708
718
725
727
732
727
727
744
754
761
770
138
138
144
146
152
152
152
152
156
157
158
160
288
291
300
304
307
309
307
308
317
321
323
327
7
7
9
12
17
17
17
17
17
18
17
17
12
13
18
18
24
25
27
29
25
33
32
32
1
2
3
3
4
2
2
3
4
4
5
5
904
1,546
1,440
1, 705
403
768
160
329
17
28
6
$5
$50
$100
$500
$1,000
$5,000 $10,000
12 Total of amounts of coin and paper currency shown by denominations less unass9rted 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 3as destroyed.
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Annual Report for 1937 (table 36).
TREASURY CURRENCY OUTSTANDING
[Held by Treasury and Federal Reserve banks and in circulation, In
millions of dollars]
E n d of month
Total
Silver
dollars Subsidand
silver iary
bul- 1 silver
lion
SHIPMENTS AND RECEIPTS OF UNITED
STATES PAPER CURRENCY
[ B y selected banks in N e w York City.
Fed-
eral
NaMinor United Retional
coin States serve bank
notes bank notes
notes
Year or month
10,628
34, 774
21, 500
33,105
189
28
1,212
503
155
379
85
1,052
14, 740
10, 593
3,430
739
4,658
3,824
2,728
2,618
6,179
3,486
3,753
2,348
978
591
982
2,228
6,505
2,024
1,509
1,526
1,540
1,554
1,570
1,584
1,596
1,608
1,618
1,634
1, 657
1,685
373
373
374
374
374
374
374
375
376
376
376
376
156
156
157
157
157
157
157
157
158
158
158
159
347
347
347
347
347
347
347
347
347
347
347
347
33
33
32
32
31
31
30
30
29
29
29
28
237
233
230
226
223
221
217
214
212
208
206
203
1938—January
February...
March
April
May
June
July
August
September..
October
November..
December..
1939—January __„ 2,816
1,705
376
159
347
28
201
1939—January.
June__ . _
July
August
September .
October
November
December..
1
Includes silver held against silver certificates a m o u n t i n g to $1,568,000,000 on J a n . 31, 1939 a n d $1,393,000,000 on J a n . 31, 1938.
ShipReceipts
ments to
from
Europe
Europe
1935.
1936.
1937.
1938 .
2,655
2,668
2,679
2,690
2,702
2,713
2,721
2,731
2,739
2,751
2,773
2,798
1938—January
February __
March
April
May
In thousands of dollars]
19,
26,
47,
34,
Net
shipments
966
216
550
373
Back figures—See Annual Report for 1937 (table 38)
Description.—See BULLETIN for January 1932, pp. 7-
Net
receipts
9,338
8,558
26,050
1,268
4,469
3,796
1,516
2,115
6,024
3,107
1,296
13,762
10,002
2,448
1,489
4,481
198
FEDERAL RESERVE BULLETIN
MARCH
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
MOVEMENT OF GOLD TO AND
FROM
UNITED STATES1
[In millions of dollars]
[In thousands of dollars]
Gold stock at
end of year
or month
Year or month
Total
Increase
in
total
gold
Inactive stock
account
Net
gain or
loss (—)
Net through
gold
earimport marking
transactions 2
Domestic
gold
production
8,238
10,125
11, 258
12, 760
14,512
4, 202. 5
1, 887. 2
26.5 1,132. 5
1, 227. 9 1, 502. 5
1, 751. 5
82.6
1,133. 9
.2
1, 739.0
-85.9
1,116. 6
1, 585. 5 - 2 0 0 . 4
1, 973. 6 - 3 3 3 . 5
96.0
110.7
131.6
143.9
146.4
12,446
12,567
12,741
12,803
12,774
12, 760
1,
1,
1,
1,
1,
1,
214.1
335. 7
210. 0
271. 9
242. 5
227. 9
127.3
121.6
174.3
62.0
-29.3
-14.0
-35.5
175.4
-5.3
104.8
9.3
145.5
-8.0
90.5
-20.1
22.1
18.0 - 1 0 1 . 6
12.7
16.9
12.2
14.9
13.8
11.9
1938—January
February
March
April
May
June
_
July
August
September...
October
November
December
12, 756
12, 776
12, 795
12,869
12, 919
12, 963
13,017
13,136
13, 760
14,065
14,312
14, 512
1,223. 2
1, 200. 6
1,183. 0
-4.6
20.7
18.5
74.3
49.8
44.2
54.5
118.3
623.8
305.0
247.5
199.6
-1.1
2.1
-18.2
8.0
-.6
52.9
-1.2
71.1
-53.9
52.8
55.3 - 1 5 . 5
-20.9
63.8
-28.8
166.0
-13.3
520.9
562.4 - 1 1 0 . 2
-7.4
177.8
-62.4
240.5
1939—January
14, 682
170.0
156.3
1934 i
1935 1936
1937
1938
_
1937—July. __
August
September
October.
November
December
-
1939
From or to—
1,688
Belgium
1,438
France
1
Germany
33, 678
Netherlands
230
Spain
2
Sweden
1
Switzerland
United Kingdom... 52, 051
10, 856
Canada
2,342
Mexico..
Central America.579
Argentina
Chile
558
Colombia
2,089
Ecuador
,
318
Peru
366
Venezuela
394
Australia
6,585
British India
1
10.9
••9.8
10.5
10.4
11.3
'9.4
14.0
1 4 . 5 China and Hong
13.9
Kong
2,279
1 3 . 3 Japan
37, 819
15.3
Philippine
Islands.
2,754
2
13.1
All other countries .
14.1
Total
1938
January
Imports
156, 427
1939
Jan.-Dec.
December
Exports
Exports
Imports
Imports
Exports
1,979
37, 395
1
46,185
15, 488
86,135
3
163, 049
223
60,146
1,363
101,714
738
2,550
434
17, 710
960
2,107
128
396
395
6,788
1,797
1, 208, 801
76, 430
37,168
4,154
1,965
14, 425
2,656
220
11,667
168,740
27,882
3,932
5,000
74
115
697
31, 830
8,414
10, 557
2, 630
4,037
1,486
39,162
16,159
16
240, 542
9, 458
1
p Preliminary.
Figures represent customs valuations which, with some exceptions,
1 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 are at
rate of $35 a fine ounce.
2
a fine ounce thereafter.
Includes
all movements of unreported origin or destination.
2
Gold held u n d e r earmark b y Federal Reserve b a n k s for foreign
Back figures.— See table, p. 227, and Annual Report for 1937 (tables
account at the end of each m o n t h in 1938 was as follows in millions of
dollars: Jan., 296.2; Feb., 314.4; Mar., 315.0; Apr., 316.2; M a y , 370.2; 31 and 32).
J u n e , 385.7; July, 406.6; Aug., 435.4; Sept., 448.6; Oct., 558.8; Nov., 566.2;
D e c , 628.6. For back figures see Annual Report for 1937 (table 30) and
similar tables in previous Annual Reports.
N O T E . — F i g u r e s for domestic production of gold are those published
in table, p . 227, adjusted to exclude production in Philippines. Adj u s t m e n t based on annual figures reported b y Director of M i n t and
m o n t h l y imports of gold to U. S. from Philippines. For back figures,
see A n n u a l Report for 1937 (table 29).
BANK DEBITS
[Debits to individual deposit accounts, at banks in principal cities.]
[In millions of dollars]
Year and month
BANK SUSPENSIONS1
Member
banks
Total,
all
banks
N u m b e r of b a n k s suspended:
1934
1935
1936
1937.
. __
1938
1939—January
Deposits of suspended b a n k s
(in thousands of dollars): 3
1934
1935
_ __
1936
1937
1938
1939—January
1
National
57
34
44
59
55
5
1
4
1
4
1
1
36, 937
10,015
11, 306
19, 723
13, 264
1,051
40
5,313
507
7,379
36
304
Nonmember
banks
State
2
1
1,708
211
Insured 2
8
22
40
47
47
4
1,912
3,763
10, 207
10,156
11, 721
747
New
York
City
140
other
leading
cities i
133
other
reporting
cities 2
982, 531
402, 718
461,889
469,463
405, 834
603,089
184,006
208,936
1937—December _
42, 357
18,277
20,837
3,243
1938—January. __
FebruaryMarch
April
May
June
July
August
September
October. __
34,985
November.
939
December.
592
34, 833
27,867
34,857
33,825
31, 359
35, 501
33,133
30, 798
32,192
36,130
32,166
43,172
14,477
10, 915
14, 746
14, 572
12,828
15, 637
13, 828
12, 247
13, 085
15,140
12, 425
18, 879
17, 607
14, 633
17, 373
16,597
16,013
17,160
16, 677
16,023
16, 440
18,096
16, 981
21, 050
2,749
2,319
2,737
2,656
2,518
2,704
2,628
2,528
2,666
2,895
2,760
3,243
35,127
14, 533
17, 807
2,786
Not
insured
1929
1935
1936
1937
1938
48
8
3
6
6
480
1,296
Represents licensed banks suspended; does not include nonlicensed
banks placed in liquidation or receivership.
23 Federal deposit insurance became operative January 1, 1934.
Deposits of member banks and insured nonmember banks suspended
are as of dates of suspension, and deposits of noninsured nonmember
banks are based on the latest data available at the time the suspensions
were reported.
Back figures—See Annual Report for 1937 (table 76).
Total,
all
reporting
centers
1939—January. __
331,938
190,165
219, 670
197, 836 235, 206
168,778 204, 651
47,504
28, 547
33, 283
36, 421
32,406
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
reported. The number has changed very little since 1934 and has numbered 133 since 1936.
Back figures.—See Annual Report for 1937 (Table 71), which also gives
a definition of bank debits. Figures for individual reporting cities and
totals by Federal Reserve districts are available in mimeographed form.
MARCH
199
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
Nonmember
banks
Member banks
Total
Call date
Total
National
[In millions of dollars]
Member banks
Other
Mutual nonState savings member
banks
Call date
All
banks
banks
Mutual Other
savings nonmembanks ber banks
Total
National
State
53, 852
55,289
32, 284
33,865
19, 411
20, 290
12,873
13, 575
8,983
8,916
12, 584
12, 508
banks
1929—June 29.._
Dec. 31___
NonmeiE ber
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
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
41, 870
1934—June 30
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
671
570
9,013
8,880
1935—June 29. _. 45, 766
Dec. 31___ 48,964
29, 496
32,159
19,031
20, 886
10, 465
11, 273
9,920
9,963
6,350
6,842
1936—June 30
Dec. 31
15, 752
15, 628
6,400
6,376
5,368
5,325
1,032
1,051
566
565
8,786
8,687
1936—June 30. _ 51, 335
Dec. 31___ 53, 701
34,098
35, 893
21,986
23,107
12,112
12, 786
10,060
10,143
7,178
7,666
1937—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 1937—Mar. 31__ 52, 577
June30 2 __ 53, 287
8,606
Dec. 31 _. 52, 440
8,489
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 1938—Mar. 7 . . . 51, 703
8,386
June 30— 52,195
8,361
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]
Member banks
All banks
Nonmember banks
Mutual savings banks
Call date
Total
Loans
Investments
Total
Loans
Investments
Total
Loans
Investments
Other nonmember banks
Total
Loans
Investments
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
40,076
40,319
22, 203
21,977
17,872
18, 342
24,786
25, 220
12,858
12,833
11,928
12, 386
10,044
9,985
5,941
5,906
4,103
4,079
5,246
5,115
3,404
3,238
1,841
1,877
1934—June 30
Dec. 31
42,502
43,458
21, 278
20, 473
21,224
22,984
27,175
28,150
12, 523
12,028
14,652
16,122
9,904
9,782
5,648
5,491
4,256
4,291
5,423
5,526
3,108
2,955
2,315
2,571
1935—June 29
Dec. 31 ___
44, 416
45, 717
20,272
20, 329
24,145
25, 388
28, 785
29,985
11,928
12,175
16,857
17, 810
9,852
9,804
5,341
5,210
4,511
4,594
5,779
5,927
3,003
2,944
2,777
2,983
1936—June 30
Dec. 31
48,458
49, 524
20, 679
21,449
27, 778
28,075
32, 259
33,000
12, 542
13, 360
19,717
19, 640
9,961
10,060
5,105
5,027
4,856
5,034
6,238
6,464
3,032
3,062
3,206
3,402
49,138
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
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
1929—June 29
Dec. 31
1933—June 30
Dec. 30
.
__ _
1937—Mar. 31
June 30 2
Dec. 31
1938—Mar. 7
June 30
Sept. 28 . . .
.
i Prior to Dec. 30, 1933, member-bankfiguresinclude interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000
on that date. The nonmember bank figures include interbank deposits to the extent that they are not shown separately in a few State bank
abstracts.
8
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 department reports.
Backfigures.—SeeAnnual Report for 1937 (tables 48-49).
200
FEDERAL RESERVE BULLETIN
MARCH
1939
ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Call date
Total
loans
and
investments
On securities,
to brokers
and dealers
Total
In
New
York
City
Investments
Open market paper
U. S. Government
obligations
un
AcReities
port- ceptLoans Real
or
Com- Oth
to
uinei
ing
Bills
to
estate
ances
mer- loans Total
Out- others
banks'
payof
cial
side
(ex- banks loans
own
able
other
paper
cept
New
acdo- abroad bought
York banks)
cept- mestic
City
ances banks
Total
Other
Fully securities
guarDirect
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
803
165
187
196
266
258
212
203
178
181
7,685
3,752
3,110
2,893
2,785
2,829
2,752
2,665
2,614
2,590
714
330
155
98
85
115
70
96
120
126
3,191
2,372
2,273
2,284
2,405
2,505
2,647
2,656
2,613
2,661
0)
8,774
7,133
7,761
8,418
9,280
9,006
8,313
8,317
8,013
8,355
6,683
3,424
3,159
3,434
3,855
4,276
3,673
3,532
3,172
3,146
1,202
720
662
1,018
1,095
1,219
703
647
509
512
55
38
54
60
78
76
58
49
47
52
2,145
1,044
820
793
753
824
733
727
717
702
322
162
63
42
42
62
29
60
85
95
169
157
139
140
144
149
141
140
132
132
0)
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
11
13
26
1
1
1
240
48
29
28
50
50
41
39
29
31
533
251
170
149
140
145
129
113
109
111
88
30
11
6
6
2
1
21
30
18
15
13
13
12
11
10
10
0)
12,029
8,492
10,028
10, 780
11,795
11, 629
11,414
11, 250
11,150
11, 426
9,084
4,482
4,312
4,347
4,794
4,994
5,203
5,031
4,853
4,870
239
45
105
21
36
44
26
18
8
12
425
63
90
96
123
114
97
100
88
84
2,775
1,340
1,124
1,057
1,048
1,032
1,066
1,020
998
992
258
99
55
34
23
34
27
25
26
22
1,538
1.131
1,090
L,094
1,124
1,164
L, 176
1,173
1,201
1,217
0)
1929—Dec. 31 ._ 13, 375
1933—June 30 a 7,873
1934—Dec. 3 1 . _ 8,780
1935—Dec. 31._ 8,919
1936—Dec. 3 1 . _ 9,825
1937—June 30 __ 10,134
Dec. 3 1 . . 10,124
1938—Mar. 7___ 9,958
June 30. _ 9,752
Sept. 28.. 9,958
8,936
4,275
4,025
3,918
4,078
4,340
4,446
4,369
4,388
4,399
208
10
50
7
13
15
9
9
6
7
83
15
14
13
16
18
16
15
14
14
2,231
1,117
996
894
843
828
824
804
790
784
45
38
27
17
14
16
13
11
9
9
1,462
1,055
1,026
1,035
1,123
1,179
1,219
1,233
1,269
1,303
(i)
1929—Dec. 31._ 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 3 0 . . 32,739
Dec. 3 1 . _ 31, 752
1938—Mar. 7___ 31, 521
June 3 0 . . 30,721
Sept. 28.. 31, 627
192
232
169
131
113
130
119
112
112
212
291
256
181
161
131
126
102
73
87
80
25
31
29
18
15
23
19
13
13
128
224
210
158
136
98
112
90
65
79
46
10
16
16
10
1
6
5
4
3
21
10
6
5
5
5
6
8
10
7
9
27
29
1
3
3
1
1
5
7
5
1
1
1
2
2
1
42
36
13
19
17
25
10
8
7
6
33
4
5
3
4
4
3
3
2
2
291 11, 515
87 4,857
232 4,708
272 5,006
324 6,041
377 6,663
364 6,996
368 6,745
293 6,397
271 6,364
9,784
11,928
16,122
17,810
19,640
18,454
17, 794
17,975
17, 783
18, 689
3,863
6,887
10,895
12,269
13, 545
12,689
12,371
12,452
12,343
13,011
3,863
6,887
9,906
10,501
11,639
10,870
10, 574
10,625
10, 215
10, 713
989
1,768
1,906
1,819
1,797
1,827
2,128
2,298
5,921
5,041
5,227
5,641
6,096
5,765
5,422
5,523
5,440
5,678
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
2,651
3,524
3,826
4,209
3,630
3,695
3,612
3,740
3,987
1,112
2,551
3,246
3,425
3,739
3,176
3,207
3,180
3,031
3,153
278
401
470
454
388
432
709
834
979
1,158
1,078
1,169
1,217
1,100
1,045
1,174
1,101
1,222
5
12
27
12
10
16
16
19
11
15
535
237
202
249
402
437
426
423
361
351
309
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
78
88
94
94
94
100
122
126
193
226
229
243
266
294
265
278
300
319
24
6
9
10
5
7
12
11
7
9
102
38
108
120
131
145
132
134
104
99
3,679
1,678
1,671
1,851
2,231
2,389
2,610
2,498
2,369
2,387
2,944
4,011
5,715
6,432
7,000
6,635
6,211
6,219
6,298
6,556
1,368
2,483
4,088
4,732
6,123
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
636
637
648
718
743
1,576
1,528
1,628
1,701
1,877
1,733
1,612
1,609
1,639
1,725
5
1
2
2
2
5
3
1
1
1
163
27
92
135
178
211
208
208
168
151
4,705
2,005
1,810
1,810
1,881
2,062
2,149
2,083
2,126
2,127
4,439
3,598
4,756
5,002
5,747
5,794
5,677
5,589
5,364
5,558
1,267
1,469
2,463
2,563
3,013
3,155
3,168
3,124
2,964
3,146
1,267
1,469
2,108
1,940
2,368
2,520
2,490
2,477
2,385
2,550
355
623
645
635
678
647
579
596
3,172
2,129
2,293
2,439
2,734
2,639
2,510
2,465
2,400
2,412
NEW YORK
CITY»
1929—Dec. 3 1 . _
ig33—June 30 *_
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..
120
164
107
65
65
74
65
62
65
CITY OF
CHICAGO »
1929—Dec. 3 1 . _
1933—June 30 i
1934—Dec. 3 1 . .
1935—Dec. 3 1 . _
1936—Dec. 3 1 . _
1937—June 3 0 . .
Dec. 31
1938—Mar. 7 "
June 30. .
Sept. 28
24
16
14
8
6
6
6
3
3
RESERVE CITY
BANKS
1929—Dec. 3 1 . _
1933—June 30 >
1934— Dec. 31 __
1935—Dec. 3 1 . .
1936—Dec. 31. _
1937—June 3 0 . .
Dec. 31. _
1938—Mar. 7.__
June 30. _
Sept. 28..
46
49
46
56
39
47
45
45
42
COUNTRY
BANKS
i Included in "Other loans."
3
Beginning June 30, 1933, figures relate to licensed banks only.
* Central reserve city banks.
Back figures—See Annual Report for 1937 (tables 54-58).
3
2
2
3
2
2
3
2
2
MARCH
201
FEDERAL RESERVE BULLETIN
1939
ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS
[In millions of dollars]
ReBalserves
with Cash ances
with
Fedin
doeral vault
mesRetic
serve
banks 1
banks
Call date
Demand deposits
Cash
items
Certireport- Interbank
fied
ed as
and
Unitin
offied
proccers'
States Public checks
Doess
For- Gov- funds
of col- mescash,
erneign
tic
lecletters
tion 2 banks banks ment
of
credit 3
Time deposits
Individuals,
partnerships,
corporations,
etc.
Interbank
Demand
deposits ad- Dojusted4 mesFortic eign
banks
16, 647
12,089
15, 686
18,801
21, 647
21,401
20, 387
20, 513
Individuals, BorPos- Pub- part- rowtal
ner- ings
lic ships,
sav- funds
corporations,
etc.
TOTAL—ALL MEMBER BANKS
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
2,374
2,235
4,082
5,573
6,572
6,897
__ 7,005
7,249
__ 8,004
8,193
__
___
_
558
405
609
665
697
629
589
604
712
775
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
544
145
147
444
432
615
453
366
321
457
143
806
1,636
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
1,681
657
838
882
881
752
767
566
662
538
17, 526
11,830
14,951
18,035
20, 970
20, 272
19,747
19,116
19,816
20,439
95
89
134
151
153
123
129
137
135
130
20, 893
21, 596
179
101
103
111
133
105
120
95
119
91
2,406
874
1,069
1,133
1,087
996
989
605
842
579
1,198
1,255
1,798
2,338
2,493
2,014
2,108
2,173
2,514
2,498
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
1,180
461
540
524
457
427
404
327
367
280
5,847
4,676
5,370
6,479
7,274
6,934
6,507
6,429
6,900
7,128
4,750
4,358
5,069
6,193
6,929
6,733
6,111
6,336
6,698
7,026
133
203
207
209
188
156
179
135
158
61
90
135
159
130
146
84
106
310
259
445
522
599
536
528
576
1,041
870
1,073
1,301
1,495
1,409
1,354
1,270
1,386
1,455
957
912
1,189
1,401
1,554
1,509
1,438
1,372
1,523
1,585
19
30
59
117
134
137
108
107
116
113
107
154
1
7
5
6
14
11
11
10
10
122
788
452
218
104
100
95
90
83
70
133
1
7
4
4
12
7
18
110
56
3
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
1,112
671
591
591
679
767
696
694
694
653
12
3
N E W YORK CITY •
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
827
846
1,576
_. 2,541
2,658
2,749
2,738
2,941
.__ 3,517
3,743
185
273
196
CITY OF CHICAGO •
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
__
_.
169
232
415
511
558
566
936
856
46
42
87
182
208
191
208
207
170
221
204
332
358
381
413
449
452
445
445
443
439
RESERVE CITY 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
COUNTRY
751
705
1,268
1,594
2,108
2,215
2,310
2,376
2,289
2,311
156
122
207
256
285
212
200
213
300
322
947
1,002
1,543
1,779
1,816
1,392
1,470
1,632
1,951
1,862
1,041
401
537
752
971
805
841
538
693
595
1,604
1,315
1,984
2,422
2,826
2,339
2,389
2,461
2,514
2,557
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
702
1,296
1,676
1,929
1,554
1,645
1,700
1,806
1,786
291
149
207
235
316
269
283
180
258
188
405
228
342
415
483
409
412
403
380
398
__
__
76
312
620
385
407
212
256
234
266
356
423
349
585
707
843
934
777
809
812
711
300
108
169
204
230
163
192
121
146
120
5,547
3,708
4,919
6,001
7,023
6,840
6,743
6,455
6,668
6,843
5,229
3,764
5,136
6,161
7,126
7,132
6,870
6,848
6,934
7,078
742
39
116
555
178 804
137 901
178 1,011
69 1,067
78 959
1,073
1,008
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
41
371
208
206
266
203
190
266
269
262
233
4,433
2,941
3,494
3,796
4,026
4,140
4,161
4,198
4,238
4,209
292
16
61
285
210
136
69
64
61
56
52
46
133
86
84
83
80
85
158
159
144
147
6,390
3,833
4,554
4,879
5,275
5,459
5,504
5,508
5,499
367
167
13
6
3
12
12
11
11
11
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
108
i Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25, 1933,
includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets."
* Does not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31, 1935, includes cash items on
hand, but not in process of collection, amounting on that date to $16,000,000.
• Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31, 1935.
< Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31,1935,
less cash items reported on hand but not in process of collection.
* Beginning June 1933 figures relate to licensed banks only.
• Central reserve city banks.
Back figures.—See Annual Report for 1937 (tables 54-58).
202
FEDERAL RESERVE BULLETIN
MARCH
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]
Investments
Loans
Date or month
ComTotal
mercial,
loans
indusOpen
and
invest- Total trial, marand
ket
ments
agri- paper
cultural
To
brokers
and
dealers
in securities
Other
loans
:or pur- Real Loans
chas- estate to Other
ing or loans banks loans
carrying securities
Total
U. S. Government obligaOther
tions
securities
Fully
Direct guaranteed
Reserve
with
Federal
Reserve
banks
Cash
in
vault
Balances
with
domestic
banks
TOTAL—101 CITIES
1938—January
July
August
September _.
October
November..
December...
1939—January
21, 285
20, 530
20, 675
21, 078
21, 323
21, 347
21, 586
21, 468
9,137
8,213
8,215
8,268
8,282
8,319
8,465
8,338
4,462
3,878
3,886
3,893
3,904
3,884
3,863
3,800
461
334
337
338
346
343
332
325
825
629
636
675
669
715
850
852
623
577
577
578
576
571
566
547
1,163
1,159
1,160
1,161
1,163
1,166
1,168
1, 170
67
121
111
114
109
113
123
100
1,536
1,515
1,508
1,509
1,515
1,527
1, 563
1,544
12.148
12, 317
12, 460
12, 810
13,041
13, 028
13,121
13,130
8,118
7,703
7,702
7,957
8,084
8,130
8,191
8,191
1,131
1,567
1,646
1,668
1,682
1,681
1,708
1,728
2,899
3,047
3,112
3,185
3,275
3,217
3,222
3,211
5,614
6,675
6,602
6,712
7,005
7,170
7,219
7,437
315
403
387
416
425
438
483
440
1,986
2,435
2,416
2,413
2,446
2,467
2, 452
2,561
1938—Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
1939—Jan. 4
Jan.11
Jan.18
Jan. 25
Feb.1
Feb. 8
Feb. 15
21, 325
21, 450
21, 504
21, 742
21, 649
21, 526
21, 477
21,439
21, 428
21, 442
21, 450
21, 608
8,317
8,460
8,496
8,473
8, 430
8,412
8,367
8,290
8,281
8,233
8,168
8,205
3,866
3,881
3,872
3,857
3,843
3,826
3,818
3,789
3, 765
3,767
1
3, 745
3,761
338
336
336
330
328
324
323
325
327
324
324
321
712
1,169
1,165
1,167
1,169
1,169
1,166
1,169
1,170
1.173
1.174
1,137
1, 134
117
121
134
120
115
99
107
95
101
99
106
104
1,543
854
848
884
864
826
835
792
786
813
572
571
568
566
560
559
546
543
540
535
534
533
1,548
1, 561
1,577
1,567
1,554
1,540
1,542
1,540
1,542
1,536
1,539
13,008
12,990
13, 008
13, 269
13, 219
13,114
13,110
13.149
13,147
13, 209
13, 282
13, 403
8,106
8,087
8,080
8,333
8, 266
8,189
8,206
8,182
8,186
8,173
8,174
8,182
1,682
1,685
1,696
1,718
1,732
1,732
1,715
1,732
1, 733
1,789
1,808
1, 975
3,220
3,218
3,232
3,218
3,221
3,193
3,189
3,235
3,228
3,247
3,300
3,246
7,337
7,395
7,445
6,980
7,057
7,237
7,371
7,545
7,596
7,521
7,452
7,171
443
458
490
493
489
452
456
424
427
394
423
410
2,460
2,487
2,522
2,389
2,410
2,559
2,522
2,584
2,580
2,593
2,515
2,522
7,834
7,492
7,584
7,797
7,809
7,737
7,845
7,645
3,373
2,922
2,938
2,969
2,935
2,957
3,056
2,982
1,719
1,457
1,466
1,455
1,447
1,422
1,399
1,371
184
131
133
138
142
138
133
128
665
497
510
543
528
573
688
694
213
194
195
195
197
201
199
192
128
118
118
119
119
119
119
117
38
93
84
90
89
90
100
79
426
432
432
429
413
414
418
401
4,461
4,570
4,646
4,828
4,874
4,780
4,789
4,
3,098
2,821
2,806
2,931
2,902
2,895
2,858
2,711
386
723
786
800
803
800
835
852
977
1,026
1,054
1,097
1,169
1,085
1,096
1,100
2,683
3,380
3,351
3,505
3,754
3,910
3,973
4,208
71
74
69
73
76
75
74
73
7,709
7,846
7,876
7,855
7,801
7,707
7,669
7,615
7,589
7,587
i 7, 658
7,725
2,962
3,080
3,088
3,040
3,016
3,023
3,008
2,952
2,946
2,901
2,890
2,917
1,424
1,424
1,408
1,384
1,377
1,377
1,381
1,371
1,354
1,356
U,351
1,358
135
135
135
132
132
128
129
127
127
125
125
125
571
687
695
690
681
717
704
675
681
642
636
660
202
201
199
199
199
201
190
189
190
187
187
187
119
118
119
119
119
118
117
116
116
116
108
108
95
98
111
98
94
78
86
73
79
78
86
83
416
417
421
418
414
404
401
401
399
397
4,747
4,766
4,788
4,815
4,785
4,684
4,66'
4,663
4,643
4, " "
14, 768
4,"""
2,853
2,863
2,861
2,881
2,826
2,748
2,742
2,685
2,670
2,648
2,636
2,621
809
809
826
845
860
856
836
853
863
903
923
1,028
1,085
1,094
1,101
1,089
1,099
1,080
1,083
1,125
1,110
1,135
1,209
1,159
4,079
4,065
4,101
3,815
3,911
4,037
4,119
4,308
4,368
4,395
4,320
4,161
70
71
77
75
73
73
72
74
74
73
76
73
1938—January
July
August
September,
October
November. .
December _.
1939—January
13, 451
13, 038
13,091
13, 281
13, 514
13,610
13, 741
13, 823
5,764
5,291
5,277
5,299
5,347
5,362
5,409
5,356
2,743
2,421
2,420
2,438
2,457
2,462
2,464
2,429
277
203
204
200
204
205
199
197
160
132
126
132
141
142
162
158
410
383
382
383
379
370
367
355
1,035
1,041
1,042
1,042
1,044
1,047
1,049
1,053
1,110
1,083
1,076
1,080
1,102
1,113
1,145
1,143
879
881
873
876
1,922
2,021
2,058
2,088
2,106
2,132
2,126
2,111
2,931
3,295
3,251
3,207
3,251
3,260
3,246
3,229
261
351
337
357
364
373
410
382
1,915
2,361
2,347
2,340
2,370
2,392
2,378
2,488
1938—Nov. 30
Dec. 7
..
Dec. 14
Dec. 21
Dec. 28
1939—Jan. 4
Jan. 11
Jan. 18... ...
Jan. 25
Feb. 1
Feb. 8
Feb. 15.
13, 616
13, 604
13, 628
13, 887
13, 848
13,819
13, 808
13, 824
13, 839
13, 855
13, 792
13, 883
5,355
5,380
5,408
5,433
5,414
5,389
5,359
5,338
5,335
5,332
5,278
5,288
2,442
2,457
2,464
2,473
2,466
2,449
2,437
2,418
2,411
2,411
1
2, 394
2,403
203
201
201
198
196
196
194
198
200
199
199
196
141
151
163
164
167
167
160
151
154
150
150
153
370
370
369
367
361
358
356
354
350
348
347
346
1,050
1,047
1,048
1,050
1,050
1,048
1,052
1,054
1,057
1,058
1,029
1,026
1,127
1,131
1,140
1,159
1,153
1, 150
1,139
1,141
1,141
1, 145
1
1,139
1,143
873
876
870
873
872
876
879
879
870
886
885
947
2,135
2,124
2,131
2,129
2,122
2,113
2,106
2,110
2,118
2,112
2,091
2,087
3,258
3,330
3,344
3,165
3,146
3,200
3,252
3,237
3,228
3,126
3,132
3,010
379
392
413
415
419
390
395
370
373
344
369
357
2,390
2,416
2,445
2,314
2,337
2,486
2,450
2,510
2,506
2,520
2,439
2,449
NEW YORK CITY
1938—January
July
August
September _
October
November..
December __
1939—January
1938—Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
1939—Jan. 4
Jan.11
Jan. 18
Jan. 25
Feb. 1
Feb. 8
Feb. 15
OUTSIDE NEW
YORK CITY
5,020
7,68'
7,74' 4,882
7,81' 4,896
7,982 5,026
8,16" 5,182
8,248 5,235
8,332 5, 333
8,46' 5,480
8,26:
8,224
8,220
8,454
8,434
8,430
8,449
8,486
8,504
8, 523
1
8, 51'
8,59.
5, 253
5,224
5,219
5,452
5,440
5, 441
5,464
5,497
5,516
5.525
5,538
5,561
844
NOTE.—For description of figures see BULLETIN for November 1935, pages 711-738, or reprint, which may be obtained from the Division of
Research and Statistics, and BULLETIN for June 1937, pages 530-531. For back figures see BULLETIN for November 1935, pages 711-738, or reprint,
page 876 of BULLETIN for December 1935, Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports.
1
Figures beginning February 8, are not fully comparable with figures for prior period; see footnote 1 on page 204.
MARCH
203
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]
Time deposits
Demand deposits
Cash
items
reportOther
ed as
in process of
collection 1
Total
assets
Total
liabilities
Domestic
banks
1,334
1,322
1,168
1,308
1,471
1,478
1,586
1,430
1,270
1,269
1,272
1,250
1,241
1,263
1,287
1,231
31, 804
32,634
32, 520
33,177
33,911
34,163
34,613
34, 567
5,174
5,821
5,808
5,863
6,012
6,120
6,079
6,216
421
302
312
411
472
477
496
522
665
452
425
491
563
536
585
631
433
443
368
409
493
448
548
463
15, 339
15,900
15, 917
16, 275
16, 666
16, 856
17,124
17, 020
14,438
15,021
15,118
15, 377
15, 688
15, 825
16, 087
16, 054
112
115
112
111
110
113
112
111
8
8
8
8
7
9
9
9
1,622
1,382
1,590
1,627
1,744
1 622
1,403
1 407
1,286
1 460
1,260
1 647
1,306
1,297
1,301
1,272
1,279
1,225
1, 226
1,241
1,233
1 241
1,281
1 272
34,493
34, 469
34, 852
34, 503
34,628
34, 621
34,455
34, 640
34, 550
34, 651
34, 381
34, 630
6,098
6,187
6,241
5,939
5,949
6,245
6,138
6,245
6, 236
6,248
6,156
6,173
500
483
494
498
510
511
511
531
535
565
561
536
534
533
532
639
637
630
632
630
630
631
632
631
560
570
484
575
564
521
433
453
446
515
438
510
17,075
16, 926
17, 327
17,077
17,166
16, 989
17, 020
17, 078
16,992
16, 993
16, 898
17, 088
16,013
16,114
16, 221
16,025
15, 986
15, 888
16,050
16,124
16,152
16, 048
16,076
15,951
114
111
112
112
112
112
111
110
111
111
115
112
601
602
499
580
687
660
760
640
471
485
486
464
451
452
456
415
11,714
12,085
12,039
12,478
12, 838
12,899
13,181
13, 039
2,094
2,443
2,447
2,494
2,549
2,589
2, 598
2,661
386
266
273
364
419
421
437
464
358
108
103
128
141
115
118
116
276
279
218
251
328
281
356
285
6,110
6,559
6,567
6,781
6,972
7,048
7, 221
7, 085
807
680
717
790
852
710
624
632
593
704
612
786
467
461
457
449
460
420
409
421
412
411
419
406
13,196
13,189
13, 305
13,062
13,167
13, 009
12, 954
13,104
13,090
13, 220
13, 139
13, 204
2,625
2,659
2,703
2,510
2,520
2,670
2,618
2,668
2,689
2,706
2, 626
2,615
440
421
437
440
450
454
452
473
475
502
497
476
115
115
115
121
120
117
116
117
116
116
116
116
373
380
289
394
362
309
270
279
284
339
284
349
1938—January
July
August
September.
October
November
December
1939—January
733
720
669
728
784
818
826
790
799
784
786
786
790
811
831
816
20, 090
20, 549
20, 481
20, 699
21,073
21, 264
21,432
21, 528
3,080
3,378
3,361
3,369
3,463
3,531
3,481
3,555
35
36
39
47
53
56
59
58
307
344
322
363
422
421
467
515
1938—Nov. 30
Dec. 7
Dec. 14.
Dec. 21
Dec. 28
1939— Jan. 4
Jan.11
Jan. 18
Jan. 25 _.
Feb. 1__._
Feb. 8
Feb. 15
815
702
873
837
892
912
779
775
693
756
648
861
839
836
844
823
819
805
817
820
821
830
862
866
21, 297
21, 280
21, 547
21, 441
21,461
21,612
21, 501
21, 536
21,460
21,431
21,242
21, 426
3,473
3,528
3,538
3,429
3,429
3,575
3, 520
3,577
3,547
3,542
3, 530
3,558
60
62
57
58
60
57
59
58
60
63
64
60
419
418
417
518
517
513
516
513
514
515
516
515
Date or month
Interbank
Foreign
banks
United
States
Government
Demand
deposits—adjusted*
Interbank
Borrowings
Other
liabilities
Capital account
5,210
5,211
5,206
5,213
5,164
5,135
5,140
5,173
4
6
1
814
731
706
735
760
790
836
747
3,624
3,645
3,657
3,661
3,663
3,677
3,683
3,675
8
9
9
9
9
8
9
10
10
11
11
11
5,124
5,127
5,130
5,141
5,160
5,161
5,177
5,174
5,179
5,183
5,174
5,181
1
1
795
839
843
828
834
771
748
736
733
713
713
707
3,684
3,683
3,680
3,683
3,686
3 673
3,676
3 673
3,678
3 681
3,682
3 681
5,785
6,236
6,286
6,453
6,613
6,669
6,817
6,730
6
6
6
6
5
5
5
5
646
648
650
662
621
604
601
613
3
353
298
292
311
320
346
355
331
1 482
1,478
1,483
1,481
1,482
1,488
1,490
1,479
7,201
7,164
7, 312
7,146
7,260
7,018
7,068
7, 146
7, 106
7, 142
7 215
7,246
6,767
6,864
6,884
6,750
6,770
6,617
6,714
6,793
6,797
6,777
6 887
6,809
5
5
5
5
5
4
5
5
5
5
5
5
604
605
601
599
601
609
613
613
617
617
617
624
1
342
350
356
357
358
351
332
323
318
310
294
289
1,490
1,490
1,487
1,490
1,491
1,477
1,480
1,480
1,480
1,483
1,485
1,484
157
164
150
158
165
167
192
178
9,229
9,341
9,350
9,494
9,694
9,808
9,903
9,935
8,653
8,785
8,832
8,924
9,075
9,156
9,270
9,324
112
115
112
111
110
113
112
111
2
2
2
2
2
4
4
4
4,564
4,563
4,556
4,551
4,543
4,531
4,539
4,560
1
6
1
461
433
414
424
440
444
481
416
2,142
2,167
2,174
2,180
2,181
2,189
2.193
2,196
187
190
195
181
202
212
163
174
162
176
154
161
9,874
9, 762
10,015
9,931
9,906
9,971
9 952
9,932
9,886
9,851
9, 683
9,842
9,246
9 250
9,337
9,275
9,216
9,271
9,336
9,331
9, 355
9,271
9,189
9,142
114
111
112
112
112
112
111
110
111
111
115
112
3
4
4
4
4
4
4
5
5
6
6
6
4,520
4 522
4,529
4,542
4,559
4,552
4 564
4, 561
4,562
4 566
4,557
4,557
453
489
487
471
476
420
416
413
415
403
419
418
2,194
2 193
2,193
2,193
2,195
2 196
2 196
2,193
2,198
2 198
2,197
2,197
Certified
checks,
Other
etc.
Domestic
banks
Foreign
banks
Other
TOTAL—101 CITIES
1938—January.
July
August __
SeptemberOctober
November
December
1939—January
1938—Nov. 30
Dec. 7
Dec 14
Dec. 21
Dec. 28
1939—Jan 4
Jan.11
Jan 18
Jan. 25
Feb 1
Feb. 8
Feb 15
.
. .
1
2
1
2
1
1
NEW YORK CITY
1938—January
July._ __
August
September
October
November
December
1939—January
.
1938—Nov 30
Dec. 7
Dec 14
Dec. 21
Dec 28
1939—Jan. 4 .
Jan.11
Jan.18
Jan.25 . .
Feb. 1
Feb 8
Feb. 15
1
2
OUTSIDE NEW YORK
CITY
1
Does not include cash items in process of collection reported in balances with domestic banks.
* Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
1
1
2
1
1
204
FEDERAL RESERVE BULLETIN
MARCH 1939
REPORTING MEMBER BANKS IN 1 0 1 LEADING CITIES
ASSETS AND LIABILITIES BY DISTRICTS AND FOR CITY OF CHICAGO
[In millions of dollars]
Investments
Loans*
ReBalserve
U. S. GovernComTotal
Other
ances
with
loans
To
mercial,
ment obligaCash
with
loans
Fedand
indus- Open brokers for pur- Real Loans
dotions
in
Other eral vault
investOther1 Total1
and
mestrial, mar1
chas- estate
to
securiRements Total
dealers
loans
and
ket
ing or loans banks
tic
ties^
serve
I
agri- paper in se- carryFully
banks
banks
curities ing secul- 1
Direct guartural
anteed
curities
Federal Reserve
district and date
(1939)
BOSTON (6 cities)
Feb 1
Feb. 8
Feb. 15 .
1,127
1,123
1,142
573
565
567
242
246
248
69
65
66
31
29
29
29
25
25
82
80
80
2
2
2
118
118
117
554
558
575
390
388
403
32
33
41
132
137
131
359
347
319
138
140
139
163
151
150
- 8,431
8,489
8,559
3,272
3,239
3,267
1,454
1,447
1,456
133
133
132
647
641
666
250
249
249
223
197
196
79
87
84
486
485
484
5,159
5,250
5,292
2,900 ! 959
2,898 ; 980
2,886 ; 1,087
1,300
1,372
1,319
4,524
4,497
4,297
64
71
71
203
183
179
1,147
1,127
1,132
419
406
408
179
177
178
23
22
23
18
19
19
33
32
32
57
53
53
2
2
2
107
101
101
728
721
724
363
365 I
364 •
88
88
92
277
268
268
277
274
260
15
17
17
176
169
172
1,849
1,851
1,858
641
638
642
229
227
227
9
9
8
22
22
24
22
26
26
170
169
169
2
2
187
183
186
1,208
1,213
1,216
833
834
831 |
99
102
109
276
277
276
372
358
359
38
40
39
294
277
282
649
651
662
234
233
232
103
98
98
9
10
4
3
3
16
17
16
33
35
35
69
70
71
415
418
430
309 :
312
319
41
43
45
65
63
66
156
154
347
16
19
17
167
168
156
597
590
598
308
305
307
171
172
172
3
4
4
6
16
13
13
28
28
27
1
1
1
83
81
83
289
285
291
159
155
155
44
47
51
86
83
85
110
110
112
11
12
11
149
159
158
3,188
3,196
3,202
845
850
848
479
482
483
31
31
30
36
38
37
77
78
78
98
98
98
4
4
4
120
119
118
2,343
2,346
2,354
1,647 i
1,648
1, 642 i
234
231
246
462
467
466
919
895
877
57
61
57
429
408
414
702
700
702
311
310
309
187
178
177
4
4
4
6
6
6
13
12
12
49
48
48
7
45
55
55
391
390
393
230
228
229
60
60
63
101
102
101
162
162
155
10
11
10
138
142
145
395
392
393
156
155
154
76
76
76
4
4
4
1
1
1
7
7
7
7
61
60
59
239
237
239
182 :
182
183
15
15
16
42
40
40
65
69
70
6
7
6
93
87
84
659
654
661
259
259
258
158
156
154
18
18
18
5
5
5
11
12
12
23
23
23
43
44
45
400
395
403
215
215
216
52
47
54
133
133
133
156
166
156
10
12
11
268
256
268
510
498
505
244
242
243
161
158
160
1
1
1
3
3
,4
15
14
20
20
19
45
45
46
266
256
262
166
161
161 .
41
39
45
59
56
56
108
110
108
9
11
10
244
245
250
SAN FRANCISCO (7 cities)
Feb. 1
Feb 8
Feb. 15
CITY OF CHICAGO*
2,188
2 179
2, 194
971
966
970
328
328
332
20
23
22
13
13
13
,
48
49
384
379
379
178
175
174
1.217 1
1.213 il
1,224
779
788
793
124
123
126
314
302
305
313
310
311
20
22
22
269
270
264
Feb 1
Feb. 8
Feb 15
2 111
2 127
2,129
524
528
524
343
347
345
17
16
16
32
34
33
65
67
66
13
13
13
1. 149
1,161
1, 156
116
113
125
322
325
324
702
686
658
31
31
27
210
193
197
NEW YORK (8 cities)*
Feb. 1
.Feb.8
Feb. 15
PHILADELPHIA (4 Cities)
Feb 1
Feb 8
Feb. 15
CLEVELAND (10 Cities)
Feb. 1
Feb. 8
Feb. 15
RICHMOND (12 cities)
Feb 1
Feb 8
Feb 15
Q
ATLANTA (8 cities)
Feb. 1
Feb 8
Feb 15
CHICAGO (12 cities)*
Feb. 1
Feb. 8 . __
Feb. 15
?
ST. LOUIS (5 cities)
Feb. 1
Feb. 8
Feb. 15
MINNEAPOLIS (8 cities)
Feb 1
Feb 8
Feb 15
KANSAS CITY (12 eities)
Feb. 1 _
Feb. 8
Feb. 15
DALLAS (9 cities)
Feb 1
Feb 8
Feb. 15
1
1
1
1
1
54
51
51
1,587
1,599
1,605
* Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. Thefiguresfor
the New
York and Chicago districts, as shown in this table, include New York City and Chicago, respectively
1
Beginning February 8, 1939, amounts previously classified as loans or securities but indirectly representing bank premises or other real estate
owned are classified among "other assets". These amounts on February 8, 1939, were $47,000,000 for loans, mostly real estate loans and $53,000,000
for securities. There was also a transfer on that date of certain loans theretofore erroneously classified as "Commercial, industrial, and agricultural" to "Other loans".
205
FEDERAL RESERVE BULLETIN
MARCH 1939
REPORTING MEMBER BANKS IN 101 LEADING CITIES
ASSETS AND LIABILITIES BY DISTRICTS AND FOR CITY OF CHICAGO—Continued
[In millions of dollars]
Time deposits
Demand deposits
Cash
items
reported as Other
in proc- assets
ess of
collection !
Total
assets
64
55
63
71
82
82
1 922
1 898
1,895
254
255
251
22
23
21
15
15
14
20
18
16
1,098
1,073
1,078
1 054
1 036
1,031
745
641
830
545
501
486
14,512
14,382
14, 422
2.768
2,687
2 677
504
499
477
134
134
134
353
300
363
7,794
7,841
7,848
7,402
7,500
7,381
14
14
14
Feb. 1
Feb. 8
Feb. 15
71
58
74
83
104
104
1.769
1,749
1,759
318
309
315
11
10
10
54
54
54
9
7
9
847
839
842
785
788
777
Feb. 8
Feb. 15 _ .
89
67
88
100
106
106
2,742
2,699
2,732
326
311
317
1
1
1
42
42
42
18
15
15
1,199
1,169
1,197
Feb. 1
Feb.8
Feb. 15
45
38
40
33
35
36
1,066
1,065
1 058
237
239
234
1
28
28
28
10
9
8
46
45
53
40
45
47
953
961
979
229
238
241
1
1
1
41
42
42
154
140
197
82
82
82
4,829
4 782
4,829
910
905
915
10
10
11
46
42
54
23
23
24
1,081
1,080
1 090
286
286
283
26
21
28
16
17
17
601
593
598
122
121
123
61
53
68
22
22
1,176
1 163
1, 186
35
35
53
25
30
30
78
65
99
93
85
120
Federal Reserve
district and date
(1939)
Interbank
United CertiStates
fied
Domes- Foreign Govern- checks, Other
ment
etc.
tic
banks banks
Demand
deposits—adjusted*
Interbank
Borrowings
Other Capiliabil- tal acities count
ForDomestic eign
banks banks
Other
1
1
1
249
250
250
21
20
21
942
243
243
5
5
5
1,010
997
1,004
319
298
293
1,611
1,607
1,607
10
11
10
283
283
283
16
15
15
221
221
221
1,128
1,117
1,124
36
39
38
739
738
740
14
17
15
367
367
367
468
463
464
433
434
432
6
6
6
197
198
198
27
27
26
93
94
94
6
5
4
394
392
408
354
352
359
3
3
3
182
183
182
6
6
91
91
91
129
129
128
38
35
41
2,442
2 400
2,432
9
8
8
890
892
892
16
16
16
385
386
386
18
20
20
6
5
4
480
479
493
440
442
443
6
6
6
189
188
188
5
5
5
91
91
91
2
2
2
6
5
285
277
282
265
261
259
2
3
2
119
119
119
8
8
8
56
57
56
341
342
345
23
22
22
12
10
12
549
537
554
500
494
498
7
144
144
145
2
3
3
98
98
98
931
929
956
207
211
216
34
34
34
10
8
9
459
455
475
434
428
431
134
134
135
4
4
4
83
83
83
201
234
236
3,069
3,080
3,126
250
252
256
15
15
14
111
110
111
27
21
24
978
973
1,015
927
929
940
1,047
1,048
1,045
275
294
294
343
344
344
51
50
50
3 198
3,172
3, 181
683
681
685
9
9
10
83
83
83
23
21
24
1 663
1,640
1, 642
1 593
1 576
1,546
470
471
470
13
13
13
254
254
254
Total
liabilities
BOSTON (6 cities)
Feb. 1
Feb. 8
Feb. 15 ._ _ .
NEW YORK (8 cities)*
Feb. 1
Feb. 8
Feb. 15
PHILADELPHIA (4 cities)
CLEVELAND (10 cities)
Feb. 1
RICHMOND (12 Cities)
ATLANTA (8 Cities)
Feb. 1
Feb. 8
Feb. 15
_ _ .
CHICAGO (12 cities)*
Feb. 1
Feb.8
-—
Feb. 15
2,326
2 295
2,276
1
ST. LOUIS (5 cities;
Feb. 1 . _
Feb. 8
Feb. 15
MINNEAPOLIS (8 cities)
Feb. 1
Feb. 8
Feb. 15
.
1
1
1
KANSAS CITY (12 cities)
Feb. 1 . . . .
Feb. 8
Feb. 15
99
7
DALLAS (9 cities)
Feb. 1
Feb. 8
Feb. 15
SAN FRANCISCO
(7 cities)
Feb. 1. .
Feb. 8
Feb. 15
18
18
18
5
5
5
CITY OF CHICAGO*
Feb. 1
Feb. 8
Feb. 15
1
*1 See note on preceding page.
Does not include cash items in process of collection reported in balances with domestic banks.
1
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
206
FEDERAL RESERVE BULLETIN
M A R C H 1939
COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS 9 BALANCES
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
End of month
By holders
Commercial
paper
outstand-
Total
outstand-
ing!
ing
Held by accepting
banks
Own
bills
Total
1938—January
February
March
April
May
June
July
August
September
October
November
December
_
1939—January
299
293
297
271
251
225
211
209
212
213
206
187
326
307
293
279
268
264
265
258
261
270
273
270
266
246
236
229
218
210
217
216
221
223
222
212
195
255
204
147
140
143
141
139
135
133
129
129
130
124
121
122
By classes
Held by Federal
Reserve banks
For
Bills
acbought own
count
119
106
93
89
80
76
84
87
92
93
98
91
For ac- Held
count of by
foreign others
correspondents
2
1
(J)
1
2
2
1
(2)
(2)
C2)
82
Based
on ex- Dollar
exports
from change
U.S.
on
ports
into
U.S.
Based on goods
stored in or shipped
between points in
Foreign
countries
U.S.
59
61
57
48
48
52
47
42
40
46
51
58
106
96
91
86
81
79
78
83
89
94
94
95
82
78
75
71
65
63
63
58
57
57
59
60
3
2
2
1
1
1
1
2
2
3
3
3
75
70
63
60
57
58
60
55
56
59
59
57
60
61
62
61
64
63
63
60
57
56
57
56
52
87
57
2
52
55
1
As reported by dealers; includes some finance company paper sold in open market.
* Less than $500,000.
Back figures.—8ee Annual Eeport 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]
Credit balances
Debit balances
End of month
1936—-September
December
1937—March
June
September
December
1938—January. .
February
March _
April
May
June
.
July
August
September
October
November
December
__
_
1939—January
_
Customers'
credit balances i
Other credit balances
Debit
Customers' balances in
partners'
debit
investment
balances
and trading
(net) i
accounts
Debit
balances in
firm
investment
and trading
accounts
Cash on
hand
and in
banks
Money
borrowed J
1,317
1,395
72
64
141
164
227
249
995
1,048
289
342
99
103
24
30
14
12
423
424
1,549
1,489
1,363
985
61
65
48
34
175
161
128
108
223
214
239
232
1,172
1,217
1,088
688
346
266
256
278
115
92
96
85
29
25
26
26
18
13
12
10
419
397
385
355
958
937
831
763
760
774
843
864
823
905
939
991
31
31
29
26
25
27
28
29
29
32
30
32
103
104
95
97
85
88
80
84
76
85
78
106
220
207
215
203
208
215
209
200
213
196
189
190
641
628
576
485
482
495
528
571
559
617
662
754
288
280
239
248
243
258
284
272
257
270
252
247
87
80
81
88
92
89
82
77
68
73
65
60
28
26
25
24
22
22
22
20
20
20
20
22
11
10
9
9
8
11
10
9
7
8
8
5
333
324
315
309
301
298
303
301
300
304
303
305
971
34
75
192
713
235
60
22
12
298
Free
Other
(net)
In
In
partners'
firm
In
investinvestcapital
ment and ment and accounts
trading trading
(net)
accounts accounts
i 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.
i 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.
Backfigures.—SeeBULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
MARCH
207
FEDERAL RESERVE BULLETIN
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
Rate
Feb. 28
Boston
New York____
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
IK
IK
IK
In effect
beginning-
Previous
rate
Rate
Feb. 28
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
Rate
In effect
beginningSept. 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
Feb. 28 beginningApril 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, Feb. 28, 1939, on advances and commitments under Sec.
13b, of the Federal Reserve Act as amended June 19, 1934.
[Percent per annum except as otherwise specified]
Rate in
effect on
Feb. 28
Maturity
1-15 days i_.
16-30 days...
31-45 days...
46-60 days...
61-90 days...
91-120 days..
121-180 days
K
In effect beginning—
Previous
rate
Oct. 20, 1933
___do
...do
__.do
___do
___do
_._do
1
1
1
1
1
1
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
In effect
beginning
Jan. 1, 1936
Federal Reserve Bank
Boston
Advances
direct to
Advances to financing institutions—
Commit-
industrial On porments
or comtion for
to make
On re- advances
mercial or- which
ganizations institu- maining
tion is
portion
obligated
3^-6
4-6
4-6
43^-6
3
3
Richmond
Atlanta
Chicago
St. Louis
6
5-6
4-6
5
Minneapolis
Kansas City
Dallas
San Francisco
6
4-6
5-6
43^-5
43^-5
4
5-6
5-6
3-4
4-5
New York
Philadelphia
Cleveland
4
5-6
_
33^
4-5
K-l
1-2
K-2
4-6
5
5-6
4
1-2
1-2
8
K
1
K-2
K-2
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
On net demand
deposits:1
Central reserve city.
Reserve city
Country
June 21, Aug. 16, Mar. 1, May 1, Apr. 16,
19371917193819361937and
Aug. 15, Feb. 28, Apr. 30, Apr. 15,
1938
after
1936
1937
1937
15
103^
22%
1734
12M
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._.
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. 196 for explanation of method of computlower maximum rates established by State authority.
ing net demand deposits.
208
FEDERAL RESERVE BULLETIN
MARCH 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 o n -
Year,
month, or
week
Prime
commercial
paper,
4 to 6
months
1936 average._.
1937 average...
1938 average.._
1
1
Feb
Mar
April....
May
X~l
June
f^-i
July
X
Aug
X
%-YA.
Sept
Oct
Nov
Dec
1939 Jan
Week ending:
Jan 7__
Jan. 14
Jan. 21 .
Jan. 2 8 . . .
Feb. 4____
Feb. 11.
Feb.18
Feb. 25..
U . S.
ury
rreas-
Prime Stock Stock
bills
exbankexers' change change
91accept- time
call
New
ances, loans, loan issues d a y
90
90
ofredealdays
days
new- fered
ers'
als
within quoperiod1 tation
.75
.95
.81
1938—Jan...
[Weighted averages of prevailing rates; percent per annum]
Average rate o n -
V2-v%
.15
.43
.44
1.16
1 25
1.25
.91
1 00
1.00
.14
4ft
!05
.17
.28
.07
7/18
7 '/16
7 '18
7/16
7/16
7/16
7/16
7/16
7/16
7/16
7/16
T/16
1 \S
1M
IK
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.10
.08
.07
.08
.03
.02
.05
.05
.10
.02
.02
.01
.10
08
.08
.09
.05
.05
.07
.06
.08
.05
.04
.03
1.13
1 09
1.01
.94
.77
.67
.70
.71
.82
.68
.71
.67
7/16
IK
1.00
(3)
.03
.65
T
1^
IX
IX
IX
L.00
L.00
L.00
L.00
1.00
L.00
L.00
L.00
(2)
(3)
.01
(3)
(3)
.01
(3)
.03
.03
.03
.03
.03
.03
.03
.03
.68
.67
.63
.64
.63
.64
.63
.63
/l«
7/16
7/16
7/16
7/16
7/16
7/16
Vli
}/2~~%
VT~%
}/2~~%
V2~%
Yr~%
YT-%
Average
York City:
yield on NewJanuary
U.S.
February
TreasMarch
ury
April
3-to-5
May
year
June
notes
July
August
September
OctoberNovember
1.11
December
1.40
IK
IK
IK
IK
IK
\ y£
IX
IX
IX
IX
(3)
.83
1
Series comprises 273-day bills to October 15, 1937, bills maturing
about March 16,1938, from October 22, to December 10,1937, and 91-day
bills thereafter.
28 Part of issue sold on negative yield basis and remainder at no yield.
Less than 0.005 percent.
Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures
for 91-day Treasury bills available on request.
Year
8 other northern and
eastern cities:
January
February
_
March
April
May .
June
July
August
October.
November
December
Year
27 southern and
western cities:
JanuaryFebruary
March..
April
May
June
July
AugustSeptember
OctoberNovember
December
Year
1929
1932 1933 1934 1935 1936 1937 1938 1939
5.74
5.73
5.81
5.85
5.88
5.93
5.88
6.05
6.06
6.08
5.86
5.74
4.71
4.71
4.72
4.69
4.55
4.61
4.42
4.45
4.30
4.35
4.12
4.22
5.88 4.49
5.87
5.86
5.91
6.00
6.09
6.02
6.08
6.11
6.24
6.25
6.12
5.94
5.07
5.13
5.14
5 10
5.14
5.13
5.05
5.12
5.03
4.96
4.88
4.88
4.12
4.11
4.88
4.33
4.24
4.10
3.93
3.97
3.79
3.76
3.52
3.48
3.58
3.43
3.31
3.39
3.42
3.30
3.30
3.33
3.26
3.28
3.22
3.18
2.83
2.90
2.64
2.61
2.69
2.66
2.61
2.67
2.72
2.72
2.77
2.61
2.64
2.56
2.61
2.54
2.51
2.44
2.44
2.42
2.40
2.46
2.43
2.43
2.50
?, 41
2.50
2.53
2.44
2.34
2.36
2.41
2.39
? 38
2.45
2.40
2.36 2.29
2.34 2.24
2.40
2.36
2.40
2.36
2.27
2.16
2.25
2.29
2.33
2.33
4.02 3.33 2.70 2.49 2.43 2.32
4.89
4.84
5.39
5.09
4.99
4.97
4.82
4.68
4.65
4.61
4.54
4.59
4.65
4.49
4.52
4.52
4.39
4.30
4.15
4.12
4.11
4.13
4.08
3.98
4.08
4.02
4.05
3.99
3.88
3.78
3.87
3.79
3.75
3.75
3.63
3.67
3.62
3.63
3.60
3.47
3.45
3.51
3.61
3.47
3.45
3.50
3.47
3.46
3.36
3.43
3.34
3.36
3.45
3.32
3.32
3.29
3.33
3.37
3.42
3.36
3.37
4.83 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
5.68
5.66
6.62
5.54
6.53
5.55
5.50
5.42
5.43
6.14 5.62
5.40
5.39
5.40
6.34
6.28
5.19
5.07
5.05
5.04
5.05
4.93
4.92
4.95
4.84
4.85
4.80
4.79
4.76
4.58
4.63
4.51
4.55
4.51
4.55
4.47
4.51
4.44
4.40
4.43
4.39
4.35
4.25
4.29
4.23
4.24
4.14
4.16
4.15
4.15
4.21
4.17
4.18
4.19
4.18
4.18
4.16
4.17
4.15
3.33
3! 26
3.27
3.38
3.28
3.26
3.30
3.37
3.28
3.47
6.04 5.05
5.61
5.61
5.64
5.63
5.64
5.62
5.63
5.68
5.63
5.66
5.55
5.60
3.41
4.16
4. Of
4.H
4.12
4.13
4.14
4.12
4.12
4.07
4.06
4.05
4.04
4.10
4.09
5.56 5.17 4.69 4.35 4.17 4.11
BOND YIELDS1
[Percent per annum]
Corporate 4
Year, month, or week
Number of issues
U.S.
Treasury*
Municipal i
By groups
By ratings
Total
Aaa
Baa
A
Aa
Incustrial
Railroad
Public
utility
120
30
30
30
30
40
40
40
2.65
2.68
2.56
3.07
3 10
2.91
3.87
3.94
4.19
3.24
3.26
3.19
3.46
3.46
3.56
4.02
4.22
4.77
5.03
5.80
3.50
3.65
3.50
4.24
4.34
5.21
3.88
3.93
3.87
2.65
2.64
2 64
2.62
2.51
2.52
2.52
2.51
2.58
2 48
2 50
2.49
3.03
2.99
2 99
3.03
2.91
2.91
2.87
2 82
3.02
2 82
2 74
2.75
4.19
4.23
4.36
4.50
4.28
4.40
4.17
4.09
4.17
4 03
3 95
3.95
8.17
3.20
3.22
3.30
3.22
3.26
3.22
3.18
3.21
3 15
3 10
3.08
3.50
3.51
3.56
3.73
3.56
3.68
3.62
3.57
3.60
3.53
3.46
3.42
4.20
4.24
4.34
4.49
4.28
4.41
4.21
4.13
4.20
4.08
4.02
4.02
5.89
5.97
6.30
6.47
6.06
6.25
5.63
5.49
5.65
5.36
5.23
5.27
3.64
3.57
3.58
3.64
3.51
3.55
3.48
3.43
3.50
3.43
3.39
3.40
5.02
5.06
5.44
5.75
5.44
5.75
5.25
5.09
5.18
4.94
4.83
4.82
4.01
4.07
4 05
4.11
3.90
3.90
3.79
3.76
3.82
3.73
3.65
3.63
1939—January
2.47
2.70
3.86
3.01
3.32
3.97
5.12
3.31
4.70
3.57
Week ending:
January 28
February 4
February 11
February 18
2 48
2.45
2.44
2.43
2 71
2.72
2.69
2.70
3 86
3.86
3.82
3.81
3.02
3.01
3.00
3.00
3.30
3.29
3.27
3.25
3.98
3.98
3.94
3.93
5.14
5.14
5.07
5.05
3.30
3.30
3.29
3.29
4.71
4.73
4.65
4.63
3.56
3.55
3.52
3.51
2-6
1936 average
1937 average
1938 average...
1938—January
February
March
April
May
June
July
August.
September
October
November
December.
.
_.
15
401
i Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
* Average of yields of all outstanding bonds due or callable after 12 years; see BULLETIN for December 1938, pp. 1045-1046 for description.
»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.
Bick figures.—Sea Annual Report for 1937 (table 83): for U. S. Treasury bonds, see pp. 1045-1046 of BULLETIN for December 1938
209
FEDERAL RESERVE BULLETIN
M A R C H 1939
BOND PRICES l
STOCK MARKET
Stock prices l
U. S.
Year, month, or date Treas- Municury * ipal
Number of issues
Corporate 3
Total
2-6
Indus- Rail- Utility
trial road
60
20
20
20
1936 average
1937 average—
1938 average
103.7
101.7
103.4
110.8
110.3
113.7
97.5
93.4
78.9
92.2
90.1
82.9
94.7
89.6
58.6
105.4
100.4
95.3
1938—January
February
March
April
May_._
June
July
August
September
October
November
December
102.3
102.4
102.5
102.7
104.0
103.9
103.8
104.0
103.0
104.3
104.0
104.1
111.5
112.2
112.2
111.6
113.6
113.6
114.2
115.2
111.7
115.2
116.6
116.5
80.6
79.3
76.0
73.8
76.5
75.3
80.8
81.3
78.7
81.8
82.1
81.1
81.7
80.6
79.5
77.8
80.4
80.0
85.0
85.7
84.2
86.8
86.9
86.0
66.2
65.0
57.3
53.5
55.1
52.0
60.2
60.0
55.7
59.9
60.2
58.6
94.0
92.2
91.2
90.2
94.0
94.0
97.3
98.1
96.3
98.6
99.3
98.7
104.4
117.3
81.9
86.2
59.7
99.7
104.2
104.6
104.6
104.8
117.1
117.0
117.5
117.3
81.1
81.5
82.0
82.0
85.8
86.2
86.3
86.5
58.1
58.4
59.1
99.4
99.9
100.6
100.8
..__
___.
1939—January
January 25
February 1
February 8_
February 15
_
1
Monthly data are averages of daily figures except for municipal bonds*
which
are averages of Wednesday figures.
s
Average prices of all outstanding bonds due or callable after 12 years,
based on quotations from Treasury Department; see BULLETIN for
December
1938, pp. 1045-1046 for description.
8
Prices derived from average yields, as computed by Standard Statistics Co.
Back figures.—See Annual Report for 1937 (table 79); for U. S. Treasury
bonds, see pp. 1045-1046 of BULLETIN for December 1938.
Year, month, or
date
Volume of
trading «
Common (index, 1926=100)
Preferred 2
Number of issues—
Industrial
Total
Railroad
Utility
20
420
348
32
40
__
138.9
136.2
135.6
111
112
83
127
131
99
51
49
26
loT
95
73
1,824
1,519
1,100
1938—January
_
February
March
April
May
June
July...
_
August
September. _.
October
November
December...
133.5
133.3
132.2
127.9
131.7
132.3
135.6
138.1
137.9
140.4
142.3
141.7
•82
81
78
71
74
73
88
90
86
91
95
92
96
96
93
84
87
86
105
108
104
110
114
111
29
28
26
21
22
21
27
28
26
28
30
29
76
71
69
64
70
69
77
75
72
77
81
78
1,069
719
922
778
620
1,033
1,762
843
1,054
1,889
1,355
1,195
1939—January
141. 7
92
109
30
81
1,114
141.8
141.4
142.0
141.9
87
89
91
91
104
105
107
107
27
28
29
28
81
82
85
84
1,417
782
655
650
1936 average,.
1937 average
1938 average
January 25_._
February 1___
February 8- __
February 15..
1 Standard Statistics Co. Monthly data are averages of Wednesday
figures.
2
Average prices of industrial high-grade preferred stocks, adjusted to a
$73annual dividend basis.
Average daily volume of trading in stocks on the New York Stock
Exchange, in thousands of shares. Weekly figures are averages for the
week ending Saturday.
Back figures.—For stock prices, see Annual Report for 1937 (table 79)
CAPITAL ISSUES
[In millions of dollars]
]For new
and
funding)
1929
1930 .
1931
1932 . .
1933
1934
1935
1936
1937
1938
.
1938—Jan..,..
Feb
Mar
Apr
May
June
July....
Aug
Sept
Oct
Nov..
Dec
1939—Jan
For refunding
Domestic
Total
Year or
month
capital
Total
(domestic
and
forTotal
eign)
11,513 10,091
7,619
6,909
4 038 3 089
1,751 1,194
1,063
720
2 160 1 386
4,699 1,457
6 214 1 972
3,939 2,140
4,375 2,333
9,420
6 004
2 860
1,165
State
and
municipal
1,418
1 434
1 235
Corporate
Federal
Bonds
and Stocks
cies* Total notes
1 386
1,409
1 949
2 096
2,297
762
483
803
855
735
712
962
0
87
75
77
64
405
150
22
157
481
708
Domestic
8,002
4,483
1 551
2,078
2,980
1 239
325
161
178
404
854
305
40
144
334
839
819
790
311
20
120
35
69
352
408
64
1,192
1,227
5 924
1 503
122
199
245
352
218
511
470
415
237
763
379
453
93
82
126
197
158
347
390
180
144
165
225
218
93
81
126
197
158
344
390
180
144
165
194
218
41
40
94
45
88
130
44
55
51
101
151
116
6
0
9
140
33
14
216
0
8
0
0
55
46
41
24
12
37
201
130
125
85
64
43
47
40
41
23
11
22
191
128
121
83
62
37
32
6
(3)
1
1
16
10
2
3
2
2
6
15
256
200
200
76
118
5
5
1
Total
(doFor- mestic
eign i and
for- Total
Corporate
State
and
mu-
eign)
671
905
229
29
12
o
1,422
1,387
709
949
557
343
774
527
893
498
283
765
48
23
44
36
3,242
4 242
1 799
2,042
3,216
4,123
1,680
2,014
0
1
0
0
0
3
1
0
0
31
0
29
117
119
155
60
164
79
235
92
598
155
234
29
117
119
155
60
164
79
235
92
598
130
232
0
57
57
0)
i
For-
nicipal
Federal
agen-J
cies
13
53
21
87
37
136
365
382
191
128
0
0
51
93
26
317
987
353
281
665
1,864
3 387
1,209
1.221
1,782
3 187
8
22
16
4
4
14
3
11
22
2
6
15
18
32
45
84
31
52
20
14
6
323
22
20
4
62
58
67
26
99
56
211
65
273
102
197
3
62
68
67
26
99
56
211
65
273
84
186
27
19
10
10
eign1
Bonds
Total notes Stocks
1,374
474
821
319
219
312
542
451
789
315
187
312
856
1,190
833
23
32
4
32
o
81
200
352
31
35
182
56
59
60
9
26
119
119
28
1
18
11
0
0
0
0
0
0
0
0
0
0
25
3
(3)
0
1
0
0
0
0
0
0
0
(•)
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.,
a Less than $500,000.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce.
to revision.
Back figures.—See Annual Report for 1937 (table 78).
Monthly figures subject
210
FEDERAL RESERVE BULLETIN
MARCH
1939
TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
VOLUME AND KIND OF DIRECT OBLIGATIONS
[On basis of daily statements of United States Treasury, In millions of dollars]
Noninterestbearing
Interest-bearing
Publicly-offered»
Total
gross
debt
End of month
Total
interest
bearing
Total
Pre-
6
18,
6
U.S.
Treas-
1,261
4,548
105
92
118
156
1,071
926
19
579
240
284
356
580
601
560
872
867
860
856
852
868
864
859
830
826
827
827
826
1,263
1,399
1,460
1,458
1,538
1,601
1,641
1,757
1,788
1,807
1,937
2,002
2,046
638
669
648
635
637
644
738
754
739
736
745
743
756
13,460
13, 417
15, 679
14,019
17,168
19,936
62
316
800
10,023
11, 381
10, 617
616
954
1,404
2,053
2,354
2,303
34,114
34,144
34,032
34,016
33, 845
36, 576 33, 463
36, 642 33,400
37,052 33,681
37,850 34,493
37,897 34, 527
38,068 34, 559
38,899 35,327
39, 097 35, 469
79
79
79
79
79
79
79
79
79
79
79
79
20,476
20,476
20,927
20,927
20, 927
21,846
21, 846
21,846
22, 712
22, 712
22, 712
24,005
24, 005
1,060
1,106
1,148
1,181
1,210
1,238
1,275
1,305
1,334
1,367
1,399
1,442
1,580
10, 547
10, 531
10,076
10,076
10,076
9,147
9,147
9,147
9,067
9,067
9,067
8,496
8,496
1,952
1,952
1,803
1,753
1,553
1,154
1,054
1,304
1,302
1,302
1,303
1,306
1,309
19,161
22,158
26,480
27,645
32,989
35,800
1938—January....
February...
March
April
May
June..
July
August
September.
October
November.
December.
1939—January...
37,453
37,633
37, 556
37, 510
37,422
37,165
37,191
37,593
36,887
37,080
37,001
36,963
36,871
All
other5
Bills
753
753
753
753
79
79
19,487
22, 539
27,053
28, 701
33, 779
36,425
AdSocial
justed
seservice3 curity4
issues issues
Notes
816
21, 782
626,006
26,910
31, 297
33, 734
1932—-June
1933—June
1934—June
1935—June
1936—June
1937—June
38,423
38, 603
39,427
39, 631
Bonds
Matured
debt
Other
60
66
54
231
169
119
266
315
518
825
620
506
92
101
141
106
102
106
94
105
101
109
466
462
458
454
450
447
443
440
437
433
431
427
425
1 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System.
2
Includes Liberty bonds.
3 Includes adjusted service bonds of 1945 and special issues of adjusted service bonds and of notes to Government Life Insurance Fund series
and 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.
e 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 i
MATURITIES OF PUBLICLY OFFERED DIRECT
OBLIGATIONS, JANUARY 31, 1939
[In millions of dollars]
Date maturing
1939—Before Apr 1
Apr 1—June 30
July 1—Sept 30
Oct 1—Dec 31
1940—Jan 1—Mar. 31
Apr 1—Dec 31
1941
1942
1943
1945
1946
1947
1948
1949
1951
1952
1953
1954
1955
1956
1959
1960
1961
1963 .
.
1965
Total
_
..
Total
Bonds!
Notes
[In millions of dollars]
Bills
End of month
919
1,697
427
526
1,378
1,476
2,219
1,001
1,895
2,120
1,848
2,831
1,961
2 985
1,223
2,117
1,786
2,663
755
489
982
2,611
50
919
591
35, 469
834
898
2,120
1,848
2,831
1,961
2 985
1,223
2,117
1,786
2,663
755
489
982
2,611
50
919
591
25, 664
13
1,294
427
526
1,378
1,476
1,385
1,001
997
8,496
Total
906
404
Federal
ReconComHome
Farm
Owners' struction modity
Mortgage Loan
Finance
Credit
Corpora- CorporaCorpora- Corporation 2
tion
tion
tion
1934—June
December...
1935—June
December
1936—June
December
1937 June
December
681
3,063
4,123
4,494
4,718
4,662
4,665
4,645
312
980
1,226
1,387
1,422
1,422
1,422
1,410
134
1,834
2,647
2,855
3,044
2,988
2,987
2,937
235
1938—January
February
March
April
May
June
July
August
September
October
November
December
1939—January
4,646
4,646
4,646
4,647
4,852
4,853
5,064
5,015
5,009
5,001
4,993
4,992
4,987
1,410
1,410
1,410
1,410
1,410
1,410
1,410
1,410
1,404
1,395
1,388
1,388
1,383
2,937
2,937
2,937
2,937
2,937
2,937
2,937
2,888
2,888
2,888
2,888
2,888
2,888
298
299
299
299
299
299
510
511
511
511
511
509
509
249
250
252
252
252
255
297
206
206
206
206
206
206
206
206
206
1,309
1
pal.
Principal a m o u n t of obligations guaranteed as to interest and princiExcludes obligations held b y U. S. Treasury and reflected in the
1 Issues classified as of date of final maturity; most issues callable at public debt. T h e total includes guaranteed debentures of the Federal
earlier dates; most of the U. S. savings bonds are redeemable at option Housing Administrator, amounting to $1,426,000 on J a n u a r y 31, 1939.
2
of i2holder.
Excludes obligations guaranteed as to interest only.
Includes unclassified U. S. savings bonds.
MARCH
211
FEDERAL RESERVE BULLETIN
1939
SUMMARY OF TREASURY OPERATIONS
[On basis of daily statements of United States Treasury.
I n millions of dollars]
General and special accounts
Expenditures ;
Receipts
General
Period
Total
Other
In- Social interAll
nal
come security
taxes taxes2 reve-3 other
nue
Total Interest on
debt
National
defense
and
Veterans'
Adm.4
other
Recovery
and
relief
All
or deTrust Increase
crease during
acperiod
counts,
etc. 7
Excess excess
of reof
receipts
ReTrans- (+) or ceipts
(+)or
volv- fers to
exexing
trust pendipendi- General
funds5 accts.
tures
6
tures
(net)
etc.
fund 7 Gross
(-)
debt
(-) balance
Fiscal year ending:
June 1936
_ 4,116
5,294
June 1937
6,242
June 1938
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 , 5 5 0
868 - 3 , 1 4 9
607 - 1 , 3 8 4
+312
+374
+306
+840 +5,078
- 1 2 8 +2,646
+740
-338
7 m o n t h s ending:
Jan. 1937
Jan. 1938
Jan. 1939
2,442
3,511
3,235
748
1,210
1,183
3
471
375
1,302
1,443
1,376
390
388
302
4,447
4,223
5,197
417
448
455
828
899
960
1,017
1,189
1,549
1,929
1,167
1,769
109
49
57
148 - 2 , 005
470
-712
406 - 1 , 9 6 2
+325
+80
+212
+724
-956
+396 +1,028
+717 +2,467
335
349
959
273
375
774
311
487
711
332
382
704
308
52
62
723
49
40
550
47
32
498
41
36
481
48
57
110
3
34
131
5
32
131
3
34
129
3
43
172
141
193
155
169
185
186
283
170
209
175
181
173
53
36
40
35
35
34
47
42
40
48
41
40
45
533
515
748
642
568
930
763
683
751
769
678
862
693
16
17
153
66
9
233
13
17
146
67
9
173
30
130
123
138
130
134
132
137
142
131
136
137
136
140
180
150
185
215
201
238
256
227
177
250
228
190
221
147
153
196
202
206
314
216
236
243
262
249
307
257
4
17
18
9
16
12
5
13
10
10
7
6
6
1938—January
February
March..
April
May
June
July
August__
September.._
October
November
D e c e m b e r . __
1939—January
Details of trust accounts, etc.
Period
Old-age reserve and
railroad retirement accounts
Unemployment
trust fund
With- ReconComBeneIn- drawals struction modity
ReInReAll
fit
by
Finance
ceipts vest- pay- ceipts vestCredit other
10
ments ments
ments States Corpora- CorporaFiscal year ending:
June 1936
June 1937
June 1938
267 '
550
267
461
7 months ending:
J a n . 1937
Jan.1938
Jan.1939
45
397
331
56
56
58
19
2
17
60
48
45
44
49
49
39
1938—January
February
March
April
May
June
July
August
September
October .
November
December
1939—January
85
19
294
763
19
293
560
45
347
243
39
67
58
376
453
55
336
202
51
51
51
1
»5
17
40
35
35
34
34
34
34
8
7
8
14
9
9
9
9
9
10
10
10
10
50
95
43
37
128
82
35
131
35
38
125
37
51
24
85
10
»3
85
46
(8)
82
94
«14
96
32
10
tion «
s 241
» 329
6
9
33
• 112
9
184
35
248
9 287
9 22
9 184
»24
16
134
34
6
36
41
34
39
36
53
40
40
26
19
33
'9
»15
3
34
6
9 14
9 260
10
24
19
21
18
9 15
19
9
6
7
» 1
»96
10
31
27
23
18
16
10
1
191
(8)
-198
-166
+211
-369
-193
-156
-451
-195
-40
-437
-296
-157
-385
r
+l
+11
+31
-36
+158
+63
+325
-63
-41
-3
-6
-31
+30
-23
+25
+166
—451
-122
-351
-100
+144
+719
-409
-122
+636
-151
+173
+180
-76
-46
-88
-258
+27
+402
+800
+30
+180
+824
+204
Details of general fund bal ance
(end of period)
Net expenditures in
checking accounts of
Government agencies
tion io
56
56
58
19
2
1
135
48
45
44
49
49
39
All
other,
excess
of receipts
(+)or
Seigniorage
Working
balance
In-
Total
expenditures
<-)»
Increactive ment
on
gold
gold
100
127
Ml
+204
+60
+87
2 682
2,553
2,216
1,087
140
141
142
316
356
446
2 225
970
1,628
13
97
79
+24
+52
+59
1,726
2,950
2,933
127
1,223
141
142
142
340
413
503
1,118
1,172
2,288
' 9 21
1
»28
7
9
149
38
9
55
26
97
96
8
11
•4
9 20
+19
+3
+15
2,950
2,975
3,140
2,689
2,567
2,216
2,116
2,260
2,978
2,569
2,447
3,084
2,933
1,223
1,201
1,183
142
142
142
142
142
142
142
142
142
142
142
142
142
413
421
427
433
440
446
451
455
460
467
478
492
503
1,172
1,212
1,389
2,114
1,985
1,628
1,523
1,663
2,376
1,960
1,828
2,449
2,288
9
+8
+7
+2
+10
+3
+3
+19
+13
+8
+2
I
r
Excludes debt retirements.
Revised.
* 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.
9
Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account and railroad retirement "account; except
for the
adjusted service certificate fund, these appear8 as receipts under ''Trust accounts, etc."
7
Details given in lower section of table.
Less than $500,000.
^Excess of credits,
w Monthly figures for the fiscal year 1938 subject to revision.
II
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.
3
212
FEDERAL RESERVE BULLETIN
MARCH
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, DECEMBER 3 1 ,
1939
1938
{Based on compilation by U. S. Treasury Department from reports received from organizations concerned.' In millions of dollars]
Reconstruction
Finance
Corporation
and
Public
Works
Administration
Home mortgage and
housing agencies
Home
Owners'
Loan
Corporation
Total
Farm credit agencies
Other United
Farm
mort- States
mortgage Housgage
ing
agenagenAucies thority cies
TennesInsee surOther
ValFarm
Comance
Other
ley
Credit modity
Dec. N o v . Dec.
Au- agenAdm.
Credit Other thorcies
31,
30,
31,
banks
Corpo1938 1938 1937
ity
and cor- ration
porations
ASSETS
Loans and preferred stock:
Loans to financial institutions,.
Prpferred stock etc
Loans to railroads
Home and housing mortgage
loans
Farm mortgage loans
Other agricultural loans
All other loans
Total loans and preferred
stock
Cash
U. S. Govt. direct obligations
Obligations of Government credit
agencies:
Fully 6guaranteed by U. S.
Other
Accounts and other receivables
Business property
_ .
Property held for sale
Other assets
Total assets other than interagency
244
537
481
215
199
47
27
(i)
0)
0)
76
2,169
134
32
21
515
1,797
3
48
(0
2,384
129
1
380
38
38
32
8
0)
2,735
82
66
352
29
150
5 1
32
32
5
9
3
28
30
1
14
6
542
6
1.911
3,082
509
2,888
84
0)
4
368
276
0)
129
0)
0)
469
170
133
120
26
593
3,022
Excess of assets over liabilities, excluding interagency transactions,,
Privately owned interests
1,318
U. S. Government interests
1,318
194
6
115
7
3
86
181
267
22
368
0)
4
5
27
33
403
0)
(0
0)
(0
5
1
15
1
1
22
294
229
605
3
219
0)
0)
381
501
886
440
190
221
21
4
8,562 8,502 8,564
370
349
299
710
701
606
0)
104
12
464
857
503
2,335 2,326 2,475
2,735 2, 751 2,876
561
751
735
826
886
865
2,735
2
470
874
511
30
145
35
328
456
689
156
144
36
333
452
679
138
ISO
32
277
388
619
62
52
94
1
113
505
11,451 11, 335 11,027
3,205
601
2
1,388
* 1, 019
109
169
11
75
6
2
5
154
0)
6
133
4,992 4,994 4,645
1,317 1,323 1,363
739
700
585
146
2
2,516
180
281
6
7
156
139
7,048 7,016 6,593
61
323
46
168
689
192
421
4
100
289
222
449
139
365
4,404 4,318 4,434
382
361
381
61
278
168
496
417
100
289
222
310
365
4,022 3,936 4,073
LIABILITIES
Bonds, notes, and debentures:
Guaranteed
by United States. __
Other 6
Other liabilities (including reserves)_
Total liabilities other than
interagency
0)
1
206
1 Less than $500,000.
2 Includes $41,000,000 loans of Public Works Administration.
3 Includes $179,000,000 loans of Farm Security Administration.
«6 Includes $88,000,000 loans of Eural Electrification Administration.
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]
J a n . 31,
1938
Loans to financial institutions
Loans on preferred stock of banks and insurance companies.
Preferred stock, capital notes, and debentures
Loans to railroads (including receivers)
Loans for self-liquidating projects
_
Loans to industrial and commercial businesses
Loans to drainage, levee, and irrigation districts
Other loans__
__
Securities purchased from Public Works Administration._.
246,598
38,417
551, 335
358, 216
235, 263
73,703
77, 715
3,846
140, 916
J u l y 31,
1938
232, 279
37, 438
531, 694
398,304
193,053
81,060
79, 529
4,28'
138,132
Aug. 31,
1938
219,999
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
212, 213
37,083
520, 550
428,041
194, 748
103, 598
80, 836
19, 215
138, 607
Dec. 31,
1938
209, 625
34, 616
r536, 590
436,094
186, 384
107,747
81,037
24,040
140,194
J a n . 31,
1939
i 205, 539
34,116
532, 352
437, 789
187, 588
109,419
82, 396
28,952
140,801
Total loans and investments, other than interagency-- 1, 726,009 1, 695, 775 1, 706,172 1, 713,950 1, 731, 760 1, 734,893 1, 756, 327 1, 758, 951
Loans to Federal land banks..
Loans to Commodity Credit Corporation.
Capital Stock of Commodity Credit Corporation
Preferred stock of Export-import bank.
Capital stock of Disaster Loan Corporation..
Loans to Rural Electrification Administration
Capital stock of, and loans to R. F. C. Mortgage Co
Capital stock of, and loans to Fed. Natl. Mtge. Assn
Loans to Tennessee Valley Authority...
Total loans and investments.
11, 481
80,206
97,000
20,000
10,000
26,055
68, 207
2, 038, 95:
4,992
16
20, 000
20,000
20, 000
20,000
20,000
41,186
11, 7
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
45,000
45,000
46, 498
54,159
49, 710
3,000
47, 698
56, 548
11,000
3,000
1,820, 239 1, 830, 844 1, 848, 228 1, 877, 228 1,892, 902 1, 954, 693 1, 922,197
* Revised.
i Includes $63,000,000 of loans for distribution to depositors of closed banks.
NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220.
r
MARCH
213
FEDERAL RESERVE BULLETIN
1939
FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In thousands of dollars]
Farm mortgage loans
by-
Federal intermediate
credit bank loans to
and discounts for—
Regional
agricultural
credit
corLand
porations,
Bank
Federal
production
land b a n k s C o m m i s credit assioner
sociations,
and banks
for cooperatives 1
End of month
Other
financing
institutions,
except
cooperatives
Loans to cooperatives by—
EmerProduc- Regional
gency
agricultion credit tural
cred- crop a n d
associad
rought
it
corpotions
loans
rations
Federal
intermediate
credit
banks
Banks for
cooperatives,
including
Central
Bank
Agricultural
Marketing Act
revolving fund
1934—December
1935—December
1936—December
1937—December
1,915,792
2,071,925
2,064,158
2,035, 307
616,825
794, 726
836, 779
812,749
99,675
104,706
129,872
165,194
55,672
47,162
41,017
40,464
60,852
94,096
105,212
138,169
87,102
43, 400
25, 288
15, 592
111, 182
172,489
164,887
172,130
33,969
2,731
1,641
1,813
27,851
50,013
69, 647
87, 633
54,863
44, 433
53, 754
30, 982
1938—January
February
March
April
May
June
July
August
September
October
November.,
December
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
1, 982, 224
807, 788
804, 212
798, 776
794,916
790, 772
786,068
781, 703
776,982
771,988
766, 502
760, 326
752, 851
164,700
173, 384
186,137
195,899
202,147
207,988
199, 288
197, 274
189,937
174, 626
166, 549
168,392
39, 263
38,852
39, 526
40, 650
41,312
42, 894
42, 582
42,984
40,808
36,121
34, 537
33, 545
138,996
147, 983
162, 600
173,113
179, 790
184, 327
183,891
181,154
170, 806
154, 560
148, 430
148,037
15, 488
15,198
15,164
15,060
14,834
14, 788
14, 442
14,003
13, 374
12,354
11, 592
11,081
170,429
169, 609
175,800
183,467
184, 766
184, 532
183, 289
181,867
179, 398
174, 574
172,043
170,891
1,576
1,502
1,420
793
655
19
118
118
256
744
851
920
86,856
87,113
82, 323
79,926
78, 417
81,190
75, 264
75, 961
82, 544
86, 931
86, 221
87,496
30, 259
27,875
27, 304
26, 335
25,332
24, 604
25,028
26,119
27, 370
27, 917
25, 313
23, 723
1, 973,179
745, 631
163, 815
33,077
148, 416
10, 863
169, 707
834
80, 266
23, 948
1939—January
_.
_
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 b y -
End of month
Federal
home
loan
Federal savings and
bank
loan associations
Home
loans to
Owners'
member
Loan Cor- Number
instituporation of assotions 3
Loans!
ciations
1934—December.
1935—December.
1936— December.
1937—December.
2,379,491
2,897,162
2, 765,098
2,397,647
1938—January...
February..
March
April
May
June
_.
July
August
September
October....
November.
December.
1939—January...
U. S. Government
securities
Cash,
tory
banks Total
1935—June
1936—June
1937_j u n e
81,300
348,000
586, 700
853, 500
86, 651
102, 791
145,394
200,092
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
2,168,920
,332
864,900
,334
874,800
,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
1.368 1.034,162
190, 535
187,498
183,105
183,747
186,507
196, 222
191, 889
189, 415
189, 548
189, 217
189, 685
198, 840
1937—December
1938—January
February
March
April
May
June
July
August
September
October
November
December
2,149,038
1,370 1,040,770
178, 852
1939—January
639
023
212
328
DeposCash
itors
in debalances1 Total posi-
End of month
_
Direct
obligations
Guaranteed
obligations
reserve
funds,
etc.2
1,205
1,232
1,268
1,236
1,265
1,307
385
777
203
967
136 1,100
630
800
933
147
167
167
74
95
71
1,270
J.272
L, 271
L, 268
L, 266
1,255
1,252
1,252
1,252
1,248
1,250
1, 250
p L. 252
1,308
1,311
1,311
1,306
1,301
1,296
1,290
1,291
1,291
1,287
1,289
1,291
130
125
124
121
119
116
115
102
99
98
96
930
930
946
946
944
941
936
937
947
952
952
961
167
167
167
167
166
167
167
166
166
166
166
167
81
89
75
72
72
72
72
86
79
71
75
76
87
1,097
1,097
1,112
1,113
1,110
1,108
1,103
1,103
1,113
1,118
1,118
1,128
Pi, 259
r
p Preliminary.
Revised.
1 Outstanding principal, represented by certificates of deposit. Does
i Federal Home Loan Bank Board estimates for all Federal savings not include accrued interest nor outstanding savings stamps.
2
and loan associations.
Includes working cash with postmasters. 5-percent reserve fund and
1
Excludes loans to other than member institutions which are neglig- miscellaneous working funds with the Treasurer of the United States,
accrued interest on bond investments, and accounts due from late Dostible in amount.
masters.
Back figures.—See BULLETIN for August 1935, p. 502.
214
FEDERAL RESERVE BULLETIN
MARCH
1939
PRODUCTION, EMPLOYMENT, AND TRADE
[Index numbers; 1923-25 average—100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation j
Industrial production J *
Year
and
month
Manufactures
Total
Construction contracts awai•ded (value) i
Factory employment3
Minerals
Total
Residential
All other
Factory Freight-car
pay- loadings4 *
rolls »
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
1938
84
87
67
86
101
94
105
108
106
112
119
95
80
63
75
78
90
105
109
84
83
87
67
85
101
95
104
108
106
111
119
96
81
64
76
79
90
105
110
86
44
30
44
68
81
95
124
121
117
126
87
60
37
13
11
12
21
37
41
45
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
77
89
70
74
105
96
99
108
107
106
115
99
84
71
82
86
91
105
115
98
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
60
70
74
80
107
107
82
91
104
96
100
102
100
100
106
92
78
66
73
86
91
98
106
87
98
117
76
81
103
96
101
104
102
104
110
89
68
47
50
65
74
86
102
78
84
91
78
85
100
98
103
107
104
104
107
92
74
55
58
62
64
75
78
62
78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
75
79
88
92
85
1935
101
96
101
96
102
97
68
54
26
22
103
80
95
94
80
68
64
83
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
63
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
76
77
82
83
65
68
64
68
71
73
77
77
84
86
84
77
81
83
84
84
87
87
90
87
88
90
94
92
63
66
77
85
89
84
63
68
94
100
105
161
114
116
118
118
May.— 118
June
114
July.— 114
Aug
117
Sept
111
Oct
102
Nov..... 88
Dec
84
112
117
122
122
122
115
HI
115
109
102
90
80
115
116
117
118
118
114
114
118
110
101
85
79
113
118
122
125
123
114
110
114
106
99
86
75
111
116
128
115
117
115
112
113
116
113
109
115
107
112
119
105
118
118
115
121
125
123
112
108
63
62
56
63
56
61
67
62
56
52
56
61
51
54
66
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
76
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
103
104
79
79
80
78
77
77
81
87
91
97
104
98
76
75
75
73
73
74
82
87
89
95
103
104
75
76
77
76
75
75
79
85
89
95
103
98
108
103
103
101
91
92
93
95
97
99
102
109
103
98
95
91
90
91
92
97
102
106
105
103
52
51
46
52
51
54
59
66
78
82
96
96
42
44
46
59
61
63
65
69
79
78
85
77
26
32
33
37
37
42
49
53
56
57
56
57
22
28
35
43
44
46
49
52
56
56
54
48
73
66
56
65
62
64
68
77
96
102
128
128
59
66
55
73
76
76
78
84
97
96
111
100
90
89
87
85
84
82
83
85
87
88
90
92
88
88
88
86
83
82
82
86
89
90
91
91
75
77
77
75
73
71
71
77
81
84
84
87
65
62
60
57
68
58
61
62
64
68
69
69
59
57
57
55
57
58
62
63
71
75
70
64
90
88
86
83
78
82
83
83
86
84
89
89
70
70
77
86
80
79
58
65
91
92
99
156
P101
,99
P100
Pill
P106
,86
,45 P112
,91
P92
^89
,83
69
63
88
69
Dec
1QQA
Jan.
Feb
Mar
April.May.—
June
July.—
Aug
8ept
Oct
Nov
Dec
1937
Jan
Feb
Mar
April.-
1938
Jan.
Feb
Mar
April.May.—
June
July.—
Aug
Sept
Oct
Nov....
Dec
1939
Jan
m
m
,54
v Preliminary.
* Average per working day.
i For indexes of groups and separate industries see pp. 215-216 for description see BULLETIN for February and March 1927.
* 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see p. 358 of BULLETIN for July 1931.
« 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. 217-220. Underlying figures are for payroll period ending nearest middle of month.
< For indexes of groups see p. 222.
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.
215
FEDERAL RESERVE BULLETIN
MARCH 1939
INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of the Board of Governors; adjusted for seasonal variation .
1938
1937
Industry
Dec.
1923-25 aver ige = 100]
Jan.
Feb.
Mar.
Apr.
May
June
1939
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Manufactures—Total
j Durable
Nondurable
79
60
95
76
56
93
75
54
94
75
54
93
73
53
91
73
51
93
74
50
95
82
58
102
87
64
108
89
69
107
95
84
106
103
95
110
104
92
114
P100
#88
IRON AND STEEL
49
50
49
52
47
52
50
46
51
49
45
49
50
44
50
47
40
48
46
36
47
62
42
64
70
51
72
76
59
77
90
67
93
109
76
112
••102
74
104
94
72
96
78
16
65
14
62
19
54
23
54
17
49
12
46
14
43
12
45
4
46
4
84
5
96
rg
99
12
105
88
107
87
91
98
69
85
90
67
77
87
64
71
80
74
69
79
60
73
70
64
68
69
54
65
74
46
71
75
50
81
80
50
73
88
66
59
93
57
66
88
70
71
108
59
62
57
35
65
42
67
42
69
44
69
80
71
77
67
89
69
107
80
155
84
155
82
153
69
147
89
11
87
9
85
8
82
7
79
6
73
5
69
5
71
5
81
5
89
6
98
6
105
6
106
6
106
6
77
88
75
82
54
52
67
40
80
79
85
62
61
71
49
88
81
90
54
57
51
49
100
74
77
50
55
42
47
101
77
81
60
73
53
36
87
87
88
75
92
69
38
101
97
101
87
110
74
42
105
110
115
106
133
91
55
102
103
108
93
107
86
66
111
100
104
91
101
87
67
104
112
112
107
123
101
69
123
117
120
116
134
112
72
116
P108
110
P106
Pill
104
78
77
87
74
121
104
72
72
72
73
124
105
75
77
68
74
124
90
75
74
76
74
101
103
78
77
80
76
119
108
82
86
77
75
125
102
78
86
69
65
118
101
81
89
69
70
114
106
89
94
89
77
117
122
98
99
108
85
138
P122
84
66
105
111
151
90
77
84
66
103
110
164
86
81
81
58
108
110
151
98
78
83
62
107
112
152
98
85
89
74
103
115
153
87
86
98
88
106
118
152
88
106
95
92
94
108
149
91
103
94
88
96
112
152
86
100
86
79
89
106
137
92
108
87
74
97
111
150
92
106
Pig iron
Steel ingots
__
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
NONFERROUS METALS:
Tin deliveries1
Zinc
Lead
_
CEMENT AND GLASS:
Cement
Glass, plate
COKE:
Cotton consumption
Wool
Consumption
Machinery activity 1
__
Carpet and rug loom activity 1 .
Silk deliveries
LEATHER AND PRODUCTS
Tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Boots and shoes
64
65
43
69
TOBACCO PRODUCTS
Cigars
Cigarettes
Manufactured tobacco
..
107
94
78
72
80
91
105
102
81
79
89
81
86
72
101
114
143
88
142
92
77
106
113
160
86
99
109
111
164
89
83
83
59
111
116
151
90
63
170
74
247
84
157
75
225
77
157
73
226
77
160
77
227
83
159
69
230
84
163
70
237
84
154
73
219
84
154
71
219
84
161
73
232
81
160
75
229
84
150
74
211
78
164
76
233
95
179
76
258
97
165
79
237
78
63
57
132
53
129
53
126
46
125
53
125
51
122
54
124
53
123
57
130
58
131
63
127
61
127
61
121
203
255
108
148
123
201
253
111
146
116
195
243
113
145
114
191
239
120
137
113
197
250
114
137
109
198
253
118
133
108
193
248
117
126
103
200
258
106
132
110
203
264
104
134
108
206
265
109
141
113
208
269
102
143
110
208
269
104
140
109
201
259
107
142
100
66
70
42
67
70
45
57
59
41
62
64
42
64
67
40
65
68
42
72
75
48
82
86
53
91
94
65
96
100
72
98
102
71
100
103
73
110
115
77
115
108
103
103
101
91
92
93
95
97
99
102
109
Pill
79
70
176
65
67
177
64
53
171
58
68
172
62
45
170
90
67
96
87
64
98
80
74
96
60
47
161
38
69
54
99
64
38
167
37
74
46
105
71
50
158
41
75
50
102
72
49
161
50
80
50
102
77
57
165
42
88
66
51
P174
98
69
96
57
71
153
34
70
64
91
77
66
169
107
87
104
57
64
156
19
79
60
92
FOOD PRODUCTS:
Slaughtering and meat packing
Hogs
Cattle
Calves
Sheep
Wheat flour
Sugar TTIRItings
P115
P77
86
75
76
73
74
93
h^
OS
TEXTILES.
3SOO
3SOS
Byproduct
Beehive.
mo
P138
PAPER AND PRINTING:
Newsprint production
Newsprint consumption _
134
PETROLEUM REFINING
Gasoline1
Kerosene
Fuel oil1
Lubricating oil1
RUBBER TIRES AND TUBES 1
Tires, pneumatic 1
Inner tubes 1
Minerals—Total
Bituminous coal
Anthracite
Petroleum, crude
Iron ore
Zinc .
Lead
Silver
1
__ _
93
57
85
P75
88
70
r
Without seasonal adjustment.
P Preliminary.
Revised.
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, 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.
216
FEDERAL RESERVE BULLETIN
MARCH 1939
INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average=100]
1938
Aug.
Sept.
Oct.
Nov.
79
58
97
85
63
104
89
66
109
95
80
109
103
92
113
98
86
108
pill
46
36
47
58
39
59
69
49
71
75
57
77
88
67
90
101
77
103
89
'73
91
90
71
92
59
12
52
14
45
12
26
5
26
4
63
5
115
8
117
13
105
71
83
73
69
80
59
73
68
65
68
64
52
65
69
44
71
71
48
81
78
52
73
88
69
59
95
58
66
94
71
46
44
65
46
82
47
86
72
87
69
87
89
86
107
91
155
83
155
64
153
42
147
87
10
85
8
80
7
72
5
68
5
69
4
79
4
88
5
98
6
107
107
7
107
7
78
86
55
54
67
84
90
65
67
71
83
94
54
58
51
76
82
49
54
42
77
83
57
67
53
83
85
71
83
69
90
92
81
98
74
103
103
101
123
91
104
104
96
113
86
103
107
96
111
111
110
117
135
P108
P115
P115
40
92
49
94
49
96
47
100
36
86
38
90
42
100
55
106
66
116
107
77
78
77
76
127
102
71
72
65
73
122
96
71
73
65
69
113
87
73
73
74
74
96
101
78
75
93
71
116
120
84
85
93
73
144
119
83
90
80
68
142
m
Jan.
June
Mar.
Apr.
76
54
95
77
57
94
76
58
91
75
56
93
53
94
50
47
50
53
47
53
55
48
56
55
47
56
51
41
52
63
12
65
12
62
19
63
23
66
15
119
106
78
72
82
60
91
103
70
85
97
69
77
92
65
78
194
71
86
36
62
34
35
132
23
86
6
88
10
111
120
99
105
101
92
96
80
92
75
80
104
53
101
1937
1938
Manufactures—Total
Durable..
Nondurable
109
107
110
84
65
100
75
53
94
IRON AND STEEL
118
102
119
66
52
67
121
24
Pig iron _
Steel ingots
1939
to
A n n u a l index
Industry
Feb.
May
75
July
Dec.
Jan.
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
_
. . .
NONFERROUS METALS:
Tin deliveries.
Zinc
Lead
CEMENT AND GLASS:
Cement
Glass, plate _ _ . .
COKE:
Tanning
Cattle hide leathers
Calf and kip leathers..
Goat and kid leathers._
Boots and shoes
CO
LEATHER AND PRODUCTS..
OO
117
113
134
101
116
69
127
103
122
103
94
96
92
92
109
P113
86
92
82
73
127
102
88
93
85
76
111
104
to
Cotton consumption
Wool
C onsumption
Machinery activity.. _
Carpet and rug loom
activity
Silk deliveries. . . .
CO
TEXTILES..
CO
Byproduct
Beehive
113
95
96
74
111
125
103
80
82
79
76
118
87
74
73
66
86
95
104
83
84
82
84
117
84
64
106
127
146
88
93
88
73
103
111
153
90
87
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
104
97
111
114
151
93
78
101
103
94
100
135
88
62
101
100
98
104
151
90
70
159
76
226
82
159
73
228
83
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
145
57
212
79
157
61
232
79
63
142
55
127
58
127
53
127
52
131
47
134
54
129
52
121
53
111
52
110
57
127
58
139
63
136
61
131
62
116
204
257
112
141
125
200
255
110
138
109
201
253
113
146
116
195
243
115
145
114
191
239
117
137
113
196
250
113
137
109
197
253
114
133
108
192
248
109
126
103
199
258
98
132
110
203
264
99
134
108
206
265
111
141
113
209
269
107
143
110
208
269
113
140
109
202
259
115
142
100
109
113
79
80
83
56
67
70
45
57
59
41
62
64
42
64
67
40
65
68
42
72
75
48
82
86
53
91
94
65
96
100
72
98
102
71
100
103
73
no
115
98
103
98
95
91
90
91
92
97
102
106
105
103
85
64
174
121
106
78
109
66
56
165
37
82
60
92
72
72
170
68
57
168
58
56
170
52
47
170
92
65
106
83
73
96
55
39
165
78
64
52
84
62
38
170
76
69
44
104
79
63
163
86
78
52
101
86
58
163
35
88
69
55
82
65
164
97
69
104
51
62
156
67
68
65
89
76
50
163
103
70
97
49
64
158
28
80
59
89
P125
FOOD PRODUCTS:
Slaughtering and meat
packing
_ _
Hogs.
Cat'tle
Calves
Sheep .
Wheat flour
Sugar meltings.
TOBACCO PRODUCTS
Cigars *
Cigarettes
Manufactured tobacco
PAPER AND PRINTING:
Newsprint production
Newsprint consumption.._
PETROLEUM REFINING
Gasoline
Kerosene
Fuel oil
Lubricating oil
RUBBER TIRES AND T U B E S . . .
Tires pneumatic
Inner tubes
Minerals—Total
Bituminous coal...
Anthracite. _
Petroleum, crude
Iron ore
Zinc
Lead
Silver
_
78
71
48
97
115
77
95
58
86
P167
94
71
r
p Preliminary.
Revised.
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, 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.
217
FEDERAL RESERVE BULLETIN
MARCH 1939
FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1935. 1923-25 average=100]
1939
1937
Industry and group
Total
Durable goods
Nondurable goods
[RON, STEEL, PRODUCTS
Blast furnaces, steel works
Bolts, nuts, washers, rivets
Cast-iron pipe
Cutlery, edge tools
Forgings
Hardware
Plumbers' supplies...
Stamped, enameled ware
Steam, hot-water heating
Stoves
Structural, ornamental
Tin cans, tinware
Tools
Wirework
..
MACHINERY
Agricultural implements
Cash registers, etc
Electrical machinery
Engines, turbines, etc
Foundry, machine-shop products
Machine tools
Radios, phonographs
Textile machinery
Typewriters
TRANSPORTATION EQUIPMENT
Aircraft
Automobiles
Cars, electric-, steam-railroad
Locomotives
Shipbuilding
NONFERROUS METALS, PRODUCTS
Aluminum
Brass, bronze, copper
Clocks, watches
Jewelry
Lighting equipment
Silverware, plated ware
Smelting, refining
LUMBER, PRODUCTS
Furniture
Lumber, millwork
Lumber, sawmills
STONE, CLAY, GLASS PRODUCTS
Brick, tile, terra cotta
Cement...
Glass
Marble, granite, slate
Pottery r
TEXTILES, PRODUCTS
Fabrics
Carpets, rugs
Cotton goods
Cotton small wares
Dyeing, finishing textiles
Hats, fur-felt
Knit goods
Hosiery
Knitted outerwear
Knitted underwear
Knitted cloth
Silk, rayon goods
Woolen, worsted goods
Wearing apparel
Clothing, men's
Clothing, women's
Corsets, allied garments
Men's furnishings
Millinery
Shirts, collars
' Revised.
Dec.
Jan.
Feb. Mar.
Apr.
May
June
July
95. 1
91.9
98.1
90.0
83.7
96.0
97.0
105
97
68
90
88.9
81.0
96.4
87.4
79.0
95.4
85.4
76.2
94.1
83.7
74.1
92.9
82.4
71.9
92.4
82.9
70.7
94.5
84.9
72.0
'97.2
73
143
71
77
73
97
87
180
88.2
95
83
62
84
51
75
71
124
67
73
68
95
81
148
85.7
92
82
62
82
47
71
71
122
64
75
66
93
79
138
83.8
90
81
62
79
45
70
70
126
64
75
64
93
78
133
81.6
87
79
63
78
44
64
71
122
64
70
62
92
76
128
80.2
85
80
63
76
43
63
72
120
64
71
'77.3
83
78
60
67
40
57
73
108
69
71
58
86
70
112
79.4
84
79
61
76
42
62
73
118
70
75
58
90
73
111
74
123
75
126
77.8
83
77
62
76
40
61
73
113
65
70
58
87
73
114
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
142
142
87
88
87
134
91
61
115
92.8
139
141
82
88
83
129
93
58
114
89.1
130
139
78
86
80
123
87
58
115
86.0
124
137
75
82
77
115
83
54
116
83.3
103
138
73
81
76
112
82
54
117
84.7
106
135
74
83
77
112
82
58
119
101.2
897
107
50
49
110
80.9
886
81
43
45
106
68.3
857
69
31
30
92
65.1
823
65
27
26
61.1
790
60
24
25
56.9
787
55
23
20
97.2
152
101
90.4
140
94
85
89
75
62
77
77.0 73.3
892
879
74
77
34
38
41
103
88.4
134
131
91
90
84.5
128
88
83
85
70
60
82.4
126
86
81
82
68
59
67
81.3
122
86
78
84
65
58
65
90
63
80
66.2
81
53
54
74.1
52
70
100
46
78
93.4
83.9
78
83
77
104
93
107
135
72
68
151
62
62
113.6
97
169
100
123
70
111
Aug. Sept.
Oct. Nov. Dec.
Jan.
91.6
83.2
99.5
91.5
83.4
99.2
132
'86 2 88.1
90
92
90
92
67
67
81
83
48
84
73
73
134
134
68
68
74
77
60
63
87
88
80
83
163
172
87.6
92
91
66
83
48
85
73
131
68
78
63
88
83
163
85.2
96
136
77
83
78
114
81
61
122
89.1
99
135
83
88
79
117
106
65
126
91.6
105
136
84
88
82
119
111
67
126
55.9
759
55
24
18
91
74.2
779
79
28
16
89
823
99
27
17
97
93.9
854
104
30
17
.100
92.2
109
134
83
93
82
121
112
67
126
93.2
868
102
32
20
102
82.0
124
87
78
85
66
57
64
84.4
131
90
80
87
'72
59
64
86.7
137
93
79
88
76
59
65
'92.3
141
101
'79
90
87
63
70
93.3
140
100
79
75.7
97.6
90 0
'81.3
'98.3
93.4
140
99
82
93
90
65
72
74
62
73
70
61
71
64.1
78
51
52
63.6
76
52
52
63.4
76
51
52
61.9
74
50
50
60.9
73
48
50
59.9
73
49
48
60.2
73
50
49
61.9
75
52
50
63.2
76
53
51
'64.5
76
55
53
65.3
79
55
53
65.8
79
56
53
50
65
92
44
77
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
64.0
46
64
79
40
75
65.4
48
63
82
40
75
71.1
52
68
92
42
78
72.0
53
67
93
44
79
73.
57 4
64
94
44
81
92.2 91.4 89.4 87.6
81.1 80.3 78.9 78.6
72
63
70
67
80
80
77
78
71
69
70
68
101
102
101
100
90
76
91
88
107
103
108
107
138
133
138
139
67
68
68
68
63
67
67
63
132
143
146
140
64
57
59
60
54
60
55
51
116.2 115.2 112.2 106.6
101
101
85
95
168
173
161
165
97
96
97
96
129
125
126
125
72
71
76
71
110
114
111
112
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 96.4 97.0
83.4 87.2 87.1
63
68
72
81
85
85
71
'75
78
104
107
107
82
85
87
109
111
111
138
140
140
72
76
76
70
70
69
139
150
147
57
61
61
70
74
73
109.8 115.7 117.9
91
101
103
163
166
170
96
97
97
132
142
136
65
71
68
113
116
118
96.7
90.6
81.4
68
81
72
102
91
106
136
65
67
144
56
61
109.8
94
165
97
116
71
103
64
72
98.9
90.3
82
85
85
83
85
107
110
84
83
112
115
141
144
76
82
70
71
157
162
61
62
79
83
113. ( 116.4
102
103
161
166
101
99
141
139
61
66
114
116
89.3
83 9
85
84
112
85
113
145
70
72
149
62
83
115.
100 6
163
101
133
69
127
218
FEDERAL RESERVE BULLETIN
MARCH 1939
FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL
VARIATION)—Continued
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1935. 1923-25 average=100]
1938
1937
1939
Industry and group
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
89.0
90
76
89.5
92
75
89.9
92
74
89.9
92
74
89.8
92
73
87.1
89
73
84.4
85
73
88.4
90
75
89.6
91
78
91.3
92
79
90 8
91
81
91.4
92
84
92 1
92
84
92.7
93
86
124.5
144
244
104
139
81
78
82
97
103
92
124.7
145
243
105
139
81
77
80
99
88
82
124.2
144
246
106
139
80
76
81
97
95
86
122.4
143
243
106
134
78
76
79
95
99
82
120.4
143
240
107
120
79
75
81
94
98
80
120.0
142
237
105
126
76
76
79
93
91
91
121.2
143
232
102
131
78
77
77
94
91
89
122.2
144
232
101
136
78
77
77
95
92
85
123.0
144
236
103
140
79
77
78
95
89
88
122.2 119 2 '•122.8
143
143
142
234
245
234
100
99
99
131
111
128
79
79
79
75
77
75
77
80
'78
96
99
97
109
'101
'101
92
88
'80
124 2
144
244
100
129
82
78
80
99
142
87
124.0
143
246
99
128
82
78
80
97
176
89
64.3
62
65
60.7
62
61
64.2
62
65
64.6
61
65
64.9
62
65
64.8
62
65
65.2
62
66
61.9
61
62
62.9
61
63
64.3
63
65
63 2
58
64
63.7
61
64
64 2
62
65
65 4
59
66
PAPER, PRINTING
107.4
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
105.4
100
106
100
106
106 0
101
106
101
106
105 6
102
105
101
105
CHEMICALS, PETROLEUM
117.7
124
116.3
125
104
112
88
98
119
313
90
114.8
123
112.8
122
112
110
85
92
115
291
89
114.4
123
112.4
119
107
108
84
95
113
303
89
112.7
122
110.3
115
99
107
84
87
114
307
88
110.9
122
108.2
112
109
108
83
85
113
289
86
110.2
122
107.5
110
101
111
82
93
108.4
120
105.5
110
93
112
81
93
109
274
86
108.3
121
105.2
106
102
113
81
91
110
272
89
111.0
121
108.4
110
98
110
81
96
113
292
92
111.4
120
109.4
111
87
108
83
92
114
312
91
111 2
119
109.3
113
86
107
82
88
113
313
90
111.8
118
110.2
117
88
107
81
91
114
310
86
112 3
118
110.9
117
90
107
81
89
114
310
91
112 2
118
110 8
117
85
108
82
92
115
310
91
85.1
66
74
125
78.0
59
69
113
74 1
57
63
112
72.4
55
62
110
72.2
55
61
71 3
56
60
107
69.5
44
61
109
73.4
54
61
117
76.0
56
62
123
76.8
58
64
121
81.7
62
66
132
83.2
63
67
135
81.2
58
67
131
LEATHER, MANUFACTURES
Boots, shoes
Leather
FOOD, PRODUCTS
Baking
Beverages
Butter
Canning, preserving
Confectionery. .
Flour
Ice cream _ _
Slaughtering, meat packing
Sugar, beet __
Sugar refining, cane
TOBACCO MANUFACTURES
Tobacco, snuff
Cigars, cigarettes
98
Boxes, paper
.
107
Paper, pulp
105
Book, job printing
_ _
Newspaper, periodical printing.__ 107
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 .
r
no
no
290
86
71.3
55
60
109
Jan.
Revised.
NOTE.—Figures for January 1939 are preliminary. For description and back data see pages 835-866 of the BULLETIN for October 1938. Underlying figures are for payroll period ending nearest middle of month.
MARCH
219
FEDERAL RESERVE BULLETIN
1939
FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT
SEASONAL ADJUSTMENT)
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1935. 1923-25 a verage= 100]
Factory employment
Industry and group
1939
1938
Annual index
Jan.
Oct.
Nov.
Dec.
91.2
83. 1
98.8
89.3
81.4
96.8
102.0
103.5
100.4
77.5
68.2
88.0
75.0
67.1
84.0
83 8
75.2
93.4
84 1
78.3
'90. 6
86 6
80.4
93.5
83.2
76.6
90.6
87.4
91
92
66
83
50
86
73
134
68
75
62
84
84
172
85.8
91
91
66
81
48
85
72
129
66
65
62
82
83
163
109.8
120.5
114.6
65.2
87.9
68.4
100.8
72.0
169.1
77.7
86.1
70.8
109.5
98.0
194.7
66.6
66.9
69.2
51.0
66.3
36.6
64.2
56.5
115.1
51.2
58 8
50.4
93.1
68.2
128.9
60.9
61
57
45
67
37
56
53
104
48
42
54
90
71
125
74 9
74
81
54
74
42
86
62
133
59
76
51
89
72
156
79 1
82
91
55
76
93
55
134
53
63
50
88
76
180
80 8
83
94
56
79
49
90
60
136
56
61
53
88
82
186
77.4
82
90
53
75
46
81
58
126
54
50
52
86
80
158
89 5
97
135
83
84
79
118
119
64
129
91 8
105
135
84
85
82
120
118
67
128
91.5
111
133
82
87
82
121
107
68
126
126.9
185.2
149 6
115.9
118.5
110.6
179.3
134.4
86.3
152.8
83.1
124.0
123 4
74.9
94.4
71.2
115.5
78.9
53.3
104.7
95 1
169
134
87
99
80
151
73
55
88
81 9
92
120
78
90
69
111
98
57
128
83 9
95
120
80
92
71
111
107
61
131
89 2
114
119
82
98
76
120
108
67
130
87.5
114
118
81
98
75
120
95
64
119
79.4
786
86
25
16
92
91.6
815
102
26
17
97
96.1
845
107
30
17
101
95.7
860
106
29
19
101
115.7
818.0
124.1
61.4
47.5
113.2
68.7
784.9
69.3
27.6
21.0
100.7
67.6
787
64
38
38
110
83.8
781
91
24
11
95
95.9
799
108
23
13
94
98.7
880
108
28
14
107
94.1
912
102
27
15
106
88.8
138
93
85
84
74
60
77
92.2
142
96
84
100
85
64
66
r
95 4
143
101
84
101
92
67
71
94.8
140
100
83
97
93
67
73
91.7
138
99
81
87
89
63
72
105.1
164.6
123.4
113. 1
79.9
94.2
59.8
81.5
76.6
128.7
83.2
74.8
71.1
61.8
51.9
63.9
74.9
125
77
82
68
54
46
73
88.5
148
96
86
92
78
62
62
'90.2
148
100
87
83
83
66
66
90.1
144
99
83
85
83
68
68
84.8
142
93
81
72
80
58
68
62.6
75.2
51.5
51.0
60 0
75
48
48
65. 7
80
54
53
65.2
80
55
52
64.1
80
54
51
61.5
76
53
49 •
67.2
78 0
49.3
56.5
53.0
58.6
41.5
45.1
45 1
52
35
38
60 0
68
46
50
56 2
65
45
46
56 1
68
45
45
51.4
60
43
41
80.6
60.5
71.1
107.4
49.1
83.0
66.5
48.2
64. 5
83.9
42.1
75.0
63.1
43
54
88
37
74
70.1
52
70
88
42
78
71.6
52
68
92
43
80
70.5
51
63
93
42
80
66.3
49
54
89
37
79
72.5
48.2
65 9
112.5
37.9
76.7
56.6
34.8
59 0
82.9
31.5
65.0
47.9
27
44
78
25
58
63.0
41
65
93
30
73
63. 8
39
64
99
31
75
63.5
39
57
99
31
76
56.5
36
47
91
26
69
108. 5
93.0
83 6
69.1
81.6
74.2
104.0
84.4
108.7
138.6
72 3
67.6
145.8
59.6
66.2
112 9
96.7
165.2
97.5
131.6
69.5
113.0
89 7
82 1
66
83
71
104
91
103
135
63
63
139
58
62
105 3
91
160
96
108
70
93
97 5
87 2
77
84
80
106
89
115
144
83
70
156
61
72
119.6
105
171
99
149
74
119
96 9
89 5
80
86
83
109
83
114
145
78
71
156
62
78
112 0
98
159
99
150
55
118
98 6
91 8
82
87
85
112
82
115
146
79
71
160
63
85
112 2
97
161
100
149
58
116
97.3
90.7
81
87
84
114
85
110
144
68
68
145
63
84
110.6
96
158
100
124
68
115
92 4
88 1
77.5
86.9
82 6
100.5
89.3
123.1
159.7
80 6
75.5
153. 3
64.6
72.2
97 6
85.3
129.2
97.4
127.7
64 6
106.5
75.0
69 7
52.3
66.8
67.3
87.2
74.4
108.9
151.5
63 0
56.2
114.1
46.5
53.0
82.8
65.2
116.1
94.0
114. 1
59 4
90.8
68 0
64 4
41
64
59
84
78
94
132
52
48
100
40
51
72.6
58
103
84
82
55
72
r
78 4
S3 1
r
77 3
76 5
67
66
74
72
77
77
93
92
70
78
119
122
165
167
69
77
61
63
120
131
49
50
64
58
93 0
'78.0
63
75
102
129
100
105
151
140
40
63
104
99
83 3
81 1
71
76
82
97
75
120
164
73
62
127
52
73
84.7
68
115
103
143
43
105
80.6
78 4
67
74
79
97
80
111
156
59
57
117
51
71
82.2
69
111
98
101
55
94
Oct.
Nov.
105.8
104.0
107.6
86.8
77.3
96.0
87.8
81.7
93.7
89.5
79.0
99.4
90.5
'82.1
111.4
120.0
113.6
73.7
93.7
69.4
99.0
82.6
171.6
86.1
102.0
79.2
105.4
98.4
194.8
82.7
87.7
82.4
63.3
78.3
44.9
70.1
72.7
122.7
66.7
73 6
61.2
89.3
76.9
135.3
86 4
95
83
61
83
52
75
71
123
65
61
66
88
81
148
83 9
'86
85
65
80
46
80
73
129
71
83
61
86
77
147
123.9
167.4
150.6
114. 9
103.6
110.5
158.7
154.3
80.6
152.3
£0 9
121.2
138 6
81.6
86.7
81.6
123. 4
90.9
60.5
119.4
104 0
159
143
96
92
92
148
86
67
120
87 2
94
136
81
83
78
116
108
61
125
117.7
908.9
128.3
60.0
47.9
111.0
73.3
828.2
75.9
29.5
25.5
66.8
82.6
878
85
39
43
105
108.8
164.0
122.4
106.4
94.1
101.6
64.9
82.1
86.8
133.0
91.8
81.3
87.5
74.9
60.5
68.5
76.6
94.0
60.7
62.1
STONE, CLAY, GLASS PRODUCTS
TEXTILES. PRODUCTS
Blast furnaces, steel works
Bolts, nuts, washers, rivets
Cast-iron pipe
Cutlery, edge tools
Forgings
»
Hardware
Plumbers' supplies.
Stamped, enameled ware
Steam, hot-water heating
Stoves
Structural, ornamental
Tin cans, tinware
Tools
..
Wirework
__
MACHINERY
Agricultural implements _.
Cash registers, etc
Electrical machinery
Engines, turbines, etc
Foundry, machine-shop productsMachine tools
_
Radios, phonographs
Textile machinery
Typewriters
TRANSPORTATION EQUIPMENT
__.
Aircraft
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 .
99.0
95. 7
Carpets, rugs
95.5
Cotton goods
_
89.8
Cotton small wares
114.8
Dyeing, finishing textiles .
Hats, fur-felt
95.2
122 3
Knit goods.
Hosiery
_. > _ 146.5
90 0
Knitted outerwear
85.9
Knitted underwear —
190.2
Knitted cloth..,
78.0
Silk, rayon goods
83.4
Woolen, worsted goods
128 2
Wearing apparel
115.4
Clothing, men's
184.2
Clothing, women's
101.7
Corsets, allied garments148. 1
Men's furnishings
73 6
Millinery _
124.2
Shirts, collars
r
Revised.
1939
1938
Jan.
IRON, STEEL, PRODUCTS
1938
1937
1938
Durable goods
Nondurable goods
Annual index
Jan.
1937
Total
Factory payrolls
r
90
90
66
83
48
84
73
134
69
79
61
85
81
165
r
Dec.
r
r
Jan.
220
FEDERAL RESERVE BULLETIN
M A R C H 1939
FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL
ADJUSTMENT)—Continued
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1935. 1923-25 average = 100]
Factory payrolls
Factory employment
Industry and group
Annual index
Annual index
Oct. Nov. Dec.
Jan.
1937
1938
89.6
92
75
89.6
90
81
84.8
83
84
88.6
88
85
92.8
93
86
81.7
77.0
91.4
69.5
66.3
75.1
69.0
67
70
.9.6
62.4
54
85
70.0
63
77.9
73
122.3
143.4
238.5
102. 6
130. 4
79. 1
76.5
78.9
96.2
104.2
86.4
114.7
142
222
98
85
79
76
68
102
38
128. 8
144
234
99
147
93
78
74
97
r
270
'123.4
145
229
97
103
91
78
70
101
r
275
120.1
144
223
95
85
91
78
69
102
231
113.6
140
224
92
78
80
77
68
100
76
85
125.4
140.5
287.9
87.5
144.8
79.1
76.2
68.0
107.2
96.0
79.2
122.0
139.5
282.9
87.5
114.0
76.1
75.7
67.6
107.3
101. 7
76.7
116.6
136
251
82
75
75
75
58
119
42
67
127. 0
140
273
86
130
92
80
64
110
'228
79
122.4
140
265
82
86
85
74
61
110
r
275
75
120.9
138
257
80
77
92
73
60
113
222
73
115.0
136
252
80
71
77
75
59
111
66
75
65.3
62.1
65.7
63.8
61.4
64.1
55.7
63
55
66.3
58
67
65.2
62
60.0
61
60
59.0
68.8
57.7
56.8
68.6
55.3
48.0
69
45
60.7
63
59.8
69
59
59.6
73
58
50.3
66
PAPER, PRINTING
Boxes, paper
Paper, p u l p .
_
Book, job printing
Newspaper, periodical printing
111.7
106. 6
114.3
107.0
107.9
104.7
96.4
104. 3
100. 8
105.4
106. 1
93
106
105
106
105. 5
103
105
100
106
107.0
105
106
101
107
108.0
104
106
104
108
105
102
104
107.9
108.6
113.9
96.8
107.9
100.5
98.1
100.3
89.5
106. 1
100.3
88
96
95
105
103.7
113
107
88
109
103.3
110
103
89
110
107.3
109
103
97
113
101.8
100
102
94
104
CHEMICALS, P E T R O L E U M
Petroleum refiningOther t h a n petroleum
Chemicals
Cottonseed oil, cake, meal
Druggists' preparations
Explosives
Fertilizers
P a i n t s , varnishes
Rayon, allied products
Soap
125.3
127.2
124.8
136.5
96.2
114.7
88.2
103. 1
128.2
356.0
95.3
111.4
120.9
109.1
113.4
96.6
108.8
82.4
90.5
112.7
297. 0
88.7
114.6
123
112.6
120
125
110
85
92
113
294
87
113.4
120
111.9
115
110
84
80
113
314
93
113.0
119
111.6
117
116
110
83
79
112
313
112.7
118
111.4
117
114
109
83
82
112
311
111.8
117
110.5
116
95
108
81
92
112
313
130.2
138.1
127.7
146.7
79.0
120.8
99.1
92.6
129.2
344.4
93.7
116.6
136.0
110.7
121.9
81.3
116.8
89.2
80.3
112.9
275.4
89.3
115.7
136
109.5
125
107
118
80
79
104
258
120.1
133
116.2
128
104
124
97
70
116
303
95
119.1
134
114.6
128
100
120
92
65
114
303
120.1
134
115.8
130
96
120
95
70
115
302
90
119.8
135
115.2
128
77
119
90
75
113
309
92
R U B B E R PRODUCTS
R u b b e r boots, shoes
R u b b e r tires, inner tubes
R u b b e r goods, other
96.8
75.1
84.0
142.5
75.0
56.2
63.0
116.5
60
69
112
77.7
60
64
123
82.4
63
66
134
83.6
65
67
135
58
67
129
96.9
74.1
87.9
138.3
69.9
50.1
61.6
107.4
79.7
62
69
123
85.2
61
75
131
89.0
66
79
134
84.4
57
77
126
LEATHER, MANUFACTURES..
Boots, shoes
Leather
FOOD, PRODUCTS..
Baking
_._
Beverages
Butter
Canning, preserving
Confectionery
__
Flour__
Ice cream
.
Slaughtering, meat packing.
Sugar, beet
Sugar refining, cane
TOBACCO, MANUFACTURES .
Tobacco, snuff
Cigars, cigarettes
r
1937
1938
Jan.
97.7
97.2
91.5
89.5
90.9
76.9
128.7
146.7
243.7
105. 7
159.4
82.2
78.0
81.5
99.2
103. 6
88.4
1939
1938
Jan.
60
96
Oct. Nov. Dec.
Jan.
Revised
NOTE.—Figures for January 1939 are preliminary. For description see pages 835-866 of the BULLETIN for October 1938
obtained from the Bureau of Labor Statistics. Underlying figures are for payroll period ending nearest middle of month.
Back data may be
MARCH
221
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.]
Nonresidential
Residential
Building
Total
Fact ories
Month
January _.
February
March
_ .__
April
May
June
July
August
September
October
November. .__
December
Year
1937
1938
1937
1938
1937
1938
242.7
188.3
231.2
269.5
243. 7
317.7
321. 6
281.2
207.1
202 1
198.4
209.5
192.2
118.9
226. 9
222.0
283.2
251.0
239.8
313.1
300. 9
357 7
301. 7
389.4
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
91.5
37.0
12.6
22.2
30.1
18.5
36.8
58.5
37.9
12.9
12.6
13.5
20.9
6.6
4.9
15.7
11.5
8.6
10.7
9.7
11.3
10.7
13.8
10.5
7.0
2,913.1
3, 196. 9
905. 3
985. 8
313.7
121.1
Building
Commercial
Educational *
1937
1937
1938
21.5
22.3
30.0
28.5
25.6
24.5
29. 1
29.6
25.3
25.2
18.9
16.5
297.0
1938
Public works
and public
utilities l
Other i
1937
1937
1938
1938
15.4
13.0
20.2
18.9
19.2
18.8
26.2
18.3
14.0
24.2
13.7
14.0
18.8
10.9
9.1
13.7
21.4
36.9
14.8
16.7
15.3
10.1
18.5
37.0
19.0
15.4
21.0
16.9
11.8
14.7
10.7
21.4
33.9
47.0
49.0
73.3
19.0
19.4
27.9
24. 1
28.4
27.7
36.7
34.0
22.6
27.3
28.4
26.8
16.4
15.1
31.0
33.1
38.2
37.7
26. 1
36.3
33.4
46 0
42.8
45.2
68.0
60.1
51.9
65.4
65.8
98.9
101.4
89.6
65.3
61.3
59.2
64.8
98.6
30.5
59.7
67.0
122 2
83.5
79.3
126.1
109.3
114.0
90.4
158.4
215.8
223.2
334.1
322.2
401.2
851.6
1,139. 0
i Not strictly comparable with data for earlier years due to changes in classification.
NOTE.—Due to change in publication policy of the F. W. Dodge Corporation, data for January 1939 will bd published in the BULLETIN for
April 1939.
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.]
Total
Month
January.
February
March
April
May
June
July
August
September
October
November
December
Year
Publicly-financed
l
Privately-financed i
1934
1935
1936
1937
1938
1939
1934
1935
1936
1937
1938
1939
1934
1935
1936
1937
1938
186
97
178
131
134
127
120
120
110
135
112
93
100
75
123
124
127
148
159
169
167
201
188
264
215
140
199
235
216
233
295
275
234
226
208
200
243
188
231
270
244
318
322
281
207
202
198
209
192
119
227
222
283
251
240
313
301
358
302
389
252
157
65
126
78
72
73
52
69
69
79
74
61
55
38
68
53
47
64
67
92
97
114
118
196
149
79
96
105
94
116
153
153
116
101
89
82
112
69
66
74
93
137
131
104
80
78
93
115
118
51
95
99
144
108
98
171
160
203
179
279
148
29
31
52
53
63
54
67
51
41
57
38
32
45
37
55
71
80
84
93
76
70
87
70
68
66
62
103
130
122
116
141
122
119
125
119
117
130
119
165
195
151
180
191
178
127
124
106
94
75
68
132
123
139
143
142
142
141
154
123
110
1, 543 1,845 2,675 2,913 3,197
975 1,007 1,334 1,152 1,705
568
1939
104
837 1,341 1,761 1,492
i Back figures.—See BULLETIN for February 1938, p . 159. D a t a for years prior to 1932 not available.
CONSTRUCTION CONTRACTS AWARDED, BY
DISTRICTS
COMMERCIAL FAILURES, BY DISTRICTS
[Figures reported by Dun & Bradstreet. Amounts in thousands of
dollars.]
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars.l
Number
Liabilities
1939
1938
Federal Reserve district
Jan.
Dec.
Jan.
10,576
69,819
14, 245
27, 302
25, 613
20,156
36,121
13, 261
7,245
9,114
18, 221
34, 844
71,031
18, 625
40, 249
38, 201
34, 430
68, 800
27, 458
10,239
21, 746
23, 816
9,249
73, 558
10, 071
19, 379
19,438
11,379
17, 823
10, 422
3,292
7,074
10, 546
251, 673
389,439
192, 231
Federal Reserve
district
1939
Jan.
Boston___
New York
Philadelphia
___
Cleveland
Richmond
__ . ___
Atlanta
Chicago
St. Louis
___
Minneapolis
Kansas City
Dallas
Total (11 districts)
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
_
1938
Dec.
1939
Jan.
1938
Jan.
Dec.
Jan.
100
396
69
92
68
75
174
32
26
63
35
133
86
262
52
57
48
49
113
33
18
30
16
111
141
399
87
94
60
87
209
51
19
71
25
134
1,211
6,808
767
1,459
618
1,112
3,309
536
192
784
754
1,572
1,332
25, 330
1,175
960
934
589
3,443
499
183
273
95
1,715
4,026
5,536
990
2,435
855
1,057
3,567
478
298
585
217
1,371
1,263
875
1,377
19,122
36, 528
21,415
222
FEDERAL RESERVE BULLETIN
MARCH 1939
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports 1
Merchandise imports 2
Excess of exports
Month
1935
1936
1937
1938
January
February
March
176
163
185
199
182
195
223
233
257
289
262
275
April
May
June
164
165
170
193
201
186
269
290
265
173
172
199
180
179
221
October
November
December
221
270
223
Year
2,283
July
August .
September
.
1939
1935
1936
1937
1938
167
152
177
187
193
199
240
278
307
171
163
173
274
257
233
171
171
157
203
192
191
287
285
286
160
148
146
-6
268
277
297
228
231
246
177
169
162
195
193
216
265
246
233
265
226
230
333
315
323
278
252
269
189
169
187
213
196
245
2,456
3, 349
3,094
2,047
2,423
P213
1939
1935
1936
1938
1937
1939
11
11
-4
-18
45
-51
118
99
102
5
13
-10
9
-5
-18
5
-21
115
109
87
141
166
168
-3
3
37
-15
— 14
5
3
31
63
87
65
79
224
223
209
178
176
171
32
100
37
52
30
-15
108
92
115
100
76
97
3,084
1,961
235
33
265
9
H
8
P178
*>35
1,134
p Preliminary.
1 Including both domestic and foreign merchandise.
2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Bureau of Foreign and Domestic Commerce.
Back figures—See BULLETIN for January 1931, p. 18, for July 1933, p. 431, and for February 1937, p. 152.
FREIGHT-CAR LOADINGS, BY CLASSES
DEPARTMENT STORES—SALES, STOCKS
[Index numbers; 1923-25 average=100]
[Index numbers based on value figures; 1923-25 average=100]
1938
Jan.
Sept. Oct. Nov. Dec.
Jan.
Month
Adjusted for seasonal variation
Total
Coal
Coke
.
Grain and grain products. _.
Livestock.
__ _
Forest products
Ore
Miscellaneous
Merchandise *
65
62
46
89
44
40
82
69
61
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
69
69
53
83
41
43
92
74
61
69
67
55
79
41
42
102
76
62
Without seasonal adjustment
Total
Coal
Coke
Grain and grain products._
Livestock
Forest products
Ore
Miscellaneous1
._
Merchandise
59
71
54
80
43
35
18
59
58
71
71
49
83
50
43
72
78
64
75
76
50
95
62
43
71
82
65
Index of sales *
Index of stocks (end of
month)
Without
Adjusted
for seasonal
seasonal
variation adjustment
Without
Adjusted
seasonal
for seasonal
variation adjustment
1939
70
76
58
76
53
39
41
76
62
64
78
58
72
40
37
23
67
59
63
76
64
71
40
37
22
65
59
1938
1939
1938
1939
1938
1939
1938
January
February
March _
90
88
86
88
70
70
77
69
71
70
70
67
63
67
71
April
May
June
83
78
82
86
80
79
69
69
68
71
71
65
July
August
September
83
83
86
58
65
91
67
67
67
61
65
70
October
November
December
84
89
89
92
99
156
67
67
66
74
78
62
Year
60
68
1
Based on daily average sales—with allowance for changes from
month to month in number of Saturdays and in number of Sundays and
holidays. Adjustment for seasonal variation makes allowance in March
and April for the effects upon sales of changes in the date of Easter.
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.
85
1939
223
FEDERAL RESERVE BULLETIN
MARCH 1939
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics. 1926=100]
Other commodities
An'
commodities
Year, month, or week
1929.
1930
1931
1932
1933
1934
1935
1936
1937
1938
Farm
products
Foods
Total
Hides and Textile
HouseFuel and Metals Building Chemicals and furnishleather
lighting and metal
products products materials products materials drugs
ing goods
Miscellaneous
79.6
85.3
81.r
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
95.4
89.9
79.2
71 4
77.0
86.2
85.3
86.7
95.2
90.3
94.2
89.1
79.3
73 5
72 6
75.9
80 5
80.4
83.9
77.6
94. 3
92 7
84. q
75.1
75.8
81.5
80.6
81. 7
89. 7
86. 8
82.6
77.7
69 8
64.4
62 5
69.7
68.3
70.5
77 8
73.3
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73. 6
91. t>
85.2
75.0
70.2
71.2
78.4I
77. <)
81.7
72.8
79.8
83.6
97.7
70.1
78.4
96.3
92.5
79.5
89. 7
75.0
80.9
79.8
79.7
78.7
78.1
78.3
78.8
78.1
78.3
77.6
77.5
77.0
71.6
69.8
70.3
68.4
67.5
68.7
69.4
67.3
68.1
66.8
67.8
67.6
76.3
73.5
73.5
72.3
72.1
73.1
74.3
73.0
74.5
73.5
74.1
73.1
83.5
83.0
82.6
82.0
81.6
81. [\
81.4 [
81.4 I
81.3
81.1
80. t)
80. C\
96.7
94.7
93.6
92.1
91.3
90.1
91.5
91.9
92.0
93.4
94.6
93.1
69.7
68.6
68.2
67.2
66.1
65.5
66.1
65.9
65.8
66.2
66.2
65.8
78.3
78.5
77.7
76.8
76.2
76.4
76.8
76.8
76.6
75.4
73.7
73.2
96.6
96.0
96.0
96.3
96.7
96.1
95.2
95.4
95.5
95.3
94.9
94.6
91.8
91.1
91.5
91.2
90.4
89.7
89.2
89.4
89.5
89.8
89.2
89.4
79 6
79.1
78.7
77.5
76.8
76,3
77.7
77,7
77.3
77 1
76.6
76.7
88. 3
88.0
87.7
87. 3
87.
87. 1
86. 4
86. 4
86. 2
85. 7
85. 8
88. 0
75.2
74.8
74.4
73.4
73.1
72.9
72.7
72.4
72.4
72.6
73.0
73.1
1939—January
76 9
67.2
71.5
80.2
93.1
65.9
72.8
94.4
89.5
76.7
85.4
73.2
Week ending—
1938—Nov. 5
Nov. 12.
Nov. 19
Nov. 26
Dec. 3
Dec. 10...
Dec. 17
Dec. 24.
Dec. 31
Jan 7
Jan. 14 . . .
Jan. 21
Jan. 28 .
Feb. 4
Feb. 11
Feb. 18
77.3
77.4
77.3
77.3
77.4
77. 1
76.7
76.6
76.9
77.0
76.8
76.6
76.7
76.6
76.6
76.6
67.2
67.6
67.8
68 3
69. 1
67.8
67.4
67.2
68.3
67.6
67.3
66.9
67.3
67.1
66. 7
66.9
72.9
73.9
73.9
74.0
74.3
73 7
72 6
72.2
72.5
72.6
71.3
71.3
71.2
71.0
71.1
71.3
81.2
80. t)
80.9
80. £\
80.7
80.7
80. t
80.5
80. £
80. t>
80.1
80.4
80.4
80.4
80.4
95.3
95.1
95.1
95.0
94.4
93.4
93.8
93.8
93.6
93.9
94.1
93.8
93.3
92.9
92.7
92.5
65.9
65.7
65.7
65.7
65.6
65.4
65.2
65.2
65.3
65.3
65.3
65.4
65.6
65.5
65.6
65.5
75.2
74.8
74.9
74.4
74.3
74.4
74.1
73.8
73.7
73.8
73.7
73.6
73.4
73.5
73.7
73.6
95.3
95.3
95.0
95.0
95.0
94.8
94.8
94.8
94.8
94. 6
94.6
94.5
94.5
94.5
94.5
94.5
90.0
89.0
89 3
89.4
89.3
89.1
89.2
89.3
89.2
90.0
89.7
89.1
89.4
89.3
89.1
89.4
76.3
76 2
76.4
76.3
76. 3
76 3
76 3
76,4
76.3
76.3
76.4
76.3
76. 1
76.2
76.1
76.0
87.1
87. 1
87. 1
87. 7
87. 7
87.6
87. 6
87.6
87. 6
87. 5
87.
87. 2
87.
87. 2
86. 7
86. 6
72.4
72.5
72.5
72.4
72,4
72.8
72.9
72.9
73.0
73.1
73.1
73.0
73.0
72.9
72.8
72.9
1937—December
1938—January
February
March
April
M a y --.
June
JulyAugust
September
October
November
December..
_
_
80.4
1939
1938
Subgroups
Jan.
FARM PRODUCTS:
Grains
Livestock and poultry
Other farm products
Dairy products
Cereal products
Fruits and vegetables
Meats.
__ _ . . _
Other foods
50.8
76.2
65.0
50.9
75.2
67.4
54.4
74.4
66.5
56.3
78.0
63.2
83.
83
56.
82.
69
3
71.6
75.1
57.5
83.3
70 4
72.5
74.0
63.0
81.9
71 0
73.9
74.8
60.4
79.9
69 2
71.8
73.2
60.9
81.6
63 6
n7
6
104. 7
8?
86. 6
102. 4
TEXTILE PRODUCTS:
Clothing
Cotton goods
Hosiery and underwe ar
Silk and rayon
Woolen and worsted ^oods
Other textile product!
86
68
63.
98
3
0
q
83. 8
67 7
FUEL AND LIGHTING MATERIALS
1
..
Jan.
0
5
1
HIDES AND LEATHER PRODUCTS:
Shoes
Hides and skins
Leather
Other leather product s
Oct. Nov. Dec.
75.
78.
66
FOODS:
Anthracite
Bituminous coal
Coke
Electricity
Gas...
Petroleum products..
1939
1938
Subgroups
80. 1
103.2
105. 5
8Q 1
81. 8
58. 8
100.3 100.4 100.6 101.2
82.1 85 5 78.8 78.4
84.6 86.9 85.9 85.0
96.9 96.6 95.8 95.3
81.6
64.6
59.9
30.9
76.3
65.3
79.1
98.7
104. 2
81.8
87.1
53.8
81.6
65.1
59.9
30.3
76.4
64.5
81.6
64.6
59.3
30.8
74.8
64.4
81.5
64.3
59.1
32.1
74.5
64.4
80.1 80.1 80.3
98.5 98.5 98.3
104.2 104.2 104.2
81.8
84.6 81.6
51.5 50.9 50.4
Oct.
Nov.
Dec.
Jan.
96.2 95.4
97.7 96.8
99 6 96 9
93.7
95.0
96.9
93.6
77.6
78 7
93.5
94.8
96 8
93.4
76.8
78 7
91.5
95 5
90 9
81.0
78 7
107.3
89.7
93.4
94.6
96 4
93.4
76.7
78 7
92.4
95 5
91 7
81.0
78 7
107.3
89.6
Jan.
M E T A L S AND M ETAL PROD LJCTS:
Agricultural huplements
Farm mac hinery
Iron and steel x
Motor vehicles
Nonferrous m etals
Plumbing ancL heating
Q5 6
75 0
79 6
95.0
76.2
78 5
BUILDING M A T E R IALS:
Brick and tile
Cement
Lumber
s
Paint and paint materia
Plumbing and hfiatine1
Structural ste 3l
Other buildin g materials
CHEMICALS AND DRUGS:
;
Chemicals
Drugs and pharmapp,utinals
Fertilizer mat erials__
Mixed fertilize
HOUSEFURNISHING GOODS:
Furnishings
Fu [•niture.-.
91.8
95 5
92 6
80.1
79 6
114.9
95.8
84.1
91.1 91.5
95 5 95 5
90 3 90 2
81.1 80.9
78.5 78 7
107.3 107.3
91.7 89.7
74 0
72. 1
73 4
80.5
74.9
67.5
73.4
80.2
73.6
67.7
73.2
80.0
73.5
68.6
73.8
79.7
73.0
70.2
74 8
9? 8
83.7
89.3
82.1
89.7
81.9
90.3
81.6
90 1
80.5
57.4
91 6
00 0
30.5
82.4
57.4
66.5
81.7
35.3
81.2
58.8
70.5
81.5
34.3
81.2
58.8
76.6
80.9
33.9
81.1
58.8
79.9
81.0
33.4
81.1
MlSCEI LANEOUS:
Auto tires ancL tubes
Cattle feed...
Paper and puln
Rubber, crud(
Other miscellEmeous
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
£7 (table 87).
224
FEDERAL RESERVE BULLETIN
MARCH 1939
STATISTICS FOR FEDERAL RESERVE CHART BOOK
Chart
book
page
1939
Jan. 18 Jan. 25
WEEKLY FIGURES
Reserve bank credit—total..
Bills discounted
Bills bought
U. S. Gov't securities.,.
Gold stock
Money in circulation
Treasury cash
Treasury deposits
Member bank balances
Required reserves e 2
Excess reserves—total
New York
City 2
Chicago 2
2
Reserve city banks
Country banks 2
Feb. 1 Feb. 8 Feb. 15
3, 5
5
5
5
3
3,9
3
3
3, 6
6
7
7
7
7
7
Dec
Jan.
Index numbers
1923-25=100
BUSINESS CONDITIONS
2.59
0)
0)
2.56
14.62
6.67
2.73
.80
9.13
5. 57
3.54
2.05
.24
.75
.50
2.58
.01
2.58
.01
2.58
.01
0)
0)
0)
2.56
14.64
6.62
2.75
77
9! 17
5.57
3.61
2.13
.23
. 75
.49
2.56
14.69
6.66
2 77
!89
9.05
5.57
P3. 58
2. 15
.21
.73
P.
48
2.56
14.73
6.67
2.77
.93
9.02
5.56
P3.45
2.08
.18
.69
P. 50
Wholesale commodity prices:
United States:
All commodities
31, 32
Farm products
31
0)
Foods
31
2.56
Other commodities.._
31
14.77
England
32
6.70
France
32
2.77
Germany
32
1.25 [ndustrial production 5
35
5
8.71 Manufacturing production:
5.54
Total 6
37
P3.35
Durable
37
2.03
Nondurable 6
37
.16 Factory employment
43
.66 Factory payrolls
43
5
p. 50 Freight-car loadings 5
45
Department store sales 5
47
Department store stocks
47
2.59
.01
14
14
14
21.44
13. 15
8.29
21.43
13.15
8.28
21.44
13.21
8.23
21.45
13.28
8.17
21.61
13.40
8.21
15
15
15
15
15
16.12
5.17
.63
6.36
.54
16.15
5.18
.63
6.35
.55
16.05
5.18
.63
6.36
.58
16.08
5.17
.63
6.27
.57
15.95
5.18
63
6^29
55
16
16
16
16
3.54
1.13
1.37
.68
3.53
1.11
1.35
.68
3.55
1.14
1.36
.64
3.56
1.21
1.35
.64
3.65
1.16
1.36
.66
17
17
17
6.38
2.11
2.42
6.39
2.12
2.41
6.41
2.11
2.41
6.42
2.09
2.39
6.51
2.09
2.40
Averages of daily figures3; percent
per annum
MONEY RATES AND SECURITY
MARKETS
F.R.bankdiscountrate,N.Y.
19
Commercial paper
19
Bankers'acceptances
19
U. S. Treasury bills
21
U. S. Treasury notes
21
U. S. Treasury bonds
21, 25
Corporate Aaa bonds
25
Corporate Baa bonds
25
Stock prices, total 4
27, 29
Industrial
27
Railroads
27
Public utilities 2
27
olume of trading (mill.
shares)
29
Brokers' loans (mill, dollars)
29
1.00
".56
.44
.03
.64
2.48
3.02
5.14
1.00
.56
.44
.03
.63
2.45
3 1
5. A
1.00
.56
.44
.03
.64
2.44
3.00
5.07
83
81
82
85
.82
826
1.42
835
.78
792
.66
786
.65
813
33
33
33
33
76.6
66.9
71.3
80.4
76.7
67.3
71.2
80.4
76.6
67.1
71.0
80.4
76.6
66.7
71.1
80.4
76.6
66.9
71.3
80.4
38
52.7
51.2
52.8
53.4
54.8
38
90.2
89.2
78.4
84.5
39
2,290
2,293
2,287
2,268
39
590.4
594.4
576.8
579.9
104
103
44
59
104
43
61
91 2
86 6
69
89
66
P83.2
69
88
67
90.5
84.1
69
89
67
77.0
67.6
73. 1
80.3
79.3
98.4
79 1
394
104
290
394
105
289
252
176
76
269
P100
?254
171
97
5 468
5,297
'5, 533
'5, 956
P5, 513
P5, 532
3 670
1 627
'3, 719
2,237
P3, 592
PI, 940
708
318
342
48
652
261
352
39
627
263
323
41
In billions of dollars
8
8
8
8
14.31
2.69
2.43
1.01
14.51
2.69
2.43
.99
14.68
1.04
2.43
.99
20
20
20
20
20
38.07
24.19
9.07
1.30
3.51
38.90
25.52
8.50
1.31
3.57
39.10
25.66
8.50
1.31
3.63
Percent per annum
Customers' rates:
New York City
8 other Northern and
Eastern cities
27 Southern and Western
cities
23
2.33
2.33
2.29
23
3.28
3.47
3.41
23
4.05
4.04
4.10
June 30, Sept. 30, Dec. 31,
1938
1938
1938
QUARTERLY FIGURES
79.9
2,249 Domestic corporation security
issues, total
New
580.1
Refunding
e
r
p Preliminary.
Estimated.
Revised.
1 Less than $5,000,000.
2
Averages of daily figures, see footnote3.
*4 Figures are shown under the Wednesday date included in the weekly period
Index numbers, 1926=100.
103
76.9
67.2
71.5
80.2
78.5
P99.2
P79. 3
P101
77.5
67.8
74.1
80.6
79.4
97.0
78.9
In millions of dollars
Construction contracts awarded: 7
Total
41
Residential
41
Other
41
Exports and imports:
Exports (incl. re-exports).
49
General imports
49
Excess of exports
49
Income payments:
Total adjusted
50
Total unadjusted
50
Compensation
of employees
50
Other
50
ash farm income:
Total
51
Crops
51
Livestock and p r o d u c t s . .
51
Government payments..51
1.00
.56
OTHER
.44
.03 Central gold reserves:
.63
United States
2.43
England
3.00
France
5.05
Netherlands
U. S. Gov't interest-bearing
Wednesday figures; in unit indicated
debt—total
Bonds
91
87
91
93
89
Notes
110
104
107
105
107
Bills
30
29
28
27
Special issues
1.00
r. 56
.44
,03
.63
2.45
3.00
5.08
Figures for week3] in unit indicated
BUSINESS CONDITIONS
Wholesale commodity prices: 4
All commodities
Farm products
Foods
Other commodities
Steel plant operations
(% of capacity)
Automobile production
(thous. cars)
Electric power production
(mill. kw. hrs.)
Total freight-car loadings
(thous. cars)
Nov.
1939
4
REPORTINGMEMBER BANKS
Total, 101 cities:
8
Loans and investments
8
Investments
8
Loans
Adjusted demand
deposits
Time deposits
U. S. Gov't deposits.-.
Domestic bank balances
Foreign bank balances.New York City:
U. S. Gov't obligations..
Other securities 8
Commercial loans
Brokers' loans
100 cities outside New York:
U. S. Gov't obligations..
O ther securities 8
Commercial loans
1938
MONTHLY FIGURES
Wednesday figures; in billions of
dollars
RESERVES, GOLD, AND
CURRENCY
Chart
book
page
5
6
7
8
In millions of dollars
28
28
28
442
251
191
672
340
332
726
153
573
Adjusted for seasonal variation.
Points in total index of manufacturing production.
Three-months moving average adjusted for seasonal variation.
Classification changed as of Feb. 8, 1939; see note on page 204.
NOTE.—Copies of this chart book can be obtained at a price of 50 cents, Banking statistics for call report dates are published from time to
t i m e . T h e latest figures appear on page 111 of the February BULLETIN.
INTERNATIONAL FINANCIAL STATISTICS
225
226
FEDERAL RESERVE BULLETIN
MARCH 1939
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Total i
United
(52
coun- States
tries)
End of month
1934—December
1935—December
1936—December
1937—December
1938—February
March . . „_
April
May
June
July
August
September. .
October
November
December
1939—January
Europe
(26
<jountries)
Canada
21,051
21,604
23, 564
25,359
8 ?38
10, 125
11, 258
12, 760
134
189
188
184
11.010
25, 339
25, 417
25, 254
25, 236
25, 304
25, 292
25, 455
25, 407
25, 756
*>26, 046
P26, 244
12, 776
1? 795
869
n 919
12 963
13, 017
13,136
13, 760
14,065
14, 31?
14, 512
188
186
189
187
185
189
190
187
188
186
192
10, 746
10,819
10, 589
10, 521
10, 546
10, 572
10. 603
14, 682
197
i
9. 517
10, 241
10, 776
9,916
9,961
] 0.000
P9, 994
'8, 347
Europe
Asia
and
Africa United Kingdom
Ocean(5
ia (8
counBelFrance gium
coun- tries) Bank of Ex\
Engchange
tries)
land Acc't.2
601
805
263
1,584
5,445
590
666
816
291
4 395
1,648
611
736
858
2,584
934
283
2,995
632
685
1 395
687
266
2,689
2,564
597
681
686
261
1 395
2,689
2,428
593
665
686
1 489
266
2,689
2,428
531
686
658
263
1 489
2,689
529
2,428
656
687
266
1, 489
2,690
2,428
456
658
687
265
1 489
2,690
2,428
481
656
589
i ; 489
268
501
2,690
2,428
1; 489
656
591
280
2,690
2,428
517
656
591
298
2,690
759
2,428
539
655
591
297
759
2,690
2,428
562
659
591
298
759
584
2,690
2,435
759
P657
2,690
2,435
581
1,042
759
2, 435
582
Latin
America
(11
countries)
Switzerland
STether- Nalands tional B.I.S.
Bank
573
438
490
930
624
454
655
648
4
g
11
5
977
998
1,007
1,008
1,008
1,008
1,008
1,008
1,008
1,008
995
699
698
697
686
679
674
686
690
695
699
699
5
7
7
11
10
9
10
6
10
11
14
995
699
15
E urope—C ontinued
End of
month
1934—Dec. . .
1935—Dec. 1936—Dec. . .
1937—Dec. .
1938—Feb...
Mar. _.
ApriL.
May...
June...
July...
Aug. __
Sept.,.
Oct.__.
Nov.._
Dec.._
1939—Jan., _.
Bul- Czecho-i! j ) e n . !
-i • i mark ;' '.
garia vakia
19
19
20
24
24
24
24
24
24
24
24
24
24
24
24
*24
112
112
91
92
93
93
93
93
93
93
i
!
i
:
:
60
54
54 !
53
53
53
53
53
53
53
Bungary
32
33
27
28
40
34
26
24
I
53
53
53
53
53
29
29
29
29
29
29
29
29
29
29
29
83 .
53
29 ;
93
81
83
83
83
!
!
I
i
1
j
!
|
:
!
:
;
24
24
24
24
25
25
25
28
27
27 :
27 :
27
23
23
• 25
25
25
25
25
25
25
25
25
25
25
28
37
24
Italy 3
518
270
208
210
210
210
210
210
210
210
210
210
210
210
210
210
Norway
Poland
61
84
98
82
81
90
90
90
90
101
101
96
96
96
94
96
96
84
75
83
68
68
68
69
104
109
114
120
740
735
718
718
159
185
240
244
53
43
48
51
106
109
127
124
403
444
501
469
8
17
25
32
83
83
83
84
85
85
85
83
82
84
85
85
69
69
69
69
69
69
69
69
69
69
718
718
525
525
525
525
525
525
525
525
525
253
261
261
272
279
280
280
310
321
321
321
51
53
54
54
55
55
55
56
56
57
57
124
124
79
79
79
79
79
79
79
78
P69
121
122
122
122
123
123
124
129
132
132
p 133
458
447
442
440
439
435
435
435
434
434
431
30
31
31
32
33
33
34
34
33
33
32
*69
P 133
525
331
57
P77
Chile
1934—December
1935—December
1936—December
1937—December
193g—January
February . _
March
April
May
.
June
July
August _
September
October
November ._.
December
Colombia
Mexico
Peru
Uruguay
4
other
countries
British
China Japan
India
29
29
29
30
19
16
19
16
23
44
46
24
19
20
20
20
82
77
77
74
18
19
19
20
275
275
275
274
7
10
8
16
30
30
30
30
30
30
30
30
30
30
30
18
19
19
19
19
20
21
20
23
24
24
24
32
30
25
25
26
26
28
27
24
24
27
29
21
20
19
20
19
19
19
19
19
19
19
74
74
74
71
71
71
71
71
71
69
69
20
20
20
20
20
20
20
20
20
22
274
274
274
274
274
274
274
274
274
274
274
274
16
16
16
16
16
16
17
17
18
18
*18
P19
Portu- Ruma- Spain 4 Swegal
nia
den
Asia and Oceania
Latin America—Continued
End of month
Latin America
other ArYugo- 7coungenslavia tries
tina
P22
P22
394
425
463
261
261
261
261
261
261
261
164
164
164
164
164
164
Java
Brazil
Africa
New
Zealand
25
Turkey
2
3
South other
other
coun- Egypt Africa countries
tries
77
54
60
79
23
23
23
22
24
26
29
6
6
4
3
55
55
55
55
184
212
203
189
24
24
25
79
79
79
79
80
80
80
80
80
80
80
80
23
23
23
23
23
23
23
23
23
23
23
23
29
29
29
29
29
29
29
29
29
29
29
29
3
3
3
3
3
3
3
3
3
3
3
55
55
55
55
55
55
55
55
55
55
55
189
184
189
186
188
187
190
202
220
219
220
220
22
22
22
22
23
23
23
23
23
23
23
P23
p Preliminary.
1 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.
s 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.
MARCH
227
FEDERAL RESERVE BULLETIN
1939
GOLD PRODUCTION
Outside U. S. S. R.
Estimated
world
production
outside
U.S.S.R.i
Year or month
[In thousands of dollars]
Production reported monthly
Africa
Total
South
Africa
Rhodesia
$1=25-8/10
Belgian United2 Canada Mexico Colom- Chile
Congo States
bia
382,532
401,088
426, 424
458,102
469, 257
352,237
365, 258
386,293
413, 459
411, 208
215, 242
221, 526
224, 863
238,931
227, 673
1933.
1934.
1935.
1936.
1937.
1938.
794,498
823,003
882, 533
'971, 514
1, 041, 987
1, 116,102
696,218
707,288
751,979
833,088
892, 536
954 945
385, 474
366, 795
377,090
396, 768
410.710
425, 649
22, 578
24, 264
25,477
28,053
28. 296
P28, 515
'77,796
'76, 509
34, 279
34, 696
2,352
2,341
1,854
1,957
'74, 960
'70,056
m, 205
'74,
764
r
77, 273
'77,
950
r
84, 849
'83,896
'83, 223
82, 801
P85, 082
P82, 886
34, 573 2,381
32, 524 2,246
35, 519 2,387
34, 351 2,374
35, 794 2,415
35, 509 2.394
36, 222 2,410
36, 622 2,415
36,237
2,365
36, 449 2,445
35, 842 2,381
36, 007 P2, 301
1,964
1,887
2,002
2,024
1,989
2,020
2,067
2,053
2,048
2,174
2,204
P2, 213
1937—November..
December..
'90, 251
'88, 963
r
87, 587
'82, 724
'89, 646
r87, 533
'90, 444
'91, 242
'98, 492
'97,845
'97, 386
96,785
P98,996
P97, 422
1938—January
FebruaryMarch
April
May
June
July
August
SeptemberOctober
November
December..
Austra- British
lia
India
grains of gold 9/10 fine; i. e., an ounce of fine gold=$20.67
1929.
1930.
1931.
1932.
1933.
11,607
11,476
11,193
12,000
13, 335
$1=15-5/91
Far East
North and South America
West
Africa
4,297
4,995
5,524
5,992
6,623
2,390
2,699
3,224
3,642
3,631
45, 651
47, 248
49, 527
50, 626
52, 842
39, 862
43,454
55, 687
62,933
60,968
13,463
13,813
12, 866
12,070
13,169
683 8,712
428 9,553
442 12,134
788 14, 563
3,009 16,873
7,508
6,785
6,815
6,782
6,919
10, 438 5,094 28, 568
12,045
8,350 30, 559
11, 515 9,251 31, 240
13, 632 9,018 40,118
15, 478 9,544 46, 982
18,225 PIO, 292 '54,115
11,715
11, 223
11,468
11, 663
11, 607
2,823
3,281
4,016
5,132
6,165
grains of gold 9/10 fine; i. e., an ounce of fine gold=$S5
11,214
6,148
12,153
6,549
13, 625 7,159
16, 295 7,386
20.784 8,018
'24, 644 P8, 441
729
661
642
673
702
686
726
716
716
743
725
P725
89, 467 103, 224 22, 297
108,191 104,023 23,135
126, 32f 114,971 23,858
152, 50P 131,181 26, 465
168,159 143, 367 29. 591
176, 971 P164, 394 P32, 483
2,849
2,064
1,373
1,144
689
1,063
4,386
4,725
'941
'1,031
12, 638 2,948
2,266
11,929
3,253
13,161
12, 895 2,389
13, 338 1,863
13, 674 3,024
14, 727 4,241
2,941
14,425
14, 336 2,062
14, 394 2,265
14, 351 P2, 790
P14, 525 P2, 440
1,456
1,175
1,403
1,664
1,338
1,365
1,748
1,515
1,812
1,622
1,628
1,499
775
834
673
698
782
901
752
986
1,019
906
930
3,858
4,333
4,204
4,280
4,278
4,577
4,330
4,771
4,816
4,642
4,820
P5, 205
948
872
939
906
935
909
951
958
946
956
930
^965
12, 365
12, 677
16,023
14,083
12, 758
11,347
'12, 991
'12, 480
'13, 855
'12, 851
'16, 684
'16, 492
'16, 839
'16, 223
'18, 481
15, 970
P11,216
P1,035
Gold production in U. S. S. R.: N o regular Government statistics on gold production in U . S. S. R. are available, b u t data of percentage changes
irregularly given out b y officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production, in millions of dollars, as follows—at $90.67 per fine ounce: 1929, $15; 1930, $31; 1931, $34; 1932, $40; 1933, $56; at $85 per fine ounce: 1933, $95;
1934, $135; 1935, $158; 1936, $185; 1937, $180.
p Preliminary.
r
Revised. Monthly figures for United States for 1938 represent estimates of American Bureau of Metal Statistics revised by adding to each
monthly figure $140,381 so that aggregate for 1938 is equal to preliminary annual estimate compiled by Bureau of Mint in cooperation with Bureau
of Mines.
1
Annual figures of estimated world production outside U.S.S.R. through 1937 represent estimates of U. S. Mint; figure for 1938 represents total
of monthly figures. Monthly figures are derived by adding to total production for which monthly reports are received by Board of Governors
an estimate of all other production (exclusive of U.S.S.R.) based on monthly statistics of American Bureau of Metal Statistics.
2 Includes production in the Philippines.
NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETINS for February 1939, p. 151, June 1938, pp. 539-540,
and April 1933, pp. 233-35. For annual figures of world production back to 1873 (including Russia-U.S.S.R.), see Annual Report of Director of
Mint for 1836, pp. 1C8-1C9, 1937 pp. 104-105 and 1638, pp. 102-103. Figures for Canada beginning January 1S28 are subject to official revision.
GOLD MOVEMENTS
[In thousands of dollars at approximately $35 a fine ounce]
United States
Total
net
imports
or net
exports
Year or month
19341.
1935...
1936._.
1937...
Net imports from or net exports (—) to:
United
Kingdom
1,131,994
1, 739,019
1,116, 584
1, 585, 503
1, 973, 569
22,110
17,982
1938—January
February. __
March
April
May
June
July
__
August
September..
October
November..
December..
52,927
71,091
52,775
55,307
63,815
165,973
520,896
562,366
177, 768
240, 526
-20
-11
31,395
35,429
2,895
20,599
4,976
91,227
377,984
443,403
99,145
101,707
1939—January
156, 345
52,050
I
Belgium
Netherlands
Sweden
8,902 94,348
260,223
3 227,185
934,243
2
71,006
573, 671 3,351
6,461
6
- 1 3 , 7 1 0 90,859
163,049 60,,146
81,135 IV"
1937—November..
December. _
2,088
France
Switzerland
42,959
17
37, 395
1,438
4,220
1,938
891
3,248
3,213
1,979
10, 221
571 11,520
7,685
15, 360
47, 219 11, 521
41,832 3,840
27, 242
46,185
33, 678
Mexico
12,038
15,335
21, 513
25,427
27, 880
1,029
3,498
23,280
34,713 246,464
39,162 168, 740
30,270
13,667
39,966
38, 482
36, 472
16,944
10,899
11,911
18,397
10, 557
816
2,767
2,285
3,404
4,323
16
2,286 3,173
2,292 3,786
819
649
721
692
717 2,758
1,812
747
630 5,650
715
726
962 11,123
14, 333 3,183
1,446
38,148
2,236
10,810
3,457
7,171
731 2,550
2,105
2,102
1
2,108
1
1
2,113
4
4
11
2,107
1,676
1,330
2,240
1,883
2,285
3,232
2,422
1,772
2,721
2,720
2,943
2,655
2,342
2,089
2,754 6,585
1
1,136
-67
10, 842
All
other
countries
Colom- Philippine Aus- Japan British
bia
India
Islands tralia
12,402
86,829
968 95,171
7,511
72, 648
54, 452 111, 480
1,363
76, 315
-5,046 -24,968
- 4 0 -14,987
—4,974
15
39
18
35
13
898
4,721
Canada
1,025
1,943
458
1,241
3,582
2,984
3,434
2,748
3,775
3,294
7,888
6,788
76,820
75,268
77,892
50,762
16,159
2
32,316
47,054
39, 743
30,179
68,376
37,148
18, 774
767
107
1,326
1,862
1,043
4,484
23, 311
21,950
5,782
2,979
2,359
23,497
35,095
5,740
5,788
14, 425
760
3,822
1,797
1,870
1,241
1,536
2,353
2,530
3,438
2,495
3,806
2,982
4,768
2 19,150
2
^22,207
37, 819
1
5,124
2,252
1,148
12 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
Figures for November and December 1938 include imports from Argentina of $14,112,000 and $17,710,000, respectively.
NOTE.—For gross import and export figures and for additional countries see table on p. 198.
228
FEDERAL RESERVE BULLETIN
MARCH 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
United
States
()
1934
716, 269 -497,166
369, 722 -435, 502
1,169, 931 -276, 830
420, 427 -834,009
-285,648 -1,050,395
1935
1936____
1937
1938
1937—Nov..
1938—Jan...
Feb..
Mar..
Apr._
MayJune.
July.
Aug..
Sept..
Oct..
Nov.
Dec.-
22,054
20, 976
27, 245
51, 387
79, 037
53, 186
97, 478
89, 580
24,119
-73,132
-261,143
-210, 171
-96, 508
-66, 726
1939—Jan. P
-29, 948
Dec.
GerFrance many
Belgium
348,190 121,017 -13,585 32, 575
10, 796
142,13" - 4 , 726 -17,476
756, 215 23, 292 -15,133 -21,215
541,18'
46,147 -21,993 -16,572
38,899 33,283 348,000 -46, 463
1,487
3,528 -1,940
- 3 5 , 535 - 4 , 276
-18, «r - 3 , 039
-5,233
-119
- 2 0 , 811 - 6 , 1 3 '
- 1 0 , 529
-99'
- 9 3 , 660 - 5 , 726
-360,016
685
-308,528 69, 604
-105,220
-66
- 9 7 , 371
758
- 4 3 , 448
41
78
49
86
168
138
47
6,179
14, 358
4,077
6,005
2,057
-9
-1,487 - 6 , 0 5 5
5 -3,067
3,625
55,448
15,039 - 4 , 1 3 9
48, 446 - 6 , 781
56, 764 -12,037
23, 212 - 5 , 750
-258 -10,041
120,075 - 7 , 498
33, 982
535
-2,328 -5,245
9,990
-85
183
-79
-247
1938—Jan...
Feb...
Mar..
Apr...
May..
June..
July..
Aug...
Sept..
Oct. _
Nov..
Dec...
4,113
26,892
10,826
-200
2,448
5,359
3
,188
-27
6,009 - 7 , 6 3 2
5
, 201
18, 058
5,978
7,626
V"
-6,864
-36, 626
-16,134
-10,129
P - 3 , 764
1939—Jan.P..
c
1
47, 694
36, 528
5,649
3,775
2,958
3,620
4,168
2,467
2,024
2,490
2,102
2,839
705
155
528
32, 889
43,092
50,540
35,077
35, 407
40, 623
31, 516
31,192
16, 831
6,530
2,695
7,358
5,672
513
2,755
5,665
-8,837
-1,338
9,024
1,454
913
- 5 , 690
-3,8
r
4,960
5,174
62,397
-9,123
32, 754 -50,661 53, 465
28,067 -10,129
3,998
22,079
- 8 1 -16,596
-89,
371
20, 766
-78,029
3,877
8,300
4,425 10,
5,002
7,
5,101
2,
3,586
3,
3,824
2,
3,725
9,
6,418
6,
10, 356 3,
3,023 - 4 ,
4,204 - 2 0 ,
4, 260
1,815
-5
-5
- 7 , 590
- 1 0 , r"-13,996
-7,673
-11,429
-11,151
-22,763
- 4 , 671
France
Belgium
7
33
-220
-2
-2
-7
-1,140
228
-25, 351
6,183
-11,164
-12,082
-6,000
2,527
-2. 263
- 5 , 407
-16,521
-10,498
- 2 1 , 980
2,831
1,017
1,511
« 3, 125
1,115
<-3
- 6 , 202
5,336
340
-920
-327
- 1 , 955
1,353
1,603
1,347
c
4,012
Italy
Netherlands
Germany 4
All
other
countries
Total
Gold
net
imports producor net tion in
exports India
Increase in:
RePrivate
serves holdin In- ings in
5
dia
India"
-230,720
-161,872
-121,066
—61, 723
11,223
11, 468
11, 663
r
ll,607
173 -219, 670
- 6 -150,398
- 4 , 200
- 5 , 999
*-941
1,031
- 3 , 262
-4,970
1,614
-41
12, 478 -13,978
-38
373 -5,599
10,409
-10
615 2,198
11, 223 -11,518
<558 -7,423
-584
1,421
-32
3,595 - 9 , 257
265 - 2 , 749
- 9 4 3 1,763
- 2 , 391 - 6 , 0 8 4
«3, 208 - 4 , 388
- 2 6 6 5,397 2,467 -9, 970
4,860 - 2 , 943 - 1 , 5 4 9 -2,009 2,396 -6,175
187 - 3 , 452
5,256 - 7 , 8 3 9
282 - 2 , 327
- 4 8 4 5,814 5,657 -2,487
- 1 4 2 3,962
16,128 -14,071 - 6 , 0 4 1
222 -10,988
3,824 - 6 , 267
-37
10,464 - 8 , 382 - 1 , 283
'342 -7,082
924
-2
1,884 -10,251
15,940
418
117
-957
2,551
-56
-616
-158
-38
3 - 7 , 622
907
994
-265
33
-11
31 - 2 , 283
13
- 2 , 884
-438
-166
-209
-1,854
-139
948
872
939
906
935
909
951
958
946
956
930
-4,651
-6,551
-1,810
- 3 , 482
-2,517
-1,418
-10,037
-6,124
—11
-6,666
-1,353
4,:
5,810
-35
- 5 , 462
- 6 , 085
630
Net imports from or net exports (—) to:
United
Kingdom
All
other
countries
British India
-90,920 -46,065 -12,784 -45,955 - 2 9 , 235 18, 397 19, 431 2,580
647 -54,858 -181,725 -13,940 25, 542
342
42, 969 -230, 788
39, 305 14, 531 51, 299 4,600
122, 278 -9,127 - 1 , 7 1 4
-I,"""
- 3 , 7 1 8 - 5 6 , 946 -51, 608 11, 940 - 4 5 , 061 27, 739 - 6 5 7 6,553
- 1 , 2 4 5 -1,128 76, 620 - 7 4 , 375 - 1 , 0 6 7 11,314 25,125
1937—Nov..
Dec...
181, 602
128, 421
66, 330
55, 739
Switzerland
Sweden
Switzerland
Total
Total
net
net imports imports
or net or net
exports exports United
States
()
()
1934
1935
1936
1937
1938
tries
2,359
2,379
5,669
11, 273
31,089
28,083
28,104
-1,298
British British
India coun-
41, 790
37, 981
26, 723
24,165
27, 831
90 -12,834
Germany
Year or
month
931
- 2 , 215 - 5 , 663
4,258 - 2 , 488
2,006 -15,077
Other
Nether- U.S.SR. Australands
lia
-1,144
- 6 , 276
-5,828
915
-227
24, 558
559
-559
3,275
2,553
-2,287
-43
1,543
- 9 , 607 7 2,812
- 2 , 9 9 0 s 26, 368
-16,461 10, 609
-32, 745 - 4 , 989
-20
-28
1,934
386
-109,403
-50,108
-1,372
Corrected.
Revised.
* Preliminary.
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.
Includes exports to Central and South America of $24,996,000.
« Beginning April 1938 figures represent gold movements of Greater Germany.
*6 Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred.
Figures derived from preceding columns; gold movement plus production minus increase in reserves in India.
* Includes net import of $19,928,000 from Czecho-Slovakia and net export of $15,374,000 to Austria,
s Includes net import of $26,555,000 from Czecho-Slovakia.
NOTE.—Switzerland.—In some cases annual aggregates of official monthly figures differ somewhat from revised official totals published for year
as a whole.
3
229
FEDERAL RESERVE BULLETIN
MARCH 1939
CENTRAL BANKS
Assets of banking department
Gold (in
issue
department) *
Bank of England
(Figures in millions of
pounds sterling)
Cash reserves
]Sotes
Coin
1938—Mar. 30
Apr. 27 .
May 25
June 29
July 27
Aug. 31
Sept. 28.
Oct. 26
Nov. 30
Dec 28
326 4
326.4
326 4
326. 4
326.4
326.4
326 4
326 4
326.4
326 4
.2
.6
.6
.8
1.0
.5
.6
.6
.8
.8
.8
.8
.9
1.1
1.3
1.5
14
1.2
8
1939—Jan. 25
Feb. 22P
126 4
126.4
.7
1.0
1929—Dec. 25
1930-Dec. 31 _i
1931—Dec. 30
1932-Dec. 28
1933-Dec 27
1931-Dec. 26 .
1935-Dec. 25
1936—Dec. 30
1937—Dec. 29
_
145.8
147.6
120 7
119.8
190 7
192,3
200.1
313.7
326.4
Discounts
and advances
Liabilities of banking department
Note
circulation
Securities
Deposits
Bankers'
Public
26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
22.3
49.0
27.3
18.5
16.8
7.6
8.5
17.5
9.2
84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
379.6
368.8
364.2
371.2
392.0
405.2
424.5
467 4
505.3
71.0
132.4
126.4
102.4
101.2
89.1
72.1
150. 6
120.6
8.8
6.6
7.7
8.9
22.2
9.9
12.1
12.1
11.4
35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
17.9
18.0
18 0
18.0
18 0
18.0
18.0
18.0
18.0
41 0
37.1
46 2
41.2
33.1
46.0
25.5
43 9
45.6
51 7
62 6
53.7
8.7
7.1
9.5
7.3
9.5
5.4
7.3
4.2
17.6
28.5
18.8
17.5
131.0
133.4
115.1
140.6
137.0
124.4
135 6
129 2
110.8
90. 7
485.4
489.3
480.2
485.2
493.3
480.4
500.9
482.5
480.8
504.7
108.1
113.3
91.2
125.5
116.4
94.7
99.9
100.4
97.1
101.0
37.4
36.5
36.1
36.1
35.1
36.4
40.2
35.5
37.2
36.8
18 3
17.7
17 8
17.9
18.1
18.2
18.2
17 7
17 8
18 0
103.9
100.6
463.8
472.7
118.2
103.1
17.8
10.9
26.5
10.5
11.2
27.8
11.4
25.0
23. 1
15.9
12.9
16.3
36.7
35.1
18 1
18.2
Assets
Liabilities
For(Figures in millions of francs) Gold 2 eign
exOpen
change market
3
Ad-
Special 4
Other
vances
Shortto
Other
term
Govern- 5 Govern- securities
ment sement
curities
1,379
652
8,624
8,429
7,389
3,438
4,739
3,971
9,712
8,465
10,066
1929—Dec. 27 _
1930—Dec. 26
1931—Dec. 30 _._
1932—Dec. 30
1933—Dec. 29 _
1934—Dec. 28
1935—Dec. 27
1936—Dec. 30
1937—Dec. 30
41, 668
53, 578
68,863
83,017
77,098
82,124
66, 296
60, 359
58, 933
25, 942
26,179
21,111
4,484
1,158
963
1,
1, 460
911
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
1938—Feb. 24 _ _
Mar. 31
Apr. 28
May 25
_
June 30
July 28
Aug. 25__ _ __ _
Sept. 29_ _
Oct. 27
Nov. 24. __ _
Dec. 29
55, 807
55, 807
55, 807
55, 808
55, 808
55,808
55, 808
55,808
55, 808
87, 264
87, 265
874
845
830
813
804
78?
767
764
763
888
821
5,575
5,575
5,575
5,575
5,850
5,835
6,098
6,781
6,802
7,032
7,422
642
1,550
1,611
1,797
1939—Jan. 26
87, 266
761
8,004
1,996
_
Deposits
Loans on—
Domestic bills
Bank of France
Other
Other
liabilities
821
573
632
596
177
89
11, 582
10, 321
10,865
9,024
5,497
7,133
8,241
20,293
14,694
11, 021
7,880
6,193
Other Note
assets circulation Government
Other
Other
liabilities
17, 698
31,909
715
675
2,521
2,901
2,730
2,515
2,921
3, 211
3,253
3,583
3,781
31, 904
38, 574
40,134
40,134
40,134
40,134
40,134
50,134
48,134
20, 627
20, 627
866
997
879
113
552
623
331
1 311
1 600
1 559
443
3,652
3,825
3,700
3,454
3,614
3,545
3,545
4,362
3,865
3,739
3,612
5,603
6,609
8,545
9,196
8,251
8,288
7,879
8,344
7,277
7,187
8,361
7,288
7,334
8,258
7,117
7,364
8,410
7,427
14,185
14, 442
92, 740
98,095
98, 519
98,923
102,087
101,117
99,065
124,428
110,446
106, 798
110,935
2,226
2,233
2,802
3,248
3,245
3,135
2,891
2,825
3,642
6,169
5,061
20,147
21,409
21, 237
17, 525
12, 769
14, 207
17, 684
18, 593
23, 827
31,955
25, 595
3,154
3,141
3,154
3,155
2,592
2,608
2,649
2,660
2,727
3,004
2,718
20, 627
136
3,389
14, 099 109, 378
5,445
24, 935
2,713
573
68, 571
76, 436
85, 725
85,028
82, 613
83,412
81,150
89,342
93, 837
11,737
12,624
5,898
2,311
2,322
3,718
2,862
2,089
3,461
7,850
11, 698
22,183
20,072
13,414
15, 359
8,716
13, 655
19, 326
1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,160
p1 Preliminary.
Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000. However, by direction
of British Treasury under Section 2, paragraph (2), of Currency and Bank Notes Act, 1928 (see BULLETIN for August 1928, pp. 567-569), reductions
in amount of fiduciary issue (and securities held as cover) have been in effect as follows: Dec. 16,1936. to Nov. 10, 1937, £60,000,000; Nov. 17, 1937, to
Jan. 12, 1938, £40,000,000; Jan. 19, 1938, to Nov. 30, 1938, £60,000,000; Dec. 7, 1938 to Jan. 4, 1939, £30,000,000; and increases in fiduciary issue (and
securities held as cover) have been authorized by British Treasury under Section 8 of Currency and Bank Notes Act as follows: Aug. 1, 1931, to
March 31, 1933, £15,000,000; since Jan. 11, 1939, £140,000,000.
2 By decree of Nov. 12,1938 (see BULLETIN for Jan. 1939, p. 29), gold revalued on basis of 27.50 milligrams gold 0.900 fine per franc. 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 Dec. 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 Oct. 1936, pp. 785-786), and bills rediscounted
for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for Oct. 1936, p. 788).
* 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 b y Convention of Nov. 12, 1938 (see BULLETINS for July 1936, p . 536; Aug. 1937, p . 720; June 1938, p . 452; Aug.
1938, p. 650, and Jan. 1939, p. 30).
NOTE.—For further explanation of table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463.
230
FEDERAL RESERVE BULLETIN
M A R C H 1939
CENTRAL BANKS—Continued
Liabilities
Assets
Reichsbank
(Figures in millions of
reichmarks)
Reserves
Gold
1929—Dec. 3 1 .
1930—Dec. 31.
1931—Dec. 3 1 .
1932—Dec. 31.
1933—Dec. 30.
1934— Dec. 3 1 .
1935—Dec. 31.
1936—Dec. 31.
1937—Dec. 31.
2,283
2,216
1938—Feb. 28.
Mar. 31.
Apr. 30.
M a y 31.
June 30.
July 30.
Aug. 31.
Sept. 30.
Oct. 31_.
Nov. 30.
Dec. 31.
71
71
71
71
71
71
71
71
71
71
71
Other
Treasury bills
(and Security
Foreign
bills
loans
checks)
exchange
404
172
114
984
806
386
79
82
66
71
241
206
98
1
49
45
53
62
119
2,608
2,366
4,144
2,806
3,177
4,021
4,498
5,448
6,013
21
121
5,637
5,813
5,841
5,832
6,136
6,247
6,647
8,173
7,542
7,513
8,123
110
96
121
545
547
549
550
550
550
548
557
16
7,144
592
89
12
18
39
17
1
2
1
1939—Jan. 31 _.
Securities
Eligible
as note
cover
251
256
245
176
183
146
84
74
259
445
349
221
106
Other
Other
assets
Note
circulation
Deposits
Other
liabilities
92
102
161
398
322
319
315
303
656
638
1,065
1,114
735
827
853
765
861
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
755
652
755
540
640
984
1,032
1,012
1,059
736
822
1,338
1,313
836
1,001
923
953
286
297
297
300
300
5,278
5,622
6,086
6,440
6,650
6,869
8,023
7,754
7,744
8,223
891
1,323
1,031
1,021
1,119
920
1,033
1,231
1,040
1,141
1,527
996
877
298
953
1,388
1,614
1,373
1,322
1,285
1,268
1,129
1,360
1,494
1,621
1,022
1,064
1,093
1,091
298
1,848
7,816
1,119
1,091
970
903
911
932
951
974
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
1939
1938
Nov.
Jan.
Central bank
[Figures as of last report
date of month]
Jan.
Dec.
3,435
926
182
33
469
4,376
7,580
Demanddeposits—Treasury
22, 524
Other
4,047
Other" Liabilities
3,783 Central Bank of Bolivia (thousands
10, 608 10, 818 of bolivianos):
13, 233 15,184
Gold at home and abroad
12, 880 11,931
Foreign exchange
Loans and discounts
Securities— Government
1,224
1,224
Other
1,345
94
71
Other assets
47
Note circulation
96
95
80
Deposits
224
150
239
Other liabilities
1,149
1,059
1,118
333 National Bank of Bulgaria (mil363
321
114
125
lions of leva):
110
1
Gold
3
1
33
Foreign exchange
18
55
Loans and discounts
47
38
Government debt
Other assets
Note circulation
Deposits
16,011 16,011 16, 006
Other liabilities
45, 999 37, 268 40,801
Bank of Canada (thousands of Ca1,124
1,317
1,317
nadian dollars):
Gold
25, 665 21, 785 31, 384
15,144 14, 843 12, 368
Sterling and United States ex52,160 58,037 52, 653
change
87, 530 91,412 93, 718
Canadian Gov't. securities:
53,030 48, 030 49, 534
2 years or less
Over 2 years
Other securities
3,428 3,446 3,533
Other assets..
924
912
1,012
Note circulation
214
290
206
Deposits-Chartered banks
41
38
29
Dominion Government
464
466
466
Other
4,398 4,450 4,282
Other liabilities
1939
Jan.
1938
Dec.
Nov.
Jan.
National Bank of Belgium—Cont.
7,574
18, 320
5,320
4,401
10, 529
12,155
12, 932
7,575
19,161
5,491
4,494
108
439
122
114
440
119
37, 390
26, 433
400, 848
4,551
43, 545
288, 090
218,128
65, 418
2,006
1,279
977
3,441
1,136
2,800
3,707
2,332
136
447
119
33
813
118
57, 593 51, 996
106,981 91,312
26, 227 34, 961
401, 829 398, 926
4,034
4,586
47, 369 14, 738
280, 621 247, 342
300,876 292, 065
62, 536 57,110
2,003
1,105
1,083
3,468
1,171
3,604
2,287
1,994
838
1,061
3,495
1,188
2,361
3,965
2,250
192, 004 185, 912 181, 033 179, 756
24, 666
28, 354
45,157
16, 815
138,316 144, 621 154, 875 76, 329
42, 364 40, 895 41,018 90, 753
12, 201
6,849
5,153
5,425 8,514
161, 360 175, 260 170, 724 152, 896
215,052 200, 646 215,195 198, 986
14, 553 16, 673 29, 988 17,800
3,086
3,322
1,844
1,735
9,912
9,271
9,759 12, 951
231
FEDERAL RESERVE BULLETIN
M A R C H 1939
CENTRAL BANKS—Continued
Central bank
[Figures as of last report
date of month]
1939
Jan.
1938
Dec.
Nov.
Jan.
Central Bank of Chile (millions of
Gold
Discounts for member banks
Loans to government.__
Other loans and discounts
Other assets
Note circulation
DepositsBank
_
__.
Other
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold..__
Foreign exchange.
Loans and discounts
Government loans and securities
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Czecho-Slovakia
(millions of koruny):
Gold*
Foreign exchange.
Discounts
Loans
_Government debt
_.
Other assets
_.
Note circulation
Demand deposits
Other liabilities
Bank of Danzig (thousands of
gulden):
Gold
Foreign exchange of the reserveOther foreign exchange
Loans and discounts
_.
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Denmark (millions of kroner):
Gold
Foreign exchange
Discounts
Loans—To Government agencies
Other
Securities
Other assets
Note circulation
Deposits
Other liabilities
Central Bank of Ecuador (thousands of sucres):
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
Demand deposits
__.
Other liabilities..
National Bank of Egypt > (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposits—Government...
Other
Other liabilities
1
145
67
758
192
49
787
145
73
758
182
37
795
145
18
766
172
47
742
144
5
791
115
50
701
205
65
155
198
61
141
202
52
151
196
76
133
42, 671
5,306
17, 822
38,010
28, 580
54, 311
48, 367
29, 712
42, 223
4,975
21,169
39,067
26, 767
58, 300
45, 537
30, 363
42,000
6,025
18, 526
38,167
27, 392
54,423
48, 318
29, 370
32,134
12, 696
16, 370
45, 722
26, 287
48, 863
43, 492
40, 855
2,696
1,173
2,227
731
2,694
1,248
2,741
1,965
6,985
386
1,421
1,661
6,950
656
1,547
1,702
6,870
403
1,575
2,641
523
1,004
993
2,010
1,225
6,099
629
1,668
26, 788
733
343
26, 813
3,155
38, 987
14, 832
19, 012
28, 341
991
373
26, 300
2,596
41,169
13,496
19, 012
28, 263
2,501
368
26, 014
3,157
39,018
17, 783
19,012
28, 370
2,991
397
16, 867
3,434
34, 735
13, 297
19,012
118
115
21
65
123
162
108
410
111
190
118
112
22
134
158
148
107
441
170
118
118
23
151
116
148
112
414
192
179
118
83
21
140
113
69
65
386
73
150
1,308
2,310
835
35,
6,
55,
19,
68,
32,
16,
282
354
279
808
205
490
029
37,
11,
55,
16,
63,
46,
10,
375
434
641
834
896
967
421
6,545
2,039
8,586
6, 545
2,593
5,818
28, 279
6,905
21, 087
3,835
18, 578
8,854
34, 873
7,231
19, 830
9,163
19, 685
8,381
Central bank
[Figures as of last report
date of month]
Central Reserve Bank of El Salvador (thousands of colones):
Gold
_.
Foreign exchange
Loans and discounts
Government debt and securities
Other assets
Note circulation
_
_
Deposits
Other liabilities..
Bank of Estonia (thousands of
krooni):
Gold
_
._.
Foreign exchange (net)
___
Loans and discounts
Other assets
Note circulation
Demand deposits
__
Other liabilities
Bank of Finland (millions of markkaa):
Gold'
_.
Foreign assets
Loans and discounts
_
Domestic securities
Other assets..
Note circulation
Deposits—Treasury
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 4
Foreign exchange reserve
Discounts
Loans—To Treasury
Other
_
__
Other assets
_
Note circulation
Demand deposits...
Certificates of indebtedness
Other liabilities
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad
Sterling securities
Indian Gov't. securities
Rupee coin
___
Note circulation
Banking department:
Notes of issue department...
Balances abroad
Treasury Bills discounted __.
Investments
Other assets
Deposits
Other liabilities.
Bank of Japan (millions of yen) :
Gold
Id..
Special foreign exchange fund
Discounts
Loans—Government
Other
Government bonds
Other assets
Note circulation
Deposits—Government.
Other..
Other liabilities
1938
Jan.
Dec.
Nov.
Jan.
13, 207 13, 206 13,172
3,204
3,153
4,183
1,202 1,758
1,284
5,686 5,867
5,469
930
876
1,769
14, 851 13, 901 15,894
5,580 6,575 6,673
3,608 3,702 4,182
34, 298
17, 293
29, 613
36, 575
51, 691
37, 509
28, 578
34, 295
16, 386
26, 516
36, 627
51,903
34, 454
27,467
34, 216
15, 731
24,833
29, 781
48,770
34, 942
20, 847
1,128
2,548
1,215
309
197
1,975
384
862
2,176
1,128
2,534
1,177
306
180
2,086
244
850
2,146
620
2,374
1,247
310
367
2,042
152
1,039
1,684
635
2,374
1,157
349
400
2,015
472
828
1,600
3,598
8,616
4,296
1,708
6,694
9,714
1,811
3,564
8,841
4,292
1,692
7,239
9,598
1,553
3,375
8,209
4,315
2,012
7,011
8,894
2,006
3,451
5,616
4,381
1,682
6,358
6,405
2,367
124
94
471
269
12
359
831
179
99
220
124
97
511
268
14
296
863
196
94
100
462
267
12
293
84
58
386
117
14
287
437
219
70
220
444
595
323
702
1,880
444
622
324
714
444
788
274
629
,833
184
13
83
56
31
243
125
314
3
1
59
16
273
120
303
49
501
300
457
3
82
1,841
295
2,755
307
131
501
300
442
3
49
1,412
328
2,132
460
161
282
501
300
404
3
46
1,671
279
2,311
496
100
297
6
310
107
801
L 496
3
161
1,210
174
2,051
432
88
274
Includes 336 million shown separately as cover for liabilities in gold beginning September 1938.
2 Items for issue and banking departments consolidated.
In accordance with law of Dec. 22, 1938, gold revalued on Dec. 31, 1938, at .0208 gram fine gold per mark.
In accordance with law XXV of 1938 gold revalued on January 15, 1929, at .1754 gram fine gold per pengo and resulting increment included in other assets.
3
4
232
FEDERAL RESERVE BULLETIN
MARCH
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
Discounts
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities
._
Bank of Norway (millions of
kroner):
Gold
Foreign assets
Total domestic credits and
securities
Discounts
Loans
Securities
Other assets
Note circulation
Demand deposits—Government
Other
Other liabilities
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange
Discounts
Government loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Poland (millions of zlotys):
Gold
Foreign exchange
Loans and discounts
Securities
Other assets
Note circulation
Other sight liabilities
Other liabilities
Bank of Portugal (millions of
escudos):
Gold
Other reserves (net)
1
2
Jan.
Dec.
Nov.
Jan.
117
11
66
103
188
83
26
62
112
186
87
117
3
66
105
185
78
92
41
147
66
77
217
52
83
42
162
60
83
213
50
83
43
150
60
83
205
49
78
43
130
66
62
198
56
117
33
143
56
23
65
5
121
34
142
62
21
66
4
117
35
143
54
25
79
4
114
zy
117
88
20
1,461
27
4
9
309
68
992
137
702
47
1,481
25
4
16
321
68
1,005
112
750
47
1,406
18
5
2,802
4,678
500
2,802
4,828
2,802
16, 231
1,461
29
3
8
307
69
999
191
638
63
606
47
16, 457 13, 522 7,724
3,509
3,605
2,915
314
440
296
16, 641 14, 587 14, 240
10,114 8,696 14, 031
1,693
1,726
1,696
210
192
206
215
211
217
180
237
218
0)
0)
0)
0)
228
0)
0)
0)
0)
C
477
38
92
0)
212
71
32
108
53
448
166
67
32
67
15
421
56
62
60
51,419
23, 683
84,987
6,135
106, 419
43,177
16,629
57, 605
40,806
46,964
11, 260
94,420
42, 260
19,955
442
12
975
127
386
1,373
195
375
436
32
622
128
465
1,014
327
343
918
524
917
568
446
37
103
446
18
908
133
400
1,348
226
332
445
18
1,025
131
407
1,406
251
369
Central bank
[Figures as of last report
date of month]
Jan.
Dec.
Nov.
Bank of Portugal—Cont.
Non-reserve exchange
178
Loans and discounts
456
Government debt
1,039
Other assets
1,366
Note circulation
2,224
Other sight liabilities
1,108
Other liabilities
1,150
National Bank of Rumania (millions of lei):
Gold
18,125
Special exchange accounts
4,071
Loans and discounts
12,121
2
Special loans
1,831
Government debt
10,499
Other assets
11,009
Note circulation
33, 676
Demand deposits
13,075
Other liabilities
10, 905
South African Reserve Bank
(thousands of pounds):
Gold
26, 725 26, 722
Foreign bills
8,096
9,050
Other bills and loans
1, 716 1,820
Other assets
15,524 15,072
Note circulation
19,101 16, 547
Deposits
29,140 33, 033
Other liabilities
3,821
3,084
Bank of Sweden (millions of
kronor) :
729
Gold
707
707
782
Foreign assets
834
874
Discounts
12
13
14
40
Loans
37
33
Domestic securities
116
106
91
Other assets
488
466
463
Note circulation
979
1,061
982
Demand deposits
1,024
933
1,029
Other liabilities
164
169
171
Swiss National Bank (millions of
francs):
Gold
2,890
2,890 2,890
255
Foreign exchange
280
286
152
Discounts
159
115
Loans
19
22
24
Other assets
703
711
709
1,651
Note circulation
1,751
1,696
1,725
Other sight liabilities
1,663
1,686
643
Other liabilities
647
643
Central Bank of the Republic of
Turkey (thousands of pounds):
36,873 36,872 36,871
Gold
10
29
22
Foreign exchange—Free
10, 037 7,163
In clearing accounts
8,349
93,305 105,461 92,018
Loans and discounts
190, 920 191, 899 189, 861
Securities
23, 660 23, 785 34, 092
Other assets
198,463 204, 744 196,611
Note circulation
i, 727 51, 981
44,534
Deposits
111,808 113, 738 112,622
Other liabilities
Bank of the Republic of Uruguay
(thousands of pesos):
Issue department:
Gold and silver 3
103, 585
Note circulation
87,593
Banking department:
52,162
Cash reserves
100,532
Loans and discounts
68, 584
Other assets
82,105
Deposits
139,173
Other liabilities
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
1,911
Gold
1,910
1,906
527
644
512
Foreign exchange
1,685
1,771
Loans and discounts
1,781
2,228 2,228 2,244
Government debt
Other assets
3,095 3,179
3,383
6,608 6,921
Note circulation.
6,783
2,126
2,093 2,266
Other sight liabilities
712
Other liabilities
717
778
e
Figures not yet available.
Corrected.
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
1939
Jan.
163
328
1,041
1,298
2,102
1,142
1,070
16, 504
5,915
6,175
1,989
10, 549
9,174
30,102
10, 642
9,561
22,936
3,176
2,973
12, 932
16,995
21, 757
3,265
540
1,030
12
23
16
288
906
879
125
2,842
519
15
24
630
1,451
1,947
635
36, 753
25
23, 857
45, 502
.88, 405
38, 237
.76, 376
40,578
.15,825
42,087
90,826
22,450
93, 857
59, 979
81,179
95,107
1,719
461
1,623
2,239
3,055
5,673
2,661
762
233
FEDERAL RESERVE BULLETIN
MARCH 1939
BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of Swiss gold francs1]
1939
1938
1939
1938
Liabilities
Assets
Jan. 31
Jan. 31
Jan. 31
Dec. 31
Jan. 31
44, 489
42,119
16,318
Demand deposits (gold)
9,659
9,462
9,435
16, 647
18, 545
17, 845
16, 571
37, 604
13, 346
136,287
7,306
218, 207
30, 200
271, 953
221,087
35, 592
261, 779
Short-term deposits (various currencies) :
Central banks for own account
Other
132, 434
7,130
238, 213
44, 783
298, 453
176, 952
8,729
Long-term deposits: Special accounts._
255,081
255,012
262, 320
Other liabilities
192, 694
191, 869
192, 331
Total liabilities
601, 026
595, 907
649, 767
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
Dec. 31
Other assets
984
913
1,051
Total assets
601, 026
595, 907
649, 767
i See BULLETIN for December 1936, p .
1025.
MONEY RATES IN FOREIGN COUNTRIES
[Percent per annum]
United Kingdom (London)
Month
Bankers'
acceptances
3 months
Treasury
bills, 3
months
4.32
4.07
2.25
5.52
.87
1.01
.36
.56
.56
.54
4.29
4.04
2.24
4.94
.76
.90
.26
.53
.54
.51
1938—July
August
September..
October
November..
December..
.55
.53
.91
.70
.52
.51
1939—January
.55
.53
1929—January..
1930—January..
1931—January..
1932—January..
1933—January..
1934—January..
1935—January..
1936—January..
1937—January..
1938—January..
Month
.67
.93
Netherlands (Amsterdam)
Germany (Berlin)
Bankers'
Day-to-day allowance
money
on deposits
3.41
3.62
1.74
4.20
.73
.86
.66
.75
.75
.75
Private
discount
rate
Money for Day-to-day
1 month
money
Private
discount
rate 1
Money for
1 month
5.80
6.33
4.75
6.94
3.87
3.87
3.51
3.00
3.00
2.88
7.51
7.71
6.64
7.58
5.03
4.78
3.93
3.09
2.88
2.88
5.13
6.03
4.93
7.86
4.98
4.74
3.82
2.81
2.54
2.98
4.20
2.99
1.38
2.24
.37
.50
.59
2.21
.52
.13
4.46
2.85
1.55
2.37
1.00
1.00
1.00
2.21
.52
.13
.75
.75
.75
. 75
.75
2.93
2.88
2.88
2.88
2.88
2.88
2.88
2.87
2.88
2.88
2.88
2.88
2.96
2.51
2.59
2.70
2.58
2.86
.13
.13
.32
.21
.14
.13
.50
.50
.70
.50
.50
.50
.75
2.88
2.88
2.46
.13
.50
Switzerland
Belgium
(Brussels)
France
(Paris)
Italy
(Milan)
Private
discount
rate
Private
discount
rate
Private
discount
rate
Private
discount
rate
1929—December..
1930—December..
1931—December..
1932—December..
1933—December..
1934—December..
1935—December..
1936—December..
1937—December..
3.15
1.18
1.75
1.50
1.50
1.50
2.50
1.25
1.00
4.40
2.34
2.44
2.94
2.25
2.38
1.88
1.00
1.72
3.50
2.03
1.75
.91
2.26
1.50
5.89
1.99
3.00
7.00
5.50
7.50
5.00
3.00
4.00
5.00
4.50
5.00
1938—June
July
August
SeptemberOctober
November..
December..
1.00
1.00
1.00
1.00
1.00
1.00
1.00
3.25
3.12
2.89
3.26
3.00
2.01
2.21
2.40
2.50
2.50
2.65
3.00
2.90
2.23
5.00
5.00
5.00
5.00
5.00
5.00
5.00
Hungary
Prime
commercial paper
5M7M
7^-10
Day-to-day
money
Sweden
(Stockholm)
Japan (Tokyo)
Loans up
to 3
months
Call
Discounted
money
bills
overnight
5-6
2%
4^-1
4^-(
43^-6i/2
23^-5
23^-5
2^2-5
5.48
5.48-5. 66
5. 84-6. 57
5. 66-5.84
5.11-5.48
5.11
5.11
4.75
4.75
3.10
3.65
6.57
2.74
2.56
2.74
2.69
2.74
2.59
4.56
4.56
4.56
4.56
4.56
4.56
2.37
2.48
2.44
2.33
2.31
2.50
r
Revised.
i Owing to divergences between quotations for Netherlands private discount rate as published by Rotterdamsche Bankvereeniging and Frank furter Zeitung, quotations beginning January 1939 will be based on information furnished by Netherlands Bank.
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.
234
FEDERAL RESERVE BULLETIN
MARCH 1939
DISCOUNT RATES OF CENTRAL BANKS
[Percent per annum]
Central bank of—
Date effective
In effect June 30,
1936
July 7
July 10
„
Sept. 9
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 20
Nov. 26
Dec. 3
Jan. 28, 1937
June 15... -.
July 7
Aug. 4
Sept. 3
Nov. 13
May 10, 1938
May 13
May 30
Sept. 28
Oct. 27
Nov. 25
Jan. 4, 1939
In effect Feb. 28,
1939
United
Ger- BelKing- France many
gium
dom
4
4
2
Neth- Switzerer- Japan
lands land
2
3
3.29
2
3
2
3
2
1A
1M
2
4
6
5
4
3
!
i
2
4
2V7
3
1 3
2
Rate
Feb.
28
Date
effective
Central
bank of—
Albania
6
April 1, 1937 Japan
Argentina..
Mar. 1, 1936 Java
Belgium
Oct. 27, 1938 Latvia
Bolivia
6 2 July 5, 1932 Lithuania...
British India 3 Nov. 28, 1935 Mexico.
Bulgaria
6
Aug. 15, 1935 Netherlands
Canada .__
Mar. 11, 1935 New ZeaChile
3-4*1 Dec. 16, 1936
land
ColombiaJuly
18, 1933 Norway
4
CzechoPeru
Slovakia.. 3 Jan. 1, 1936 Poland
Danzig
Jan. 2, 1937 Portugal
4
Denmark...
Feb. 23, 1939 Rumania ...
Ecuador
4
Nov. 30, 1932 South Africa
El Salvador
Aug.
23, 1935 Spain
4
Estonia
Oct. 1, 1935 Sweden
Finland
4
Dec. 3, 1934 Switzerland
France
2
Jan. 4, 1939 Turkey
Germany. _. 4 Sept. 22, 1932 United KingGreece
6
Jan. 4, 1937
dom
Hungary... 4 Aug. 29, 1935 U. S. S. R...
Italy
May 18, 1936 Yugoslavia.
Rate
Feb.
28
Date
effective
3.29
3
5 "
3
2
Apr.
Jan.
Jan.
July
Mar.
Dec.
7,
14,
1,
1,
1,
3,
4
4
Nov.
Jan.
May
Dec.
Aug.
May
May
July
Dec.
Nov.
July
19, 1938
5, 1938
20, 1932
18, 1937
11, 1937
5, 1938
15, 1933
15, 1935
1, 1933
26, 1936
1, 1938
2
4
5
June 30, 1932
July 1, 1936
Feb. 1, 1935
6
2
5
IA
1936
1937
1939
1938
1937
1936
1A
9.U
2
2
Central
bank of—
Changes since Jan 31: Denmark— Feb. 23,'down from 4 to 3lA per cent.
4
2A
3.29
2
COMMERCIAL BANKS
[Figures as of end of month, except those for United Kingdom, which are averages of weekly figures]
Assets
Money at
United Kingdom
Cash
call and Bills dis- Securicounted
ties
reserves
short
(Figures in millions of pounds sterling)
notice I
Loans to
customers
Other
assets
Liabilities
Deposits
Total
Demand i Time
Other
liabilities
10 London clearing banks
1930—December
1931—December
1932—December.
1933—December.
1934—December.
1935—December.
1936—December.
1937—December.
1938—December.
184
207
213
216
221
236
236
235
144
119
127
119
151
159
187
155
150
322
246
408
311
255
322
316
295
244
285
297
472
565
594
605
630
605
606
933
905
778
740
759
784
864
954
940
240
222
208
237
247
231
238
242
250
1,876
1,737
1,983
1,941
1,971
2,091
2,238
2,250
2,172
992
868
991
1,015
1,044
1,140
847
846
963
900
910
924
254
237
216
244
251
231
232
237
254
11 London clearing banks 2
1936—December.
244
195
1937—November.
December.
1938—January...
FebruaryMarch
April
May
June
July
August
September.
October, _.
November.
December.
235
244
161
163
251
243
244
246
231
247
244
241
234
234
233
243
1939— January.. _
248
322
249
2,315
300
634
635
991
984
245
256
2,311
2,330
1,238
1,284
1,025
1,026
252
252
154
144
150
150
146
154
159
153
148
149
149
160
331
288
239
249
280
289
302
305
289
268
272
250
636
633
634
638
631
630
633
642
646
645
642
635
970
984
1,000
240
238
239
240
246
251
242
239
242
256
255
263
2,329
2,280
2,254
2,263
2,299
2,309
2,298
2,269
2,256
2,249
2,254
1,290
1,242
1,221
1,228
1,220
1,245
1,254
1,248
1,236
1,247
1,244
1,256
1,039
1,038
1,033
1,040
1,043
1,054
1,055
1,050
1,033
1,009
1,004
997
252
250
252
252
256
256
255
258
262
270
269
143
256
624
972
253
2,230
985
985
974
973
973
1,012
1
Through December 1937 excludes deposits in offices outside England and Wales, 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.
MARCH
235
FEDERAL RESERVE BULLETIN
1939
COMMERCIAL BANKS—Continued
[Figures as of end of month]
Assets
France
(4 large banks. Figures in millions of
francs)
1930—December...
1931—December...
1932—December..
1933—December. .
1934—December..
1935—December..
1936—December..
1937—December..
1938—February...
March
April
May
June..
July
August
September..
October
November,.
Cash
Due from Bills discounted
banks
16,141
17, 582
18, 249
17, 617
17, 533
18, 817
20, 271
20,443
21, 620
19,828
14,080
18, 940
18, 522
7,994
7,331
7,423
7,153
7,083
7,314
7,490
8,072
7,613
7,956
1,475
1,546
1,617
1,573
1,538
1,653
1,702
1,921
2,088
1,976
3,739
3,100
3,403
3,218
3,025
3,063
5,976
4,086
3,297
3,270
4,410
3,152
3,357
4,357
4,302
4,128
3,944
3,799
3,962
4,708
4,237
4,238
4,318
Demand
35,284
37,023
36,491
31,773
30,039
36, 681
38, 245
37, 759
32, 635
30,943
27, 553
28,484
30,348
30,198
29, 234
30,454
34,394
32, 464
33,184
32, 293
27,869
30, 952
30, 971
191
173
143
131
115
139
137
148
197
151
167
208
178
199
270
179
195
Due
from
banks
1,483
817
583
471
393
316
269
299
308
273
260
271
263
255
295
261
270
Canada
1930—December..
1931—December..
1932—December..
1933—December..
1934—December..
1935—December..
1936—December..
1937—December..
26, 859
27, 955
29,748
921
576
295
273
193
337
473
661
4,357
4,503
4,331
4,362
4,301
4,399
4,289
4,517
29, 542
28, 620
29,874
33,828
31, 938
32, 701
31, 784
27,405
30,449
30, 460
656
614
580
566
527
483
508
463
503
511
781
780
781
676
534
566
550
678
775
746
3,682
3,722
3,813
3,847
3,950
4,096
4,155
4,174
4,304
4,411
Liabilities
Bills discounted Loans
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
3,081
3,083
3,328
3,270
3,464
3,589
3,384
3,620
3,643
2,714
2,680
2,604
2,704
2,729
2,731
2,817
2,743
2,685
1,000
1,150
1,094
1,107
1,100
1,098
1,097
1,183
1,406
Deposits
Other
Total
1,127
991
1,003
851
812
853
834
826
811
809
844
876
895
Demand
1938—March
April
May
June
July
August
September..
October
November..
December..
205
135
103
106
103
83
114
76
63
64
66
69
71
71
60
66
64
65
1,275
1,253
1,104
1,036
977
945
791
862
870
906
900
921
920
913
965
986
970
940
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
6,338
6,384
6,509
6,635
2,910
2,978
3,050
3,159
3,194
3,219
3,311
3,373
3,531
3,428
3,406
3,459
3,476
3,594
3,714
3,603
3, 658
3,703
6,915
7,031
7,234
Credits Other
obtained liabilifrom
ties
banks
1,986
1,328
1,146
661
485
686
579
513
460
453
444
433
420
416
424
422
420
1,828
2,341
'., 550
,481
,432
,449
,334
,335
,356
,334
1,327
1,303
1,334
1,368
1,400
1,427
1,438
Liabilities
Security
Entirely in Canada
loans
abroad
and net SecuriOther
due
ties
Security loans
from
Cash
loans and dis- foreign
counts
banks
207
201
211
197
228
228
240
255
247
248
247
247
240
262
270
291
277
263
Other
liabilities
1,397
1,222
1,268
862
904
694
529
600
Assets
(10 chartered banks. Figures in millions of Canadian dollars)
Own
acceptances
Time
Assets
Cash
(5 large Berlin banks. Figures in milreserves
lions of reichsmarks)
1938—March
_
April
May
June
July
August
SeptemberOctober
November. _
Total
2,361
2,130
1,749
1,827
1,717
1,900
1,957
2,134
20,448
18,441
22,014
19,848
18, 304
Germany i
1930—No vember..
1931—November..
1932—November..
1933—November..
1934—November..
1935—No vember..
1936—November..
1937—November..
Other
assets
Loans
10, 743
9,274
7,850
8,309
8,159
8,025
7,631
7,624
4,675
2,168
1,766
1,416
1,421
2,484
2,975
4,116
2,419
11,311
9,007
5,870
Liabilities
Deposits
171
146
155
134
155
141
161
102
110
121
129
119
123
137
150
147
192
166
604
694
778
861
967
1,155
1,384
1,411
1,438
1,456
1,449
1,462
1,437
1,440
1,421
1,409
1,426
1,463
Other
assets
Note
Deposits payable in Canada excluding interbank
deposits
Other
liabili-
circulation
Total
602
510
439
432
449
485
507
510
477
483
479
520
471
459
481
470
471
474
133
129
115
121
124
111
103
96
96
95
91
99
95
93
99
94
92
Demand
Time
ties
2,115
2,058
1,916
1,920
2,035
2,180
2,303
2,335
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
2,338
2,414
2,403
2,459
2,394
2,418
2,447
2,480
2,499
2,500
715
.783
111
838
772
783
814
824
844
840
1,623
1,631
1,626
1,621
1,623
1,635
1,633
1,656
1,655
1,660
772
769
777
781
772
771
802
795
808
782
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.
236
FEDERAL RESERVE BULLETIN
MARCH
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
Argentina
(peso)
Austria
(schilling)
Belgium
(belga)
14. 058
14. 089
14.023
13. 960
13.912
13.952
13. 929
13. 914
17. 900
23. 287
18.424
16.917
16. 876
16.894
5. 8788
6.1806
5. 8438
1929.
1930.
1931.
1932.
1933.
1934.
1935.
1936.
1937.
1938..
95.127
83. 505
66. 738
58. 443
72. 801
33. 579
32. 659
33.137
32. 959
32. 597
480. 83
458. 60
351. 50
279.93
337. 07
400. 95
388. 86
395. 94
393. 94
389. 55
1938—May
June
July
August
September..
October
November..
December...
33. 118
33. 053
32. 862
32. 541
32.032
31. 793
31.382
31.135
395.
395.
392.
388.
382.
379.
375.
372.
77
02
77
90
74
89
05
06
16. 835
16. 956
16.919
16. 869
16. 877
16.904
16. 908
16. 843
1939—January.
31.126
372. 06
16. 893
Year or month
Cuba
(peso)
Brazil (milreis)
Australia
(pound)
15. 448
18. 793
18. 831
18.792
18. 770
18.916
Official
Czecho- DenFinland
Egypt
slovakia mark
(mar(koruna) (krone) (pound)
kka)
British
India
Free
market
(rupee)
Chile (peso)
Bulgaria
(lev)
Canada
(dollar)
Official
36. 202
36. 067
33. 690
26. 347
31.816
37. 879
36. 964
37. 523
37. 326
36. 592
.7216
99. 247
.7209
99. 842
.7163
96. 326
.7193
88.090
1. 0039 91. 959
1. 2852 101. 006
1. 2951 99. 493
1. 2958 99. 913
1. 2846 100.004
1. 2424 99. 419
5. 8566
5. 8564
5. 8528
5. 8460
5. 8563
5. 8488
5. 8595
5. 8646
37.052
36. 738
36. 762
36. 390
35. 827
35.617
35.151
34. 860
1. 2466
1. 2395
1. 2370
1.2349
1. 2323
1. 2324
1. 2325
1. 2326
5. 8598
34. 881
1.2156
France
(franc)
12.0601
12.0785
12. 0669
7. 9079
7. 6787
10.1452
5.0833
5.1240
5.1697
5.1716
99.177
98. 908
99. 437
99. 646
99. 365
99. 062
99. 248
99. 064
99.194
Export
China
(yuanShanghai)
Colombia
(peso)
96. 551
96. 493
96. 570
95. 275
81. 697
61. 780
4.0000
4. 0000
41. 901
29. 917
22. 437
21. 736
28. 598
34. 094
36. 571
29. 751
29. 606
21. 360
5.1683
5.1682
5.1694
5.1744
5.1765
5.1771
5.1777
5.1758
4. 0000
4. 0000
4.0000
4. 0000
4.0000
4. 0000
4. 0000
4.0000
23. 804
18. 835
18. 205
16.618
17.167
16. 029
15. 796
16.110
55. 447
55. 370
56. 223
56.564
56. 704
57. 078
57. 136
57. 001
5.1739
4. 0000
16. 256
57.055
GerHunmany Greece Hong
(drach- Kong
gary
(reichsma)
(dollar) (pengo)
mark)
Italy
(lira)
Japan
(yen)
56.
57.
56.
55.
011
083
726
953
Mexico Netherlands
(peso) (guilder)
99. 965
99. 952
99. 930
99. 941
99. 946
99. 936
99. 920
99. 909
99.916
99. 925
2. 9609
2. 9640
2. 9619
2. 9618
3. 8232
4. 2424
4.1642
4. 0078
3. 4930
3. 4674
26. 680
26. 765
25.058
18. 832
19. 071
22. 500
21. 883
22.189
22. 069
21. 825
498. 07
498. 60
465.11
359. 54
434. 39
516. 85
502. 60
509. 68
506. 92
501. 30
2. 5160
2. 5169
2. 3875
1. 5547
1. 8708
2. 2277
2.1627
2.1903
2.1811
2.1567
3. 9161
3. 9249
3.9200
3.9276
5. 0313
6. 5688
6. 6013
23. 809 1. 2934 47.167 17. 441 5. 2334 46.100
23. 854 1. 2959 33.853 17. 494 5. 2374 49. 390
23.630 1. 2926 24. 331 17. 452 5. 2063 48.851
23. 749 .8320 23. 460 17. 446 5.1253 28. Ill
.7233 29. 452 22. 360 6. 7094 25. 646
30.518
39. 375 .9402 38. 716 29. 575 8. 5617 29. 715
40. 258 .9386 48. 217 29. 602 8. 2471 28. 707
6.1141 40. 297
.9289 31.711 29. 558 7. 2916 29. 022
4. 0460 40. 204
.9055 30.694 19. 779 5. 2607 28. 791
2. 8781 40.164
.8958 30. 457 19. 727 5. 2605 28. 451
48.183
47.133
35. 492
31. 850
28.103
27. 742
27. 778
27. 760
27. 750
22.122
40.162
40.225
40. 230
40. 295
51.721
67. 383
67. 715
64. 481
55. 045
55.009
1938—May
June
July
August
September
October
November...
December
99. 926
99. 933
99. 935
99. 933
99. 932
99. 916
99. 926
3. 4792
3. 4754
3. 4580
3. 4518
3. 4476
3. 4401
3. 4264
3. 4221
22.174
22.132
22. 004
21. 785
21.441
21. 283
21.011
20. 844
509. 30
508. 36
505. 39
500.30
492. 54
488. 92
482. 66
478.88
2.1938
2.1878
2.1751
2. 1510
2.1171
2. 1016
2. 0750
2. 0554
2. 8148
2. 7824
2. 7663
2. 7331
2. 6924
2. 6662
2. 6343
2. 6323
40.160
40.266
40.188
40.090
39. 966
40.047
40. 042
40. 080
.9100
.9078
.9031
.8950
.8805
.8736
.8636
.8559
30. 849
30. 856
30. 755
30. 479
29. 989
29. 668
29. 325
29.174
19. 769
19. 759
19.701
19. 663
19. 642
19. 641
19. 637
19. 642
22. 275
20. 914
20.104
19. 732
19. 462
19. 659
19. 971
19. 931
55. 351
55. 343
55.040
54. 602
53. 940
54.390
54. 334
54. 356
1939—January
99. 932
3. 4258 20. 841 478. 76
2.0543
2. 6369 40. 066
.8558
29.107
19. 632 5. 2603 27. 205 19. 483
54.187
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
_•
Year or month
New
Norway
Zealand
(pound) (krone)
Poland
(zloty)
Portugal
(escudo)
Rumania
(leu)
5. 2604
5. 2604
5. 2604
5. 2604
5. 2604
5. 2603
5. 2603
5. 2603
28. 938
28. 884
28. 722
28. 444
27. 996
27. 787
27. 430
27. 213
Straits
United
South
SweSwitzSpain SettleAfrica
den
erland Turkey Kingments
dom
(peseta)
(pound)
(krona) (franc) (pound)
(dollar)
(pound)
Uruguay
(peso)
Yugoslavia
(dinar)
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
483. 21
468. 22
415. 29
320.19
340. 00
402. 46
391. 26
398. 92
396. 91
392. 35
26. 683
26. 760
25. 055
18.004
21. 429
25. 316
24. 627
24. 974
24. 840
24. 566
11.194
11. 205
11.197
11.182
14. 414
18. 846
18. 882
18. 875
18. 923
18. 860
4. 4714
4. 4940
4. 2435
3.1960
3.9165
4. 6089
4. 4575
4. 5130
4. 4792
4. 4267
.5961
.5953
.5946
.5968
.7795
1.0006
.9277
.7382
.7294
.7325
483. 27
483. 79
480. 76
476. 56
414. 98
498. 29
484. 66
491. 65
489. 62
484.16
14. 683
11. 667
9.545
8.044
10. 719
13. 615
13. 678
12. 314
6.053
5.600
56.012
55. 964
52. 445
40. 397
49. 232
59.005
57.173
58. 258
57. 973
56. 917
26. 784
26. 854
25. 254
18. 471
22. 032
25.982
25. 271
25. 626
25. 487
25.197
19. 279
19. 382
19. 401
19. 405
24. 836
32. 366
32. 497
30.189
22. 938
22. 871
48.411
47.061
47.181
47. 285
60. 440
79.047
80. 312
80. 357
80.130
80. 109
485. 69
486. 21
453. 50
350. 61
423. 68
503. 93
490.18
497. 09
494. 40
488. 94
98. 629
85. 865
55. 357
47.064
60. 336
79. 956
80. 251
79. 874
79. 072
64. 370
1. 7591
1. 7681
1. 7680
1.6411
1. 7607
2. 2719
2. 2837
2. 2965
2. 3060
2.3115
1938—May
June
July
August
September.
October
November
December -
398. 87
398.13
395. 86
391. 99
385. 81
382. 46
376. 50
373. 72
24. 957
24.911
24. 767
24. 523
24.136
23. 957
23. 652
23. 463
18. 845
18. 835
18. 839
18. 832
18.815
18. 794
18. 798
18.865
4. 4869
4.4811
4. 4713
4. 4228
4. 3492
4. 3220
4.2683
4. 2406
.7336
.7303
.7318
.7317
.7305
.7299
.7305
.7315
491. 92
490. 94
488. 07
483. 23
475. 63
472.05
466. 01
462. 32
5.846
5.766
5.666
5.747
5.228
5.092
5.054
4.996
57. 509
57. 432
57. 452
56. 864
55. 794
55. 440
54. 738
54. 302
25. 604
25. 561
25. 412
25.162
24. 765
24. 563
24.251
24. 051
22. 840
22. 887
22. 885
22. 885
22.603
22. 719
22. 653
22. 612
79. 701
79. 919
79.620
79. 460
79. 624
80. 311
80. 289
80. 803
496. 73
495. 80
492.91
488. 08
480. 38
476. 85
470 75
467. 03
65. 352
65. 240
64. 864
64. 239
63. 231
62. 742
61. 955
61.471
2. 3239
2. 3256
2. 3241
2. 3133
2. 2895
2. 2805
2. 2797
2. 2776
1939—January
373. 59
23.459
18. 901
4. 2384
.7311
462. 22
4.613
54. 246 24. 041 22. 582 80.436
466. 94 61.438
2. 2800
NOTE.—Developments affecting averages since J a n u a r y 1938 have been as follows: Australia and South Africa—quotations no longer n o m i n a l
beginning March 26; Austria—no quotations available beginning March 14; China—quotations nominal beginning March 14; Czechoslovakia—
quotations nominal September 22-October 4, inclusive; E g y p t and Turkey—no quotations available April 15-18, inclusive, August 1, and December
27; Mexico—quotations not available March 19-21 and nominal thereafter; New Zealand—quotations nominal since April 1934 except March 26December 14, 1938, inclusive; Poland—quotation nominal on April 15; Portugal—quotation nominal on September 28 and October 4; Y u g o s l a v i a quotations no longer nominal beginning September 17; Spain—no quotations available beginning J a n u a r y 25, 1939. For further 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.
MARCH
237
FEDERAL RESERVE BULLETIN
1939
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
Kingdom
(1930=100)
237
106
144
137
126
111
97
93
98
102
104
106
106
95
85
76
70
63
62
68
76
89
P96
220
181
153
161
180
178
186
198
238
251
100
90
76
65
63
63
62
64
76
72
141
128
110
96
91
90
90
96
111
108
631
106
96
241
76
110
108
106
104
103
102
101
101
100
98
99
98
98
636
631
634
643
654
660
652
649
652
664
674
684
106
106
106
106
105
106
106
106
106
106
106
106
95
94
94
95
96
96
95
96
97
97
97
96
245
249
252
247
249
254
254
252
252
253
75
74
73
73
72
72
71
71
71
71
70
71
110
109
108
108
107
107
106
105
106
106
106
106
96
87
72
67
67
72
72
75
85
1937—December...
82
83
1938—January
81
80
80
79
78
78
79
78
78
78
78
77
84
84
83
82
80
80
79
76
75
74
74
73
77
73
97
__
1939—January
Switzerland
(July 1914
=100)
134
100
95
86
73
65
66
75
80
81
86
79
.
Netherlands
(1926-30=
100)
695
100
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
February
March
April
May
June
July
August
September _
October
November
December..
Japan
(October
1900=100)
627
554
500
427
398
376
338
411
581
1926
__
France
Germany
Italy
(1913=100) (1913=100) (1928=100)
U24
100
88
86
86
88
89
94
109
101
s2 tO
United
Canada
States
(1926=100) (1926=100)
Year or month
259
P107
70
p 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)
United K i n g d o m
(1930=100)
Year or month
Farm
products
Foods
Other
commodities
Foods
F r a n c e (1913=100)
G e r m a n y (1913=100)
Farm
IndusIndusAgriculand food
trial
trial
tural
products products products products
Provisions
IndusIndustrial raw trial finand semiished
finished
products
products
100
100
100
581
793
129
132
130
150
105
88
92
85
75
70
71
78
78
80
85
82
130
113
104
91
87
96
102
106
105
106
125
113
£6
86
75
76
84
86
96
91
132
120
103
89
88
91
92
94
96
94
157
150
138
118
113
116
119
121
102
97
100
87
85
87
90
90
96
112
104
579
526
542
482
420
393
327
426
562
P641
669
579
464
380
380
•361
848
S97
598
69
100
91
75
61
61
71
84
82
86
74
1937—December _
73
80
84
104
109
636
626
105
94
94
126
1938—January
72
70
70
68
68
69
69
67
68
67
68
68
76
74
74
72
72
73
74
73
75
74
74
73
84
83
83
82
82
81
81
81
81
81
81
80
105
103
101
100
100
99
98
95
92
93
91
92
109
107
106
104
103
101
102
102
102
102
103
102
634
625
620
633
650
657
630
625
631
646
662
684
638
636
647
651
657
663
671
670
669
680
685
685
105
105
106
106
106
106
106
107
106
106
107
107
90
90
90
90
90
90
80
90
91
92
95
95
94
94
94
94
93
94
94
94
94
94
94
94
126
126
126
126
126
126
126
126
126
126
126
126
67
72
80
93
100
P690
108
94
94
126
1926
1929..__
1930
1931
1932
1933
1934
1935
1936
1Q37
1938
_
_
65
_
_
_
48
51
65
79
81
.
...
...
February
March
April
May
June .
July
August
September
October
November
December.. .
1939—January _
v Preliminary.
c
100
89
88
83
85
87
92
Corrected.
Source*.—See B U L L E T I N for M a r c h 1931, p . 153; M a r c h 1935, p . 189; October 1935, p . 678; M a r c h 1937, p . 276; a n d A p r i l 1937, p . 372.
126
238
FEDERAL RESERVE BULLETIN
MARCH
1939
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
COST OF LIVING
[Index numbers]
[Index numbers]
SwitzGerEngUnited
France many Nethererland
States
lands
July
land
July
1913192319111914=100
J
u
ne
1925=100 1914=100
1914=100 1913=100 1914=100
Year or
month
1926
109
161
654
146
161
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
105
100
82
68
66
74
80
82
611
614
611
636
491
481
423
470
ftOl
P702
156
146
131
116
113
118
120
122
122
122
162
150
136
119
120
124
118
120
197
130
156
152
141
125
117
115
114
120
«130
160
United
month
170
505
142
168
162
164
158
148
144
140
141
143
147
154
156
556
581
569
526
520
516
483
507
619
154
148
136
121
118
121
123
125
125
126
168
161
151
141
139
140
136
132
137
139
161
158
150
138
131
129
128
130
137
85
160
658
125
139
138
125
125
126
126
126
126
127
127
125
125
125
125
139
139
138
138
139
140
139
138
139
138
137
138
138
137
137
137
136
137
137
136
137
137
137
137
83
146
659
121
130
130
1937-December.
80
78
79
79
79
80
80
78
79 !
78
78
79
145
142
140
137
139
138
146
141
140
139
140
139
688
694
698
702
705
698
671
677
697
725
727
742
121
122
122
122
123
123
124
130
130
128
129
132
134
130
129
130
130
128
130
130
130
129
129
128
130
129
129
130
130
130
130
1938-January.__
78
138
748
December
1939—January . .
124
121
121
121
121
1931 _„
1932
1933
1934
1935..
1936
1937
1938
.
February
March
83
April
May
June
July
August
September
October
November
December.
83
83
83
1939-January
122
Switz-
100
97
89
80
76
79
81
82
84
83
1938—January. _
February
March
April
May
i
j
!
i
Nether-
103
79
!
July
1
August .. i
September !
October j
November i
Ger-
1926
1937—December
June
France
1929 _ „
1930
154
145
131
126
120
122
125
130
139
141
_
Eng-
ermany
States
lands land
land
Jan.June
19131923July
1911—
J
une
1925=100 1914=100 1914=100 1914=100 1913=100 1914=100
Year or
159
157
156
154
156
155
159
156
156
155
156
156
688
692
689
722
155
1
126
c
p Preliminary.
Corrected.
i Revised index from M a r c h 1936 (see BULLETIN for April 1937, p . 373).
Sources.—See BULLETIN for April 1937, p . 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks
Bonds
Year or month
United
States
(average
1
price)
Number of issues __
1926
England
(December
1921=100)
(1926=100)
Germany
(average
(1913=100)
price)
Netherlands'
139
8
France
60
87
36
97.6
110.0
57.4
98.1
99.3
90.9
69.5
73.4
84.5
88.6
97.5
85.1
95.8
96.9
88.6
81.3
82.1
83.5
76.3
•^ i
P77.3
81.4
83.3
»83. 4
»67.1
82.5
90.7
95.3
95.8
98 7
99.9
100.0
104.3
104.1
94.8
105.3
113.4
107.8
109.1
< 101. 8
P105. 6
United
States
England
France
Netherlands
Germany
(1930=100)
100
420
278
300
329
100.0
100.0
100.0
100.0
190.3
149.8
94.7
48.6
63.0
72.4
78.3
111.0
111.8
83.3
217.6
187.6
132.2
105.2
99.6
83.3
79.7
77.2
97.4
P89.7
87.6
122.8
100.2
78.0
3 50.3
61.7
71.1
82.9
91 6
102.6
P100.1
78.9
110.2
111.8
108.4
113.2
119.7
127.5
129.9
131.2
124.6
121.3
1937—December _ „
82.7
123.9
75.5
99.7
105.0
82.2
119.5
102.6
78.9
67.9
78.6
85.7
86.3
97.0
96.3
80.8
86.8
102.1
93.7
1938—January
February
March
April
80.6
79.3
76.0
73.8
76.5
75.3
80.8
81.3
78.7
81.8
82.1
81.1
124.7
125.1
121.0
124.2
122.1
121.9
123.4
122.4
118.4
118.2
118.0
116.3
76.1
74.7
73.2
75.6
76.1
77.2
76.5
76.6
75.6
78.3
80.6
88.3
99.8
99.9
100.1
100.1
100.0
100.0
100.0
99.9
99.8
99.8
99.7
99.2
106.3
107.2
104.3
106.3
108.0
107.0
107.0
106.3
100.6
105.6
105.3
105.9
81.6
80.7
77.9
70.7
73.9
73.1
88.0
89.5
86.0
91.1
94.7
92.0
86.5
83.8
78.9
81.7
79.7
78.5
82.1
81.1
78.4
79.6
80.4
78.4
85.0
84.6
82.0
93.6
92.7
91.4
88.8
87.6
83.7
88.0
91.8
104.7
104.4
104.2
104.5
105.3
103.4
101.4
99.0
93.8
94.7
98.6
97.2
94.6
98.3
97.5
95.1
92.2
92.7
91.6
97.2
97.1
92.8
98.0
98.8
97.8
1939—January
81.9
115.9
83.4
99.0
104.3
91.8
78.0
94.0
95.3
94.3
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
_
...
May
June
July
August
_
September. _.
October.
November _.
December.__
3
100.
70.
46.
52.
55.
55.
66
104.
P96.
p Preliminary.
* Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co.
2
Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 percent. For new index
beginning J a n u a r y 1937, J a n u a r y - M a r c h 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.
* N e w 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
239
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
LATTCHLIN CURRIE, Assistant Director, Division of Research and Statistics
EDWARD L. SMEAD, Chief, Division of Bank Operations
J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations
J. E. HORBETT, Assistant Chief, Division of Bank Operations
CARL E. PARRY, Chief, Division of Security Loans
PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
FEDERAL OPEN MARKET COMMITTEE
FEDERAL ADVISORY COUNCIL
MARRINER S. ECCLES, Chairman
District No. 1 (BOSTON)
THOMAS M. STEELB
GEORGE L. HARRISON, Vice Chairman
District No. 2 (NEW YORK)
LEON FRASER
CHESTER C. DAVIS
ERNEST G. DRAPER
M. J. FLEMING
GEORGE H. HAMILTON
HUGH LEACH
WM. M C C . MARTIN
JOHN K. M C K E E
RONALD RANSOM
M. S. SZYMCZAK
District No. 3 (PHILADELPHIA)
HOWARD A. LOEB,
District No. 4 (CLEVELAND)
T. J. DAVIS
District No. 5 (RICHMOND)
ROBERT M. HANES
District No. 6 (ATLANTA)
EDWARD BALL
CHESTER MORRILL, Secretary
Vice-President
District No. 7 (CHICAGO) . . . .
EDWARD E. BROWN
District No. 8 (ST. LOUIS)
WALTER W. SMITH
District No. 9 (MINNEAPOLIS)
JOHN CROSBY
President
S. R. CARPENTER, Assistant Secretary
District No. 10 (KANSAS CITY)
JOHN EVANS
J. P. DREIBELBIS, Assistant General Counsel
District No. 11 (DALLAS)
R. E. HARDING
E. A. GOLDENWEISER, Economist
JOHN H. WILLIAMS, Associate Economist
District No. 12 (SAN FRANCISCO).. .PAUL S. DICK
WALTER WYATT, General Counsel
ALLAN SPROUL, Manager of System Open Market Account
240
WALTER LICHTENSTEIN, Secretary
SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of—
Chairman and Federal
Reserve Agent
President
F. H. Curtiss
R. A. Young
New York
Owen D. Young, _
G. L. Harrison
Philadelphia
T. B. McCabe
J. S. Sinclair
Boston
_
First Vice President
Vice Presidents
W. Willett 2
W. W. Paddock
__ _ Allan Sproul
L. R. Rounds
W. 8. Logan
J. H. Williams
R. M. Gidney
L. W. Knoke
0 . A. Mcllhenny »
F. J. Drinnen
w
T
r\flvjn
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. 8. Walden, Jr
J. G. Fry
G. H. Keesee 2
Atlanta
F. H. Neely
R. 8. Parker
Chicago.
R. E. Wood »
G. J. Schaller
H. P. Preston
W. H. Snyder >
0. 8. Young
J. H. Dillard
St. Louis
W. T. Nardin
W. McC. Martin
F. G. Hitt
0 . M. Attebery2
C. M. Stewart
Minneapolis
W. C. Coffey1
J. N. Peyton.
0 . 8. Powell
H. I. Ziemer 8
E. W. Swanson
Kansas City
R. B. Caldwell
G. H. Hamilton
C. A. Worthington__- H. G. Leedy
J. W. Helm s
Dallas
J. H. Merritt
B A McKinney
R R Gilbert
R. B. Coleman 3
W. J. Evans
San Francisco
St. George Holden i___ W. A. Day
Ira Clerk
W. M. Hale
C. E. Earhart 2
1
Deputy chairman.
W. 8. McLarin, Jr. »
H. F. Conniff
M. H. Bryan
2
Cashier.
3
Also cashier
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo Branch
Cleveland:
Cincinnati Branch
Pittsburgh Branch..
Richmond:
Baltimore Branch
Charlotte Branch
Atlanta:
Birmingham Branch
Jacksonville Branch
Nashville Branch „ .
New Orleans Branch
Chicago:
Detroit Branch
St. Louis:
Little Rock Branch
Louisville Branch
Memphis Branch
Managing director
R. M. O'Hara
B. J. Lazar
P. A. Brown
W. R. Milford
. W. T. Clements
P. L. T. Beavers
G. 8. Vardeman, Jr.
J. B. Fort, Jr.
L. M. Clark
R. H. Buss
Federal Reserve Bank of—
Minneapolis:
Helena Branch
Kansas City:
Denver Branch
Oklahoma City Branch
Omaha Branch
Dallas:
El Paso Branch
Houston Branch
San Antonio Branch
San Francisco:
Los Angeles Branch
Portland Branch
Salt Lake City Branch
8eattle Branch
Managing director
R. E. Towle
J. E. Olson
C. E. Daniel
L. H. Earhart
J. L. Hermann
W. D. Gentry
M. Crump
W. N. Ambrose
R. B. West
W. L. Partner
_ C. R. Shaw
_ A. F. Bailey
F. D. Rash
W. H. Glasgow
SUBSCRIPTION PRICE OF BULLETIN
The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member
banks of the Federal Reserve System and is the only official organ or periodical publication of
the Board. One copy of the BULLETIN is sent to each member bank without charge. To others
the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold
at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60;
single copies, 25 cents.
241
FEDERAL RESERVE DISTRICTS
/
J_
MMMI
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
.«.«•
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
(APPROXIMATE IN THE ST. LOUIS DISTRICT)
FEDERAL RESERVE BANK CJTIES
FEDERAL RESERVE BRANCH CITIES
FEDERAL RESERVE BANK AGENCY
®
•
O
!
@FedFRASER